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Midland States Bancorp, Inc. Announces 2022 Second Quarter Results

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Midland States Bancorp, Inc.
Midland States Bancorp, Inc.

Summary

  • Net income of $21.9 million, or $0.97 diluted earnings per share

  • ROAA, ROAE, and ROATCE all increased from prior quarter

  • Total loans increased 18.5% annualized from prior quarter

  • Net interest margin increased 15 basis points from prior quarter to 3.65%

  • Efficiency ratio improved to 53.10% from 55.73% in prior quarter

EFFINGHAM, Ill., July 28, 2022 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income of $21.9 million, or $0.97 diluted earnings per share, for the second quarter of 2022. This compares to net income of $20.7 million, or $0.92 diluted earnings per share, for the first quarter of 2022. This also compares to net income of $20.1 million, or $0.88 diluted earnings per share, for the second quarter of 2021.

Jeffrey G. Ludwig, President and Chief Executive Officer of the Company, said, “We continue to generate improvement in our financial performance as a result of the strategic initiatives we have implemented over the past few years to strengthen our commercial banking team, increase our focus on higher growth markets, and improve operational efficiencies. We had another exceptionally strong quarter of loan production, which resulted in 18% annualized growth in total loans, as well as continued expansion in our net interest margin. The loan growth and margin expansion drove increases in our revenue and earnings, as well as improved efficiencies and returns compared to the prior quarter.

“Our loan pipeline remains strong, although we expect loan growth to moderate in the second half of the year as it is likely that higher rates and concern about weakening economic conditions will have a greater impact on loan demand. However, with our continued loan growth and margin expansion, combined with stable expense levels, we believe that we are well positioned to generate further improvement in earnings and returns,” said Mr. Ludwig.

Net Interest Margin

Net interest margin for the second quarter of 2022 was 3.65%, compared to 3.50% for the first quarter of 2022, due primarily to a favorable shift in the mix of earning assets and an increase in the average yield on earning assets. The Company’s net interest margin benefits from accretion income on purchased loan portfolios, which contributed 3 basis points to net interest margin in both the first and second quarters of 2022.

Relative to the second quarter of 2021, net interest margin increased 36 basis points from 3.29%, primarily due to a favorable shift in the mix of earning assets and an increase in the average yield on earning assets. Accretion income on purchased loan portfolios contributed 9 basis points to net interest margin in the second quarter of 2021. Excluding the impact of accretion income, net interest margin increased 42 basis points from the second quarter of 2021.

Net Interest Income

Net interest income for the second quarter of 2022 was $61.3 million, an increase of 7.9% from $56.8 million for the first quarter of 2022, which was primarily due to higher average loan balances and an increase in net interest margin. PPP loan income totaled $0.7 million in the second quarter of 2022, compared to $1.2 million in the first quarter of 2022. Accretion income associated with purchased loan portfolios totaled $0.6 million for the second quarter of 2022, unchanged from $0.6 million for the first quarter of 2022.

Relative to the second quarter of 2021, net interest income increased $11.2 million, or 22.4%, due to higher average earning assets and an increase in net interest margin. Accretion income for the second quarter of 2021 was $1.3 million. PPP loan income totaled $2.5 million in the second quarter of 2021.

Noninterest Income

Noninterest income for the second quarter of 2022 was $14.6 million, a decrease of 6.4% from $15.6 million for the first quarter of 2022. The decrease in noninterest income was primarily attributable to lower wealth management revenue due to a decline in assets under administration resulting from market performance.

Relative to the second quarter of 2021, noninterest income decreased 16.1% from $17.4 million. The decrease was primarily attributable to a decline in residential mortgage banking revenue and other income.

Wealth management revenue for the second quarter of 2022 was $6.1 million, a decrease of 14.0% from $7.1 million in the first quarter of 2022. Compared to the second quarter of 2021, wealth management revenue decreased 5.9%, primarily due to a decline in assets under administration resulting from market performance.

Noninterest Expense

Noninterest expense for the second quarter of 2022 was $41.3 million, an increase of 1.1% from $40.9 million in the first quarter of 2022. The increase was primarily due to higher salaries and employee benefits expense resulting from a modest increase in staffing levels and higher incentive compensation.

Relative to the second quarter of 2021, noninterest expense decreased 15.5% from $48.9 million. Noninterest expense for the second quarter of 2021 included $3.6 million in professional fees related to the settlement of a prior tax issue and $3.7 million in FHLB advance prepayment fees.

Loan Portfolio

Total loans outstanding were $5.80 billion at June 30, 2022, compared with $5.54 billion at March 31, 2022, and $4.84 billion at June 30, 2021. The increase in total loans from March 31, 2022 was primarily attributable to higher balances of commercial real estate loans, partially offset by lower period-end balances of commercial FHA warehouse lines and continued forgiveness of PPP loans.

Equipment finance balances increased $27.9 million from March 31, 2022 to $985.5 million at June 30, 2022.

Compared to loan balances at June 30, 2021, growth in equipment finance balances, other commercial loans, commercial real estate loans, and consumer loans was partially offset by declines in commercial FHA warehouse lines, PPP loans and residential real estate loans.

Deposits

Total deposits were $6.18 billion at June 30, 2022, compared with $6.06 billion at March 31, 2022, and $5.20 billion at June 30, 2021. The increase in total deposits from the end of the prior quarter was primarily attributable to growth in noninterest-bearing and lower cost interest-bearing deposits.

