Midland States Bancorp, Inc. Announces 2024 Second Quarter Results
Midland States Bancorp (Nasdaq: MSBI) announced its 2024 Q2 results, reporting a net income available to common shareholders of $4.5 million ($0.20 per diluted share), down from $11.7 million ($0.53 per share) in Q1 2024 and $19.3 million ($0.86 per share) in Q2 2023.
Tangible book value per share decreased to $23.36. The common equity tier 1 capital ratio improved slightly to 8.63%. However, the net interest margin declined to 3.12% from 3.18% in the previous quarter.
Provision expenses soared to $16.8 million due to issues with fintech partner LendingPoint. Non-performing loans increased to $112.1 million, from $105 million in Q1 2024. Efficiency ratio worsened significantly to 65.2% from 58.0%.
Total deposits and loans declined, with total assets at $7.76 billion.
Midland States Bancorp (Nasdaq: MSBI) ha annunciato i risultati del secondo trimestre 2024, con un reddito netto disponibile per gli azionisti comuni di 4,5 milioni di dollari (0,20 dollari per azione diluita), in calo rispetto agli 11,7 milioni di dollari (0,53 dollari per azione) nel primo trimestre 2024 e ai 19,3 milioni di dollari (0,86 dollari per azione) nel secondo trimestre 2023.
Il valore contabile tangibile per azione è diminuito a 23,36 dollari. Il rapporto del capitale di tipo 1 di equity comune è leggermente migliorato all'8,63%. Tuttavia, il margine di interesse netto è sceso al 3,12% rispetto al 3,18% del trimestre precedente.
Le spese per accantonamenti sono aumentate a 16,8 milioni di dollari a causa di problemi con il partner fintech LendingPoint. I prestiti non performanti sono aumentati a 112,1 milioni di dollari, rispetto ai 105 milioni di dollari nel primo trimestre 2024. Il rapporto di efficienza è peggiorato significativamente al 65,2% rispetto al 58,0%.
Le depositi e i prestiti totali sono diminuiti, con attivi totali pari a 7,76 miliardi di dollari.
Midland States Bancorp (Nasdaq: MSBI) anunció sus resultados del segundo trimestre de 2024, reportando un ingreso neto disponible para accionistas comunes de 4.5 millones de dólares (0.20 dólares por acción diluida), una disminución respecto a los 11.7 millones de dólares (0.53 dólares por acción) en el primer trimestre de 2024 y a los 19.3 millones de dólares (0.86 dólares por acción) en el segundo trimestre de 2023.
El valor contable tangible por acción disminuyó a 23.36 dólares. La ratio de capital de nivel 1 de capital común mejoró ligeramente al 8.63%. Sin embargo, el margen de interés neto cayó al 3.12% desde el 3.18% en el trimestre anterior.
Los gastos de provisiones se dispararon a 16.8 millones de dólares debido a problemas con el socio fintech LendingPoint. Los préstamos no productivos aumentaron a 112.1 millones de dólares, desde 105 millones de dólares en el primer trimestre de 2024. La ratio de eficiencia empeoró significativamente al 65.2% desde el 58.0%.
Los depósitos y préstamos totales disminuyeron, con activos totales de 7.76 mil millones de dólares.
미드랜드 스테이츠 뱅콥(Midland States Bancorp, Nasdaq: MSBI)은 2024년 2분기 결과를 발표하며, 보통주 주주에게 분배되는 순이익이 450만 달러(유통주당 0.20달러)로, 2024년 1분기의 1,170만 달러(주당 0.53달러) 및 2023년 2분기의 1,930만 달러(주당 0.86달러)에서 감소했다고 전했다.
주당 유동 자산가치는 23.36달러로 감소했다. 일반 자본 비율은 약간 개선되어 8.63%에 이르렀다. 그러나 순이자 마진은 이전 분기의 3.18%에서 3.12%로 감소했다.
대출 제공비용은 핀테크 파트너인 LendingPoint와의 문제로 1,680만 달러로 급증했다. 불량채권은 2024년 1분기의 1억 5백만 달러에서 1억 1,210만 달러로 증가했다. 효율성 비율은 58.0%에서 65.2%로 크게 악화되었다.
총 예금과 대출이 감소하였으며, 총 자산은 77.6억 달러에 달한다.
Midland States Bancorp (Nasdaq: MSBI) a annoncé ses résultats du deuxième trimestre 2024, rapportant un revenu net disponible pour les actionnaires ordinaires de 4,5 millions de dollars (0,20 dollar par action diluée), en baisse par rapport à 11,7 millions de dollars (0,53 dollar par action) au premier trimestre 2024 et 19,3 millions de dollars (0,86 dollar par action) au deuxième trimestre 2023.
La valeur comptable tangible par action a diminué à 23,36 dollars. Le ratio de capital de niveau 1 a légèrement amélioré à 8,63%. Cependant, la marge d'intérêt nette a chuté à 3,12% contre 3,18% au trimestre précédent.
Les charges de provisions ont grimpé à 16,8 millions de dollars en raison de problèmes avec le partenaire fintech LendingPoint. Les prêts non performants ont augmenté à 112,1 millions de dollars, contre 105 millions de dollars au premier trimestre 2024. Le ratio d'efficacité s'est fortement dégradé à 65,2% contre 58,0%.
Les dépôts et les prêts totaux ont diminué, avec un total d'actifs de 7,76 milliards de dollars.
Midland States Bancorp (Nasdaq: MSBI) hat seine Ergebnisse für das zweite Quartal 2024 bekannt gegeben und meldet ein Nettoergebnis von 4,5 Millionen Dollar (0,20 Dollar pro verwässerter Aktie) für die Stammaktionäre, ein Rückgang im Vergleich zu 11,7 Millionen Dollar (0,53 Dollar pro Aktie) im ersten Quartal 2024 und 19,3 Millionen Dollar (0,86 Dollar pro Aktie) im zweiten Quartal 2023.
Der greifbare Buchwert pro Aktie sank auf 23,36 Dollar. Die Kernkapitalquote verbesserte sich leicht auf 8,63%. Der Nettomarge sank jedoch auf 3,12% von 3,18% im vorherigen Quartal.
