Midland States Bancorp, Inc. (NASDAQ:MSBI) Q3 2022 Earnings Conference Call October 21, 2022 8:30 AM ET

Company Participants

Tony Rossi - Investor Relations, Financial Profiles, Inc.

Jeffrey Ludwig - President and Chief Executive Officer

Eric Lemke - Chief Financial Officer

Conference Call Participants

Terry McEvoy - Stephens Inc.

Nathan Race - Piper Sandler Companies

Damon DelMonte - Keefe, Bruyette & Woods, Inc.

Manuel Navas - D.A. Davidson & Co.

Operator

Good day, and thank you for standing by. Welcome to the Q3 2022 Midland States Bancorp Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.

I would now like to hand the conference over to your speaker today, Tony Rossi of Financial Profiles. Please go ahead.

Tony Rossi

Thank you, Michelle. Good morning, everyone, and thank you for joining us today for the Midland States Bancorp third quarter 2022 earnings call. Joining us from Midland’s management team are Jeff Ludwig, President and Chief Executive Officer; and Eric Lemke, Chief Financial Officer.

We will be using a slide presentation as part of our discussion this morning. If you have not done so already, please visit the webcasts and presentations page of Midland’s Investor Relations website to download a copy of the presentation.

Before we begin, I’d like to remind you that this conference call contains forward-looking statements with respect to the future performance and financial condition of Midland States Bancorp that involve risks and uncertainties. Various factors could cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. These factors are discussed in the company’s SEC filings, which are available on the company’s website. The company disclaims any obligation to update any forward-looking statements made during the call.

Additionally, management may refer to non-GAAP measures, which are intended to supplement but not substitute for the most directly comparable GAAP measures. The press release available on the website contains the financial and other quantitative information to be discussed today as well as the reconciliation of the GAAP to non-GAAP measures.

And with that, I’d like to turn the call over to Jeff. Jeff?

Jeffrey Ludwig

Thanks, Tony. Good morning, everyone, and welcome to the Midland States earnings call. I’m going to start on Slide 3 with the highlights of the third quarter. We continue to execute well and capitalize on the loan demand that we continue to see in our markets, resulting in further improvement in our financial performance. We generated net income of $23.5 million, or $1.04 per share, up from $0.97 in the prior quarter. While our pre-tax, pre-provision earnings increased to $36.4 million.