Welcome to our dedicated page for Midland States Bancorp news (Ticker: MSBI), a resource for investors and traders seeking the latest updates and insights on Midland States Bancorp stock.
Midland States Bancorp, Inc. (NASDAQ: MSBI) is a diversified financial holding company based in Effingham, Illinois. As the sole shareholder of Midland States Bank and Alpine Bank, the company offers a broad array of commercial and consumer banking products and services. These include business equipment financing, merchant credit card services, trust and investment management, insurance, and financial planning services.
As of September 30, 2023, Midland States Bancorp had total assets of approximately $7.98 billion, with its Wealth Management Group administering around $3.50 billion in assets. Notably, the company provides specialized financing for multi-family and healthcare facilities through its subsidiary Love Funding.
Recent Achievements and Financial Condition:
- In the third quarter of 2023, Midland States Bancorp reported a net income available to common shareholders of $15.8 million, demonstrating strong financial stability and prudent management.
- The company also witnessed an improvement in deposit mix due to strategic rate promotions, managing to keep deposit levels relatively stable despite wider economic challenges.
- Credit quality remained steady with non-performing loans at $56.0 million by the end of the third quarter. However, a proactive increase in the allowance for credit losses was noted due to increased delinquencies in the equipment finance portfolio.
Strategic Initiatives:
- Midland States Bancorp is investing in initiatives like Banking-as-a-Service, which is expected to contribute significantly to low-cost deposits and fee income starting 2024.
- The company continues its focus on high-quality commercial relationships, aiming to offset strategic reductions in equipment finance and consumer loans.
- Improvements in technology platforms and expansion into higher-growth markets like St. Louis are part of the company's long-term strategy to enhance business development capabilities.
Future Outlook:
While continuing to prioritize prudent risk management, Midland States Bancorp remains committed to sustaining its strong financial performance through disciplined expense control and strategic investments. The company is well-positioned to deliver robust financial results in the near term while executing strategies aimed at enhancing long-term shareholder value.
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Midland States Bancorp, Inc. (MSBI) will release its first quarter 2024 financial results on April 25, 2024, accompanied by an investor presentation on their website.
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Midland States Bancorp, Inc. (NASDAQ: MSBI) announced the appointment of Gerald Carlson to the Board of Directors of the Company and Midland States Bank. With the addition of Mr. Carlson, the Company’s Board of Directors now has 11 directors, with 10 of the directors classified as independent. Mr. Carlson brings a wealth of experience from his time as the Managing Partner of KPMG for the firm’s Washington, D.C. metropolitan and Chesapeake regions, and previously as the Managing Partner of KPMG’s St. Louis office. His experience and expertise are expected to aid Midland's efforts to grow in St. Louis, increase market share, and add new retail and commercial clients in community banking and wealth management.
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Midland States Bancorp, Inc. (MSBI) has declared a quarterly cash dividend of $0.31 per share of common stock, marking a 3.3% increase from the previous dividend. Additionally, a cash dividend of $0.4844 per depository share on its 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A was declared. The company's President and CEO, Jeffrey G. Ludwig, highlighted the 24th consecutive year of dividend increase, attributing it to the company's strong financial performance and prudent balance sheet management.
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Midland States Bancorp, Inc. (NASDAQ: MSBI) announced that its CEO, Jeffrey G. Ludwig, has been appointed to the Federal Advisory Council of the Board of Governors of the Federal Reserve Board. The Council provides the financial industry’s perspective on regulatory and monetary policy matters. Mr. Ludwig will have the opportunity to present information and views on the economy, regulatory matters, and the importance of community banks to the Federal Reserve’s Board of Governors, regulatory agencies, and members of Congress.
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Midland States Bancorp, Inc. reported net income available to common shareholders of $18.5 million for the fourth quarter of 2023, compared to $9.2 million for the third quarter of 2023. The company's total assets were $7.87 billion at December 31, 2023, and total deposits were $6.31 billion. The deposit mix shifted from noninterest-bearing deposits to interest-bearing deposits. The net interest margin was 3.21% for the fourth quarter of 2023.
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Midland States Bancorp, Inc. (NASDAQ: MSBI) will release its fourth quarter 2023 financial results on January 25, 2024, along with an investor presentation.
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Midland States Bancorp, Inc. (NASDAQ: MSBI) announced a new stock repurchase program authorizing the company to buy back up to $25 million of its common stock, effective from January 1, 2024, to December 31, 2024. The current program, expiring on December 31, 2023, has approximately $7.2 million remaining. President and CEO Jeffrey G. Ludwig emphasized the balanced approach to capital deployment, providing flexibility for long-term shareholder interests and strengthening capital ratios to support the company's growth amidst economic uncertainty.
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Midland States Bancorp, Inc. (NASDAQ: MSBI) has announced a quarterly cash dividend of $0.30 per share of its common stock. The dividend will be payable on November 24, 2023, to shareholders of record as of November 17, 2023. Additionally, a cash dividend of $0.4844 per depository share has been declared on its 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. The dividend will be payable on January 2, 2024, to stockholders of record as of December 15, 2023.
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Midland States Bancorp reports net income of $15.8 million for Q3 2023
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Midland States Bancorp to release Q3 2023 financial results on October 26
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FAQ
What is the current stock price of Midland States Bancorp (MSBI)?
The current stock price of Midland States Bancorp (MSBI) is $24.6 as of December 20, 2024.
What is the market cap of Midland States Bancorp (MSBI)?
The market cap of Midland States Bancorp (MSBI) is approximately 516.2M.
What is Midland States Bancorp, Inc.?
Midland States Bancorp, Inc. is a financial holding company providing a range of commercial and consumer banking products, business equipment financing, and wealth management services.
Where is Midland States Bancorp headquartered?
The company is headquartered in Effingham, Illinois.
What services does Midland States Bancorp offer?
The company offers commercial and consumer banking products, business equipment financing, merchant credit card services, trust and investment management, insurance, and financial planning services.
How did Midland States Bancorp perform in the third quarter of 2023?
The company reported a net income available to common shareholders of $15.8 million, reflecting steady financial performance and disciplined expense control.
What are some of Midland States Bancorp’s recent strategic initiatives?
The company is focusing on initiatives like Banking-as-a-Service, expanding into higher-growth markets, and improving technology platforms to enhance business development.
What is the financial condition of Midland States Bancorp?
As of September 30, 2023, the company had total assets of approximately $7.98 billion and its Wealth Management Group had assets under administration of approximately $3.50 billion.
Does Midland States Bancorp have any subsidiaries?
Yes, the company has subsidiaries, including Midland States Bank and Love Funding, which provides specialized FHA financing for multi-family and healthcare facilities.
What strategic focus areas does Midland States Bancorp have for the future?
The company focuses on high-quality commercial relationships, strategic investments in technology, and expanding into new markets for long-term growth.
What is Midland States Bancorp's approach to risk management?
The company prioritizes prudent risk management while maintaining a focus on disciplined expense control and strategic investments to sustain strong financial performance.
Where can I find more information about Midland States Bancorp?
For more information, visit the official website at https://www.midlandsb.com/ or the LinkedIn page at https://www.linkedin.com/company/midland-states-bank.
Midland States Bancorp, Inc.
Nasdaq:MSBI
MSBI Rankings
MSBI Stock Data
516.20M
20.26M
5.17%
62.79%
1.06%
Banks - Regional
State Commercial Banks
United States of America
EFFINGHAM