Midland States Bancorp, Inc. MSBI
Midland States Bancorp, Inc., an Illinois corporation formed in 1988, is a diversified financial holding company headquartered in Effingham, Illinois. Our banking subsidiary, Midland States Bank, an Illinois state-chartered bank formed in 1881, has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, insurance and financial planning services. As of December 31, 2025, the Company had total assets of $6.51 billion, and our wealth management group had assets under administration of approximately $4.48 billion.
Our strategic plan focuses on delivering a superior customer experience through a high-tech, high-touch approach, while remaining committed to core community banking and relationship-driven growth. We continue to enhance our regional franchise approach that serves our core customers with a consistent, high-performance culture rooted in our One Midland values and with a strong foundation in Enterprise Risk Management.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest expense | $236.8M | $236.3M | $248.8M | $256.7M | $30.1M | $45.8M | $59.7M | $43.3M | $23.5M | $16.0M |
| Pre-tax income | -$114.9M | $46.9M | $88.0M | $131.4M | $99.1M | $32.0M | $72.5M | $50.8M | $26.5M | $50.4M |
| Income tax | $9.4M | $8.9M | $26.8M | $31.1M | $17.8M | $9.5M | $16.7M | $11.4M | $10.4M | $18.9M |
| Net income | -$124.3M | $38.0M | $61.2M | $100.2M | $81.3M | $22.5M | $55.8M | $39.4M | $16.1M | $31.5M |
| EPS, basic | -6.12 | 1.32 | 2.33 | 4.29 | 3.58 | 0.95 | 2.28 | 1.69 | 0.89 | 2.22 |
| EPS, diluted | -6.12 | 1.32 | 2.33 | 4.28 | 3.57 | 0.95 | 2.26 | 1.66 | 0.87 | 2.17 |
| Shares, diluted (wtd. avg.) | 21.8M | 21.7M | 22.1M | 22.4M | 22.5M | 23.3M | 24.5M | 23.5M | 18.3M | 14.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $127.8M | $114.8M | $135.1M | $160.6M | $680.4M | $341.6M | $394.5M | $213.7M | $215.2M | $190.7M |
| Property, plant and equipment | $85.1M | $85.7M | $82.8M | $78.3M | $79.2M | $74.1M | $91.1M | $94.8M | $76.2M | $66.7M |
| Goodwill | $7.9M | $161.9M | $161.9M | $161.9M | $161.9M | $161.9M | $171.8M | $164.7M | $98.6M | $48.8M |
| Other intangibles | $8.9M | $12.1M | $16.1M | $20.9M | $24.4M | $28.4M | $34.9M | $37.4M | $16.9M | $7.2M |
| Total assets | $6.51B | $7.51B | $7.79B | $7.79B | $7.44B | $6.87B | $6.09B | $5.64B | $4.41B | $3.23B |
| Short-term debt | $60.2M | $87.5M | $34.9M | $42.3M | $76.8M | $69.0M | $82.0M | $124.2M | $156.1M | $131.6M |
| Total liabilities | $5.95B | $6.80B | $7.21B | $7.10B | $6.78B | $6.25B | $5.43B | $5.03B | $3.96B | $2.91B |
| Retained earnings | $86.8M | $247.7M | $234.5M | $226.8M | $212.5M | $156.3M | $165.9M | $133.8M | $114.5M | $112.5M |
| Total equity | $565.5M | $710.8M | $715.1M | $696.1M | $600.2M | $621.4M | $661.9M | $608.5M | $449.5M | $321.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $125.7M | $176.5M | $153.4M | $285.8M | $334.4M | $499.1M | $538.7M | $97.1M | $70.4M | $24.1M |
| Depreciation and amortisation | $4.9M | $5.0M | $4.8M | $4.8M | $5.5M | $6.9M | $6.6M | $6.2M | $5.0M | $5.1M |
| Capital expenditure | $5.3M | $6.9M | $8.7M | $3.5M | $2.7M | $2.6M | $5.5M | $7.2M | $6.2M | $2.2M |
| Investing cash flow | $748.9M | $136.7M | -$74.8M | -$1.14B | -$478.5M | -$1.31B | -$364.8M | -$6.7M | -$234.6M | -$359.1M |
| Financing cash flow | -$861.5M | -$333.5M | -$104.1M | $332.1M | $482.8M | $760.4M | $6.9M | -$91.9M | $188.6M | $313.2M |
| Dividends paid | $27.7M | $27.1M | $26.6M | $25.9M | $25.2M | $25.0M | $23.6M | $20.0M | $14.0M | $9.9M |
| Buybacks | $9.7M | $5.5M | $17.9M | $1.1M | $11.7M | $39.6M | $4.0M | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001466026-26-000020.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $31.5M | $16.1M | $39.4M | $55.8M | $22.5M | $81.3M | $100.2M | $61.2M | $38.0M | -$124.3M |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Other event Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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