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Midland States Bancorp, Inc. operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates in Banking and Wealth Management segments. The company offers commercial loans; commercial real estate loans that include various property types, such as owner-occupied offices, warehouses and production facilities, office buildings, hotels, mixed-use residential and commercial facilities, retail centers, multifamily properties, assisted living facilities, and farmland; construction and land development loans, including loans to small and midsized businesses to construct owner-user properties, loans to developers of commercial real estate investment properties and residential developments, and loans to individual clients for construction of single family homes; and residential real estate loans comprising first and second mortgage loans, and home equity lines of credit. It also provides commercial equipment leasing; depository products consisting of checking, savings, money market, certificates of deposits, and sweep accounts; and trust and wealth management products and services, such as financial and estate planning, trustee and custodial services, investment management, tax and insurance planning, business planning, corporate retirement plan consulting and administration, and retail brokerage services. The company was founded in 1881 and is headquartered in Effingham, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $290M | - | $-124M | $120M | -27.3% | -18.5% | -426.7% |
| 2024 | $356M | - | $38M | $170M | 6.3% | 4.7% | -37.8% |
| 2023 | $340M | - | $61M | $145M | 10.1% | -10.6% | -39.0% |
| 2022 | $380M | - | $100M | $282M | 15.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 380.49 | 340.22 | 356.27 | 290.36 |
| Operating Revenue | - | 380.49 | 340.22 | 356.27 | 290.36 |
| Selling General And Administration | - | 96.96 | 101.38 | 102.84 | 118.40 |
| Interest Income | - | 312.71 | 417.10 | 426.13 | 387.87 |
| Interest Expense | - | 56.02 | 168.28 | 189.78 | 151.06 |
| Net Interest Income | - | 256.70 | 248.82 | 236.35 | 236.80 |
| Pretax Income | - | 131.39 | 87.96 | 46.90 | -114.87 |
| Tax Provision | - | 31.15 | 26.81 | 8.86 | 9.41 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.07 | 0 | -1.48 | -32.48 |
| Net Income Continuous Operations | - | 100.24 | 61.16 | 38.04 | -124.28 |
| Net Income From Continuing And Discontinued Operation | - | 100.24 | 61.16 | 38.04 | -124.28 |
| Net Income From Continuing Operation Net Minority Interest | - | 100.24 | 61.16 | 38.04 | -124.28 |
| Net Income | - | 100.24 | 61.16 | 38.04 | -124.28 |
| Net Income Common Stockholders | - | 95.95 | 51.59 | 28.65 | -133.73 |
| Net Income Including Noncontrolling Interests | - | 100.24 | 61.16 | 38.04 | -124.28 |
| Normalized Income | - | 103.68 | 61.16 | 44.42 | -2.10 |
| Diluted NI Availto Com Stockholders | - | 95.95 | 51.59 | 28.65 | -133.73 |
| Basic Average Shares | - | 22.34 | 22.12 | 21.28 | 21.90 |
| Diluted Average Shares | - | 22.40 | 22.12 | 21.74 | 21.90 |
| Reconciled Depreciation | - | 14.38 | 12.72 | 13.16 | 11.95 |
| Total Unusual Items | - | -4.51 | 0 | -7.86 | -154.66 |
| Total Unusual Items Excluding Goodwill | - | -4.51 | 0 | -7.86 | -154.66 |
| Preferred Stock Dividends | - | 3.17 | 8.91 | 8.91 | 8.91 |
| Special Income Charges | - | -4.51 | 0 | -7.86 | -154.66 |
| Other Special Charges | 8.76 | 3.25 | - | - | - |
| Write Off | 7.53 | 1.26 | 0 | 0 | - |
| Impairment Of Capital Assets | - | 0 | 0 | 7.86 | 154.66 |
| Gain On Sale Of Security | - | 17.30 | -9.37 | -0.23 | 0.01 |
| Depreciation Amortization Depletion Income Statement | - | 5.41 | 4.76 | 4.01 | 3.22 |
| Depreciation And Amortization In Income Statement | - | 5.41 | 4.76 | 4.01 | 3.22 |
| General And Administrative Expense | - | 93.64 | 98.22 | 98.92 | 112.54 |
| Other Gand A | 27.60 | - | - | - | - |
| Salaries And Wages | - | 90.30 | 93.44 | 93.64 | 104.40 |
| Insurance And Claims | - | 3.34 | 4.78 | 5.28 | 8.14 |
| Selling And Marketing Expense | - | 3.32 | 3.16 | 3.93 | 5.86 |
| Otherunder Preferred Stock Dividend | - | 1.12 | 0.65 | 0.48 | 0.53 |
| Average Dilution Earnings | - | 0 | 0 | 0 | 0 |
| Amortization | - | 5.41 | 4.76 | 4.01 | 3.22 |
| Amortization Of Intangibles Income Statement | - | 5.41 | 4.76 | 4.01 | 3.22 |
| Occupancy And Equipment | - | 14.84 | 15.99 | 16.78 | 17.22 |
| Professional Expense And Contract Services Expense | - | 6.91 | 7.05 | 7.82 | 9.87 |
| Other Non Interest Expense | - | 43.71 | 40.53 | 49.72 | 42.01 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Midland States Bancorp, Inc.this co. | MSBI | $591M | -4.76 | 1.30 | -27.3% | - |
| Arrow Financial Corporation | AROW | $610M | 13.88 | 1.41 | 10.2% | - |
| Northpointe Bancshares, Inc. | NPB | $598M | 7.17 | 1.05 | 14.7% | - |
| Northfield Bancorp, Inc. | NFBK | $596M | 748.18 | 0.86 | 0.1% | - |
| Peoples Financial Services Corp. | PFIS |
| - |
| - |
| - |
| - |
| - |
| - |
| $596M |
| 10.06 |
| 1.15 |
| 11.4% |
| - |
| Red River Bancshares, Inc. | RRBI | $594M | 13.90 | 1.63 | 11.7% | - |
| Bar Harbor Bankshares | BHB | $594M | 16.08 | 1.11 | 6.9% | - |
| AMERISAFE, Inc. | AMSF | $576M | 12.22 | 2.29 | 18.7% | - |
| PRA Group, Inc. | PRAA | $574M | -1.88 | 0.59 | -31.1% | - |
| Peer Median | - | 13.05 | 1.13 | 10.8% | - | |