Midland States Bancorp Announces Settlement of Prior Tax Issue Resulting in a Tax Benefit and Other Items Impacting Second Quarter 2021 Financial Results
EFFINGHAM, Ill., June 29, 2021 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ: MSBI) today announced the settlement of a prior tax issue related to the treatment of gains recognized on FDIC-assisted transactions that will result in a $6.75 million tax benefit that will be recognized in the second quarter of 2021. The Company will also recognize approximately $3.6 million in consulting and legal expenses related to the settlement of the tax issue, resulting in an after-tax gain of approximately $2.9 million.
Midland States Bancorp Announces Settlement of Prior Tax Issue Resulting in a Tax Benefit and Other Items Impacting Second Quarter 2021 Financial Results
EFFINGHAM, Ill., June 29, 2021 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (NASDAQ: MSBI) today announced the settlement of a prior tax issue related to the treatment of gains recognized on FDIC-assisted transactions that will result in a $6.75 million tax benefit that will be recognized in the second quarter of 2021. The Company will also recognize approximately $3.6 million in consulting and legal expenses related to the settlement of the tax issue, resulting in an after-tax gain of approximately $2.9 million.