Midland States Stock Price, News & Analysis

Midland States Bancorp, Inc. (NASDAQ: MSBI) has authorized a new stock repurchase program to buy back up to $25 million of its common stock, effective January 1, 2023, and expiring December 31, 2023. The current program, which runs until the end of 2022, has $18.6 million remaining. CEO Jeffrey G. Ludwig emphasized the importance of this program for long-term shareholder value while remaining flexible in capital allocation. Stock repurchases will depend on market conditions and can be executed in various ways, with the program potentially being suspended anytime.

Midland States Bancorp, Inc. (NASDAQ: MSBI) declared a quarterly cash dividend of $0.29 per share, payable on November 21, 2022 to shareholders of record by November 14, 2022. Additionally, a cash dividend of $27.56 per share on its 7.750% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, or $0.689 per depositary share, will be paid on December 30, 2022 for record holders by December 15, 2022. Midland reported total assets of approximately $7.81 billion as of September 30, 2022.

Midland States Bancorp reported a net income of $23.5 million ($1.04 EPS) for Q3 2022, showing growth from $21.9 million in Q2 2022 and $19.5 million in Q3 2021. Total loans increased by 27.8% annualized, reaching $6.2 billion. Nonperforming assets declined by 14.2%. The net interest margin slightly decreased to 3.63% from 3.65%, but increased from 3.34% year-over-year. The company raised $115 million in a preferred stock offering, enhancing its capital position.

Midland States Bancorp, Inc. (NASDAQ: MSBI) will release its Q3 2022 financial results post-market on October 20, 2022. A conference call is scheduled for October 21, 2022, at 7:30 a.m. CT, where analysts and investors can engage in a Q&A session. Participants must register to obtain a dial-in number and personalized PIN. Midland, headquartered in Effingham, Illinois, boasts total assets of approximately $7.44 billion and $3.60 billion in assets under administration in its Wealth Management Group.

Midland States Bancorp, Inc. (Nasdaq: MSBI) has priced an underwritten public offering of 4,600,000 depositary shares, each representing a 1/40th interest in a 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A. The offering, expected to close around August 24, 2022, supports general corporate purposes, including organic growth, strategic acquisitions, and share repurchases. The depositary shares will be listed on The Nasdaq Global Select Market under the symbol “MSBIP.” Financial backers include Keefe, Bruyette & Woods and Raymond James & Associates.

On August 9, 2022, Midland States Bancorp, Inc. (NASDAQ: MSBI) announced a quarterly cash dividend of $0.29 per share. This dividend is set to be paid on or about August 26, 2022, to shareholders of record as of August 19, 2022. As of June 30, 2022, Midland had total assets of approximately $7.44 billion and its Wealth Management Group managed about $3.60 billion in assets. Midland offers a comprehensive range of banking products and services, enhancing its financial appeal to investors.

Midland States Bancorp reported a net income of $21.9 million or $0.97 diluted earnings per share for Q2 2022, reflecting a rise from $20.7 million in Q1 2022 and $20.1 million in Q2 2021. Total loans surged 18.5% annualized from the prior quarter, while net interest margin improved to 3.65%. The efficiency ratio also enhanced to 53.10%. Despite a strong loan pipeline, growth is expected to moderate in H2 due to rising rates and economic concerns. Noninterest income fell by 6.4% from the prior quarter, primarily due to lower wealth management revenue.

Midland States Bancorp (NASDAQ: MSBI) announced its plans to release second quarter 2022 financial results on July 28, 2022, after market close. A conference call and webcast will be held on July 29, 2022, at 7:30 a.m. CT to discuss these results. The call will feature a question-and-answer session for analysts and investors. Participants must register to access the call and receive a unique dial-in number and PIN. The company, headquartered in Effingham, Illinois, manages total assets of approximately $7.34 billion as of March 31, 2022.

Midland States Bancorp (NASDAQ: MSBI) announced its acquisition of FNBC Bank and Trust's branches in Mokena and Yorkville, Illinois, completing a branch purchase and assumption of around $83 million in deposits and $17 million in loans. The Mokena branch will continue operations, while FNBC's Yorkville branch has closed. This transaction is anticipated to be slightly accretive to earnings. CEO Jeffrey G. Ludwig highlighted the deal as instrumental for expanding business in the greater Chicago area, enhancing their market presence and customer offerings.