Asset Quality

Nonperforming loans totaled $56.9 million, or 0.98% of total loans, at June 30, 2022, compared with $52.9 million, or 0.95% of total loans, at March 31, 2022. The increase in nonperforming loans was attributable to one commercial real estate loan where no loss is currently expected. At June 30, 2021, nonperforming loans totaled $61.4 million, or 1.27% of total loans.

Net charge-offs for the second quarter of 2022 were $2.8 million, or 0.20% of average loans on an annualized basis, compared to net charge-offs of $2.3 million, or 0.17% of average loans on an annualized basis, for the first quarter of 2022, and $4.0 million, or 0.33% of average loans on an annualized basis, for the second quarter of 2021.

The Company recorded a provision for credit losses on loans of $4.7 million for the second quarter of 2022, which was primarily related to the growth in total loans and weakening economic conditions.

The Company’s allowance for credit losses on loans was 0.95% of total loans and 96.5% of nonperforming loans at June 30, 2022, compared with 0.96% of total loans and 100.1% of nonperforming loans at March 31, 2022.

Capital

At June 30, 2022, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

 





Bank Level
Ratios as of
June 30, 2022

Consolidated
Ratios as of
June 30, 2022





Minimum
Regulatory
Requirements (2)

Total capital to risk-weighted assets

10.60%

11.44%

10.50%

Tier 1 capital to risk-weighted assets

9.85%

8.63%

8.50%

Tier 1 leverage ratio

9.12%

7.98%

4.00%

Common equity Tier 1 capital

9.85%

7.66%

7.00%

Tangible common equity to tangible assets (1)

NA

6.22%

NA

(1)   A non-GAAP financial measure. Refer to page 15 for a reconciliation to the comparable GAAP financial measure.
      (2)   Includes the capital conservation buffer of 2.5%.

Stock Repurchase Program

During the second quarter of 2022, the Company did not repurchase any shares under its stock repurchase program. As of June 30, 2022, the Company had $18.6 million remaining under the current stock repurchase authorization.

Conference Call, Webcast and Slide Presentation

The Company will host a conference call and webcast at 7:30 a.m. Central Time on Friday, July 29, 2022, to discuss its financial results.

Telephone Access: https://register.vevent.com/register/BI640d5b3f68364a9991310d1cfd490581

A slide presentation relating to the second quarter 2022 financial results will be accessible prior to the scheduled conference call. This earnings release should be read together with the slide presentation. The slide presentation and webcast of the conference call can be accessed on the Webcasts and Presentations page of the Company’s investor relations website at investors.midlandsb.com under the “News and Events” tab.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of June 30, 2022, the Company had total assets of approximately $7.44 billion, and its Wealth Management Group had assets under administration of approximately $3.60 billion. Midland provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include “Adjusted Earnings,” “Adjusted Diluted Earnings Per Common Share,” “Adjusted Return on Average Assets,” “Adjusted Return on Average Shareholders’ Equity,” “Adjusted Return on Average Tangible Common Equity,” “Adjusted Pre-Tax, Pre-Provision Earnings,” “Adjusted Pre-Tax, Pre-Provision Return on Average Assets,” “Efficiency Ratio,” “Tangible Common Equity to Tangible Assets,” “Tangible Book Value Per Share” and “Return on Average Tangible Common Equity.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release includes "forward-looking statements" within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions, the impact of inflation, the effects of the COVID-19 pandemic and its potential effects on the economic environment; changes in the financial markets; changes in business plans as circumstances warrant; risks relating to acquisitions; developments and uncertainty related to the future use and availability of some reference rates, such as the London Inter-Bank Offered Rate, as well as other alternative reference rates, and the adoption of a substitute; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

CONTACTS:
Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321
Douglas J. Tucker, SVP and Corporate Counsel, at dtucker@midlandsb.com or (217) 342-7321

MIDLAND STATES BANCORP, INC.

CONSOLIDATED FINANCIAL SUMMARY (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

(dollars in thousands, except per share data)

2022

 

2022

 

2021

 

2021

 

2021

Earnings Summary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

61,334

 

 

$

56,827

 

 

$

54,301

 

 

$

51,396

 

 

 

$

50,110

 

 

Provision for credit losses

 

5,441

 

 

 

4,167

 

 

 

467

 

 

 

(184

)

 

 

 

(455

)

 

Noninterest income

 

14,613

 

 

 

15,613

 

 

 

22,523

 

 

 

15,143

 

 

 

 

17,417

 

 

Noninterest expense

 

41,339

 

 

 

40,884

 

 

 

45,757

 

 

 

41,292

 

 

 

 

48,941

 

 

Income before income taxes

 

29,167

 

 

 

27,389

 

 

 

30,600

 

 

 

25,431

 

 

 

 

19,041

 

 

Income taxes

 

7,284

 

 

 

6,640

 

 

 

7,493

 

 

 

5,883

 

 

 

 

(1,083

)

 

Net income

$

21,883

 

 

$

20,749

 

 

$

23,107

 

 

$

19,548

 

 

 

$

20,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

$

0.97

 

 

$

0.92

 

 

$

1.02

 

 

$

0.86

 

 

 

$

0.88

 

 

Weighted average shares outstanding - diluted

 

22,360,819

 

 

 

22,350,307

 

 

 

22,350,771

 

 

 

22,577,880

 

 

 

 

22,677,515

 

 

Return on average assets

 

