EXHIBIT 99.1

Midland States Bancorp, Inc. Announces 2017 Second Quarter Results

Highlights

  • Acquisition of Centrue Financial Corporation completed on June 9, 2017, increasing total assets to $4.5 billion


  • Net income of $3.5 million, or $0.20 diluted earnings per share, for the second quarter of 2017

  • Tangible book value per share increased to $17.47 at June 30, 2017

  • Non-performing loans decline $1.3 million to $27.6 million at June 30, 2017

EFFINGHAM, Ill., July 27, 2017 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ:MSBI) (the “Company”) today reported financial results for the second quarter of 2017, which included $7.5 million, or $0.31 per diluted share, in integration and acquisition expenses largely related to the acquisition of Centrue Financial Corporation on June 9, 2017, and $1.7 million, or $0.07 per diluted share, in impairment of mortgage servicing rights (“MSR”).  Inclusive of these expenses and impairment, Midland reported net income of $3.5 million, or $0.20 diluted earnings per share for the second quarter of 2017, compared with net income of $8.5 million, or $0.52 diluted earnings per share for the first quarter of 2017, and net income of $6.8 million, or $0.50 diluted earnings per share for the second quarter of 2016. 

“The highlight of the second quarter was the completion of our acquisition of Centrue Financial Corporation,” said Leon J. Holschbach, President and Chief Executive Officer of the Company.  “Through this acquisition, we have increased our scale and deepened our presence in northern Illinois.  We expect to complete the integration and system conversion in September and begin realizing the majority of the synergies we projected for this transaction in the fourth quarter of 2017.

“Through the first half of 2017, we have generated annualized loan growth of 15% with meaningful contributions coming from all of our major lending areas.  The strong growth we are seeing in net interest income helped to offset lighter than expected results in commercial FHA and residential mortgage banking revenue in the second quarter.  Over the second half of the year, we will be focused on continuing to generate organic growth, integrating the Centrue acquisition, and executing on our strategic initiatives,” said Mr. Holschbach.

Adjusted Earnings

Financial results for the first and second quarters of 2017 included $1.3 million and $7.5 million in integration and acquisition-related expenses, respectively.  Excluding these expenses, adjusted earnings were $9.4 million, or $0.57 diluted earnings per share, for the first quarter of 2017, compared with adjusted earnings of $8.9 million, or $0.51 diluted earnings per share, for the second quarter of 2017.  The decline in adjusted earnings is primarily attributable to lower commercial FHA and residential mortgage banking revenue.  A reconciliation of adjusted earnings to net income according to generally accepted accounting principles (“GAAP”) is provided in the financial tables at the end of this press release.

Net Interest Income

Net interest income for the second quarter of 2017 was $29.4 million, an increase of 7.1% from $27.5 million for the first quarter of 2017.  The increase in net interest income was primarily attributable to higher interest income on loans due to a 10.2% increase in the average balance of loans, largely due to the Centrue acquisition.

The Company’s net interest income benefits from accretion income associated with purchased loan portfolios.  Accretion income totaled $1.3 million for the second quarter of 2017, compared with $2.7 million for the first quarter of 2017. 

Relative to the second quarter of 2016, net interest income increased $1.4 million, or 5.0%.  Excluding the impact of a $3.6 million decrease in accretion income, net interest income increased $5.0 million.  This increase resulted from a $6.9 million increase in interest income on loans (excluding the effect of accretion income) due to growth in the average balance of loans.  This increase was offset in part by a $1.1 million decline in interest income on investment securities due to the sale of the portfolio of CMOs.

Net Interest Margin

Net interest margin for the second quarter of 2017 was 3.70%, compared to 3.87% for the first quarter of 2017.  The Company’s net interest margin benefits from accretion income on purchased loan portfolios.  Excluding accretion income, net interest margin was 3.57% for the second quarter of 2017, compared with 3.52% for the first quarter of 2017.  The increase in net interest margin excluding accretion income was primarily attributable to an increase in average yields on loans and investments.

Relative to the second quarter of 2016, the net interest margin decreased from 4.20%, primarily due to a decrease in accretion income.  Excluding accretion income, the net interest margin increased from 3.52%, which was primarily attributable to higher average yields on loans.

