Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today
reported net income available to common shareholders of $11.7
million, or $0.53 per diluted share, for the first quarter of 2024,
compared to $18.5 million, or $0.84 per diluted share, for the
fourth quarter of 2023. This also compares to net income available
to common shareholders of $19.5 million, or $0.86 per diluted
share, for the first quarter of 2023.
Provision expense was $14.0 million in the first quarter of 2024
compared to $7.0 million and $3.1 million in the fourth and first
quarters of 2023, respectively. The increase in provision expense
was the result of a specific reserve of $8.0 million on a
multi-family construction project.
Financial results for the fourth quarter of 2023 included a $1.1
million gain on the sale of shares of VISA B stock, offset by $2.9
million of losses on the sale of investment securities. Results for
the first quarter of 2023 included $0.6 million of losses on the
sale of investment securities. There were no adjustments to the
financial results for the first quarter of 2024.
Excluding these transactions, adjusted earnings available to
common shareholders were $19.8 million and $20.0 million, or $0.89
and $0.88 per diluted share, for the fourth and first quarters of
2023, respectively.
Jeffrey G. Ludwig, President and Chief Executive Officer of the
Company, said, “Our first quarter reflects strong pre-tax,
pre-provision results and our ongoing ability to deliver increased
fee income and strong expense control. While our pre-tax
pre-provision results generate solid profitability we did increase
our reserves to reflect an increase in nonperforming loans. Our
continued success in executing on our balance sheet management
strategies resulted in the improvement in our loan-to-deposit
ratio, tangible book value per share, and all of our capital ratios
improved in the first quarter, even after the additional provision
for credit losses.
“We continue to focus on high quality commercial relationships
and our conservative approach to new loan production, including
through the intentional runoff of equipment finance and consumer
loans. We also continue to have success in growing our wealth
management business, which contributed to the increase we had in
non-interest income in the first quarter.
“As always, we continue to operate with a long-term perspective,
and while we will maintain disciplined expense control, we will
continue to invest in areas such as banking and wealth talent and
technology that we believe will further strengthen our franchise
and enhance our ability to continue creating long-term value for
our shareholders,” said Mr. Ludwig.
Balance Sheet Highlights
Total assets were $7.83 billion at March 31, 2024, compared to
$7.87 billion at December 31, 2023, and $7.93 billion at March 31,
2023. At March 31, 2024, portfolio loans were $5.96 billion,
compared to $6.13 billion at December 31, 2023, and $6.35 billion
at March 31, 2023.
Loans
During the first quarter of 2024, outstanding loans declined by
$172.6 million, or 2.8%, from December 31, 2023, as the Company
continued to originate loans in a more selective and deliberate
approach to balance liquidity and funding costs. Increases in
commercial FHA warehouse lines and construction and land
development loans of $8.0 million and $21.5 million, respectively,
were offset by decreases in all other loan categories. Equipment
finance loan and lease balances decreased $54.5 million during the
first quarter of 2024 as the Company continued to reduce its
concentration of this product within the overall loan portfolio.
Consumer loans decreased $98.1 million due to loan payoffs and a
cessation in loans originated through GreenSky. Our
Greensky-originated loan balances decreased $77.7 million during
the first quarter to $606.0 million at March 31, 2024. In addition,
as previously disclosed, during the fourth quarter of 2023, the
Company ceased originating loans through LendingPoint. As of March
31, 2024, the Company had $112.7 million in loans that were
originated through LendingPoint, which will continue to be serviced
by LendingPoint.
|
As of |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
(in thousands) |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
Loan
Portfolio |
|
|
|
|
|
|
|
|
|
Commercial loans |
$ |
913,564 |
|
$ |
951,387 |
|
$ |
943,761 |
|
$ |
962,756 |
|
$ |
937,920 |
Equipment finance loans |
|
494,068 |
|
|
531,143 |
|
|
578,931 |
|
|
614,633 |
|
|
632,205 |
Equipment finance leases |
|
455,879 |
|
|
473,350 |
|
|
485,460 |
|
|
500,485 |
|
|
510,029 |
Commercial FHA warehouse
lines |
|
8,035 |
|
|
— |
|
|
48,547 |
|
|
30,522 |
|
|
10,275 |
Total commercial loans and leases |
|
1,871,546 |
|
|
1,955,880 |
|
|
2,056,699 |
|
|
2,108,396 |
|
|
2,090,429 |
Commercial real estate |
|
2,397,113 |
|
|
2,406,845 |
|
|
2,412,164 |
|
|
2,443,995 |
|
|
2,448,158 |
Construction and land
development |
|
474,128 |
|
|
452,593 |
|
|
416,801 |
|
|
366,631 |
|
|
326,836 |
Residential real estate |
|
378,583 |
|
|
380,583 |
|
|
375,211 |
|
|
371,486 |
|
|
369,910 |
Consumer |
|
837,092 |
|
|
935,178 |
|
|
1,020,008 |
|
|
1,076,836 |
|
|
1,118,938 |
Total loans |
$ |
5,958,462 |
|
$ |
6,131,079 |
|
$ |
6,280,883 |
|
$ |
6,367,344 |
|
$ |
6,354,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Quality
Overall, credit quality metrics declined this quarter compared
to the fourth quarter of 2023. Non-performing loans increased $48.6
million to $105.0 million at March 31, 2024, compared to $56.4
million as of December 31, 2023. Four loans totaling $47.4 million
account for the increase. Of these, three loans totaling $40.8
million are multi-family construction or multi-family projects.
Loans 30-89 days past due decreased $23.9 million to $58.9 million
as of March 31, 2024, compared to prior quarter end, as loans
totaling $25.1 million were transferred to nonperforming
status.
