Midland States Bancorp reports Q4 net loss of $54.8M; exits non-core consumer loan portfolios

Midland States Bancorp, Inc.

2024-FY EPS reported $1.32

Net loss available to common shareholders of $54.8M ($2.52 diluted loss per share), vs. Q3 income of $16.2M.
Sold $87.1M LendingPoint portfolio; committed to sell $371.7M Greensky portfolio, recognizing combined $50.7M charge-offs/provision.
Net charge-offs of $102.7M and provision for credit losses of $93.5M, driven by credit deterioration in consumer, Specialty Finance, and equipment finance.
Substandard accruing loans fell $88.7M to $78.8M; nonperforming loans rose $25.6M to $140.1M.
Net interest margin improved to 3.19% (from 3.10% Q3); total risk-based capital ratio 13.38%.

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