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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to _______________

Commission File Number 001-35272

MIDLAND STATES BANCORP, INC.

(Exact name of registrant as specified in its charter)

Illinois

37-1233196

(State of other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1201 Network Centre Drive

Effingham, IL

62401

(Address of principal executive offices)

(Zip Code)

(217) 342-7321

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, $0.01 par value

MSBI

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer

Smaller reporting company 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes  No

As of July 31, 2019, the Registrant had 24,363,400 shares of outstanding common stock, $0.01 par value.

Table of Contents

MIDLAND STATES BANCORP, INC.

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements:

Consolidated Balance Sheets at June 30, 2019 (Unaudited) and December 31, 2018

2

Consolidated Statements of Income (Unaudited) for the three and six months ended June 30, 2019 and 2018

3

Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2019 and 2018

4

Consolidated Statements of Shareholders’ Equity (Unaudited) for the three and six months ended June 30, 2019 and 2018

5

Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2019 and 2018

6

Notes to Consolidated Financial Statements (Unaudited)

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

55

Item 4.

Controls and Procedures

55

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

55

Item 1A.

Risk Factors

55

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 6.

Exhibits

57

SIGNATURES

1

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

MIDLAND STATES BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

    

June 30, 

    

December 31, 

 

    

2019

    

2018

 

(unaudited)

Assets

Cash and due from banks

$

244,239

$

210,780

Federal funds sold

 

1,176

 

2,920

Cash and cash equivalents

 

245,415

 

213,700

Investment securities available for sale, at fair value

 

609,657

 

657,451

Equity securities, at fair value

3,369

3,334

Loans

 

4,073,527

 

4,137,551

Allowance for loan losses

 

(25,925)

 

(20,903)

Total loans, net

 

4,047,602

 

4,116,648

Loans held for sale, at fair value

 

22,143

 

30,401

Premises and equipment, net

 

94,824

 

94,840

Operating lease right-of-use asset

10,226

Other real estate owned

 

3,797

 

3,483

Nonmarketable equity securities

 

43,175

 

42,472

Accrued interest receivable

 

15,509

 

16,560

Mortgage servicing rights, at lower of cost or fair value

 

54,191

 

53,447

Mortgage servicing rights held for sale

159

3,545

Intangible assets

 

33,893

 

37,376

Goodwill

 

164,673

 

164,673

Cash surrender value of life insurance policies

 

140,593

 

138,783

Accrued income taxes receivable

 

2,032

 

8,809

Deferred tax assets, net

 

 

1,251

Other assets

 

54,797

 

50,900

Total assets

$

5,546,055

$

5,637,673

Liabilities and Shareholders’ Equity

Liabilities:

Deposits:

Noninterest-bearing

$

902,286

$

972,164

Interest-bearing

 

3,108,921

 

3,102,006

Total deposits

 

4,011,207

 

4,074,170

Short-term borrowings

 

113,844

 

124,235

FHLB advances and other borrowings

 

582,387

 

640,631

Subordinated debt

 

94,215

 

94,134

Trust preferred debentures

 

48,041

 

47,794

Accrued interest payable

 

5,455

 

4,855

Deferred tax liabilities, net

3,869

Operating lease liabilities

10,719

Other liabilities

 

36,430

 

43,329

Total liabilities

 

4,906,167

 

5,029,148

Shareholders’ Equity:

Preferred stock, Series H, $2 par value; $1,000 per share liquidation value; 2,636 shares authorized, issued and outstanding at June 30, 2019 and December 31, 2018

2,684

2,781

Common stock, $0.01 par value; 40,000,000 shares authorized; 23,897,038 and 23,751,798 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively

 

239

 

238

Capital surplus

 

477,412

 

473,833

Retained earnings

 

152,387

 

133,781

Accumulated other comprehensive income (loss)

 

7,166

 

(2,108)

Total shareholders’ equity

 

639,888

 

608,525

Total liabilities and shareholders’ equity

$

5,546,055

$

5,637,673

The accompanying notes are an integral part of the consolidated financial statements.

2

Table of Contents

MIDLAND STATES BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME—(UNAUDITED)

(dollars in thousands, except per share data)

    

Three Months Ended

    

Six Months Ended

June 30, 

June 30, 

    

2019

    

2018

    

2019

    

2018

 

Interest income:

Loans:

Taxable

$

53,021

$

50,699

$

104,903

$

91,730

Tax exempt

 

918

 

802

 

1,892

 

1,269

Loans held for sale

451

295

750

723

Investment securities:

Taxable

 

3,606

 

3,756

 

7,289

 

6,399

Tax exempt

 

1,061

 

1,235

 

2,127

 

2,251

Nonmarketable equity securities

597

482

1,218

881

Federal funds sold and cash investments

 

982

 

1,014

 

1,889

 

1,535

Total interest income

 

60,636

 

58,283

 

120,068

 

104,788

Interest expense:

Deposits

 

8,437

5,005

 

15,800

9,122

Short-term borrowings

 

210

116

 

447

240

FHLB advances and other borrowings

 

3,541

2,582

 

