Business
Midland States Bancorp, Inc. Announces 2020 First Quarter Results
Summary Net income of $1.5 million, or $0.06 diluted earnings per shareNew CECL accounting standard adopted as of January 1, 2020, resulting in increase to
About this update from Midland States Bancorp, Inc.
[{"type":"text","content":"Summary\n Net income of $1.5 million, or $0.06 diluted earnings per shareNew CECL accounting standard adopted as of January 1, 2020, resulting in increase to allowance for credit losses on loans of $12.8 million and higher provision for credit losses on loansFinancial results include $8.5 million impairment on commercial mortgage servicing rights Total deposits increased $106.4 million from the end of the prior quarter, or 9.4% annualized$263 million in Paycheck Protection Program loans approved through April 16, 2020 EFFINGHAM, Ill., April 23, 2020 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income of $1.5 million, or $0.06 diluted earnings per share, for the first quarter of 2020, which was impacted by an $8.5 million impairment on commercial mortgage servicing rights (“MSR”) and $1.0 million in integration and acquisition expenses, as well as additional provision for credit losses on loans resulting from the Company’s adoption of the new Current Expected Credit Loss (CECL) accounting standard. This compares to net income of $12.8 million, or $0.51 diluted earnings per share, for the fourth quarter of 2019, which was impacted by $3.3 million in integration and acquisition expenses and a $1.8 million loss on the repurchase of subordinated debt, and net income of $14.0 million, or $0.57 diluted earnings per share, for the first quarter of 2019. Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “I am very pleased with the response of our organization to the challenges presented by the COVID-19 pandemic. With the health and safety of our employees and customers being our top priority, we were able to effectively leverage the investments we have made in technology to efficiently transition to remote working for many of our employees and handle the increased use of our digital banking platform by our customers. “For 140 years, the communities we serve have counted on Midland to help them manage through difficult times, and this current crisis will be no different. We are actively working with our customers that have been impacted by COVID-19 to support them through this temporary downturn in the economy. We were able to quickly establish our process for participating in the Small Business Administration’s Paycheck Protection Program, and through Apri...