At March 31, 2023, loans 30-89 days past due totaled $30.9
million, non-performing loans were $50.7 million, and
non-performing assets as a percentage of total assets were
0.74%.
|
As of and for the Three Months Ended |
(in thousands) |
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
Asset
Quality |
|
|
|
|
|
|
|
|
|
Loans 30-89 days past due |
$ |
58,854 |
|
|
$ |
82,778 |
|
|
$ |
46,608 |
|
|
$ |
44,161 |
|
|
$ |
30,895 |
|
Nonperforming loans |
|
104,979 |
|
|
|
56,351 |
|
|
|
55,981 |
|
|
|
54,844 |
|
|
|
50,713 |
|
Nonperforming assets |
|
116,721 |
|
|
|
67,701 |
|
|
|
58,677 |
|
|
|
57,688 |
|
|
|
58,806 |
|
Substandard loans |
|
149,049 |
|
|
|
184,224 |
|
|
|
143,793 |
|
|
|
130,707 |
|
|
|
99,819 |
|
Net charge-offs |
|
4,445 |
|
|
|
5,117 |
|
|
|
3,449 |
|
|
|
2,996 |
|
|
|
2,119 |
|
Loans 30-89 days past due to total loans |
|
0.99 |
% |
|
|
1.35 |
% |
|
|
0.74 |
% |
|
|
0.69 |
% |
|
|
0.49 |
% |
Nonperforming loans to total
loans |
|
1.76 |
% |
|
|
0.92 |
% |
|
|
0.89 |
% |
|
|
0.86 |
% |
|
|
0.80 |
% |
Nonperforming assets to total
assets |
|
1.49 |
% |
|
|
0.86 |
% |
|
|
0.74 |
% |
|
|
0.72 |
% |
|
|
0.74 |
% |
Allowance for credit losses to total loans |
|
1.31 |
% |
|
|
1.12 |
% |
|
|
1.06 |
% |
|
|
1.02 |
% |
|
|
0.98 |
% |
Allowance for credit losses to nonperforming loans |
|
74.35 |
% |
|
|
121.56 |
% |
|
|
119.09 |
% |
|
|
118.43 |
% |
|
|
122.39 |
% |
Net charge-offs to average
loans |
|
0.30 |
% |
|
|
0.33 |
% |
|
|
0.22 |
% |
|
|
0.19 |
% |
|
|
0.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company continued to increase its allowance for credit
losses on loans during the first quarter of 2024. Notably, the
Company recorded a specific reserve of $8.0 million on one large
construction and land development loan. The allowance totaled $78.1
million at March 31, 2024, compared to $68.5 million at December
31, 2023, and $62.1 million at March 31, 2023. The allowance as a
percentage of portfolio loans was 1.31% at March 31, 2024, compared
to 1.12% at December 31, 2023, and 0.98% at March 31, 2023.
Deposits
Total deposits were $6.32 billion at March 31, 2024, compared
with $6.31 billion at December 31, 2023, representing an increase
of $14.5 million, primarily due to increases in noninterest bearing
demand deposits and brokered time deposits, which were partially
offset by seasonal outflows of servicing and public fund deposits.
Noninterest-bearing deposits increased $67.0 million to $1.21
billion at March 31, 2024, while interest-bearing deposits
decreased $52.5 million to $5.11 billion at March 31, 2024.
Brokered time deposits increased $93.7 million to offset seasonal
outflows of the servicing and public fund deposits.
|
As of |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
(in thousands) |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
Deposit
Portfolio |
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand |
$ |
1,212,382 |
|
$ |
1,145,395 |
|
$ |
1,154,515 |
|
$ |
1,162,909 |
|
$ |
1,215,758 |
Interest-bearing: |
|
|
|
|
|
|
|
|
|
Checking |
|
2,394,163 |
|
|
2,511,840 |
|
|
2,572,224 |
|
|
2,499,693 |
|
|
2,502,827 |
Money market |
|
1,128,463 |
|
|
1,135,629 |
|
|
1,090,962 |
|
|
1,226,470 |
|
|
1,263,813 |
Savings |
|
555,552 |
|
|
559,267 |
|
|
582,359 |
|
|
624,005 |
|
|
636,832 |
Time |
|
845,190 |
|
|
862,865 |
|
|
885,858 |
|
|
840,734 |
|
|
766,884 |
Brokered time |
|
188,234 |
|
|
94,533 |
|
|
119,084 |
|
|
72,737 |
|
|
39,087 |
Total deposits |
$ |
6,323,984 |
|
$ |
6,309,529 |
|
$ |
6,405,002 |
|
$ |
6,426,548 |
|
$ |
6,425,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of Operations Highlights
Net Interest Income and Margin
During the first quarter of 2024, net interest income, on a
tax-equivalent basis, totaled $56.1 million, a decrease of
$2.1 million, or 3.6%, compared to $58.3 million for the
fourth quarter of 2023. The tax-equivalent net interest margin for
the first quarter of 2024 was 3.18%, compared with 3.21% in the
fourth quarter of 2023. Net interest income and net interest
margin, on a tax-equivalent basis, were $60.7 million and
3.39%, respectively, in the first quarter of 2023. The declines in
the net interest income and margin were largely attributable to
increased market interest rates resulting in the cost of funding
liabilities increasing at a faster rate than the yield on earning
assets, as well as the impact of interest reversals on loans placed
on non-accrual.
Average interest-earning assets for the first quarter of 2024
were $7.11 billion, compared to $7.20 billion for the fourth
quarter of 2023. The yield decreased 2 basis points to 5.76%
compared to the fourth quarter of 2023. Interest-earning assets
averaged $7.26 billion for the first quarter of 2023.
Average loans were $6.01 billion for the first quarter of 2024,
compared to $6.20 billion for the fourth quarter of 2023 and $6.32
billion for the first quarter of 2023. The yield on loans was 5.99%
and 6.00% for the first quarter of 2024 and the fourth quarter of
2023, respectively.
Investment securities averaged $988.7 million for the first
quarter of 2024, and yielded 4.36%, compared to an average balance
and yield of $883.2 million and 4.16%, respectively, for the fourth
quarter of 2023. The Company purchased additional higher-yielding
investments resulting in the increased average balance and yield.
Investment securities averaged $809.8 million for the first quarter
of 2023.
Average interest-bearing deposits were $5.20 billion for the
first quarter of 2024, compared to $5.30 billion for the fourth
quarter of 2023, and $5.05 billion for the first quarter of 2023.
