Comparing the current results to its competitors, First Midwest Bancorp Inc reported Revenue increase in the 3 quarter 2021 by 13.73 % year on year. The sales growth was above First Midwest Bancorp Inc 's competitors' average revenue growth of 10.38 %, achieved in the same quarter.
First Midwest Bancorp Inc Net Income in the 3 quarter 2021 grew year on year by 98.44%, faster than the First Midwest Bancorp Inc 's competitors average income growth of 46.61 %
First Midwest Bancorp Inc 's Comment on Competition and Industry Peers
The banking and financial services industry in the markets in which the Bank
operates (and particularly the Chicago metropolitan area) is highly competitive.
Generally, the Bank competes with other local, regional, national, and internet
banks and savings and loan associations; personal loan and finance companies;
credit unions; mutual funds; and investment brokers.
Competition is driven by a number of factors, including interest rates charged
on loans and paid on deposits; the ability to attract new deposits; the scope
and type of banking and financial services offered; the hours during which business
can be conducted; the location of bank branches and ATMs; the availability,
ease of use, and range of banking services provided on the internet and through
mobile devices; the availability of related services; and a variety of additional
services, such as wealth management services.
In providing investment advisory services, the Bank also competes with retail
and discount stockbrokers, investment advisors, mutual funds, insurance companies,
and other financial institutions for wealth management customers. Competition
is generally based on the variety of products and services offered to customers
and the performance of funds under management. The Companys main competitors
are financial service providers both within and outside of the geographic areas
in which the Bank maintains offices.
The Company faces competition in attracting and retaining qualified employees.
Its ability to continue to compete effectively will depend on its ability to
attract new employees and retain and motivate existing employees.
Publicly Traded Peers of First Midwest Bancorp Inc
First Financial Bankshares Inc Share Performance
+0.73%
Over The Past 5 Days
First Financial Bankshares Inc
Profile
First Financial Bankshares Inc operates as a financial holding company. It primarily engages in providing diversified banking products and services to individual and corporate clients. The company's business model focuses on offering a wide range of financial solutions, including commercial banking, mortgage lending, wealth management, and trust services across its various subsidiary banks.
Independent Bank Corp operates as a bank holding company, primarily engaged in the provision of banking services through various subsidiaries. It offers a range of banking products and services including commercial, retail, and mortgage banking services, to businesses, institutions, and individuals in multiple locations across the United States.
NBT Bancorp Inc operates as a financial holding company that provides a range of banking and financial services to individuals, businesses, and municipalities. Their business model focuses on offering personalized banking solutions and building long-term relationships with customers, while also leveraging technology to enhance efficiency and convenience in their operations.
Ofg Bancorp operates as a financial holding company focused on providing banking and financial services primarily in Puerto Rico. It serves individuals, businesses, and government institutions through its various subsidiaries, offering a range of products such as commercial and consumer loans, mortgages, and investment services.
Old National Bancorp is a financial holding company that primarily operates through its subsidiary, Old National Bank. It offers a range of banking services, including commercial and consumer banking, mortgage lending, wealth management, and insurance products, catering to individual customers, small businesses, and large corporations.
Sources:
First Midwest Bancorp Inc’s official press releases and regulatory filings; CSIMarket.com’s market research; and the financial filings and press releases of other companies cited in this report.
Updated on:
Focus of this report: publicly traded companies.
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