The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are underva ...

Midland States Bancorp (MSBI) reported $74.29 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 3.2%. EPS of $0.74 for the same period compares to $0.78 a year ago.The reported revenue represents a surprise of +1.91% over the Zacks Consensus Estimate of $72.9 million. With the consensus EPS estimate being $0.63, the EPS surprise was +17.46%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare ...

Midland States Bancorp (MSBI) came out with quarterly earnings of $0.74 per share, beating the Zacks Consensus Estimate of $0.63 per share. This compares to earnings of $0.78 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 17.46%. A quarter ago, it was expected that this company would post earnings of $0.72 per share when it actually produced earnings of $0.20, delivering a surprise of -72.22%.Over the last four quarters, the ...

EXHIBIT 99.1 1 Midland States Bancorp, Inc. Announces 2024 Third Quarter Results Third Quarter 2024 Highlights: • Net income available to common shareholders of $16.2 million, or $0.74 per diluted share • Adjusted pre-tax, pre-provision earnings of $27.5 million • Tangible book value per share increased to $24.90, compared to $23.36 at June 30, 2024 • Common equity tier 1 capital ratio improved to 9.00%, compared to 8.64% at June 30, 2024 • Net interest margin of 3.10%, compared to 3.12% in prior quarter • ...

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and ...

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks. Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks. Zacks has developed the inn ...

EFFINGHAM, Ill., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ: MSBI) announced today that its Board of Directors declared a quarterly cash dividend of $0.31 per share of its common stock. The dividend is payable on August 23, 2024 to all shareholders of record as of the close of business on August 16, 2024. 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. The divide ...

Core Insights - Midland States Bancorp reported a revenue of $72.71 million for the quarter ended June 2024, which is a decrease of 6.3% compared to the same period last year [2] - The earnings per share (EPS) for the quarter was $0.20, down from $0.87 in the year-ago quarter, reflecting a significant decline [2] - The reported revenue was a surprise of -2.93% compared to the Zacks Consensus Estimate of $74.9 million, and the EPS surprise was -72.22% against the consensus estimate of $0.72 [1] Key Metrics - Net Interest Margin was reported at 3.1%, slightly below the average estimate of 3.2% from two analysts [4] - Net charge-offs to average loans were 0.2%, better than the estimated 0.3% [4] - The Efficiency Ratio was 65.2%, worse than the average estimate of 61.4% [4] - Average Interest-Earning Assets stood at $7.13 billion, slightly below the estimated $7.15 billion [4] - Residential mortgage banking revenue was $0.56 million, below the average estimate of $0.79 million [4] - Wealth management revenue was $6.80 million, slightly above the estimated $6.65 million [4] - Net Interest Income (FTE) was $55.22 million, below the estimated $56.30 million [4] - Total Noninterest Income was $17.66 million, compared to the average estimate of $18.11 million [4] - Service charges on deposit accounts were $3.12 million, slightly above the estimated $3.08 million [4] - Interchange revenue was $3.56 million, exceeding the estimated $3.25 million [4] Stock Performance - Shares of Midland States Bancorp have returned +16.2% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.3% change [5] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [5]

This quarterly report represents an earnings surprise of -72.22%. A quarter ago, it was expected that this company would post earnings of $0.71 per share when it actually produced earnings of $0.53, delivering a surprise of -25.35%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earni ...

