Midland States Bancorp, Inc. Announces 2024 Third Quarter Results
Midland States Bancorp (MSBI) reported Q3 2024 net income of $16.2 million, or $0.74 per diluted share, compared to $4.5 million in Q2 2024. Key highlights include adjusted pre-tax, pre-provision earnings of $27.5 million and improved tangible book value per share to $24.90. Total assets were $7.75 billion, with portfolio loans at $5.75 billion. The company's net interest margin was 3.10%, while efficiency ratio improved to 62.8%. Notable developments include continued reduction in equipment finance and consumer loan portfolios, increased commercial real estate loans, and elevated nonperforming loans at $114.6 million.
Midland States Bancorp (MSBI) ha riportato un utile netto per il terzo trimestre 2024 di $16,2 milioni, ovvero $0,74 per azione completamente diluita, rispetto ai $4,5 milioni del secondo trimestre 2024. I punti salienti includono un utile ante imposte e ante accantonamenti di $27,5 milioni e un valore contabile tangibile per azione migliorato a $24,90. Il totale attivo era di $7,75 miliardi, con prestiti in portafoglio pari a $5,75 miliardi. Il margine di interesse netto dell'azienda si attesta al 3,10%, mentre il rapporto di efficienza è migliorato al 62,8%. Sviluppi notevoli includono la continua riduzione nei portafogli di finanziamento attrezzature e prestiti al consumo, l'aumento dei prestiti immobiliari commerciali e un elevato ammontare di prestiti non performanti pari a $114,6 milioni.
Midland States Bancorp (MSBI) reportó un ingreso neto de $16,2 millones en el tercer trimestre de 2024, o $0,74 por acción diluida, en comparación con $4,5 millones en el segundo trimestre de 2024. Los aspectos más destacados incluyen ganancias ajustadas antes de impuestos y provisiones de $27,5 millones y un valor contable tangible por acción mejorado a $24,90. Los activos totales fueron de $7,75 mil millones, con préstamos en cartera de $5,75 mil millones. El margen de interés neto de la compañía fue del 3,10%, mientras que el ratio de eficiencia mejoró al 62,8%. Entre los desarrollos notables se incluye una continua reducción en las carteras de financiamiento de equipos y préstamos al consumidor, un aumento en los préstamos inmobiliarios comerciales y un elevado monto de préstamos no rentables de $114,6 millones.
미드랜드 스테이츠 뱅코프(MSBI)는 2024년 3분기 순이익이 1,620만 달러, 즉 희석 주당 0.74달러에 달한다고 보고했으며, 이는 2024년 2분기의 450만 달러에 비해 증가한 수치입니다. 주요 내용으로는 조정된 세전, 세전 충당금 이익이 2,750만 달러였고, 주당 실질 장부가가 24.90달러로 향상되었습니다. 총 자산은 77억 5천만 달러였으며, 포트폴리오 대출은 57억 5천만 달러에 달했습니다. 회사의 순이자 마진은 3.10%였고, 효율성 비율은 62.8%로 개선되었습니다. 주목할 만한 개발 사항으로는 장비 금융 및 소비자 대출 포트폴리오의 지속적인 축소, 상업용 부동산 대출의 증가, 및 1억 1,460만 달러에 달하는 비수익 대출의 증가가 포함됩니다.
Midland States Bancorp (MSBI) a déclaré un bénéfice net de 16,2 millions de dollars pour le troisième trimestre 2024, soit 0,74 dollar par action diluée, contre 4,5 millions de dollars au deuxième trimestre 2024. Les faits marquants incluent un bénéfice ajusté avant impôts et provisions de 27,5 millions de dollars et une valeur comptable tangible par action améliorée à 24,90 dollars. Les actifs totaux s'élevaient à 7,75 milliards de dollars, avec des prêts de portefeuille s'élevant à 5,75 milliards de dollars. La marge d'intérêt nette de la société était de 3,10%, tandis que le ratio d'efficacité s'est amélioré à 62,8%. Parmi les développements notables figurent la réduction continue des portefeuilles de financement d'équipement et de prêts à la consommation, l'augmentation des prêts immobiliers commerciaux et le montant élevé des prêts non performants à 114,6 millions de dollars.
Midland States Bancorp (MSBI) meldete für das 3. Quartal 2024 einen Nettogewinn von 16,2 Millionen Dollar bzw. 0,74 Dollar pro verwässerter Aktie, verglichen mit 4,5 Millionen Dollar im 2. Quartal 2024. Zu den wichtigsten Punkten gehören ein adjustierter Vorsteuer- und Vorrückungsgewinn von 27,5 Millionen Dollar sowie ein verbesserter Buchwert pro Aktie von 24,90 Dollar. Die Gesamtsumme der Vermögenswerte betrug 7,75 Milliarden Dollar, mit Portfoliokrediten von 5,75 Milliarden Dollar. Die Nettozinsmarge des Unternehmens betrug 3,10%, während sich das Effizienzverhältnis auf 62,8% verbesserte. Zu den bemerkenswerten Entwicklungen gehören die fortgesetzte Reduzierung in den Portfolios für Ausrüstungsfinanzierung und Verbraucherkredite, ein Anstieg von gewerblichen Immobilienkrediten und eine erhöhte Anzahl von notleidenden Krediten in Höhe von 114,6 Millionen Dollar.
