Exhibit 99.1

FIRST MIDWEST BANCORP, INC. ANNOUNCES

2013 FOURTH QUARTER AND FULL YEAR RESULTS

Increased Earnings - Strong Loan Growth -

Improved Asset Quality

ITASCA, IL, January 21, 2014 - Today, First Midwest Bancorp, Inc. (the “Company” or “First Midwest”) (NASDAQ NGS: FMBI), the holding company of First Midwest Bank (the “Bank”), reported results of operations and financial condition for the fourth quarter of 2013. Net income applicable to common shares for the fourth quarter of 2013 was $18.9 million, or $0.26 per share, compared to net income applicable to common shares of $28.9 million, or $0.39 per share, for the third quarter of 2013 and $13.0 million, or $0.18 per share, for the fourth quarter of 2012.

For the full year of 2013, the Company reported net income applicable to common shares of $78.2 million, or $1.06 per share, compared to a net loss applicable to common shares of $20.7 million, or $0.28 per share, for the year ended December 31, 2012.

“First Midwest had a strong 2013, evidenced by significantly improved earnings, robust loan and fee growth as well as a dramatically enhanced credit profile,” said Michael L. Scudder, President and Chief Executive Officer of First Midwest Bancorp, Inc. “Our lending and fee-based businesses performed extremely well throughout the year. Targeted investment in these businesses helped diversify our revenues and, when combined with substantially lower credit costs and tight expense control, offset the challenges of a difficult rate environment.”

Mr. Scudder went on to say, “Loans outstanding increased by 8% over 2012, led by double digit growth in both commercial and agricultural lending. Notably, our fee-based revenues grew by some 10% on the strength of wealth management, mortgage, and commercial sales performance. As we closed 2013, both our agricultural lending and trust platforms now rank among the largest of Illinois-based financial institutions.”

Mr. Scudder concluded, “Our business momentum remains solid and, when combined with our strong capital foundation and an improving economic outlook, leaves us well placed to grow and enhance shareholder value.”

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SELECT HIGHLIGHTS

Business Momentum

·                  Increased earnings per share by 44% compared to the fourth quarter of 2012 and almost 500% compared to the year ended December 31, 2012.

·                  Grew total loans, excluding covered loans, by 10% annualized from September 30, 2013 and 8% from December 31, 2012.

·                  Maintained noninterest expense consistent with the third quarter and decreased by 12% from the fourth quarter of 2012.

·                  Maintained net interest margin of 3.62% achieved in the third quarter.

·                  Increased dividends per share to $0.07, up 75% from the third quarter and 600% from the fourth quarter of 2012.

Improving Credit and Strengthening Capital

·                  Recorded 21% lower net loan charge-offs, excluding net covered loan charge-offs, compared to the third quarter, representing one of the lowest levels in over five years.

·                  Decreased non-performing loans by $10 million, or 14%, from September 30, 2013 and $30 million, or 32%, from December 31, 2012.

·                  Reduced performing potential problem loans by $31 million, or 17%, from September 30, 2013 and $63 million, or 29%, from December 31, 2012.

·                  Grew Tier 1 common capital to risk-weighted assets to 10.37%, a 14 basis point improvement from September 30, 2013 and 104 basis point improvement from December 31, 2012.

·                  Retired $23.3 million of 6.95% junior subordinated debentures at a premium of 4%, resulting in a pre-tax loss of $1.0 million, while lowering future annual interest expense by nearly $2 million.

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OPERATING PERFORMANCE

Pre-Tax, Pre-Provision Operating Earnings (1)

(Dollar amounts in thousands)

(1) The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company provided this non-GAAP performance result, which the Company believes is useful because it assists investors in assessing the Company’s operating performance. This non-GAAP financial measure should not be considered an alternative to GAAP.

Pre-tax, pre-provision operating earnings of $31.8 million for the fourth quarter of 2013 decreased 2.5% from the third quarter of 2013 driven mainly by comparatively lower fee-based revenues. Compared to the fourth quarter of 2012, pre-tax, pre-provision operating earnings increased $3.6 million, or 12.6%, resulting primarily from lower noninterest expense, which was partially offset by a decrease in net interest income and noninterest income.

For the full year of 2013, pre-tax, pre-provision operating earnings rose $3.9 million compared to 2012 as a result of higher levels of wealth management fees, gains on mortgage loan sales, and fees from sales of capital market products to commercial clients, which more than offset a decrease in net interest income.

Further discussion of net interest income and noninterest income and expense is presented in later sections of this release.

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Net Interest Income and Margin Analysis

(Dollar amounts in thousands)

(1)    Interest income and yields on tax-exempt securities and loans are presented on a tax-equivalent basis, assuming a federal income tax rate of 35%. This non-GAAP financial measure assists management in comparing revenue from both taxable and tax-exempt sources. The corresponding income tax impact related to tax-exempt items is recorded within income tax expense. These adjustments have no impact on net income.

(2)    This item includes covered interest-earning assets consisting of loans acquired through the Company’s Federal Deposit Insurance Corporation (“FDIC”)-assisted transactions subject to loss sharing agreements and the related FDIC indemnification asset.

