Midland States Bancorp, Inc. (NASDAQ:MSBI) Q1 2022 Earnings Conference Call April 29, 2022 8:30 AM ET

Company Participants

Tony Rossi - Financial Profiles, IR

Jeff Ludwig - President and CEO

Eric Lemke - CFO

Conference Call Participants

Terry McEvoy - Stephens

Damon DelMonte - KBW

Nathan Race - Piper Sandler

Manuel Navas - D.A. Davidson

Operator

Good day, and thank you for standing by. Welcome to the Q1 2022 Midland States Bancorp Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there’ll be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Mr. Tony Rossi of Financial Profiles. Mr. Rossi, the floor is yours.

Tony Rossi

Thank you, Chris. Good morning, everyone, and thank you for joining us today for the Midland States Bancorp first 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'll be using a slide presentation as part of our discussion this morning. If you have not done so already, please visit the Webcast and Presentations page at 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 a reconciliation of the GAAP to non-GAAP measures.

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

Jeff Ludwig

Good morning everyone. Welcome to the Midland States earnings call. I'm going to start on slide three with the highlights of the first quarter. As we expected, we saw a continuation of many of the positive trends we experienced in the second half of last year. Most notably, we had very strong loan growth and expanding net interest margin and disciplined expense control. This resulted in a strong quarter with net income of $20.7 million or $0.92 per share, and pretax pre provision earnings of $32 million.