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OFFON

MIDLAND STATES BANCORP, INC.

(MSBI)
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Midland States Bancorp : Q2 2020 Midland States Bancorp, Inc. Earnings Call Presentation

07/23/2020 | 04:25pm EDT

Midland States Bancorp, Inc.

NASDAQ: MSBI

Second Quarter 2020 Earnings Call

1

Forward-LookingStatements. This presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements expressing management's current expectations, forecasts of future events or long-term goals may be based upon beliefs, expectations and assumptions of Midland's management, and are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," "should" or other similar expressions. All statements in this presentation speak only as of the date they are made, and Midland undertakes no obligation to update any statement. A number of factors, many of which are beyond the ability of Midland to control or predict, could cause actual results to differ materially from those in its forward-looking statements including the effects of the Coronavirus Disease 2019 (COVID-19) pandemic, including its potential effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with the pandemic. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Midland and its businesses, including additional factors that could materially affect Midland's financial results, are included in Midland's filings with the Securities and Exchange Commission.

Use of Non-GAAPFinancial Measures. This presentation may contain certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). These non-GAAP financial measures include "Adjusted Earnings," "Adjusted Diluted Earnings Per Share," "Adjusted Return on Average Assets," "Adjusted Return on Average Shareholders' Equity," "Adjusted Return on Average Tangible Common Equity," "Efficiency Ratio," "Tangible Common Equity to Tangible Assets," "Tangible Book Value Per Share," and "Return on Average Tangible Common Equity." The Company believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the Company's funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore this presentation may not be comparable to other similarly titled measures as presented by other companies. Reconciliations of these non-GAAP measures are provided in the Appendix section of this presentation.

2

Overview of 2Q20

2Q20 Earnings

Strong

Balance Sheet

Growth

Stable Asset Quality

Positive Trends Across Multiple Business Lines

Continued Progress on

Strategic Initiatives

  • Net income of $12.6 million, or $0.53 diluted EPS
  • 2Q20 results include a $0.4 million loss on residential MSRs held for sale and $54,000 in integration and acquisition expenses, impacting diluted EPS by $0.02
  • Loan growth of 10.6% from the end of the prior quarter
  • Deposit growth of 6.3% from the end of the prior quarter
  • Slight increase in nonperforming loans
  • Significant decline in new loan deferral requests with most existing modifications not expected to require a second deferral
  • Allowance for credit losses strengthened to 0.97% of total loans
  • Wealth management AUA increased due to improved market performance
  • Equipment financing group had record quarter of loan closings
  • Strong quarter of residential mortgage banking revenue driven by demand for refinancings
  • Commercial FHA loan originations and revenue increased significantly from prior quarter
  • Further improvement in deposit mix with significant growth in lower-cost categories
  • Efficiency ratio (1) improved to 58.5% from 63.8% in prior quarter

3

Notes:

3

(1) Represents a non-GAAP financial measure. See "Non-GAAP Reconciliation" in the appendix.

Paycheck Protection Program Overview

Paycheck Protection Program

(as of 6/30/20)

Total Loans Funded

$313.1 million

Number of Loans

2,311

Average Loan Size

$135,482

Loans Outstanding

$276.0 million

Average Fee

3.5%

Total Fees

$9.7 million

Impact on 2Q20 Financials

At or for the

Metrics Excluding

Three Months Ended 6/30/20

PPP Impact

Total Loans

$4.84 billion

$4.56 billion

Average Loans

$4.70 billion

$4.46 billion

Net Interest Income FTE(1)

$49.4 million

$48.0 million

Net Interest Margin(1)

3.32%

3.35%

ACL/Total Loans

0.97%

1.02%

4

1. Loan fees and deferred loan origination costs being amortized over an estimated 24-month life of PPP loans

Loan Deferral Overview

C&I and CRE Loan Deferrals

(as of 6/30/20)

