Midland States Stock Price, News & Analysis

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.

Midland States Bancorp reported a net income of $8.3 million, or $0.36 diluted earnings per share for Q4 2020, a sharp increase from $86 thousand, or $0.00 per share in Q3 2020. Adjusted earnings reached $12.5 million, or $0.54 per share, excluding $4.9 million in FHLB advance prepayment charges. Total loans rose 3.3% to $5.10 billion, while deposits increased 1.4% to $5.10 billion. Nonperforming loans dropped 19.8% from Q3 2020, reflecting improved asset quality amidst pandemic challenges. The company announced a $50 million stock repurchase program, repurchasing 430,185 shares during the quarter.

Midland States Bancorp, Inc. (NASDAQ: MSBI) will release its Q4 2020 financial results after market close on January 28, 2021. A conference call and webcast will follow on January 29, 2021, at 7:30 a.m. Central Time, allowing analysts and investors to participate in a Q&A session. The company reported total assets of approximately $6.7 billion as of September 30, 2020, and its Wealth Management Group manages around $3.25 billion in assets. More information is available on their Investor Relations website.

Midland States Bancorp announces the retirement of Chairman John M. Schultz effective December 9, 2020, after over three decades with the company. Jeffrey C. Smith, current Chairman of Midland States Bank, will succeed him. Smith emphasized Schultz's crucial role in the bank's growth, noting a commitment to strategic plans for enhancing shareholder value. Dean Bingham has joined the Board, bringing extensive experience in industrial development. The company has approximately $6.7 billion in total assets and $3.25 billion in assets under management.