Business
Midland States Bancorp, Inc. Announces 2022 Second Quarter Results
Summary Net income of $21.9 million, or $0.97 diluted earnings per shareROAA, ROAE, and ROATCE all increased from prior quarterTotal loans increased 18.5%
About this update from Midland States Bancorp, Inc.
[{"type":"text","content":"Summary Net income of $21.9 million, or $0.97 diluted earnings per shareROAA, ROAE, and ROATCE all increased from prior quarterTotal loans increased 18.5% annualized from prior quarterNet interest margin increased 15 basis points from prior quarter to 3.65%Efficiency ratio improved to 53.10% from 55.73% in prior quarter EFFINGHAM, Ill., July 28, 2022 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income of $21.9 million, or $0.97 diluted earnings per share, for the second quarter of 2022. This compares to net income of $20.7 million, or $0.92 diluted earnings per share, for the first quarter of 2022. This also compares to net income of $20.1 million, or $0.88 diluted earnings per share, for the second quarter of 2021. Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “We continue to generate improvement in our financial performance as a result of the strategic initiatives we have implemented over the past few years to strengthen our commercial banking team, increase our focus on higher growth markets, and improve operational efficiencies. We had another exceptionally strong quarter of loan production, which resulted in 18% annualized growth in total loans, as well as continued expansion in our net interest margin. The loan growth and margin expansion drove increases in our revenue and earnings, as well as improved efficiencies and returns compared to the prior quarter. “Our loan pipeline remains strong, although we expect loan growth to moderate in the second half of the year as it is likely that higher rates and concern about weakening economic conditions will have a greater impact on loan demand. However, with our continued loan growth and margin expansion, combined with stable expense levels, we believe that we are well positioned to generate further improvement in earnings and returns,” said Mr. Ludwig. Net Interest Margin Net interest margin for the second quarter of 2022 was 3.65%, compared to 3.50% for the first quarter of 2022, due primarily to a favorable shift in the mix of earning assets and an increase in the average yield on earning assets. The Company’s net interest margin benefits from accretion income on purchased loan portfolios, which contributed 3 basis points to net interest margin in both the first and second quarters of 2022. R...