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Midland States Bancorp (MSBI) Financials

Midland States Bancorp logo
$30.35 0.00 (0.00%)
Closing price 07/2/2026 04:00 PM Eastern
Extended Trading
$30.37 +0.02 (+0.07%)
As of 07/2/2026 07:56 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Midland States Bancorp

Annual Income Statements for Midland States Bancorp

This table shows Midland States Bancorp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 24 32 16 39 56 23 81 97 52 29 -133
Consolidated Net Income / (Loss)		 24 32 16 39 56 23 81 100 61 38 -124
Net Income / (Loss) Continuing Operations		 24 32 16 39 56 23 81 100 61 38 -124
Total Pre-Tax Income 		35 50 26 51 72 32 99 131 88 47 -115
Total Revenue		 164 177 189 252 265 260 278 407 364 375 325
Net Interest Income / (Expense)		 105 105 130 180 190 199 208 257 249 236 237
Total Interest Income		 118 121 153 223 250 245 238 313 417 426 388
Loans and Leases Interest Income		 4.16 4.48 3.55 5.08 1.38 1.88 218 288 380 368 317
Investment Securities Interest Income		 113 116 148 215 243 242 20 21 33 54 68
Federal Funds Sold and Securities Borrowed Interest Income		 0.39 0.95 1.97 3.18 4.95 1.48 0.73 3.91 3.92 3.96 3.09
Total Interest Expense		 13 16 23 43 60 46 30 56 168 190 151
Deposits Interest Expense		 7.51 8.94 12 22 34 21 11 36 137 161 124
Short-Term Borrowings Interest Expense		 0.24 0.30 0.38 0.70 0.84 0.18 0.09 0.10 0.07 1.96 2.81
Long-Term Debt Interest Expense		 5.14 6.76 11 21 25 24 19 20 11 11 9.36
Federal Funds Purchased and Securities Sold Interest Expense		 - - - - - - - - 21 16 15
Total Non-Interest Income		 59 72 59 72 75 61 70 150 115 139 88
Trust Fees by Commissions		 7.29 - - - 22 23 27 26 26 29 31
Service Charges on Deposit Accounts		 -0.57 2.24 5.98 10 11 8.60 9.24 10 12 13 14
Other Service Charges		 15 8.53 7.46 8.70 10 8.79 14 8.94 18 12 8.50
Net Realized & Unrealized Capital Gains on Investments		 0.79 15 0.37 0.46 0.67 1.72 2.70 87 39 61 9.92
Other Non-Interest Income		 37 46 46 52 32 19 17 18 21 24 25
Provision for Credit Losses		 11 5.59 9.56 9.43 17 44 3.39 77 83 120 60
Total Non-Interest Expense		 118 121 153 192 176 184 175 198 193 208 380
Salaries and Employee Benefits		 63 66 79 97 92 86 87 90 93 94 104
Net Occupancy & Equipment Expense		 23 24 30 45 40 40 39 39 42 45 45
Marketing Expense		 2.89 2.73 3.29 4.76 3.93 3.50 3.24 3.32 3.16 3.93 5.86
Property & Liability Insurance Claims		 2.05 1.71 1.81 - - - 3.35 3.34 4.78 5.28 8.14
Other Operating Expenses		 24 25 32 37 29 35 36 57 45 48 59
Amortization Expense		 2.46 2.15 3.33 6.96 7.09 6.50 5.86 5.41 4.76 4.01 3.22
Impairment Charge		 - - - 0.00 3.58 13 - 0.00 0.00 7.86 155
Income Tax Expense		 11 19 10 11 17 9.48 18 31 27 8.86 9.41
Preferred Stock Dividends Declared		 - - - - 0.05 0.00 0.00 3.17 8.91 8.91 8.91
Basic Earnings per Share		 $2.03 $2.22 $0.89 $1.69 $2.28 $0.95 $3.58 $4.29 $2.33 $1.32 ($6.12)
Weighted Average Basic Shares Outstanding		 11.90M 14.13M 17.78M 23.13M 24.29M 23.34M 22.48M 22.34M 22.12M 21.73M 21.83M
Diluted Earnings per Share		 $2.00 $2.17 $0.87 $1.66 $2.26 $0.95 $3.57 $4.28 $2.33 $1.32 ($6.12)
Weighted Average Diluted Shares Outstanding		 12.11M 14.43M 18.28M 23.55M 24.49M 23.35M 22.55M 22.40M 22.12M 21.74M 21.83M
Weighted Average Basic & Diluted Shares Outstanding		 - 15.56M 23.74M 24.05M 24.30M 22.28M 22.03M 22.23M 21.50M - 20.99M
Cash Dividends to Common per Share		 $0.65 $0.72 $0.80 $0.88 $0.97 $1.07 $1.12 $1.16 $1.20 $1.24 $1.26