Cost of interest-bearing deposits was 3.04% in the first quarter of
2024, which represented an 11 basis point increase from the fourth
quarter of 2023. A competitive market, driven by rising interest
rates and increased competition, contributed to the increase in
deposit costs.
|
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
(dollars in thousands) |
2024 |
|
2023 |
|
2023 |
Interest-earning
assets |
Average Balance |
|
Interest & Fees |
|
Yield/Rate |
|
Average Balance |
|
Interest & Fees |
|
Yield/Rate |
|
Average Balance |
|
Interest & Fees |
|
Yield/Rate |
Cash and cash equivalents |
$ |
69,316 |
|
$ |
951 |
|
5.52 |
% |
|
$ |
77,363 |
|
$ |
1,054 |
|
5.41 |
% |
|
$ |
85,123 |
|
$ |
980 |
|
4.67 |
% |
Investment securities |
|
988,716 |
|
|
10,708 |
|
4.36 |
|
|
|
883,153 |
|
|
9,257 |
|
4.16 |
|
|
|
809,848 |
|
|
5,995 |
|
3.00 |
|
Loans |
|
6,012,032 |
|
|
89,489 |
|
5.99 |
|
|
|
6,196,362 |
|
|
93,757 |
|
6.00 |
|
|
|
6,320,402 |
|
|
87,997 |
|
5.65 |
|
Loans held for sale |
|
3,405 |
|
|
55 |
|
6.56 |
|
|
|
4,429 |
|
|
81 |
|
7.26 |
|
|
|
1,506 |
|
|
16 |
|
4.41 |
|
Nonmarketable equity
securities |
|
35,927 |
|
|
687 |
|
7.69 |
|
|
|
41,192 |
|
|
715 |
|
6.89 |
|
|
|
47,819 |
|
|
795 |
|
6.75 |
|
Total interest-earning assets |
$ |
7,109,396 |
|
$ |
101,890 |
|
5.76 |
% |
|
$ |
7,202,499 |
|
$ |
104,864 |
|
5.78 |
% |
|
$ |
7,264,698 |
|
$ |
95,783 |
|
5.35 |
% |
Noninterest-earning
assets |
|
671,671 |
|
|
|
|
|
|
695,293 |
|
|
|
|
|
|
610,811 |
|
|
|
|
Total assets |
$ |
7,781,067 |
|
|
|
|
|
$ |
7,897,792 |
|
|
|
|
|
$ |
7,875,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
$ |
5,195,118 |
|
$ |
39,214 |
|
3.04 |
% |
|
$ |
5,295,296 |
|
$ |
39,156 |
|
2.93 |
% |
|
$ |
5,053,941 |
|
$ |
26,405 |
|
2.12 |
% |
Short-term borrowings |
|
65,182 |
|
|
836 |
|
5.16 |
|
|
|
13,139 |
|
|
15 |
|
0.47 |
|
|
|
38,655 |
|
|
25 |
|
0.26 |
|
FHLB advances & other
borrowings |
|
313,121 |
|
|
3,036 |
|
3.90 |
|
|
|
430,207 |
|
|
4,750 |
|
4.38 |
|
|
|
540,278 |
|
|
6,006 |
|
4.51 |
|
Subordinated debt |
|
93,583 |
|
|
1,280 |
|
5.50 |
|
|
|
93,512 |
|
|
1,281 |
|
5.43 |
|
|
|
99,812 |
|
|
1,370 |
|
5.57 |
|
Trust preferred
debentures |
|
50,707 |
|
|
1,389 |
|
11.02 |
|
|
|
50,541 |
|
|
1,402 |
|
11.00 |
|
|
|
50,047 |
|
|
1,229 |
|
9.96 |
|
Total interest-bearing liabilities |
$ |
5,717,711 |
|
$ |
45,755 |
|
3.22 |
% |
|
$ |
5,882,695 |
|
$ |
46,604 |
|
3.14 |
% |
|
$ |
5,782,733 |
|
$ |
35,035 |
|
2.46 |
% |
Noninterest-bearing
deposits |
|
1,151,542 |
|
|
|
|
|
|
1,142,062 |
|
|
|
|
|
|
1,250,899 |
|
|
|
|
Other noninterest-bearing
liabilities |
|
121,908 |
|
|
|
|
|
|
108,245 |
|
|
|
|
|
|
74,691 |
|
|
|
|
Shareholders’ equity |
|
789,906 |
|
|
|
|
|
|
764,790 |
|
|
|
|
|
|
767,186 |
|
|
|
|
Total liabilities and shareholder’s equity |
$ |
7,781,067 |
|
|
|
|
|
$ |
7,897,792 |
|
|
|
|
|
$ |
7,875,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Margin |
|
|
$ |
56,135 |
|
3.18 |
% |
|
|
|
$ |
58,260 |
|
3.21 |
% |
|
|
|
$ |
60,748 |
|
3.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
Deposits |
|
|
|
|
2.49 |
% |
|
|
|
|
|
2.41 |
% |
|
|
|
|
|
1.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest income and average rates for
tax-exempt loans and investment securities are presented on a
tax-equivalent basis, assuming a federal income tax rate of 21%.
Tax-equivalent adjustments totaled $0.2 million for each of the
three months ended March 31, 2024, December 31, 2023 and March 31,
2023, respectively.
Noninterest Income
Noninterest income was $21.2 million for the first quarter of
2024, compared to $20.5 million for the fourth quarter of 2023.