7,388

4,453

Subordinated debt

 

1,514

1,514

 

3,028

3,028

Trust preferred debentures

 

857

780

 

1,727

1,474

Total interest expense

 

14,559

 

9,997

 

28,390

 

18,317

Net interest income

 

46,077

 

48,286

 

91,678

 

86,471

Provision for loan losses

 

4,076

 

1,854

 

7,319

 

3,860

Net interest income after provision for loan losses

 

42,001

 

46,432

 

84,359

 

82,611

Noninterest income:

Wealth management revenue

 

5,504

5,316

 

10,457

9,395

Commercial FHA revenue

 

4,917

326

8,187

3,656

Residential mortgage banking revenue

 

611

2,116

1,445

3,534

Service charges on deposit accounts

 

2,639

2,693

 

5,159

4,660

Interchange revenue

 

3,010

2,929

 

5,690

4,974

Gain (loss) on sales of investment securities, net

 

14

(70)

 

14

(5)

(Loss) gain on sales of other real estate owned

 

(12)

166

 

54

473

Other income

 

2,904

2,371

 

5,656

5,662

Total noninterest income

 

19,587

 

15,847

 

36,662

 

32,349

Noninterest expense:

Salaries and employee benefits

 

21,134

23,467

 

43,173

51,862

Occupancy and equipment

 

4,500

4,708

 

9,332

8,960

Data processing

 

4,987

5,106

 

9,878

9,585

FDIC insurance

 

367

539

 

802

1,087

Professional

 

2,410

3,195

 

4,483

6,944

Marketing

 

1,118

1,411

 

2,352

2,617

Communications

 

677

741

 

1,348

2,317

Loan expense

 

616

552

 

976

1,076

Other real estate owned

 

101

166

 

194

256

Amortization of intangible assets

 

1,673

1,576

 

3,483

3,251

(Gain) loss on mortgage servicing rights held for sale

(515)

188

 

(515)

188

Other expense

 

3,126

4,803

 

5,785

7,808

Total noninterest expense

 

40,194

 

46,452

 

81,291

 

95,951

Income before income taxes

 

21,394

 

15,827

 

39,730

 

19,009

Income taxes

 

5,039

 

3,045

 

9,393

 

4,421

Net income

16,355

12,782

30,337

14,588

Preferred stock dividends and premium amortization

34

36

68

72

Net income available to common shareholders

$

16,321

$

12,746

$

30,269

$

14,516

Per common share data:

Basic earnings per common share

$

0.67

$

0.53

$

1.25

$

0.64

Diluted earnings per common share

$

0.67

$

0.52

$

1.24

$

0.63

Weighted average common shares outstanding

 

24,081,777

 

23,815,436

 

24,040,032

 

22,365,927

Weighted average diluted common shares outstanding

 

24,303,211

 

24,268,111

 

24,254,612

 

22,817,472

The accompanying notes are an integral part of the consolidated financial statements.

3

Table of Contents

MIDLAND STATES BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME—(UNAUDITED)

(dollars in thousands)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2019

    

2018

    

2019

    

2018

 

Net income

$

16,355

$

12,782

$

30,337

$

14,588

Other comprehensive income (loss):

Investment securities available for sale:

Unrealized gains (losses) that occurred during the period

 

5,098

 

(2,252)

 

12,806

(5,589)

Reclassification adjustment for realized net (gains) losses on sales of investment securities included in net income

 

(14)

 

70

 

(14)

5

Income tax effect

 

(1,398)

 

595

 

(3,518)

1,519

Change in investment securities available for sale, net of tax

 

3,686

 

(1,587)

 

9,274

 

(4,065)

Other comprehensive income (loss), net of tax

 

3,686

 

(1,587)

 

9,274

 

(4,065)

Total comprehensive income

$

20,041

$

11,195

$

39,611

$

10,523

The accompanying notes are an integral part of the consolidated financial statements.

4

Table of Contents

MIDLAND STATES BANCORP, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY—(UNAUDITED)

(dollars in thousands, except per share data)

    

    

    

    

Accumulated

other

Total

Preferred

Common

Capital

Retained

comprehensive

shareholders'

stock

stock

surplus

earnings

income (loss)

equity

For the three months ended June 30, 2019:

Balances, March 31, 2019

$

2,733

$

238

$

475,811

$

141,906

$

3,480

$

624,168

Net income

 

 

16,355

 

16,355

Other comprehensive income

 

 

 

3,686

3,686

Common dividends declared ($0.2425 per share)

 

 

(5,840)

 

(5,840)

Preferred dividends declared

(83)

(83)

Preferred stock, premium amortization

(49)

49

Share-based compensation expense

 

 

493

 

493

Issuance of common stock under employee benefit plans

1

1,108

1,109

Balances, June 30, 2019

$

2,684

$

239

$

477,412

$

152,387

$

7,166

$

639,888

For the six months ended June 30, 2019:

Balances, December 31, 2018

$

2,781

$

238

$

473,833

$

133,781

$

(2,108)

$

608,525

Net income

 

 

30,337

 

30,337

Other comprehensive income