Business
Midland States Bancorp, Inc. Announces 2019 Fourth Quarter Results
Highlights Net income of $12.8 million, or $0.51 diluted earnings per shareAdjusted earnings of $16.1 million, or $0.64 diluted earnings per share, primarily
About this update from Midland States Bancorp, Inc.
[{"type":"text","content":"Highlights\n Net income of $12.8 million, or $0.51 diluted earnings per shareAdjusted earnings of $16.1 million, or $0.64 diluted earnings per share, primarily reflects the exclusion of $3.3 million in integration and acquisition expenses and a $1.8 million loss on the repurchase of subordinated debtTotal loans increased $72.6 million from the end of the prior quarter, or 6.7% annualizedTotal deposits increased $99.1 million from the end of the prior quarter, or 8.8% annualizedEfficiency ratio improved to 59.5% from 60.6% in the prior quarter EFFINGHAM, Ill., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income of $12.8 million, or $0.51 diluted earnings per share, for the fourth quarter of 2019, which included $3.3 million in integration and acquisition expenses and a $1.8 million loss on the repurchase of subordinated debt. This compares to net income of $12.7 million, or $0.51 diluted earnings per share, for the third quarter of 2019, which included $5.3 million in integration and acquisition expenses, and net income of $16.3 million, or $0.67 diluted earnings per share, for the fourth quarter of 2018. Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “We completed 2019 with a strong quarter of business development highlighted by growth in both loans and deposits. Our focus on developing new depository products for commercial customers is having a positive impact on our core deposit gathering, resulting in steady improvement in our deposit mix. We believe we are well positioned to create additional value for shareholders in 2020. Through a combination of modest balance sheet growth, realizing the full synergies from our acquisition of HomeStar Financial Group, driving additional efficiencies throughout our organization, and expanding our net interest margin through a reduction in our funding costs, we believe we can deliver solid earnings growth and an improvement in our return on assets and equity.” Adjustment in Staffing Levels In January 2020, the Company reduced its staffing by approximately 50 full-time employee positions, representing approximately 5% of the Company’s workforce. The Company expects to record $0.7 - $0.8 million in one-time charges related to the staffing level adjustments in the first quarter of 2020. The sta...