Noninterest income for the first quarter of 2024 included
incremental servicing revenues of $3.7 million related to the
Greensky portfolio. Noninterest income for the fourth quarter of
2023 included incremental servicing revenues of $2.2 million and
$1.6 million related to our commercial FHA servicing portfolio and
the Greensky portfolio, respectively. Also included was a $1.1
million one-time gain from the sale of Visa B stock, offset by $2.9
million of losses on the sale of investment securities. The first
quarter of 2023 included $0.6 million of losses on the sale of
investment securities. Excluding these transactions, noninterest
income for the first quarter of 2024, the fourth quarter of 2023,
and the first quarter of 2023 was $17.5 million, $18.5 million, and
$16.4 million, respectively.
|
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
(in thousands) |
2024 |
|
2023 |
|
2023 |
Noninterest
income |
|
|
|
|
|
Wealth management revenue |
$ |
7,132 |
|
$ |
6,604 |
|
|
$ |
6,411 |
|
Service charges on deposit accounts |
|
3,116 |
|
|
3,246 |
|
|
|
2,745 |
|
Interchange revenue |
|
3,358 |
|
|
3,585 |
|
|
|
3,412 |
|
Residential mortgage banking revenue |
|
527 |
|
|
451 |
|
|
|
405 |
|
Income on company-owned life insurance |
|
1,801 |
|
|
1,753 |
|
|
|
876 |
|
Loss on sales of investment securities, net |
|
— |
|
|
(2,894 |
) |
|
|
(648 |
) |
Other income |
|
5,253 |
|
|
7,768 |
|
|
|
2,578 |
|
Total noninterest income |
$ |
21,187 |
|
$ |
20,513 |
|
|
$ |
15,779 |
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management revenue totaled $7.1 million in the first
quarter of 2024, an increase of $0.5 million, or 8.0%, as compared
to the fourth quarter of 2023. Assets under administration
increased to $3.89 billion at March 31, 2024 from $3.73 billion at
December 31, 2023, primarily due to improved market performance,
resulting in an increase in revenue. In addition, the first quarter
fees included seasonal tax preparation fees. Assets under
administration totaled $3.50 billion at March 31, 2023.
Noninterest Expense
Noninterest expense was $44.9 million in the first quarter of
2024, compared to $44.5 million in both the fourth quarter of 2023,
and the first quarter of 2023. The efficiency ratio increased to
58.03% for the quarter ended March 31, 2024, compared to 55.22% for
the quarter ended December 31, 2023, and 57.64% for the quarter
ended March 31, 2023.
|
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
(in thousands) |
2024 |
|
2023 |
|
2023 |
Noninterest
expense |
|
|
|
|
|
Salaries and employee benefits |
$ |
24,102 |
|
$ |
24,031 |
|
$ |
24,243 |
Occupancy and equipment |
|
4,142 |
|
|
3,934 |
|
|
4,443 |
Data processing |
|
6,722 |
|
|
6,963 |
|
|
6,311 |
Professional services |
|
2,255 |
|
|
2,072 |
|
|
1,760 |
Amortization of intangible assets |
|
1,089 |
|
|
1,130 |
|
|
1,291 |
FDIC insurance |
|
1,274 |
|
|
1,147 |
|
|
1,329 |
Other expense |
|
5,283 |
|
|
5,211 |
|
|
5,105 |
Total noninterest expense |
$ |
44,867 |
|
$ |
44,488 |
|
$ |
44,482 |
|
|
|
|
|
|
|
|
|
Income Tax Expense
Income tax expense was $4.4 million for the first quarter of
2024, as compared to $6.4 million for the fourth quarter of 2023
and $6.9 million for the first quarter of 2023. The resulting
effective tax rates were 23.9%, 23.7% and 24.0%, respectively.
Capital
At March 31, 2024, Midland States Bank and the Company exceeded
all regulatory capital requirements under Basel III, and Midland
States Bank met the qualifications to be a ‘‘well-capitalized’’
financial institution, as summarized in the following table:
|
As of March 31, 2024 |
|
Midland States Bank |
|
Midland States Bancorp, Inc. |
|
Minimum Regulatory
Requirements(2) |
Total capital to risk-weighted
assets |
12.77% |
|
13.68% |
|
10.50% |
Tier 1 capital to
risk-weighted assets |
11.62% |
|
11.16% |
|
8.50% |
Tier 1 leverage ratio |
10.33% |
|
9.92% |
|
4.00% |
Common equity Tier 1
capital |
11.62% |
|
8.60% |
|
7.00% |
Tangible common equity to
tangible assets(1) |
N/A |
|
6.58% |
|
N/A |
|
|
|
|
|
|
(1) A non-GAAP financial measure. Refer to page 15 for a
reconciliation to the comparable GAAP financial measure.(2)
Includes the capital conservation buffer of 2.5%.
The impact of rising interest rates on the Company’s investment
portfolio and cash flow hedges resulted in an $81.4 million
accumulated other comprehensive loss at March 31, 2024, which
reduces tangible book value by $3.79 per share.
Stock Repurchase Program
As previously disclosed, on December 5, 2023, the Company’s
board of directors authorized a new share repurchase program,
pursuant to which the Company is authorized to repurchase up to
$25.0 million of common stock through December 31, 2024. During the
first quarter of 2024, the Company repurchased 73,781 shares of its
common stock at a weighted average price of $26.31 under its stock
repurchase program.
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based financial
holding company headquartered in Effingham, Illinois, and is the
sole shareholder of Midland States Bank. As of March 31, 2024, the
Company had total assets of approximately $7.83 billion, and its
Wealth Management Group had assets under administration of
approximately $3.89 billion. The Company provides a full range of
commercial and consumer banking products and services and business
equipment financing, merchant credit card services, trust and
investment management, insurance and financial planning services.
For additional information, visit https://www.midlandsb.com/ or
https://www.linkedin.com/company/midland-states-bank.
Non-GAAP Financial Measures
Some of the financial measures included in this press release
are not measures of financial performance recognized in accordance
with GAAP.
These non-GAAP financial measures include “Adjusted Earnings,”
“Adjusted Earnings Available to Common Shareholders,” “Adjusted
Diluted Earnings Per Common Share,” “Adjusted Return on Average
Assets,” “Adjusted Return on Average Shareholders’ Equity,”
“Adjusted Return on Average Tangible Common Equity,” “Adjusted
Pre-Tax, Pre-Provision Earnings,” “Adjusted Pre-Tax, Pre-Provision
Return on Average Assets,” “Efficiency Ratio,” “Tangible Common
Equity to Tangible Assets,” “Tangible Book Value Per Share,”
“Tangible Book Value Per Share excluding Accumulated Other
Comprehensive Income,” and “Return on Average Tangible Common
Equity.” The Company believes these non-GAAP financial measures
provide both management and investors a more complete understanding
of the Company’s funding profile and profitability. These non-GAAP
financial measures are supplemental and are not a substitute for
any analysis based on GAAP financial measures. Not all companies
use the same calculation of these measures; therefore, the measures
in this press release may not be comparable to other similarly
titled measures as presented by other companies.