Noninterest Income

Noninterest income for the second quarter of 2017 was $13.6 million, a decrease of 16.6% from $16.3 million for the first quarter of 2017.  The decline was primarily attributable to lower commercial FHA and residential mortgage banking revenue, partially due to MSR impairment.

Commercial FHA revenue for the second quarter of 2017 was $4.2 million, a decrease of 38.0% from $6.7 million in the first quarter of 2017.  Commercial FHA revenue was negatively impacted in the second quarter of 2017 by a $0.9 million MSR impairment charge.  The Company originated $151.6 million in rate lock commitments during the second quarter of 2017, compared to $216.9 million in the prior quarter.  Compared to the second quarter of 2016, commercial FHA revenue decreased 51.4%.

Residential mortgage banking revenue for the second quarter of 2017 was $2.3 million, a decrease of 20.1% from $2.9 million in the first quarter of 2017.  Residential mortgage banking revenue was negatively impacted in the second quarter of 2017 by a $0.8 million MSR impairment charge.  Compared to the second quarter of 2016, residential mortgage banking revenue increased 124.7%, primarily due to higher MSR impairment charges recorded in the prior year period.

Wealth management revenue for the second quarter of 2017 was $3.4 million, an increase of 18.6% from $2.9 million in the first quarter of 2017.  The increase was primarily attributable to the growth in assets under administration resulting from the acquisition of CedarPoint Investment Advisors in March 2017.  Compared to the second quarter of 2016, wealth management revenue increased 82.1%, which was attributable to 12.2% organic growth in assets under management and the acquisitions of Sterling Trust in November 2016 and CedarPoint Investment Advisors in March 2017.

Relative to the second quarter of 2016, noninterest income decreased 2.8% from $14.0 million.  The decrease was primarily due to lower commercial FHA revenue, partially due to MSR impairment charges.

Noninterest Expense

Noninterest expense for the second quarter of 2017 was $37.6 million, compared with $30.8 million for the first quarter of 2017.  Noninterest expense for the first and second quarters of 2017 included $1.3 million and $7.5 million in integration and acquisition related expenses, respectively.  Excluding these expenses, noninterest expense increased $0.7 million or 2.2% from the prior quarter.  The increase was attributable to $1.6 million in expenses related to the partial quarter impact of the Centrue acquisition, which was partially offset by a decline in operating expense related to the rest of Midland’s operations.

Relative to the second quarter of 2016, noninterest expense excluding integration and acquisition-related expenses and expenses associated with the payoff of subordinated debt increased 0.7% from $30.0 million.  The increase was primarily due to personnel and facilities added in the three acquisitions completed over the past year, partially offset by cost savings resulting from the Company’s Operational Excellence initiative. 

Income Tax Expense

Income tax expense was $1.4 million for the second quarter of 2017, compared to $3.0 million for the first quarter of 2017.  The effective tax rate for the second quarter of 2017 was 28.0%, compared to 26.0% in the prior quarter.  The increase in effective tax rate reflects a reduction in the level of tax benefits recorded in the second quarter of 2017 related to the exercise of employee stock options.

Loan Portfolio

Total loans outstanding were $3.18 billion at June 30, 2017, compared with $2.45 billion at March 31, 2017.  The increase in total loans reflects the addition of $688.1 million in loans from the Centrue acquisition and $41.0 million in organic loan growth.  Over the 12 month period ending June 30, 2017, total loans increased 47.3% from $2.16 billion at June 30, 2016.  The $41.0 million of organic loan growth recorded in the second quarter of 2017 was primarily driven by increases in the residential real estate and equipment leasing portfolios.

Deposits

Total deposits were $3.33 billion at June 30, 2017, compared with $2.53 billion at March 31, 2017, and $2.35 billion at June 30, 2016.  The increase in total deposits reflects the addition of $741.8 million in deposits from the Centrue acquisition.

Asset Quality

Non-performing loans totaled $27.6 million, or 0.87% of total loans, at June 30, 2017, compared with $28.9 million, or 1.18% of total loans, at March 31, 2017, and $18.4 million, or 0.85% of total loans, at June 30, 2016.  

