Business
Midland States Bancorp, Inc. Announces 2023 Second Quarter Results
Second Quarter 2023 Highlights: Net income available to common shareholders of $19.3 million, or $0.86 per diluted shareEfficiency ratio improved to 55.0%
About this update from Midland States Bancorp, Inc.
[{"type":"text","content":"Second Quarter 2023 Highlights: Net income available to common shareholders of $19.3 million, or $0.86 per diluted shareEfficiency ratio improved to 55.0% from prior quarterTotal loan growth of $13.1 million, or 0.8% annualized Total deposit growth of $1.3 million or 0.1% annualized Common equity tier 1 capital ratio improved to 8.03%Tangible book value per share of $22.24, an increase of 1.7% from prior quarter EFFINGHAM, Ill., July 27, 2023 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $19.3 million, or $0.86 per diluted share, for the second quarter of 2023, compared to $19.5 million, or $0.86 per diluted share, for the first quarter of 2023. This also compares to net income available to common shareholders of $21.9 million, or $0.97 per diluted share, for the second quarter of 2022. Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “We executed well in the second quarter and continued to deliver strong financial performance while prioritizing prudent risk management given the challenging operating environment, which resulted in an 8% increase in our pre-tax, pre-provision income compared to the prior quarter. Due to our strong financial performance and prudent balance sheet management, we saw an increase in our capital ratios and tangible book value per share, while also taking advantage of the opportunity to repurchase our common stock at below tangible book value and redeeming some of our higher cost subordinated debt. “We continue to have success in developing full banking relationships with high quality businesses, which resulted in continued growth in our commercial loan portfolio. As planned, we are funding the new commercial loans and additional securities purchases with the runoff in our GreenSky portfolio, which is contributing to our strong financial performance and increase in capital ratios. “While economic conditions remain uncertain, we will continue to prioritize prudent risk management and be conservative in our new loan production to build capital and liquidity. We continue to see good opportunities to add core deposit relationships in our markets with both retail and commercial customers, and during the second half of the year, we expect to begin seeing a contribution to deposit gathe...