Forward-Looking Statements
Readers should note that in addition to the historical
information contained herein, this press release includes
"forward-looking statements" within the meanings of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including but not
limited to statements about the Company’s plans, objectives, future
performance, goals and future earnings levels. These statements are
subject to many risks and uncertainties, including changes in
interest rates and other general economic, business and political
conditions, the impact of inflation, continuing effects of the
failures of Silicon Valley Bank and Signature Bank, increased
deposit volatility and potential regulatory developments; changes
in the financial markets; changes in business plans as
circumstances warrant; risks relating to acquisitions; changes to
U.S. tax laws, regulations and guidance; and other risks detailed
from time to time in filings made by the Company with the
Securities and Exchange Commission. Readers should note that the
forward-looking statements included in this press release are not a
guarantee of future events, and that actual events may differ
materially from those made in or suggested by the forward-looking
statements. Forward-looking statements generally can be identified
by the use of forward-looking terminology such as "will,"
"propose," "may," "plan," "seek," "expect," "intend," "estimate,"
"anticipate," "believe," "continue," or similar terminology. Any
forward-looking statements presented herein are made only as of the
date of this press release, and the Company does not undertake any
obligation to update or revise any forward-looking statements to
reflect changes in assumptions, the occurrence of unanticipated
events, or otherwise.
CONTACTS:Jeffrey G. Ludwig, President and CEO,
at jludwig@midlandsb.com or (217) 342-7321Eric T. Lemke, Chief
Financial Officer, at elemke@midlandsb.com or (217) 342-7321Douglas
J. Tucker, SVP and Corporate Counsel, at dtucker@midlandsb.com or
(217) 342-7321
MIDLAND STATES BANCORP, INC. |
CONSOLIDATED FINANCIAL SUMMARY (unaudited) |
|
|
|
|
|
|
|
As of and for the Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
(dollars in thousands, except
per share data) |
2024 |
|
2023 |
|
2023 |
Earnings
Summary |
|
|
|
|
|
Net interest income |
$ |
55,920 |
|
|
$ |
58,077 |
|
|
$ |
60,504 |
|
Provision for credit
losses |
|
14,000 |
|
|
|
6,950 |
|
|
|
3,135 |
|
Noninterest income |
|
21,187 |
|
|
|
20,513 |
|
|
|
15,779 |
|
Noninterest expense |
|
44,867 |
|
|
|
44,488 |
|
|
|
44,482 |
|
Income before income
taxes |
|
18,240 |
|
|
|
27,152 |
|
|
|
28,666 |
|
Income taxes |
|
4,355 |
|
|
|
6,441 |
|
|
|
6,894 |
|
Net income |
|
13,885 |
|
|
|
20,711 |
|
|
|
21,772 |
|
Preferred dividends |
|
2,228 |
|
|
|
2,228 |
|
|
|
2,228 |
|
Net income available to common
shareholders |
$ |
11,657 |
|
|
$ |
18,483 |
|
|
$ |
19,544 |
|
|
|
|
|
|
|
Diluted earnings per common
share |
$ |
0.53 |
|
|
$ |
0.84 |
|
|
$ |
0.86 |
|
Weighted average common shares
outstanding - diluted |
|
21,787,691 |
|
|
|
21,822,328 |
|
|
|
22,501,970 |
|
Return on average assets |
|
0.72 |
% |
|
|
1.04 |
% |
|
|
1.12 |
% |
Return on average
shareholders' equity |
|
7.07 |
% |
|
|
10.74 |
% |
|
|
11.51 |
% |
Return on average tangible
common equity(1) |
|
9.34 |
% |
|
|
15.41 |
% |
|
|
16.70 |
% |
Net interest margin |
|
3.18 |
% |
|
|
3.21 |
% |
|
|
3.39 |
% |
Efficiency ratio(1) |
|
58.03 |
% |
|
|
55.22 |
% |
|
|
57.64 |
% |
|
|
|
|
|
|
Adjusted Earnings
Performance Summary(1) |
|
|
|
|
|
Adjusted earnings available to
common shareholders |
$ |
11,657 |
|
|
$ |
19,793 |
|
|
$ |
20,017 |
|
Adjusted diluted earnings per
common share |
$ |
0.53 |
|
|
$ |
0.89 |
|
|
$ |
0.88 |
|
Adjusted return on average
assets |
|
0.72 |
% |
|
|
1.11 |
% |
|
|
1.15 |
% |
Adjusted return on average
shareholders' equity |
|
7.07 |
% |
|
|
11.42 |
% |
|
|
11.76 |
% |
Adjusted return on average
tangible common equity |
|
9.34 |
% |
|
|
16.51 |
% |
|
|
17.11 |
% |
Adjusted pre-tax,
pre-provision earnings |
$ |
32,240 |
|
|
$ |
35,898 |
|
|
$ |
32,449 |
|
Adjusted pre-tax,
pre-provision return on average assets |
|
1.67 |
% |
|
|
1.80 |
% |
|
|
1.67 |
% |
|
|
|
|
|
|
Market
Data |
|
|
|
|
|
Book value per share at period
end |
$ |
31.67 |
|
|
$ |
31.61 |
|
|
$ |
30.08 |
|
Tangible book value per share
at period end(1) |
$ |
23.44 |
|
|
$ |
23.35 |
|
|
$ |
21.87 |
|
Tangible book value per share
excluding accumulated other comprehensive income at period
end(1) |
$ |
27.23 |
|
|
$ |
26.91 |
|
|
$ |
25.39 |
|
Market price at period
end |
$ |
25.13 |
|
|
$ |
27.56 |
|
|
$ |
21.42 |
|
Common shares outstanding at
period end |
|
21,485,231 |
|
|
|
21,551,402 |
|
|
|
22,111,454 |
|
|
|
|
|
|
|
Capital |
|
|
|
|
|
Total capital to risk-weighted
assets |
|
13.68 |
% |
|
|
13.20 |
% |
|
|
12.46 |
% |
Tier 1 capital to
risk-weighted assets |
|
11.16 |
% |
|
|
10.91 |
% |
|
|
10.25 |
% |
Tier 1 common capital to
risk-weighted assets |
|
8.60 |
% |
|
|
8.40 |
% |
|
|
7.84 |
% |
Tier 1 leverage ratio |
|
9.92 |
% |
|
|
9.71 |
% |
|
|
9.54 |
% |
Tangible common equity to
tangible assets(1) |
|
6.58 |
% |
|
|
6.55 |
% |
|
|
6.24 |
% |
|
|
|
|
|
|
Wealth
Management |
|
|
|
|
|
Trust assets under
administration |
$ |
3,888,219 |
|
|
$ |
3,733,355 |
|
|
$ |
3,502,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Non-GAAP financial measures. Refer to pages 13 - 15 for a
reconciliation to the comparable GAAP financial measures.
