Illinois | 001-35272 | 37-1233196 | ||||||||||||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1201 Network Centre Drive | ||
Effingham, Illinois 62401 | ||
(Address of Principal Executive Offices) (Zip Code) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.01 par value | MSBI | The Nasdaq Market LLC | ||||||
Depositary Shares, each representing a 1/40th interest in a share of 7.75% fixed rate reset non-cumulative perpetual preferred stock, Series A, $2.00 par value | MSBIP | The Nasdaq Market LLC |
Exhibit No. | Description | ||||||||||
Press Release of Midland States Bancorp, Inc., dated April 25, 2024 |
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Slide Presentation of Midland States Bancorp, Inc. regarding first quarter 2024 financial results |
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104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Date: April 25, 2024 |
By: | /s/ Eric T. Lemke | ||||||
Eric T. Lemke | ||||||||
Chief Financial Officer |
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 |
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 | % |
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 |
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 | % |
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 |
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 |
As of March 31, 2024 |
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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 |
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 | ||||||||||||||
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 |