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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 September 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 October 31, 2019, the Registrant had 24,270,134 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 September 30, 2019 (Unaudited) and December 31, 2018

2

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

3

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

4

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

5

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

6

Notes to Consolidated Financial Statements (Unaudited)

7

Item 2.

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

39

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

59

Item 4.

Controls and Procedures

59

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

59

Item 1A.

Risk Factors

59

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

59

Item 6.

Exhibits

61

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)

    

September 30, 

    

December 31, 

 

    

2019

    

2018

 

(unaudited)

Assets

Cash and due from banks

$

407,361

$

210,780

Federal funds sold

 

1,985

 

2,920

Cash and cash equivalents

 

409,346

 

213,700

Investment securities available for sale, at fair value

 

663,018

 

657,451

Equity securities, at fair value

5,612

3,334

Loans

 

4,328,835

 

4,137,551

Allowance for loan losses

 

(24,917)

 

(20,903)

Total loans, net

 

4,303,918

 

4,116,648

Loans held for sale

 

88,322

 

30,401

Premises and equipment, net

 

93,896

 

94,840

Operating lease right-of-use asset

14,843

Other real estate owned

 

4,890

 

3,483

Nonmarketable equity securities

 

45,421

 

42,472

Accrued interest receivable

 

17,185

 

16,560

Loan servicing rights, at lower of cost or fair value

 

54,124

 

53,447

Mortgage servicing rights held for sale

1,860

3,545

Intangible assets

 

36,690

 

37,376

Goodwill

 

171,074

 

164,673

Cash surrender value of life insurance policies

 

141,510

 

138,783

Accrued income taxes receivable

 

3,963

 

8,809

Deferred tax assets, net

 

 

1,251

Other assets

 

58,232

 

50,900

Total assets

$

6,113,904

$

5,637,673

Liabilities and Shareholders’ Equity

Liabilities:

Deposits:

Noninterest-bearing

$

1,015,081

$

972,164

Interest-bearing

 

3,430,090

 

3,102,006

Total deposits

 

4,445,171

 

4,074,170

Short-term borrowings

 

122,294

 

124,235

FHLB advances and other borrowings

 

559,932

 

640,631

Subordinated debt

 

192,689

 

94,134

Trust preferred debentures

 

48,165

 

47,794

Accrued interest payable

 

6,818

 

4,855

Deferred tax liabilities, net

5,391

Operating lease liabilities

16,353

Other liabilities

 

61,569

 

43,329

Total liabilities

 

5,458,382

 

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 December 31, 2018

2,781

Common stock, $0.01 par value; 40,000,000 shares authorized; 24,338,748 and 23,751,798 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively

 

243

 

238

Capital surplus

 

488,025

 

473,833

Retained earnings

 

159,102

 

133,781

Accumulated other comprehensive income (loss)

 

8,152

 

(2,108)

Total shareholders’ equity

 

655,522

 

608,525

Total liabilities and shareholders’ equity

$

6,113,904

$

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

    

Nine Months Ended

September 30, 

September 30, 

    

2019

    

2018

    

2019

    

2018

 

Interest income:

Loans:

Taxable

$

57,162

$

49,216

$

162,065

$

140,946

Tax exempt

 

877

 

1,006

 

2,769

 

2,275

Loans held for sale

241

512

991

1,235

Investment securities:

Taxable

 

3,725

 

3,753

 

11,014

 

10,152

Tax exempt

 

1,011

 

1,195

 

3,138

 

3,446

Nonmarketable equity securities

592

540

1,810

1,421

Federal funds sold and cash investments

 

1,398

 

765

 

3,287

 

2,300

Total interest income

 

65,006

 

56,987

 

185,074

 

161,775

Interest expense:

Deposits

 

9,320

6,151

25,120

15,273

Short-term borrowings

 

212

213

659

453

FHLB advances and other borrowings

 

3,524

3,211

10,912

7,664

Subordinated debt

 

1,671

1,514

4,699

4,542

Trust preferred debentures

 

829

817

2,556

2,291

Total interest expense

 

15,556

 

11,906

 

43,946

 

30,223

Net interest income

 

49,450

 

45,081

 

141,128

 

131,552

Provision for loan losses

 

4,361

2,103

11,680

5,963

Net interest income after provision for loan losses

 

45,089

 

42,978

 

129,448

 

125,589

Noninterest income:

Wealth management revenue

 

5,998

5,467

16,455

14,862

Commercial FHA revenue

 

2,894

3,130

11,081

6,786

Residential mortgage banking revenue

 

720

1,154

2,165

4,688

Service charges on deposit accounts

 

3,008

2,804

8,167

7,464

Interchange revenue

 

3,249

2,759

8,939

7,733

Gain (loss) on sales of investment securities, net

 

25

39

(5)

Gain on sales of other real estate owned

 

44

86

98

559

Other income

 

3,668

2,872

9,324

8,534

Total noninterest income

 

19,606

 

18,272

 

56,268

 

50,621

Noninterest expense:

Salaries and employee benefits

 

25,083

22,528

68,256

74,390

Occupancy and equipment

 

4,793

5,040

14,125

14,000

Data processing

 

5,443

10,817

15,321

20,402

FDIC insurance

 

(37)

549

765

1,636

Professional

 

2,348

3,087

6,831

10,031

Marketing

 

815

1,137

3,167

3,754

Communications

 

765

1,289

2,113

3,606

Loan expense

 

660

262

1,636

1,338

Other real estate owned

 

131

42

325

298

Amortization of intangible assets

 

1,803

1,853

5,286

5,104

(Gain) loss on mortgage servicing rights held for sale

(70)

270

(585)

458

Other expense

 

6,291

3,443

12,076

11,251

Total noninterest expense

 

48,025

 

50,317

 

129,316

 

146,268

Income before income taxes

 

16,670

 

10,933

 

56,400

 

29,942

Income taxes

 

4,015

2,436

13,408

6,857

Net income

12,655

8,497

42,992

23,085

Preferred stock dividends and premium amortization

(22)

35

46

107

Net income available to common shareholders

$

12,677

$

8,462

$

42,946

$

22,978

Per common share data:

Basic earnings per common share

$

0.51

$

0.35

$

1.76

$

1.00

Diluted earnings per common share

$

0.51

$

0.35

$

1.75

$

0.98

Weighted average common shares outstanding

 

24,488,422

 

23,855,805

 

24,190,574

 

22,868,256

Weighted average diluted common shares outstanding

 

24,684,529

 

24,325,743

 

24,400,063

 

23,327,140

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

Nine Months Ended

September 30, 

September 30, 

    

2019

    

2018

    

2019

    

2018

 

Net income

$

12,655

$

8,497

$

42,992

$

23,085

Other comprehensive income (loss):

Investment securities available for sale:

Unrealized gains (losses) that occurred during the period

 

1,368

 

(3,330)

 

14,174

(8,919)

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

 

(25)

 

 

(39)

5

Income tax effect

 

(357)

 

915

 

(3,875)

2,434

Change in investment securities available for sale, net of tax

 

986

 

(2,415)

 

10,260

 

(6,480)

Other comprehensive income (loss), net of tax

 

986

 

(2,415)

 

10,260

 

(6,480)

Total comprehensive income

$

13,641

$

6,082

$

53,252

$

16,605

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 September 30, 2019:

Balances, June 30, 2019

$

2,684

$

239

$

477,412

$

152,387

$

7,166

$

639,888

Net income

 

 

12,655

 

12,655

Other comprehensive income

 

 

 

986

986

Acquisition of HomeStar Financial Group, Inc.

4

10,335

10,339