For the fourth quarter of 2013, average interest-earning assets rose $27.1 million from the third quarter of 2013 driven by growth in the loan portfolio, which was funded through other interest-earning assets and cash flows from maturing investment securities. Compared to December 31, 2012, average interest-earning assets grew $316.2 million from an increase in loans, investment securities, and other interest-earning assets.

Average funding sources for the fourth quarter of 2013 were $39.6 million lower than the third quarter of 2013 and $165.6 million higher than the fourth quarter of 2012. A reduction in time deposits and seasonal declines in public fund deposits, partially offset by higher levels of interest-bearing transaction deposits, accounted for the decrease in average funding sources from the third quarter of 2013. Compared to the fourth quarter of 2012, a 6.8% increase in average demand and interest-bearing transaction deposits more than offset lower levels of time deposits.

Tax-equivalent net interest margin for the current quarter was 3.62%, remaining stable compared to the third quarter of 2013 and declining 22 basis points compared to the fourth quarter of 2012. Loan yields declined on new and renewing loans compared to both prior periods presented as a result of greater customer preference for floating rate loans given the current low interest rate environment. The decrease in the loan yield during the fourth quarter was mitigated by a higher rate earned on certain investment securities. Additionally, an improved funding mix and lower rates paid on time deposits offset the decline in the loan yield compared to both prior periods presented.

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Noninterest Income Analysis

(Dollar amounts in thousands)

N/M - Not meaningful.

(1) Net trading gains result from changes in the fair value of diversified investment securities held in a grantor trust under deferred compensation agreements and are substantially offset by nonqualified plan expense for each period presented.

Total fee-based revenues declined 3.9% from the third quarter of 2013 primarily from decreases in fee income generated by sales of capital market products to commercial clients, gains on sales of mortgage loans, and merchant servicing fees. The reduction in merchant servicing fees was substantially offset by lower merchant card expense, reflecting the high volume, low margin nature of this service. These declines were partially mitigated by continued growth in wealth management fees.

Compared to the fourth quarter of 2012, total fee-based revenues remained stable. Growth in fee income generated by sales of capital market products to commercial clients and wealth management fees resulting from new customer relationships and improved market performance were offset by lower levels of mortgage banking income.

Total noninterest income comparisons to the prior quarter and fourth quarter of 2012 are impacted by significant nonrecurring transactions during these periods. During the third quarter of 2013, the Company recognized a $34.0 million gain on the sale of an equity investment, a $7.8 million gain on the termination of two FHLB forward commitments, and a $13.3 million charge related to an adjustment of the cash surrender values of certain BOLI policies. A $5.2 million gain on bulk loan sales was recognized in the fourth quarter of 2012.

During the fourth quarter of 2013, the Company repurchased and retired $23.3 million of 6.95% junior subordinated debentures, which resulted in a pre-tax loss of $1.0 million. This action will reduce future annual interest expense by $1.6 million.

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Noninterest Expense Analysis

(Dollar amounts in thousands)

N/M - Not meaningful.

(1) Nonqualified plan expense results from changes in the Company’s obligation to participants under deferred compensation agreements and is substantially offset by earnings on related assets included in noninterest income.

Total noninterest expense for the fourth quarter of 2013 was consistent with the third quarter of 2013 and decreased 12.0% compared to the fourth quarter of 2012.

The increase in retirement and other employee benefits from the quarter ended September 30, 2013 was driven by the timing of certain pension expense accruals. Compared to the fourth quarter of 2012, the decrease in retirement and other employee benefits resulted primarily from changes to the Company’s defined benefit pension plan and a decrease in other employee benefit accruals.

The fourth quarter of 2012 reflects higher gains on sales of OREO properties compared to the fourth quarter of 2013, driving higher net OREO expense.

During the fourth quarter of 2012, professional services were elevated due primarily to expenses related to the completion of the bulk loan sales, higher personnel recruitment expenses, and the accelerated recognition of certain capitalized consulting costs.

The decline in net occupancy and equipment expense resulted from a decrease in real estate taxes compared to the fourth quarter of 2012.

FDIC premiums decreased compared to both prior periods presented from a lower assessment rate.

The increase in advertising and promotions expense from the fourth quarter of 2012 was driven by the launch of our “Bank with Momentum” branding campaign during the second quarter of 2013, and reflects the return to a more normalized level of expense.

The decline in other expenses from the fourth quarter of 2012 reflects a $770,000 reduction in the reserve for unfunded commitments in the fourth quarter of 2013. In addition, the fourth quarter of 2012 was elevated as a result of a $1.3 million valuation adjustment on a former banking office.

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Based on management’s current estimates of future cash flows on covered loans and OREO and expected reimbursements from the FDIC for covered losses, no adjusted amortization of the FDIC indemnification asset was required for the third and fourth quarters of 2013.

