Loading...
•
Mar 31, 2024
Midland States Q1 2024 Earnings Report
Net income of $11.7 million, or $0.53 per diluted share, was reported for the first quarter of 2024.
Key Takeaways
Midland States Bancorp, Inc. reported a net income available to common shareholders of $11.7 million, or $0.53 per diluted share, for the first quarter of 2024. The results reflect strong pre-tax, pre-provision earnings, driven by increased fee income and expense control. However, provision expense increased due to a specific reserve on a multi-family construction project.
Net income available to common shareholders was $11.7 million, or $0.53 per diluted share.
Pre-tax, pre-provision earnings totaled $32.2 million.
Tangible book value per share increased 0.4% from the prior quarter to $23.44.
The common equity tier 1 capital ratio improved to 8.60% from 8.40%.
Forward Guidance
The company focuses on high quality commercial relationships and a conservative approach to new loan production, including the intentional runoff of equipment finance and consumer loans. Continued success in growing wealth management business, investing in banking and wealth talent and technology.
Positive Outlook
- Focus on high quality commercial relationships.
- Conservative approach to new loan production.
- Intentional runoff of equipment finance and consumer loans.
- Success in growing wealth management business.
- Continued investment in banking and wealth talent and technology.
Challenges Ahead
- Increased reserves to reflect an increase in nonperforming loans.
- Overall credit quality metrics declined.
- Non-performing loans increased $48.6 million to $105.0 million.
- Outstanding loans declined by $172.6 million, or 2.8%.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...