Midland States Stock Price, News & Analysis

Midland States Bancorp (MSBI) reported a net income of $19.5 million, or $0.86 diluted earnings per share, for Q3 2021, a slight decrease from $20.1 million in Q2 2021. Total loans rose by 8.2% annualized, and non-performing loans fell by 11.0%. The net interest margin improved to 3.34%, contributing to a decrease in noninterest expense to $41.3 million. Wealth management revenue grew 29.1% year-over-year. The company repurchased 210,177 shares at $24.93, with $24.9 million remaining in its repurchase program.

Midland States Bancorp, Inc. (NASDAQ: MSBI) will release its third quarter 2021 financial results after market close on October 28, 2021. A conference call to discuss these results will take place on October 29, 2021, at 7:30 a.m. Central Time. Analysts and investors are invited to participate in the Q&A session. As of June 30, 2021, Midland had total assets of approximately $6.63 billion and $4.08 billion in assets under administration through its Wealth Management Group.

Midland States Bancorp (MSBI) has enhanced its stock repurchase program, increasing the authorization from $50 million to $75 million and extending the program's expiration to December 31, 2022. As of August 31, 2021, approximately $26.3 million remains available for repurchase. This decision aims to balance capital deployment while supporting organic and acquisitive growth, complemented by consistent shareholder returns. The repurchase may occur through open market transactions, depending on various market factors.

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.