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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 March 31, 2020

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 April 24, 2020, the Registrant had 23,203,015 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 March 31, 2020 (Unaudited) and December 31, 2019

2

Consolidated Statements of Income (Unaudited) for the three months ended March 31, 2020 and 2019

3

Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2020 and 2019

4

Consolidated Statements of Shareholders’ Equity (Unaudited) for the three months ended March 31, 2020 and 2019

5

Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2020 and 2019

6

Notes to Consolidated Financial Statements (Unaudited)

7

Item 2.

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

44

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

62

Item 4.

Controls and Procedures

62

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

63

Item 1A.

Risk Factors

63

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

Item 6.

Exhibits

66

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)

    

March 31, 

    

December 31, 

 

    

2020

    

2019

 

(unaudited)

Assets

Cash and due from banks

$

445,097

$

392,694

Federal funds sold

 

4,299

 

1,811

Cash and cash equivalents

 

449,396

 

394,505

Investment securities available for sale, at fair value (allowance for credit losses of $75 at March 31, 2020)

 

656,254

 

649,433

Equity securities, at fair value

5,640

5,621

Loans

 

4,376,204

 

4,401,410

Allowance for credit losses on loans

 

(38,545)

 

(28,028)

Total loans, net

 

4,337,659

 

4,373,382

Loans held for sale

 

113,852

 

16,431

Premises and equipment, net

 

90,118

 

91,055

Operating lease right-of-use asset

14,078

14,224

Other real estate owned

 

7,892

 

6,745

Nonmarketable equity securities

 

46,068

 

44,505

Accrued interest receivable

 

16,532

 

16,346

Loan servicing rights, at lower of cost or fair value

 

44,566

 

53,824

Mortgage servicing rights held for sale

1,460

1,972

Goodwill

 

172,796

 

171,758

Other intangible assets, net

 

33,124

 

34,886

Cash surrender value of life insurance policies

 

143,323

 

142,423

Accrued income taxes receivable

 

7,130

 

6,362

Other assets

 

68,342

 

63,545

Total assets

$

6,208,230

$

6,087,017

Liabilities and Shareholders’ Equity

Liabilities:

Deposits:

Noninterest-bearing

$

1,052,726

$

1,019,472

Interest-bearing

 

3,597,914

 

3,524,782

Total deposits

 

4,650,640

 

4,544,254

Short-term borrowings

 

43,578

 

82,029

FHLB advances and other borrowings

 

593,089

 

493,311

Subordinated debt

 

169,505

 

176,653

Trust preferred debentures

 

48,420

 

48,288

Accrued interest payable

 

7,078

 

6,400

Deferred tax liabilities, net

9,911

11,278

Operating lease liabilities

15,048

15,369

Other liabilities

 

39,801

 

47,524

Total liabilities

 

5,577,070

 

5,425,106

Shareholders’ Equity:

Common stock, $0.01 par value; 40,000,000 shares authorized; 23,381,496 and 24,420,345 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively

 

234

 

244

Capital surplus

 

468,750

 

488,305

Retained earnings

 

153,722

 

165,920

Accumulated other comprehensive income

 

8,454

 

7,442

Total shareholders’ equity

 

631,160

 

661,911

Total liabilities and shareholders’ equity

$

6,208,230

$

6,087,017

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

March 31, 

    

2020

    

2019

 

Interest income:

Loans:

Taxable

$

53,539

$

51,882

Tax exempt

 

836

 

974

Loans held for sale

191

299

Investment securities:

Taxable

 

4,094

 

3,683

Tax exempt

 

987

 

1,066

Nonmarketable equity securities

605

621

Federal funds sold and cash investments

 

1,062

 

907

Total interest income

 

61,314

 

59,432

Interest expense:

Deposits

8,362

7,363

Short-term borrowings

101

237

FHLB advances and other borrowings

2,967

3,847

Subordinated debt

2,509

1,514

Trust preferred debentures

724

870

Total interest expense

 

14,663

 

13,831

Net interest income

 

46,651

 

45,601

Provision for credit losses on loans

10,569

3,243

Net interest income after provision for credit losses on loans

 

36,082

 

42,358

Noninterest income:

Wealth management revenue

5,677

4,953

Commercial FHA revenue

1,267

3,295

Residential mortgage banking revenue

1,755

834

Service charges on deposit accounts

2,656

2,520

Interchange revenue

2,833

2,680

Gain on sales of other real estate owned

15

66

Impairment on commercial mortgage servicing rights

(8,468)

(25)

Other income

2,863

2,752

Total noninterest income

 

8,598

 