1.19

%

 

 

1.16

%

 

 

1.26

%

 

 

1.15

 

%

 

 

1.20

 

%

Return on average shareholders' equity

 

13.65

%

 

 

12.80

%

 

 

14.04

%

 

 

11.90

 

%

 

 

12.59

 

%

Return on average tangible common equity(1)

 

19.14

%

 

 

17.84

%

 

 

19.69

%

 

 

16.76

 

%

 

 

17.85

 

%

Net interest margin

 

3.65

%

 

 

3.50

%

 

 

3.25

%

 

 

3.34

 

%

 

 

3.29

 

%

Efficiency ratio(1)

 

53.10

%

 

 

55.73

%

 

 

52.61

%

 

 

58.78

 

%

 

 

60.19

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Earnings Performance Summary(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted earnings

$

22,191

 

 

$

20,815

 

 

$

25,416

 

 

$

19,616

 

 

 

$

19,755

 

 

Adjusted diluted earnings per common share

$

0.98

 

 

$

0.92

 

 

$

1.12

 

 

$

0.86

 

 

 

$

0.86

 

 

Adjusted return on average assets

 

1.21

%

 

 

1.16

%

 

 

1.39

%

 

 

1.15

 

%

 

 

1.17

 

%

Adjusted return on average shareholders' equity

 

13.84

%

 

 

12.84

%

 

 

15.44

%

 

 

11.94

 

%

 

 

12.36

 

%

Adjusted return on average tangible common equity

 

19.41

%

 

 

17.89

%

 

 

21.65

%

 

 

16.82

 

%

 

 

17.52

 

%

Adjusted pre-tax, pre-provision earnings

$

35,902

 

 

$

32,041

 

 

$

36,324

 

 

$

28,379

 

 

 

$

26,967

 

 

Adjusted pre-tax, pre-provision return on average assets

 

1.95

%

 

 

1.79

%

 

 

1.98

%

 

 

1.67

 

%

 

 

1.60

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Non-GAAP financial measures. Refer to pages 12 - 14 for a reconciliation to the comparable GAAP financial measures.

 


MIDLAND STATES BANCORP, INC.

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

(in thousands, except per share data)

2022

 

2022

 

2021

 

2021

 

2021

Net interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

69,236

 

 

 

$

62,748

 

 

 

$

60,427

 

 

 

$

58,490

 

 

 

$

58,397

 

 

Interest expense

 

7,902

 

 

 

 

5,921

 

 

 

 

6,126

 

 

 

 

7,094

 

 

 

 

8,287

 

 

Net interest income

 

61,334

 

 

 

 

56,827

 

 

 

 

54,301

 

 

 

 

51,396

 

 

 

 

50,110

 

 

Provision for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses on loans

 

4,741

 

 

 

 

4,132

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

Provision for credit losses on unfunded commitments

 

700

 

 

 

 

256

 

 

 

 

388

 

 

 

 

-

 

 

 

 

(265

)

 

Provision for other credit losses

 

-

 

 

 

 

(221

)

 

 

 

79

 

 

 

 

(184

)

 

 

 

(190

)

 

Total provision for credit losses

 

5,441

 

 

 

 

4,167

 

 

 

 

467

 

 

 

 

(184

)

 

 

 

(455

)

 

Net interest income after provision for credit losses

 

55,893

 

 

 

 

52,660

 

 

 

 

53,834

 

 

 

 

51,580

 

 

 

 

50,565

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management revenue

 

6,143

 

 

 

 

7,139

 

 

 

 

7,176

 

 

 

 

7,175

 

 

 

 

6,529

 

 

Residential mortgage banking revenue

 

384

 

 

 

 

599

 

 

 

 

1,103

 

 

 

 

1,287

 

 

 

 

1,562

 

 

Service charges on deposit accounts

 

2,304

 

 

 

 

2,068

 

 

 

 

2,338

 

 

 

 

2,268

 

 

 

 

1,916

 

 

Interchange revenue

 

3,590

 

 

 

 

3,280

 

 

 

 

3,677

 

 

 

 

3,651

 

 

 

 

3,797

 

 

(Loss) gain on sales of investment securities, net

 

(101

)

 

 

 

-

 

 

 

 

-

 

 

 

 

160

 

 

 

 

377

 

 

Gain on termination of hedged interest swap

 

-

 

 

 

 

-

 

 

 

 

1,845

 

 

 

 

-

 

 

 

 

-

 

 

Impairment on commercial mortgage servicing rights

 

(869

)

 

 

 

(394

)

 

 

 

(2,072

)

 

 

 

(3,037

)

 

 

 

(1,148

)

 

Company-owned life insurance

 

840

 

 

 

 

1,019

 

 

 

 

1,904

 

 

 

 

869

 

 

 

 

863

 

 

Other income

 

2,322

 

 

 

 

1,902

 

 

 

 

6,552

 

 

 

 

2,770

 

 

 

 

3,521

 

 

Total noninterest income

 

14,613

 

 

 

 

15,613

 

 

 

 

22,523

 

 

 

 

15,143

 

 

 

 

17,417

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

22,645

 

 

 

 

21,870

 

 

 

 

22,109

 

 

 

 

22,175

 

 

 

 

22,071

 

 

Occupancy and equipment

 

3,489

 

 

 

 

3,755

 

 

 

 

3,429

 

 

 

 

3,701

 

 

 

 

3,796

 

 