[Q2 2024 Financial Performance Overview](index=1&type=section&id=Q2%202024%20Financial%20Performance%20Overview) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Net income significantly declined to $4.5 million in Q2 2024, with diluted EPS at $0.20, driven by compressed net interest margin and increased credit loss provisions Q2 2024 Key Financial Metrics | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Net Income to Common Shareholders | $4.5 million | $11.7 million | $19.3 million | | Diluted EPS | $0.20 | $0.53 | $0.86 | | Net Interest Margin | 3.12% | 3.18% | 3.23% | | Tangible Book Value Per Share | $23.36 | $23.44 | $22.24 | | Provision for Credit Losses | $16.8 million | $14.0 million | $5.9 million | - The increased provision for credit losses in Q2 2024 was primarily driven by credit deterioration and servicing issues involving fintech partner LendingPoint following a system conversion in late 2023[13](index=13&type=chunk) - The **Common Equity Tier 1 (CET1) capital ratio** improved slightly to **8.63%** from 8.60% in the prior quarter[13](index=13&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management focused on strengthening capital, addressing credit risk, and strategically shifting towards community banking by reducing certain loan portfolios and growing local markets - The company is actively managing its balance sheet to increase **capital ratios** and address **credit risk** by increasing loan loss reserves[3](index=3&type=chunk) - A strategic shift is underway to focus on **community banking and local markets**, leading to intentional reductions in equipment finance and consumer loan portfolios[3](index=3&type=chunk) - Significant growth was achieved in the St. Louis market, where loan balances increased at an **annualized rate of 31%** during the second quarter[3](index=3&type=chunk) - The company is investing in talent, including a new market president for Northern Illinois and a new Chief Deposit Officer, to enhance commercial deposit relationships and cross-sell wealth management services[14](index=14&type=chunk) [Balance Sheet Analysis](index=2&type=section&id=Balance%20Sheet%20Analysis) Total assets and deposits decreased, with the loan portfolio contracting to $5.85 billion due to strategic reductions, while credit quality weakened with increased non-performing loans [Loans](index=2&type=section&id=Loans) The total loan portfolio decreased to $5.85 billion due to intentional reductions in equipment finance and consumer loans, partially offset by growth in commercial and commercial real estate loans Loan Portfolio Composition (in millions) | Loan Category | Q2 2024 | Q1 2024 | | :--- | :--- | :--- | | Total Loans | $5,852.0 | $5,958.5 | | Equipment Finance | $890.1 | $949.9 | | Consumer | $746.0 | $837.1 | | Commercial Real Estate | $2,421.5 | $2,397.1 | | Commercial Loans | $939.5 | $913.6 | - The company is intentionally shrinking its **equipment finance** and **consumer loan portfolios**, which comprised **15.2%** and **12.7%** of the total loan portfolio, respectively, down from 15.9% and 14.0% in the prior quarter[6](index=6&type=chunk) - The company ceased originating loans through LendingPoint in Q4 2023; the remaining balance was **$114.2 million** at June 30, 2024, while GreenSky-originated loan balances also decreased by **$67.7 million** to **$538.3 million**[6](index=6&type=chunk) [Loan Quality and Credit Risk](index=2&type=section&id=Loan%20Quality%20and%20Credit%20Risk) Credit quality deteriorated in Q2 2024, with non-performing loans increasing to $112.1 million and the allowance for credit losses significantly rising to 1.58% of total loans Asset Quality Metrics | Metric | Q2 2024 | Q1 2024 | | :--- | :--- | :--- | | Nonperforming loans | $112.1 million | $105.0 million | | Nonperforming loans to total loans | 1.92% | 1.76% | | Allowance for credit losses (ACL) | $92.2 million | $78.1 million | | ACL to total loans | 1.58% | 1.31% | - The company recognized a **$14.0 million provision expense** related to loans originated and serviced by LendingPoint, increasing the specific allowance on this **$114.2 million portfolio** to **$14.6 million**[43](index=43&type=chunk) [Deposits](index=3&type=section&id=Deposits) Total deposits decreased by $206 million to $6.12 billion, with declines in both noninterest-bearing and interest-bearing deposits, alongside reduced reliance on brokered time deposits Deposit Balances (in billions) | Deposit Type | Q2 2024 | Q1 2024 | | :--- | :--- | :--- | | Total Deposits | $6.12 | $6.32 | | Noninterest-bearing | $1.11 | $1.21 | | Interest-bearing | $5.01 | $5.11 | | Brokered time deposits | $0.13 | $0.19 | [Results of Operations](index=4&type=section&id=Results%20of%20Operations) Operating results weakened in Q2 2024 due to a contracting net interest margin of 3.12%, stable noninterest income, and increased noninterest expense, leading to a higher efficiency ratio [Net Interest Income and Margin](index=4&type=section&id=Net%20Interest%20Income%20and%20Margin) Net interest income decreased to $55.2 million, with net interest margin compressing by 6 basis points to 3.12% due to funding costs rising faster than asset yields Net Interest Margin Analysis | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income (tax-equiv.) | $55.2M | $56.1M | $59.0M | | Net Interest Margin (tax-equiv.) | 3.12% | 3.18% | 3.23% | | Yield on Loans | 6.03% | 5.99% | 5.80% | | Cost of Interest-Bearing Deposits | 3.11% | 3.04% | 2.56% | - The decline in **net interest income and margin** was primarily due to market interest rates causing **funding costs to increase faster than the yield on earning assets**[46](index=46&type=chunk) [Noninterest Income](index=6&type=section&id=Noninterest%20Income) Total noninterest income was $17.7 million, a decrease from Q1 2024, but stable at $17.6 million excluding notable items, with wealth management revenue slightly down despite asset growth Noninterest Income Components (in millions) | Component | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Total Noninterest Income | $17.7 | $21.2 | $18.8 | | Wealth management revenue | $6.8 | $7.1 | $6.3 | | Service charges on deposits | $3.1 | $3.1 | $2.7 | | Interchange revenue | $3.6 | $3.4 | $3.7 | - **Wealth management assets under administration** increased to **$4.00 billion** at June 30, 2024, up from $3.89 billion at March 31, 2024, and $3.59 billion a year prior[54](index=54&type=chunk) [Noninterest Expense](index=7&type=section&id=Noninterest%20Expense) Noninterest expense increased to $47.5 million in Q2 2024, primarily due to $4.1 million in OREO impairment, property taxes, and legal accruals, raising the efficiency ratio to 65.16% Noninterest Expense and Efficiency Ratio | Metric | Q2 2024 | Q1 2024 | Q2 2023 | | :--- | :--- | :--- | :--- | | Total Noninterest Expense | $47.5M | $44.9M | $42.9M | | Efficiency Ratio | 65.16% | 58.03% | 55.01% | - Q2 2024 noninterest expense included **$4.1 million** of expenses related to OREO impairment, property taxes, and accruals for various legal actions[55](index=55&type=chunk) [Capital and Shareholder Returns](index=8&type=section&id=Capital%20and%20Shareholder%20Returns) The company maintained strong capital ratios, with CET1 at 8.63%, while tangible book value per share slightly decreased to $23.36, and share repurchases continued [Capital Ratios](index=8&type=section&id=Capital%20Ratios) The company and its bank subsidiary exceeded all regulatory capital requirements, with the Common Equity Tier 1 capital ratio at 8.63% and Total capital at 13.94% Regulatory Capital Ratios (Bancorp, Inc.) | Ratio | As of June 30, 2024 | Minimum Requirement | | :--- | :--- | :--- | | Common equity Tier 1 capital | 8.63% | 7.00% | | Tier 1 capital to risk-weighted assets | 11.21% | 8.50% | | Total capital to risk-weighted assets | 13.94% | 10.50% | | Tier 1 leverage ratio | 9.84% | 4.00% | - Rising interest rates on the investment portfolio and cash flow hedges resulted in an **$82.6 million accumulated other comprehensive loss**, which reduced tangible book value by **$3.86 per share**[57](index=57&type=chunk) [Stock Repurchase Program](index=8&type=section&id=Stock%20Repurchase%20Program) The company repurchased 131,372 shares of common stock at a weighted average price of $22.84 per share under its authorized $25.0 million program - During Q2 2024, the company repurchased **131,372 shares** at a **weighted average price of $22.84**[58](index=58&type=chunk) [Consolidated Financial Statements (Unaudited)](index=10&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) [Financial Summary](index=10&type=section&id=Financial%20Summary) This section presents unaudited consolidated financial statements, including earnings summaries, key performance ratios, balance sheet data, and detailed income statements for Q2 and H1 2024 Consolidated Earnings Summary (Q2 2024 vs Q2 2023) | (in thousands) | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net interest income | $55,052 | $58,840 | | Provision for credit losses | $16,800 | $5,879 | | Noninterest income | $17,656 | $18,753 | | Noninterest expense | $47,479 | $42,894 | | Net income | $6,750 | $21,575 | | Net income available to common | $4,522 | $19,347 | Consolidated Balance Sheet Summary (As of June 30) | (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Total assets | $7,757,274 | $8,034,721 | | Total loans, net | $5,759,811 | $6,302,394 | | Total deposits | $6,118,023 | $6,426,548 | | Total shareholders' equity | $785,772 | $776,821 | [Non-GAAP Financial Measures and Reconciliations](index=13&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) [Reconciliation of Non-GAAP Measures](index=13&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles GAAP to non-GAAP financial measures, including Adjusted Earnings, Adjusted Pre-Tax, Pre-Provision Earnings, and Tangible Book Value per Share, with Q2 2024 adjusted pre-tax, pre-provision earnings at $25.2 million Adjusted Pre-Tax, Pre-Provision Earnings Reconciliation (Q2 2024) | (in thousands) | Amount | | :--- | :--- | | Adjusted earnings pre tax (non-GAAP) | $8,414 | | Provision for credit losses | $16,800 | | **Adjusted pre-tax, pre-provision earnings (non-GAAP)** | **$25,214** | Tangible Book Value Per Share Reconciliation (As of June 30, 2024) | (in thousands, except per share data) | Amount | | :--- | :--- | | Total shareholders’ equity—GAAP | $785,772 | | Less: Preferred Stock, Goodwill, Other intangibles | ($286,455) | | **Tangible common equity** | **$499,317** | | Common Shares Outstanding | 21,377,215 | | **Tangible Book Value Per Share** | **$23.36** |