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Sep 30, 2021
Midland States Q3 2021 Earnings Report
Reported a strong quarter driven by positive trends across most areas of operations.
Key Takeaways
Midland States Bancorp, Inc. reported a net income of $19.5 million, or $0.86 diluted earnings per share, for the third quarter of 2021. The results were driven by solid loan growth, improved asset quality, net interest margin expansion, and growth in wealth management revenue.
Delivered a strong quarter driven by positive trends across most areas of operations.
Loan growth was driven by new additions to the commercial banking team and increasing demand.
Improved asset quality and net interest margin expansion due to the elimination of higher cost funding sources.
Wealth management revenue grew following the acquisition of ATG Trust Company.
Midland States
Midland States
Forward Guidance
The Company expects to see a continuation of these positive trends in the fourth quarter. They anticipate continued quality balance sheet growth, leading to a higher level of net interest income, additional operating leverage, and further improvement in profitability.
Positive Outlook
- Increase presence in higher growth markets in Northern Illinois and St. Louis.
- Consistent addition of full banking relationships with new commercial clients.
- Healthy loan and deposit pipelines.
- Continued quality balance sheet growth.
- Higher level of net interest income.