8-K: Midland States Bancorp Declares Quarterly Dividends on Common and Preferred Stock

Midland States Bancorp announced the declaration of quarterly cash dividends for both its common stock and preferred stock.

Summary

• Midland States Bancorp has declared a quarterly cash dividend of $0.31 per share for its common stock.
• The common stock dividend is payable on August 23, 2024, to shareholders of record as of August 16, 2024.
• A cash dividend of $0.4844 per depositary share was also declared for the 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A.
• The preferred stock dividend will be paid on September 30, 2024, to stockholders of record as of September 16, 2024.
• As of June 30, 2024, Midland States Bancorp had total assets of approximately $7.76 billion.
• The company's Wealth Management Group had assets under administration of approximately $4.00 billion as of June 30, 2024.

Sentiment

Score: 8

Explanation: The announcement of regular dividends is a positive sign for investors, indicating financial stability and a commitment to shareholder returns. The company's asset base also appears strong.

Positives

• The declaration of both common and preferred stock dividends indicates a positive cash flow and commitment to returning value to shareholders.
• The company's total assets of $7.76 billion and $4.00 billion in assets under administration demonstrate a strong financial position.

Industry Context

The announcement of regular dividends is typical for established financial institutions and is a common way to attract and retain investors. This is a standard practice in the banking sector.

Comparison to Industry Standards

• Many regional banks offer similar dividend yields, but the specific rates vary based on the bank's performance and capital structure.
• For example, comparible banks such as First Midwest Bancorp (FMBI) and Wintrust Financial Corporation (WTFC) also regularly declare dividends, with yields that fluctuate based on market conditions and company performance.
• The dividend yield for MSBI will be determined by the share price, but the declared dividend of $0.31 per share is a key metric for investors to compare against peers.

Stakeholder Impact

• Shareholders will receive cash dividends, which is a positive return on their investment.
• The announcement may positively influence investor confidence and potentially the stock price.
• Employees may view the dividend declaration as a sign of the company's financial health and stability.

Key Dates

Keywords

dividends, common stock, preferred stock, cash dividend, Midland States Bancorp, MSBI, MSBIP, financial holding company, wealth management, banking