Midland States Bancorp Q2 2024 net income falls to $4.5 million amid rising provision costs and credit deterioration

Midland States Bancorp, Inc.

2024-Q2 EPS reported $0.73

Net income available to common shareholders was $4.5 million ($0.20/diluted share), down from $11.7 million in Q1 2024 and $19.3 million in Q2 2023.
Provision expense increased to $16.8 million, including $14.0 million related to credit deterioration at fintech partner LendingPoint.
Non-performing loans rose to $112.1 million (1.92% of loans) from $105.0 million at March 31, 2024; allowance for credit losses reached 1.58%.
Net interest margin narrowed to 3.12% from 3.18% in prior quarter; efficiency ratio worsened to 65.2% from 58.0%.
Tangible book value per share decreased to $23.36; Company repurchased 131,372 shares at a weighted average price of $22.84.

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