Quarterly Income Statements for Midland States Bancorp

This table shows Midland States Bancorp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 9.17 12 20 23 18 -33 -143 9.80 5.33 -5.12 16
Consolidated Net Income / (Loss)		 11 14 23 26 20 -31 -141 12 7.56 -2.89 18
Net Income / (Loss) Continuing Operations		 11 14 23 26 20 -31 -141 12 7.56 -2.89 18
Total Pre-Tax Income 		23 21 29 32 25 -39 -138 15 11 -3.25 24
Total Revenue		 70 72 98 91 93 94 76 82 81 86 80
Net Interest Income / (Expense)		 59 58 60 59 59 59 58 59 61 59 57
Total Interest Income		 104 105 106 107 109 104 99 98 98 92 86
Loans and Leases Interest Income		 0.60 94 93 93 94 88 83 79 81 74 66
Investment Securities Interest Income		 102 9.90 11 14 14 15 16 18 17 17 19
Federal Funds Sold and Securities Borrowed Interest Income		 1.04 1.05 0.95 0.88 1.03 1.10 0.72 0.72 0.85 0.80 0.81
Total Interest Expense		 45 47 46 48 50 46 41 39 37 33 29
Deposits Interest Expense		 38 39 39 39 42 40 35 32 30 27 24
Short-Term Borrowings Interest Expense		 0.01 0.02 0.84 0.31 0.60 0.21 0.70 0.57 0.50 1.04 0.23
Long-Term Debt Interest Expense		 7.21 7.43 5.71 8.46 7.31 -11 2.59 6.37 6.66 -9.41 1.50
Federal Funds Purchased and Securities Sold Interest Expense		 - - - - - - 3.16 - - - 2.67
Total Non-Interest Income		 12 14 38 32 34 35 18 24 20 27 22
Trust Fees by Commissions		 6.29 6.60 7.13 6.80 7.10 7.66 7.35 7.38 8.02 8.27 8.25
Service Charges on Deposit Accounts		 3.15 3.42 3.12 3.12 3.41 3.51 3.31 3.35 3.60 3.57 3.36
Other Service Charges		 2.04 7.59 5.25 1.84 2.68 2.29 1.53 2.67 2.35 1.96 2.66
Net Realized & Unrealized Capital Gains on Investments		 -4.96 -2.89 17 -0.15 -0.04 44 -0.58 0.00 0.01 10 1.63
Other Non-Interest Income		 5.03 -0.85 5.69 20 20 -22 6.16 10 6.04 2.58 6.23
Provision for Credit Losses		 5.17 6.95 20 8.28 18 74 11 17 20 12 5.00
Total Non-Interest Expense		 42 44 49 51 50 59 203 50 50 77 50
Salaries and Employee Benefits		 22 24 24 23 24 22 26 26 26 26 26
Net Occupancy & Equipment Expense		 10 11 11 11 11 12 11 11 11 11 12
Marketing Expense		 0.95 0.84 0.74 0.74 0.97 1.48 0.79 1.28 1.46 2.33 1.24
Property & Liability Insurance Claims		 1.11 1.15 1.27 1.22 1.40 1.38 1.46 1.42 1.51 3.74 0.53
Other Operating Expenses		 6.35 6.45 11 14 11 13 8.03 9.57 8.31 33 10
Amortization Expense		 1.13 1.13 1.09 1.02 0.95 0.95 0.91 0.83 0.74 0.74 0.72
Impairment Charge		 - - 0.00 0.00 0.00 7.86 154 0.00 0.00 0.68 0.00
Income Tax Expense		 12 6.44 6.40 6.09 4.54 -8.17 3.17 2.84 3.76 -0.36 5.65
Preferred Stock Dividends Declared		 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23 2.23
Basic Earnings per Share		 $0.41 $0.54 $0.92 $1.06 $0.83 ($1.49) ($6.58) $0.44 $0.24 ($0.22) $0.74
Weighted Average Basic Shares Outstanding		 21.97M 22.12M 21.77M 21.73M 21.68M 21.73M 21.80M 21.82M 21.86M 21.83M 21.30M
Diluted Earnings per Share		 $0.41 $0.54 $0.92 $1.06 $0.83 ($1.49) ($6.58) $0.44 $0.24 ($0.22) $0.74
Weighted Average Diluted Shares Outstanding		 21.98M 22.12M 21.79M 21.73M 21.68M 21.74M 21.80M 21.82M 21.86M 21.83M 21.30M
Weighted Average Basic & Diluted Shares Outstanding		 21.54M 21.50M 21.48M 21.39M 21.40M 0.00 - 21.54M 21.55M 20.99M 20.73M
Cash Dividends to Common per Share		 $0.30 $0.30 $0.31 $0.31 $0.31 - $0.31 $0.31 $0.32 - $0.32

Annual Cash Flow Statements for Midland States Bancorp

This table details how cash moves in and out of Midland States Bancorp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 53 -22 24 -1.50 181 -53 339 -520 -26 -20 13
Net Cash From Operating Activities		 73 24 70 97 539 499 334 286 153 177 126
Net Cash From Continuing Operating Activities		 73 24 70 97 539 499 334 286 153 177 126
Net Income / (Loss) Continuing Operations		 24 32 16 39 56 23 81 100 61 38 -124
Consolidated Net Income / (Loss)		 24 32 16 39 56 23 81 100 61 38 -124
Provision For Loan Losses		 - - - - 17 44 3.39 77 83 120 60
Depreciation Expense		 5.14 5.08 5.01 6.17 6.58 6.94 5.51 4.84 4.78 4.99 4.89
Amortization Expense		 8.68 9.42 10 14 17 13 13 12 5.53 -0.28 -6.64
Non-Cash Adjustments to Reconcile Net Income		 36 -32 29 28 433 446 234 125 2.53 4.83 202
Changes in Operating Assets and Liabilities, net		 -1.11 10 10 9.91 9.41 -34 -3.50 -33 -3.20 8.63 -9.83
Net Cash From Investing Activities		 -230 -359 -235 -6.69 -365 -1,312 -478 -1,138 -75 137 749
Net Cash From Continuing Investing Activities		 -230 -359 -235 -6.69 -365 -1,312 -478 -1,138 -75 137 749
Purchase of Property, Leasehold Improvements and Equipment		 -6.12 -2.18 -6.18 -7.20 -5.54 -2.59 -2.72 -3.47 -8.73 -6.90 -5.35
Purchase of Investment Securities		 -339 -567 -538 -228 -650 -1,562 -729 -1,374 -653 -777 -809
Sale of Property, Leasehold Improvements and Equipment		 0.06 0.01 4.29 - 0.00 0.00 0.65 0.18 0.10 0.04 0.00
Sale and/or Maturity of Investments		 116 210 305 193 291 252 253 239 587 921 1,563
Net Cash From Financing Activities		 209 313 189 -92 6.94 760 483 332 -104 -334 -862
Net Cash From Continuing Financing Activities		 209 313 189 -92 6.94 760 483 332 -104 -334 -862
Net Change in Deposits		 217 37 -13 -168 148 557 1,010 174 -55 -112 -773
Issuance of Debt		 103 1,039 537 1,017 458 716 508 0.00 215 150 328
Issuance of Common Equity		 0.47 73 3.23 2.28 5.79 2.52 2.25 2.19 1.67 1.33 0.64
Repayment of Debt		 -104 -826 -324 -923 -575 -450 -1,000 75 -212 -331 -371
Repurchase of Common Equity		 - - 0.00 0.00 -4.02 -40 -12 -1.11 -18 -5.48 -9.66
Payment of Dividends		 -7.69 -9.85 -14 -20 -24 -25 -25 -29 -35 -36 -37