MIDLAND STATES BANCORP, INC. |
CONSOLIDATED FINANCIAL SUMMARY (unaudited)
(continued) |
|
|
|
|
|
|
|
|
|
|
|
As of |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
(in thousands) |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
Assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
167,316 |
|
|
$ |
135,061 |
|
|
$ |
132,132 |
|
|
$ |
160,695 |
|
|
$ |
138,310 |
|
Investment securities |
|
1,044,900 |
|
|
|
920,396 |
|
|
|
839,344 |
|
|
|
887,003 |
|
|
|
821,005 |
|
Loans |
|
5,958,462 |
|
|
|
6,131,079 |
|
|
|
6,280,883 |
|
|
|
6,367,344 |
|
|
|
6,354,271 |
|
Allowance for credit losses on
loans |
|
(78,057 |
) |
|
|
(68,502 |
) |
|
|
(66,669 |
) |
|
|
(64,950 |
) |
|
|
(62,067 |
) |
Total loans, net |
|
5,880,405 |
|
|
|
6,062,577 |
|
|
|
6,214,214 |
|
|
|
6,302,394 |
|
|
|
6,292,204 |
|
Loans held for sale |
|
5,043 |
|
|
|
3,811 |
|
|
|
6,089 |
|
|
|
5,632 |
|
|
|
2,747 |
|
Premises and equipment,
net |
|
81,831 |
|
|
|
82,814 |
|
|
|
82,741 |
|
|
|
81,006 |
|
|
|
80,582 |
|
Other real estate owned |
|
8,920 |
|
|
|
9,112 |
|
|
|
480 |
|
|
|
202 |
|
|
|
6,729 |
|
Loan servicing rights, at
lower of cost or fair value |
|
19,577 |
|
|
|
20,253 |
|
|
|
20,933 |
|
|
|
21,611 |
|
|
|
1,117 |
|
Commercial FHA mortgage loan
servicing rights held for sale |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,745 |
|
Goodwill |
|
161,904 |
|
|
|
161,904 |
|
|
|
161,904 |
|
|
|
161,904 |
|
|
|
161,904 |
|
Other intangible assets,
net |
|
15,019 |
|
|
|
16,108 |
|
|
|
17,238 |
|
|
|
18,367 |
|
|
|
19,575 |
|
Company-owned life
insurance |
|
205,286 |
|
|
|
203,485 |
|
|
|
201,750 |
|
|
|
152,210 |
|
|
|
151,319 |
|
Other assets |
|
241,608 |
|
|
|
251,347 |
|
|
|
292,460 |
|
|
|
243,697 |
|
|
|
233,937 |
|
Total assets |
$ |
7,831,809 |
|
|
$ |
7,866,868 |
|
|
$ |
7,969,285 |
|
|
$ |
8,034,721 |
|
|
$ |
7,930,174 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
$ |
1,212,382 |
|
|
$ |
1,145,395 |
|
|
$ |
1,154,515 |
|
|
$ |
1,162,909 |
|
|
$ |
1,215,758 |
|
Interest-bearing deposits |
|
5,111,602 |
|
|
|
5,164,134 |
|
|
|
5,250,487 |
|
|
|
5,263,639 |
|
|
|
5,209,443 |
|
Total deposits |
|
6,323,984 |
|
|
|
6,309,529 |
|
|
|
6,405,002 |
|
|
|
6,426,548 |
|
|
|
6,425,201 |
|
Short-term borrowings |
|
214,446 |
|
|
|
34,865 |
|
|
|
17,998 |
|
|
|
21,783 |
|
|
|
31,173 |
|
FHLB advances and other
borrowings |
|
255,000 |
|
|
|
476,000 |
|
|
|
538,000 |
|
|
|
575,000 |
|
|
|
482,000 |
|
Subordinated debt |
|
93,617 |
|
|
|
93,546 |
|
|
|
93,475 |
|
|
|
93,404 |
|
|
|
99,849 |
|
Trust preferred
debentures |
|
50,790 |
|
|
|
50,616 |
|
|
|
50,457 |
|
|
|
50,296 |
|
|
|
50,135 |
|
Other liabilities |
|
102,966 |
|
|
|
110,459 |
|
|
|
106,743 |
|
|
|
90,869 |
|
|
|
66,173 |
|
Total liabilities |
|
7,040,803 |
|
|
|
7,075,015 |
|
|
|
7,211,675 |
|
|
|
7,257,900 |
|
|
|
7,154,531 |
|
Total shareholders’ equity |
|
791,006 |
|
|
|
791,853 |
|
|
|
757,610 |
|
|
|
776,821 |
|
|
|
775,643 |
|
Total liabilities and shareholders’ equity |
$ |
7,831,809 |
|
|
$ |
7,866,868 |
|
|
$ |
7,969,285 |
|
|
$ |
8,034,721 |
|
|
$ |
7,930,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MIDLAND STATES BANCORP, INC. |
CONSOLIDATED FINANCIAL SUMMARY (unaudited)
(continued) |
|
|
|
|
|
|
|
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
(in thousands, except per
share data) |
2024 |
|
2023 |
|
2023 |
Net interest income: |
|
|
|
|
|
Interest income |
$ |
101,675 |
|
$ |
104,681 |
|
|
$ |
95,539 |
|
Interest expense |
|
45,755 |
|
|
46,604 |
|
|
|
35,035 |
|
Net interest income |
|
55,920 |
|
|
58,077 |
|
|
|
60,504 |
|
Provision for credit losses on
loans |
|
14,000 |
|
|
6,950 |
|
|
|
3,135 |
|
Net interest income after provision for credit losses |
|
41,920 |
|
|
51,127 |
|
|
|
57,369 |
|
Noninterest income: |
|
|
|
|
|
Wealth management revenue |
|
7,132 |
|
|
6,604 |
|
|
|
6,411 |
|
Service charges on deposit accounts |
|
3,116 |
|
|
3,246 |
|
|
|
2,745 |
|
Interchange revenue |
|
3,358 |
|
|
3,585 |
|
|
|
