Midland States Stock Price, News & Analysis

Midland States Bancorp (NASDAQ: MSBI) has declared a quarterly cash dividend of $0.28 per share, payable on or about August 20, 2021. Shareholders of record as of the close of business on August 13, 2021 will receive this dividend. As of June 30, 2021, the company reported total assets of approximately $6.63 billion and assets under administration in its Wealth Management Group of approximately $4.08 billion. Midland offers a comprehensive range of banking and financial services.

Midland States Bancorp reported a net income of $20.1 million for Q2 2021, translating to $0.88 diluted earnings per share. This includes a $6.8 million tax benefit but also $3.6 million in professional fees and a $3.7 million charge from a FHLB advance prepayment. Compared to Q1 2021, net income rose from $18.5 million. The company emphasizes growing loan demand, particularly in equipment finance and commercial real estate. Noninterest income also increased by 18% quarter-over-quarter, driven by wealth management revenue, which benefited from the acquisition of ATG Trust Company.

Midland States Bancorp (NASDAQ: MSBI) will release its second quarter 2021 financial results on July 22, 2021, after market close. A conference call to discuss these results is scheduled for July 23, 2021, at 7:30 a.m. Central Time, allowing analysts and investors to engage in a Q&A session. The call can be accessed via telephone or webcast. As of March 31, 2021, the company reported total assets of approximately $6.88 billion and assets under administration in its Wealth Management Group of approximately $3.56 billion.

Midland States Bancorp (NASDAQ: MSBI) announced a $6.75 million tax benefit following the settlement of a tax issue regarding FDIC-assisted transactions. After accounting for $3.6 million in related expenses, the net after-tax gain is approximately $2.9 million. Additionally, the company is taking measures to manage its balance sheet, including the prepayment of an $85 million FHLB advance, which will incur a $3.7 million charge but is expected to save $2.2 million annually in interest costs. Furthermore, redeeming $31 million in subordinated notes will save $1.4 million annually.

Midland States Bancorp, Inc. (NASDAQ: MSBI) announced the completion of its acquisition of ATG Trust Company, enhancing its wealth management assets to approximately $4.1 billion with a team of 90 financial professionals. The acquisition aims to diversify and grow Midland's wealth management business and is expected to generate higher recurring fee income. Jeffrey G. Ludwig, CEO, expressed optimism about the growth opportunities from this acquisition, which strengthens Midland's presence in Chicago.

Midland States Bancorp (NASDAQ: MSBI) has declared a quarterly cash dividend of $0.28 per share, payable on May 21, 2021, to shareholders of record as of May 14, 2021. As of March 31, 2021, the company reported total assets of approximately $6.88 billion and assets under administration of around $3.56 billion in its Wealth Management Group. Midland offers a range of banking products and services including commercial and consumer banking, equipment financing, and trust services.

Midland States Bancorp (MSBI) reported a net income of $18.5 million or $0.81 diluted EPS for Q1 2021, a significant increase from $8.3 million or $0.36 EPS in Q4 2020. The efficiency ratio improved to 56.88% from 58.55%, and return on average equity reached 12.04%. Total deposits rose to $5.34 billion, increasing from $5.10 billion. Loan balances decreased to $4.91 billion, attributed to payoffs. The company anticipates stronger loan growth moving forward, reinforced by the acquisition of ATG Trust Company.

Midland States Bancorp (NASDAQ: MSBI) is set to release its Q1 2021 financial results on April 22, 2021, after market close. A conference call and webcast will follow on April 23, 2021, at 7:30 a.m. CT to discuss these results. The company, based in Effingham, Illinois, reported total assets of approximately $6.87 billion and $3.48 billion in Wealth Management assets as of December 31, 2020. Investors can access the live event via the company's website or by telephone.

Midland States Bancorp (NASDAQ: MSBI) announced an agreement to acquire substantially all trust assets of ATG Trust Company, valued at approximately $387 million. This move is anticipated to expand Midland's Wealth Management group to over $3.8 billion in assets under administration and enhance its client offerings. The acquisition, aimed at increasing recurring fee income, is set to close in Q2 2021, pending regulatory approval. Midland's approach focuses on leveraging acquisitions to enhance its wealth management capabilities, as emphasized by CEO Jeffrey G. Ludwig.