Quarterly Cash Flow Statements for Midland States Bancorp

This table details how cash moves in and out of Midland States Bancorp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -29 2.93 32 -43 -2.77 -7.11 -13 75 -10 -38 -14
Net Cash From Operating Activities		 6.48 87 43 18 33 56 25 28 80 -7.06 17
Net Cash From Continuing Operating Activities		 6.48 87 43 18 33 56 25 28 80 -7.06 17
Net Income / (Loss) Continuing Operations		 11 14 23 6.75 18 -31 -141 12 7.56 -2.89 18
Consolidated Net Income / (Loss)		 11 14 23 6.75 18 -31 -141 12 7.56 -2.89 18
Provision For Loan Losses		 5.17 6.95 20 17 5.00 74 11 17 20 12 5.00
Depreciation Expense		 1.15 1.21 1.23 1.25 1.24 1.27 1.24 1.22 1.22 1.22 1.22
Amortization Expense		 0.36 1.22 0.87 0.25 1.34 -2.74 -1.40 -1.88 -1.65 -1.71 -2.89
Non-Cash Adjustments to Reconcile Net Income		 18 28 1.99 9.74 -4.14 -2.75 154 -2.16 28 22 1.86
Changes in Operating Assets and Liabilities, net		 -29 36 -3.63 -17 11 16 0.60 1.49 25 -37 -6.68
Net Cash From Investing Activities		 42 68 27 21 11 104 39 229 145 335 -68
Net Cash From Continuing Investing Activities		 42 68 27 21 11 104 39 229 145 335 -68
Purchase of Property, Leasehold Improvements and Equipment		 -2.38 -1.67 -0.53 -1.55 -2.11 -2.72 -1.85 -1.39 -1.37 -0.74 -0.62
Purchase of Investment Securities		 -128 -71 -231 -113 -113 -136 -219 -80 -209 -302 -242
Sale of Property, Leasehold Improvements and Equipment		 - - - - - - 0.00 - - - 0.20
Sale and/or Maturity of Investments		 173 141 258 135 126 244 260 311 356 637 174
Net Cash From Financing Activities		 -77 -152 -38 -82 -47 -167 -77 -183 -236 -366 37
Net Cash From Continuing Financing Activities		 -77 -152 -38 -82 -47 -167 -77 -183 -236 -366 37
Net Change in Deposits		 -22 -95 14 -206 139 -60 -261 10 -342 -180 16
Issuance of Debt		 15 7,292 215 94 -54 -105 268 17 102 -59 93
Issuance of Common Equity		 0.13 0.08 0.18 0.49 0.85 -0.19 0.17 0.16 0.31 0.01 0.34
Repayment of Debt		 -56 -7,337 -256 42 -123 7.01 -75 -202 13 -107 -55
Repurchase of Common Equity		 -6.06 -2.87 -1.94 -3.03 -0.53 0.03 0.00 - - -9.66 -7.92
Payment of Dividends		 -8.83 -8.79 -9.00 -8.99 -8.98 -9.02 -9.01 -9.01 -9.25 -9.32 -9.12
Cash Interest Paid		 44 - 46 47 51 - 44 39 40 - 30
Cash Income Taxes Paid		 6.74 - 0.99 20 0.85 - 0.75 0.01 -1.74 - 0.30

Annual Balance Sheets for Midland States Bancorp

This table presents Midland States Bancorp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,885 3,234 4,413 5,638 6,087 6,869 7,444 7,856 7,790 7,507 6,513
Cash and Due from Banks		 212 190 215 211 393 337 673 153 134 114 127
Federal Funds Sold		 0.50 1.17 0.68 2.92 1.81 4.56 7.07 7.29 0.85 0.71 0.53
Trading Account Securities		 394 415 535 734 67 881 985 824 968 1,591 1,568
Loans and Leases, Net of Allowance		 1,980 2,305 3,210 4,117 -28 5,043 5,174 6,245 5,944 5,056 4,283
Loans and Leases		 1,996 2,320 3,227 4,138 - 5,103 5,225 6,306 6,104 5,168 4,352
Allowance for Loan and Lease Losses		 16 15 16 21 28 60 51 61 159 111 69
Loans Held for Sale		 - - - - - - 0.00 21 - 0.00 3.66
Premises and Equipment, Net		 73 67 76 95 91 74 79 78 83 86 85
Goodwill		 47 49 99 165 172 162 162 162 162 162 7.93
Intangible Assets		 7.00 7.19 17 37 35 28 24 21 16 12 8.88
Other Assets		 172 200 260 277 5,356 315 5,513 343 467 468 417
Total Liabilities & Shareholders' Equity		 2,885 3,234 4,413 5,638 6,087 6,869 7,444 7,856 7,790 7,507 6,513
Total Liabilities		 2,652 2,912 3,963 5,029 5,425 6,247 6,780 7,097 7,075 6,796 5,948
Non-Interest Bearing Deposits		 543 562 724 972 1,019 1,470 2,246 1,362 1,145 1,056 1,040
Interest Bearing Deposits		 1,824 1,842 2,407 3,102 3,525 3,631 3,865 5,002 5,164 5,142 4,384
Short-Term Debt		 108 132 156 124 82 69 77 42 35 87 60
Long-Term Debt		 139 329 638 783 718 998 499 610 620 387 372
Other Long-Term Liabilities		 37 46 36 43 81 79 94 80 110 124 91
Total Equity & Noncontrolling Interests		 233 322 450 609 662 621 664 759 715 711 565
Total Preferred & Common Equity		 233 322 450 609 662 621 664 759 715 711 565
Preferred Stock		 - 0.00 2.97 2.78 - - 0.00 111 111 111 111
Total Common Equity		 233 322 447 606 662 621 664 648 605 600 455
Common Stock		 136 210 330 474 489 454 446 449 436 435 428
Retained Earnings		 91 113 114 134 166 156 212 282 246 248 87
Accumulated Other Comprehensive Income / (Loss)		 6.03 -0.61 1.76 -2.11 7.44 11 5.24 -84 -77 -82 -60

