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 (NASDAQ: MSBI) is set to release its Q1 2021 financial results on April 22, 2021, after market close. A conference call and webcast will follow on April 23, 2021, at 7:30 a.m. CT to discuss these results. The company, based in Effingham, Illinois, reported total assets of approximately $6.87 billion and $3.48 billion in Wealth Management assets as of December 31, 2020. Investors can access the live event via the company's website or by telephone.
Midland States Bancorp (NASDAQ: MSBI) announced an agreement to acquire substantially all trust assets of ATG Trust Company, valued at approximately $387 million. This move is anticipated to expand Midland's Wealth Management group to over $3.8 billion in assets under administration and enhance its client offerings. The acquisition, aimed at increasing recurring fee income, is set to close in Q2 2021, pending regulatory approval. Midland's approach focuses on leveraging acquisitions to enhance its wealth management capabilities, as emphasized by CEO Jeffrey G. Ludwig.
Midland States Bancorp reported a net income of $8.3 million, or $0.36 diluted earnings per share for Q4 2020, a sharp increase from $86 thousand, or $0.00 per share in Q3 2020. Adjusted earnings reached $12.5 million, or $0.54 per share, excluding $4.9 million in FHLB advance prepayment charges. Total loans rose 3.3% to $5.10 billion, while deposits increased 1.4% to $5.10 billion. Nonperforming loans dropped 19.8% from Q3 2020, reflecting improved asset quality amidst pandemic challenges. The company announced a $50 million stock repurchase program, repurchasing 430,185 shares during the quarter.
Midland States Bancorp, Inc. (NASDAQ: MSBI) will release its Q4 2020 financial results after market close on January 28, 2021. A conference call and webcast will follow on January 29, 2021, at 7:30 a.m. Central Time, allowing analysts and investors to participate in a Q&A session. The company reported total assets of approximately $6.7 billion as of September 30, 2020, and its Wealth Management Group manages around $3.25 billion in assets. More information is available on their Investor Relations website.
Midland States Bancorp announces the retirement of Chairman John M. Schultz effective December 9, 2020, after over three decades with the company. Jeffrey C. Smith, current Chairman of Midland States Bank, will succeed him. Smith emphasized Schultz's crucial role in the bank's growth, noting a commitment to strategic plans for enhancing shareholder value. Dean Bingham has joined the Board, bringing extensive experience in industrial development. The company has approximately $6.7 billion in total assets and $3.25 billion in assets under management.
Midland States Bancorp (NASDAQ: MSBI) has declared a quarterly cash dividend of $0.2675 per share, payable on or about November 30, 2020, to shareholders of record as of the close of business on November 20, 2020.
As of September 30, 2020, Midland had total assets of approximately $6.70 billion and its Wealth Management Group managed about $3.26 billion in assets. Midland offers a range of financial services including banking, trust, investment management, and insurance.
Midland States Bancorp (MSBI) reported a net income of $86 thousand for Q3 2020, significantly lower than $12.6 million in Q2 2020, impacted by $13.9 million in optimization charges. Adjusted earnings were $12.0 million, or $0.52 per share. Total loans rose 2.1% to $4.94 billion, while deposits increased 1.7% to $5.03 billion. The allowance for credit losses reached 1.07% of loans. Nonperforming loans increased to 1.36% of total loans. The bank remains cautious amid economic recovery and has continued its stock repurchase program, utilizing $13.3 million of the $50 million authorization.
Midland States Bancorp (NASDAQ: MSBI) will release its Q3 2020 financial results after market close on October 22, 2020. A conference call and webcast scheduled for October 23, 2020, at 7:30 a.m. CT will provide analysts and investors an opportunity to discuss these results. The call will be accessible via telephone and a live webcast, with an archived version available shortly after the event. As of June 30, 2020, Midland reported total assets of $6.64 billion and approximately $3.25 billion in assets under administration in its Wealth Management Group.
Midland States Bancorp (NASDAQ: MSBI) announced significant reductions in its branch network and corporate office space, aiming to boost efficiency and financial performance. By closing or consolidating 13 branches (20% of its network) and vacating 23,000 sq. ft. of office space, Midland expects to achieve annual cost savings of about $5 million. The company will also invest $4 million in renovating five branches to better serve customers, yielding an additional $1 million in savings starting in 2022. However, one-time costs related to these changes may reach $15 million.
Midland States Bancorp (NASDAQ: MSBI) announced the sale of its commercial FHA origination platform via its Love Funding subsidiary to Dwight Capital. This strategic move aims to enhance efficiency and reduce earnings volatility. Midland will maintain servicing of Love Funding's $3.9 billion portfolio, including $284 million in low-cost deposits, ensuring continued income and lower operating expenses. The sale price approximates the remaining goodwill from the 2014 acquisition, resulting in no immediate gain or loss for the company.
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