- Net income increased significantly to $16.2 million from $4.5 million in previous quarter
- Tangible book value per share increased to $24.90 from $23.36
- Common equity tier 1 capital ratio improved to 9.00% from 8.64%
- Efficiency ratio improved to 62.8% from 65.2%
- Net interest margin declined to 3.10% from 3.12% in prior quarter
- Nonperforming loans increased to $114.6 million from $112.1 million
- Substandard loans increased by $32.0 million to $167.5 million
- Net charge-offs increased to $11.379 million from $2.874 million in prior quarter
Insights
The Q3 2024 results for Midland States Bancorp show a significant recovery in profitability with net income of
However, some concerning trends persist: Net interest margin slightly declined to
The strategic shift toward lower-risk community banking, improved capital position and reduced reliance on fintech partnerships suggests a more sustainable long-term model, though near-term credit quality challenges remain.
The credit quality metrics reveal significant challenges. The nonperforming loans ratio of
The bank's exit from fintech partnerships like LendingPoint and GreenSky shows prudent risk management, though legacy issues persist with
Third Quarter 2024 Highlights:
- Net income available to common shareholders of
$16.2 million , or$0.74 per diluted share - Adjusted pre-tax, pre-provision earnings of
$27.5 million - Tangible book value per share increased to
$24.90 , compared to$23.36 at June 30, 2024 - Common equity tier 1 capital ratio improved to
9.00% , compared to8.64% at June 30, 2024 - Net interest margin of
3.10% , compared to3.12% in prior quarter - Efficiency ratio of
62.8% , compared to65.2% in prior quarter
EFFINGHAM, Ill., Oct. 24, 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 executed well in the third quarter and delivered a higher level of profitability while making continued progress on our balance sheet management strategies, which resulted in further increases in all of our capital ratios, an increase in our tangible book value per share, and an increase in our level of liquidity with a reduction in our loan-to-deposit ratio. We continue to utilize the payoffs resulting from the intentional reduction of our equipment finance and consumer portfolios to fund high quality loans generated in our community bank and the purchase of investment securities. We are also seeing good results from the investments we have made in the business, such as increasing our presence and business development efforts in the St. Louis market, where our loan balances increased at an annualized rate of
Improving our credit quality is a priority and we are taking proactive steps to resolve problem loans in order to reduce our level of non-performing and classified loans going forward. We continue to closely monitor the health of our borrowers and be conservative in downgrading loans where we see the potential for weakness. We also recently added a new Chief Credit Officer whose background and experience is consistent with our increased focus on in-market relationship lending in our community bank, which will continue to result in a higher quality, lower risk loan portfolio.
“While we will remain conservative in new loan production while economic conditions remain uncertain, we are well positioned to benefit from lower interest rates and we expect positive trends in our net interest margin and revenue generated from our Wealth Management business. While maintaining disciplined expense control, we are continuing to make investments in talent and technology that will further enhance our ability to increase our market share, add attractive new client relationships in our community bank, and generate profitable growth. With the stronger balance sheet we are building, including a Total Capital Ratio of approximately
Balance Sheet Highlights
Total assets were
Loans
During the third quarter of 2024, outstanding loans declined by
Equipment finance loan and lease balances decreased
Increases in commercial FHA warehouse lines and commercial real estate loans of
| As of | |||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||
| (in thousands) | 2024 | 2024 | 2024 | 2023 | 2023 | ||||||||||
| Loan Portfolio | |||||||||||||||
| Commercial loans | $ | 863,922 | $ | 939,458 | $ | 913,564 | $ | 951,387 | $ | 943,761 | |||||
| Equipment finance loans | 442,552 | 461,409 | 494,068 | 531,143 | 578,931 | ||||||||||
| Equipment finance leases | 417,531 | 428,659 | 455,879 | 473,350 | 485,460 | ||||||||||
| Commercial FHA warehouse lines | 50,198 | — | 8,035 | — | 48,547 | ||||||||||
| Total commercial loans and leases | 1,774,203 | 1,829,526 | 1,871,546 | 1,955,880 | 2,056,699 | ||||||||||
| Commercial real estate | 2,510,472 | 2,421,505 | 2,397,113 | 2,406,845 | 2,412,164 | ||||||||||
| Construction and land development | 422,253 | 476,528 | 474,128 | 452,593 | 416,801 | ||||||||||
