Midland States Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Year 2018; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017
January 25, 2018 at 09:30 pm
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Midland States Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter ended December 31, 2017. For the quarter, the company reported net interest income of $36,036,000 compared to $25,959,000 a year ago. Income before income taxes was $7,766,000 compared to $19,910,000 a year ago. Net income was $1,991,000 or $0.1 per basic and diluted share compared to $11,583,000 or $0.72 per diluted share a year ago. Return on average assets was 0.18% compared to 1.44% a year ago. Return on average shareholders' equity was 1.74% compared to 14.05% a year ago. Return on average tangible common shareholders' equity was 2.33% compared to 16.84% a year ago. Adjusted earnings were $8,403,000 or $0.42 per diluted share compared to $6,302,000 or $0.39 per diluted share a year ago. Adjusted return on average assets was 0.76% compared to 0.78% a year ago. Adjusted return on average shareholders' equity was 7.34% compared to 7.64% a year ago. Adjusted return on average tangible common shareholders' equity was 9.83% compared to 9.16% a year ago. Adjusted earnings pre-tax were $10,855,000 compared to $9,173,000 a year ago. Adjusted earnings tax were $6,992,000 compared to $2,871,000 a year ago. Adjusted net interest income was $36,695,000 compared to $26,579,000 a year ago. Adjusted total revenue was $51,148,000 compared to $39,719,000 a year ago.
For the fourth quarter ended December 31, 2017, the company's net charge-offs of $6,506,000 compared to $3,142,000 a year ago.
For 2018, the company expects its effective tax rate to be approximately 23%.
Midland States Bancorp, Inc. is a diversified financial holding company. Its segments include Banking, Wealth Management, and Other. The Banking segment provides a range of financial products and services to consumers and businesses, including commercial, commercial real estate, mortgage and other consumer loan products; commercial equipment financing; mortgage loan sales and servicing; letters of credit; various types of deposit products, including checking, savings and time deposit accounts; merchant services; and corporate treasury management services. The Wealth Management segment operates under the name Midland Wealth Management, which consists of trust and wealth management products and services, including financial and estate planning, trustee and custodial services, investment management, tax and insurance planning, business planning, corporate retirement plan consulting and administration and retail brokerage services through a nationally recognized third-party broker dealer.
Midland States Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter Ended December 31, 2017; Provides Effective Tax Rate Guidance for the Year 2018; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017