Quarterly Balance Sheets for Midland States Bancorp

This table presents Midland States Bancorp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 7,822 7,930 8,035 7,976 7,832 7,757 7,751 7,285 7,108 6,912 6,548
Cash and Due from Banks		 310 136 160 131 166 124 121 101 176 166 113
Federal Funds Sold		 3.66 2.19 1.06 0.95 0.85 0.93 0.65 0.73 0.69 0.47 0.63
Trading Account Securities		 735 877 940 891 1,083 1,154 1,266 1,701 1,430 1,428 1,633
Loans and Leases, Net of Allowance		 6,140 6,292 6,302 6,214 5,880 5,760 5,663 4,913 4,943 4,767 4,271
Loans and Leases		 6,198 6,354 6,367 6,281 5,958 5,852 5,749 5,018 5,035 4,868 4,339
Allowance for Loan and Lease Losses		 59 62 65 67 78 92 86 105 93 101 68
Loans Held for Sale		 24 21 0.00 0.00 - - - - - - 0.00
Premises and Equipment, Net		 78 81 81 83 82 83 85 87 86 86 84
Goodwill		 162 162 162 162 162 162 162 7.93 7.93 7.93 7.93
Intangible Assets		 22 20 18 17 15 14 13 11 10 9.62 8.16
Other Assets		 349 6,632 371 477 442 460 441 458 449 441 417
Total Liabilities & Shareholders' Equity		 7,822 7,930 8,035 7,976 7,832 7,757 7,751 7,285 7,108 6,912 6,548
Total Liabilities		 7,083 7,155 7,258 7,212 7,041 6,972 6,933 6,713 6,534 6,328 5,989
Non-Interest Bearing Deposits		 2,025 1,216 1,163 1,155 1,212 1,109 1,051 1,091 1,074 1,016 1,014
Interest Bearing Deposits		 4,370 5,209 5,264 5,250 5,112 5,010 5,206 4,846 4,873 4,589 4,426
Short-Term Debt		 59 31 22 18 214 7.21 14 40 8.65 147 153
Long-Term Debt		 549 632 719 682 399 743 559 627 474 452 317
Other Long-Term Liabilities		 80 66 91 107 103 104 104 110 104 124 78
Total Equity & Noncontrolling Interests		 739 776 777 764 791 786 818 571 574 584 559
Total Preferred & Common Equity		 739 776 777 764 791 786 818 571 574 584 559
Preferred Stock		 111 111 111 111 111 111 111 111 111 111 111
Total Common Equity		 629 665 666 654 680 675 708 461 463 473 448
Common Stock		 448 448 443 438 435 433 434 436 436 437 422
Retained Earnings		 259 295 308 317 327 325 335 98 101 99 96
Accumulated Other Comprehensive Income / (Loss)		 -78 -78 -85 -101 -81 -83 -61 -72 -74 -63 -70

