Exhibit 99.1

FIRST MIDWEST BANCORP, INC. ANNOUNCES 2012
FOURTH QUARTER AND FULL YEAR RESULTS

Significant Increase in Quarterly Earnings — Substantially Improved Credit Quality —
Stable Net Interest Margin — Strong Fee-Based Revenue Growth

ITASCA, IL, January 23, 2013 — 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 2012. Net income applicable to common shares for the fourth quarter of 2012 was $13.0 million, or $0.18 per share. This compares to a net loss applicable to common shares of $47.8 million, or $0.65 per share, for the third quarter of 2012 and net income applicable to common shares of $3.9 million, or $0.05 per share, for the fourth quarter of 2011.

For the full year of 2012, the Company had a net loss applicable to common shares of $20.7 million, or $0.28 per share. This compares to net income applicable to common shares of $25.4 million, or $0.35 per share, for the year ended December 31, 2011.

“2012 was a year of transition,” said Michael L. Scudder, President and Chief Executive Officer of First Midwest Bancorp, Inc. “Through aggressive remediation, we met our goal of substantially reducing problem assets. While impactful to earnings, these steps greatly improved our credit risk profile. At the same time, core earnings remained solid in a tough business environment. Investments made to enhance and align our sales and operations teams contributed to diversified, underlying loan growth, significantly greater fee-based revenues, and balanced expense control.”

Mr. Scudder continued, “As a result of these actions, we enter 2013 a much stronger company. Continued business momentum, lower credit costs, and control of spending will serve to strengthen earnings. While evolving regulatory expectations and low interest rates will present challenges, our strong capital base, augmented by improved earnings, leaves us well positioned to pursue opportunities for growth and return value to our shareholders.”

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SELECT HIGHLIGHTS

Operating Performance for the Fourth Quarter

·                  Net income applicable to common shares of $13.0 million, or $0.18 per share, compared to a net loss of $0.65 per share for the third quarter of 2012, and net income of $0.05 per share for the fourth quarter of 2011.

·                  Fee-based revenues of $26.7 million, up 9.8% from the third quarter of 2012 and 12.0% from the fourth quarter of 2011.

·                  Net interest margin of 3.84%, stable compared to the third quarter of 2012.

·                  Total loans, excluding covered loans, of $5.2 billion, grew by $101.6 million from December 31, 2011.

Credit and Capital as of December 31, 2012

·                  Non-accrual loans of $84.5 million declined 15.1% from September 30, 2012 and 54.9% from December 31, 2011.

·                  Allowance for credit losses to loans, including covered loans, of 1.91%, compared to 1.93% at September 30, 2012.

·                  Allowance for credit losses to non-accrual loans, excluding covered loans, of 107%, up from 96% at September 30, 2012.

·                  Tier 1 common capital to risk-weighted assets of 9.33%, an increase of 40 basis points from September 30, 2012.

Significant Fourth Quarter Events

·                  Completed bulk loan sales, resulting in a gain, less commissions and other selling expenses, of $2.6 million.

·                  Repurchased $4.3 million of 6.95% junior subordinated debentures and $12.0 million of 5.85% subordinated notes.

·                  Recognized as a Chicago Tribune Top Workplace for the third consecutive year.

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OPERATING PERFORMANCE

Operating Performance Highlights

(Dollar amounts in thousands)

(1)                       Comprised of demand deposits and interest-bearing transactional accounts.

SIGNIFICANT FOURTH QUARTER EVENTS

Loan Sales

During the fourth quarter of 2012, the Company disposed of $172.5 million in original carrying value of certain non-performing and performing potential problem loans through multiple bulk loan sales. These transactions resulted in proceeds of $94.5 million and a gain, less commissions and other selling expenses, of $2.6 million.

Retirement of Debt

During the fourth quarter of 2012, the Company repurchased and retired $4.3 million of 6.95% junior subordinated debentures at a premium of 3.0% and $12.0 million of 5.85% subordinated notes at a premium of 5.0%. These transactions resulted in the recognition of a pre-tax loss of $814,000 and will reduce future annual interest expense by approximately $1.0 million.

