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Jun 30, 2021
Midland States Q2 2021 Earnings Report
Midland States Bancorp, Inc. reported net income for the second quarter of 2021.
Key Takeaways
Midland States Bancorp, Inc. reported a net income of $20.1 million, or $0.88 diluted earnings per share, for the second quarter of 2021. The results included a $6.8 million tax benefit, $3.6 million in professional fees, and a $3.7 million charge related to prepayment of a FHLB advance. Excluding these amounts, adjusted earnings were $19.8 million, or $0.86 diluted earnings per share.
Net income was $20.1 million, or $0.88 diluted earnings per share.
Adjusted earnings were $19.8 million, or $0.86 diluted earnings per share.
Net interest margin was 3.29%.
Noninterest income increased 17.6% from the prior quarter.
Revenue by Segment
Forward Guidance
Midland States Bancorp expects an increase in loan growth during the second half of the year and anticipates further improvement in profitability due to operating leverage and a favorable shift in the mix of earning assets.
Positive Outlook
- Loan pipeline in Community Banking group is approximately 14% higher than at the end of the first quarter.
- Improving loan demand.
- Contributions from new bankers added over the past several months.
- Expects further improvement in profitability driven by additional operating leverage.
- Favorable shift in the mix of earning assets.
Challenges Ahead
- No specific negative aspects were mentioned in the forward guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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