| Residential real estate | 378,657 | 378,393 | 378,583 | 380,583 | 375,211 | ||||||||||
| Consumer | 663,234 | 746,042 | 837,092 | 935,178 | 1,020,008 | ||||||||||
| Total loans | $ | 5,748,819 | $ | 5,851,994 | $ | 5,958,462 | $ | 6,131,079 | $ | 6,280,883 | |||||
Loan Quality
Overall, credit quality metrics remained consistent this quarter compared to the second quarter of 2024, albeit, nonperforming loans were still at elevated levels. Non-performing loans increased
| As of and for the Three Months Ended | ||||||||||||||||||||
| (in thousands) | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| 2024 | 2024 | 2024 | 2023 | 2023 | ||||||||||||||||
| Asset Quality | ||||||||||||||||||||
| Loans 30-89 days past due | $ | 55,329 | $ | 54,045 | $ | 58,854 | $ | 82,778 | $ | 46,608 | ||||||||||
| Nonperforming loans | 114,556 | 112,124 | 104,979 | 56,351 | 55,981 | |||||||||||||||
| Nonperforming assets | 126,771 | 123,774 | 116,721 | 67,701 | 58,677 | |||||||||||||||
| Substandard loans | 167,549 | 135,555 | 149,049 | 184,224 | 143,793 | |||||||||||||||
| Net charge-offs | 11,379 | 2,874 | 4,445 | 5,117 | 3,449 | |||||||||||||||
| Loans 30-89 days past due to total loans | 0.96 | % | 0.92 | % | 0.99 | % | 1.35 | % | 0.74 | % | ||||||||||
| Nonperforming loans to total loans | 1.99 | % | 1.92 | % | 1.76 | % | 0.92 | % | 0.89 | % | ||||||||||
| Nonperforming assets to total assets | 1.64 | % | 1.60 | % | 1.49 | % | 0.86 | % | 0.74 | % | ||||||||||
| Allowance for credit losses to total loans | 1.49 | % | 1.58 | % | 1.31 | % | 1.12 | % | 1.06 | % | ||||||||||
| Allowance for credit losses to nonperforming loans | 74.90 | % | 82.22 | % | 74.35 | % | 121.56 | % | 119.09 | % | ||||||||||
| Net charge-offs to average loans | 0.78 | % | 0.20 | % | 0.30 | % | 0.33 | % | 0.22 | % | ||||||||||
The allowance for credit losses on loans totaled
Notably, the Company recognized provision expense of
Deposits
Total deposits were
| As of | |||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||
| (in thousands) | 2024 | 2024 | 2024 | 2023 | 2023 | ||||||||||
| Deposit Portfolio | |||||||||||||||
| Noninterest-bearing demand | $ | 1,050,617 | $ | 1,108,521 | $ | 1,212,382 | $ | 1,145,395 | $ | 1,154,515 | |||||
| Interest-bearing: | |||||||||||||||
| Checking | 2,389,970 | 2,343,533 | 2,394,163 | 2,511,840 | 2,572,224 | ||||||||||
| Money market | 1,187,139 | 1,143,668 | 1,128,463 | 1,135,629 | 1,090,962 | ||||||||||
| Savings | 510,260 | 538,462 | 555,552 | 559,267 | 582,359 | ||||||||||
| Time | 849,413 | 852,415 | 845,190 | 862,865 | 885,858 | ||||||||||
| Brokered time | 269,437 | 131,424 | 188,234 | 94,533 | 119,084 | ||||||||||
| Total deposits | $ | 6,256,836 | $ | 6,118,023 | $ | 6,323,984 | $ | 6,309,529 | $ | 6,405,002 | |||||
Results of Operations Highlights
Net Interest Income and Margin
During the third quarter of 2024, net interest income and net interest margin, on a tax-equivalent basis, were
Average interest-earning assets for the third quarter of 2024 were
Average loans were
Investment securities averaged
Average interest-bearing liabilities for the third quarter of 2024 were
Average interest-bearing deposits were
| For the Three Months Ended | |||||||||||||||||||||||||||
| (dollars in thousands) | September 30, 2024 | June 30, 2024 | September 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 | $ | 75,255 | $ | 1,031 | 5.45 | % | $ | 65,250 | $ | 875 | 5.40 | % | $ | 78,391 | $ | 1,036 | 5.24 | % | |||||||||
| Investment securities(1) | 1,162,751 | 13,752 | 4.71 | 1,098,452 | 12,805 | 4.69 | 862,998 | 7,822 | 3.60 | ||||||||||||||||||
| Loans(1)(2) | 5,783,408 | 89,344 | 6.15 | 5,915,523 | 88,738 | 6.03 | 6,297,568 | 94,118 | 5.93 | ||||||||||||||||||
| Loans held for sale | 7,505 | 124 | 6.57 | 4,910 | 84 | 6.84 | 6,078 | 104 | 6.80 | ||||||||||||||||||
| Nonmarketable equity securities | 41,137 | 788 | 7.62 | 44,216 | 963 | 8.76 | 39,347 | 710 | 7.16 | ||||||||||||||||||
| Total interest-earning assets | 7,070,056 | 105,039 | 5.91 | 7,128,351 | 103,465 | 5.84 | 7,284,382 | 103,790 | 5.65 | ||||||||||||||||||
| Noninterest-earning assets | 653,279 | 669,370 | 622,969 | ||||||||||||||||||||||||
| Total assets | $ | 7,723,335 | $ | 7,797,721 | $ | 7,907,351 | |||||||||||||||||||||
| Interest-Bearing Liabilities | |||||||||||||||||||||||||||
| Interest-bearing deposits | $ | 5,132,640 | $ | 41,970 | 3.25 | % | $ | 5,101,365 | $ | 39,476 | 3.11 | % | $ | 5,354,356 | $ | 37,769 | 2.80 | % | |||||||||
| Short-term borrowings | 53,577 | 602 | 4.47 | 30,449 | 308 | 4.07 | 20,127 | 14 | 0.28 | ||||||||||||||||||
| FHLB advances & other borrowings | 428,739 | 4,743 | 4.40 | 500,758 | 5,836 | 4.69 | 402,500 | 4,557 | 4.49 | ||||||||||||||||||
| Subordinated debt | 89,120 | 1,228 | 5.48 | 93,090 | 1,265 | 5.47 | 93,441 | 1,280 | 5.43 | ||||||||||||||||||
