Exhibit 99
							News Release
			First Midwest Bancorp, Inc.				First Midwest Bancorp One Pierce Place, Suite 1500 Itasca, Illinois 60143-9768 (630) 875-7450
FOR IMMEDIATE RELEASE						CONTACT:	Michael L. Scudder
							EVP, Chief Financial Officer
	TRADED:				NASDAQ Global Select Market		(630) 875-7283
	SYMBOL:				FMBI		www.firstmidwest.com
FIRST MIDWEST REPORTS STRONG FULL YEAR AND FOURTH QUARTER RESULTS
		*		Record Net Income of $117.2 million, Up 15.7% vs. 2005
		*		ROAA of 1.42% and ROAE of 16.9% for Full Year 2006
		*		EPS of $0.63 for 4Q06, Up 28.6% vs. 4Q05
		*		Loan Growth of 16.3% vs. 4Q05
		*		Net Interest Margin of 3.57% for 4Q06 vs. 3.69% for 3Q06
		*		Nonperforming Assets Decreased 12.1% vs. 3Q06

ITASCA, IL, JANUARY 24, 2007 - First Midwest Bancorp, Inc. ("First Midwest") (NASDAQ NGS: FMBI) today reported net income for fourth quarter ended December 31, 2006 of $31.5 million, up 39.3% as compared to $22.6 million in fourth quarter 2005. First Midwest's net income for full year 2006 was $117.2 million, up 15.7% as compared to $101.4 million in 2005. Earnings per diluted share was $0.63 for fourth quarter ended December 31, 2006 and $2.37 for full year 2006, as compared to $0.49 for fourth quarter 2005 and $2.21 for full year 2005.

Performance for fourth quarter 2006 reflects certain counter balancing events:

* Net realized securities gains of $3.4 million, or $0.04 per diluted share for fourth quarter 2006 as compared to net realized securities losses of $6.2 million, or $0.08 per diluted share, for fourth quarter 2005.

* A $1.1 million increase in loan loss provisioning as compared to fourth quarter 2005, or $0.01 per diluted share, due in part to a $1.3 million charge related to a single, purchased commercial lease.

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* The recognition of stock option expense of $650 thousand, or $0.01 per diluted share, in fourth quarter 2006 pursuant to the adoption of SFAS No. 123R, "Share-Based Payment," on January 1, 2006.

* The absence of employee severance costs in fourth quarter 2006 as compared to $679,000, or $0.01 per diluted share, in fourth quarter 2005.

Performance for full year 2006 reflects the following counter balancing events:

* Net realized securities gains of $4.3 million, or $0.06 per diluted share in 2006 as compared to net realized securities losses of $3.3 million, or $0.04 per diluted share, in 2005.

* The negative impact of integration and related costs totaling $3.0 million, or $0.04 per diluted share, recorded in the second quarter of 2006 specific to the Bank Calumet acquisition.

* Stock option expense of $2.8 million, or $0.04 per diluted share, in 2006 recognized pursuant to the adoption of FAS 123R on January 1, 2006.

Fourth quarter 2006 performance resulted in an annualized return on average assets of 1.47%, as compared to 1.25% for fourth quarter 2005, and an annualized return on average equity of 16.4%, as compared to 16.6% for fourth quarter 2005.

"Our performance in 2006 reflects the cross-currents outlined above. All of this activity was accomplished in perhaps the most challenging interest rate environment on record," said First Midwest President and Chief Executive Officer John O'Meara.

"The successful acquisition and integration of Bank Calumet significantly increased our total assets and importantly expanded our suburban Chicago distribution network by over 40%. In addition to the benefits of Bank Calumet, our sales platform continues to perform at a high level, producing year over year growth in corporate lending, trust and asset management, and fee-based revenues. At the same time our planned reduction in the relative size of our securities portfolio is on track."

Earnings Guidance

O'Meara concluded, "The headwinds of the current interest rate and competitive environment continues to hamper earnings expansion in 2007 for both ourselves and the industry at large, primarily through

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margin compaction. In such an environment, the strength of our above-peer profitability, balance sheet, sales platform, and credit culture affords First Midwest opportunities to successfully weather this environment, while remaining focused on the long-term success of the Company. In 2007 solid corporate loan growth, low credit costs, increased fee-based revenues, diligent expense management, and the prudent administration of our securities portfolio are expected to continue to mitigate margin pressures. We currently expect full year diluted earnings per share to be in the range of $ 2.41 to $2.51."

