secwatch.observer — SEC 8-K summary
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Issuer:     Midland States Bancorp, Inc. (MSBI)
CIK:        0001466026
Form:       8-K
Filed at:   2024-04-25T23:59:59+00:00
Accession:  0001466026-24-000013
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1466026/000146602624000013/0001466026-24-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1466026/000146602624000013/msbi-20240425.htm
  HTML page:      https://secwatch.observer/filing/0001466026-24-000013

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