| Trust preferred debentures | 50,990 | 1,341 | 10.46 | 50,921 | 1,358 | 10.73 | 50,379 | 1,369 | 10.78 | ||||||||||||||||||
| Total interest-bearing liabilities | 5,755,066 | 49,884 | 3.45 | 5,776,583 | 48,243 | 3.36 | 5,920,803 | 44,989 | 3.01 | ||||||||||||||||||
| Noninterest-bearing deposits | 1,075,712 | 1,132,451 | 1,116,988 | ||||||||||||||||||||||||
| Other noninterest-bearing liabilities | 97,235 | 104,841 | 97,935 | ||||||||||||||||||||||||
| Shareholders’ equity | 795,322 | 783,846 | 771,625 | ||||||||||||||||||||||||
| Total liabilities and shareholder’s equity | $ | 7,723,335 | $ | 7,797,721 | $ | 7,907,351 | |||||||||||||||||||||
| Net Interest Margin | $ | 55,155 | 3.10 | % | $ | 55,222 | 3.12 | % | $ | 58,801 | 3.20 | % | |||||||||||||||
| Cost of Deposits | 2.69 | % | 2.55 | % | 2.32 | % | |||||||||||||||||||||
(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 nine months ended September 30, 2024, net interest income, on a tax-equivalent basis, decreased to
The yield on earning assets increased 34 basis points to
| For the Nine Months Ended | ||||||||||||||||||
| (dollars in thousands) | September 30, 2024 | September 30, 2023 | ||||||||||||||||
| Interest-earning assets | Average Balance | Interest & Fees | Yield/Rate | Average Balance | Interest & Fees | Yield/Rate | ||||||||||||
| Cash and cash equivalents | $ | 69,960 | $ | 2,857 | 5.45 | % | $ | 76,939 | $ | 2,868 | 4.98 | % | ||||||
| Investment securities(1) | 1,083,597 | 37,265 | 4.59 | 844,946 | 21,103 | 3.33 | ||||||||||||
| Loans(1)(2) | 5,903,216 | 267,570 | 6.05 | 6,324,578 | 274,005 | 5.79 | ||||||||||||
| Loans held for sale | 5,281 | 263 | 6.65 | 3,900 | 179 | 6.14 | ||||||||||||
| Nonmarketable equity securities | 40,429 | 2,438 | 8.06 | 44,034 | 2,104 | 6.39 | ||||||||||||
| Total interest-earning assets | 7,102,483 | 310,393 | 5.84 | 7,294,397 | 300,259 | 5.50 | ||||||||||||
| Noninterest-earning assets | 663,967 | 615,383 | ||||||||||||||||
| Total assets | $ | 7,766,450 | $ | 7,909,780 | ||||||||||||||
| Interest-Bearing Liabilities | ||||||||||||||||||
| Interest-bearing deposits | $ | 5,142,979 | $ | 120,660 | 3.13 | % | $ | 5,223,852 | $ | 97,791 | 2.50 | % | ||||||
| Short-term borrowings | 49,750 | 1,746 | 4.69 | 26,865 | 53 | 0.26 | ||||||||||||
| FHLB advances & other borrowings | 414,259 | 13,615 | 4.39 | 471,084 | 15,959 | 4.53 | ||||||||||||
| Subordinated debt | 91,921 | 3,773 | 5.48 | 96,820 | 3,985 | 5.49 | ||||||||||||
| Trust preferred debentures | 50,873 | 4,088 | 10.73 | 50,216 | 3,887 | 10.35 | ||||||||||||
| Total interest-bearing liabilities | 5,749,782 | 143,882 | 3.34 | 5,868,837 | 121,675 | 2.77 | ||||||||||||
| Noninterest-bearing deposits | 1,119,764 | 1,184,410 | ||||||||||||||||
| Other noninterest-bearing liabilities | 107,192 | 84,650 | ||||||||||||||||
| Shareholders’ equity | 789,712 | 771,883 | ||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 7,766,450 | $ | 7,909,780 | ||||||||||||||
| Net Interest Margin | $ | 166,511 | 3.13 | % | $ | 178,584 | 3.27 | % | ||||||||||
| Cost of Deposits | 2.57 | % | 2.04 | % | ||||||||||||||
(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 Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| (in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Noninterest income | ||||||||||||||||||||
| Wealth management revenue | $ | 7,104 | $ | 6,801 | $ | 6,288 | $ | 21,037 | $ | 18,968 | ||||||||||
| Service charges on deposit accounts | 3,411 | 3,121 | 3,149 | 9,648 | 8,744 | |||||||||||||||
| Interchange revenue | 3,506 | 3,563 | 3,609 | 10,427 | 10,717 | |||||||||||||||
| Residential mortgage banking revenue | 697 | 557 | 507 | 1,781 | 1,452 | |||||||||||||||
| Income on company-owned life insurance | 1,982 | 1,925 | 918 | 5,708 | 2,685 | |||||||||||||||
| Loss on sales of investment securities, net | (44 | ) | (152 | ) | (4,961 | ) | (196 | ) | (6,478 | ) | ||||||||||
| Other income | 2,683 | 1,841 | 2,035 | 9,777 | 9,989 | |||||||||||||||
| Total noninterest income | $ | 19,339 | $ | 17,656 | $ | 11,545 | $ | 58,182 | $ | 46,077 | ||||||||||
Wealth management revenue totaled
Income on company-owned life insurance income totaled
Other income totaled
Noninterest Expense
Noninterest expense was
The efficiency ratio improved to
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||
| (in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Noninterest expense | |||||||||||||||
| Salaries and employee benefits | $ | 24,382 | $ | 22,872 | $ | 22,307 | $ | 71,356 | $ | 69,407 | |||||
| Occupancy and equipment | 4,393 | 3,964 | 3,730 | 12,499 | 12,052 | ||||||||||
| Data processing | 6,955 | 7,205 | 6,468 | 20,882 | 19,323 | ||||||||||
| Professional services | 1,744 | 2,243 | 1,554 | 6,242 | 4,977 | ||||||||||
| Amortization of intangible assets | 951 | 1,016 | 1,129 | 3,056 | 3,628 | ||||||||||
| FDIC insurance | 1,402 | 1,219 | 1,107 | 3,895 | 3,632 | ||||||||||
