Midland States Bancorp Inc
NASDAQ:MSBI
Midland States Bancorp Inc
Midland States Bancorp, Inc. is a bank holding company, engages in the provision of commercial and consumer banking products and services. The company is headquartered in Effingham, Illinois and currently employs 864 full-time employees. The company went IPO on 2016-05-24. The Company’s segments include banking and wealth management. The banking segment provides a range of financial products and services to consumers and businesses, including commercial, commercial real estate, mortgage and other consumer loan products; commercial equipment leasing; mortgage loan sales and servicing; letters of credit; various types of deposit products, including checking, savings and time deposit accounts; merchant services; and corporate treasury management services. The wealth management segment operates under the name Midland Wealth Management, which consists of trust and wealth management products and services, including financial and estate planning, trustee and custodial services, investment management, tax and insurance planning, business planning, corporate retirement plan consulting and administration and retail brokerage services through a nationally recognized third-party broker dealer.
Midland States Bancorp, Inc. is a bank holding company, engages in the provision of commercial and consumer banking products and services. The company is headquartered in Effingham, Illinois and currently employs 864 full-time employees. The company went IPO on 2016-05-24. The Company’s segments include banking and wealth management. The banking segment provides a range of financial products and services to consumers and businesses, including commercial, commercial real estate, mortgage and other consumer loan products; commercial equipment leasing; mortgage loan sales and servicing; letters of credit; various types of deposit products, including checking, savings and time deposit accounts; merchant services; and corporate treasury management services. The wealth management segment operates under the name Midland Wealth Management, which consists of trust and wealth management products and services, including financial and estate planning, trustee and custodial services, investment management, tax and insurance planning, business planning, corporate retirement plan consulting and administration and retail brokerage services through a nationally recognized third-party broker dealer.
Profit Growth: Midland States Bancorp reported net income of $23.5 million ($1.04 per share), up from $0.97 per share in the prior quarter, driven by strong loan growth.
Loan Growth: Total loans increased at an annualized rate of 28%, with commercial and commercial real estate portfolios seeing the largest gains.
Deposit Growth and Mix: Deposits rose by $211 million, with noninterest-bearing deposits now accounting for 31.7% of total deposits, up from 29.9% last year.
Net Interest Margin: Net interest income increased 4.4% quarter-over-quarter, but net interest margin declined by 2 basis points due to higher funding costs.
Asset Quality: Nonperforming assets declined by 14% quarter-over-quarter, and net charge-offs totaled $3.2 million (21 bps of average loans).
Expense Guidance: Operating expenses are expected to range from $42.5 million to $43.5 million per quarter in the near term.
Capital Raise: The company raised $115 million via preferred stock to support strong loan growth and bolster capital ratios.
Outlook: Loan growth is expected to moderate in Q4 due to a smaller pipeline, but management remains optimistic about continued performance and fee growth.