Data processing

 

6,082

 

 

 

 

5,873

 

 

 

 

5,819

 

 

 

 

6,495

 

 

 

 

6,288

 

 

Professional

 

1,516

 

 

 

 

1,972

 

 

 

 

1,499

 

 

 

 

1,738

 

 

 

 

5,549

 

 

Amortization of intangible assets

 

1,318

 

 

 

 

1,398

 

 

 

 

1,425

 

 

 

 

1,445

 

 

 

 

1,470

 

 

Loss on mortgage servicing rights held for sale

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

79

 

 

 

 

143

 

 

FHLB advances prepayment fees

 

-

 

 

 

 

-

 

 

 

 

4,859

 

 

 

 

-

 

 

 

 

3,669

 

 

Other expense

 

6,289

 

 

 

 

6,016

 

 

 

 

6,617

 

 

 

 

5,659

 

 

 

 

5,955

 

 

Total noninterest expense

 

41,339

 

 

 

 

40,884

 

 

 

 

45,757

 

 

 

 

41,292

 

 

 

 

48,941

 

 

Income before income taxes

 

29,167

 

 

 

 

27,389

 

 

 

 

30,600

 

 

 

 

25,431

 

 

 

 

19,041

 

 

Income taxes

 

7,284

 

 

 

 

6,640

 

 

 

 

7,493

 

 

 

 

5,883

 

 

 

 

(1,083

)

 

Net income

$

21,883

 

 

 

$

20,749

 

 

 

$

23,107

 

 

 

$

19,548

 

 

 

$

20,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

0.97

 

 

 

$

0.92

 

 

 

$

1.03

 

 

 

$

0.86

 

 

 

$

0.88

 

 

Diluted earnings per common share

$

0.97

 

 

 

$

0.92

 

 

 

$

1.02

 

 

 

$

0.86

 

 

 

$

0.88

 

 


MIDLAND STATES BANCORP, INC.

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

(in thousands)

2022

 

2022

 

2021

 

2021

 

2021

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

270,117

 

 

 

$

332,264

 

 

 

$

680,371

 

 

 

$

662,643

 

 

 

$

425,100

 

 

Investment securities

 

769,278

 

 

 

 

858,246

 

 

 

 

916,132

 

 

 

 

900,319

 

 

 

 

756,831

 

 

Loans

 

5,795,544

 

 

 

 

5,539,961

 

 

 

 

5,224,801

 

 

 

 

4,915,554

 

 

 

 

4,835,866

 

 

Allowance for credit losses on loans

 

(54,898

)

 

 

 

(52,938

)

 

 

 

(51,062

)

 

 

 

(55,675

)

 

 

 

(58,664

)

 

Total loans, net

 

5,740,646

 

 

 

 

5,487,023

 

 

 

 

5,173,739

 

 

 

 

4,859,879

 

 

 

 

4,777,202

 

 

Loans held for sale

 

5,298

 

 

 

 

8,931

 

 

 

 

32,045

 

 

 

 

26,621

 

 

 

 

12,187

 

 

Premises and equipment, net

 

77,668

 

 

 

 

77,857

 

 

 

 

79,220

 

 

 

 

79,701

 

 

 

 

80,699

 

 

Other real estate owned

 

11,131

 

 

 

 

11,537

 

 

 

 

12,059

 

 

 

 

11,931

 

 

 

 

12,768

 

 

Loan servicing rights, at lower of cost or fair value

 

25,879

 

 

 

 

27,484

 

 

 

 

28,865

 

 

 

 

30,916

 

 

 

 

34,577

 

 

Goodwill

 

161,904

 

 

 

 

161,904

 

 

 

 

161,904

 

 

 

 

161,904

 

 

 

 

161,904

 

 

Other intangible assets, net

 

23,559

 

 

 

 

22,976

 

 

 

 

24,374

 

 

 

 

26,065

 

 

 

 

27,900

 

 

Company-owned life insurance

 

148,900

 

 

 

 

148,060

 

 

 

 

148,378

 

 

 

 

149,146

 

 

 

 

148,277

 

 

Other assets

 

201,432

 

 

 

 

202,433

 

 

 

 

186,718

 

 

 

 

184,834

 

 

 

 

192,565

 

 

Total assets

$

7,435,812

 

 

 

$

7,338,715

 

 

 

$

7,443,805

 

 

 

$

7,093,959

 

 

 

$

6,630,010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand deposits

$

1,972,261

 

 

 

$

1,965,032

 

 

 

$

2,245,701

 

 

 

$

1,672,901

 

 

 

$

1,366,453

 

 

Interest-bearing deposits

 

4,212,177

 

 

 

 

4,092,507

 

 

 

 

3,864,947

 

 

 

 

3,928,475

 

 

 

 

3,829,898

 

 

Total deposits

 

6,184,438

 

 

 

 

6,057,539

 

 

 

 

6,110,648

 

 

 

 

5,601,376

 

 

 

 

5,196,351

 

 

Short-term borrowings

 

67,689

 

 

 

 

60,352

 

 

 

 

76,803

 

 

 

 

66,666

 

 

 

 

75,985

 

 

FHLB advances and other borrowings

 

285,000

 

 

 

 

310,171

 

 

 

 

310,171

 

 

 

 

440,171

 

 

 

 

440,171

 

 

Subordinated debt

 

139,277

 

 

 

 

139,184

 

 

 

 

139,091

 

 

 

 