Total Loans Deferred

$809.0 million

Number of Loans

2,094

Modification

Generally 90-day

payment deferrals

% of Total C&I and CRE Loans

22.7%

Estimated % of Deferred

60%-65%

Loans Resuming Payments

Estimated Need for

$299.4 million

Second Deferral(1)

Deferrals by Portfolio

($ in millions)

Consumer

$61.2

CRE

7%

Other

$512.4

$28.1

57%

3%

Commercial

$296.6

33%

C&I and CRE Deferrals by Industry

Estimated 2nd Deferrals by Industry

Assisted Living

($ in millions)

Assisted Living

($ in millions)

$50.1

$24.8

Retail Trade

6%

8%

All Others

$53.4

Industries <5%

RE Rental &

$67.8

7%

Leasing

23%

$216.2

27%

$27.1

General Freight

9%

Trucking

$59.4

RE Rental & Leasing

7%

Transit and

$153.0

Hotels/Motels

Transit and Ground

19%

Ground Passenger

$55.5

$124.2

Passenger

19%

41%

$62.5

Hotels/Motels

8%

$146.2

Healthcare

18%

5

$68.2

8%

1.

Estimated deferrals based on survey and discussions with borrowers through July 17, 2020

Loan Portfolio

  • Total loans increased $463.2 million, or 10.6% from prior quarter, to $4.84 billion
  • Increase primarily attributable to growth in commercial and consumer portfolios; partially offset by declines in the commercial real estate and residential real estate portfolios
  • PPP loans contributed $276.0 million to loan growth
  • Equipment finance balances increased $78.2 million, or 11.6%, from March 31, 2020
  • $104.8 million increase in warehouse credit line utilization by commercial FHA loan originator

Loan Portfolio Mix

Total Loans and Average Loan Yield

(in millions, as of quarter-end)

(in millions, as of quarter-end)

2Q 2020

1Q 2020

2Q 2019

$4,839

Commercial loans and leases

$ 1,856

$ 1,439

$ 1,149

$4,329

$4,401

$4,376

$4,074

Commercial real estate

1,495

1,508

1,524

Construction and land development

208

208

250

Residential real estate

509

548

552

Consumer

771

673

597

Total Loans

$ 4,839

$ 4,376

$ 4,074

5.32%

5.31%

5.22%

5.01%

4.64%

2Q 2019

3Q 2019

4Q 2019

1Q 2020

2Q 2020

Total Loans

Average Loan Yield

6

Midland Equipment Finance Portfolio Overview

Portfolio Characteristics

(as of 6/30/20)

Nationwide portfolio providing financing solutions to equipment vendors and end-users

Total Outstanding Loans and Leases

$750.6 million (15.5% of total loans)

Number of Loans and Leases

5,694

Average Loan/Lease Size

$129,896

Largest Loan/Lease

$1.6 million

Weighted Average Rate

4.84%

Total Deferred Loans/Leases

$233.0 million (31.5% of portfolio)

Average Size of Deferred Loans/Leases

$152,288

Location of Deferred Loans/Leases

16% in CA, 14% in FL; no other state >10%

Deferrals by Industry

Estimated 2nd Deferrals by Industry(1)

($ in millions) Arts, Ent. & Rec.

$77.2 Million

All Others <2%

$2.2

All Others

in Second Deferrals

of Total

3%

<3% of Total

Construction

$35.5

Transit and Ground

Manufacturing

$11.9

$20.8

15%

$2.3

15%

Passenger

9%

3%

$61.4

26%

General Freight

Transit and Ground

Trucking

Healthcare

General Freight

$6.4

Passenger

$28.4

8%

$54.4

12%

Trucking

71%

$55.6

24%

7 Manufacturing

$31.3

14%

1. Estimated deferrals based on survey and discussions with borrowers through July 17, 2020

Hotel/Motel Portfolio Overview

Portfolio Characteristics (CRE & C&I)

(as of 6/30/20)

Total Outstanding

$172.5 million (3.6% of total loans)

Number of Loans

57

Average Loan Size

$3.0 million

Largest Loan

$11.1 million

Average LTV

54%

Total Deferred Loans

$146.2 million (84.8% of portfolio)

