|Over a week ago|
Midland States reports Q1 adjusted EPS 82c, consensus 84c » 16:2204/2204/22/21
Reports Q1 revenue…
Reports Q1 revenue $68.27M, consensus $69.81M. Reports Q1 CET1 capital ratio 11.15%. Reports Q1 net charge-offs .14%. Jeffrey Ludwig, president and CEO of the company, said, "Our first quarter results reflect a significant increase in our level of profitability resulting from the actions we took last year to increase efficiencies and optimize our business model. Despite operating in a low growth, low interest rate environment, we are seeing substantial improvement in our performance metrics including our efficiency ratio, return on average assets, and return on average tangible equity, as well as strong increases in our capital ratios and book value."
|Over a quarter ago|
Midland States to acquire ATG Trust, terms undisclosed » 16:3702/1002/10/21
Midland States announced…
Midland States announced that Midland States Bank, its wholly-owned bank subsidiary, has signed an agreement to purchase substantially all of the trust assets of ATG Trust, a trust company based in Chicago with approximately $387M in assets under management and annual revenue of approximately $3.5M. The transaction increases the size of Midland's Wealth Management group to more than $3.8B in assets under administration and more than 90 financial professionals. ATG Trust was founded in 1998 as a subsidiary of Attorneys' Title Guaranty Fund, principally to handle land trusts and other real estate related services. Since that time, ATG Trust has grown into a more diversified trust business, including administering court-supervised guardianships and special needs trusts. ATG Trust also has an investment management business primarily focused on managing IRAs. The transaction, which is subject to regulatory approval and other customary closing conditions, is expected to close during Q2 and will result in minimal tangible book value dilution.
Stephens upgrades two, downgrades one in Midwest Bank rating reshuffle » 06:4802/1002/10/21
MSBI, ICBK, FMBI
As previously reported,…
As previously reported, Stephens analyst Terry McEvoy upgraded Midland States (MSBI) to Overweight from Equal Weight with a $28 price target, upgraded County Bancorp (ICBK) to Overweight from Equal Weight with a $26 price target, and downgraded First Midwest (FMBI) to Equal Weight from Overweight with a $19 price target as he reshuffled his ratings in his Midwest Bank coverage following the Q4 results from the group. Midland States made several strategic actions in 2020 to better position it for more consistent returns, said McEvoy, who also argues that the recent boost in its quarterly dividend speaks to the health of the balance sheet. The improved outlook for the U.S. dairy industry is important to County given the direct and indirect exposure to the sector, said McEvoy, who sees "no reason why shares can't trade to tangible book value over the next 12 months." Meanwhile, he sees shares of First Midwest being fairly valued after the roughly 50% move higher over the last three months, McEvoy tells investors.
Midland States upgraded to Overweight from Equal Weight at Stephens » 06:2602/1002/10/21
Stephens analyst Terry…
Stephens analyst Terry McEvoy upgraded Midland States to Overweight from Equal Weight with a $28 price target.
Midland States raises quarterly dividend 4.7% to 28c per share » 17:1002/0202/02/21
Midland States Bancorp…
Midland States Bancorp announced that its Board of Directors declared a quarterly cash dividend of $0.28 per share, an increase of 4.7% from the previous quarterly dividend of $0.2675 per share. The dividend is payable on or about February 19, 2021 to all shareholders of record as of the close of business on February 12, 2021.
Midland States reports Q4 EPS 52c, consensus 62c » 16:2701/2801/28/21
Net interest margin for…
Net interest margin for the fourth quarter of 2020 was 3.47%, compared to 3.33% for the third quarter of 2020. The Company's net interest margin benefits from accretion income on purchased loan portfolios, which contributed 10 and 14 basis points to net interest margin in the fourth quarter of 2020 and third quarter of 2020, respectively. Excluding the impact of accretion income, net interest margin increased 18 basis points from the third quarter of 2020, primarily due to the accelerated recognition of Paycheck Protection Program ("PPP") loan income upon forgiveness, a shift in cash balances to higher yielding earnings assets, a reduction in the average cost of deposits, and a decrease in the average rate of FHLB borrowings following the prepayment of longer-term advances.
Midland States reports Q3 adj. EPS 52c, consensus 29c » 16:1910/2210/22/20
Reports Q3 revenue…
Reports Q3 revenue $69.04M, consensus $68.5M. The company said EPS primarily reflects the exclusion of $13.9M of charges related to branch and facilities optimization plan. Reports Q3 CET1 capital ratio 10.96%. Reports Q3 book value per share $27.51. Reports Q3 et charge-offs .44%. Jeffrey Ludwig, president and CEO of the company, said, "Excluding the charges related to our branch and facilities optimization plan, we delivered a strong quarter highlighted by solid balance sheet growth, significant contributions from many of our sources of noninterest income, and disciplined expense management. Our diverse lending businesses enabled us to capitalize on pockets of strength in the economy where there is good demand, including equipment financing, small dollar consumer loans, and warehouse lines to commercial FHA lenders. As a result, our total loan balances increased at an annualized rate of more than 8% in the third quarter and helped drive an increase in net interest income."
Midland States reports Q2 adjusted EPS 55c, consensus 27c 16:2107/2307/23/20
Midland States downgraded to Neutral from Overweight at Piper Sandler » 06:0307/1307/13/20
Piper Sandler analyst…
Piper Sandler analyst Nathan Race downgraded Midland States to Neutral from Overweight with a price target of $15.50, down from $16.50 after taking coverage coverage of the name. The analyst prefers "greater visibility of catalysts for outperformance" to become more constructive on the shares with the company's likely near-to-intermediate term reserve builds closer to peers.