Loading…
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 | -22.0% | -18.5% | -426.7% |
| 2024 | $356M | - | $38M | $170M | 5.4% | 4.7% | -37.8% |
| 2023 | $340M | - | $61M | $145M | 8.6% | -10.6% | -39.0% |
| 2022 | $380M | - | $100M | $282M | 13.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 380.49 | 340.22 | 356.27 | 290.36 |
| Pretax Income | 131.39 | 87.96 | 46.90 | -114.87 |
| Tax Provision | 31.15 | 26.81 | 8.86 | 9.41 |
| Net Income | 100.24 | 61.16 | 38.04 | -124.28 |
| Net Income Common Stockholders | 95.95 | 51.59 | 28.65 | -133.73 |
| Interest Expense | 56.02 | 168.28 | 189.78 | 151.06 |
| Interest Income | 312.71 | 417.10 | 426.13 | 387.87 |
| Selling General And Administration | 96.96 | 101.38 | 102.84 | 118.40 |
| Normalized Income | 103.68 | 61.16 | 44.42 | -2.10 |
| Basic EPS | 4.29 | 2.33 | -1.05 | 1.03 |
| Diluted EPS | 4.28 | 2.33 | -1.05 | 1.01 |
| Tax Effect Of Unusual Items | -1.07 | 0 | -1.48 | -32.48 |
| Tax Rate For Calcs | 0.24 | 0.30 | 0.19 | 0.21 |
| Total Unusual Items | -4.51 | 0 | -7.86 | -154.66 |
| Total Unusual Items Excluding Goodwill | -4.51 | 0 | -7.86 | -154.66 |
| Net Income From Continuing Operation Net Minority Interest | 100.24 | 61.16 | 38.04 | -124.28 |
| Reconciled Depreciation | 14.38 | 12.72 | 13.16 | 11.95 |
| Net Interest Income | 256.69 | 248.82 | 236.35 | 236.80 |
| Net Income From Continuing And Discontinued Operation | 100.24 | 61.16 | 38.04 | -124.28 |
| Diluted Average Shares | 22.40 | 22.12 | 21.74 | 21.90 |
| Basic Average Shares | 22.34 | 22.12 | 21.28 | 21.90 |
| Diluted NI Availto Com Stockholders | 95.95 | 51.59 | 28.65 | -133.73 |
| Average Dilution Earnings | 0 | 0 | 0 | 0 |
| Otherunder Preferred Stock Dividend | 1.12 | 0.65 | 0.48 | 0.53 |
| Preferred Stock Dividends | 3.17 | 8.91 | 8.91 | 8.91 |
| Net Income Including Noncontrolling Interests | 100.24 | 61.16 | 38.04 | -124.28 |
| Net Income Continuous Operations | 100.24 | 61.16 | 38.04 | -124.28 |
| Special Income Charges | -4.51 | 0 | -7.86 | -154.66 |
| Other Special Charges | 3.25 | 0 | 0 | 0 |
| Write Off | 1.26 | 0 | 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 |
| Amortization | 5.41 | 4.76 | 4.01 | 3.22 |
| Amortization Of Intangibles Income Statement | 5.41 | 4.76 | 4.01 | 3.22 |
| Selling And Marketing Expense | 3.32 | 3.16 | 3.93 | 5.86 |
| General And Administrative Expense | 93.64 | 98.22 | 98.92 | 112.54 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Insurance And Claims | 3.34 | 4.78 | 5.28 | 8.14 |
| Salaries And Wages | 90.31 | 93.44 | 93.64 | 104.40 |
| Operating Revenue | 380.49 | 340.22 | 356.27 | 290.36 |
| Occupancy And Equipment | 14.84 | 15.99 | 16.79 | 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 | $533M | 21.34↑ premium | 1.19 | -22.0% | - |
| Carter Bankshares, Inc. | CARE | $558M | 5.17 | 1.11 | 7.5% | - |
| Northrim BanCorp, Inc. | NRIM | $543M | 8.45 | 1.65 | 19.8% | - |
| Flushing Financial Corporation | FFIC | $542M | 16.00 | 0.76 | 2.7% | - |
| Southern First Bancshares, Inc. | SFST |
| $528M |
| 13.11 |
| 1.24 |
| 8.2% |
| - |
| Unity Bancorp, Inc. | UNTY | $524M | 8.79 | 1.46 | 16.8% | - |
| ACNB Corporation | ACNB | $523M | 10.23 | 1.23 | 8.8% | - |
| Civista Bancshares, Inc. | CIVB | $515M | 9.18 | 0.93 | 8.5% | - |
| AlTi Global, Inc. | ALTI | $512M | - | 1.38 | -13.7% | -20.39 |
| Peer Median | - | 9.18 | 1.24 | 8.4% | -20.39 | |