Die Rückstellungen stiegen wegen Probleme mit dem Fintech-Partner LendingPoint auf 16,8 Millionen Dollar. Die notleidenden Kredite stiegen auf 112,1 Millionen Dollar, von 105 Millionen Dollar im ersten Quartal 2024. Die Effizienzquote verschlechterte sich erheblich von 58,0% auf 65,2%.
Die Gesamteinlagen und -kredite sanken, mit Gesamtkapital von 7,76 Milliarden Dollar.
- Common equity tier 1 capital ratio improved to 8.63%.
- The yield on loans increased to 6.03% from 5.99% in the previous quarter.
- Assets under administration rose to $4.00 billion from $3.89 billion.
- Net income decreased to $4.5 million from $11.7 million in Q1 2024 and $19.3 million in Q2 2023.
- Net interest margin declined to 3.12% from 3.18% in the previous quarter.
- Provision expenses increased to $16.8 million from $14 million in Q1 2024.
- Non-performing loans increased to $112.1 million from $105 million in Q1 2024.
- Efficiency ratio worsened to 65.2% from 58.0% in the previous quarter.
- Total deposits decreased to $6.12 billion from $6.32 billion in Q1 2024.
- Total assets declined to $7.76 billion from $7.83 billion in Q1 2024.
Insights
Midland States Bancorp's Q2 2024 results reveal some concerning trends, particularly in credit quality and profitability. Net income available to common shareholders dropped significantly to $4.5 million ($0.20 per diluted share), down from $11.7 million in Q1 2024 and $19.3 million in Q2 2023. This decline was largely due to increased provision expenses, which jumped to $16.8 million in Q2 2024.
The elevated loan provision was primarily attributed to credit deterioration and servicing issues with fintech partner LendingPoint. This situation warrants close monitoring, as it could signal broader risks in the bank's fintech partnerships and loan portfolio quality.
On a positive note, the bank is making strategic shifts in its loan portfolio, focusing on higher-quality, in-market loans with full banking relationships. The St. Louis market showed promising growth with an annualized loan increase of 31%. However, overall loan balances decreased by $106.5 million or 1.8% from the previous quarter.
The bank's net interest margin contracted to 3.12% from 3.18% in Q1 2024 and 3.23% in Q2 2023, reflecting pressure from rising funding costs. The efficiency ratio deteriorated to 65.16%, up from 58.03% in Q1 2024, indicating challenges in cost management.
While the bank maintains capital levels above regulatory requirements, the tangible book value per share decreased slightly to $23.36. The ongoing stock repurchase program and dividend payments demonstrate confidence in the bank's capital position, but may limit its ability to absorb potential future losses.
Second Quarter 2024 Highlights:
- Net income available to common shareholders of
$4.5 million , or$0.20 per diluted share - Adjusted pre-tax, pre-provision earnings of
$25.2 million - Tangible book value per share decreased to
$23.36 , compared to$23.44 at March 31, 2024 - Common equity tier 1 capital ratio improved to
8.63% from8.60% - Net interest margin of
3.12% , compared to3.18% in prior quarter - Efficiency ratio of
65.2% , compared to58.0% in prior quarter
EFFINGHAM, Ill., July 25, 2024 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of
Provision expense was
Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “We continued to execute well on our strategic priorities during the second quarter and our balance sheet management strategies resulted in further increases in our capital ratios. We are continuing to address credit risk in our loan portfolios, including the relationship with Lending Point, by prudently increasing our loan loss reserves with a focus on reducing problem assets. Our emphasis on our community bank and local markets has led to another good quarter of generating high quality, in-market loans with full banking relationships, which are partially funded by the continued intentional reduction of our equipment finance and consumer portfolios. In particular, we are seeing good results from the investments we have made to increase our presence and business development efforts in the St. Louis market, where our loan balances increased at an annualized rate of
“We continue to benefit from the strength of the franchise we have built to attract high quality banking talent across the organization. We recently added a new market president for our Northern Illinois region and a new Chief Deposit Officer, who we expect to positively impact our treasury management services and our ability to add new commercial deposit relationships. We are also continuing to invest in our Wealth Management business to improve our ability to cross-sell this service to our community bank clients. We believe the banking talent we are adding will further enhance our efforts to expand our market share within our community bank. Our successful efforts in this area are resulting in a favorable shift in the mix of our loan portfolio; moving towards a higher quality portfolio and expanded banking relationships with both loans and deposits. We expect to make continued progress on this strategic priority over the remainder of the year, which we believe will further enhance the value of our franchise,” said Mr. Ludwig.
