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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, 2023
☐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 | | 62401 |
Effingham, IL | | (Zip Code) |
(Address of principal executive offices) | | |
(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 | The Nasdaq Stock Market LLC |
Depositary Shares, each representing a 1/40th interest in a share of 7.75% fixed rate reset non-cumulative perpetual preferred stock, Series A | MSBIP | The Nasdaq Stock Market LLC |
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 21, 2023, the Registrant had 22,025,115 shares of outstanding common stock, $0.01 par value.
MIDLAND STATES BANCORP, INC.
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, 2023 | | December 31, 2022 | |
| (unaudited) | | | |
Assets | | | | |
Cash and due from banks | $ | 136,116 | | | $ | 153,345 | | |
Federal funds sold | 2,194 | | | 7,286 | | |
Cash and cash equivalents | 138,310 | | | 160,631 | | |
Investment securities available for sale, at fair value | 812,285 | | | 768,234 | | |
Equity securities, at fair value | 8,720 | | | 8,626 | | |
Loans | 6,354,271 | | | 6,306,467 | | |
Allowance for credit losses on loans | (62,067) | | | (61,051) | | |
Total loans, net | 6,292,204 | | | 6,245,416 | | |
Loans held for sale | 2,747 | | | 1,286 | | |
Premises and equipment, net | 80,582 | | | 78,293 | | |
| | | | |
Other real estate owned | 6,729 | | | 6,729 | | |
Nonmarketable equity securities | 53,131 | | | 46,201 | | |
Accrued interest receivable | 20,534 | | | 20,313 | | |
Loan servicing rights, at lower of cost or fair value | 1,117 | | | 1,205 | | |
Commercial FHA mortgage loan servicing rights held for sale | 20,745 | | | 20,745 | | |
Goodwill | 161,904 | | | 161,904 | | |
Other intangible assets, net | 19,575 | | | 20,866 | | |
Company-owned life insurance | 151,319 | | | 150,443 | | |
Other assets | 160,272 | | | 164,609 | | |
Total assets | $ | 7,930,174 | | | $ | 7,855,501 | | |
| | | | |
Liabilities and Shareholders’ Equity | | | | |
Liabilities: | | | | |
Deposits: | | | | |
Noninterest-bearing demand deposits | $ | 1,215,758 | | | $ | 1,362,158 | | |
Interest-bearing deposits | 5,209,443 | | | 5,002,494 | | |
Total deposits | 6,425,201 | | | 6,364,652 | | |
Short-term borrowings | 31,173 | | | 42,311 | | |
Federal Home Loan Bank advances and other borrowings | 482,000 | | | 460,000 | | |
Subordinated debt | 99,849 | | | 99,772 | | |
Trust preferred debentures | 50,135 | | | 49,975 | | |
| | | | |
Accrued interest payable and other liabilities | 66,173 | | | 80,217 | | |
Total liabilities | 7,154,531 | | | 7,096,927 | | |
| | | | |
Shareholders’ Equity: | | | | |
Preferred stock, $2.00 par value; 4,000,000 shares authorized; 115,000 Series A shares, $1,000 per share liquidation preference, issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 110,548 | | | 110,548 | | |
Common stock, $0.01 par value; 40,000,000 shares authorized; 22,111,454 and 22,214,913 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 221 | | | 222 | | |
Capital surplus | 447,471 | | | 449,196 | | |
Retained earnings | 295,200 | | | 282,405 | | |
Accumulated other comprehensive loss, net of tax | (77,797) | | | (83,797) | | |
Total shareholders’ equity | 775,643 | | | 758,574 | | |
Total liabilities and shareholders’ equity | $ | 7,930,174 | | | $ | 7,855,501 | | |
The accompanying notes are an integral part of the consolidated financial statements.
MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME — (UNAUDITED)
(dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2023 | | 2022 | | | | | | |
Interest income: | | | | | | | | | |
Loans including fees: | | | | | | | | | |
Taxable | $ | 87,459 | | | $ | 56,586 | | | | | | | |
Tax exempt | 425 | | | 548 | | | | | | | |
Loans held for sale | 16 | | | 220 | | | | | | | |
Investment securities: | | | | | | | | | |
Taxable | 5,370 | | | 3,897 | | | | | | | |
Tax exempt | 494 | | | 842 | | | | | | | |
Nonmarketable equity securities | 795 | | | 484 | | | | | | | |
Federal funds sold and cash investments | 980 | | | 171 | | | | | | | |
Total interest income | 95,539 | | | 62,748 | | | | | | | |
Interest expense: | | | | | | | | | |
Deposits | 26,405 | | | 2,161 | | | | | | | |
Short-term borrowings | 25 | | | 23 | | | | | | | |
Federal Home Loan Bank advances and other borrowings | 6,006 | | | 1,212 | | | | | | | |
Subordinated debt | 1,370 | | | 2,011 | | | | | | | |
Trust preferred debentures | 1,229 | | | 514 | | | | | | | |
Total interest expense | 35,035 | | | 5,921 | | | | | | | |
Net interest income | 60,504 | | | 56,827 | | | | | | | |
Provision for credit losses: | | | | | | | | | |
Provision for credit losses on loans | 3,135 | | | 4,132 | | | | | | | |
Provision for credit losses on unfunded commitments | — | | | 256 | | | | | | | |
Recapture of other credit losses | — | | | (221) | | | | | | | |
Total provision for credit losses | 3,135 | | | 4,167 | | | | | | | |
Net interest income after provision for credit losses | 57,369 | | | 52,660 | | | | | | | |
Noninterest income: | | | | | | | | | |
Wealth management revenue | 6,411 | | | 7,139 | | | | | | | |
| | | | | | | | | |
Residential mortgage banking revenue | 405 | | | 599 | | | | | | | |
Service charges on deposit accounts | 2,568 | | | 2,068 | | | | | | | |
Interchange revenue | 3,412 | | | 3,280 | | | | | | | |
Loss on sales of investment securities, net | (648) | | | — | | | | | | | |
| | | | | | | | | |
Impairment on commercial mortgage servicing rights | — | | | (394) | | | | | | | |
Company-owned life insurance | 876 | | | 1,019 | | | | | | | |
Other income | 2,755 | | | 1,902 | | | | | | | |
Total noninterest income | 15,779 | | | 15,613 | | | | | | | |
Noninterest expense: | | | | | | | | | |
Salaries and employee benefits | 24,243 | | | 21,870 | | | | | | | |
Occupancy and equipment | 4,443 | | | 3,755 | | | | | | | |
Data processing | 6,311 | | | 5,873 | | | | | | | |
FDIC insurance | 1,329 | | | 830 | | | | | | | |
Professional | 1,760 | | | 1,972 | | | | | | | |
Marketing | 703 | | | 688 | | | | | | | |
Communications | 511 | | | 712 | | | | | | | |
Loan expense | 818 | | | 943 | | | | | | | |
Amortization of intangible assets | 1,291 | | | 1,398 | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Other expense | 3,073 | | | 2,843 | | | | | | | |
Total noninterest expense | 44,482 | | | 40,884 | | | | | | | |
Income before income taxes | 28,666 | | | 27,389 | | | | | | | |
Income taxes | 6,894 | | | 6,640 | | | | | | | |
Net income | 21,772 | | | 20,749 | | | | | | | |
Preferred dividends | 2,228 | | | — | | | | | | | |
Net income available to common shareholders | $ | 19,544 | | | $ | 20,749 | | | | | | | |
Per common share data: | | | | | | | | | |
Basic earnings per common share | $ | 0.86 | | | $ | 0.92 | | | | | | | |
Diluted earnings per common share | $ | 0.86 | | | $ | 0.92 | | | | | | | |
Weighted average common shares outstanding | 22,478,808 | | | 22,274,884 | | | | | | | |
Weighted average diluted common shares outstanding | 22,501,970 | | | 22,350,307 | | | | | | | |
The accompanying notes are an integral part of the consolidated financial statements.
MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME — (UNAUDITED)
(dollars in thousands)
| | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2023 | | 2022 | | | | | | |
Net income | $ | 21,772 | | | $ | 20,749 | | | | | | | |
Other comprehensive income (loss): | | | | | | | | | |
Investment securities available for sale: | | | | | | | | | |
Unrealized gains (losses) that occurred during the period | 5,364 | | | (50,776) | | | | | | | |
Recapture of credit loss expense | — | | | (221) | | | | | | | |
Reclassification adjustment for realized net losses on sales of investment securities included in net income | 648 | | | — | | | | | | | |
Income tax effect | (1,622) | | | 14,024 | | | | | | | |
Change in investment securities available for sale, net of tax | 4,390 | | | (36,973) | | | | | | | |
Cash flow hedges: | | | | | | | | | |
Net unrealized derivative gains on cash flow hedges | 2,206 | | | 5,105 | | | | | | | |
| | | | | | | | | |
Income tax effect | (596) | | | (1,404) | | | | | | | |
Change in cash flow hedges, net of tax | 1,610 | | | 3,701 | | | | | | | |
Other comprehensive income (loss), net of tax | 6,000 | | | (33,272) | | | | | | | |
Total comprehensive income | $ | 27,772 | | | $ | (12,523) | | | | | | | |
The accompanying notes are an integral part of the consolidated financial statements.
MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY — (UNAUDITED)
(dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preferred stock | | Common stock | | Capital surplus | | Retained earnings | | Accumulated other comprehensive (loss) income | | Total shareholders' equity |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Balances, December 31, 2022 | $ | 110,548 | | | $ | 222 | | | $ | 449,196 | | | $ | 282,405 | | | $ | (83,797) | | | $ | 758,574 | |
Net income | — | | | — | | | — | | | 21,772 | | | — | | | 21,772 | |
Other comprehensive income | — | | | — | | | — | | | — | | | 6,000 | | | 6,000 | |
| | | | | | | | | | | |
Common dividends declared ($0.30 per share) | — | | | — | | | — | | | (6,749) | | | — | | | (6,749) | |
Preferred dividends declared ($19.375 per share) | — | | | — | | | — | | | (2,228) | | | — | | | (2,228) | |
Common stock repurchased | — | | | (1) | | | (2,800) | | | — | | | — | | | (2,801) | |
Share-based compensation expense | — | | | — | | | 625 | | | — | | | — | | | 625 | |
Issuance of common stock under employee benefit plans | — | | | — | | | 450 | | | — | | | — | | | 450 | |
Balances, March 31, 2023 | $ | 110,548 | | | $ | 221 | | | $ | 447,471 | | | $ | 295,200 | | | $ | (77,797) | | | $ | 775,643 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
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| | | | | | | | | | | |
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| | | | | | | | | | | |
| | | | | | | | | | | |
Balances, December 31, 2021 | $ | — | | | $ | 221 | | | $ | 445,907 | | | $ | 212,472 | | | $ | 5,237 | | | $ | 663,837 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Net income | — | | | — | | | — | | | 20,749 | | | — | | | 20,749 | |
Other comprehensive loss | — | | | — | | | — | | | — | | | (33,272) | | | (33,272) | |
Common dividends declared ($0.29 per share) | — | | | — | | | — | | | (6,464) | | | — | | | (6,464) | |
Common stock repurchased | — | | | (1) | | | (1,108) | | | — | | | — | | | (1,109) | |
Share-based compensation expense | — | | | — | | | 527 | | | — | | | — | | | 527 | |
Issuance of common stock under employee benefit plans | — | | | — | | | 718 | | | — | | | — | | | 718 | |
Balances, March 31, 2022 | $ | — | | | $ | 220 | | | $ | 446,044 | | | $ | 226,757 | | | $ | (28,035) | | | $ | 644,986 | |
The accompanying notes are an integral part of the consolidated financial statements.
MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS — (UNAUDITED)
(dollars in thousands)
| | | | | | | | | | | | | |
| Three Months Ended March 31, |
| 2023 | | 2022 | | |
Cash flows from operating activities: | | | | | |
Net income | $ | 21,772 | | | $ | 20,749 | | | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | |
Provision for credit losses | 3,135 | | | 4,167 | | | |
Depreciation on premises and equipment | 1,208 | | | 1,255 | | | |
Amortization of intangible assets | 1,291 | | | 1,398 | | | |
Amortization of operating lease right-of-use asset | 421 | | | 439 | | | |
Amortization of loan servicing rights | 88 | | | 771 | | | |
Share-based compensation expense | 625 | | | 527 | | | |
Increase in cash surrender value of life insurance | (876) | | | (831) | | | |
Gain on proceeds from company-owned life insurance | — | | | (188) | | | |
Investment securities (accretion) amortization, net | (47) | | | 852 | | | |
| | | | | |
Loss on sales of investment securities, net | 648 | | | — | | | |
Gain on sales of other real estate owned | — | | | (42) | | | |
Impairment on other real estate owned | — | | | 337 | | | |
Origination of loans held for sale | (7,507) | | | (79,601) | | | |
Proceeds from sales of loans held for sale | 6,261 | | | 103,133 | | | |
Gain on sale of loans held for sale | (264) | | | (484) | | | |
Impairment on commercial mortgage servicing rights | — | | | 394 | | | |
| | | | | |
| | | | | |
Net change in operating assets and liabilities: | | | | | |
Accrued interest receivable | (221) | | | (361) | | | |
Other assets | 4,423 | | | (14,107) | | | |
Accrued expenses and other liabilities | (14,949) | | | 669 | | | |
Net cash provided by operating activities | 16,008 | | | 39,077 | | | |
Cash flows from investing activities: | | | | | |
Purchases of investment securities available for sale | (136,881) | | | (15,873) | | | |
Proceeds from sales of investment securities available for sale | 84,493 | | | — | | | |
Maturities and payments on investment securities available for sale | 13,748 | | | 21,773 | | | |
Purchases of equity securities | (139) | | | (312) | | | |
| | | | | |
Net increase in loans | (49,923) | | | (317,486) | | | |
| | | | | |
Purchases of premises and equipment | (2,788) | | | (414) | | | |
Proceeds from sale of premises and equipment | 8 | | | — | | | |
Purchases of nonmarketable equity securities | (11,315) | | | (109) | | | |
Proceeds from sales of nonmarketable equity securities | 4,385 | | | — | | | |
| | | | | |
Proceeds from sales of other real estate owned | — | | | 315 | | | |
| | | | | |
Proceeds from settlements of company-owned life insurance | — | | | 1,337 | | | |
| | | | | |
Net cash used in investing activities | (98,412) | | | (310,769) | | | |
Cash flows from financing activities: | | | | | |
Net increase (decrease) in deposits | 60,549 | | | (53,109) | | | |
Net decrease in short-term borrowings | (11,138) | | | (16,451) | | | |
Proceeds from FHLB borrowings | 4,108,000 | | | 50,000 | | | |
Payments made on FHLB borrowings and other borrowings | (4,086,000) | | | (50,000) | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Cash dividends paid on preferred stock | (2,228) | | | — | | | |
| | | | | |
Cash dividends paid on common stock | (6,749) | | | (6,464) | | | |
Common stock repurchased | (2,801) | | | (1,109) | | | |
Proceeds from issuance of common stock under employee benefit plans | 450 | | | 718 | | | |
Net cash provided by (used in) financing activities | 60,083 | | | (76,415) | | | |
Net decrease in cash and cash equivalents | ( |