Midland States Bancorp, Inc. Increases Quarterly Common Stock Cash Dividend to $0.30 Per Share and Announces Preferred Stock Dividend

Rhea-AI Summary

Midland States Bancorp (NASDAQ: MSBI) has declared a quarterly cash dividend of $0.30 per share, marking a 3.4% increase from the previous $0.29 dividend. This announcement on February 7, 2023, signifies the 23rd consecutive year of dividend increases. The dividend is scheduled for payment on February 24, 2023, to shareholders of record as of February 17, 2023. Additionally, a cash dividend of $0.4844 per depository share on its 7.750% preferred stock will be paid on March 30, 2023. CEO Jeffrey G. Ludwig expressed confidence in the company's strong financial performance, allowing for enhanced shareholder returns.

Positive

• 23rd consecutive year of dividend increases.
• Dividend increased by 3.4%, reflecting strong financial performance.
• Continued commitment to returning capital to shareholders.

Negative

• None.

23^rd consecutive year that Midland States Bancorp has increased its quarterly cash dividend

EFFINGHAM, Ill., Feb. 07, 2023 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ: MSBI) announced today that its Board of Directors declared a quarterly cash dividend of $0.30 per share of its common stock, an increase of 3.4% from the previous quarterly cash dividend of $0.29 per share. The dividend is payable on February 24, 2023 to all shareholders of record as of the close of business on February 17, 2023.

The Board of Directors also declared a cash dividend of $0.4844 per depository share on its 7.750% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. The dividend will be payable on March 30, 2023 to stockholders of record as of March 15, 2023.

Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “This dividend declaration represents the 23^rd consecutive year that Midland States Bancorp has increased its quarterly cash dividend. We are pleased that our financial performance enables us to increase the amount of capital that we return to shareholders through our quarterly dividend while also retaining a sufficient amount of capital to increase our capital ratios to better support the continued growth of our franchise.”

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 December 31, 2022, the Company had total assets of approximately $7.86 billion, and its Wealth Management Group had assets under administration of approximately $3.60 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

CONTACTS:
Douglas J. Tucker, Sr. V.P., Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321

 

FAQ

What is the recent dividend declared by Midland States Bancorp (MSBI)?

Midland States Bancorp declared a quarterly cash dividend of $0.30 per share.

When will the dividend from Midland States Bancorp (MSBI) be paid?

The dividend will be payable on February 24, 2023, to shareholders of record as of February 17, 2023.

How much has the dividend increased for Midland States Bancorp (MSBI)?

The dividend increased by 3.4% from the previous dividend of $0.29.

What is the dividend for the preferred stock of Midland States Bancorp (MSBI)?

The cash dividend for the preferred stock is $0.4844 per depository share.

When is the preferred stock dividend for Midland States Bancorp (MSBI) payable?

The preferred stock dividend will be paid on March 30, 2023, to stockholders of record as of March 15, 2023.