Exhibit 99.1

FIRST MIDWEST BANCORP, INC. ANNOUNCES

2013 THIRD QUARTER RESULTS

Increased Quarterly Earnings - Strong Loan Growth -

Higher Fee-Based Revenues - Improved Asset Quality

ITASCA, IL, October 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 third quarter of 2013. Net income applicable to common shares for the third quarter of 2013 was $28.9 million, or $0.39 per share. This compares to $16.0 million, or $0.22 per share, for the second quarter of 2013 and net loss applicable to common shares of $47.8 million, or $0.65 per share, for the third quarter of 2012.

“It was a strong quarter for us on a number of fronts,” said Michael L. Scudder, President and Chief Executive Officer of First Midwest Bancorp, Inc. “Earnings improved to $29 million, or over 80%, from last quarter as we benefited from both strong business performance and proactive management of our balance sheet. Solid production across all of our business lines coupled with substantial improvement in asset quality helped drive our fourth consecutive quarter of double digit earnings growth. Additionally, market conditions were such that we were able to opportunistically sell or restructure certain balance sheet positions, adding $11.4 million in net earnings while better positioning ourselves to benefit from higher rates.”

Mr. Scudder concluded, “As we look ahead, our business momentum combined with the strength of our core deposit base and capital foundation leave us well positioned to grow and enhance shareholder value.”

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SELECT HIGHLIGHTS

Business Momentum

·                  Increased earnings per share by 77% compared to the second quarter of 2013 and 160% from the third quarter of 2012.

·                  Grew total loans by 12% annualized from June 30, 2013 largely in the commercial and industrial, agricultural, and other commercial real estate portfolios.

·                  Increased fee-based revenues by 7% from the second quarter of 2013 and 14% from the third quarter of 2012.

·                  Decreased noninterest expense by 10% from the third quarter of 2012, excluding a $1.2 million loss on the accelerated sale of a special-purpose, foreclosed property.

Improving Credit and Strengthening Capital

·                  Decreased non-performing loans by 21% compared to June 30, 2013 and 34% compared to September 30, 2012.

·                  Recorded lower total loan charge-offs, excluding recoveries and covered loan charge-offs, by 12% from the second quarter of 2013, the lowest level in the last five years.

·                  Decreased loans 30-89 days past due by 31% compared to June 30, 2013 and 25% compared to September 30, 2012, the lowest level in over a decade.

·                  Grew Tier 1 common capital to risk-weighted assets to 10.23% as of September 30, 2013, a 54 basis point improvement from June 30, 2013.

·                  Added $11.4 million to tangible capital and current quarter net earnings through certain balance sheet repositioning activities.

Operating Performance Highlights

(Dollar amounts in thousands)

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

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SIGNIFICANT THIRD QUARTER EVENTS

During the quarter, certain balance sheet repositioning activities were completed adding $11.4 million to tangible capital and current quarter net earnings. These actions, which primarily impacted the securities and bank-owned life insurance (“BOLI”) portfolios, were executed to take advantage of changing market conditions, strengthen capital, and better position the Company to benefit from a higher interest rate environment.

·                  A $4.0 million equity investment in Textura Corporation (“Textura”) was sold for $38.2 million, resulting in a $34.2 million gain. This sale followed Textura’s initial public offering of its common stock in June 2013, and represents the Company’s only equity investment of this nature.

·                  Two forward commitments with the Federal Home Loan Bank of Chicago (“FHLB”) to borrow a total of $250 million for a 5-year period beginning in 2014 at a weighted average interest rate of approximately 2.0% were terminated, resulting in a gain of $7.8 million.

·                  Crediting rate terms and the underlying cash surrender value (“CSV”) of approximately $100 million of lower yielding BOLI policies were voluntarily modified, resulting in a $13.3 million write-down.

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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 evaluating 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 $32.6 million for the third quarter of 2013 increased 6.2% from the second quarter of 2013 and 3.4% from the third quarter of 2012. Compared to the quarter ended June 30, 2013, the increase resulted from growth in net interest income and noninterest income.

The increase in pre-tax, pre-provision operating earnings from the third quarter of 2012 was driven by higher noninterest income, primarily from growth in our core businesses, specifically mortgage banking, wealth management, and 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.

Total interest-earning assets increased $150.4 million compared to June 30, 2013, driven by growth in the loan portfolio. Compared to September 30, 2012, total interest-earning assets grew by $173.8 million from an increase in other interest-earning assets, which was partially offset by a decrease in loans. The completion of the bulk loan sales in the fourth quarter of 2012 funded a significant portion of the rise in other interest-earning assets and accounted for the decline in average loans.

Compared to both prior periods presented, the increase in total interest-bearing liabilities was driven by higher levels of interest-bearing transaction deposits, which more than offset the decline in time deposits and resulted in a more favorable funding mix.

Tax-equivalent net interest margin for the current quarter was 3.63%, declining 7 basis points compared to the second quarter of 2013 and 20 basis points from the third quarter of 2012. These decreases resulted primarily from an overall lower yield earned on loans due to a decline in the yield for new and renewing loans and a greater preference for floating rate loans given the current low interest rate environment. Additionally, a decline in the yield on covered interest-earning assets contributed to the decrease compared to the second quarter of 2013. An improved funding mix and lower rates paid on time deposits mitigated the decline in the loan yield.  Compared to the third quarter of 2012, the reinvestment of maturing investment securities at lower rates offset by a reduction in rates paid on borrowed funds also contributed to the decrease in net interest margin.

