Midland States Bancorp Q1 EPS $0.53 down 37% QoQ; NPLs double to $105M

Midland States Bancorp, Inc.

2024-Q1 EPS reported $0.53

Diluted EPS $0.53 vs $0.84 in Q4 2023 and $0.86 in Q1 2023; net income available to common $11.7M.
Provision expense $14.0M (Q4: $7.0M) due to $8.0M specific reserve on a multi-family construction loan.
Non-performing loans rose to $105.0M (1.76% of loans) from $56.4M; four loans account for $47.4M increase.
Net interest margin 3.18%, down from 3.21% QoQ and 3.39% YoY; cost of deposits 2.49%.
Tangible book value per share $23.44 (up 0.4% QoQ); CET1 ratio 8.60%; repurchased 73,781 shares at $26.31.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Midland States Bancorp, Inc. reported first quarter of 2024 results: net income $11.7 million, EPS $0.53 per diluted share.

Period: first quarter of 2024
Net income: $11.7 million
EPS: $0.53 per diluted share
Result: reported results

Exact text from the filing

Midland States Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter of 2024.

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Midland States Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0001466026-24-000013

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