Net charge-offs for the second quarter of 2017 were $0.8 million, or 0.13% of average loans on an annualized basis. 

The Company recorded a provision for loan losses of $0.5 million for the second quarter of 2017, primarily related to the growth in the loan portfolio.

The Company’s allowance for loan losses was 0.48% of total loans and 55.8% of non-performing loans at June 30, 2017, compared with 0.64% and 54.6%, respectively, at March 31, 2017.  Including the fair market value discounts recorded in connection with acquired loan portfolios, the allowance for loan losses to total loans ratio was 0.98% at June 30, 2017, compared with 0.92% at March 31, 2017.

Capital

At June 30, 2017, the Company exceeded all regulatory capital requirements under Basel III and was considered to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

 June 30, 2017Well Capitalized
Regulatory Requirements
Total capital to risk-weighted assets12.34%10.00%
Tier 1 capital to risk-weighted assets10.45%8.00%
Tier 1 leverage ratio11.04%5.00%
Common equity Tier 1 capital8.68%6.50%
Tangible common equity to tangible assets7.62%NA 

Conference Call, Webcast and Slide Presentation

The Company will host a conference call and webcast at 7:30 a.m. Central Time on Friday, July 28, 2017 to discuss its financial results.  The call can be accessed via telephone at (877) 516-3531 (passcode: 51055156).  A recorded replay can be accessed through August 4, 2017 by dialing (855) 859-2056; passcode: 51055156.

A slide presentation relating to the second quarter 2017 results will be accessible prior to the scheduled conference call.  The slide presentation and webcast of the conference call can be accessed on the Webcasts and Presentations page of the Company’s investor relations website.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank.  As of June 30, 2017, the Company had total assets of $4.5 billion and its Wealth Management Group had assets under administration of approximately $1.9 billion.  Midland provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, and insurance and financial planning services. In addition, commercial equipment leasing services are provided through Heartland Business Credit, and multi-family and healthcare facility FHA financing is provided through Love Funding, Midland’s non-bank subsidiaries. For additional information, visit www.midlandsb.com or follow Midland on LinkedIn at https://www.linkedin.com/company/midland-states-bank.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized 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,” “Yield on Loans Excluding Accretion Income,” “Net Interest Margin Excluding Accretion Income,” “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.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release includes "forward-looking statements," including but not limited to statements about the Company’s expected loan production, operating expenses and future earnings levels.  These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, including changes in the financial markets; changes in business plans as circumstances warrant; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe" or "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.


  
MIDLAND STATES BANCORP, INC. 
CONSOLIDATED FINANCIAL SUMMARY (unaudited) 
                     
  For the Quarter Ended 
  June 30,  March 31,  December 31,  September 30,  June 30, 
(dollars in thousands, except per share data) 2017  2017  2016  2016  2016
Earnings Summary                    
Net interest income $  29,400  $  27,461  $  25,959   $   27,265   $   27,989 
Provision for loan losses    458     1,533     2,445     1,392     629 
Noninterest income    13,619     16,330     30,486     14,937     14,016 
Noninterest expense    37,645     30,785     34,090     28,657     30,904 
Income before income taxes    4,916     11,473     19,910     12,153     10,472 
Income taxes    1,377     2,983     8,327     4,102     3,683 
Net income  $  3,539  $  8,490  $  11,583   $   8,051   $   6,789 
                     
Diluted earnings per common share $0.20  $0.52  $0.72  $0.51  $0.50 
Weighted average shares outstanding - diluted  17,320,089   16,351,637   16,032,016   15,858,273   13,635,074 
Return on average assets  0.39%  1.05%  1.44%  1.03%  0.89%
Return on average shareholders' equity  3.93%  10.58%  14.05%  10.04%  10.20%
Return on average tangible common shareholders' equity  4.91%  12.78%  16.84%  12.01%  12.70%
Net interest margin  3.70%  3.87%  3.70%  4.00%  4.20%
Efficiency ratio  66.54%  66.34%  76.64%  64.54%  66.46%
                     
