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Jun 30, 2023
Midland States Q2 2023 Earnings Report
Midland States Bancorp's financial performance remained strong, marked by an improvement in the efficiency ratio and growth in total loans and deposits.
Key Takeaways
Midland States Bancorp reported a net income available to common shareholders of $19.3 million, or $0.86 per diluted share, for the second quarter of 2023. The company saw improvements in its efficiency ratio, common equity tier 1 capital ratio, and tangible book value per share. Total loan and deposit growth was also achieved during the quarter.
Net income available to common shareholders was $19.3 million, or $0.86 per diluted share.
Efficiency ratio improved to 55.0% from the prior quarter.
Total loan growth of $13.1 million, or 0.8% annualized.
Total deposit growth of $1.3 million, or 0.1% annualized.
Forward Guidance
Midland States Bancorp will continue to prioritize prudent risk management and be conservative in new loan production to build capital and liquidity. The company expects to see a contribution to deposit gathering from its Banking-as-a-Service initiative in the second half of the year.
Positive Outlook
- Prioritizing prudent risk management.
- Conservative approach to new loan production.
- Focus on building capital and liquidity.
- Opportunities to add core deposit relationships.
- Expected contribution to deposit gathering from Banking-as-a-Service initiative.
Challenges Ahead
- Economic conditions remain uncertain.
- Challenging operating environment.
- Credit quality metrics declined during the quarter.
- Increase in delinquencies in equipment finance loans and leases.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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