LOAN PORTFOLIO AND ASSET QUALITY

Loan Portfolio Composition

(Dollar amounts in thousands)

Total loans, excluding covered loans, of $5.6 billion grew by $131.1 million from September 30, 2013. During the fourth quarter of 2013, the Company experienced strong annualized growth of nearly 10% across most corporate categories. In response to market conditions, the Company purchased $51.9 million of high-quality, shorter duration home equity loans and elected to sell $29.3 million of longer-term 1-4 family mortgages.

Compared to December 31, 2012, total loans, excluding covered loans, increased significantly by 7.5%, or $390.3 million. Year-over-year, the loan portfolio benefited from well-balanced growth reflecting credits of varying size and diverse geographic locations within our markets. The Company experienced strong growth in the commercial and industrial and agricultural loan categories, reflecting the impact of greater resource investments and expansion into specialized lending areas.

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Asset Quality

(Dollar amounts in thousands)

N/M - Not meaningful.

(1) Total performing potential problem loans excludes accruing TDRs of $2.8 million as of December 31, 2013, $18.6 million as of September 30, 2013, and $448,000 as of December 31, 2012.

Non-performing loans, excluding covered loans, were $63.5 million at December 31, 2013, decreasing 14.0% from September 30, 2013 and 31.9% from December 31, 2012. The reclassification of two corporate loan relationships totaling $19.3 million from non-accrual to accruing TDR status accounted for the majority of the year-over-year improvement. These loans continue to perform in accordance with their modified terms, which are at market rates, and are expected to move to the performing loan portfolio by the end of the first quarter of 2014.

Performing potential problem loans decreased 16.7% from September 30, 2013 and 28.7% from December 31, 2012 and are now at pre-recession levels.

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Charge-Off Data

(Dollar amounts in thousands)

(1) Amounts represent charge-offs, net of recoveries.

Excluding net covered loan charge-offs, net loan charge-offs for the fourth quarter of 2013 decreased 21.3% compared to the third quarter of 2013, representing one of the lowest levels of charge-offs in over five years.

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CAPITAL MANAGEMENT

Capital Ratios

(Dollar amounts in thousands)

N/A - Ratio is not subject to formal Federal Reserve regulatory guidance.

(1)     Excludes the impact of trust-preferred securities.

(2)     Tangible common equity (“TCE”) represents common stockholders’ equity less goodwill and identifiable intangible assets. In management’s view, Tier 1 common and TCE measures are meaningful to the Company, as well as analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with competitors.

The decline in the Company’s regulatory capital ratios compared to the third quarter of 2013 resulted from loan growth and the repurchase and retirement of $23.3 million of 6.95% junior subordinated debentures, which qualify as Tier 1 capital. This decrease was partially mitigated by retained earnings. The Company’s regulatory ratios exceeded all regulatory mandated ratios for characterization as “well-capitalized” as of December 31, 2013.

The Board of Directors approved an increase in the quarterly cash dividend from $0.04 to $0.07 per common share during the fourth quarter of 2013, which followed a dividend increase from $0.01 to $0.04 per common share in the second quarter of 2013.

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About the Company

First Midwest is the premier relationship-based financial institution in the dynamic Chicagoland banking market. As one of Illinois’ largest independent bank holding companies, First Midwest provides a full range of business and retail banking and wealth management services through approximately 90 banking offices located in metropolitan Chicago, northwest Indiana, central and western Illinois, and eastern Iowa. The Company website is www.firstmidwest.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts but instead represent only the Company’s beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that actual results and the Company’s financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of certain of the risks and important factors that could affect the Company’s future results, see “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and other reports filed with the Securities and Exchange Commission. Forward-looking statements represent management’s judgment as of the date hereof based on currently available information. The Company undertakes no duty to update any forward-looking statements contained in this press release after the date hereof.

Conference Call

A conference call to discuss the Company’s results, outlook, and related matters will be held on Wednesday, January 22, 2014 at 10:00 AM (ET). Members of the public who would like to listen to the conference call should dial (888) 317-6016 (U.S. domestic) or (412) 317-6016 (international) and ask for the First Midwest Bancorp, Inc. Earnings Conference Call. The number should be dialed 10 to 15 minutes prior to the start of the conference call. There is no charge to access the call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the Company’s website, www.firstmidwest.com/investorrelations. For those unable to listen to the live broadcast, a replay will be available on the Company’s website or by dialing (877) 344-7529 (U.S. domestic) or (412) 317-0088 (international) conference I.D. 10039374 beginning one hour after completion of the live call until 9:00 A.M. (ET) on January 29, 2014. Please direct any questions regarding obtaining access to the conference call to First Midwest Bancorp, Inc. Investor Relations, via e-mail, at investor.relations@firstmidwest.com.

Accompanying Financial Statements and Tables

Accompanying this press release is the following unaudited financial information:

·                  Condensed Consolidated Statements of Financial Condition

·                  Condensed Consolidated Statements of Income

Press Release and Additional Information Available on Website

This press release, the accompanying financial statements and tables, and certain additional unaudited Selected Financial Information are available through the “Investor Relations” section of First Midwest’s website at www.firstmidwest.com/investorrelations.

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Condensed Consolidated Statements of Financial Condition

Unaudited

(Amounts in thousands)