Midland States Bancorp Inc
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
MSBI$32.44+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the and
CONSOLIDATED STATEMENTS OF CASH FLOWS — (UNAUDITED)
(dollars in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $13,885 | $21,772 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for credit losses on loans | 14,000 | 3,135 |
| Depreciation on premises and equipment | 1,231 | 1,208 |
| Amortization of intangible assets | 1,089 | 1,291 |
| Amortization of operating lease right-of-use asset | 402 | 421 |
| Amortization of loan servicing rights | 676 | 88 |
| Share-based compensation expense | 701 | 625 |
| Increase in cash surrender value of life insurance | (1,801) | (876) |
| Investment securities accretion, net | (1,296) | (47) |
| Loss on sales of investment securities, net | — | 648 |
| Gain on sales of other real estate owned | (22) | — |
| Origination of loans held for sale | (14,070) | (7,507) |
| Proceeds from sales of loans held for sale | 17,627 | 6,261 |
| Gain on sale of loans held for sale | (442) | (264) |
| Net change in operating assets and liabilities: | ||
| Accrued interest receivable | (997) | (221) |
| Other assets | 1,034 | 4,423 |
| Accrued expenses and other liabilities | (5,100) | (14,949) |
| Net cash provided by operating activities | 26,917 | 16,008 |
| Cash flows from investing activities: | ||
| Purchases of investment securities available for sale | (172,715) | (136,881) |
| Proceeds from sales of investment securities available for sale | — | 84,493 |
| Maturities and payments on investment securities available for sale | 42,464 | 13,748 |
| Purchases of equity securities | (93) | (139) |
| Net decrease (increase) in loans | 163,694 | (49,923) |
| Purchases of premises and equipment | (527) | (2,788) |
| Proceeds from sale of premises and equipment | — | 8 |
| Purchases of nonmarketable equity securities | (58,162) | (11,315) |
| Proceeds from redemptions of nonmarketable equity securities | 68,107 | 4,385 |
| Proceeds from sales of other real estate owned | 301 | — |
| Net cash provided by (used in) investing activities | 43,069 | (98,412) |
| Cash flows from financing activities: | ||
| Net increase in deposits | 14,455 | 60,549 |
| Net increase (decrease) in short-term borrowings | 179,581 | (11,138) |
| Net (decrease) increase in short-term FHLB borrowings | (166,000) | 92,000 |
| Proceeds from long-term FHLB borrowings | 35,000 | 235,000 |
| Payments made on long-term FHLB borrowings | (90,000) | (305,000) |
| Cash dividends paid on preferred stock | (2,228) | (2,228) |
| Cash dividends paid on common stock | (6,772) | (6,749) |
| Common stock repurchased | (1,944) | (2,801) |
| Proceeds from issuance of common stock under employee benefit plans | 177 | 450 |
| Net cash (used in) provided by financing activities | (37,731) | 60,083 |
| Net increase (decrease) in cash and cash equivalents | 32,255 | (22,321) |
| Cash and cash equivalents: | ||
| Beginning of period | 135,061 | 160,631 |
| End of period | $167,316 | $138,310 |
| Supplemental disclosures of cash flow information: | ||
| Cash payments for: | ||
| Interest paid on deposits and borrowed funds | $46,187 | $34,888 |
| Income tax paid (net of refunds) | 985 | 1,409 |
| Supplemental disclosures of noncash investing and financing activities: | ||
| Transfer of loans to other real estate owned | 51 | — |
| Right of use assets obtained in exchange for lease obligations | 222 | 1,130 |
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