Balance Sheet Highlights
Total assets were
Loans
During the second quarter of 2024, outstanding loans declined by
Equipment finance loan and lease balances decreased
| As of | |||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||
| (in thousands) | 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||
| Loan Portfolio | |||||||||||||||
| Commercial loans | $ | 939,458 | $ | 913,564 | $ | 951,387 | $ | 943,761 | $ | 962,756 | |||||
| Equipment finance loans | 461,409 | 494,068 | 531,143 | 578,931 | 614,633 | ||||||||||
| Equipment finance leases | 428,659 | 455,879 | 473,350 | 485,460 | 500,485 | ||||||||||
| Commercial FHA warehouse lines | — | 8,035 | — | 48,547 | 30,522 | ||||||||||
| Total commercial loans and leases | 1,829,526 | 1,871,546 | 1,955,880 | 2,056,699 | 2,108,396 | ||||||||||
| Commercial real estate | 2,421,505 | 2,397,113 | 2,406,845 | 2,412,164 | 2,443,995 | ||||||||||
| Construction and land development | 476,528 | 474,128 | 452,593 | 416,801 | 366,631 | ||||||||||
| Residential real estate | 378,393 | 378,583 | 380,583 | 375,211 | 371,486 | ||||||||||
| Consumer | 746,042 | 837,092 | 935,178 | 1,020,008 | 1,076,836 | ||||||||||
| Total loans | $ | 5,851,994 | $ | 5,958,462 | $ | 6,131,079 | $ | 6,280,883 | $ | 6,367,344 | |||||
Loan Quality
Overall, credit quality metrics declined this quarter compared to the first quarter of 2024. Non-performing loans increased
| As of and for the Three Months Ended | ||||||||||||||||||||
| (in thousands) | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||||||||
| Asset Quality | ||||||||||||||||||||
| Loans 30-89 days past due | $ | 54,045 | $ | 58,854 | $ | 82,778 | $ | 46,608 | $ | 44,161 | ||||||||||
| Nonperforming loans | 112,124 | 104,979 | 56,351 | 55,981 | 54,844 | |||||||||||||||
| Nonperforming assets | 123,774 | 116,721 | 67,701 | 58,677 | 57,688 | |||||||||||||||
| Substandard loans | 135,555 | 149,049 | 184,224 | 143,793 | 130,707 | |||||||||||||||
| Net charge-offs | 2,874 | 4,445 | 5,117 | 3,449 | 2,996 | |||||||||||||||
| Loans 30-89 days past due to total loans | 0.92 | % | 0.99 | % | 1.35 | % | 0.74 | % | 0.69 | % | ||||||||||
| Nonperforming loans to total loans | 1.92 | % | 1.76 | % | 0.92 | % | 0.89 | % | 0.86 | % | ||||||||||
| Nonperforming assets to total assets | 1.60 | % | 1.49 | % | 0.86 | % | 0.74 | % | 0.72 | % | ||||||||||
| Allowance for credit losses to total loans | 1.58 | % | 1.31 | % | 1.12 | % | 1.06 | % | 1.02 | % | ||||||||||
| Allowance for credit losses to nonperforming loans | 82.22 | % | 74.35 | % | 121.56 | % | 119.09 | % | 118.43 | % | ||||||||||
| Net charge-offs to average loans | 0.20 | % | 0.30 | % | 0.33 | % | 0.22 | % | 0.19 | % | ||||||||||
The Company continued to increase its allowance for credit losses on loans during the second quarter of 2024. Notably, the Company recognized provision expense of
The allowance for credit losses on loans totaled
Deposits
Total deposits were
| As of | |||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||
| (in thousands) | 2024 | 2024 | 2023 | 2023 | 2023 | ||||||||||
| Deposit Portfolio | |||||||||||||||
| Noninterest-bearing demand | $ | 1,108,521 | $ | 1,212,382 | $ | 1,145,395 | $ | 1,154,515 | $ | 1,162,909 | |||||
| Interest-bearing: | |||||||||||||||
| Checking | 2,343,533 | 2,394,163 | 2,511,840 | 2,572,224 | 2,499,693 | ||||||||||
| Money market | 1,143,668 | 1,128,463 | 1,135,629 | 1,090,962 | 1,226,470 | ||||||||||
| Savings | 538,462 | 555,552 | 559,267 | 582,359 | 624,005 | ||||||||||
| Time | 852,415 | 845,190 | 862,865 | 885,858 | 840,734 | ||||||||||
| Brokered time | 131,424 | 188,234 | 94,533 | 119,084 | 72,737 | ||||||||||
| Total deposits | $ | 6,118,023 | $ | 6,323,984 | $ | 6,309,529 | $ | 6,405,002 | $ | 6,426,548 | |||||
Results of Operations Highlights
Net Interest Income and Margin
During the second quarter of 2024, net interest income, on a tax-equivalent basis, totaled
Average interest-earning assets for the second quarter of 2024 were
Average loans were
Investment securities averaged
Average interest-bearing deposits were
| For the Three Months Ended | |||||||||||||||||||||||||||
| (dollars in thousands) | June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||||||||||||||||||
| Interest-earning assets | Average Balance | Interest & Fees | Yield/Rate | Average Balance | Interest & Fees | Yield/Rate | Average Balance | Interest & Fees | Yield/Rate | ||||||||||||||||||
| Cash and cash equivalents | $ | 65,250 | $ | 875 | 5.40 | % | $ | 69,316 | $ | 951 | 5.52 | % | $ | 67,377 | $ | 852 | 5.07 | % | |||||||||
| Investment securities(1) | 1,098,452 | 12,805 | 4.69 | 988,716 | 10,708 | 4.36 | 861,409 | 7,286 | 3.39 | ||||||||||||||||||
| Loans(1)(2) | 5,915,523 | 88,738 | 6.03 | 6,012,032 | 89,489 | 5.99 | 6,356,012 | 91,890 | 5.80 | ||||||||||||||||||
| Loans held for sale | 4,910 | 84 | 6.84 | 3,405 | 55 | 6.56 | 4,067 | 59 | 5.79 | ||||||||||||||||||
| Nonmarketable equity securities | 44,216 | 963 | 8.76 | 35,927 | 687 | 7.69 | 45,028 | 599 | 5.33 | ||||||||||||||||||
| Total interest-earning assets | 7,128,351 | 103,465 | 5.84 | 7,109,396 | 101,890 | 5.76 | 7,333,893 | 100,686 | 5.51 | ||||||||||||||||||
| Noninterest-earning assets | 669,370 | 671,671 | 612,238 | ||||||||||||||||||||||||
| Total assets | $ | 7,797,721 | $ | 7,781,067 | $ | 7,946,131 | |||||||||||||||||||||
| Interest-Bearing Liabilities | |||||||||||||||||||||||||||
| Interest-bearing deposits | $ | 5,101,365 | $ | 39,476 | 3.11 | % | $ | 5,195,118 | $ | 39,214 | 3.04 | % | $ | 5,259,188 | $ | 33,617 | 2.56 | % | |||||||||
| Short-term borrowings | 30,449 | 308 | 4.07 | 65,182 | 836 | 5.16 | 22,018 | 14 | 0.26 | ||||||||||||||||||
| FHLB advances & other borrowings | 500,758 | 5,836 | 4.69 | 313,121 | 3,036 | 3.90 | 471,989 | 5,396 | 4.59 | ||||||||||||||||||
| Subordinated debt | 93,090 | 1,265 | 5.47 | 93,583 | 1,280 | 5.50 | 97,278 | 1,335 | 5.51 | ||||||||||||||||||