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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 practice 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. Although it is intended to enhance investors’ understanding of the Company’s business and performance, this non-GAAP financial measure should not be considered an alternative to GAAP.

Pre-tax, pre-provision operating earnings of $28.2 million for the fourth quarter of 2012 decreased from the third quarter of 2012 and the fourth quarter of 2011. These reductions were driven mainly by lower net interest income and higher noninterest expense, excluding certain non-operating items, which was partially offset by gains on mortgage loan sales and an increase in other fee-based revenues.

For the full year of 2012, pre-tax, pre-provision operating earnings declined $10.9 million compared to 2011, resulting primarily from a reduction in net interest income, and was partially mitigated by an increase in fee-based revenues, gains on mortgage loan sales, and the recognition of net trading income for 2012 compared to losses for 2011.

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)                       Revenue from tax-exempt securities and investments that receive tax credits is presented on a basis comparable to taxable securities and investments. Consequently, interest income and yields are presented on a tax-equivalent basis, assuming a federal income tax rate of 35%. This non-GAAP financial measure assists management in assessing the comparability of revenue arising 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)                       Covered interest-earning assets consist 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 2012, average interest-earning assets declined $115.3 million from the third quarter of 2012 and $55.9 million from the fourth quarter of 2011. The linked-quarter decline in average loans was impacted by the transfer of loans to held-for-sale at the end of the third quarter of 2012 and the accelerated resolution of certain credits in the fourth quarter of 2012. In addition, $37.1 million of mortgage loans outstanding at September 30, 2012 were sold during the fourth quarter of 2012. Compared to December 31, 2011, a reduction in federal funds sold and other interest-earning assets and covered interest-earning assets more than offset a rise in investment securities and increased loan balances.

Average funding sources for the fourth quarter of 2012 were $42.5 million lower than the third quarter of 2012 and up $128.9 million from the fourth quarter of 2011. Seasonal declines in public demand deposits primarily contributed to the decrease in average funding sources from the third quarter of 2012. Compared to the fourth quarter of 2011, the increase in average demand and interest-bearing transaction deposits reflects acquisition activity that occurred in December 2011 and August 2012.

Tax-equivalent net interest margin for the current quarter was 3.84%, remaining stable compared to the third quarter of 2012 and declining 11 basis points compared to the fourth quarter of 2011. The decrease compared to December 31, 2011 was

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driven by a decline in market interest rates, which contributed to lower yields earned on investment securities and loans, and was mitigated by a reduction in rates paid on retail time deposits.

Interest earned on covered assets is generally recognized through the accretion of the discount taken on expected future cash flows. Changes in the yield on covered interest-earning assets from the third quarter of 2012 and the fourth quarter of 2011 were driven by revised estimates of future cash flows and accelerated amortization of the FDIC indemnification asset. In addition, the yield for the fourth quarter of 2011 benefited from the resolution of certain loans where the cash proceeds exceeded estimates.

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 for the fourth quarter of 2012 grew 9.8% compared to the third quarter of 2012 and 12.0% from the fourth quarter of 2011. The increase in fee-based revenues from both prior periods presented was attributed primarily to gains on mortgage loan sales, an increase in service charges on business checking accounts, and higher debit card income. An increase in merchant fees driven by higher processing volumes also contributed to the growth compared to December 31, 2011.

As described in the “Significant Quarter Events” section, the Company completed bulk loan sales of certain non-performing and performing potential problem loans, which resulted in a gain, before commissions and other selling expenses, of $5.2 million. In addition, a pre-tax loss of $814,000 was recognized on the repurchase and retirement of junior subordinated debentures and subordinated notes during the fourth quarter of 2012.

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Noninterest Expense Analysis

(Dollar amounts in thousands)

Total noninterest expense for the fourth quarter of 2012 increased 5.0% compared to the third quarter of 2012 and 10.5% compared to the fourth quarter of 2011.

