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Mar 31, 2023
Midland States Q1 2023 Earnings Report
Net income of $19.5 million, with diluted earnings per share of $0.86, was reported.
Key Takeaways
Midland States Bancorp, Inc. reported a net income available to common shareholders of $19.5 million, or $0.86 per diluted share, for Q1 2023. Total assets reached $7.93 billion, and portfolio loans amounted to $6.35 billion.
Net income available to common shareholders was $19.5 million, or $0.86 per diluted share.
Total loan growth of $47.8 million, or 3.0% annualized from prior quarter.
Total deposits increased $60.5 million, or 3.8% annualized from prior quarter, with uninsured deposits of 21%.
Tangible book value per share of $21.87, an increase of 4.4% from prior quarter
Revenue by Segment
Forward Guidance
Midland States Bancorp plans to continue prioritizing prudent risk management and conservative loan production to build capital and liquidity.
Positive Outlook
- Continued reductions in the consumer portfolio will be used to add to security portfolio and pay off higher cost funding sources.
- The net impact is likely to be earnings neutral but capital accretive.
- The company has a strong balance sheet with healthy asset quality.
- The company believes it can capitalize on the current environment to add new commercial and retail deposit relationships.
- Focus on continuing to grow and strengthen the core deposit base to generate long-term profitable growth and enhance the value of the franchise.
Challenges Ahead
- Uncertain economic conditions necessitate more selective new loan production.
- Rising interest rates have increased the cost of funding liabilities at a faster rate than the yields on earning assets, declining net interest margin.
- Losses on sales of investment securities negatively impacted noninterest income.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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