Financial Performance - Total assets reached $7.5 billion[7] - Net loss available to common shareholders was ($54.8 million), resulting in ($2.52) diluted EPS[9] - Pre-tax, pre-provision earnings amounted to $21.5 million[9] - Noninterest income was strong at $19.6 million[9] Loan Portfolio & Credit Quality - Total loans decreased by $581.2 million from the prior quarter, reaching $5.17 billion[19] - Net charge-offs to average loans was 7.23%[57] - Sold 100% of $87.1 million LendingPoint portfolio at a loss of $17.3 million[10] - Committed to sell 89% of $371.7 million GreenSky portfolio at a loss of $33.4 million, expected to close in Q1'25[10] Deposits & Liquidity - Total deposits decreased by $59.6 million from the prior quarter to $6.197 billion[26] - Loan-to-deposit ratio decreased to 83.4% from 91.9% at the end of the prior quarter[9] - Total estimated liquidity was $2.6162 billion as of December 31, 2024[15] Capital & Ratios - YTD Adjusted Return on Average Assets (ROAA) was (0.17)%[7] - YTD Adjusted Return on Tangible Common Equity (TCE) was (4.40)%[7] - Tangible Common Equity to Tangible Assets (TCE/TA) ratio was 6.14%[7]

Core Viewpoint - Midland States Bancorp (MSBI) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system emphasizes the importance of earnings estimate revisions, which are strongly correlated with near-term stock price movements [4][6]. - For the fiscal year ending December 2025, Midland States Bancorp is projected to earn $2.60 per share, reflecting a substantial increase of 347.6% from the previous year's reported figure [8]. Analyst Sentiment and Market Implications - Analysts have been consistently raising their earnings estimates for Midland States Bancorp, with a 3% increase in the Zacks Consensus Estimate over the past three months [8]. - The upgrade to Zacks Rank 2 places Midland States Bancorp in the top 20% of Zacks-covered stocks, suggesting potential for higher stock prices in the near term [10]. Zacks Rank System Overview - The Zacks Rank system categorizes stocks based on earnings estimates into five groups, with a proven track record of performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7]. - The Zacks rating system maintains a balanced distribution of 'buy' and 'sell' ratings, ensuring that only the top 20% of stocks are recognized for their superior earnings estimate revisions [9][10].

Core Viewpoint - Midland States Bancorp, Inc. received a deficiency notification from Nasdaq due to the late filing of its Annual Report on Form 10-K and Quarterly Report on Form 10-Q, indicating non-compliance with Nasdaq Listing Rule 5250(c)(1) [1][3]. Company Compliance Status - The notification does not have an immediate effect on the listing or trading of the Company's common stock on the Nasdaq Global Select Market [2]. - The Company has until June 2, 2025, to submit a plan to regain compliance with the Listing Rule, with a potential extension until September 29, 2025 [3]. Financial Reporting Evaluation - The Company is currently evaluating its accounting and financial reporting related to third-party lending and servicing arrangements, including assessing goodwill impairment [4]. Company Overview - Midland States Bancorp, Inc. is a community-based financial holding company with total assets of approximately $7.46 billion as of March 31, 2025, and its Wealth Management Group manages assets of about $4.10 billion [6].

Group 1 - Midland States Bancorp reported revenue of $75.95 million for the quarter ended March 2025, a year-over-year decline of 1.5% [1] - The company's EPS for the same period was $0.57, compared to $0.53 a year ago, indicating an increase [1] - The reported revenue exceeded the Zacks Consensus Estimate of $72.75 million by 4.40%, and the EPS also surpassed the consensus estimate of $0.52 by 9.62% [1] Group 2 - Key metrics for Midland States Bancorp include an efficiency ratio of 64.2%, better than the estimated 67.7% [4] - Average interest-earning assets were reported at $6.80 billion, slightly above the estimated $6.77 billion [4] - Net charge-offs to average loans were 1.4%, significantly higher than the estimated 0.4% [4] Group 3 - The net interest margin was reported at 3.5%, exceeding the average estimate of 3.2% [4] - Wealth management revenue was $7.35 million, slightly above the estimated $7.30 million [4] - Total noninterest income was $17.76 million, below the average estimate of $19 million [4] Group 4 - Shares of Midland States Bancorp have returned -4.2% over the past month, underperforming the Zacks S&P 500 composite's -0.2% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance in the near term [3]