Adjusted Earnings Performance Summary                    
Adjusted earnings $8,929  $9,409  $6,302  $8,277  $7,106 
Adjusted diluted earnings per common share $0.51  $0.57  $0.39  $0.52  $0.52 
Adjusted return on average assets  0.99%  1.16%  0.78%  1.06%  0.93%
Adjusted return on average shareholders' equity  9.91%  11.73%  7.64%  10.33%  10.66%
Adjusted return on average tangible common shareholders' equity  12.39%  14.16%  9.16%  12.35%  13.27%
Net interest margin excluding accretion income  3.57%  3.52%  3.42%  3.66%  3.52%
                     

 

                    
MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
 
  For the Quarter Ended
  June 30,  March 31,  December 31,  September 30,  June 30, 
(in thousands, except per share data) 2017  2017  2016  2016  2016
Net interest income:                   
Total interest income $34,528  $31,839  $29,981  $31,186  $32,115 
Total interest expense  5,128   4,378   4,022   3,921   4,126 
Net interest income  29,400   27,461   25,959   27,265   27,989 
Provision for loan losses  458   1,533   2,445   1,392   629 
Net interest income after provision for loan losses  28,942   25,928   23,514   25,873   27,360 
Noninterest income:                   
Commercial FHA revenue  4,153   6,695   3,704   3,260   8,538 
Residential mortgage banking revenue  2,330   2,916   6,241   4,990   1,037 
Wealth management revenue  3,406   2,872   2,495   1,941   1,870 
Service charges on deposit accounts  1,122   892   988   1,044   965 
Interchange revenue  1,114   977   921   920   945 
FDIC loss sharing expense    -     -     -     -   (1,608)
Gain on sales of investment securities, net  55   67   14,387   39   72 
Other-than-temporary impairment on investment securities    -     -     -     -     - 
Other income  1,439   1,911   1,750   2,743   2,197 
Total noninterest income  13,619   16,330   30,486   14,937   14,016 
Noninterest expense:                   
Salaries and employee benefits  21,842   17,115   17,326   16,568   17,012 
Occupancy and equipment  3,472   3,184   3,266   3,271   3,233 
Data processing  2,949   2,796   2,828   2,586   2,624 
Professional  3,142   2,992   2,898   1,877   1,573 
Amortization of intangible assets  579   525   534   514   519 
Other  5,661   4,173   7,238   3,841   5,943 
Total noninterest expense  37,645   30,785   34,090   28,657   30,904 
Income before income taxes  4,916   11,473   19,910   12,153   10,472 
Income taxes  1,377   2,983   8,327   4,102   3,683 
Net income  $3,539  $8,490  $11,583  $8,051  $6,789 
                    
Basic earnings per common share $0.21  $0.54  $0.74  $0.51  $0.51 
Diluted earnings per common share $0.20  $0.52  $0.72  $0.51  $0.50 
                    

 

                    
MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
                    
  At Quarter Ended
  June 30,  March 31,  December 31,  September 30,  June 30, 
(in thousands) 2017  2017  2016  2016  2016
Assets                   
Cash and cash equivalents $334,356   $218,096   $190,716   $228,030   $123,366 
Investment securities available-for-sale at fair value  385,340    259,332    246,339    252,212    238,781 
Investment securities held to maturity at amortized cost  75,371    76,276    78,672    82,941    84,756 
Loans  3,184,063    2,454,950    2,319,976    2,312,778    2,161,041 
Allowance for loan losses  (15,424)   (15,805)   (14,862)   (15,559)   (14,752)
Total loans, net  3,168,639    2,439,145    2,305,114    2,297,219    2,146,289 
Loans held for sale at fair value  41,689    39,900    70,565    61,363    101,782 
Premises and equipment, net  76,598    66,914    66,692    70,727    72,147 
Other real estate owned  7,036    3,680    3,560    4,828    3,540 
Mortgage servicing rights at lower of cost or market  70,277    68,557    68,008    64,689    62,808 
Intangible assets  18,459    8,633    7,187    5,391    5,905 
Goodwill  96,940    50,807    48,836    46,519    46,519 
Cash surrender value of life insurance policies  111,802    74,806    74,226    74,276    73,665 
Other assets  105,135    67,431    73,808    59,532    62,226 
Total assets $4,491,642   $3,373,577   $3,233,723   $3,247,727   $3,021,784 
                    