Average LTV of Deferred Loans

52%

Estimated Need for 2nd Deferral

$124.1 million

Estimated 2nd Deferrals by Chain Scale

Portfolio by State

($ in millions)

Other

MO

WI

$11.1

$55.2

$1.0

7%

32%

Midscale Chain

1%

Upper Midscale

CO

$10.0

Chain

$11.1

8%

$96.4

6%

78%

IL

Other

$93.9

$1.2

54%

1%

Upscale Chain

8

$16.7

13%

GreenSky Consumer Loan Portfolio Overview

Portfolio Characteristics

(as of 6/30/20)

Total Outstanding

$680.5 million

(14.1% of total loans)

Number of Loans

297,241

Average Loan Size

$2,289

Average FICO Score

746

Total Deferred Loans

$35.8 million (5.3% of portfolio)

Delinquency Rate (greater than 60 days)

0.81%

Prime Credit

  • Average FICO score of 746
  • No losses to MSBI in 9 year history of the portfolio
  • Portfolio can be sold to provide liquidity; Loan sales were executed at par in May and June 2020

Credit Enhancement

  • Cash flow waterfall structure
    • Cash flow from portfolio covers servicing fee, credit losses and our target margin

0.66%

0.61%

0.50% 0.47%

0.34%

Excess cash flow is an incentive fee to

GreenSky that could be used to cover

additional losses

GreenSky received incentive fees in 17 of past

18 months including every month in 2020

Escrow deposits

Escrow deposits absorb losses in excess of

cash flow waterfall

Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020

Escrow account totaled $29.5 million at

6/30/20 or 4.3% of the portfolio

9

Total Deposits

  • Total deposits increased $292.5 million, or 6.3% from prior quarter, to $4.94 billion
  • Growth in deposits attributable to increase in core deposits, primarily from commercial customers, partially driven by inflows of PPP-related funds
  • Continued intentional run-off of higher-cost time deposits, replaced with lower-cost core deposits
  • Time deposits decreased $76.0 million due to run-off of higher-cost CDs with promotional rates

Deposit Mix

(in millions, as of quarter-end)

2Q 2020

1Q 2020

2Q 2019

Noninterest-bearing demand

$ 1,273

$ 1,053

$ 902

Interest-bearing:

Checking

1,485

1,425

1,009

Money market

877

850

733

Savings

595

534

442

Time

690

766

785

Brokered time

23

23

140

Total Deposits

$4,943

$4,651

$4,011

Total Deposits and Cost of Deposits

(in millions, as of quarter-end)

$4,943

$4,445 $4,544 $4,651

$4,011

0.84%

0.84%

0.80%

0.74%

0.45%

2Q 2019

3Q 2019

4Q 2019

1Q 2020

2Q 2020

Total Deposits

Cost of Deposits

10

Net Interest Income/Margin

  • Net interest income increased 5.0% from the prior quarter due to lower cost of funds and higher average loan balances
  • Excluding the impact of accretion income, net interest margin declined 12 basis points
  • Decline in net interest margin was primarily attributable to excess liquidity invested in lower- yielding earning assets and the addition of low-interest PPP loans, which collectively had an 18 bps impact on NIM in 2Q20
  • 29 basis point decline in cost of deposits partially offset decline in earning asset yields
  • PPP loan fees amortized over 24 month term of loans

Net Interest Income

Net Interest Margin

(in millions)

$46.1

$49.5

$48.7

$46.7

$49.0

$3.1

$3.6

$1.8

$3.4

$2.2

3.76%

3.70%

3.56%

0.25%

0.20%

3.48%

3.32%

0.23%

0.16%

0.12%

2Q 2019

3Q 2019

4Q 2019

1Q 2020

2Q 2020

2Q 2019

3Q 2019

4Q 2019

1Q 2020

2Q 2020

NIM

Accretion Income

NII

Accretion Income

11

Factors Impacting Net Interest Margin in 3Q20

  • $107.1 million in time deposits scheduled to mature in 3Q20 with weighted average rate of 1.36%
  • $183.3 million in money market accounts at teaser rates of 1.60% scheduled to reprice in 3Q20
  • $31.1 million in subordinated debt moved to floating rate in June 2020, resulting in reduction of approximately 130 bps in 3Q20
  • Building liquidity on balance sheet will continue to put pressure on NIM going forward
  • PPP loans will positively impact NIM upon forgiveness