Net Interest Margin

First Midwest's net interest income was $62.8 million for fourth quarter 2006, up 5.8% from $59.3 million for fourth quarter 2005. This increase was driven by a $1.0 billion increase in average interest-earning assets as compared to fourth quarter 2005, which was primarily due to the acquisition of Bank Calumet on March 31, 2006. Net interest margin for fourth quarter 2006 was 3.57%, down 12 basis points from third quarter 2006, reflecting the combined impact of the inverted interest rate yield curve on interest-earning asset yields and increased deposit and borrowing costs.

Securities Portfolio Activity

Total securities as of December 31, 2006 were $2.5 billion, down from $2.7 billion as of September 30, 2006, as proceeds received from mortgage-backed securities cash flows and the sale of municipal securities were not fully reinvested given the narrow spread between asset yields and funding costs available in the marketplace. In addition, fourth quarter 2006 market conditions afforded the opportunity to sell approximately $50 million of tax exempt municipal securities yielding, on a tax-equivalent basis, 7.43%, and realize a gain of $3.3 million. As of December 31, 2006, total municipal securities were $1.1 billion and reflected an unrealized $4.4 million in appreciation affording further balance sheet flexibility in 2007.

Increases in Loan Growth and Funding

Total loans grew to $5.0 billion as of December 31, 2006, an increase of 16.3% from December 31, 2005. This growth was due primarily to the addition of $676.4 million of loans acquired as part of the acquisition of Bank Calumet. Total loans as of December 31, 2006 declined $60.6 million, or 1.2%, as

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compared to September 30, 2006, reflecting lower consumer and corporate loan balances. Consumer loans declined $29.0 million on a linked quarter basis, primarily due to continued run off of the Company's indirect auto portfolio. Corporate loans declined $31.6 million, due to lower commercial and commercial real estate balances. While corporate sales activity was brisk throughout the quarter, large payoffs resulting from completed interim financing projects dampened outstandings.

Average deposits for fourth quarter 2006 totaled $6.2 billion, an increase of 20.0%, as compared to fourth quarter 2005, primarily as a result of deposits obtained through the acquisition of Bank Calumet. As compared to third quarter 2006, average deposits for fourth quarter 2006 declined $52.7 million, as growth in time deposit and savings account levels were offset by lower NOW and money market account balances, resulting primarily from seasonal declines in public fund deposits.

Noninterest Income and Expense

First Midwest's total noninterest income for fourth quarter 2006 was $29.7 million as compared to $14.4 million for fourth quarter 2005. Noninterest income for fourth quarter 2006 included $3.4 million in securities gains, and fourth quarter 2005 included $6.2 million in securities losses. The remaining components of noninterest income totaled $26.3 million for fourth quarter 2006, an increase of 27.8% as compared to fourth quarter 2005, reflecting higher fee-based revenues and revenue from corporate owned life insurance. In fourth quarter 2006, fee-based revenues totaled $23.3 million, an increase of $4.9 million or 26.4%, as compared to fourth quarter 2005, with approximately $3.4 million of this increase attributable to the acquisition of Bank Calumet, and the remainder reflecting higher service charges on deposit accounts and card-based revenues.

Total noninterest expense for fourth quarter 2006 was $47.8 million, up from $42.6 million in fourth quarter 2005. The majority of this increase is attributable to higher salaries, employee benefits, professional services, and occupancy expenses resulting from the acquisition of Bank Calumet.

First Midwest's efficiency ratio was 49.6% for fourth quarter 2006, as compared to 49.8% for fourth quarter 2005.

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Stable Credit Quality

First Midwest's overall credit quality remained solid during fourth quarter 2006, with nonperforming assets as of December 31, 2006 totaling $18.9 million, down 12.1% as compared to $21.5 million at September 30, 2006. As of December 31, 2006, nonperforming assets, including foreclosed real estate, represented 0.38% of total loans plus foreclosed real estate, as compared to 0.35% as of December 31, 2005 and 0.42% as of September 30, 2006.