17,075

Noninterest expense:

Salaries and employee benefits

21,063

22,039

Occupancy and equipment

4,869

4,853

Data processing

5,334

4,724

FDIC insurance

1

435

Professional

1,855

2,073

Marketing

981

1,234

Communications

1,290

817

Loan expense

516

360

Other real estate owned

711

93

Amortization of intangible assets

1,762

1,810

Loss on mortgage servicing rights held for sale

496

Other expense

3,797

2,659

Total noninterest expense

 

42,675

 

41,097

Income before income taxes

 

2,005

 

18,336

Income taxes

456

4,354

Net income

1,549

13,982

Preferred stock dividends and premium amortization

34

Net income available to common shareholders

$

1,549

$

13,948

Per common share data:

Basic earnings per common share

$

0.06

$

0.58

Diluted earnings per common share

$

0.06

$

0.57

Weighted average common shares outstanding

 

24,433,975

 

23,998,119

Weighted average diluted common shares outstanding

 

24,538,002

 

24,204,661

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

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Table of Contents

MIDLAND STATES BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME—(UNAUDITED)

(dollars in thousands)

Three Months Ended

March 31, 

    

2020

    

2019

 

Net income

$

1,549

$

13,982

Other comprehensive income:

Investment securities available for sale:

Unrealized gains that occurred during the period

 

1,321

7,708

Provision for credit loss expense

75

Income tax effect

 

(384)

(2,120)

Change in investment securities available for sale, net of tax

 

1,012

 

5,588

Other comprehensive income, net of tax

 

1,012

 

5,588

Total comprehensive income

$

2,561

$

19,570

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

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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

Balances, December 31, 2019

$

$

244

$

488,305

$

165,920

$

7,442

$

661,911

Cumulative effect of change in accounting principles (Note 2)

(7,172)

(7,172)

Balances, January 1, 2020

244

488,305

158,748

7,442

654,739

Net income

 

 

1,549

 

1,549

Other comprehensive income

 

 

 

1,012

1,012

Common dividends declared ($0.2675 per share)

 

 

(6,575)

 

(6,575)

Common stock repurchased

(10)

(20,552)

(20,562)

Share-based compensation expense

 

 

602

 

602

Issuance of common stock under employee benefit plans

 

 

395

 

395

Balances, March 31, 2020

$

$

234

$

468,750

$

153,722

$

8,454

$

631,160

Balances, December 31, 2018

$

2,781

$

238

$

473,833

$

133,781

$

(2,108)

$

608,525

Net income

 

 

 

13,982

 

13,982

Other comprehensive income

 

 

 

 

5,588

5,588

Common dividends declared ($0.2425 per share)

(5,823)

(5,823)

Preferred dividends declared

(82)

(82)

Preferred stock, premium amortization

(48)

48

Share-based compensation expense

846

846

Issuance of common stock under employee benefit plans

 

 

 

1,132

 

1,132

Balances, March 31, 2019

$

2,733

$

238

$

475,811

$

141,906

$

3,480

$

624,168

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

5

Table of Contents

MIDLAND STATES BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS—(UNAUDITED)

(dollars in thousands)

Three Months Ended

March 31, 

    

2020

    

2019

 

Cash flows from operating activities:

Net income

$

1,549

$

13,982

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses

 

11,579

3,243

Depreciation on premises and equipment

 

1,677

1,601

Amortization of intangible assets

 

1,762

1,810

Amortization of operating lease right-of-use asset

670

708

Share-based compensation expense

 

602

846

Increase in cash surrender value of life insurance

 

(900)

(903)

Investment securities amortization, net

 

702

964

Gain on sales of other real estate owned

 

(15)

(66)

Impairment of other real estate owned

 

605

16

Origination of loans held for sale

 

(69,332)

(84,231)

Proceeds from sales of loans held for sale

 

73,114

99,323

Gain on loans sold and held for sale

 

(2,178)

(3,121)

Loss on disposals of premises and equipment

9

7

Amortization of loan servicing rights

790

678

Impairment of loan servicing rights

8,468

25

Impairment of assets held for sale

642

Net change in operating assets and liabilities:

Accrued interest receivable

 

(186)

(109)

Accrued interest payable

 

678

1,399

Accrued income taxes receivable

 

(768)

3,739

Operating lease liabilities

(943)

(741)

Other assets

 

(4,912)

(1,920)

Other liabilities

 

(8,062)

(7,252)

Net cash provided by operating activities

 

15,551

 

29,998

Cash flows from investing activities:

Investment securities available for sale:

Purchases

 

(50,442)