Business
Midland States Bancorp, Inc. Announces 2021 Fourth Quarter Results
Summary Net income of $23.1 million, or $1.02 diluted earnings per shareTotal loans increased 25.2% annualizedTotal deposits increased 9.1% from end of prior
About this update from Midland States Bancorp, Inc.
[{"type":"text","content":"Summary Net income of $23.1 million, or $1.02 diluted earnings per shareTotal loans increased 25.2% annualizedTotal deposits increased 9.1% from end of prior quarterNon-performing loans declined 22.0% from end of prior quarterNet interest income increased 5.7% from prior quarter to $54.3 millionEfficiency ratio improved to 52.61% from 58.78% in prior quarter Book value and tangible book value per share increased 1.6% and 2.3%, respectively EFFINGHAM, Ill., Jan. 27, 2022 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income of $23.1 million, or $1.02 diluted earnings per share, for the fourth quarter of 2021, which included a $4.9 million FHLB advance prepayment fee and a $1.9 million gain on the termination of an interest rate swap. This compares to net income of $19.5 million, or $0.86 diluted earnings per share, for the third quarter of 2021. This also compares to net income of $8.3 million, or $0.36 diluted earnings per share, for the fourth quarter of 2020, which included $4.9 million in FHLB advance prepayment fees. Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “We continue to see an acceleration of our new business development efforts driven by the more productive commercial banking teams we have built over the past year and our increased presence in higher growth markets in Northern Illinois and St. Louis. We had a record quarter of loan production, resulting in 25% annualized growth in total loans, which we were able to fund with strong inflows of noninterest-bearing deposits. The strong balance sheet growth we are seeing is driving higher levels of revenue, increased operating leverage, and an improvement in our level of profitability. “Based on our current commercial and commercial real estate lending pipelines and improving loan demand, we expect to deliver another year of strong loan growth in 2022. We also expect to keep expense levels relatively flat compared to 2021, despite continuing to increase our technology investment in order to further improve our revenue generation capabilities and enhance client service. In 2022, we will be focused on continuing to build relationship-based commercial and commercial real estate loans funded by low-cost deposits, which we combine with a growing wealth management business that provides a lar...