Midland States Bancorp Q4 net loss due to asset sale

Midland States Bancorp, Inc. +0.70%

Midland States Bancorp, Inc.

MSBI

23.00

+0.70%


Overview

  • Community bank reported Q4 net loss of $5.1 mln due to equipment finance sale loss

  • Adjusted earnings for Q4 were $11.9 mln, driven by credit enhancement income

  • Company repurchased $9.6 mln of common stock in Q4


Outlook

  • Midland States Bancorp aims to reach 10% common equity tier 1 capital ratio


Result Drivers

  • EQUIPMENT FINANCE SALE - Loss of $21.4 mln from sale of equipment finance portfolio significantly impacted Q4 results

  • CREDIT ENHANCEMENT INCOME - Additional $6.6 mln credit enhancement income from contractual changes in lending arrangements

  • COMMUNITY BANK GROWTH - Community Bank showed 6.5% annualized loan growth, contributing to positive revenue trends


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q4 EPS

-$0.24


Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the banks peer group is "buy."

  • Wall Street's median 12-month price target for Midland States Bancorp Inc is $19.00, about 20% below its January 21 closing price of $23.74

Press Release: ID:nGNX77r2K0

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