Midland States Bancorp, Inc.

Listed Company

MSBIPCIK 0001466026NasdaqAcceleratedState Commercial BanksIllinoisFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-124.28M

Total Assets

$6.51B

Equity

$565.50M

Shares Out

20.73M

Op. Cash Flow

$125.68M

Business

Midland States Bancorp, Inc. is a diversified financial holding company that controls a state-chartered bank and related financial subsidiaries and provides retail and commercial banking services. It offers commercial and consumer lending, commercial real estate, construction and residential mortgages, consumer installment loans, commercial equipment leasing, deposit products, merchant card services, trust, investment management, insurance and financial planning. Its principal business segments include community banking, wealth management (Midland Wealth Management and Midland Wealth Advisors) and equipment leasing. The company serves markets across Illinois and the St. Louis metropolitan area, distributes products through branch offices, direct business channels, vendor and retail partnerships, and national equipment-leasing programs.

Summary from filing dated 2025-07-01

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees: Taxable	310	366	378	286	214
Loans, including fees: Tax exempt	2	2	2	2	2
Loans held for sale	5	392,000	260,000	404,000	1
Taxable	63	50	29	16	14
Tax exempt	2	2	1	3	3
Nonmarketable equity securities	3	3	3	2	2
Federal funds sold and cash investments	3	4	4	4	728,000
Total interest income	388	426	417	313	238
Deposits	124	161	137	36	11
Short-term borrowings	3	2	68,000	104,000	86,000
Federal Home Loan Bank advances	15	16	21	9	8
Subordinated debt	5	5	5	7	9
Trust preferred debentures	5	5	5	3	2
Total interest expense	151	190	168	56	—
Net interest income	237	236	249	257	208
Provision for credit losses on loans	61	119	83	75	4
(Recapture of) provision for credit losses on unfunded commitments	−700,000	1	0	−221,000	−145,000
Total provision for credit losses	60	120	83	77	3
Net interest income after provision for credit losses	177	116	166	180	204
Wealth management revenue	31	29	26	26	27
Service charges on deposit accounts	14	13	12	10	9
Interchange revenue	13	14	14	14	15
Residential mortgage banking revenue	3	2	2	2	6
Income on company-owned life insurance	9	8	4	4	4
Gain (loss) on sales of investment securities, net	14,000	−230,000	−9	−230,000	537,000
Credit enhancement income	10	61	48	70	—
Other income	8	12	18	9	14
Total noninterest income	88	139	115	150	70
Salaries and employee benefits	104	94	93	90	87
Occupancy and equipment	17	17	16	15	15
Data processing	28	28	26	24	25
FDIC insurance	8	5	5	3	3
Professional services	10	8	7	7	11
Marketing	6	4	3	3	3
Communications	1	1	2	2	3
Loan expense	7	6	4	5	2
Loan servicing fees	5	13	19	23	—
Impairment on goodwill	154	0	0	—	—
Amortization of intangible assets	3	4	5	5	6
Other real estate owned	281,000	6	333,000	5	1
Loss on sale of loan portfolios	23	0	0	—	—
Impairment on leased assets and surrendered assets	684,000	8	0	0	—
Other expense	12	15	12	12	10
Total noninterest expense	380	208	193	198	175
Income (loss) before income taxes	−115	47	88	131	99
Income tax expense	9	9	27	31	18
Net income (loss)	−124	38	61	100	81
Preferred dividends	9	9	9	3	0
Net income (loss) available to common shareholders	−133	29	52	97	81
Basic earnings (loss) per common share (in dollars per share)	−6.12	1.32	2.33	4.29	3.58
Diluted earnings (loss) per common share (in dollars per share)	−6.12	1.32	2.33	4.28	3.57
Weighted average common shares outstanding (in shares)	22	22	22	22	22
Weighted average diluted common shares outstanding (in shares)	22	22	22	22	23

