Midland States Bancorp, Inc (MSBI) has reported 133.70 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $8.05 million, or $0.51 a share in the quarter, compared with $3.44 million, or $0.28 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $8.27 million, or $0.52 a share compared with $4.64 million or $0.38 a share, a year ago. 

Revenue during the quarter grew 22.91 percent to $40.81 million from $33.20 million in the previous year period. Net interest income for the quarter rose 7.19 percent over the prior year period to $27.26 million. Non-interest income for the quarter rose 3.27 percent over the last year period to $14.94 million.

Midland States Bancorp has made provision of $1.39 million for loan losses during the quarter, down 79.22 percent from $6.70 million in the same period last year.

Net interest margin contracted 17 basis points to 4 percent in the quarter from 4.17 percent in the last year period. Efficiency ratio for the quarter deteriorated to 64.56 percent from 64.32 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

"We delivered a solid quarter driven by well-diversified loan production and improved efficiencies," said Leon J. Holschbach, president and chief executive officer of the Company. "As a result of this performance, we were able to generate a higher level of earnings and an improvement in our return on average assets.

Deposits stood at $2,420.03 million as on Sep. 30, 2016, up 5.01 percent compared with $2,304.48 million on Sep. 30, 2015.

Noninterest-bearing deposit liabilities were $629.11 million or 26 percent of total deposits on Sep. 30, 2016, compared with $512.63 million or 22.25 percent of total deposits on Sep. 30, 2015.

Investments stood at $335.15 million as on Sep. 30, 2016, up 10.48 percent or $31.78 million from year-ago. Shareholders equity was at $321.79 million as on Sep. 30, 2016.

Return on average assets moved up 54 basis points to 1.03 percent in the quarter from 0.49 percent in the last year period. At the same time, return on average equity increased 416 basis points to 10.04 percent in the quarter from 5.88 percent in the last year period. 

Nonperforming assets moved up 13.90 percent or $4.19 million to $34.30 million on Sep. 30, 2016 from $30.12 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was stable at 1.06 percent in the quarter, when compared with the last year period.

Tier-1 leverage ratio stood at 9.82 percent for the quarter, up from 7.41 percent for the previous year quarter. Book value per share was $20.89 for the quarter, up 6.15 percent or $1.21 compared to $19.68 for the same period last year.