Annual Metrics And Ratios for Midland States Bancorp

This table displays calculated financial ratios and metrics derived from Midland States Bancorp's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 15,415,747.00 19,098,890.00 23,704,643.00 24,270,134.00 22,471,653.00 - - - 21,401,485.00 21,551,721.00
DEI Adjusted Shares Outstanding		 0.00 15,415,747.00 19,098,890.00 23,704,643.00 24,270,134.00 22,471,653.00 - - - 21,401,485.00 21,551,721.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 2.05 0.84 1.66 2.30 1.00 - - - 1.78 -5.77
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 93.31% 7.86% 6.61% 33.25% 5.25% -1.78% 6.60% 17.31% -7.07% 3.16% -13.36%
EBITDA Growth		 120.53% 31.89% -35.51% 69.00% 35.16% -45.23% 125.07% 22.72% -18.53% -47.48% -325.95%
EBIT Growth		 128.97% 42.40% -47.51% 91.93% 42.65% -55.83% 209.59% 31.00% -17.15% -46.68% -344.92%
NOPAT Growth		 124.89% 29.67% -49.10% 145.52% 41.51% -59.60% 260.82% 21.78% -23.80% -37.79% -311.35%
Net Income Growth		 124.89% 29.67% -49.10% 145.52% 41.51% -59.60% 260.82% 21.78% -23.80% -37.79% -426.68%
EPS Growth		 277.36% 8.50% -59.91% 90.80% 36.14% -57.96% 275.79% 18.49% -29.79% -43.35% -563.64%
Operating Cash Flow Growth		 170.42% -67.09% 192.00% 37.82% 454.78% -7.33% -33.00% -26.13% -37.41% 15.12% -28.81%
Free Cash Flow Firm Growth		 0.00% 40.37% -63.74% 47.71% 146.85% -286.76% 360.65% -113.64% 154.21% 119.27% -51.84%
Invested Capital Growth		 0.00% 63.18% 58.85% 21.87% -3.51% 15.45% -26.59% 13.83% 2.57% -13.49% -15.84%
Revenue Q/Q Growth		 0.00% 0.00% -3.27% 8.47% -0.75% 0.06% 3.34% 6.74% -7.75% -10.85% -2.51%
EBITDA Q/Q Growth		 0.00% 0.00% -22.46% 25.60% -4.09% -13.88% 20.82% 8.79% -16.07% -49.20% 23.09%
EBIT Q/Q Growth		 0.00% 0.00% -31.45% 34.73% -6.20% -14.26% 25.05% 11.41% -17.86% -49.78% 23.71%
NOPAT Q/Q Growth		 0.00% 0.00% -37.40% 57.21% -5.97% -16.52% 22.20% 10.94% -19.95% -49.42% 23.71%
Net Income Q/Q Growth		 0.00% 0.00% -37.40% 57.21% -5.97% -16.52% 22.20% 10.94% -19.95% -49.42% 18.32%
EPS Q/Q Growth		 0.00% 0.00% -44.23% 66.00% -8.13% -13.64% 22.68% 7.09% -20.38% -56.15% 17.19%
Operating Cash Flow Q/Q Growth		 0.00% 190.88% 24.47% 31.84% 12.86% 0.15% -15.20% 3.19% 42.82% -14.75% -33.24%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 26.36% 659.28% -1,656.35% 73.17% -175.99% 271.02% 50.10% 4.16%
Invested Capital Q/Q Growth		 0.00% 0.00% 4.24% -1.19% -7.37% 6.00% -8.40% 4.72% -1.18% -14.78% -15.64%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 29.95% 36.62% 22.15% 28.10% 36.08% 20.12% 42.48% 44.44% 38.95% 13.76% -35.88%
EBIT Margin		 21.54% 28.44% 14.00% 20.17% 27.34% 12.29% 35.71% 39.87% 35.55% 12.50% -35.35%
Profit (Net Income) Margin		 14.80% 17.79% 8.49% 15.65% 21.04% 8.66% 29.30% 30.41% 24.94% 10.14% -38.24%
Tax Burden Percent		 68.68% 62.54% 60.66% 77.59% 76.97% 70.40% 82.05% 76.27% 70.15% 81.12% 108.19%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 31.32% 37.46% 39.34% 22.41% 23.03% 29.60% 17.95% 23.73% 29.85% 18.88% 0.00%
Return on Invested Capital (ROIC)		 10.14% 5.00% 1.58% 2.86% 3.75% 1.43% 5.56% 7.47% 5.28% 2.98% -7.37%
ROIC Less NNEP Spread (ROIC-NNEP)		 10.14% 5.00% 1.58% 2.86% 3.75% 1.43% 5.56% 7.47% 5.28% 2.98% -17.05%
Return on Net Nonoperating Assets (RNNOA)		 10.73% 6.37% 2.58% 4.59% 5.03% 2.08% 7.10% 6.45% 4.45% 2.36% -12.11%
Return on Equity (ROE)		 20.87% 11.37% 4.16% 7.45% 8.78% 3.51% 12.65% 13.92% 9.73% 5.34% -19.47%
Cash Return on Invested Capital (CROIC)		 -189.86% -43.02% -43.89% -16.85% 7.32% -12.91% 36.22% -5.46% 2.74% 17.44% 9.83%
Operating Return on Assets (OROA)		 1.23% 1.65% 0.69% 1.01% 1.24% 0.49% 1.39% 1.70% 1.37% 0.61% -1.64%
Return on Assets (ROA)		 0.84% 1.03% 0.42% 0.78% 0.95% 0.35% 1.14% 1.29% 0.96% 0.50% -1.77%
Return on Common Equity (ROCE)		 20.86% 11.37% 4.15% 7.41% 8.76% 3.51% 12.65% 12.84% 8.35% 4.51% -16.10%
Return on Equity Simple (ROE_SIMPLE)		 10.44% 9.80% 3.57% 6.48% 8.43% 3.63% 12.25% 13.05% 9.53% 5.35% -21.98%
Net Operating Profit after Tax (NOPAT)		 24 32 16 39 56 23 81 99 75 38 -80
NOPAT Margin		 14.80% 17.79% 8.49% 15.65% 21.04% 8.66% 29.30% 30.41% 24.94% 10.14% -24.74%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 9.68%
SG&A Expenses to Revenue		 54.48% 52.32% 59.16% 58.30% 51.31% 49.64% 46.68% 40.79% 45.89% 37.99% 47.84%
Operating Expenses to Revenue		 71.69% 68.40% 80.94% 76.09% 66.26% 70.67% 63.07% 53.95% 57.47% 55.42% 116.93%
Earnings before Interest and Taxes (EBIT)		 35 50 26 51 72 32 99 130 108 47 -115
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 49 65 42 71 96 52 118 145 118 52 -117
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 1.23 1.01 0.65 0.82 0.53 0.71 0.83 0.84 0.80 0.99
Price to Tangible Book Value (P/TBV)		 0.00 1.49 1.36 0.98 1.20 0.77 0.99 1.15 1.13 1.13 1.03
Price to Revenue (P/Rev)		 0.00 2.23 2.38 1.57 2.06 1.27 1.70 1.65 1.88 1.28 1.38
Price to Earnings (P/E)		 0.00 12.54 28.22 10.08 9.79 14.72 5.80 5.60 8.57 16.47 0.00
Dividend Yield		 0.00% 1.40% 3.39% 5.27% 4.31% 7.25% 5.23% 7.13% 4.53% 5.53% 6.04%
Earnings Yield		 0.00% 7.98% 3.54% 9.92% 10.21% 6.79% 17.24% 17.84% 11.67% 6.07% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.85 0.83 0.72 0.65 0.63 0.30 0.81 0.83 0.80 0.87
Enterprise Value to Revenue (EV/Rev)		 0.00 3.75 5.46 4.34 3.59 4.06 1.32 3.50 3.97 2.53 2.66
