Business
Midland States Bancorp, Inc. Announces 2022 First Quarter Results
Summary Net income of $20.7 million, or $0.92 diluted earnings per shareTotal loans increased 24.1% annualizedNet interest income increased 4.7% from prior
About this update from Midland States Bancorp, Inc.
[{"type":"text","content":"Summary Net income of $20.7 million, or $0.92 diluted earnings per shareTotal loans increased 24.1% annualizedNet interest income increased 4.7% from prior quarter to $56.8 millionNet interest margin increased 25 basis points from prior quarter to 3.50%Efficiency ratio improved to 55.73% from 57.14% in the first quarter of 2021 EFFINGHAM, Ill., April 28, 2022 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income of $20.7 million, or $0.92 diluted earnings per share, for the first quarter of 2022. This compares to 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 $1.8 million gain on the termination of an interest rate swap. This also compares to net income of $18.5 million, or $0.81 diluted earnings per share, for the first quarter of 2021. Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “We executed very well in the first quarter, continuing to generate strong loan production while effectively managing expenses. Our banking teams are generating high quality lending opportunities across all asset classes, which resulted in 24% annualized growth in total loans. The strong loan production enabled us to redeploy our excess liquidity into the loan portfolio, drive a favorable shift in our mix of earning assets, and generate significant expansion in our net interest margin. “Our loan pipeline remains very strong, which should enable us to continue to generate a high level of loan growth, drive additional expansion in our net interest margin, and further improve our earnings and level of profitability as we move through the year. While we continue to see good results from the efforts we have made to enhance our new business development capabilities, we are also making steady progress on our long-term initiatives to further enhance the value of the Midland franchise. Through consistent investment in our technology platform and the development of additional fintech partnerships, we are steadily expanding our Banking-as-a-Service capabilities, which we believe will become a meaningful contributor to further balance sheet and earnings growth in the years to come,” said Mr. Ludwig. Adjusted Earnings Financial results for the fourth quarter of 2021 ...