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, Inc. (NASDAQ: MSBI) has announced that it will release its third quarter 2024 financial results after the market closes on Thursday, October 24, 2024. The company will simultaneously publish an investor presentation alongside the press release announcing the financial results. This presentation will be accessible on the Webcasts and Presentations page of Midland States Bancorp's investor relations website. This announcement provides shareholders and interested parties with advance notice of when to expect the company's latest financial performance data and additional insights into its operations.
Midland States Bancorp (NASDAQ: MSBI) has announced quarterly dividends for both its common and preferred stock. The Board of Directors declared a $0.31 per share cash dividend on common stock, payable on August 23, 2024, to shareholders of record as of August 16, 2024. Additionally, a $0.4844 per depository share cash dividend was declared on the company's 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, payable on September 30, 2024, to stockholders of record as of September 16, 2024. This announcement demonstrates MSBI's commitment to providing returns to its shareholders through regular dividend payments.
Midland States Bancorp (Nasdaq: MSBI) announced its 2024 Q2 results, reporting a net income available to common shareholders of $4.5 million ($0.20 per diluted share), down from $11.7 million ($0.53 per share) in Q1 2024 and $19.3 million ($0.86 per share) in Q2 2023.
Tangible book value per share decreased to $23.36. The common equity tier 1 capital ratio improved slightly to 8.63%. However, the net interest margin declined to 3.12% from 3.18% in the previous quarter.
Provision expenses soared to $16.8 million due to issues with fintech partner LendingPoint. Non-performing loans increased to $112.1 million, from $105 million in Q1 2024. Efficiency ratio worsened significantly to 65.2% from 58.0%.
Total deposits and loans declined, with total assets at $7.76 billion.
Transend, a B2B private-label working capital solution provider, has partnered with Midland States Bank (NASDAQ: MSBI) to launch an innovative financing approach. This collaboration aims to offer dynamic payment solutions that enable suppliers to provide instant access to working capital at the point of commerce.
The partnership between Transend and Midland States Bank is designed to help suppliers drive loyalty, increase sales, and accelerate accounts receivable with their commercial customers. Both companies share a partner-centric vision and are committed to setting new standards for responsible collaboration between banks and FinTechs in the commercial financing space.
Midland States Bancorp (NASDAQ: MSBI) announced plans to release its second quarter 2024 financial results on July 25, 2024, after market close. The company will also publish an investor presentation on its investor relations website. This announcement is significant for investors tracking the financial health and performance of Midland States Bancorp, as it provides insights into the company’s quarterly earnings, revenue, and other key financial metrics.
Midland States Bancorp, Inc. has appointed Travis Franklin to its Board of Directors, effective May 7, 2024. Mr. Franklin, currently serving as the Executive Vice President and CFO of Heartland Dental, , brings a wealth of experience in finance and operations. His addition to the board is seen as a positive move to leverage his expertise in managing a rapidly growing company.
Midland States Bancorp, Inc. (NASDAQ: MSBI) declared a quarterly cash dividend of $0.31 per share for common stock and $0.4844 per depository share for preferred stock. The dividends are payable in May and July 2024, respectively.
FAQ
What is the current stock price of Midland States Bancorp (MSBI)?
What is the market cap of Midland States Bancorp (MSBI)?
What is Midland States Bancorp, Inc.?
Where is Midland States Bancorp headquartered?
What services does Midland States Bancorp offer?
How did Midland States Bancorp perform in the third quarter of 2023?
What are some of Midland States Bancorp’s recent strategic initiatives?
What is the financial condition of Midland States Bancorp?
Does Midland States Bancorp have any subsidiaries?
What strategic focus areas does Midland States Bancorp have for the future?
What is Midland States Bancorp's approach to risk management?
Where can I find more information about Midland States Bancorp?
