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.
Midland States Bancorp, Inc. (NASDAQ: MSBI) will release its first quarter 2023 financial results on April 27, 2023, after market close. An investor presentation will accompany the press release and be available on the company's investor relations website. The company has ceased holding quarterly conference calls, focusing instead on written communications for stakeholders. As of December 31, 2022, Midland States Bancorp held total assets of approximately $7.86 billion, with its Wealth Management Group managing assets under administration of about $3.50 billion. For more details, visit the company's website.
Synctera, a Banking as a Service (BaaS) company, has announced a strategic partnership with National Bank of Canada and a $15 million investment led by NAventures. This investment will allow Synctera to expand its BaaS platform into Canada, catering to the increasing demand for innovative financial products. Since 2020, Synctera has facilitated the creation of FinTech applications and services in the U.S., and aims to provide similar capabilities in Canada. The partnership is expected to enhance Synctera's capabilities and foster collaborations with FinTechs, ultimately supporting the growing need for financial innovation.
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.
Midland States Bancorp (MSBI) reported a net income of $29.7 million ($1.30 per diluted share) for Q4 2022, up from $23.5 million in Q3 2022. The annualized total loan growth reached 7.0%.
Noninterest income included a $17.5 million gain from interest rate swap terminations. However, net interest income slightly decreased by 0.7% to $63.6 million due to rising deposit costs. Noninterest expense rose 14.8% to $49.9 million.
The company maintains strong capital ratios and anticipates a conservative approach to loan growth in 2023 due to economic uncertainties, although it aims for robust financial performance.
Midland States Bancorp (MSBI) will release its fourth quarter 2022 financial results after market close on January 26, 2023. A conference call and webcast for analysts and investors will be held on January 27, 2023, at 7:30 a.m. Central Time to discuss these results. Participants can register for the call through the provided link to receive dial-in details. Midland States Bancorp is a community-based financial institution with total assets of approximately $7.81 billion as of September 30, 2022, offering a variety of banking and financial services.
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