Investor Presentaiton
Efficiency Ratio Reconciliation
MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
2016
2017
2018
For the Year Ended
2019
2020
2021
2022
2023
(dollars in thousands)
Noninterest expense - GAAP
$ 121,289
$ 152,997
$ 191,643
$ 175,641
$ 184,010 $ 175,069 $ 175,662
$ 173,902
Adjustments to noninterest expense:
Impairment related to facilities optimization
(2,099)
(Loss) gain on mortgage servicing rights held for sale
(1,952)
(4,059)
(3,577)
(12,847)
(458)
490
(1,692)
(222)
(3,250)
FHLB advances prepayment fees
(4,872)
(8,536)
Loss on repurchase of subordinated debt
(511)
(1,778)
(193)
Net expense from FDIC loss share termination agreement
(351)
Integration and acquisition expenses
(2,343)
(17,738)
(24,015)
(5,493)
(2,309)
(4,356)
Adjusted noninterest expense
$
115,985
$
129,248
$
167,170
$
165,283
$
162,097
$
161,955
$
(347)
172,065
$ 173,902
Net interest income - GAAP
Effect of tax-exempt income
Adjusted net interest income
105,254
129,662
180,087
189,815
199,136
2,579
107,833
2,691
132,353
2,095
182,182
2,045
191,860
1,766
200,902
207,675
1,543
209,218
245,735
236,017
1,283
247,018
828
236,845
Noninterest income - GAAP
72,057
59,362
71,791
75,282
61,249
69,899
79,891
66,590
Adjustments to noninterest income:
Impairment (recapture) on commercial mortgage servicing
3.135
2,324
(450)
2,139
12,337
7,532
1,263
(Gain) loss on sales of investment securities, net
(14,702)
(222)
(464)
(674)
(1,721)
(537)
230
9,372
(Gain) on termination of hedged interest rate swaps
(2,159)
(17,531)
(Gain) on repurchase of subordinated debt
(676)
(1,098)
(Gain) on sale of Visa B shares
Other income
Adjusted noninterest income
Adjusted total revenue
Efficiency ratio
608
61,098
67
61,531
(89)
70,788
29
76,776
17
71,882
(48)
74,687
63,853
74,188
$
168,931
$ 193,884
$
252,970
$
268,636
$
272,784
$
283,905
$
310,871
$ 311,033
68.66%
66.66 %
66.08 %
61.53 %
59.42 %
57.05 %
55.35 %
55.91 %
Midland ◉
States Bancorp, Inc.View entire presentation