| Trust preferred debentures | 50,921 | 1,358 | 10.73 | 50,707 | 1,389 | 11.02 | 50,218 | 1,289 | 10.29 | ||||||||||||||||||
| Total interest-bearing liabilities | 5,776,583 | 48,243 | 3.36 | 5,717,711 | 45,755 | 3.22 | 5,900,691 | 41,651 | 2.83 | ||||||||||||||||||
| Noninterest-bearing deposits | 1,132,451 | 1,151,542 | 1,187,584 | ||||||||||||||||||||||||
| Other noninterest-bearing liabilities | 104,841 | 121,908 | 81,065 | ||||||||||||||||||||||||
| Shareholders’ equity | 783,846 | 789,906 | 776,791 | ||||||||||||||||||||||||
| Total liabilities and shareholder’s equity | $ | 7,797,721 | $ | 7,781,067 | $ | 7,946,131 | |||||||||||||||||||||
| Net Interest Margin | $ | 55,222 | 3.12 | % | $ | 56,135 | 3.18 | % | $ | 59,035 | 3.23 | % | |||||||||||||||
| Cost of Deposits | 2.55 | % | 2.49 | % | 2.09 | % | |||||||||||||||||||||
(1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of
(2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
For the six months ended June 30, 2024, net interest income, on a tax-equivalent basis, decreased to
The yield on earning assets increased 37 basis points to
| For the Six Months Ended | ||||||||||||||||||
| (dollars in thousands) | June 30, 2024 | June 30, 2023 | ||||||||||||||||
| Interest-earning assets | Average Balance | Interest & Fees | Yield/Rate | Average Balance | Interest & Fees | Yield/Rate | ||||||||||||
| Cash and cash equivalents | $ | 67,283 | $ | 1,826 | 5.46 | % | $ | 76,201 | $ | 1,832 | 4.85 | % | ||||||
| Investment securities(1) | 1,043,585 | 23,513 | 4.53 | 835,771 | 13,281 | 3.18 | ||||||||||||
| Loans(1)(2) | 5,963,777 | 178,226 | 6.01 | 6,338,305 | 179,887 | 5.72 | ||||||||||||
| Loans held for sale | 4,157 | 139 | 6.72 | 2,794 | 75 | 5.42 | ||||||||||||
| Nonmarketable equity securities | 40,072 | 1,650 | 8.28 | 46,416 | 1,394 | 6.05 | ||||||||||||
| Total interest-earning assets | 7,118,874 | 205,354 | 5.80 | 7,299,487 | 196,469 | 5.43 | ||||||||||||
| Noninterest-earning assets | 669,370 | 611,528 | ||||||||||||||||
| Total assets | $ | 7,788,244 | $ | 7,911,015 | ||||||||||||||
| Interest-Bearing Liabilities | ||||||||||||||||||
| Interest-bearing deposits | $ | 5,148,242 | $ | 78,690 | 3.07 | % | $ | 5,157,148 | $ | 60,022 | 2.35 | % | ||||||
| Short-term borrowings | 47,815 | 1,144 | 4.81 | 30,291 | 39 | 0.26 | ||||||||||||
| FHLB advances & other borrowings | 406,940 | 8,872 | 4.38 | 505,945 | 11,402 | 4.54 | ||||||||||||
| Subordinated debt | 93,337 | 2,545 | 5.45 | 98,538 | 2,705 | 5.54 | ||||||||||||
| Trust preferred debentures | 50,814 | 2,747 | 10.87 | 50,133 | 2,518 | 10.13 | ||||||||||||
| Total interest-bearing liabilities | 5,747,148 | 93,998 | 3.29 | 5,842,055 | 76,686 | 2.65 | ||||||||||||
| Noninterest-bearing deposits | 1,141,996 | 1,219,050 | ||||||||||||||||
| Other noninterest-bearing liabilities | 112,223 | 77,895 | ||||||||||||||||
| Shareholders’ equity | 786,877 | 772,015 | ||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 7,788,244 | $ | 7,911,015 | ||||||||||||||
| Net Interest Margin | $ | 111,356 | 3.15 | % | $ | 119,783 | 3.31 | % | ||||||||||
| Cost of Deposits | 2.52 | % | 1.90 | % | ||||||||||||||
(1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of
(2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
Noninterest Income
Noninterest income was
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
| (in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Noninterest income | |||||||||||||||||||
| Wealth management revenue | $ | 6,801 | $ | 7,132 | $ | 6,269 | $ | 13,933 | $ | 12,680 | |||||||||
| Service charges on deposit accounts | 3,121 | 3,116 | 2,677 | 6,237 | 5,245 | ||||||||||||||
| Interchange revenue | 3,563 | 3,358 | 3,696 | 6,921 | 7,108 | ||||||||||||||
| Residential mortgage banking revenue | 557 | 527 | 540 | 1,084 | 945 | ||||||||||||||
| Income on company-owned life insurance | 1,925 | 1,801 | 891 | 3,726 | 1,767 | ||||||||||||||
| Loss on sales of investment securities, net | (152 | ) | — | (869 | ) | (152 | ) | (1,517 | ) | ||||||||||
| Other income | 1,841 | 5,253 | 5,549 | 7,094 | 8,304 | ||||||||||||||
| Total noninterest income | $ | 17,656 | $ | 21,187 | $ | 18,753 | $ | 38,843 | $ | 34,532 | |||||||||
Wealth management revenue totaled
Noninterest Expense
Noninterest expense was
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||
| (in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Noninterest expense | |||||||||||||||
| Salaries and employee benefits | $ | 22,872 | $ | 24,102 | $ | 22,857 | $ | 46,974 | $ | 47,100 | |||||
| Occupancy and equipment | 3,964 | 4,142 | 3,879 | 8,106 | 8,322 | ||||||||||
| Data processing | 7,205 | 6,722 | 6,544 | 13,927 | 12,855 | ||||||||||
| Professional services | 2,243 | 2,255 | 1,663 | 4,498 | 3,423 | ||||||||||
| Amortization of intangible assets | 1,016 | 1,089 | 1,208 | 2,105 | 2,499 | ||||||||||
| FDIC insurance | 1,219 | 1,274 | 1,196 | 2,493 | 2,525 | ||||||||||
| Other expense | 8,960 | 5,283 | 5,547 | 14,243 | 10,652 | ||||||||||
| Total noninterest expense | $ | 47,479 | $ | 44,867 | $ | 42,894 | $ | 92,346 | $ | 87,376 | |||||
Income Tax Expense
Income tax expense was
Capital
At June 30, 2024, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:
| As of June 30, 2024 | ||||||||
| Midland States Bank | Midland States Bancorp, Inc. | Minimum Regulatory Requirements (2) | ||||||
| Total capital to risk-weighted assets | 13.06 | % | 13.94 | % | 10.50 | % | ||
| Tier 1 capital to risk-weighted assets | 11.69 | % | 11.21 | % | 8.50 | % | ||
| Tier 1 leverage ratio | 10.26 | % | 9.84 | % | 4.00 | % | ||
| Common equity Tier 1 capital | 11.69 | % | 8.63 | % | 7.00 | % | ||
| Tangible common equity to tangible assets (1) | N/A | 6.59 | % | N/A | ||||
(1) A non-GAAP financial measure. Refer to page 15 for a reconciliation to the comparable GAAP financial measure.
