Midland States Bancorp, Inc. operates as a diversified financial holding company whose banking subsidiary provides commercial and consumer banking services, commercial real estate and mortgage lending, and wealth management services including trust, fiduciary, brokerage and retirement planning.
Company announcements commonly address quarterly operating results, net interest margin and loan growth, credit quality, non-performing assets, portfolio sales and balance-sheet risk reduction. Other recurring developments include common and preferred stock dividends, stock repurchase authorizations, board and executive changes, institutional ownership, and capital management actions.
Midland States Bancorp (MSBI) reported a net income of $23.1 million or $1.02 per diluted share for Q4 2021, marking a significant increase from $19.5 million in Q3 2021. Total loans surged by 25.2% annualized, while deposits rose by 9.1% compared to the previous quarter. Non-performing loans decreased by 22.0%. Net interest income increased by 5.7% to $54.3 million. The efficiency ratio improved to 52.61%. Adjusted earnings were $25.4 million, or $1.12 per diluted share.
Midland States Bancorp (NASDAQ: MSBI) announced its agreement to acquire deposits and assets from FNBC Bank & Trust, including the Mokena branch. This transaction, valued at approximately $86 million in deposits and $26 million in loans, is expected to close in Q2 2022, pending regulatory approval. Midland will benefit from a low-cost deposit base and aims to enhance its presence in growing markets in Northern Illinois. Following the acquisition, they anticipate a slight increase in earnings, as they welcome new customers and expand their market reach.
Midland States Bancorp (NASDAQ: MSBI) will announce its fourth quarter 2021 financial results on January 27, 2022, after market close. A conference call and webcast are scheduled for January 28, 2022, at 7:30 a.m. CT to discuss these results. Interested parties can access the call by phone or via a live webcast on the company's Investor Relations page. The company reported total assets of approximately $7.09 billion and $4.06 billion in assets under administration as of September 30, 2021.
Midland States Bancorp (NASDAQ: MSBI) has declared a quarterly cash dividend of $0.28 per share. This dividend is set to be paid on or about November 29, 2021, to shareholders who are on record as of the close of business on November 22, 2021. The company reported approximately $7.09 billion in total assets and $4.06 billion in assets under administration for its Wealth Management Group as of September 30, 2021.
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.