3,412 |
|
Residential mortgage banking revenue |
|
527 |
|
|
451 |
|
|
|
405 |
|
Income on company-owned life insurance |
|
1,801 |
|
|
1,753 |
|
|
|
876 |
|
Loss on sales of investment securities, net |
|
— |
|
|
(2,894 |
) |
|
|
(648 |
) |
Other income |
|
5,253 |
|
|
7,768 |
|
|
|
2,578 |
|
Total noninterest income |
|
21,187 |
|
|
20,513 |
|
|
|
15,779 |
|
Noninterest expense: |
|
|
|
|
|
Salaries and employee benefits |
|
24,102 |
|
|
24,031 |
|
|
|
24,243 |
|
Occupancy and equipment |
|
4,142 |
|
|
3,934 |
|
|
|
4,443 |
|
Data processing |
|
6,722 |
|
|
6,963 |
|
|
|
6,311 |
|
Professional services |
|
2,255 |
|
|
2,072 |
|
|
|
1,760 |
|
Amortization of intangible assets |
|
1,089 |
|
|
1,130 |
|
|
|
1,291 |
|
FDIC insurance |
|
1,274 |
|
|
1,147 |
|
|
|
1,329 |
|
Other expense |
|
5,283 |
|
|
5,211 |
|
|
|
5,105 |
|
Total noninterest expense |
|
44,867 |
|
|
44,488 |
|
|
|
44,482 |
|
Income before income
taxes |
|
18,240 |
|
|
27,152 |
|
|
|
28,666 |
|
Income taxes |
|
4,355 |
|
|
6,441 |
|
|
|
6,894 |
|
Net income |
|
13,885 |
|
|
20,711 |
|
|
|
21,772 |
|
Preferred stock dividends |
|
2,228 |
|
|
2,228 |
|
|
|
2,228 |
|
Net income available to common shareholders |
$ |
11,657 |
|
$ |
18,483 |
|
|
$ |
19,544 |
|
|
|
|
|
|
|
Basic earnings per common
share |
$ |
0.53 |
|
$ |
0.84 |
|
|
$ |
0.86 |
|
Diluted earnings per common
share |
$ |
0.53 |
|
$ |
0.84 |
|
|
$ |
0.86 |
|
|
|
|
|
|
|
|
|
|
|
|
MIDLAND STATES BANCORP, INC. |
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(unaudited) |
|
|
|
|
|
|
Adjusted Earnings Reconciliation |
|
|
|
|
|
|
|
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
(dollars in thousands, except
per share data) |
2024 |
|
2023 |
|
2023 |
Income before income taxes - GAAP |
$ |
18,240 |
|
|
$ |
27,152 |
|
|
$ |
28,666 |
|
Adjustments to noninterest
income: |
|
|
|
|
|
Loss on sales of investment securities, net |
|
— |
|
|
|
2,894 |
|
|
|
648 |
|
(Gain) on sale of Visa B shares |
|
— |
|
|
|
(1,098 |
) |
|
|
— |
|
Total adjustments to noninterest income |
|
— |
|
|
|
1,796 |
|
|
|
648 |
|
Adjusted earnings pre tax -
non-GAAP |
|
18,240 |
|
|
|
28,948 |
|
|
|
29,314 |
|
Adjusted earnings tax |
|
4,355 |
|
|
|
6,927 |
|
|
|
7,069 |
|
Adjusted earnings -
non-GAAP |
|
13,885 |
|
|
|
22,021 |
|
|
|
22,245 |
|
Preferred stock dividends |
|
2,228 |
|
|
|
2,228 |
|
|
|
2,228 |
|
Adjusted earnings
available to common shareholders |
$ |
11,657 |
|
|
$ |
19,793 |
|
|
$ |
20,017 |
|
Adjusted diluted earnings per
common share |
$ |
0.53 |
|
|
$ |
0.89 |
|
|
$ |
0.88 |
|
Adjusted return on average
assets |
|
0.72 |
% |
|
|
1.11 |
% |
|
|
1.15 |
% |
Adjusted return on average
shareholders' equity |
|
7.07 |
% |
|
|
11.42 |
% |
|
|
11.76 |
% |
Adjusted return on average
tangible common equity |
|
9.34 |
% |
|
|
16.51 |
% |
|
|
17.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Pre-Tax, Pre-Provision Earnings
Reconciliation |
|
|
|
|
|
|
|
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
(dollars in thousands) |
2024 |
|
2023 |
|
2023 |
Adjusted earnings pre tax -
non-GAAP |
$ |
18,240 |
|
|
$ |
28,948 |
|
|
$ |
29,314 |
|
Provision for credit losses |
|
14,000 |
|
|
|
6,950 |
|
|
|
3,135 |
|
Adjusted pre-tax,
pre-provision earnings - non-GAAP |
$ |
32,240 |
|
|
$ |
35,898 |
|
|
$ |
32,449 |
|
Adjusted pre-tax,
pre-provision return on average assets |
|
1.67 |
% |
|
|
1.80 |
% |
|
|
1.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
MIDLAND STATES BANCORP, INC. |
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
(continued) |
|
|
|
|
|
|
Efficiency Ratio Reconciliation |
|
|
|
|
|
|
|
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
(dollars in thousands) |
2024 |
|
2023 |
|
2023 |
Noninterest expense - GAAP |
$ |
44,867 |
|
|
$ |
44,488 |
|
|
$ |
44,482 |
|
|
|
|
|
|
|
Net interest income -
GAAP |
$ |
55,920 |
|
|
$ |
58,077 |
|
|
$ |
60,504 |
|
Effect of tax-exempt
income |
|
215 |
|
|
|
183 |
|
|
|
244 |
|
Adjusted net interest income |
|
56,135 |
|
|
|