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 10.25 24.65 15.43 9.95 20.17 3.11 7.87 10.19 18.41 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 13.20 39.00 21.49 13.13 33.01 3.70 8.77 11.16 20.26 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 21.11 64.30 27.70 17.06 46.90 4.51 11.50 15.91 24.97 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 27.59 14.65 11.25 1.77 2.12 1.10 4.61 7.76 5.38 6.88
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 8.74 0.00 0.69 0.00 30.62 4.26 8.06
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.06 1.43 1.77 1.49 1.21 1.72 0.87 0.86 0.83 0.67 0.76
Long-Term Debt to Equity		 0.60 1.02 1.42 1.29 1.09 1.61 0.75 0.80 0.78 0.54 0.66
Financial Leverage		 1.06 1.28 1.63 1.61 1.34 1.45 1.28 0.86 0.84 0.79 0.71
Leverage Ratio		 12.38 11.03 9.91 9.50 9.23 10.10 11.14 10.76 10.14 10.73 10.98
Compound Leverage Factor		 12.38 11.03 9.91 9.50 9.23 10.10 11.14 10.76 10.14 10.73 10.98
Debt to Total Capital		 51.42% 58.89% 63.85% 59.84% 54.73% 63.19% 46.43% 46.22% 45.27% 40.03% 43.31%
Short-Term Debt to Total Capital		 22.42% 16.81% 12.56% 8.20% 5.61% 4.08% 6.20% 3.00% 2.41% 7.38% 6.03%
Long-Term Debt to Total Capital		 29.00% 42.09% 51.29% 51.64% 49.12% 59.11% 40.24% 43.23% 42.86% 32.65% 37.28%
Preferred Equity to Total Capital		 0.00% 0.00% 0.24% 0.18% 0.00% 0.00% 0.00% 7.84% 7.64% 9.33% 11.08%
Noncontrolling Interests to Total Capital		 0.04% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 48.55% 41.11% 35.92% 39.97% 45.27% 36.81% 53.57% 45.94% 47.09% 50.65% 45.61%
Debt to EBITDA		 5.01 7.10 18.96 12.81 8.37 20.36 4.88 4.51 5.56 9.19 -3.71
Net Debt to EBITDA		 0.69 4.16 13.82 9.79 4.24 13.84 -0.89 3.40 4.41 6.97 -2.61
Long-Term Debt to EBITDA		 2.83 5.07 15.23 11.06 7.51 19.05 4.23 4.21 5.26 7.50 -3.19
Debt to NOPAT		 10.14 14.62 49.44 23.00 14.35 47.33 7.08 6.58 8.68 12.47 -5.37
Net Debt to NOPAT		 1.40 8.57 36.04 17.58 7.27 32.17 -1.29 4.96 6.89 9.45 -3.78
Long-Term Debt to NOPAT		 5.72 10.44 39.72 19.85 12.88 44.27 6.13 6.16 8.22 10.17 -4.62
Noncontrolling Interest Sharing Ratio		 0.08% 0.03% 0.39% 0.54% 0.22% 0.00% 0.00% 7.77% 14.26% 15.51% 17.32%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -455 -272 -445 -232 109 -203 530 -72 39 223 107
Operating Cash Flow to CapEx		 1,209.85% 1,112.82% 3,715.66% 1,348.51% 9,726.49% 19,279.53% 16,148.62% 7,498.18% 1,792.49% 2,572.06% 2,350.90%
Free Cash Flow to Firm to Interest Expense		 -35.33 -16.98 -18.96 -5.37 1.82 -4.45 17.59 -1.29 0.23 1.17 0.71
Operating Cash Flow to Interest Expense		 5.69 1.51 3.00 2.24 9.02 10.91 11.10 4.41 0.92 0.93 0.83
Operating Cash Flow Less CapEx to Interest Expense		 5.22 1.37 2.92 2.08 8.93 10.85 11.03 4.35 0.87 0.89 0.80
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.06 0.06 0.05 0.05 0.05 0.04 0.04 0.04 0.04 0.05 0.05
Fixed Asset Turnover		 2.25 2.54 2.65 2.95 2.85 3.15 3.62 4.13 3.76 4.45 3.80
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 480 783 1,243 1,515 1,462 1,688 1,239 1,411 1,447 1,185 998
Invested Capital Turnover		 0.69 0.28 0.19 0.18 0.18 0.17 0.19 0.25 0.21 0.29 0.30
Increase / (Decrease) in Invested Capital		 480 303 461 272 -53 226 -449 171 36 -185 -188
Enterprise Value (EV)		 0.00 666 1,032 1,092 952 1,057 367 1,139 1,201 950 865
Market Capitalization		 0.00 395 451 396 546 332 472 537 570 480 450
Book Value per Share		 $19.57 $20.87 $23.38 $25.55 $27.27 $27.65 $30.15 $29.26 $31.63 $28.05 $21.11
Tangible Book Value per Share		 $15.07 $17.24 $17.33 $17.03 $18.76 $19.18 $21.69 $21.01 $23.37 $19.92 $20.33
Total Capital		 480 783 1,243 1,515 1,462 1,688 1,239 1,411 1,447 1,185 998
Total Debt		 247 461 794 907 800 1,067 575 652 655 474 432
Total Long-Term Debt		 139 329 638 783 718 998 499 610 620 387 372
Net Debt		 34 270 579 693 406 725 -105 491 520 360 304
Capital Expenditures (CapEx)		 6.06 2.17 1.90 7.20 5.54 2.59 2.07 3.30 8.63 6.86 5.35
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 44
Net Nonoperating Obligations (NNO)		 247 461 794 907 800 1,067 575 652 655 474 432
Total Depreciation and Amortization (D&A)		 14 15 15 20 23 20 19 15 10 4.71 -1.74
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.03 $2.22 $0.89 $1.69 $2.28 $0.95 $3.58 $4.24 $2.97 $1.32 ($6.12)
Adjusted Weighted Average Basic Shares Outstanding		 11.90M 14.13M 17.78M 23.13M 24.29M 23.34M 22.48M 22.34M 22.12M 21.73M 21.83M
Adjusted Diluted Earnings per Share		 $2.00 $2.17 $0.87 $1.66 $2.26 $0.95 $3.57 $4.23 $2.97 $1.32 ($6.12)
Adjusted Weighted Average Diluted Shares Outstanding		 12.11M 14.43M 18.28M 23.55M 24.49M 23.35M 22.55M 22.40M 22.12M 21.74M 21.83M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 15.56M 23.74M 24.05M 24.30M 22.28M 22.03M 22.23M 21.50M 0.00 20.99M
Normalized Net Operating Profit after Tax (NOPAT)		 24 32 19 40 59 32 81 102 75 44 28
Normalized NOPAT Margin		 14.80% 17.79% 9.80% 15.79% 22.08% 12.13% 29.30% 31.17% 24.94% 11.84% 8.57%
Pre Tax Income Margin		 21.54% 28.44% 14.00% 20.17% 27.34% 12.29% 35.71% 39.87% 35.55% 12.50% -35.35%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.75 3.15 1.13 1.17 1.21 0.70 3.29 2.32 0.64 0.25 -0.76
NOPAT to Interest Expense		 1.89 1.97 0.68 0.91 0.93 0.49 2.70 1.77 0.45 0.20 -0.53
EBIT Less CapEx to Interest Expense		 2.28 3.02 1.05 1.01 1.12 0.64 3.22 2.26 0.59 0.21 -0.80
NOPAT Less CapEx to Interest Expense		 1.42 1.84 0.60 0.74 0.84 0.44 2.63 1.71 0.40 0.16 -0.57
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 31.62% 31.24% 88.39% 51.51% 42.65% 110.74% 30.96% 29.38% 47.03% 94.59% -29.44%
Augmented Payout Ratio		 31.62% 31.24% 88.39% 51.51% 49.85% 286.52% 45.33% 30.50% 70.74% 108.98% -37.21%

