Business
Midland States Bancorp, Inc. Announces 2020 Second Quarter Results
Summary Net income of $12.6 million, or $0.53 diluted earnings per shareTotal loans increased $463.2 million, or 10.6%, from the end of the prior quarterTotal
About this update from Midland States Bancorp, Inc.
[{"type":"text","content":"Summary\n Net income of $12.6 million, or $0.53 diluted earnings per shareTotal loans increased $463.2 million, or 10.6%, from the end of the prior quarterTotal deposits increased $292.5 million, or 6.3%, from the end of the prior quarterEfficiency ratio of 58.5%Allowance for credit losses strengthened to 0.97% of total loans$276.0 million in Paycheck Protection Program loans as of June 30, 2020 EFFINGHAM, Ill., July 23, 2020 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income of $12.6 million, or $0.53 diluted earnings per share, for the second quarter of 2020. This compares to 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, and net income of $16.4 million, or $0.67 diluted earnings per share, for the second quarter of 2019. Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “Despite the ongoing impact of the COVID-19 pandemic, we saw a number of positive trends in the quarter including significant balance sheet growth, higher revenue, and lower expense levels, which combined to produce a strong quarter of earnings and an increase in our tangible book value per share. “While a great deal of uncertainty remains regarding the duration of the pandemic, we are seeing some encouraging signs across our markets and customers. Overall asset quality remained relatively stable during the second quarter while requests for loan deferrals have slowed considerably in June and July. Approximately 60% to 65% of the loans we granted deferrals to in April and May are expected to resume making their scheduled payments once their deferral period ends. “Our participation in the Small Business Administration’s Paycheck Protection Program (“PPP”) has continued to be a valuable source of support to our communities. Through the end of June, we had more than 2,300 applications approved by the SBA totaling $276.0 million in loans for our customers, which will help support more than 28,000 employees in our markets. “We continue to increase our allowance for credit losses and maintain strong capital and liquidity positions. We believe our strong balance sheet will enable us to...