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2024 2024-06-30	FY 2024 2024-03-31
Cash and due from banks	127	114	—	—	—
Federal funds sold	532,000	711,000	—	—	—
Cash and cash equivalents	128	115	—	—	—
Investment securities available for sale, at fair value	1,523	1,208	—	—	—
Equity securities, at fair value	4	5	—	—	—
Loans	4,352	5,168	5,728	5,829	5,933
Allowance for credit losses on loans	−69	−111	−151	−155	−161
Total loans, net	4,283	5,056	5,577	5,674	5,772
Loans held for sale	8	345	—	—	—
Premises and equipment, net	85	86	—	—	—
Other real estate owned	606,000	5	—	—	—
Nonmarketable equity securities	33	34	—	—	—
Accrued interest receivable	24	25	35	34	—
Loan servicing rights, at lower of cost or fair value	12	18	—	—	—
Loan servicing rights, held for sale	4	0	—	—	—
Goodwill	8	162	—	—	—
Other intangible assets, net	9	12	—	—	—
Company-owned life insurance	219	211	—	—	—
Credit enhancement asset	13	17	21	18	16
Other assets	162	209	188	210	197
Total assets	6,513	7,507	7,704	7,708	7,764
Noninterest-bearing demand deposits	1,040	1,056	—	—	—
Interest-bearing deposits	4,384	5,142	—	—	—
Total deposits	5,424	6,197	—	—	—
Short-term borrowings	60	87	—	—	—
Federal Home Loan Bank advances	293	258	—	—	—
Subordinated debt	27	78	—	—	—
Trust preferred debentures	52	51	—	—	—
Accrued interest payable and other liabilities	91	124	103	103	103
Total liabilities	5,948	6,796	6,933	6,971	7,041
Preferred stock, $2.00 par value; 4,000,000 shares authorized; 115,000 Series A shares, $1,000 per share liquidation preference, issued and outstanding at December 31, 2025 and December 31, 2024, respectively	111	111	—	—	—
Common stock, $0.01 par value; 40,000,000 shares authorized; 21,169,854 and 21,494,485 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	212,000	215,000	—	—	—
Capital surplus	428	434	—	—	—
Retained earnings	87	248	287	276	259
Accumulated other comprehensive loss, net of tax	−60	−82	—	—	—
Total shareholders equity	565	711	771	737	723
Total liabilities and shareholders equity	6,513	7,507	7,704	7,708	7,764

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	−124	38	61	100	81
Depreciation on premises and equipment	5	5	5	5	6
Amortization of operating lease right-of-use asset	2	2	2	2	2
Amortization of loan servicing rights	2	2	2	2	3
Share-based compensation expense	3	3	2	2	2
Increase in cash surrender value of life insurance	−8	−8	−4	−3	−3
Gain on proceeds from company-owned life insurance	−343,000	0	0	−264,000	−1
Investment securities accretion, net	−14	−7	−2	2	4
Gain on repurchase of subordinated debt	0	−231,000	−676,000	0	0
Gain on sales of other real estate owned	−124,000	−26,000	−819,000	118,000	−473,000
Impairment on other real estate owned	0	5	0	4	454,000
Origination of loans held for sale	−101	−81	−59	−135	−505
Proceeds from sales of loans and leases held for sale	134	79	58	270	740
Gain on sale of loans held for sale	−3	−2	−2	−844,000	−5
Loss on mortgage servicing rights held for sale	−18,000	0	—	—	—
Loss on sale of loan portfolios	23	0	0	—	—
Accrued interest receivable	2	9	−4	−1	4
Credit enhancement asset	4	−1	−2	−19	—
Other assets	24	−17	−24	1	−32
Accrued expenses and other liabilities	−40	18	28	−14	24
Net cash provided by operating activities	126	177	153	286	334
Purchases of investment securities available for sale	−623	−605	−413	−192	−470
Proceeds from sales of investment securities available for sale	104	74	192	136	15
Maturities and payments on investment securities available for sale	249	234	75	85	208
Purchases of equity securities	−174,000	−268,000	−286,000	−511,000	−260,000
Proceeds from sales of equity securities	0	0	5	0	0
Net decrease in loans	439	347	73	−1,216	−258
Proceeds from sales of consumer loans held for sale	61	0	0	—	—
Proceeds from sales of loan portfolios	517	84	41	0	—
Purchases of premises and equipment	−5	−7	−9	−3	−3
Proceeds from sale of premises and equipment	0	37,000	104,000	175,000	647,000
Purchases of nonmarketable equity securities	−186	−172	−240	−25	0
Proceeds from redemptions of nonmarketable equity securities	187	182	242	15	20
Proceeds from sales of other real estate owned	5	466,000	8	1	9
Proceeds from company-owned life insurance, net	1	0	−49	2	2
Net cash provided by (used in) investing activities	749	137	−75	−1,138	−478
Net decrease in deposits	−773	−112	−55	174	1,010
Net increase (decrease) in short-term borrowings	−27	53	−7	−34	8
Net increase (decrease) in short-term FHLB advances	−20	−166	−174	250	—
Proceeds from long-term FHLB advances	328	263	215	0	500
Payments made on long-term FHLB advances and other borrowings	−273	−315	−25	−100	−978
Payments and subordinated debt redemption	−51	−16	−6	−40	−31
Cash dividends paid on preferred stock	−9	−9	−9	−3	0
Cash dividends paid on common stock	−28	−27	−27	−26	−25
Common stock repurchased	−10	−5	−18	−1	−12
Proceeds from issuance of common stock under employee benefit plans	643,000	1	2	2	2
Net cash used in financing activities	−862	−334	−104	332	483
Net increase (decrease) in cash and cash equivalents	13	−20	−26	−520	339

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