(2) Includes the capital conservation buffer of
The impact of rising interest rates on the Company’s investment portfolio and cash flow hedges resulted in an
Stock Repurchase Program
As previously disclosed, on December 5, 2023, the Company’s board of directors authorized a new share repurchase program, pursuant to which the Company is authorized to repurchase up to
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of June 30, 2024, the Company had total assets of approximately
Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.
These non-GAAP financial measures include “Adjusted Earnings,” “Adjusted Earnings Available to Common Shareholders,” “Adjusted Diluted Earnings Per Common Share,” “Adjusted Return on Average Assets,” “Adjusted Return on Average Shareholders’ Equity,” “Adjusted Return on Average Tangible Common Equity,” “Adjusted Pre-Tax, Pre-Provision Earnings,” “Adjusted Pre-Tax, Pre-Provision Return on Average Assets,” “Efficiency Ratio,” “Tangible Common Equity to Tangible Assets,” “Tangible Book Value Per Share,” “Tangible Book Value Per Share excluding Accumulated Other Comprehensive Income,” and “Return on Average Tangible Common Equity.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.
Forward-Looking Statements
Readers should note that in addition to the historical information contained herein, this press release includes "forward-looking statements" within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, the impact of inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; risks relating to acquisitions; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
CONTACTS:
Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321
Douglas J. Tucker, SVP and Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321
| MIDLAND STATES BANCORP, INC. | ||||||||||||||||||||
| CONSOLIDATED FINANCIAL SUMMARY (unaudited) | ||||||||||||||||||||
| As of and for the Three Months Ended | As of and for the Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| (dollars in thousands, except per share data) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Earnings Summary | ||||||||||||||||||||
| Net interest income | $ | 55,052 | $ | 55,920 | $ | 58,840 | $ | 110,972 | $ | 119,344 | ||||||||||
| Provision for credit losses | 16,800 | 14,000 | 5,879 | 30,800 | 9,014 | |||||||||||||||
| Noninterest income | 17,656 | 21,187 | 18,753 | 38,843 | 34,532 | |||||||||||||||
| Noninterest expense | 47,479 | 44,867 | 42,894 | 92,346 | 87,376 | |||||||||||||||
| Income before income taxes | 8,429 | 18,240 | 28,820 | 26,669 | 57,486 | |||||||||||||||
| Income taxes | 1,679 | 4,355 | 7,245 | 6,034 | 14,139 | |||||||||||||||
| Net income | 6,750 | 13,885 | 21,575 | 20,635 | 43,347 | |||||||||||||||
| Preferred dividends | 2,228 | 2,228 | 2,228 | 4,456 | 4,456 | |||||||||||||||
| Net income available to common shareholders | $ | 4,522 | $ | 11,657 | $ | 19,347 | $ | 16,179 | $ | 38,891 | ||||||||||
| Diluted earnings per common share | $ | 0.20 | $ | 0.53 | $ | 0.86 | $ | 0.73 | $ | 1.72 | ||||||||||
| Weighted average common shares outstanding - diluted | 21,734,849 | 21,787,691 | 22,205,079 | 21,761,492 | 22,348,981 | |||||||||||||||
| Return on average assets | 0.35 | % | 0.72 | % | 1.09 | % | 0.53 | % | 1.10 | % | ||||||||||
| Return on average shareholders' equity | 3.46 | % | 7.07 | % | 11.14 | % | 5.27 | % | 11.32 | % | ||||||||||
| Return on average tangible common equity (1) | 3.66 | % | 9.34 | % | 15.99 | % | 6.51 | % | 16.34 | % | ||||||||||
| Net interest margin | 3.12 | % | 3.18 | % | 3.23 | % | 3.15 | % | 3.31 | % | ||||||||||
| Efficiency ratio (1) | 65.16 | % | 58.03 | % | 55.01 | % | 61.49 | % | 56.31 | % | ||||||||||
| Adjusted Earnings Performance Summary (1) | ||||||||||||||||||||
| Adjusted earnings available to common shareholders | $ | 4,511 | $ | 11,657 | $ | 19,488 | $ | 16,168 | $ | 39,505 | ||||||||||
| Adjusted diluted earnings per common share | $ | 0.20 | $ | 0.53 | $ | 0.87 | $ | 0.73 | $ | 1.75 | ||||||||||
| Adjusted return on average assets | 0.35 | % | 0.72 | % | 1.10 | % | 0.53 | % | 1.12 | % | ||||||||||
| Adjusted return on average shareholders' equity | 3.46 | % | 7.07 | % | 11.21 | % | 5.27 | % | 11.48 | % | ||||||||||
| Adjusted return on average tangible common equity | 3.65 | % | 9.34 | % | 16.10 | % | 6.51 | % | 16.60 | % | ||||||||||
| Adjusted pre-tax, pre-provision earnings | $ | 25,214 | $ | 32,240 | $ | 34,892 | $ | 57,454 | $ | 67,341 | ||||||||||
| Adjusted pre-tax, pre-provision return on average assets | 1.30 | % | 1.67 | % | 1.76 | % | 1.48 | % | 1.72 | % | ||||||||||
| Market Data | ||||||||||||||||||||
| Book value per share at period end | $ | 31.59 | $ | 31.67 | $ | 30.49 | ||||||||||||||
| Tangible book value per share at period end (1) | $ | 23.36 | $ | 23.44 | $ | 22.24 | ||||||||||||||
| Tangible book value per share excluding accumulated other comprehensive income at period end (1) | $ | 27.22 | $ | 27.23 | $ | 26.11 | ||||||||||||||
| Market price at period end | $ | 22.65 | $ | 25.13 | $ | 19.91 | ||||||||||||||
| Common shares outstanding at period end | 21,377,215 | 21,485,231 | 21,854,800 | |||||||||||||||||
| Capital | ||||||||||||||||||||
| Total capital to risk-weighted assets | 13.94 | % | 13.68 | % | 12.65 | % | ||||||||||||||
| Tier 1 capital to risk-weighted assets | 11.21 | % | 11.16 | % | 10.47 | % | ||||||||||||||
| Tier 1 common capital to risk-weighted assets | 8.63 | % | 8.60 | % | 8.03 | % | ||||||||||||||
| Tier 1 leverage ratio | 9.84 | % | 9.92 | % | 9.57 | % | ||||||||||||||
| Tangible common equity to tangible assets (1) | 6.59 | % | 6.58 | % | 6.19 | % | ||||||||||||||
| Wealth Management | ||||||||||||||||||||
| Trust assets under administration | $ | 3,996,175 | $ | 3,888,219 | $ | 3,594,727 | ||||||||||||||
(1) Non-GAAP financial measures. Refer to pages 13 - 15 for a reconciliation to the comparable GAAP financial measures.