| Other expense | 6,906 | 8,960 | 5,743 | 21,149 | 16,395 | ||||||||||
| Total noninterest expense | $ | 46,733 | $ | 47,479 | $ | 42,038 | $ | 139,079 | $ | 129,414 | |||||
Income Tax Expense
Income tax expense was
Capital
At September 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 September 30, 2024 | |||||
| Midland States Bank | Midland States Bancorp, Inc. | Minimum Regulatory Requirements(2) | |||
| Total capital to risk-weighted assets | |||||
| Tier 1 capital to risk-weighted assets | |||||
| Common equity Tier 1 capital to risk-weighted assets | |||||
| Tier 1 leverage ratio | |||||
| Tangible common equity to tangible assets(1) | N/A | N/A | |||
(1) A non-GAAP financial measure. Refer to page 16 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 accumulated other comprehensive loss of
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 September 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 Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| (dollars in thousands, except per share data) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Earnings Summary | ||||||||||||||||||||
| Net interest income | $ | 54,950 | $ | 55,052 | $ | 58,596 | $ | 165,922 | $ | 177,940 | ||||||||||
| Provision for credit losses | 5,000 | 16,800 | 5,168 | 35,800 | 14,182 | |||||||||||||||
| Noninterest income | 19,339 | 17,656 | 11,545 | 58,182 | 46,077 | |||||||||||||||
| Noninterest expense | 46,733 | 47,479 | 42,038 | 139,079 | 129,414 | |||||||||||||||
| Income before income taxes | 22,556 | 8,429 | 22,935 | 49,225 | 80,421 | |||||||||||||||
| Income taxes | 4,080 | 1,679 | 11,533 | 10,114 | 25,672 | |||||||||||||||
| Net income | 18,476 | 6,750 | 11,402 | 39,111 | 54,749 | |||||||||||||||
| Preferred dividends | 2,229 | 2,228 | 2,229 | 6,685 | 6,685 | |||||||||||||||
| Net income available to common shareholders | $ | 16,247 | $ | 4,522 | $ | 9,173 | $ | 32,426 | $ | 48,064 | ||||||||||
| Diluted earnings per common share | $ | 0.74 | $ | 0.20 | $ | 0.41 | $ | 1.47 | $ | 2.14 | ||||||||||
| Weighted average common shares outstanding - diluted | 21,678,242 | 21,734,849 | 21,977,196 | 21,732,093 | 22,223,986 | |||||||||||||||
| Return on average assets | 0.95 | % | 0.35 | % | 0.57 | % | 0.67 | % | 0.93 | % | ||||||||||
| Return on average shareholders' equity | 9.24 | % | 3.46 | % | 5.86 | % | 6.62 | % | 9.48 | % | ||||||||||
| Return on average tangible common equity(1) | 12.69 | % | 3.66 | % | 7.56 | % | 8.62 | % | 13.37 | % | ||||||||||
| Net interest margin | 3.10 | % | 3.12 | % | 3.20 | % | 3.13 | % | 3.27 | % | ||||||||||
| Efficiency ratio(1) | 62.76 | % | 65.16 | % | 55.82 | % | 61.91 | % | 56.15 | % | ||||||||||
| Adjusted Earnings Performance Summary(1) | ||||||||||||||||||||
| Adjusted earnings available to common shareholders | $ | 16,223 | $ | 4,511 | $ | 17,278 | $ | 32,391 | $ | 56,783 | ||||||||||
| Adjusted diluted earnings per common share | $ | 0.74 | $ | 0.20 | $ | 0.78 | $ | 1.47 | $ | 2.53 | ||||||||||
| Adjusted return on average assets | 0.95 | % | 0.35 | % | 0.98 | % | 0.67 | % | 1.07 | % | ||||||||||
| Adjusted return on average shareholders' equity | 9.23 | % | 3.46 | % | 10.03 | % | 6.61 | % | 10.99 | % | ||||||||||
| Adjusted return on average tangible common equity | 12.67 | % | 3.65 | % | 14.24 | % | 8.61 | % | 15.80 | % | ||||||||||
| Adjusted pre-tax, pre-provision earnings | $ | 27,523 | $ | 25,214 | $ | 33,064 | $ | 84,977 | $ | 100,405 | ||||||||||
| Adjusted pre-tax, pre-provision return on average assets | 1.42 | % | 1.30 | % | 1.66 | % | 1.46 | % | 1.70 | % | ||||||||||
| Market Data | ||||||||||||||||||||
| Book value per share at period end | $ | 33.08 | $ | 31.59 | $ | 29.96 | ||||||||||||||
| Tangible book value per share at period end(1) | $ | 24.90 | $ | 23.36 | $ | 21.67 | ||||||||||||||
| Tangible book value per share excluding accumulated other comprehensive income at period end(1) | $ | 27.74 | $ | 27.22 | $ | 26.35 | ||||||||||||||
| Market price at period end | $ | 22.38 | $ | 22.65 | $ | 20.54 | ||||||||||||||
| Common shares outstanding at period end | 21,393,905 | 21,377,215 | 21,594,546 | |||||||||||||||||
| Capital | ||||||||||||||||||||
| Total capital to risk-weighted assets | 13.98 | % | 13.83 | % | 12.76 | % | ||||||||||||||
| Tier 1 capital to risk-weighted assets | 11.65 | % | 11.23 | % | 10.53 | % | ||||||||||||||
| Common equity tier 1capital to risk-weighted assets | 9.00 | % | 8.64 | % | 8.07 | % | ||||||||||||||
| Tier 1 leverage ratio | 10.10 | % | 9.84 | % | 9.59 | % | ||||||||||||||
| Tangible common equity to tangible assets(1) | 7.03 | % | 6.59 | % | 6.01 | % | ||||||||||||||
| Wealth Management | ||||||||||||||||||||
| Trust assets under administration | $ | 4,268,539 | $ | 3,996,175 | $ | 3,501,225 | ||||||||||||||
(1) Non-GAAP financial measures. Refer to pages 14 - 16 for a reconciliation to the comparable GAAP financial measures.
