MSBI - Midland States Bancorp: Why I Sold The Preferred Shares
2024-03-26 13:25:32 ET
Summary
- Midland States Bancorp's shares are still down compared to pre-regional bank crisis levels.
- Net interest income remains above pre-pandemic levels, but balance sheet results were mixed in 2023.
- I have concerns including high exposure to commercial real estate and an increase in nonperforming loans.
Midland States Bancorp, Inc. ( MSBI ) is a regional bank whose shares are still down slightly compared to the period prior to the regional bank crisis last March. Last summer, I wrote about my investment in the bank's 7.75% Series A preferred shares ( MSBIP ). Recently, after reviewing the bank's financials and seeing the price of preferred shares above par, I decided to sell the preferred shares....
Midland States Bancorp: Why I Sold The Preferred Shares