| MIDLAND STATES BANCORP, INC. | ||||||||||||||||||||
| CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| (in thousands) | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and cash equivalents | $ | 124,646 | $ | 167,316 | $ | 135,061 | $ | 132,132 | $ | 160,695 | ||||||||||
| Investment securities | 1,099,654 | 1,044,900 | 920,396 | 839,344 | 887,003 | |||||||||||||||
| Loans | 5,851,994 | 5,958,462 | 6,131,079 | 6,280,883 | 6,367,344 | |||||||||||||||
| Allowance for credit losses on loans | (92,183 | ) | (78,057 | ) | (68,502 | ) | (66,669 | ) | (64,950 | ) | ||||||||||
| Total loans, net | 5,759,811 | 5,880,405 | 6,062,577 | 6,214,214 | 6,302,394 | |||||||||||||||
| Loans held for sale | 5,555 | 5,043 | 3,811 | 6,089 | 5,632 | |||||||||||||||
| Premises and equipment, net | 83,040 | 81,831 | 82,814 | 82,741 | 81,006 | |||||||||||||||
| Other real estate owned | 8,304 | 8,920 | 9,112 | 480 | 202 | |||||||||||||||
| Loan servicing rights, at lower of cost or fair value | 18,902 | 19,577 | 20,253 | 20,933 | 21,611 | |||||||||||||||
| Goodwill | 161,904 | 161,904 | 161,904 | 161,904 | 161,904 | |||||||||||||||
| Other intangible assets, net | 14,003 | 15,019 | 16,108 | 17,238 | 18,367 | |||||||||||||||
| Company-owned life insurance | 207,211 | 205,286 | 203,485 | 201,750 | 152,210 | |||||||||||||||
| Other assets | 274,244 | 241,608 | 251,347 | 292,460 | 243,697 | |||||||||||||||
| Total assets | $ | 7,757,274 | $ | 7,831,809 | $ | 7,866,868 | $ | 7,969,285 | $ | 8,034,721 | ||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||
| Noninterest-bearing demand deposits | $ | 1,108,521 | $ | 1,212,382 | $ | 1,145,395 | $ | 1,154,515 | $ | 1,162,909 | ||||||||||
| Interest-bearing deposits | 5,009,502 | 5,111,602 | 5,164,134 | 5,250,487 | 5,263,639 | |||||||||||||||
| Total deposits | 6,118,023 | 6,323,984 | 6,309,529 | 6,405,002 | 6,426,548 | |||||||||||||||
| Short-term borrowings | 7,208 | 214,446 | 34,865 | 17,998 | 21,783 | |||||||||||||||
| FHLB advances and other borrowings | 600,000 | 255,000 | 476,000 | 538,000 | 575,000 | |||||||||||||||
| Subordinated debt | 91,656 | 93,617 | 93,546 | 93,475 | 93,404 | |||||||||||||||
| Trust preferred debentures | 50,921 | 50,790 | 50,616 | 50,457 | 50,296 | |||||||||||||||
| Other liabilities | 103,694 | 102,966 | 110,459 | 106,743 | 90,869 | |||||||||||||||
| Total liabilities | 6,971,502 | 7,040,803 | 7,075,015 | 7,211,675 | 7,257,900 | |||||||||||||||
| Total shareholders’ equity | 785,772 | 791,006 | 791,853 | 757,610 | 776,821 | |||||||||||||||
| Total liabilities and shareholders’ equity | $ | 7,757,274 | $ | 7,831,809 | $ | 7,866,868 | $ | 7,969,285 | $ | 8,034,721 | ||||||||||
| MIDLAND STATES BANCORP, INC. | |||||||||||||||||||
| CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) | |||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | |||||||||||||||
| (in thousands, except per share data) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Net interest income: | |||||||||||||||||||
| Interest income | $ | 103,295 | $ | 101,675 | $ | 100,491 | $ | 204,970 | $ | 196,030 | |||||||||
| Interest expense | 48,243 | 45,755 | 41,651 | 93,998 | 76,686 | ||||||||||||||
| Net interest income | 55,052 | 55,920 | 58,840 | 110,972 | 119,344 | ||||||||||||||
| Provision for credit losses on loans | 17,000 | 14,000 | 5,879 | 31,000 | 9,014 | ||||||||||||||
| Provision for credit losses on unfunded commitments | (200 | ) | — | — | (200 | ) | — | ||||||||||||
| Total provision for credit losses | 16,800 | 14,000 | 5,879 | 30,800 | 9,014 | ||||||||||||||
| Net interest income after provision for credit losses | 38,252 | 41,920 | 52,961 | 80,172 | 110,330 | ||||||||||||||
| Noninterest income: | |||||||||||||||||||
| Wealth management revenue | 6,801 | 7,132 | 6,269 | 13,933 | 12,680 | ||||||||||||||
| Service charges on deposit accounts | 3,121 | 3,116 | 2,677 | 6,237 | 5,245 | ||||||||||||||
| Interchange revenue | 3,563 | 3,358 | 3,696 | 6,921 | 7,108 | ||||||||||||||
| Residential mortgage banking revenue | 557 | 527 | 540 | 1,084 | 945 | ||||||||||||||
| Income on company-owned life insurance | 1,925 | 1,801 | 891 | 3,726 | 1,767 | ||||||||||||||
| Loss on sales of investment securities, net | (152 | ) | — | (869 | ) | (152 | ) | (1,517 | ) | ||||||||||