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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 noninterest income for the third quarter of 2013 rose 111.7% and 99.4% from the second quarter of 2013 and the third quarter of 2012, respectively. Compared to both prior periods presented, the increase resulted primarily from the $34.2 million gain on the sale of our $4.0 million equity investment in Textura. In addition, the $7.8 million gain on the termination of two FHLB forward commitments contributed to the variance. These gains were partially offset by the modification of approximately $100 million of certain lower yielding BOLI policies, which resulted in a $13.3 million write-down of the CSV. These actions helped strengthen capital and provide greater flexibility to redeploy assets to benefit from the rising interest rate environment.

Total fee-based revenues of $27.8 million for the third quarter of 2013 grew 6.9% compared to the second quarter of 2013. The increase in fee-based revenues was driven by growth in core business services, specifically service charges on deposit accounts from seasonally higher volumes of non-sufficient fund (“NSF”) fees, mortgage banking, and sales of capital market products to commercial clients.

Compared to the third quarter of 2012, total fee-based revenues increased 14.2%, primarily from an increase in wealth management fees due to new customer relationships and improved market performance, gains on the sales of $36.1 million of mortgage loans, and fee income generated by sales of capital market products to commercial clients.

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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 third quarter of 2013 increased 3.6% compared to the second quarter of 2013 and decreased 7.7% compared to the third quarter of 2012. The increase in total noninterest expense compared to the second quarter of 2013 was impacted by the $1.2 million loss on the accelerated sale of a special-purpose, foreclosed property and the $736,000 increase in nonqualified plan expense, which is substantially offset by a related item in noninterest income. Excluding these two items, total noninterest expense is comparable to the second quarter of 2013 and decreased 10.0% compared to the third quarter of 2012.

The increase in salaries and wages compared to both prior periods presented was driven primarily by lower levels of deferred salaries and the timing of certain incentive compensation accruals.

OREO expenses rose compared to the second quarter of 2013, mainly from net losses on sales of OREO properties, including the $1.2 million loss discussed above, compared to net gains on sales recognized during the prior period. The decrease in OREO expenses compared to the third quarter of 2012 resulted from lower levels of OREO write-downs partially offset by higher net losses on sales of OREO properties.

Loan remediation costs decreased from the second quarter of 2013 and the third quarter of 2012 as a result of improved credit quality driven by management’s credit remediation actions. These actions contributed to lower legal expenses, real estate taxes, and general operating costs.

The rise in other professional services from the second quarter of 2013 was driven mainly by consulting expenses related to sales of capital market products to commercial clients and legal costs for the sale of our equity investment in Textura discussed earlier.

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Compared to the third quarter of 2012, the increase in advertising and promotions expense was driven by the launch of a branding campaign during the second quarter of 2013, and reflects the return to a more normalized level of expense.

A $480,000 reduction in the reserve for unfunded commitments in the third quarter of 2013 resulted in lower other expenses compared to the second quarter of 2013.  Other expenses were elevated in the third quarter of 2012 from a $1.3 million valuation adjustment on a property held-for-sale.

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 quarter of 2013.

TAX EXPENSE

The effective tax rate of 46.0% for the third quarter of 2013 reflects the impact of the $13.3 million after-tax BOLI loss included in noninterest income. Excluding the BOLI modification loss, the effective tax rate would have been 36.9%.

LOAN PORTFOLIO AND ASSET QUALITY

Loan Portfolio Composition

(Dollar amounts in thousands)

Total loans, excluding covered loans, of $5.4 billion grew by $161.4 million from June 30, 2013. During the third quarter of 2013, the Company experienced strong annualized growth across most categories of the loan portfolio, which was offset by declines in the residential construction and 1-4 family mortgage portfolios. The decline in the 1-4 family mortgage portfolio from the prior quarter reflects the sale of $36.1 million of mortgage loans, of which $20.5 million were outstanding at June 30, 2013.

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The Company experienced strong growth in the commercial and industrial and agricultural loan categories due to greater resource investments and expansion into specialized lending areas, such as agribusiness and asset-based lending. Overall, the loan portfolio benefited from well-balanced growth reflecting credits of varying size and diverse geographic locations within our markets.

Asset Quality

(Dollar amounts in thousands)

N/M - Not meaningful.

(1) Total performing potential problem loans excludes $18.6 million of accruing TDRs as of September 30, 2013.

Non-performing loans, excluding covered loans, decreased by $19.2 million, or 20.7%, from June 30, 2013, which included the reclassification of a $15.3 million corporate loan from non-accrual to accruing TDR status. This loan continues to perform in accordance with its contractual terms, which are at market rates, and is expected to move to the performing loan portfolio in the first quarter of 2014.

Compared to September 30, 2012, non-performing assets, excluding covered loans and covered OREO, declined by 13.7% due to management’s continued focus on credit remediation.

Loans 30-89 days past due decreased to $15.1 million at September 30, 2013, representing the lowest level in over a decade.

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Charge-Off Data

 (Dollar amounts in thousands)

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

Net loan charge-offs, excluding net covered loan charge-offs, for the third quarter of 2013 decreased 12.2% compared to the second quarter of 2013 and represents one of the lowest quarters of charge-offs in the last five years. The elevated level of charge-offs for the third quarter of 2012 resulted from accelerated credit remediation activities, resulting in charge-offs of $80.3 million.

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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.

Regulatory capital ratios improved by 44 to 51 basis points compared to the second quarter of 2013. This improvement resulted from strong earnings and the continued increase in allowable deferred tax assets, more than offsetting the impact of loan growth and the increase in dividends paid. The Company’s regulatory ratios exceeded all regulatory mandated ratios for characterization as “well-capitalized” as of September 30, 2013.

The Board of Directors reviews the Company’s capital plan each quarter, giving consideration to the current and expected operating environment as well as an evaluation of various capital alternatives.

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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.

Safe Harbor Statement

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 some 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 best 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, October 23, 2013 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. 10034728 beginning one hour after completion of the live call until 9:00 A.M. (ET) on October 30, 2013. 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.

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)