138,998

 

 

 

 

138,906

 

 

Trust preferred debentures

 

49,674

 

 

 

 

49,524

 

 

 

 

49,374

 

 

 

 

49,235

 

 

 

 

49,094

 

 

Other liabilities

 

73,546

 

 

 

 

76,959

 

 

 

 

93,881

 

 

 

 

139,669

 

 

 

 

81,317

 

 

Total liabilities

 

6,799,624

 

 

 

 

6,693,729

 

 

 

 

6,779,968

 

 

 

 

6,436,115

 

 

 

 

5,981,824

 

 

Total shareholders’ equity

 

636,188

 

 

 

 

644,986

 

 

 

 

663,837

 

 

 

 

657,844

 

 

 

 

648,186

 

 

Total liabilities and shareholders’ equity

$

7,435,812

 

 

 

$

7,338,715

 

 

 

$

7,443,805

 

 

 

$

7,093,959

 

 

 

$

6,630,010

 

 


MIDLAND STATES BANCORP, INC.

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

(in thousands)

2022

 

2022

 

2021

 

2021

 

2021

Loan Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment finance loans

$

546,267

 

 

$

528,572

 

 

$

521,973

 

 

$

486,623

 

 

$

464,380

 

Equipment finance leases

 

439,202

 

 

 

429,000

 

 

 

423,280

 

 

 

412,430

 

 

 

407,161

 

Commercial FHA warehouse lines

 

23,872

 

 

 

83,999

 

 

 

91,927

 

 

 

180,248

 

 

 

129,607

 

SBA PPP loans

 

6,409

 

 

 

22,862

 

 

 

52,477

 

 

 

82,410

 

 

 

146,728

 

Other commercial loans

 

814,710

 

 

 

802,692

 

 

 

783,811

 

 

 

718,054

 

 

 

683,365

 

Total commercial loans and leases

 

1,830,460

 

 

 

1,867,125

 

 

 

1,873,468

 

 

 

1,879,765

 

 

 

1,831,241

 

Commercial real estate

 

2,335,655

 

 

 

2,114,041

 

 

 

1,816,828

 

 

 

1,562,013

 

 

 

1,540,489

 

Construction and land development

 

203,955

 

 

 

188,668

 

 

 

193,749

 

 

 

200,792

 

 

 

212,508

 

Residential real estate

 

340,103

 

 

 

329,331

 

 

 

338,151

 

 

 

344,414

 

 

 

366,612

 

Consumer

 

1,085,371

 

 

 

1,040,796

 

 

 

1,002,605

 

 

 

928,570

 

 

 

885,016

 

Total loans

$

5,795,544

 

 

$

5,539,961

 

 

$

5,224,801

 

 

$

4,915,554

 

 

$

4,835,866

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing demand

$

1,972,261

 

 

$

1,965,032

 

 

$

2,245,701

 

 

$

1,672,901

 

 

$

1,366,453

 

Interest-bearing:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Checking

 

1,808,885

 

 

 

1,779,018

 

 

 

1,663,021

 

 

 

1,697,326

 

 

 

1,619,436

 

Money market

 

1,027,547

 

 

 

964,352

 

 

 

869,067

 

 

 

852,836

 

 

 

787,688

 

Savings

 

740,364

 

 

 

710,955

 

 

 

679,115

 

 

 

665,710

 

 

 

669,277

 

Time

 

620,363

 

 

 

619,386

 

 

 

630,583

 

 

 

688,693

 

 

 

721,502

 

Brokered time

 

15,018

 

 

 

18,796

 

 

 

23,161

 

 

 

23,910

 

 

 

31,995

 

Total deposits

$

6,184,438

 

 

$

6,057,539

 

 

$

6,110,648

 

 

$

5,601,376

 

 

$

5,196,351

 


MIDLAND STATES BANCORP, INC.

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

(dollars in thousands)

2022

 

2022

 

2021

 

2021

 

2021

Average Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

226,517

 

 

$

384,231

 

 

$

685,655

 

 

$

525,848

 

 

$

509,886

 

Investment securities

 

818,927

 

 

 

894,634

 

 

 

915,707

 

 

 

773,372

 

 

 

734,462

 

Loans

 

5,677,791

 

 

 

5,274,051

 

 

 

4,995,794

 

 

 

4,800,063

 

 

 

4,826,234

 

Loans held for sale

 

9,865

 

 

 

31,256

 

 

 

34,272

 

 

 

15,204

 

 

 

36,299

 

Nonmarketable equity securities

 

36,338

 

 

 

36,378

 

 

 

39,203

 

 

 

43,873

 

 

 

49,388

 

Total interest-earning assets

 

6,769,438

 

 

 

6,620,550

 

 

 

6,670,631

 

 

 

6,158,360

 

 

 

6,156,269

 

Non-earning assets

 

615,348

 

 

 

631,187

 

 

 

605,060

 

 

 

597,153

 

 

 

589,336

 

Total assets

$

7,384,786

 

 

$

7,251,737

 

 

$

7,275,691

 

 

$

6,755,513

 

 

$

6,745,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

$

4,152,764

 

 

$

3,953,249

 

 

$

3,913,475

 

 

$

3,895,970

 

 

$

3,815,179

 

Short-term borrowings

 

59,301

 

 

 

70,044

 

 

 

66,677

 

 

 

68,103

 

 

 

65,727

 

FHLB advances and other borrowings

 

307,611

 

 