Liabilities and Shareholders' Equity                   
Noninterest bearing deposits $780,803   $528,021   $562,333   $629,113   $528,966 
Interest bearing deposits  2,552,228    1,999,455    1,842,033    1,790,919    1,825,586 
Total deposits  3,333,031    2,527,476    2,404,366    2,420,032    2,354,552 
Short-term borrowings  170,629    124,035    131,557    138,289    125,014 
FHLB advances and other borrowings  400,304    250,353    237,518    237,543    97,588 
Subordinated debt  54,556    54,532    54,508    54,484    54,459 
Trust preferred debentures  45,156    37,496    37,405    37,316    37,229 
Other liabilities  36,014    45,352    46,599    38,314    36,674 
Total liabilities  4,039,690    3,039,244    2,911,953    2,925,978    2,705,516 
Total shareholders’ equity  451,952    334,333    321,770    321,749    316,268 
Total liabilities and shareholders’ equity $4,491,642   $3,373,577   $3,233,723   $3,247,727   $3,021,784 
                    

 

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
                    
  As of
  June 30,  March 31,  December 31,  September 30,  June 30, 
(in thousands) 2017  2017  2016  2016  2016
Loan Portfolio                   
Commercial loans $571,111  $475,408  $457,827  $545,069  $489,228
Commercial real estate loans  1,470,487   997,200   969,615   956,298   929,399
Construction and land development loans  176,098   171,047   177,325   163,900   181,667
Residential real estate loans  428,464   277,402   253,713   216,935   179,184
Consumer loans  335,902   337,081   270,017   248,131   205,060
Lease financing loans  202,001   196,812   191,479   182,445   176,503
Total loans $3,184,063  $2,454,950  $2,319,976  $2,312,778  $2,161,041
                    
                    
Deposit Portfolio                   
Noninterest-bearing demand deposits $780,803  $528,021  $562,333  $629,113  $528,966
Checking accounts  841,640   751,193   656,248   658,021   627,003
Money market accounts  578,077   415,322   399,851   366,193   374,537
Savings accounts  291,912   169,715   166,910   162,742   164,792
Time deposits  525,647   394,508   400,304   420,779   431,173
Brokered deposits  314,952   268,717   218,720   183,184   228,081
Total deposits $3,333,031  $2,527,476  $2,404,366  $2,420,032  $2,354,552
                    

 

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
                     
  For the Quarter Ended 
  June 30,  March 31,  December 31,  September 30,  June 30, 
(in thousands) 2017  2017  2016  2016  2016
Average Balance Sheets                    
Cash and cash equivalents $192,483  $163,595  $140,439  $154,764  $232,362 
Investment securities  362,268   328,880   315,511   329,900   321,424 
Loans  2,620,875   2,361,380   2,299,115   2,177,517   2,092,248 
Loans held for sale  61,759   73,914   86,665   90,661   79,566 
Nonmarketable equity securities  22,246   20,047   18,927   18,365   16,800 
Total interest-earning assets  3,259,631   2,947,816   2,860,657   2,771,207   2,742,400 
Non-earning assets  372,525   336,761   337,566   329,504   324,880 
Total assets $3,632,156  $3,284,577  $3,198,223  $3,100,711  $3,067,280 
Interest-bearing deposits $2,116,564  $1,896,569  $1,838,760  $1,803,189  $1,844,493 
Short-term borrowings  146,144   143,583   151,191   134,052   114,651 
FHLB advances and other borrowings  290,401   248,045   183,614   165,774   185,195 
Subordinated debt  54,542   54,518   54,495   54,470   61,677 
Trust preferred debentures  39,179   37,443   37,357   37,266   37,182 
Total interest-bearing liabilities  2,646,830   2,380,158   2,265,417   2,194,751   2,243,198 
Noninterest-bearing deposits  579,977   525,868   562,958   550,816   522,632 
Other noninterest-bearing liabilities  44,014   53,109   41,962   36,284   33,309 
Shareholders' equity  361,335   325,442   327,886   318,860   268,141 
Total liabilities and shareholders' equity $3,632,156  $3,284,577  $3,198,223  $3,100,711  $3,067,280 
                     