12

Wealth Management

  • During 2Q20, assets under administration increased $286.2 million, primarily due to market performance
  • Total Wealth Management revenue was up slightly from prior quarter
  • Fees increased due to improved market performance, partially offset by reduction in trust fees related to tax preparation from prior quarter

Assets Under Administration

Wealth Management Revenue

(in millions)

(in millions)

$3,126

$3,281

$3,410

$3,254

$5.50

$6.00

$5.68

$5.70

$2,968

$5.38

2Q 2019

3Q 2019

4Q 2019

1Q 2020

2Q 2020

2Q 2019

3Q 2019

4Q 2019

1Q 2020

2Q 2020

13

Noninterest Income

  • Noninterest income increased 125.6% from prior quarter, which included an $8.5 million impairment of commercial mortgage servicing rights ("MSRs")
  • Excluding the impact of the impairment of commercial MSRs, noninterest income increased 13.5% primarily due to higher commercial FHA and residential mortgage banking revenue
  • Increase was offset by lower retail banking fees including service charges and overdraft fees due to the impact of COVID-19 pandemic

Noninterest Income

(in millions)

$19.6

$19.6

$19.0

$19.4

$17.1 (2)

2Q 2019

3Q 2019

4Q 2019

1Q 2020

2Q 2020

All Other Community Banking Revenue(1)

Residential Mortgage

Commercial FHA

Wealth Management

Notes:

14 (1) Represents service charges, interchange revenue, net gain (loss) on sale of investment securities, and other income

  1. Excludes $8.5 million impairment of commercial mortgage servicing rights

Noninterest Expense and Operating Efficiency

Noninterest Expense and Efficiency Ratio (1)

(Noninterest expense in millions)

$48.0

$46.3

$5.2

$5.2

$42.7

$40.8

$40.2

$1.7

$0.4

63.8%

61.6%

60.6%

59.5%

58.5%

$(0.2)

2Q 2019

3Q 2019

4Q 2019

1Q 2020

2Q 2020

Total Noninterest Expense

Adjustments to Noninterest Expense

Efficiency Ratio

  • Efficiency Ratio (1) was 58.5% in 2Q20 vs. 63.8% in 1Q20
  • Adjustments to non-interest expense:

($ in millions)

2Q20

1Q20

Integration and acquisition

($0.05)

($1.0)

related expenses

Loss on repurchase of

-

($0.2)

subordinated debt

Loss on MSRs held for sale

$(0.4)

$(0.5)

  • Excluding these adjustments, noninterest expense declined $0.6 million on a linked-quarter basis
  • Decrease in noninterest expense was primarily attributable to lower salaries and employee benefits expense resulting from staffing level adjustments made in 1Q20

15 Notes:

  1. Represents a non-GAAP financial measure. See "Non-GAAP Reconciliation" in the appendix.

Asset Quality

  • Nonperforming loans/total loans declined to 1.25% from 1.33% at the end of the prior quarter
  • Net charge-offs of $3.1 million, or 0.26% of average loans
  • Provision for loan losses of $11.6 million in 2Q20 primarily reflects changes in portfolio and a continued downgrade in economic forecast due to the impact of COVID-19 pandemic
  • At 6/30/20, approximately 96% of ACL was allocated to general reserves

Nonperforming Loans / Total Loans

NCO / Average Loans

(Total Loans as of quarter-end)

1.33%

1.18%

1.24%

1.25%

1.04%

0.96%

0.49%

0.20%

0.12%

0.26%

2Q 2019

3Q 2019

4Q 2019

1Q 2020

2Q 2020

2Q 2019

3Q 2019

4Q 2019

1Q 2020

2Q 2020

16

Changes in Allowance for Credit Losses

($ in thousands)