Core Viewpoint - Midland States Bancorp (MSBI) reported quarterly earnings of $0.57 per share, exceeding the Zacks Consensus Estimate of $0.52 per share, and showing an increase from $0.53 per share a year ago, representing an earnings surprise of 9.62% [1][2] Financial Performance - The company posted revenues of $75.95 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.40%, although this is a decrease from $77.11 million in the same quarter last year [2] - Over the last four quarters, Midland States Bancorp has exceeded consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance - Midland States Bancorp shares have declined approximately 32.5% since the beginning of the year, compared to a decline of 5.5% for the S&P 500 [3] - The current Zacks Rank for the stock is 5 (Strong Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.64 on revenues of $73.95 million, and for the current fiscal year, it is $2.52 on revenues of $296.8 million [7] - The trend of estimate revisions for Midland States Bancorp has been unfavorable ahead of the earnings release [6] Industry Context - The Zacks Industry Rank for Banks - Northeast, to which Midland States Bancorp belongs, is currently in the top 25% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Financial Performance - Net income available to common shareholders for Q1 2025 was $12.6 million, or $0.57 per diluted share[6] - Pre-tax, pre-provision earnings for Q1 2025 were $27.0 million, or $1.12 per diluted share[6] - Net income available to common shareholders for the same period was $12,571,000, resulting in basic and diluted earnings per share of $0.57[29] - The company reported pre-tax, pre-provision earnings of $27,024,000 for the three months ended March 31, 2025[33] Loan and Asset Management - Total loans as of March 31, 2025, were $5.02 billion, a decrease of $149.5 million from December 31, 2024[12] - Nonperforming loans were $140.0 million, representing 2.79% of total loans as of March 31, 2025[10] - Net charge-offs for Q1 2025 were $16.9 million, with $11.1 million fully reimbursed related to third-party lending programs[11] - Total loans as of March 31, 2025, were $5,018,053,000, with a provision for credit losses on loans of $8,250,000[29] - The loan portfolio mix included $2,592,325,000 in commercial real estate loans as of March 31, 2025[31] Deposits and Interest - Total deposits were $5.94 billion as of March 31, 2025, a decrease of $260.8 million from December 31, 2024[12] - Total deposits as of March 31, 2025, were $5,936,434,000, with noninterest-bearing demand deposits of $1,090,707,000[31] - Net interest income for the three months ended March 31, 2025, was $58,186,000, with interest income of $99,251,000 and interest expense of $41,065,000[29] - Net interest margin was 3.48%, with the cost of deposits declining to 2.29%[13] Wealth Management - Wealth Management revenue totaled $7.4 million in Q1 2025, with assets under administration of $4.10 billion[12] - Wealth management revenue for the three months ended March 31, 2025, was $7,350,000[29] Regulatory Compliance and Capital - The Company exceeded all regulatory capital requirements under Basel III as of March 31, 2025[18] - Tangible common equity to tangible assets ratio was 6.32% as of March 31, 2025[35] Efficiency Metrics - The efficiency ratio for the three months ended March 31, 2025, was 64.24%[34] Future Projections - The Company expects noninterest income in the near term to be approximately $17.0 million to $17.5 million[20] Total Assets - Total assets as of March 31, 2025, amounted to $7,457,753,000[27]

