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Dec 31, 2020
Midland States Q4 2020 Earnings Report
Reported net income driven by significant growth in net interest income resulting from loan growth and a higher net interest margin.
Key Takeaways
Midland States Bancorp, Inc. reported a strong fourth quarter with net income of $8.3 million, or $0.36 diluted earnings per share. The results were driven by significant growth in net interest income due to loan growth and a higher net interest margin. The company also saw improvement in asset quality during the quarter.
Net income for the fourth quarter of 2020 was $8.3 million, or $0.36 diluted earnings per share.
Total loans outstanding were $5.10 billion at December 31, 2020, compared with $4.94 billion at September 30, 2020.
Net interest margin for the fourth quarter of 2020 was 3.47%, compared to 3.33% for the third quarter of 2020.
Nonperforming loans decreased to $54.1 million, or 1.06% of total loans, at December 31, 2020, compared with $67.4 million, or 1.36% of total loans, at September 30, 2020.
Revenue by Segment
Forward Guidance
Midland States Bancorp believes they are in a much stronger position to realize more operating leverage, continue to grow the balance sheet, and deliver higher earnings and improved returns for shareholders in the future.
Positive Outlook
- Expense elimination through branch consolidations
- Expense elimination through the sale of the commercial FHA origination platform
- Restructured FHLB advances to reduce interest expense
- Building a robust digital platform to enhance efficiencies
- Building a robust digital platform to improve loan production and deposit gathering capabilities
Challenges Ahead
- Challenging economic conditions
- Continued uncertainty around the timing of a stronger economic recovery
- Effects of the COVID-19 pandemic
- Changes to federal, state and local government laws, regulations and orders in connection with the pandemic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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