Compared to Estimates, Midland States Bancorp (MSBI) Q2 Earnings: A Look at Key Metrics

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]