Core Viewpoint - Midland States Bancorp, Inc. reported preliminary results for the first quarter of 2025, indicating ongoing evaluations of accounting and financial reporting related to third-party lending and servicing arrangements, which may lead to restated financial statements for 2024 [1][2]. Preliminary Financial Results - The preliminary results reflect updated accounting methodologies for third-party lending and servicing arrangements, with actual results potentially differing materially from these preliminary figures [2]. - Net income available to common shareholders for Q1 2025 was $12.6 million, or $0.57 per diluted share, with pre-tax, pre-provision earnings of $27.0 million, or $1.12 per diluted share [7][17]. Asset Quality and Credit Trends - As of March 31, 2025, nonperforming loans totaled $140.0 million, with net charge-offs of $16.9 million, including $11.1 million from fully reimbursed charge-offs related to third-party lending programs [11][12]. - The company reported no significant new substandard or nonperforming loans during the quarter, and substandard accruing loans decreased slightly to $75.7 million [11][12]. Loan and Deposit Portfolio - Total loans decreased to $5.02 billion, with a notable decrease in the Specialty Finance loan portfolio by $159.3 million due to tightened credit standards [12]. - Total deposits were $5.94 billion, reflecting a decrease of $260.8 million from the previous quarter, with retail deposits increasing by $96.8 million [12]. Profitability and Capital Ratios - The net interest margin for Q1 2025 was reported at 3.48%, with a continued decline in the cost of funding to 2.29% [14]. - The company exceeded all regulatory capital requirements under Basel III, with total capital to risk-weighted assets at 13.77% [18]. Wealth Management and Noninterest Income - Wealth management revenue totaled $7.4 million for Q1 2025, with assets under administration at $4.10 billion [12]. - Noninterest income for the quarter was $17.8 million, impacted by losses on limited partnership investments and credit enhancements [16][21].

Company Overview - Peapack-Gladstone (PGC) shares increased by 6% to $26.52 in the last trading session, following a significant volume of trading, contrasting with an 11.8% loss over the past four weeks [1][2] - The stock's recent rally was influenced by a broader market surge, particularly due to President Donald Trump's announcement of a 90-day tariff pause for non-retaliating nations, which positively impacted investor sentiment [2] Earnings and Revenue Expectations - Peapack-Gladstone is projected to report quarterly earnings of $0.54 per share, reflecting a year-over-year increase of 12.5% [2] - Expected revenues for the upcoming quarter are $63.4 million, representing a 19.4% increase compared to the same quarter last year [2] Stock Performance and Trends - The consensus EPS estimate for Peapack-Gladstone has remained stable over the last 30 days, indicating no recent revisions in earnings estimates, which typically correlates with stock price movements [4] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [4] Industry Context - Peapack-Gladstone operates within the Zacks Banks - Northeast industry, where Midland States Bancorp (MSBI) also resides, having closed 4.8% higher at $16.46, but with a -13.8% return over the past month [4] - Midland States Bancorp's consensus EPS estimate has remained unchanged at $0.52, indicating a -1.9% change compared to the previous year, and it currently holds a Zacks Rank of 5 (Strong Sell) [5]

Core Points - Midland States Bancorp, Inc. received a deficiency notification from Nasdaq for failing to timely file its Annual Report on Form 10-K for the year ended December 31, 2024 [1][3] - The company has 60 days to submit a plan to regain compliance, with a potential extension of up to 180 days until September 29, 2025 [3] - The delay in filing is due to the need for additional time to evaluate accounting and financial reporting related to a third-party lending arrangement [4] Company Overview - Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank [6] - As of December 31, 2024, the company had total assets of approximately $7.53 billion and its Wealth Management Group had assets under administration of approximately $4.15 billion [6] - The company offers a full range of commercial and consumer banking products and services, including business equipment financing, merchant credit card services, trust and investment management, insurance, and financial planning services [6]

Group 1 - Midland States Bancorp, Inc. declared a quarterly cash dividend of $0.31 per share of common stock, payable on February 21, 2025, to shareholders of record as of February 14, 2025 [1] - The Board of Directors also declared a cash dividend of $0.4844 per depository share on its 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, payable on March 31, 2025, to stockholders of record as of March 17, 2025 [2] Group 2 - Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank [3] - As of December 31, 2024, the company had total assets of approximately $7.53 billion and its Wealth Management Group had assets under administration of approximately $4.15 billion [3] - The company provides a full range of commercial and consumer banking products and services, including business equipment financing, merchant credit card services, trust and investment management, insurance, and financial planning services [3]