 

311,282

 

 

 

319,954

 

 

 

440,171

 

 

 

519,490

 

Subordinated debt

 

139,232

 

 

 

139,139

 

 

 

139,046

 

 

 

138,954

 

 

 

165,155

 

Trust preferred debentures

 

49,602

 

 

 

49,451

 

 

 

49,307

 

 

 

49,167

 

 

 

49,026

 

Total interest-bearing liabilities

 

4,708,510

 

 

 

4,523,165

 

 

 

4,488,459

 

 

 

4,592,365

 

 

 

4,614,577

 

Noninterest-bearing deposits

 

1,967,263

 

 

 

1,989,413

 

 

 

2,049,802

 

 

 

1,434,193

 

 

 

1,411,428

 

Other noninterest-bearing liabilities

 

66,009

 

 

 

81,832

 

 

 

84,538

 

 

 

77,204

 

 

 

78,521

 

Shareholders' equity

 

643,004

 

 

 

657,327

 

 

 

652,892

 

 

 

651,751

 

 

 

641,079

 

Total liabilities and shareholders' equity

$

7,384,786

 

 

$

7,251,737

 

 

$

7,275,691

 

 

$

6,755,513

 

 

$

6,745,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yields

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

0.83

%

 

 

0.18

%

 

 

0.16

%

 

 

0.16

%

 

 

0.11

%

Investment securities

 

2.41

%

 

 

2.22

%

 

 

2.12

%

 

 

2.34

%

 

 

2.43

%

Loans

 

4.49

%

 

 

4.40

%

 

 

4.36

%

 

 

4.42

%

 

 

4.43

%

Loans held for sale

 

3.15

%

 

 

2.86

%

 

 

3.53

%

 

 

2.79

%

 

 

2.88

%

Nonmarketable equity securities

 

5.38

%

 

 

5.40

%

 

 

5.07

%

 

 

5.05

%

 

 

4.94

%

Total interest-earning assets

 

4.12

%

 

 

3.87

%

 

 

3.62

%

 

 

3.79

%

 

 

3.83

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-Bearing Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

0.37

%

 

 

0.22

%

 

 

0.22

%

 

 

0.26

%

 

 

0.31

%

Short-term borrowings

 

0.15

%

 

 

0.14

%

 

 

0.12

%

 

 

0.12

%

 

 

0.12

%

FHLB advances and other borrowings

 

1.87

%

 

 

1.58

%

 

 

1.75

%

 

 

1.80

%

 

 

1.91

%

Subordinated debt

 

5.78

%

 

 

5.78

%

 

 

5.78

%

 

 

5.79

%

 

 

5.61

%

Trust preferred debentures

 

5.05

%

 

 

4.21

%

 

 

3.90

%

 

 

3.92

%

 

 

4.00

%

Total interest-bearing liabilities

 

0.67

%

 

 

0.53

%

 

 

0.54

%

 

 

0.61

%

 

 

0.72

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Deposits

 

0.25

%

 

 

0.15

%

 

 

0.15

%

 

 

0.19

%

 

 

0.23

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Margin

 

3.65

%

 

 

3.50

%

 

 

3.25

%

 

 

3.34

%

 

 

3.29

%


MIDLAND STATES BANCORP, INC.

CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of and for the Quarter Ended

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

(dollars in thousands, except per share data)

2022

 

2022

 

2021

 

2021

 

2021

Asset Quality

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans 30-89 days past due

$

16,212

 

 

$

29,044

 

 

$

17,514

 

 

$

16,772

 

 

$

20,224

 

Nonperforming loans

 

56,883

 

 

 

52,900

 

 

 

42,580

 

 

 

54,620

 

 

 

61,363

 

Nonperforming assets

 

69,344

 

 

 

66,164

 

 

 

57,068

 

 

 

69,261

 

 

 

76,926

 

Net charge-offs

 

2,781

 

 

 

2,255

 

 

 

4,613

 

 

 

2,989

 

 

 

4,023

 

Loans 30-89 days past due to total loans

 

0.28

%

 

 

0.52

%

 

 

0.34

%

 

 

0.34

%

 

 

0.42

%

Nonperforming loans to total loans

 

0.98

%

 

 

0.95

%

 

 

0.81

%

 

 

1.11

%

 

 

1.27

%

Nonperforming assets to total assets

 

0.93

%

 

 

0.90

%

 

 

0.77

%

 

 

0.98

%

 

 

1.16

%

Allowance for credit losses to total loans

 

0.95

%

 

 

0.96

%

 

 

0.98

%

 

 

1.13

%

 

 

1.21

%

Allowance for credit losses to nonperforming loans

 

96.51

%

 

 

100.07

%

 

 

119.92

%

 

 

101.93

%

 

 

95.60

%

Net charge-offs to average loans

 

0.20

%

 

 

0.17

%

 

 

0.37

%

 

 

0.25

%

 

 

0.33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth Management

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust assets under administration

$

3,597,944

 

 

$

4,044,138

 

 

$

4,217,412

 

 

$

4,058,168

 

 

$

4,077,581

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share at period end

$

28.84

 

 

$

29.26

 

 

$

30.11

 

 

$

29.64

 

 

$

28.96

 

Tangible book value per share at period end(1)

$

20.43

 

 

$

20.87

 

 

$

21.66

 

 

$

21.17

 

 

$

20.48

 

Market price at period end

$

24.04

 

 

$

28.86

 