Salaries and wages increased from the third quarter of 2012 due to a decrease in deferred salaries resulting from lower new loan volume, short-term staffing costs associated with the FDIC-assisted acquisition of Waukegan Savings Bank (“Waukegan Savings”), and higher short-term incentive compensation expense. This was partially mitigated by a reduction in general salaries expense from fewer full time employees.

For the quarter ended December 31, 2011, a $1.3 million correction of the 2010 actuarial pension expense calculation drove higher retirement and employee benefit expenses compared to December 31, 2012. The fourth quarter of 2012 also reflects an increase in post-employment benefits expense.

OREO expenses declined from both prior periods presented due to a gain on the sale of a vacant commercial lot during the fourth quarter of 2012. In addition, the elevated levels of valuation adjustments during the third quarter of 2012 resulted from declines in the values of one commercial property and one vacant land parcel.

Fourth quarter 2012 loan remediation costs were elevated due to expenses of $2.5 million related to the previously discussed bulk loan sales. This increase in expense was partially mitigated by declines in real estate taxes paid on non-performing loans in the fourth quarter of 2012.

Other professional services increased compared to the third quarter of 2012 and the fourth quarter of 2011 due to higher personnel recruitment expenses, the acceleration of certain capitalized costs, and increased attorney fees related to various legal proceedings.

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Net occupancy and equipment expense increased from both prior periods presented driven by the timing of general improvements to facilities and equipment, operating expenses for former Waukegan Savings branches prior to conversion, and increased real estate tax expenses. These expenses were partially offset by lower utilities costs from mild weather conditions.

Higher technology and related costs for the fourth quarter of 2012 resulted from conversion expenses related to Waukegan Savings.

The accelerated amortization of the FDIC indemnification asset results from an adjustment in the timing and amount of future cash flows expected to be received from the FDIC under the loss sharing agreements based on management’s periodic estimates of future cash flows from covered loans. This charge benefited the yield on covered interest earning assets in the fourth quarter of 2012 and is expected to result in higher interest income on covered assets in future periods.

Valuation adjustments of $1.3 million on a former banking office transferred to OREO in the fourth quarter of 2012 contributed to the variance from both prior periods presented.

LOAN PORTFOLIO AND ASSET QUALITY

Loan Portfolio Composition

(Dollar amounts in thousands)

Total loans, excluding covered loans, of $5.2 billion declined modestly compared to September 30, 2012, as continued growth in the commercial and industrial (“C&I”) and agricultural portfolios was more than offset by the accelerated resolution of certain credits. In addition, $37.1 million of mortgage loans outstanding at September 30, 2012 were sold during the fourth quarter of 2012.

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Compared to December 31, 2011, total loans, excluding covered loans, increased $101.6 million, reflecting growth primarily in the C&I, agricultural, and 1-4 family portfolios. Loans acquired in the Waukegan Savings transaction during the third quarter of 2012 and continued origination efforts drove the rise in 1-4 family mortgages. During the previous twelve months, decreases in the construction portfolios were mostly driven by efforts to reduce lending exposure to less favorable categories. The completion of the bulk loan sales during the fourth quarter of 2012 resulted in the disposition of $172.5 million in original carrying value of certain non-performing and performing potential problem loans, which also contributed to declines across the loan portfolio.

Asset Quality Indicators by Category

(Dollar amounts in thousands)

The combination of special mention loans and substandard loans was consistent with September 30, 2012 and declined $184.2 million, or 45.7%, from December 31, 2011. The improvement from December 31, 2011 was driven by the completion of the bulk loan sales during the fourth quarter of 2012, in addition to ongoing remediation activities. As of December 31, 2012, special mention, substandard, and non-accrual loans totaled $303.6 million, compared to $577.8 million at December 31, 2011.

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Asset Quality

(Dollar amounts in thousands)

Non-performing assets, excluding covered loans and covered OREO, were $140.0 million at December 31, 2012, decreasing $15.0 million from September 30, 2012 and $108.3 million from December 31, 2011.

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Charge-Off Data

(Dollar amounts in thousands)