Midland States Bancorp Inc
For the period ended Sep 30, 2024. Filed Nov 6, 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.
Sep 30, 2024 · Filed Nov 6, 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 Income for the and
CONSOLIDATED STATEMENTS OF INCOME — (UNAUDITED)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Interest income: | ||||
| Loans including fees: | ||||
| Taxable | $88,860 | $93,488 | $266,107 | $272,297 |
| Tax exempt | 382 | 497 | 1,156 | 1,349 |
| Loans held for sale | 124 | 104 | 263 | 179 |
| Investment securities: | ||||
| Taxable | 13,259 | 7,475 | 35,921 | 19,744 |
| Tax exempt | 390 | 275 | 1,062 | 1,074 |
| Nonmarketable equity securities | 788 | 710 | 2,438 | 2,104 |
| Federal funds sold and cash investments | 1,031 | 1,036 | 2,857 | 2,868 |
| Total interest income | 104,834 | 103,585 | 309,804 | 299,615 |
| Interest expense: | ||||
| Deposits | 41,970 | 37,769 | 120,660 | 97,791 |
| Short-term borrowings | 602 | 14 | 1,746 | 53 |
| Federal Home Loan Bank advances and other borrowings | 4,743 | 4,557 | 13,615 | 15,959 |
| Subordinated debt | 1,228 | 1,280 | 3,773 | 3,985 |
| Trust preferred debentures | 1,341 | 1,369 | 4,088 | 3,887 |
| Total interest expense | 49,884 | 44,989 | 143,882 | 121,675 |
| Net interest income | 54,950 | 58,596 | 165,922 | 177,940 |
| Provision for credit losses on loans | 5,000 | 5,168 | 36,000 | 14,182 |
| Recapture of credit losses on unfunded commitments | — | — | (200) | — |
| Total provision for credit losses | 5,000 | 5,168 | 35,800 | 14,182 |
| Net interest income after provision for credit losses | 49,950 | 53,428 | 130,122 | 163,758 |
| Noninterest income: | ||||
| Wealth management revenue | 7,104 | 6,288 | 21,037 | 18,968 |
| Service charges on deposit accounts | 3,411 | 3,149 | 9,648 | 8,744 |
| Interchange revenue | 3,506 | 3,609 | 10,427 | 10,717 |
| Residential mortgage banking revenue | 697 | 507 | 1,781 | 1,452 |
| Income on company-owned life insurance | 1,982 | 918 | 5,708 | 2,685 |
| Loss on sales of investment securities, net | (44) | (4,961) | (196) | (6,478) |
| Other income | 2,683 | 2,035 | 9,777 | 9,989 |
| Total noninterest income | 19,339 | 11,545 | 58,182 | 46,077 |
| Noninterest expense: | ||||
| Salaries and employee benefits | 24,382 | 22,307 | 71,356 | 69,407 |
| Occupancy and equipment | 4,393 | 3,730 | 12,499 | 12,052 |
| Data processing | 6,955 | 6,468 | 20,882 | 19,323 |
| FDIC insurance | 1,402 | 1,107 | 3,895 | 3,632 |
| Professional services | 1,744 | 1,554 | 6,242 | 4,977 |
| Marketing | 967 | 950 | 2,445 | 2,323 |
| Communications | 359 | 507 | 1,037 | 1,514 |
| Loan expense | 1,935 | 866 | 4,416 | 3,104 |
| Amortization of intangible assets | 951 | 1,129 | 3,056 | 3,628 |
| Other expense | 3,645 | 3,420 | 13,251 | 9,454 |
| Total noninterest expense | 46,733 | 42,038 | 139,079 | 129,414 |
| Income before income taxes | 22,556 | 22,935 | 49,225 | 80,421 |
| Income taxes | 4,080 | 11,533 | 10,114 | 25,672 |
| Net income | 18,476 | 11,402 | 39,111 | 54,749 |
| Preferred dividends | 2,229 | 2,229 | 6,685 | 6,685 |
| Net income available to common shareholders | $16,247 | $9,173 | $32,426 | $48,064 |
| Per common share data: | ||||
| Basic earnings per common share | $0.74 | $0.41 | $1.47 | $2.14 |
| Diluted earnings per common share | $0.74 | $0.41 | $1.47 | $2.14 |
| Weighted average common shares outstanding | 21,675,818 | 21,970,372 | 21,726,143 | 22,214,862 |
| Weighted average diluted common shares outstanding | 21,678,242 | 21,977,196 | 21,732,093 | 22,223,986 |
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