 

$

24.79

 

 

$

24.73

 

 

$

26.27

 

Shares outstanding at period end

 

22,060,255

 

 

 

22,044,626

 

 

 

22,050,537

 

 

 

22,193,141

 

 

 

22,380,492

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total capital to risk-weighted assets

 

11.44

%

 

 

11.74

%

 

 

12.19

%

 

 

13.10

%

 

 

13.11

%

Tier 1 capital to risk-weighted assets

 

8.63

%

 

 

8.82

%

 

 

9.16

%

 

 

9.73

%

 

 

9.64

%

Tier 1 common capital to risk-weighted assets

 

7.66

%

 

 

7.80

%

 

 

8.08

%

 

 

8.55

%

 

 

8.44

%

Tier 1 leverage ratio

 

7.98

%

 

 

7.96

%

 

 

7.75

%

 

 

8.16

%

 

 

8.00

%

Tangible common equity to tangible assets(1)

 

6.22

%

 

 

6.43

%

 

 

6.58

%

 

 

6.80

%

 

 

7.12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Non-GAAP financial measures. Refer to pages 12 -14 for a reconciliation to the comparable GAAP financial measures.

 

 

 

 

 

 

 

 

 


MIDLAND STATES BANCORP, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Earnings Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

(dollars in thousands, except per share data)

2022

 

2022

 

2021

 

2021

 

2021

Income before income taxes - GAAP

$

29,167

 

 

 

$

27,389

 

 

 

$

30,600

 

 

 

$

25,431

 

 

 

$

19,041

 

 

Adjustments to noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss (gain) on sales of investment securities, net

 

101

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(160

)

 

 

 

(377

)

 

(Gain) on termination of hedged interest rate swap

 

-

 

 

 

 

-

 

 

 

 

(1,845

)

 

 

 

-

 

 

 

 

-

 

 

Other income

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

27

 

 

Total adjustments to noninterest income

 

101

 

 

 

 

-

 

 

 

 

(1,845

)

 

 

 

(160

)

 

 

 

(350

)

 

Adjustments to noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) on mortgage servicing rights held for sale

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(79

)

 

 

 

(143

)

 

FHLB advances prepayment fees

 

-

 

 

 

 

-

 

 

 

 

(4,859

)

 

 

 

-

 

 

 

 

(3,669

)

 

Integration and acquisition expenses

 

(324

)

 

 

 

(91

)

 

 

 

(171

)

 

 

 

(176

)

 

 

 

(3,771

)

 

Total adjustments to noninterest expense

 

(324

)

 

 

 

(91

)

 

 

 

(5,030

)

 

 

 

(255

)

 

 

 

(7,583

)

 

Adjusted earnings pre tax

 

29,592

 

 

 

 

27,480

 

 

 

 

33,785

 

 

 

 

25,526

 

 

 

 

26,274

 

 

Adjusted earnings tax

 

7,401

 

 

 

 

6,665

 

 

 

 

8,369

 

 

 

 

5,910

 

 

 

 

6,519

 

 

Adjusted earnings - non-GAAP

$

22,191

 

 

 

$

20,815

 

 

 

$

25,416

 

 

 

$

19,616

 

 

 

$

19,755

 

 

Adjusted diluted earnings per common share

$

0.98

 

 

 

$

0.92

 

 

 

$

1.12

 

 

 

$

0.86

 

 

 

$

0.86

 

 

Adjusted return on average assets

 

1.21

 

%

 

 

1.16

 

%

 

 

1.39

 

%

 

 

1.15

 

%

 

 

1.17

 

%

Adjusted return on average shareholders' equity

 

13.84

 

%

 

 

12.84

 

%

 

 

15.44

 

%

 

 

11.94

 

%

 

 

12.36

 

%

Adjusted return on average tangible common equity

 

19.41

 

%

 

 

17.89

 

%

 

 

21.65

 

%

 

 

16.82

 

%

 

 

17.52

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Pre-Tax, Pre-Provision Earnings Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

(dollars in thousands)

2022

 

2022

 

2021

 

2021

 

2021

Adjusted earnings pre tax - non-GAAP

$

29,592

 

 

 

$

27,480

 

 

 

$

33,785

 

 

 

$

25,526

 

 

 

$

26,274

 

 

Provision for credit losses

 

5,441

 

 

 

 

4,167

 

 

 

 

467

 

 

 

 

(184

)

 

 

 

(455

)

 

Impairment on commercial mortgage servicing rights

 

869

 

 

 

 

394

 

 

 

 

2,072

 

 

 

 

3,037

 

 

 

 

1,148

 

 

Adjusted pre-tax, pre-provision earnings - non-GAAP

$

35,902

 

 

 

$

32,041

 

 

 

$

36,324

 

 

 

$

28,379

 

 

 

$

26,967

 

 

Adjusted pre-tax, pre-provision return on average assets

 

1.95

 

%

 

 

1.79

 

%

 

 

1.98

 

%

 

 

1.67

 

%

 

 

1.60

 

%


MIDLAND STATES BANCORP, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency Ratio Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

(dollars in thousands)

2022

 

2022

 

2021

 

2021

 

2021

Noninterest expense - GAAP

$

41,339

 

 

 

$

40,884

 

 

 

$

45,757

 

 

 

$

41,292

 

 

 

$

48,941

 

 

(Loss) on mortgage servicing rights held for sale

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(79

)

 

 

 

(143

)

 

