Midland States Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter Ended December 31, 2016; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2016; Provides Effective Tax Guidance for the Full Year 2017
January 26, 2017 at 04:32 pm
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Midland States Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter ended December 31, 2016. For the quarter, the company reported net interest income of $25,959,000, income before income taxes of $19,907,000, net income of $11,580,000, net income attributable to the company of $11,583,000, adjusted earnings of $6,300,000, compared to net interest income of $26,452,000, income before income taxes of $10,507,000, net income of $7,696,000, net income attributable to the company of $7,696,000, adjusted earnings of $7,525,000, for the same period a year ago. Adjusted diluted earnings per common share were $0.39 against $0.61 a year ago. Adjusted return on average assets was 0.78% against 1.04% a year ago. Adjusted return on average shareholders' equity was 7.64% against 12.90% a year ago. Adjusted return on average tangible common shareholders' equity was 9.16% against 16.88% a year ago. Diluted earnings per common share were $0.72 against $0.63 a year ago.
Net charge-offs for the fourth quarter of 2016 were $3.1 million, or 0.54% of average loans on an annualized basis.
For the full year 2017, the company expects its effective tax rate to return to a level approximate to the effective tax rate in the third quarter of 2016.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter Ended December 31, 2016; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2016; Provides Effective Tax Guidance for the Full Year 2017