Midland States Bancorp Q2 Net Income Rises, Margin Expands to 3.98%
MSBI has more than doubled off its 52-week low of $14.24.
Summary
Midland States Bancorp reported Q2 net income of $17.70 million, or $0.82 per diluted share, up from $0.74 in Q1. Net interest margin expanded to 3.98%, driven by favorable loan repricing and lower funding costs. The company repurchased $2.7 million in stock under its existing buyback program, following the $45 million share repurchase authorization announced in May and the appointment of a new CFO. The results show improving profitability and capital management, with the stock trading near its 52-week high. The full-year effective tax rate is expected to be about 23%.
At the time of this announcement, MSBI was trading at $30.97 on NASDAQ in the Finance sector, with a market capitalization of approximately $642M. The 52-week trading range was $14.24 to $31.82. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.