Business
Midland States Bancorp, Inc. Announces 2022 Fourth Quarter Results
Summary Net income available to common shareholders of $29.7 million, or $1.30 per diluted share$17.5 million gain on the termination of forward starting
About this update from Midland States Bancorp, Inc.
[{"type":"text","content":"Summary Net income available to common shareholders of $29.7 million, or $1.30 per diluted share$17.5 million gain on the termination of forward starting interest rate swaps, $3.3 million loss on commercial mortgage servicing rights held for sale and $3.5 million impairment on other real estate ownedTotal loans increased 7.0% annualized from prior quarterTangible book value per share increased 4.0% from end of prior quarterTangible common equity to tangible assets increased 24 basis points from end of prior quarter EFFINGHAM, Ill., Jan. 26, 2023 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $29.7 million, or $1.30 per diluted share, for the fourth quarter of 2022 compared to $23.5 million, or $1.04, respectively, for the third quarter of 2022. This also compares to net income available to common shareholders of $23.1 million, or $1.02 per diluted share, for the fourth quarter of 2021. Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “Our fourth quarter performance completed a very successful year in which we generated a record level of earnings. For the full year, we generated return on assets of 1.31%, up from 1.18% in 2021, and return on tangible common equity of 20.8%, up from 17.9% in 2021. In the fourth quarter, our solid financial performance resulted in significant growth in both book value and tangible book value per share, as well as increases in most of our capital ratios. “As we begin 2023, we are maintaining our conservative approach to new loan production and expect a relatively low level of loan growth until economic conditions improve. Even with a lower level of loan growth, we believe that we are well positioned to continue generating strong financial performance as we get additional leverage from the investments in talent and technology that we have made over the past few years. While we expect the macro environment to be challenging, particularly in the first half of the year, we believe that we will deliver strong results for our shareholders as we continue executing on our long-term strategies to enhance the value of the Midland franchise,” said Mr. Ludwig. Net Interest Income and Net Interest Margin Net interest income for the fourth quarter of 2022 was $63.6 million, a decrease of $0...