Midland States Bancorp Q3 net income $16.2M ($0.74 EPS) vs Q2 $4.5M; provision expense drops to $5.0M

Midland States Bancorp, Inc.

2024-Q3 EPS reported $1.47

Net income available to common shareholders of $16.2M ($0.74 diluted EPS) vs $4.5M ($0.20) in Q2 2024.
Provision expense fell to $5.0M from $16.8M in Q2 (driven by LendingPoint charge-off resolution).
Tangible book value per share rose to $24.90 from $23.36; efficiency ratio improved to 62.8% from 65.2%.
Net interest margin (tax-equivalent) was 3.10% vs 3.12% in Q2; nonperforming loans increased to $114.6M.
Loans declined $103.2M (1.8%) as equipment finance and consumer portfolios were reduced.

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