Yields                    
Cash and cash equivalents  1.02%  0.77%  0.53%  0.50%  0.50%
Investment securities  3.33%  3.21%  3.10%  5.02%  5.15%
Loans  4.71%  4.91%  4.65%  4.83%  5.24%
Loans held for sale  4.67%  4.22%  4.22%  3.77%  4.65%
Nonmarketable equity securities  4.31%  4.41%  3.85%  3.77%  4.16%
Total interest-earning assets  4.33%  4.47%  4.26%  4.57%  4.81%
Interest-bearing deposits  0.53%  0.51%  0.48%  0.48%  0.50%
Short-term borrowings  0.23%  0.23%  0.22%  0.24%  0.24%
FHLB advances and other borrowings  1.16%  0.93%  0.78%  0.73%  0.56%
Subordinated debt  6.40%  6.40%  6.41%  6.41%  6.84%
Trust preferred debentures  5.37%  5.12%  4.99%  5.03%  4.95%
Total interest-bearing liabilities  0.78%  0.75%  0.71%  0.71%  0.74%
Net interest margin  3.70%  3.87%  3.70%  4.00%  4.20%
                     

 

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
                     
  As of and for the Quarter Ended 
  June 30,  March 31,  December 31,  September 30,  June 30, 
(dollars in thousands, except per share data) 2017  2017  2016  2016  2016
Asset Quality                    
Loans 30-89 days past due $13,566  $14,075  $10,767  $10,318  $10,453 
Nonperforming loans  27,615   28,933   31,603   29,926   18,430 
Nonperforming assets  33,150   31,684   34,550   34,304   21,469 
Net charge-offs   839   590   3,142   585   448 
Loans 30-89 days past due to total loans  0.43%  0.57%  0.46%  0.45%  0.48%
Nonperforming loans to total loans  0.87%  1.18%  1.36%  1.29%  0.85%
Nonperforming assets to total assets  0.74%  0.94%  1.07%  1.06%  0.71%
Allowance for loan losses to total loans  0.48%  0.64%  0.64%  0.67%  0.68%
Allowance for loan losses to nonperforming loans  55.81%  54.62%  47.03%  51.99%  80.04%
Net charge-offs to average loans  0.13%  0.10%  0.54%  0.11%  0.09%
                     
Wealth Management                    
Trust assets under administration $1,929,513  $1,869,314  $1,658,235  $1,235,132  $1,198,044 
                     
Market Data                    
Book value per share at period end $23.51  $21.19  $20.78  $20.89  $20.53 
Tangible book value per share at period end $17.47  $17.42  $17.16  $17.52  $17.13 
Market price at period end $33.52  $34.39  $36.18  $25.34  $21.69 
Shares outstanding at period end  19,087,409   15,780,651   15,483,499   15,404,423   15,402,946 
                     
Capital                    
Total capital to risk-weighted assets  12.34%  13.48%  13.85%  13.53%  13.91%
Tier 1 capital to risk-weighted assets  10.45%  10.97%  11.27%  10.94%  11.23%
Tier 1 leverage ratio  11.04%  9.61%  9.76%  9.82%  9.77%
Common equity Tier 1 capital ratio  8.68%  9.10%  9.35%  9.03%  9.24%
Tangible common equity to tangible assets  7.62%  8.29%  8.36%  8.44%  8.89%
                     

 

