Midland States Bancorp, Inc (MSBI) has reported a 50.53 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $11.58 million, or $0.72 a share in the quarter, compared with $7.70 million, or $0.63 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $6.30 million, or $0.39 a share compared with $7.52 million or $0.61 a share, a year ago.  

Revenue during the quarter surged 41.36 percent to $54 million from $38.20 million in the previous year period. Net interest income for the quarter dropped 1.86 percent over the prior year period to $25.96 million. Non-interest income for the quarter rose 138.19 percent over the last year period to $30.49 million.

Midland States Bancorp, Inc has made provision of $2.44 million for loan losses during the quarter, up 132.41 percent from $1.05 million in the same period last year.

Net interest margin contracted 49 basis points to 3.70 percent in the quarter from 4.19 percent in the last year period. Efficiency ratio for the quarter deteriorated to 76.64 percent from 68.83 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

"We continued to see strong loan demand during the fourth quarter, resulting in a 21% annualized increase in average loans," said Leon J. Holschbach, president and chief executive officer of the Company. "With the exception of commercial loans, which were impacted by fluctuations in warehouse lines of credit, we generated significant growth across all of our major lending areas, with the largest increases coming in our residential mortgage, consumer and construction portfolios."

Deposits stood at $2,404.37 million as on Dec. 31, 2016, up 1.55 percent compared with $2,367.65 million on Dec. 31, 2015.

Noninterest-bearing deposit liabilities were $562.33 million or 23.39 percent of total deposits on Dec. 31, 2016, compared with $543.40 million or 22.95 percent of total deposits on Dec. 31, 2015.

Investments stood at $325.01 million as on Dec. 31, 2016, up 0.27 percent or $0.86 million from year-ago. Shareholders equity was at $321.81 million as on Dec. 31, 2016.

Return on average assets moved up 38 basis points to 1.44 percent in the quarter from 1.06 percent in the last year period. At the same time, return on average equity increased 86 basis points to 14.05 percent in the quarter from 13.19 percent in the last year period.

Nonperforming assets moved up 18.30 percent or $5.34 million to $34.55 million on Dec. 31, 2016 from $29.21 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.07 percent in the quarter, up from 1.01 percent in the last year period.

Tier-1 leverage ratio stood at 9.76 percent for the quarter, up from 7.49 percent for the previous year quarter. Book value per share was $20.78 for the quarter, up 5.27 percent or $1.04 compared to $19.74 for the same period last year.