Quarterly Metrics And Ratios for Midland States Bancorp

This table displays calculated financial ratios and metrics derived from Midland States Bancorp's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - 21,401,485.00 21,401,485.00 21,515,138.00 21,543,555.00 21,551,721.00 20,989,589.00
DEI Adjusted Shares Outstanding		 - - - - - 21,401,485.00 21,401,485.00 21,515,138.00 21,543,555.00 21,551,721.00 20,989,589.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -1.44 -6.59 0.56 0.35 -0.13 0.88
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -12.16% -26.12% 1.08% -6.30% 5.91% -32.70% -22.09% -9.52% -12.44% -8.91% 4.58%
EBITDA Growth		 -27.28% -49.59% -35.68% -67.98% 2.87% -460.30% -542.69% -57.33% -60.52% 90.75% 116.26%
EBIT Growth		 -21.94% -53.28% -36.37% -70.75% -1.65% -616.39% -574.17% -53.26% -54.68% 91.66% 117.50%
NOPAT Growth		 -51.52% -57.19% -36.23% -68.71% 62.04% -525.52% -525.63% -53.25% -63.01% 91.66% 119.14%
Net Income Growth		 -51.52% -57.19% -36.23% -68.71% 62.04% -580.32% -722.04% -53.25% -63.01% 90.61% 113.10%
EPS Growth		 -60.58% -58.46% -38.37% -76.74% 80.49% -845.00% -815.22% -58.49% -71.08% 85.23% 111.25%
Operating Cash Flow Growth		 -87.44% 113.10% 68.15% -59.67% 412.82% -35.49% -42.65% -10.77% 71.98% -112.72% -31.31%
Free Cash Flow Firm Growth		 -459.28% 83.99% 122.47% 96.38% 186.73% 236.01% 23.00% 6,475.74% 130.52% 17.70% 227.18%
Invested Capital Growth		 8.70% 2.57% -2.36% 1.20% -5.00% -13.49% -11.82% -31.19% -14.99% -15.84% -16.90%
Revenue Q/Q Growth		 -9.60% -6.29% 7.17% -5.71% 2.17% 1.39% -19.04% 8.12% -1.33% 5.47% -7.05%
EBITDA Q/Q Growth		 -21.12% -29.01% -11.35% -51.23% 153.42% -246.67% -241.39% 110.30% -23.46% -134.38% 700.13%
EBIT Q/Q Growth		 -20.42% -30.64% -11.08% -53.79% 167.60% -255.98% -253.87% 110.79% -23.90% -128.71% 842.36%
NOPAT Q/Q Growth		 -47.15% -22.01% -1.32% -51.39% 173.72% -233.42% -253.87% 112.47% -37.15% -130.09% 912.06%
Net Income Q/Q Growth		 -47.15% -22.01% -1.32% -51.39% 173.72% -250.60% -358.17% 108.53% -37.15% -138.22% 739.30%
EPS Q/Q Growth		 -52.33% -23.94% -1.85% -62.26% 270.00% -279.52% -341.61% 106.69% -45.45% -191.67% 436.36%
Operating Cash Flow Q/Q Growth		 -85.53% 1,248.07% -69.19% -32.88% 83.94% 19.39% -55.51% 13.59% 185.09% -108.83% 340.26%
Free Cash Flow Firm Q/Q Growth		 66.72% 77.63% 315.66% -124.05% 897.58% 68.17% -55.82% 605.13% -56.00% -14.13% 22.82%
Invested Capital Q/Q Growth		 -3.50% -1.18% -2.90% 9.30% -9.42% -14.78% 4.51% -14.70% 11.91% -15.64% 3.20%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 34.85% 31.89% 26.38% 13.65% 33.84% -43.02% -181.40% 17.28% 13.41% -4.37% 28.21%
EBIT Margin		 32.70% 28.51% 23.66% 11.59% 30.36% -41.45% -181.19% 18.08% 13.95% -3.80% 30.31%
Profit (Net Income) Margin		 16.26% 19.56% 18.01% 9.28% 24.87% -32.75% -185.36% 14.62% 9.31% -3.38% 23.21%
Tax Burden Percent		 49.71% 68.60% 76.12% 80.08% 81.91% 79.01% 102.30% 80.87% 66.79% 88.92% 76.57%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 50.29% 31.40% 23.88% 19.92% 18.09% 0.00% 0.00% 19.13% 33.21% 0.00% 23.43%
Return on Invested Capital (ROIC)		 3.72% 4.14% 3.84% 1.82% 5.27% -8.52% -33.92% 3.89% 2.41% -0.79% 6.72%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.72% 4.14% 3.84% 1.82% 5.27% -9.14% -40.87% 3.89% 2.41% -0.93% 6.72%
Return on Net Nonoperating Assets (RNNOA)		 3.23% 3.49% 3.13% 1.73% 4.24% -7.24% -38.43% 3.53% 2.02% -0.66% 6.77%
Return on Equity (ROE)		 6.95% 7.63% 6.98% 3.55% 9.51% -15.76% -72.36% 7.42% 4.43% -1.45% 13.49%
Cash Return on Invested Capital (CROIC)		 -2.10% 2.74% 7.14% 2.26% 9.32% 17.44% 6.21% 29.56% 8.01% 9.83% 21.56%
Operating Return on Assets (OROA)		 1.33% 1.10% 0.91% 0.44% 1.17% -2.03% -8.48% 0.84% 0.63% -0.18% 1.44%
Return on Assets (ROA)		 0.66% 0.75% 0.69% 0.35% 0.96% -1.61% -8.67% 0.68% 0.42% -0.16% 1.10%
Return on Common Equity (ROCE)		 5.93% 6.55% 5.99% 3.05% 8.18% -13.31% -60.61% 6.21% 3.73% -1.20% 10.85%
Return on Equity Simple (ROE_SIMPLE)		 11.47% 0.00% 8.54% 6.71% 7.31% 0.00% -21.98% -24.28% -26.06% 0.00% 6.29%
Net Operating Profit after Tax (NOPAT)		 11 14 14 6.75 18 -27 -96 12 7.56 -2.27 18
NOPAT Margin		 16.26% 19.56% 18.01% 9.28% 24.87% -29.02% -126.83% 14.62% 9.31% -2.66% 23.21%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.62% 6.95% 0.00% 0.00% 0.14% 0.00%
SG&A Expenses to Revenue		 47.70% 49.71% 46.30% 47.84% 49.40% 37.61% 50.79% 46.42% 48.37% 46.07% 49.03%
Operating Expenses to Revenue		 59.93% 61.83% 58.19% 65.30% 62.91% 62.49% 266.93% 60.80% 61.40% 90.21% 63.40%
Earnings before Interest and Taxes (EBIT)		 23 21 18 8.43 23 -39 -138 15 11 -3.25 24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 24 23 20 9.92 25 -40 -138 14 11 -3.74 22
