Please wait while we load the requested 10-Q report or click the link below:
For Immediate Release
MIDLAND STATES BANCORP, INC. ANNOUNCES
2017 THIRD QUARTER RESULTS
· Definitive agreement to acquire Alpine Bancorporation announced on October 16, 2017
· Integration of Centrue acquisition completed
· Net income of $2.0 million, or $0.10 diluted earnings per share, for the third quarter of 2017
· Pending sale of residential mortgage servicing rights expected to reduce earnings volatility and enable redeployment of capital for the Alpine acquisition
Effingham, IL, October 26, 2017 Midland States Bancorp, Inc. (NASDAQ: MSBI) (the Company) today reported financial results for the third quarter of 2017, which included $8.3 million, or $0.27 per diluted share, in integration and acquisition expenses largely related to the integration of Centrue Financial Corporation (Centrue), and a $3.6 million loss, or $0.12 per diluted share, on mortgage servicing rights (MSRs) held for sale. Inclusive of these expenses, Midland reported net income of $2.0 million, or $0.10 diluted earnings per share, for the third quarter of 2017, compared with net income of $3.5 million, or $0.20 diluted earnings per share, for the second quarter of 2017, and net income of $8.1 million, or $0.51 diluted earnings per share for the third quarter of 2016.
We continue to transform Midland into a stronger, more profitable institution through our strategic initiatives and ongoing M&A activity, said Leon J. Holschbach, President and Chief Executive Officer of the Company. The integration of Centrue has gone well and we are seeing the positive impact of the synergies we projected for this transaction. With the recent announcement of our pending acquisition of Alpine Bancorporation, we have positioned Midland to be more focused on the core community bank and wealth management businesses, which we anticipate generating steady growth in the coming years. As our community bank and wealth management businesses increase in scale, we anticipate that the commercial FHA and residential mortgage banking businesses will continue to be meaningful contributors to our financial results, although smaller components of our overall revenue mix.
During the third quarter, we made the decision to exit most of our residential mortgage servicing business and take a charge against our MSRs in anticipation of their sale. Although the charge had a negative impact on our third quarter results, we believe disposing of the MSRs will reduce our earnings volatility and free up capital that can be utilized to support the acquisition of Alpine. With the addition of Alpine, we will be well positioned as an even higher performing bank with a more consistent earnings stream, said Mr. Holschbach.
The following information was filed by Midland States Bancorp, Inc. (MSBI) on Thursday, October 26, 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.
View differences made from one quarter to another to evaluate Midland States Bancorp, Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Midland States Bancorp, Inc..