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MSBI

Midland States

$25.28

-0.06 (-0.24%)

16:09
10/03/16
10/03
16:09
10/03/16
16:09

Midland States announces early termination of FDIC loss share agreements

Midland States Bancorp announced that it entered into an agreement with the Federal Deposit Insurance Corporation on October 3 to terminate its existing loss share agreements with the FDIC. The loss share agreements are with respect to certain assets Midland acquired from the FDIC as part of the two FDIC-assisted bank acquisitions it has done, one in 2009 and one in 2010. Under the terms of the agreement, Midland made a net payment to the FDIC of $565,000 as consideration for the early termination of the loss share agreements. Midland will record a one-time after-tax charge of approximately $225,000 in the fourth quarter of 2016. "We are pleased to have negotiated an early termination of our loss share agreements with the FDIC," said Leon J. Holschbach, President and Chief Executive Officer of Midland States Bancorp. "Eliminating the loss share agreements provides a number of benefits to Midland including improving our balance sheet flexibility and simplifying our financial reporting." As a result of the termination of the agreements, covered residential real estate loans in the amount of $786,000 as of September 30, 2016, will be reclassified as non-covered assets in the fourth quarter of 2016.The termination of the FDIC loss share agreements has no impact on the yield of the formerly covered loans. All rights and obligations of the parties under the loss share agreements will be eliminated under the early termination agreement. Midland will now recognize entirely all future gains, recoveries, charge-offs, losses and expenses related to the formerly covered assets with no offset to the FDIC.

  • 28

    Oct

  • 16

    Nov

MSBI Midland States
$25.28

-0.06 (-0.24%)

06/20/16
KBWI
06/20/16
INITIATION
Target $26
KBWI
Outperform
Midland States initiated with an Outperform at Keefe Bruyette
Target $26.
06/21/16
DADA
06/21/16
INITIATION
DADA
Buy
Midland States initiated with a Buy at DA Davidson
Target $28.

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TAHO

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ATKR

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PLYA

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DNOW

NOW Inc.

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JOBS

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HES

Hess Corp.

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APC

Anadarko

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MAA

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NOC

Northrop Grumman

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0.38 (0.14%)

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