58,260 |
|
|
|
60,748 |
|
|
|
|
|
|
|
Noninterest income - GAAP |
|
21,187 |
|
|
|
20,513 |
|
|
|
15,779 |
|
Loss on sales of investment
securities, net |
|
— |
|
|
|
2,894 |
|
|
|
648 |
|
(Gain) on sale of Visa B
shares |
|
— |
|
|
|
(1,098 |
) |
|
|
— |
|
Adjusted noninterest income |
|
21,187 |
|
|
|
22,309 |
|
|
|
16,427 |
|
|
|
|
|
|
|
Adjusted total revenue |
$ |
77,322 |
|
|
$ |
80,569 |
|
|
$ |
77,175 |
|
|
|
|
|
|
|
Efficiency
ratio |
|
58.03 |
% |
|
|
55.22 |
% |
|
|
57.64 |
% |
|
|
|
|
|
|
Return on Average Tangible Common Equity
(ROATCE) |
|
|
|
|
|
|
|
For the Three Months Ended |
|
March 31, |
|
December 31, |
|
March 31, |
(dollars in thousands) |
2024 |
|
2023 |
|
2023 |
Net income available to common
shareholders |
$ |
11,657 |
|
|
$ |
18,483 |
|
|
$ |
19,544 |
|
|
|
|
|
|
|
Average total shareholders'
equity—GAAP |
$ |
789,906 |
|
|
$ |
764,790 |
|
|
$ |
767,186 |
|
Adjustments: |
|
|
|
|
|
Preferred Stock |
|
(110,548 |
) |
|
|
(110,548 |
) |
|
|
(110,548 |
) |
Goodwill |
|
(161,904 |
) |
|
|
(161,904 |
) |
|
|
(161,904 |
) |
Other intangible assets,
net |
|
(15,525 |
) |
|
|
(16,644 |
) |
|
|
(20,184 |
) |
Average tangible common
equity |
$ |
501,929 |
|
|
$ |
475,694 |
|
|
$ |
474,550 |
|
ROATCE |
|
9.34 |
% |
|
|
15.41 |
% |
|
|
16.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
MIDLAND STATES BANCORP, INC. |
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
(continued) |
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity to Tangible Assets Ratio and
Tangible Book Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
As of |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
(dollars in thousands, except
per share data) |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
Shareholders' Equity to Tangible Common
Equity |
|
|
|
|
|
|
|
|
Total shareholders' equity—GAAP |
$ |
791,006 |
|
|
$ |
791,853 |
|
|
$ |
757,610 |
|
|
$ |
776,821 |
|
|
$ |
775,643 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Preferred Stock |
|
(110,548 |
) |
|
|
(110,548 |
) |
|
|
(110,548 |
) |
|
|
(110,548 |
) |
|
|
(110,548 |
) |
Goodwill |
|
(161,904 |
) |
|
|
(161,904 |
) |
|
|
(161,904 |
) |
|
|
(161,904 |
) |
|
|
(161,904 |
) |
Other intangible assets, net |
|
(15,019 |
) |
|
|
(16,108 |
) |
|
|
(17,238 |
) |
|
|
(18,367 |
) |
|
|
(19,575 |
) |
Tangible common equity |
|
503,535 |
|
|
|
503,293 |
|
|
|
467,920 |
|
|
|
486,002 |
|
|
|
483,616 |
|
|
|
|
|
|
|
|
|
|
|
Less: Accumulated other comprehensive loss (AOCI) |
|
(81,419 |
) |
|
|
(76,753 |
) |
|
|
(101,181 |
) |
|
|
(84,719 |
) |
|
|
(77,797 |
) |
Tangible common equity excluding AOCI |
$ |
584,954 |
|
|
$ |
580,046 |
|
|
$ |
569,101 |
|
|
$ |
570,721 |
|
|
$ |
561,413 |
|
|
|
|
|
|
|
|
|
|
|
Total Assets to
Tangible Assets: |
|
|
|
|
|
|
|
|
|
Total assets—GAAP |
$ |
7,831,809 |
|
|
$ |
7,866,868 |
|
|
$ |
7,969,285 |
|
|
$ |
8,034,721 |
|
|
$ |
7,930,174 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
(161,904 |
) |
|
|
(161,904 |
) |
|
|
(161,904 |
) |
|
|
(161,904 |
) |
|
|
(161,904 |
) |
Other intangible assets,
net |
|
(15,019 |
) |
|
|
(16,108 |
) |
|
|
(17,238 |
) |
|
|
(18,367 |
) |
|
|
(19,575 |
) |
Tangible assets |
$ |
7,654,886 |
|
|
$ |
7,688,856 |
|
|
$ |
7,790,143 |
|
|
$ |
7,854,450 |
|
|
$ |
7,748,695 |
|
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding |
|
21,485,231 |
|
|
|
21,551,402 |
|
|
|
21,594,546 |
|
|
|
21,854,800 |
|
|
|
22,111,454 |
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity
to Tangible Assets |
|
6.58 |
% |
|
|
6.55 |
% |
|
|
6.01 |
% |
|
|
6.19 |
% |
|
|
6.24 |
% |
Tangible Book Value
Per Share |
$ |
23.44 |
|
|
$ |
23.35 |
|
|
$ |
21.67 |
|
|
$ |
22.24 |
|
|
$ |
21.87 |
|
Tangible Book Value
Per Share, excluding AOCI |
$ |
27.23 |
|
|
$ |
26.91 |
|
|
$ |
26.35 |
|
|
$ |
26.11 |
|
|
$ |
25.39 |
|
Midland States Bancorp (NASDAQ:MSBI)
Historical Stock Chart
From Nov 2024 to Dec 2024
Midland States Bancorp (NASDAQ:MSBI)
Historical Stock Chart
From Dec 2023 to Dec 2024