Specific

Portfolio

Economic

Reserves

Changes

Factors

Changes to specific reserves

ACL

3/31/20

  • Changes to macro- economic variables and forecasts
  • Changes to other economic qualitative factors
  • New loans
  • Changes in credit quality including risk downgrades and deferrals
  • Aging of existing portfolio
  • Other charge-offs and recoveries

ACL

6/30/20

17

ACL by Portfolio

($ in thousands)

Portfolio

Total Loans at

ACL

% of

Total Loans at

ACL

% of

6/30/20

Total Loans

3/31/20

Total Loans

Commercial

$ 715,206

$ 4,916

0.69%

$ 649,403

$ 4,900

0.75%

Warehouse Lines

127,568

-

0.00%

22,772

-

0.00%

Commercial Other

767,175

7,297

0.95%

443,376

6,840

1.54%

Equipment Finance

376,499

6,553

1.74%

326,004

6,431

1.97%

Paycheck Protection Program

276,007

414

0.15%

-

-

-

Lease Financing

374,054

6,155

1.65%

346,366

5,309

1.53%

CRE non-owner occupied

804,147

10,247

1.27%

809,628

6,285

0.78%

CRE owner occupied

465,217

6,378

1.37%

471,360

4,330

0.92%

Multi-family

142,194

2,982

2.10%

142,770

2,486

1.74%

Farmland

83,625

689

0.82%

83,522

482

0.58%

Construction and Land Development

207,593

1,512

0.73%

208,361

1,321

0.63%

Residential RE First Lien

411,635

3,960

0.96%

441,495

3,825

0.87%

Other Residential

97,818

870

0.89%

106,519

813

0.76%

Consumer

81,447

354

0.43%

85,162

472

0.55%

Consumer Other(1)

689,312

1,733

0.25%

588,242

1,482

0.25%

Total Loans

4,839,423

47,093

0.97%

4,376,204

38,545

0.88%

Loans (excluding GreenSky, PPP and

3,698,092

44,835

1.21%

3,715,229

36,949

0.99%

warehouse lines)

Notes:

18 (1) Primarily consists of loans originated through GreenSky relationship

Outlook and Near-Term Priorities

  • Maintain strong capital and liquidity positions to continue supporting clients and communities through the duration of the COVID-19 pandemic
  • Continue executing on technology initiatives to improve customer experience, reduce expenses and increase operational efficiencies
    • New online residential mortgage application portal
    • Improvements to mobile banking app
    • Implementation of new customer experience tool to gather and evaluate customer survey data
    • New online account opening tool launching in 3Q20
  • Continued evaluation of all areas of operations to reduce expenses

19

19

APPENDIX

20

Commercial Loans and Leases by Industry

Other Services

Trans. / Ground Passenger

Wholesale Trade

3.3%

2.2%

3.4%

Ag., Forestry, & Fishing

5.0%

General Freight Trucking

5.1%

Health Care

5.1%

Finance and Insurance

6.1%

Assisted Living

6.9%

Construction - General

7.0%

21

Retail Trade

7.3%

Industries as a percentage of Commercial, CRE and Equipment Finance Loans and Leases as of 6/30/20

RE / Rental & Leasing

22.2%

All Others

10.8%

Manufacturing

8.1%

Accommodation & Food Svcs

7.5%

21

Commercial Real Estate Portfolio by Collateral Type

Collateral type as a percentage of the Commercial Real Estate and Construction Portfolio as of 6/30/20

Hotel/Motel

9.3%

Multi-Family

9.6%

Assisted Living

10.9%

Industrial / Warehouse

9.0%

All Others

12.3%

Office

6.5%

Retail 15.1%

Residential 1-4 Family

6.2%

Farmland

3.9%

Medical Building

3.7%

C-Store / Gas Station

3.4%

Developed Land

2.8%

Car Dealerships

2.5%

Raw Land

2.2%

Mixed Use / Other

2.1%

Church

0.5%

22

22

Capital and Liquidity Overview

Capital Ratios

Liquidity Sources

(as of 6/30/20)