| MIDLAND STATES BANCORP, INC. | ||||||||||||||||||||
| CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) | ||||||||||||||||||||
| As of | ||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
| (in thousands) | 2024 | 2024 | 2024 | 2023 | 2023 | |||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and cash equivalents | $ | 121,873 | $ | 124,646 | $ | 167,316 | $ | 135,061 | $ | 132,132 | ||||||||||
| Investment securities | 1,216,795 | 1,099,654 | 1,044,900 | 920,396 | 839,344 | |||||||||||||||
| Loans | 5,748,819 | 5,851,994 | 5,958,462 | 6,131,079 | 6,280,883 | |||||||||||||||
| Allowance for credit losses on loans | (85,804 | ) | (92,183 | ) | (78,057 | ) | (68,502 | ) | (66,669 | ) | ||||||||||
| Total loans, net | 5,663,015 | 5,759,811 | 5,880,405 | 6,062,577 | 6,214,214 | |||||||||||||||
| Loans held for sale | 8,001 | 5,555 | 5,043 | 3,811 | 6,089 | |||||||||||||||
| Premises and equipment, net | 84,672 | 83,040 | 81,831 | 82,814 | 82,741 | |||||||||||||||
| Other real estate owned | 8,646 | 8,304 | 8,920 | 9,112 | 480 | |||||||||||||||
| Loan servicing rights, at lower of cost or fair value | 18,400 | 18,902 | 19,577 | 20,253 | 20,933 | |||||||||||||||
| Goodwill | 161,904 | 161,904 | 161,904 | 161,904 | 161,904 | |||||||||||||||
| Other intangible assets, net | 13,052 | 14,003 | 15,019 | 16,108 | 17,238 | |||||||||||||||
| Company-owned life insurance | 209,193 | 207,211 | 205,286 | 203,485 | 201,750 | |||||||||||||||
| Other assets | 245,932 | 274,244 | 241,608 | 251,347 | 292,460 | |||||||||||||||
| Total assets | $ | 7,751,483 | $ | 7,757,274 | $ | 7,831,809 | $ | 7,866,868 | $ | 7,969,285 | ||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||
| Noninterest-bearing demand deposits | $ | 1,050,617 | $ | 1,108,521 | $ | 1,212,382 | $ | 1,145,395 | $ | 1,154,515 | ||||||||||
| Interest-bearing deposits | 5,206,219 | 5,009,502 | 5,111,602 | 5,164,134 | 5,250,487 | |||||||||||||||
| Total deposits | 6,256,836 | 6,118,023 | 6,323,984 | 6,309,529 | 6,405,002 | |||||||||||||||
| Short-term borrowings | 13,849 | 7,208 | 214,446 | 34,865 | 17,998 | |||||||||||||||
| FHLB advances and other borrowings | 425,000 | 600,000 | 255,000 | 476,000 | 538,000 | |||||||||||||||
| Subordinated debt | 82,744 | 91,656 | 93,617 | 93,546 | 93,475 | |||||||||||||||
| Trust preferred debentures | 51,058 | 50,921 | 50,790 | 50,616 | 50,457 | |||||||||||||||
| Other liabilities | 103,737 | 103,694 | 102,966 | 110,459 | 106,743 | |||||||||||||||
| Total liabilities | 6,933,224 | 6,971,502 | 7,040,803 | 7,075,015 | 7,211,675 | |||||||||||||||
| Total shareholders’ equity | 818,259 | 785,772 | 791,006 | 791,853 | 757,610 | |||||||||||||||
| Total liabilities and shareholders’ equity | $ | 7,751,483 | $ | 7,757,274 | $ | 7,831,809 | $ | 7,866,868 | $ | 7,969,285 | ||||||||||
| MIDLAND STATES BANCORP, INC. | ||||||||||||||||||||
| CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued) | ||||||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| (in thousands, except per share data) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Net interest income: | ||||||||||||||||||||
| Interest income | $ | 104,834 | $ | 103,295 | $ | 103,585 | $ | 309,804 | $ | 299,615 | ||||||||||
| Interest expense | 49,884 | 48,243 | 44,989 | 143,882 | 121,675 | |||||||||||||||
| Net interest income | 54,950 | 55,052 | 58,596 | 165,922 | 177,940 | |||||||||||||||
| Provision for credit losses on loans | 5,000 | 17,000 | 5,168 | 36,000 | 14,182 | |||||||||||||||
| Provision for credit losses on unfunded commitments | — | (200 | ) | — | (200 | ) | — | |||||||||||||
| Total provision for credit losses | 5,000 | 16,800 | 5,168 | 35,800 | 14,182 | |||||||||||||||
| Net interest income after provision for credit losses | 49,950 | 38,252 | 53,428 | 130,122 | 163,758 | |||||||||||||||
| Noninterest income: | ||||||||||||||||||||
| Wealth management revenue | 7,104 | 6,801 | 6,288 | 21,037 | 18,968 | |||||||||||||||
| Service charges on deposit accounts | 3,411 | 3,121 | 3,149 | 9,648 | 8,744 | |||||||||||||||
| Interchange revenue | 3,506 | 3,563 | 3,609 | 10,427 | 10,717 | |||||||||||||||
| Residential mortgage banking revenue | 697 | 557 | 507 | 1,781 | 1,452 | |||||||||||||||