Net charge-offs for fourth quarter 2006 totaled $3.9 million and included a $1.3 million charge related to a single, purchased commercial lease. Net charge offs represented 0.30% of average loans for fourth quarter 2006, as compared to 0.25% for fourth quarter 2005 and 0.21% for third quarter 2006. Provisioning for loan losses for fourth quarter 2006 fully covered net charge-offs. As of December 31, 2006, the reserve for loan losses stood at 1.25% of total loans, as compared to 1.31% as of December 31, 2005 and 1.23% as of September 30, 2006 and represented 384.8% of nonperforming loans.

Solid Capital Management

As of December 31, 2006, First Midwest's Total Risk Based Capital ratio was 12.2%, compared to 11.8% as of December 31, 2005. The Tier 1 Risk Based Capital ratio was 9.6% as compared to 10.7% as of December 31, 2005. First Midwest's Tier 1 Leverage Ratio was 7.3% as compared to 8.2% as of December 31, 2005.

First Midwest's tangible capital ratio, which represents the ratio of stockholders' equity to total assets excluding intangible assets, stood at 5.62%, down from 6.30% as of December 31, 2005. The acquisition of Bank Calumet on March 31, 2006 reduced the tangible capital ratio by 55 basis points as a result of the net impact of the additional goodwill and other intangible assets acquired and common shares issued. In addition, a negative $8.6 million adjustment to equity decreased the tangible capital ratio by 10 basis points. This adjustment resulted from the adoption of SFAS No. 158, "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans," effective December 31, 2006.

In 2006, First Midwest elected to suspend its stock repurchase program, as it rebuilds tangible capital following the acquisition of Bank Calumet. With 2.1 million shares remaining under its existing authorization, First Midwest may reinstate its repurchase program in 2007, with the pace and timing of repurchase activity, if any, dependent upon market conditions and other factors.

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About First Midwest

First Midwest is the premier relationship-based banking franchise in the growing Chicagoland banking market. As one of the Chicago metropolitan area's largest independent bank holding companies, First Midwest provides the full range of both business and retail banking and trust and investment management services through 102 offices located in 63 communities, primarily in metropolitan Chicago. First Midwest was the only bank named by Chicago magazine as one of the 25 best places to work in Chicago.

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Act of 1995: Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning specific factors described in First Midwest Bancorp's 2005 Form 10-K and other filings with the U.S. Securities and Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. First Midwest does not intend to update this information and disclaims any legal obligation to the contrary. Historical information is not necessarily indicative of future performance.

Accompanying Financial Statements and Tables

Accompanying this press release is the following unaudited financial information:

* Operating Highlights, Balance Sheet Highlights and Stock Performance Data (1 page)

* Condensed Consolidated Statements of Condition (1 page)

* Condensed Consolidated Statements of Income (1 page)

* Selected Quarterly Data and Asset Quality Data (1 page)

Press Release and Additional Information Available on Website

This press release, the accompanying financial statements and tables and certain additional unaudited selected financial information (totaling 3 pages) are available through the "Investor Relations" section of First Midwest's website at www.firstmidwest.com.

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First Midwest Bancorp, Inc.				Press Release Dated January 24, 2007
Operating Highlights
Unaudited		Quarters Ended										Years Ended
(Amounts in thousands except per share data)		Dec. 31, 2006			Sept. 30, 2006			Dec. 31, 2005				Dec. 31, 2006				Dec. 31, 2005
Net income		$	31,528		$	31,215		$	22,630			$		117,246		$	101,377
Diluted earnings per share		$	0.63		$	0.62		$	0.49			$		2.37		$	2.21
Return on average equity			16.40%			17.09%			16.58%					16.87%			18.83%
Return on average assets			1.47%			1.44%			1.25%					1.42%			1.44%
Net interest margin			3.57%			3.69%			3.79%					3.67%			3.87%
Efficiency ratio			49.55%			49.06%			49.76%					50.53%			49.44%
Balance Sheet Highlights
Unaudited								Quarters Ended
(Amounts in thousands except per share data)							Dec. 31, 2006					Sept. 30, 2006				Dec. 31, 2005
Total assets								$	8,441,526			$		8,596,864		$	7,210,151
Total loans									5,008,944					5,069,554			4,306,191
Total deposits									6,167,216					6,229,390			5,147,832
Stockholders' equity									751,014					745,869			544,068
Book value per share								$	15.01			$		14.92		$	11.99
Period end shares outstanding									50,025					50,001			45,387
Stock Performance Data
Unaudited								Quarters Ended
								Dec. 31, 2006			Sept. 30, 2006					Dec. 31, 2005
Market Price:
	Quarter End							$	38.68				$	37.89		$	35.06
	High							$	39.52				$	38.89		$	39.25
	Low							$	36.62				$	34.42		$	34.66
Quarter end price to book value									2.6	x				2.5	x		2.9	x
Quarter end price to 2006 earnings									16.3	x				15.5	x		N/A
Dividends declared per share								$	0.295				$	0.275		$	0.275