FHLB advances prepayment fees

 

-

 

 

 

 

-

 

 

 

 

(4,859

)

 

 

 

-

 

 

 

 

(3,669

)

 

Integration and acquisition expenses

 

(324

)

 

 

 

(91

)

 

 

 

(171

)

 

 

 

(176

)

 

 

 

(3,771

)

 

Adjusted noninterest expense

$

41,015

 

 

 

$

40,793

 

 

 

$

40,727

 

 

 

$

41,037

 

 

 

$

41,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income - GAAP

$

61,334

 

 

 

$

56,827

 

 

 

$

54,301

 

 

 

$

51,396

 

 

 

$

50,110

 

 

Effect of tax-exempt income

 

321

 

 

 

 

369

 

 

 

 

372

 

 

 

 

402

 

 

 

 

383

 

 

Adjusted net interest income

 

61,655

 

 

 

 

57,196

 

 

 

 

54,673

 

 

 

 

51,798

 

 

 

 

50,493

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income - GAAP

 

14,613

 

 

 

 

15,613

 

 

 

 

22,523

 

 

 

 

15,143

 

 

 

 

17,417

 

 

Impairment on commercial mortgage servicing rights

 

869

 

 

 

 

394

 

 

 

 

2,072

 

 

 

 

3,037

 

 

 

 

1,148

 

 

Loss (gain) on sales of investment securities, net

 

101

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(160

)

 

 

 

(377

)

 

(Gain) on termination of hedged interest rate swap

 

-

 

 

 

 

-

 

 

 

 

(1,845

)

 

 

 

-

 

 

 

 

-

 

 

Other

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

27

 

 

Adjusted noninterest income

 

15,583

 

 

 

 

16,007

 

 

 

 

22,750

 

 

 

 

18,020

 

 

 

 

18,215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted total revenue

$

77,238

 

 

 

$

73,203

 

 

 

$

77,423

 

 

 

$

69,818

 

 

 

$

68,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio

 

53.10

 

%

 

 

55.73

 

%

 

 

52.61

 

%

 

 

58.78

 

%

 

 

60.19

 

%



MIDLAND STATES BANCORP, INC.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

(dollars in thousands, except per share data)

2022

 

2022

 

2021

 

2021

 

2021

Shareholders' Equity to Tangible Common Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity—GAAP

$

636,188

 

 

 

$

644,986

 

 

 

$

663,837

 

 

 

$

657,844

 

 

 

$

648,186

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

(161,904

)

 

 

 

(161,904

)

 

 

 

(161,904

)

 

 

 

(161,904

)

 

 

 

(161,904

)

 

Other intangible assets, net

 

(23,559

)

 

 

 

(22,976

)

 

 

 

(24,374

)

 

 

 

(26,065

)

 

 

 

(27,900

)

 

Tangible common equity

$

450,725

 

 

 

$

460,106

 

 

 

$

477,558

 

 

 

$

469,875

 

 

 

$

458,382

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets to Tangible Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets—GAAP

$

7,435,812

 

 

 

$

7,338,715

 

 

 

$

7,443,805

 

 

 

$

7,093,959

 

 

 

$

6,630,010

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

(161,904

)

 

 

 

(161,904

)

 

 

 

(161,904

)

 

 

 

(161,904

)

 

 

 

(161,904

)

 

Other intangible assets, net

 

(23,559

)

 

 

 

(22,976

)

 

 

 

(24,374

)

 

 

 

(26,065

)

 

 

 

(27,900

)

 

Tangible assets

$

7,250,349

 

 

 

$

7,153,835

 

 

 

$

7,257,527

 

 

 

$

6,905,990

 

 

 

$

6,440,206

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares Outstanding

 

22,060,255

 

 

 

 

22,044,626

 

 

 

 

22,050,537

 

 

 

 

22,193,141

 

 

 

 

22,380,492

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Common Equity to Tangible Assets

 

6.22

 

%

 

 

6.43

 

%

 

 

6.58

 

%

 

 

6.80

 

%

 

 

7.12

 

%

Tangible Book Value Per Share

$

20.43

 

 

 

$

20.87

 

 

 

$

21.66

 

 

 

$

21.17

 

 

 

$

20.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on Average Tangible Common Equity (ROATCE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Quarter Ended

 

June 30,

 

March 31,

 

December 31,

 

September 30,

 

June 30,

(dollars in thousands)

2022

 

2022

 

2021

 

2021

 

2021

Net income

$

21,883

 

 

 

$

20,749

 

 

 

$

23,107

 

 

 

$

19,548

 

 

 

$

20,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average total shareholders' equity—GAAP

$

643,004

 

 

 

$

657,327

 

 

 

$

652,892

 

 

 

$

651,751

 

 

 

$

641,079

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

(161,904

)

 

 

 

(161,904

)

 

 

 

(161,904

)

 

 

 

(161,904

)

 

 

 

(161,904

)

 

Other intangible assets, net

 

(22,570

)

 

 

 

(23,638

)

 

 

 

(25,311

)

 

 

 

(27,132

)

 

 

 

(26,931

)

 

Average tangible common equity

$

458,530

 

 

 

$

471,785

 

 

 

$

465,677

 

 

 

$

462,715

 

 

 

$

452,244

 

 

ROATCE

 

19.14

 

%

 

 

17.84

 

%

 

 

19.69

 

%

 

 

16.76

 

%

 

 

17.85

 

%