| Income on company-owned life insurance | 1,982 | 1,925 | 918 | 5,708 | 2,685 | |||||||||||||||
| Loss on sales of investment securities, net | (44 | ) | (152 | ) | (4,961 | ) | (196 | ) | (6,478 | ) | ||||||||||
| Other income | 2,683 | 1,841 | 2,035 | 9,777 | 9,989 | |||||||||||||||
| Total noninterest income | 19,339 | 17,656 | 11,545 | 58,182 | 46,077 | |||||||||||||||
| Noninterest expense: | ||||||||||||||||||||
| Salaries and employee benefits | 24,382 | 22,872 | 22,307 | 71,356 | 69,407 | |||||||||||||||
| Occupancy and equipment | 4,393 | 3,964 | 3,730 | 12,499 | 12,052 | |||||||||||||||
| Data processing | 6,955 | 7,205 | 6,468 | 20,882 | 19,323 | |||||||||||||||
| Professional services | 1,744 | 2,243 | 1,554 | 6,242 | 4,977 | |||||||||||||||
| Amortization of intangible assets | 951 | 1,016 | 1,129 | 3,056 | 3,628 | |||||||||||||||
| FDIC insurance | 1,402 | 1,219 | 1,107 | 3,895 | 3,632 | |||||||||||||||
| Other expense | 6,906 | 8,960 | 5,743 | 21,149 | 16,395 | |||||||||||||||
| Total noninterest expense | 46,733 | 47,479 | 42,038 | 139,079 | 129,414 | |||||||||||||||
| Income before income taxes | 22,556 | 8,429 | 22,935 | 49,225 | 80,421 | |||||||||||||||
| Income taxes | 4,080 | 1,679 | 11,533 | 10,114 | 25,672 | |||||||||||||||
| Net income | 18,476 | 6,750 | 11,402 | 39,111 | 54,749 | |||||||||||||||
| Preferred stock dividends | 2,229 | 2,228 | 2,229 | 6,685 | 6,685 | |||||||||||||||
| Net income available to common shareholders | $ | 16,247 | $ | 4,522 | $ | 9,173 | $ | 32,426 | $ | 48,064 | ||||||||||
| Basic earnings per common share | $ | 0.74 | $ | 0.20 | $ | 0.41 | $ | 1.47 | $ | 2.14 | ||||||||||
| Diluted earnings per common share | $ | 0.74 | $ | 0.20 | $ | 0.41 | $ | 1.47 | $ | 2.14 | ||||||||||
| MIDLAND STATES BANCORP, INC. | ||||||||||||||||||||
| RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) | ||||||||||||||||||||
| Adjusted Earnings Reconciliation | ||||||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||
| (dollars in thousands, except per share data) | September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||
| Income before income taxes - GAAP | $ | 22,556 | $ | 8,429 | $ | 22,935 | $ | 49,225 | $ | 80,421 | ||||||||||
| Adjustments to noninterest income: | ||||||||||||||||||||
| Loss on sales of investment securities, net | 44 | 152 | 4,961 | 196 | 6,478 | |||||||||||||||
| (Gain) on repurchase of subordinated debt | (77 | ) | (167 | ) | — | (244 | ) | (676 | ) | |||||||||||
| Total adjustments to noninterest income | (33 | ) | (15 | ) | 4,961 | (48 | ) | 5,802 | ||||||||||||
| Adjusted earnings pre tax - non-GAAP | 22,523 | 8,414 | 27,896 | 49,177 | 86,223 | |||||||||||||||
| Adjusted earnings tax | 4,071 | 1,675 | 8,389 | 10,101 | 22,755 | |||||||||||||||
| Adjusted earnings - non-GAAP | 18,452 | 6,739 | 19,507 | 39,076 | 63,468 | |||||||||||||||
| Preferred stock dividends | 2,229 | 2,228 | 2,229 | 6,685 | 6,685 | |||||||||||||||
| Adjusted earnings available to common shareholders | $ | 16,223 | $ | 4,511 | $ | 17,278 | $ | 32,391 | $ | 56,783 | ||||||||||
| Adjusted diluted earnings per common share | $ | 0.74 | $ | 0.20 | $ | 0.78 | $ | 1.47 | $ | 2.53 | ||||||||||
| Adjusted return on average assets | 0.95 | % | 0.35 | % | 0.98 | % | 0.67 | % | 1.07 | % | ||||||||||
| Adjusted return on average shareholders' equity | 9.23 | % | 3.46 | % | 10.03 | % | 6.61 | % | 10.99 | % | ||||||||||
| Adjusted return on average tangible common equity | 12.67 | % | 3.65 | % | 14.24 | % | 8.61 | % | 15.80 | % | ||||||||||
| Adjusted Pre-Tax, Pre-Provision Earnings Reconciliation | ||||||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| (dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Adjusted earnings pre tax - non-GAAP | $ | 22,523 | $ | 8,414 | $ | 27,896 | $ | 49,177 | $ | 86,223 | ||||||||||
| Provision for credit losses | 5,000 | 16,800 | 5,168 | 35,800 | 14,182 | |||||||||||||||
| Adjusted pre-tax, pre-provision earnings - non-GAAP | $ | 27,523 | $ | 25,214 | $ | 33,064 | $ | 84,977 | $ | 100,405 | ||||||||||
| Adjusted pre-tax, pre-provision return on average assets | 1.42 | % | 1.30 | % | 1.66 | % | 1.46 | % | 1.70 | % | ||||||||||