| Other income | 1,841 | 5,253 | 5,549 | 7,094 | 8,304 | ||||||||||||||
| Total noninterest income | 17,656 | 21,187 | 18,753 | 38,843 | 34,532 | ||||||||||||||
| Noninterest expense: | |||||||||||||||||||
| Salaries and employee benefits | 22,872 | 24,102 | 22,857 | 46,974 | 47,100 | ||||||||||||||
| Occupancy and equipment | 3,964 | 4,142 | 3,879 | 8,106 | 8,322 | ||||||||||||||
| Data processing | 7,205 | 6,722 | 6,544 | 13,927 | 12,855 | ||||||||||||||
| Professional services | 2,243 | 2,255 | 1,663 | 4,498 | 3,423 | ||||||||||||||
| Amortization of intangible assets | 1,016 | 1,089 | 1,208 | 2,105 | 2,499 | ||||||||||||||
| FDIC insurance | 1,219 | 1,274 | 1,196 | 2,493 | 2,525 | ||||||||||||||
| Other expense | 8,960 | 5,283 | 5,547 | 14,243 | 10,652 | ||||||||||||||
| Total noninterest expense | 47,479 | 44,867 | 42,894 | 92,346 | 87,376 | ||||||||||||||
| Income before income taxes | 8,429 | 18,240 | 28,820 | 26,669 | 57,486 | ||||||||||||||
| Income taxes | 1,679 | 4,355 | 7,245 | 6,034 | 14,139 | ||||||||||||||
| Net income | 6,750 | 13,885 | 21,575 | 20,635 | 43,347 | ||||||||||||||
| Preferred stock dividends | 2,228 | 2,228 | 2,228 | 4,456 | 4,456 | ||||||||||||||
| Net income available to common shareholders | $ | 4,522 | $ | 11,657 | $ | 19,347 | $ | 16,179 | $ | 38,891 | |||||||||
| Basic earnings per common share | $ | 0.20 | $ | 0.53 | $ | 0.86 | $ | 0.73 | $ | 1.72 | |||||||||
| Diluted earnings per common share | $ | 0.20 | $ | 0.53 | $ | 0.86 | $ | 0.73 | $ | 1.72 | |||||||||
| MIDLAND STATES BANCORP, INC. | ||||||||||||||||||||
| RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) | ||||||||||||||||||||
| Adjusted Earnings Reconciliation | ||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| (dollars in thousands, except per share data) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Income before income taxes - GAAP | $ | 8,429 | $ | 18,240 | $ | 28,820 | $ | 26,669 | $ | 57,486 | ||||||||||
| Adjustments to noninterest income: | ||||||||||||||||||||
| Loss on sales of investment securities, net | 152 | — | 869 | 152 | 1,517 | |||||||||||||||
| (Gain) on repurchase of subordinated debt | (167 | ) | — | (676 | ) | (167 | ) | (676 | ) | |||||||||||
| Total adjustments to noninterest income | (15 | ) | — | 193 | (15 | ) | 841 | |||||||||||||
| Adjusted earnings pre tax - non-GAAP | 8,414 | 18,240 | 29,013 | 26,654 | 58,327 | |||||||||||||||
| Adjusted earnings tax | 1,675 | 4,355 | 7,297 | 6,030 | 14,366 | |||||||||||||||
| Adjusted earnings - non-GAAP | 6,739 | 13,885 | 21,716 | 20,624 | 43,961 | |||||||||||||||
| Preferred stock dividends | 2,228 | 2,228 | 2,228 | 4,456 | 4,456 | |||||||||||||||
| Adjusted earnings available to common shareholders | $ | 4,511 | $ | 11,657 | $ | 19,488 | $ | 16,168 | $ | 39,505 | ||||||||||
| Adjusted diluted earnings per common share | $ | 0.20 | $ | 0.53 | $ | 0.87 | $ | 0.73 | $ | 1.75 | ||||||||||
| Adjusted return on average assets | 0.35 | % | 0.72 | % | 1.10 | % | 0.53 | % | 1.12 | % | ||||||||||
| Adjusted return on average shareholders' equity | 3.46 | % | 7.07 | % | 11.21 | % | 5.27 | % | 11.48 | % | ||||||||||
| Adjusted return on average tangible common equity | 3.65 | % | 9.34 | % | 16.10 | % | 6.51 | % | 16.60 | % | ||||||||||
| Adjusted Pre-Tax, Pre-Provision Earnings Reconciliation | ||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| (dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Adjusted earnings pre tax - non-GAAP | $ | 8,414 | $ | 18,240 | $ | 29,013 | $ | 26,654 | $ | 58,327 | ||||||||||
| Provision for credit losses | 16,800 | 14,000 | 5,879 | 30,800 | 9,014 | |||||||||||||||
| Adjusted pre-tax, pre-provision earnings - non-GAAP | $ | 25,214 | $ | 32,240 | $ | 34,892 | $ | 57,454 | $ | 67,341 | ||||||||||
| Adjusted pre-tax, pre-provision return on average assets | 1.30 | % | 1.67 | % | 1.76 | % | 1.48 | % | 1.72 | % | ||||||||||
| MIDLAND STATES BANCORP, INC. | ||||||||||||||||||||
| RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) (continued) | ||||||||||||||||||||
| Efficiency Ratio Reconciliation | ||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| (dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Noninterest expense - GAAP | $ | 47,479 | $ | 44,867 | $ | 42,894 | $ | 92,346 | $ | 87,376 | ||||||||||