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First Midwest Bancorp, Inc.		Press Release Dated January 24, 2007
Condensed Consolidated Statements of Condition
			December 31,
(Amounts in thousands)			2006		2005
			Unaudited (1)		Audited
Assets
Cash and due from banks			$	209,825	$	157,070
Funds sold and other short-term investments				9,841		5,908
Securities available for sale				2,442,674		2,286,630
Securities held to maturity, at amortized cost				91,380		56,772
Loans				5,008,944		4,306,191
Reserve for loan losses				(62,370)		(56,393)
	Net loans			4,946,574		4,249,798
Premises, furniture, and equipment				126,677		95,345
Investment in corporate owned life insurance				196,598		156,441
Goodwill and other intangible assets				292,658		95,997
Accrued interest receivable and other assets				125,299		106,190
	Total assets		$	8,441,526	$	7,210,151
Liabilities and Stockholders' Equity
Deposits			$	6,167,216	$	5,147,832
Borrowed funds				1,182,268		1,294,532
Long-term debt				228,674		130,092
Accrued interest payable and other liabilities				112,354		93,627
	Total liabilities			7,690,512		6,666,083
Common stock				613		569
Additional paid-in capital				205,044		60,760
Retained earnings				823,787		762,575
Accumulated other comprehensive loss				(15,288)		(8,284)
Treasury stock, at cost				(263,142)		(271,552)
	Total stockholders' equity			751,014		544,068
	Total liabilities and stockholders' equity		$	8,441,526	$	7,210,151

1. While unaudited, the 2006 Condensed Consolidated Statement of Condition has been prepared in accordance with U.S. generally accepted accounting principles and is derived from the 2006 financial statements upon which Ernst & Young LLP, First Midwest's independent external auditor, will issue an audit opinion upon completion of their audit procedures.

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First Midwest Bancorp, Inc.		Press Release Dated January 24, 2007
Condensed Consolidated Statements of Income		Quarters Ended						Years Ended
		December 31,						December 31,
(Amounts in thousands except per share data)		2006				2005		2006			2005
		Unaudited (1)				Unaudited (1)		Unaudited (2)			Audited
Interest Income
Loans			$		94,183	$	73,503	$	352,939		$	266,925
Securities			31,076			26,412		122,909			99,404
Other			138			115		561			371
	Total interest income		125,397			100,030		476,409			366,700
Interest Expense
Deposits			42,769			26,174		148,118			86,675
Borrowed funds			16,105			12,363		62,974			35,834
Long-term debt			3,760			2,144		13,458			8,341
	Total interest expense		62,634			40,681		224,550			130,850
	Net interest income		62,763			59,349		251,859			235,850
Provision for loan losses			3,865			2,780		10,229			8,930
	Net interest income after provision for loan losses		58,898			56,569		241,630			226,920
Noninterest Income
Service charges on deposit accounts				10,594		8,308		40,036			30,199
Trust and investment management fees				3,666		3,059		14,269			12,593
Other service charges, commissions, and fees				5,362		4,479		20,135			17,572
Card-based fees				3,712		2,615		13,777			10,207
	Subtotal, fee-based revenues			23,334		18,461		88,217			70,571
Corporate owned life insurance income				1,966		1,437		7,616			5,163
Security gains, net				3,371		(6,152)		4,269			(3,315)
Other				982		664		3,181			2,193
	Total noninterest income			29,653		14,410		103,283		74,612
Noninterest Expense
Salaries and employee benefits				26,507		23,991		106,201		95,179
Net occupancy expense				5,007		4,340		20,153		16,618
Equipment expense				2,740		2,117		10,227		8,555
Technology and related costs				1,532		1,513		6,584		5,677
Other				12,009		10,617		49,450		39,674
	Total noninterest expense			47,795		42,578		192,615		165,703
Income before taxes				40,756		28,401		152,298		135,829
Income tax expense				9,228		5,771		35,052		34,452
	Net Income			$	31,528	$	22,630	$	117,246	$		101,377
	Diluted Earnings Per Share			$	0.63	$	0.49	$	2.37	$		2.21
	Dividends Declared Per Share			$	0.295	$	0.275	$	1.120	$		1.015
	Weighted Average Diluted Shares Outstanding			50,392		45,753		49,469		45,893