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
                
  For the Quarter Ended
  June 30,  March 31,  December 31,  September 30,  June 30, 
(in thousands, except per share data) 2017  2017  2016  2016  2016
Adjusted Earnings Reconciliation               
Income before income taxes - GAAP $  4,916  $  11,473  $  19,910  $  12,153  $  10,472 
Adjustments to other income:               
Gain on sales of investment securities, net   55     67     14,387     39     72 
Reversal of contingent consideration accrual   -     -     -     -     350 
Gain (loss) on sale of other assets   (91)    (58)    -     -     - 
 Total adjusted other income    (36)    9     14,387     39     422 
Adjustments to other expense:               
Expenses associated with payoff of subordinated debt   -     -     -     -     511 
Net expense from loss share termination agreement   -     -     351     -     - 
Branch network optimization plan charges   -     -     2,099     -     - 
Integration and acquisition expenses    7,450     1,251     1,200     352     406 
 Total adjusted other expense    7,450     1,251     3,650     352     917 
Adjusted earnings pre tax   12,402     12,715     9,173     12,466     10,967 
Adjusted earnings tax   3,473     3,306     2,871     4,189     3,861 
Adjusted earnings - non-GAAP $  8,929  $  9,409  $  6,302  $  8,277  $  7,106 
Adjusted diluted EPS $  0.51  $  0.57  $  0.39  $  0.52  $  0.52 
Adjusted return on average assets    0.99%    1.16%    0.78    1.06%    0.93%
Adjusted return on average shareholders' equity    9.91%    11.73%    7.64    10.33%    10.66%
Adjusted return on average tangible common equity    12.39%    14.16%    9.16    12.35%    13.27%
                
                
Yield on Loans               
Reported yield on loans    4.71%    4.91    4.65    4.83%
    5.24%
Effect of accretion income on acquired loans    (0.17)%    (0.43)%    (0.33)%    (0.43)%    (0.88)%
Yield on loans excluding accretion income    4.54%    4.48%    4.32    4.40%    4.36%
                
Net Interest Margin               
Reported net interest margin    3.70%    3.87%    3.70%    4.00%    4.20
Effect of accretion income on acquired loans    (0.13)%    (0.35)%    (0.28)%    (0.34)%    (0.68)%
Net interest margin excluding accretion income    3.57%    3.52%    3.42%    3.66%    3.52%
                

 

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
                
                
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) 2017  2017  2016  2016  2016
                
Shareholders' Equity to Tangible Common Equity               
Total shareholders' equity—GAAP $  451,952  $  334,333  $  321,770  $  321,749  $  316,268 
Adjustments:               
  Preferred stock    (3,134)    -      -      -      -  
  Goodwill    (96,940)    (50,807)    (48,836)    (46,519)    (46,519)
  Other intangibles    (18,459)    (8,633)    (7,187)    (5,391)    (5,905)
Tangible common equity $  333,419  $  274,893  $  265,747  $  269,839  $  263,844 
                
Total Assets to Tangible Assets:               
Total assets—GAAP    4,491,642     3,373,577     3,233,723     3,247,727     3,021,784 
Adjustments:               
  Goodwill    (96,940)    (50,807)    (48,836)    (46,519)    (46,519)
  Other intangibles    (18,459)    (8,633)    (7,187)    (5,391)    (5,905)
Tangible assets $  4,376,243  $  3,314,137  $  3,177,700  $  3,195,817  $  2,969,360 
                
Common Shares Outstanding    19,087,409     15,780,651     15,483,499     15,404,423     15,402,946 
                
Tangible Common Equity to Tangible Assets    7.62    8.29    8.36    8.44    8.89
Tangible Book Value Per Share $  17.47  $  17.42  $  17.16  $  17.52  $  17.13 
                
                
Return on Average Tangible Common Equity (ROATCE)            
  As of 
  June 30,  March 31,  December 31,  September 30,  June 30, 
(in thousands) 2017  2017  2016  2016  2016
                
Net Income $  3,539  $  8,490  $  11,583  $  8,051  $  6,789 
                
Average total shareholders' equity—GAAP $  361,335  $  325,442  $  327,886  $  318,860  $  268,141 
Adjustments:               
  Goodwill    (61,424)    (48,836)    (46,594)    (46,519)    (46,519)
  Other intangibles    (10,812)    (7,144)    (7,718)    (5,656)    (6,184)
Average tangible common equity $  289,099  $  269,462  $  273,574  $  266,685  $  215,438 
ROATCE    4.91    12.78    16.84%    12.01%    12.67%
                


CONTACTS:
Jeffrey G. Ludwig, Exec. V.P., at jludwig@midlandsb.com or (217) 342-7321
Kevin L. Thompson, Chief Financial Officer, at kthompson@midlandsb.com or (217) 342-7321
Douglas J. Tucker, Sr. V.P., Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321


The following information was filed by Midland States Bancorp, Inc. (MSBI) on Thursday, July 27, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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