| MIDLAND STATES BANCORP, INC. | ||||||||||||||||||||
| RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) (continued) | ||||||||||||||||||||
| Efficiency Ratio Reconciliation | ||||||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| (dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Noninterest expense - GAAP | $ | 46,733 | $ | 47,479 | $ | 42,038 | $ | 139,079 | $ | 129,414 | ||||||||||
| Net interest income - GAAP | $ | 54,950 | $ | 55,052 | $ | 58,596 | $ | 165,922 | $ | 177,940 | ||||||||||
| Effect of tax-exempt income | 205 | 170 | 205 | 589 | 644 | |||||||||||||||
| Adjusted net interest income | 55,155 | 55,222 | 58,801 | 166,511 | 178,584 | |||||||||||||||
| Noninterest income - GAAP | 19,339 | 17,656 | 11,545 | 58,182 | 46,077 | |||||||||||||||
| Loss on sales of investment securities, net | 44 | 152 | 4,961 | 196 | 6,478 | |||||||||||||||
| (Gain) on repurchase of subordinated debt | (77 | ) | (167 | ) | — | (244 | ) | (676 | ) | |||||||||||
| Adjusted noninterest income | 19,306 | 17,641 | 16,506 | 58,134 | 51,879 | |||||||||||||||
| Adjusted total revenue | $ | 74,461 | $ | 72,863 | $ | 75,307 | $ | 224,645 | $ | 230,463 | ||||||||||
| Efficiency ratio | 62.76 | % | 65.16 | % | 55.82 | % | 61.91 | % | 56.15 | % | ||||||||||
| Return on Average Tangible Common Equity (ROATCE) | ||||||||||||||||||||
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||
| September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
| (dollars in thousands) | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Net income available to common shareholders | $ | 16,247 | $ | 4,522 | $ | 9,173 | $ | 32,426 | $ | 48,064 | ||||||||||
| Average total shareholders' equity—GAAP | $ | 795,322 | $ | 783,846 | $ | 771,625 | $ | 789,712 | $ | 771,883 | ||||||||||
| 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 | (13,506 | ) | (14,483 | ) | (17,782 | ) | (14,501 | ) | (18,959 | ) | ||||||||||
| Average tangible common equity | $ | 509,364 | $ | 496,911 | $ | 481,391 | $ | 502,759 | $ | 480,472 | ||||||||||
| ROATCE | 12.69 | % | 3.66 | % | 7.56 | % | 8.62 | % | 13.37 | % | ||||||||||
| 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 | ||||||||||||||||||||
| (dollars in thousands, except per share data) | September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||||||||||||
| Shareholders' Equity to Tangible Common Equity | ||||||||||||||||||||
| Total shareholders' equity—GAAP | $ | 818,259 | $ | 785,772 | $ | 791,006 | $ | 791,853 | $ | 757,610 | ||||||||||
| 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 | (13,052 | ) | (14,003 | ) | (15,019 | ) | (16,108 | ) | (17,238 | ) | ||||||||||
| Tangible common equity | 532,755 | 499,317 | 503,535 | 503,293 | 467,920 | |||||||||||||||
| Less: Accumulated other comprehensive loss (AOCI) | (60,640 | ) | (82,581 | ) | (81,419 | ) | (76,753 | ) | (101,181 | ) | ||||||||||
| Tangible common equity excluding AOCI | $ | 593,395 | $ | 581,898 | $ | 584,954 | $ | 580,046 | $ | 569,101 | ||||||||||
| Total Assets to Tangible Assets: | ||||||||||||||||||||
| Total assets—GAAP | $ | 7,751,483 | $ | 7,757,274 | $ | 7,831,809 | $ | 7,866,868 | $ | 7,969,285 | ||||||||||
| Adjustments: | ||||||||||||||||||||
| Goodwill | (161,904 | ) | (161,904 | ) | (161,904 | ) | (161,904 | ) | (161,904 | ) | ||||||||||
| Other intangible assets, net | (13,052 | ) | (14,003 | ) | (15,019 | ) | (16,108 | ) | (17,238 | ) | ||||||||||
| Tangible assets | $ | 7,576,527 | $ | 7,581,367 | $ | 7,654,886 | $ | 7,688,856 | $ | 7,790,143 | ||||||||||
| Common Shares Outstanding | 21,393,905 | 21,377,215 | 21,485,231 | 21,551,402 | 21,594,546 | |||||||||||||||
| Tangible Common Equity to Tangible Assets | 7.03 | % | 6.59 | % | 6.58 | % | 6.55 | % | 6.01 | % | ||||||||||
| Tangible Book Value Per Share | $ | 24.90 | $ | 23.36 | $ | 23.44 | $ | 23.35 | $ | 21.67 | ||||||||||
| Tangible Book Value Per Share, excluding AOCI | $ | 27.74 | $ | 27.22 | $ | 27.23 | $ | 26.91 | $ | 26.35 | ||||||||||
FAQ
What was MSBI's net income for Q3 2024?
How did MSBI's nonperforming loans change in Q3 2024?
What was MSBI's net interest margin in Q3 2024?
How much did MSBI's total assets amount to in Q3 2024?