(1) While unaudited, the Condensed Consolidated Statements of Income for the quarters ended December 31, 2006 and 2005 have been prepared in accordance with U.S. generally accepted accounting principles and are derived from quarterly financial statements.

(2) While unaudited, the Condensed Consolidated Statement of Income for the year ended December 31, 2006 has been prepared in accordance with U.S. generally accepted accounting principles and is derived from the 2006 financial statements upon which Ernst & Young LLP, First Midwest's independent external auditor, will issue an audit opinion upon completion of their audit procedures.

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First Midwest Bancorp, Inc.			Press Release Dated January 24, 2007
Selected Quarterly Data
Unaudited	Year to Date				Quarters Ended
(Amounts in thousands except per share data)	12/31/06		12/31/05		12/31/06			9/30/06			6/30/06			3/31/06			12/31/05
Net interest income	$	251,859	$	235,850	$	62,763		$		65,673	$		65,958	$		57,465	$		59,349
Provision for loan losses	10,229		8,930		3,865			2,715			2,059			1,590			2,780
Noninterest income	103,283		74,612		29,653			26,991			25,267			21,372			14,410
Noninterest expense	192,615		165,703		47,795			49,118			51,990			43,712			42,578
Net income	117,246		101,377		31,528			31,215			28,735			25,768			22,630
Diluted earnings per share	$	2.37	$	2.21	$	0.63		$		0.62	$		0.57	$		0.55	$		0.49
Return on average equity	16.87%		18.83%		16.40%			17.09%			16.50%			17.64%			16.58%
Return on average assets	1.42%		1.44%		1.47%			1.44%			1.33%			1.44%			1.25%
Net interest margin	3.67%		3.87%		3.57%			3.69%			3.70%			3.76%			3.79%
Efficiency ratio	50.53%		49.44%		49.55%			49.06%			52.12%			51.51%			49.76%
Period end shares outstanding	50,025		45,387		50,025			50,001			49,925			49,866			45,387
Book value per share	$	15.01	$	11.99	$	15.01		$	14.92		$	13.92		$	13.81		$	11.99
Dividends declared per share	$	1.120	$	1.015	$	0.295		$	0.275		$	0.275		$	0.275		$	0.275
Asset Quality Data
Unaudited	Year to Date				Quarters Ended
(Amounts in thousands)	12/31/06		12/31/05		12/31/06			9/30/06			6/30/06			3/31/06			12/31/05
Nonaccrual loans	$	16,209	$	11,990	$		16,209	$	17,459		$	15,447		$	17,178		$	11,990
Foreclosed real estate	2,727		2,878		2,727			4,088			4,195			4,033			2,878
Loans past due 90 days and still accruing	12,810		8,958		12,810			11,296			14,185			10,693			8,958
Nonperforming loans to loans	0.32%		0.28%		0.32%			0.34%			0.31%			0.34%			0.28%
Nonperforming assets to loans plus foreclosed real estate	0.38%		0.35%		0.38%			0.42%			0.39%			0.42%			0.35%
Nonperforming assets plus loans past due 90 days to loans plus foreclosed real estate	0.63%		0.55%		0.63%			0.65%			0.67%			0.63%			0.55%
Reserve for loan losses to loans	1.25%		1.31%		1.25%			1.23%			1.24%			1.24%			1.31%
Reserve for loan losses to nonperforming loans	385%		470%		385%			357%			404%			363%			470%
Provision for loan losses	$	10,229	$	8,930	$	3,865		$	2,715		$	2,059		$	1,590		$	2,780
Net loan charge-offs	10,187		9,255		3,865			2,704			2,053			1,565			2,670
Net loan charge-offs to average loans	0.21%		0.22%		0.30%			0.21%			0.16%			0.15%			0.25%

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