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 (MSBI) reported a net income of $19.5 million, or $0.86 diluted earnings per share, for Q3 2021, a slight decrease from $20.1 million in Q2 2021. Total loans rose by 8.2% annualized, and non-performing loans fell by 11.0%. The net interest margin improved to 3.34%, contributing to a decrease in noninterest expense to $41.3 million. Wealth management revenue grew 29.1% year-over-year. The company repurchased 210,177 shares at $24.93, with $24.9 million remaining in its repurchase program.
Midland States Bancorp, Inc. (NASDAQ: MSBI) will release its third quarter 2021 financial results after market close on October 28, 2021. A conference call to discuss these results will take place on October 29, 2021, at 7:30 a.m. Central Time. Analysts and investors are invited to participate in the Q&A session. As of June 30, 2021, Midland had total assets of approximately $6.63 billion and $4.08 billion in assets under administration through its Wealth Management Group.
Midland States Bancorp (MSBI) has enhanced its stock repurchase program, increasing the authorization from $50 million to $75 million and extending the program's expiration to December 31, 2022. As of August 31, 2021, approximately $26.3 million remains available for repurchase. This decision aims to balance capital deployment while supporting organic and acquisitive growth, complemented by consistent shareholder returns. The repurchase may occur through open market transactions, depending on various market factors.
Midland States Bancorp (NASDAQ: MSBI) has declared a quarterly cash dividend of $0.28 per share, payable on or about August 20, 2021. Shareholders of record as of the close of business on August 13, 2021 will receive this dividend. As of June 30, 2021, the company reported total assets of approximately $6.63 billion and assets under administration in its Wealth Management Group of approximately $4.08 billion. Midland offers a comprehensive range of banking and financial services.
Midland States Bancorp reported a net income of $20.1 million for Q2 2021, translating to $0.88 diluted earnings per share. This includes a $6.8 million tax benefit but also $3.6 million in professional fees and a $3.7 million charge from a FHLB advance prepayment. Compared to Q1 2021, net income rose from $18.5 million. The company emphasizes growing loan demand, particularly in equipment finance and commercial real estate. Noninterest income also increased by 18% quarter-over-quarter, driven by wealth management revenue, which benefited from the acquisition of ATG Trust Company.
Midland States Bancorp (NASDAQ: MSBI) will release its second quarter 2021 financial results on July 22, 2021, after market close. A conference call to discuss these results is scheduled for July 23, 2021, at 7:30 a.m. Central Time, allowing analysts and investors to engage in a Q&A session. The call can be accessed via telephone or webcast. As of March 31, 2021, the company reported total assets of approximately $6.88 billion and assets under administration in its Wealth Management Group of approximately $3.56 billion.
Midland States Bancorp (NASDAQ: MSBI) announced a $6.75 million tax benefit following the settlement of a tax issue regarding FDIC-assisted transactions. After accounting for $3.6 million in related expenses, the net after-tax gain is approximately $2.9 million. Additionally, the company is taking measures to manage its balance sheet, including the prepayment of an $85 million FHLB advance, which will incur a $3.7 million charge but is expected to save $2.2 million annually in interest costs. Furthermore, redeeming $31 million in subordinated notes will save $1.4 million annually.
Midland States Bancorp, Inc. (NASDAQ: MSBI) announced the completion of its acquisition of ATG Trust Company, enhancing its wealth management assets to approximately $4.1 billion with a team of 90 financial professionals. The acquisition aims to diversify and grow Midland's wealth management business and is expected to generate higher recurring fee income. Jeffrey G. Ludwig, CEO, expressed optimism about the growth opportunities from this acquisition, which strengthens Midland's presence in Chicago.
Midland States Bancorp (NASDAQ: MSBI) has declared a quarterly cash dividend of $0.28 per share, payable on May 21, 2021, to shareholders of record as of May 14, 2021. As of March 31, 2021, the company reported total assets of approximately $6.88 billion and assets under administration of around $3.56 billion in its Wealth Management Group. Midland offers a range of banking products and services including commercial and consumer banking, equipment financing, and trust services.
Midland States Bancorp (MSBI) reported a net income of $18.5 million or $0.81 diluted EPS for Q1 2021, a significant increase from $8.3 million or $0.36 EPS in Q4 2020. The efficiency ratio improved to 56.88% from 58.55%, and return on average equity reached 12.04%. Total deposits rose to $5.34 billion, increasing from $5.10 billion. Loan balances decreased to $4.91 billion, attributed to payoffs. The company anticipates stronger loan growth moving forward, reinforced by the acquisition of ATG Trust Company.
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