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) has declared a quarterly cash dividend of $0.29 per share, set to be paid on or about May 23, 2022. Shareholders of record as of May 13, 2022 will be eligible. As of March 31, 2022, the company reported total assets of approximately $7.34 billion and $4.04 billion in its Wealth Management Group.
Midland provides various banking products and services, including commercial and consumer banking, and wealth management solutions.
Midland States Bancorp (NASDAQ: MSBI) announced a partnership with LendingPoint, an AI-driven CreditTech platform, to fund consumer loans. This collaboration aims to leverage LendingPoint's retail network, with projected outstanding loan balances expected to reach $200-$250 million within a few years. CEO Jeffrey G. Ludwig emphasized the importance of fintech partnerships for growth and diversification, highlighting their commitment to high-quality asset generation.
Midland States Bancorp reported a net income of $20.7 million, or $0.92 diluted earnings per share, for Q1 2022, down from $23.1 million in Q4 2021. Total loans grew by 24.1% annualized to $5.54 billion, with a net interest income increase of 4.7% to $56.8 million. The net interest margin improved to 3.50%. Noninterest income fell by 30.7% to $15.6 million, while noninterest expenses decreased to $40.9 million. Despite challenges, the company is optimistic about continued growth in its loan portfolio and profitability.
Midland States Bancorp (NASDAQ: MSBI) announced a strategic partnership with Synctera to enhance its Banking-as-a-Service (BaaS) offerings. This collaboration aims to develop fintech partnerships, focusing on attracting low-cost deposits and expanding customer usage of payment solutions. CEO Jeffrey G. Ludwig emphasized leveraging past fintech experiences to boost earnings through disciplined growth in the BaaS space. Synctera's CEO highlighted Midland's technological capabilities, believing this initiative will increase the relevance of community banks and provide a competitive edge.
Midland States Bancorp (NASDAQ: MSBI) will release its first quarter 2022 financial results after market close on April 28, 2022. A conference call and webcast is scheduled for April 29, 2022, at 7:30 a.m. Central Time to discuss the results with analysts and investors. For participation, the call can be accessed at (877) 516-3531 using conference ID 1638388. An archived version of the webcast will be available shortly after the live session concludes. Midland, headquartered in Effingham, Illinois, manages total assets of approximately $7.44 billion.
Midland States Bancorp (NASDAQ: MSBI) has declared a quarterly cash dividend of $0.29 per share, marking a 3.6% increase from the previous dividend of $0.28. This is the 22nd consecutive year of dividend increases. The dividend will be payable on February 18, 2022, to shareholders of record as of February 11, 2022. CEO Jeffrey G. Ludwig highlighted the company's strong financial performance, allowing for increased shareholder returns while maintaining sufficient capital for growth.
Midland States Bancorp (MSBI) reported a net income of $23.1 million or $1.02 per diluted share for Q4 2021, marking a significant increase from $19.5 million in Q3 2021. Total loans surged by 25.2% annualized, while deposits rose by 9.1% compared to the previous quarter. Non-performing loans decreased by 22.0%. Net interest income increased by 5.7% to $54.3 million. The efficiency ratio improved to 52.61%. Adjusted earnings were $25.4 million, or $1.12 per diluted share.
Midland States Bancorp (NASDAQ: MSBI) announced its agreement to acquire deposits and assets from FNBC Bank & Trust, including the Mokena branch. This transaction, valued at approximately $86 million in deposits and $26 million in loans, is expected to close in Q2 2022, pending regulatory approval. Midland will benefit from a low-cost deposit base and aims to enhance its presence in growing markets in Northern Illinois. Following the acquisition, they anticipate a slight increase in earnings, as they welcome new customers and expand their market reach.
Midland States Bancorp (NASDAQ: MSBI) will announce its fourth quarter 2021 financial results on January 27, 2022, after market close. A conference call and webcast are scheduled for January 28, 2022, at 7:30 a.m. CT to discuss these results. Interested parties can access the call by phone or via a live webcast on the company's Investor Relations page. The company reported total assets of approximately $7.09 billion and $4.06 billion in assets under administration as of September 30, 2021.
Midland States Bancorp (NASDAQ: MSBI) has declared a quarterly cash dividend of $0.28 per share. This dividend is set to be paid on or about November 29, 2021, to shareholders who are on record as of the close of business on November 22, 2021. The company reported approximately $7.09 billion in total assets and $4.06 billion in assets under administration for its Wealth Management Group as of September 30, 2021.
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