(as of 6/30/20)

15.00%

13.67%

($ in millions)

Cash and Cash Equivalents

$

519.9

12.05%

Unpledged Securities

435.0

FHLB Committed Liquidity

329.4

11.28%

11.28%

FRB Discount Window Availability

57.2

10.00%

9.71%

Primary Liquidity

1,341.5

9.01%

8.44%

FRB - PPP Liquidity Facility(1)

250.0

7.75%

Secondary Liquidity

250.0

6.67%

Total Estimated Liquidity

$

1,591.5

5.00%

0.00%

TCE/TA

Tier 1

Tier 1

Tier 1 RBC Total RBC

Common

Leverage

Conditional Funding Based on Market Conditions

Additional Credit Facility

$

250.0

Brokered CDs (additional capacity)

$

500.0

(1) Enrolled in PPP facility - loans available to submit

Consolidated

Bank Level

Other Liquidity

Holding Company Cash Position of $62.9 Million

23

MIDLAND STATES BANCORP, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES

Adjusted Earnings Reconciliation

For the Quarter Ended

June 30,

March 31,

December 31,

September 30,

June 30,

(dollars in thousands, except per share data)

2020

2020

2019

2019

2019

Income before income taxes - GAAP

$

15,993

$

2,005

$

16,071

$

16,670

$

21,394

Adjustments to noninterest income:

14

Gain on sales of investment securities, net

-

-

635

25

Other

11

(13)

(6)

-

(23)

Total adjustments to noninterest income

11

(13)

629

25

(9)

Adjustments to noninterest expense:

Loss (gain) on mortgage servicing rights held for sale

391

496

95

(70)

(515)

Loss on repurchase of subordinated debt

-

193

1,778

-

-

Integration and acquisition expenses

54

1,031

3,332

5,292

286

Total adjustments to noninterest expense

445

1,720

5,205

5,222

(229)

Adjusted earnings pre tax

16,427

3,738

20,647

21,867

21,174

Adjusted earnings tax

3,543

932

4,537

5,445

4,978

Adjusted earnings - non-GAAP

12,884

2,806

16,110

16,422

16,196

Preferred stock dividends, net

-

-

-

(22)

34

Adjusted earnings available to common shareholders - non-GAAP

$

12,884

$

2,806

$

16,110

$

16,444

$

16,162

Adjusted diluted earnings per common share

$

0.55

$

0.11

$

0.64

$

0.66

$

0.66

Adjusted return on average assets

0.78

%

0.19

%

1.04

%

1.09

%

1.16

%

Adjusted return on average shareholders' equity

8.20

%

1.73

%

9.71

%

10.01

%

10.33

%

Adjusted return on average tangible common equity

12.14

%

2.53

%

14.15

%

14.52

%

15.19

%

24

MIDLAND STATES BANCORP, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (continued)

Efficiency Ratio Reconciliation

For the Quarter Ended

June 30,

March 31,

December 31,

September 30,

June 30,

(dollars in thousands)

2020

2020

2019

2019

2019

Noninterest expense - GAAP

$

40,782

$

42,675

$

46,325

$

48,025

$

40,194

(Loss) gain on mortgage servicing rights held for sale

(391)

(496)

(95)

70

515

Loss on repurchase of subordinated debt

-

(193)

(1,778)

-

-

Integration and acquisition expenses

(54)

(1,031)

(3,332)

(5,292)

(286)

Adjusted noninterest expense

$

40,337

$

40,955

$

41,120

$

42,803

$

40,423

Net interest income - GAAP

$

48,989

$

46,651

$

48,687

$

49,450

$

46,077

Effect of tax-exempt income

438

485

474

502

526

Adjusted net interest income

49,427

47,136

49,161

49,952

46,603

Noninterest income - GAAP

$

19,396

$

8,598

$

19,014

$

19,606

$

19,587

Loan servicing rights impairment (recapture)