| Net interest income - GAAP | $ | 55,052 | $ | 55,920 | $ | 58,840 | $ | 110,972 | $ | 119,344 | ||||||||||
| Effect of tax-exempt income | 170 | 215 | 195 | 384 | 439 | |||||||||||||||
| Adjusted net interest income | 55,222 | 56,135 | 59,035 | 111,356 | 119,783 | |||||||||||||||
| Noninterest income - GAAP | 17,656 | 21,187 | 18,753 | 38,843 | 34,532 | |||||||||||||||
| Loss on sales of investment securities, net | 152 | — | 869 | 152 | 1,517 | |||||||||||||||
| (Gain) on repurchase of subordinated debt | (167 | ) | — | (676 | ) | (167 | ) | (676 | ) | |||||||||||
| Adjusted noninterest income | 17,641 | 21,187 | 18,946 | 38,828 | 35,373 | |||||||||||||||
| Adjusted total revenue | $ | 72,863 | $ | 77,322 | $ | 77,981 | $ | 150,184 | $ | 155,156 | ||||||||||
| Efficiency ratio | 65.16 | % | 58.03 | % | 55.01 | % | 61.49 | % | 56.31 | % | ||||||||||
| Return on Average Tangible Common Equity (ROATCE) | ||||||||||||||||||||
| For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | ||||||||||||||||
| (dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Net income available to common shareholders | $ | 4,522 | $ | 11,657 | $ | 19,347 | $ | 16,179 | $ | 38,891 | ||||||||||
| Average total shareholders' equity—GAAP | $ | 783,846 | $ | 789,906 | $ | 776,791 | $ | 786,877 | $ | 772,015 | ||||||||||
| Adjustments: | ||||||||||||||||||||
| Preferred Stock | (110,548 | ) | (110,548 | ) | (110,548 | ) | (110,548 | ) | (110,548 | ) | ||||||||||
| Goodwill | (161,904 | ) | (161,904 | ) | (161,904 | ) | (161,904 | ) | (161,904 | ) | ||||||||||
| Other intangible assets, net | (14,483 | ) | (15,525 | ) | (18,937 | ) | (15,004 | ) | (19,557 | ) | ||||||||||
| Average tangible common equity | $ | 496,911 | $ | 501,929 | $ | 485,402 | $ | 499,421 | $ | 480,006 | ||||||||||
| ROATCE | 3.66 | % | 9.34 | % | 15.99 | % | 6.51 | % | 16.34 | % | ||||||||||
| MIDLAND STATES BANCORP, INC. | ||||||||||||||||||||
| RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) (continued) | ||||||||||||||||||||
| Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| (dollars in thousands, except per share data) | 2024 | 2024 | 2023 | 2023 | 2023 | |||||||||||||||
| Shareholders' Equity to Tangible Common Equity | ||||||||||||||||||||
| Total shareholders' equity—GAAP | $ | 785,772 | $ | 791,006 | $ | 791,853 | $ | 757,610 | $ | 776,821 | ||||||||||
| Adjustments: | ||||||||||||||||||||
| Preferred Stock | (110,548 | ) | (110,548 | ) | (110,548 | ) | (110,548 | ) | (110,548 | ) | ||||||||||
| Goodwill | (161,904 | ) | (161,904 | ) | (161,904 | ) | (161,904 | ) | (161,904 | ) | ||||||||||
| Other intangible assets, net | (14,003 | ) | (15,019 | ) | (16,108 | ) | (17,238 | ) | (18,367 | ) | ||||||||||
| Tangible common equity | 499,317 | 503,535 | 503,293 | 467,920 | 486,002 | |||||||||||||||
| Less: Accumulated other comprehensive loss (AOCI) | (82,581 | ) | (81,419 | ) | (76,753 | ) | (101,181 | ) | (84,719 | ) | ||||||||||
| Tangible common equity excluding AOCI | $ | 581,898 | $ | 584,954 | $ | 580,046 | $ | 569,101 | $ | 570,721 | ||||||||||
| Total Assets to Tangible Assets: | ||||||||||||||||||||
| Total assets—GAAP | $ | 7,757,274 | $ | 7,831,809 | $ | 7,866,868 | $ | 7,969,285 | $ | 8,034,721 | ||||||||||
| Adjustments: | ||||||||||||||||||||
| Goodwill | (161,904 | ) | (161,904 | ) | (161,904 | ) | (161,904 | ) | (161,904 | ) | ||||||||||
| Other intangible assets, net | (14,003 | ) | (15,019 | ) | (16,108 | ) | (17,238 | ) | (18,367 | ) | ||||||||||
| Tangible assets | $ | 7,581,367 | $ | 7,654,886 | $ | 7,688,856 | $ | 7,790,143 | $ | 7,854,450 | ||||||||||
| Common Shares Outstanding | 21,377,215 | 21,485,231 | 21,551,402 | 21,594,546 | 21,854,800 | |||||||||||||||
| Tangible Common Equity to Tangible Assets | 6.59 | % | 6.58 | % | 6.55 | % | 6.01 | % | 6.19 | % | ||||||||||
| Tangible Book Value Per Share | $ | 23.36 | $ | 23.44 | $ | 23.35 | $ | 21.67 | $ | 22.24 | ||||||||||
| Tangible Book Value Per Share, excluding AOCI | $ | 27.22 | $ | 27.23 | $ | 26.91 | $ | 26.35 | $ | 26.11 | ||||||||||
FAQ
What was Midland States Bancorp's Q2 2024 net income?
What is the common equity tier 1 capital ratio for MSBI in Q2 2024?
How did the net interest margin change for MSBI in Q2 2024?
What were the provision expenses for MSBI in Q2 2024?
How did total deposits change for MSBI in Q2 2024?
