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Sep 30, 2022
Midland States Q3 2022 Earnings Report
Reported net income and increased loan demand.
Key Takeaways
Midland States Bancorp reported a net income of $23.5 million, or $1.04 diluted earnings per share, for the third quarter of 2022. The company experienced strong loan demand, resulting in 28% annualized growth in total loans. The company also raised $115 million through a preferred stock offering.
Net income for Q3 2022 was $23.5 million, or $1.04 diluted earnings per share.
Total loans outstanding were $6.20 billion at September 30, 2022.
Net interest margin for the third quarter of 2022 was 3.63%.
The Company raised $115 million of capital through a preferred stock offering.
Midland States
Midland States
Forward Guidance
The company is well positioned to support continued balance sheet growth, although they expect loan growth to moderate. They believe they can continue to generate strong financial results for shareholders.
Positive Outlook
- Well positioned to support continued balance sheet growth.
- Higher net interest margin.
- Increased efficiencies.
- Can continue to generate strong financial results for our shareholders.
- Further increase capital ratios and support the continued growth of our franchise.
Challenges Ahead
- Expect our level of loan growth to moderate.
- Higher interest rates may impact loan demand.
- Economic uncertainty may impact loan demand.
- Rising interest rates on the Company’s investment portfolio has resulted in a $83.6 million decline in accumulated other comprehensive income (AOCI).
- AOCI has negatively impacted tangible book value per share by $3.55, and the tangible common equity to tangible assets ratio by 103 basis points.