107

8,468

1,613

1,060

(559)

Gain on sales of investment securities, net

-

-

(635)

(25)

(14)

Other

(11)

13

6

-

23

Adjusted noninterest income

19,492

17,079

19,998

20,641

19,037

Adjusted total revenue

$

68,919

$

64,215

$

69,159

$

70,593

$

65,640

Efficiency ratio

58.53

%

63.78

%

59.46

%

60.63

%

61.58

%

25

MIDLAND STATES BANCORP, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (continued)

Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share

As of

June 30,

March 31,

December 31,

September 30,

June 30,

(dollars in thousands, except per share data)

2020

2020

2019

2019

2019

Shareholders' Equity to Tangible Common Equity

Total shareholders' equity-GAAP

$

633,589

$

631,160

$

661,911

$

655,522

$

639,888

Adjustments:

Preferred stock

-

-

-

-

(2,684)

Goodwill

(172,796)

(172,796)

(171,758)

(171,074)

(164,673)

Other intangibles, net

(31,495)

(33,124)

(34,886)

(36,690)

(33,893)

Tangible common equity

$

429,298

$

425,240

$

455,267

$

447,758

$

438,638

Total Assets to Tangible Assets:

Total assets-GAAP

$

6,644,498

$

6,208,230

$

6,087,017

$

6,113,904

$

5,546,055

Adjustments:

Goodwill

(172,796)

(172,796)

(171,758)

(171,074)

(164,673)

Other intangibles, net

(31,495)

(33,124)

(34,886)

(36,690)

(33,893)

Tangible assets

$

6,440,207

$

6,002,310

$

5,880,373

$

5,906,140

$

5,347,489

Common Shares Outstanding

22,937,296

23,381,496

24,420,345

24,338,748

23,897,038

Tangible Common Equity to Tangible Assets

6.67

%

7.08

%

7.74

%

7.58

%

8.20

%

Tangible Book Value Per Share

$

18.72

$

18.19

$

18.64

$

18.40

$

18.36

Return on Average Tangible Common Equity (ROATCE)

For the Quarter Ended

June 30,

March 31,

December 31,

September 30,

June 30,

(dollars in thousands)

2020

2020

2019

2019

2019

Net income available to common shareholders

$

12,569

$

1,549

$

12,792

$

12,677

$

16,321

Average total shareholders' equity-GAAP

$

631,964

$

652,701

$

658,497

$

651,162

$

628,730

Adjustments:

(814)

(2,708)

Preferred stock

-

-

-

Goodwill

(172,796)

(171,890)

(171,082)

(166,389)

(164,673)

Other intangibles, net

(32,275)

(33,951)

(35,745)

(34,519)

(34,689)

Average tangible common equity

$

426,893

$

446,860

$

451,670

$

449,440

$

426,660

ROATCE

11.84

%

1.39

%

11.24

%

11.19

%

15.34

%

26

Disclaimer

Midland States Bancorp Inc. published this content on 23 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 July 2020 20:25:07 UTC


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Financials (USD)
Sales 2021 272 M - -
Net income 2021 73,7 M - -
Net Debt 2021 - - -
P/E ratio 2021 8,77x
Yield 2021 3,86%
Capitalization 641 M 641 M -
Capi. / Sales 2021 2,36x
Capi. / Sales 2022 2,36x
Nbr of Employees 884
Free-Float 89,9%
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Technical analysis trends MIDLAND STATES BANCORP, INC.
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Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 31,50 $
Last Close Price 28,67 $
Spread / Highest target 18,6%
Spread / Average Target 9,87%
Spread / Lowest Target 4,64%
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Managers and Directors
NameTitle
Jeffrey G. Ludwig President, Chief Executive Officer & Director
Eric T. Lemke Chief Financial Officer
Jeffrey C. Smith Chairman
Robert F. Schultz Independent Director
Richard Thomas Ramos Independent Director