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.65 0.84 0.77 0.71 0.68 0.80 0.74 0.79 0.78 0.99 1.04
Price to Tangible Book Value (P/TBV)		 0.89 1.13 1.05 0.96 0.90 1.13 0.77 0.82 0.81 1.03 1.08
Price to Revenue (P/Rev)		 1.32 1.88 1.74 1.61 1.58 1.28 0.97 1.06 1.11 1.38 1.43
Price to Earnings (P/E)		 5.46 8.57 8.98 10.94 9.40 16.47 0.00 0.00 0.00 0.00 17.84
Dividend Yield		 9.09% 4.53% 4.95% 5.47% 5.50% 5.53% 7.76% 7.29% 7.29% 6.04% 5.69%
Earnings Yield		 18.32% 11.67% 11.14% 9.14% 10.63% 6.07% 0.00% 0.00% 0.00% 0.00% 5.60%
Enterprise Value to Invested Capital (EV/IC)		 0.75 0.83 0.77 0.79 0.75 0.80 0.82 0.74 0.77 0.87 0.91
Enterprise Value to Revenue (EV/Rev)		 3.43 3.97 3.57 4.07 3.44 2.53 2.88 2.26 2.74 2.66 2.85
Enterprise Value to EBITDA (EV/EBITDA)		 8.32 10.19 10.17 14.21 12.06 18.41 0.00 0.00 0.00 0.00 21.37
Enterprise Value to EBIT (EV/EBIT)		 8.87 11.16 11.15 15.83 13.62 20.26 0.00 0.00 0.00 0.00 19.89
Enterprise Value to NOPAT (EV/NOPAT)		 12.59 15.91 16.04 23.04 17.39 24.97 0.00 0.00 0.00 0.00 26.61
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.19 7.76 6.55 8.75 6.28 5.38 6.44 5.05 4.84 6.88 7.93
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 30.62 10.67 35.23 7.81 4.26 12.40 2.04 8.85 8.06 3.83
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.92 0.83 0.78 0.95 0.70 0.67 1.17 0.84 1.02 0.76 0.84
Long-Term Debt to Equity		 0.89 0.78 0.50 0.95 0.68 0.54 1.10 0.83 0.77 0.66 0.57
Financial Leverage		 0.87 0.84 0.82 0.95 0.80 0.79 0.94 0.91 0.84 0.71 1.01
Leverage Ratio		 10.51 10.14 10.06 10.11 9.94 10.73 11.10 10.93 10.46 10.98 12.24
Compound Leverage Factor		 10.51 10.14 10.06 10.11 9.94 10.73 11.10 10.93 10.46 10.98 12.24
Debt to Total Capital		 47.80% 45.27% 43.70% 48.83% 41.17% 40.03% 53.87% 45.70% 50.61% 43.31% 45.70%
Short-Term Debt to Total Capital		 1.23% 2.41% 15.26% 0.47% 1.00% 7.38% 3.25% 0.82% 12.41% 6.03% 14.90%
Long-Term Debt to Total Capital		 46.57% 42.86% 28.43% 48.36% 40.18% 32.65% 50.62% 44.89% 38.20% 37.28% 30.80%
Preferred Equity to Total Capital		 7.55% 7.64% 7.87% 7.20% 7.95% 9.33% 8.92% 10.46% 9.35% 11.08% 10.74%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 44.65% 47.09% 48.44% 43.97% 50.88% 50.65% 37.21% 43.83% 40.04% 45.61% 43.56%
Debt to EBITDA		 5.28 5.56 5.76 8.77 6.64 9.19 -5.68 -3.58 -3.95 -3.71 10.74
Net Debt to EBITDA		 4.28 4.41 4.19 7.31 5.23 6.97 -4.81 -2.27 -2.85 -2.61 8.15
Long-Term Debt to EBITDA		 5.14 5.26 3.75 8.68 6.48 7.50 -5.34 -3.51 -2.98 -3.19 7.24
Debt to NOPAT		 7.99 8.68 9.08 14.21 9.57 12.47 -7.95 -5.04 -5.68 -5.37 13.38
Net Debt to NOPAT		 6.48 6.89 6.61 11.85 7.54 9.45 -6.73 -3.20 -4.10 -3.78 10.15
Long-Term Debt to NOPAT		 7.78 8.22 5.91 14.08 9.34 10.17 -7.47 -4.95 -4.29 -4.62 9.02
Noncontrolling Interest Sharing Ratio		 14.71% 14.26% 14.11% 14.15% 13.97% 15.51% 16.23% 16.26% 15.77% 17.32% 19.56%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -106 -22 48 -12 92 158 70 491 216 185 228
Operating Cash Flow to CapEx		 272.73% 5,240.25% 5,107.59% 1,164.80% 1,577.17% 2,044.33% 1,338.03% 2,022.78% 5,825.56% -954.32% 4,001.65%
Free Cash Flow to Firm to Interest Expense		 -2.35 -0.48 1.05 -0.24 1.84 3.43 1.70 12.51 5.78 5.55 7.96
Operating Cash Flow to Interest Expense		 0.14 1.87 0.59 0.37 0.67 1.21 0.60 0.72 2.14 -0.21 0.59
Operating Cash Flow Less CapEx to Interest Expense		 0.09 1.84 0.58 0.34 0.62 1.15 0.56 0.68 2.10 -0.23 0.58
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.05 0.05
Fixed Asset Turnover		 4.01 3.76 3.74 3.64 3.62 4.45 4.19 4.07 3.91 3.80 3.84
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,464 1,447 1,405 1,536 1,391 1,185 1,239 1,057 1,182 998 1,029
Invested Capital Turnover		 0.23 0.21 0.21 0.20 0.21 0.29 0.27 0.27 0.26 0.30 0.29
Increase / (Decrease) in Invested Capital		 117 36 -34 18 -73 -185 -166 -479 -208 -188 -209
Enterprise Value (EV)		 1,103 1,201 1,084 1,215 1,040 950 1,018 781 912 865 936
Market Capitalization		 425 570 527 480 479 480 342 364 369 450 468
Book Value per Share		 $29.99 $31.63 $31.25 $31.43 $33.08 $28.05 $21.54 $21.64 $21.98 $21.11 $21.36
Tangible Book Value per Share		 $21.77 $23.37 $23.12 $23.24 $24.90 $19.92 $20.64 $20.79 $21.16 $20.33 $20.60
Total Capital		 1,464 1,447 1,405 1,536 1,391 1,185 1,239 1,057 1,182 998 1,029
Total Debt		 700 655 614 750 573 474 667 483 598 432 470
Total Long-Term Debt		 682 620 399 743 559 387 627 474 452 372 317
Net Debt		 568 520 447 625 451 360 565 306 432 304 357
Capital Expenditures (CapEx)		 2.38 1.67 0.53 1.55 2.11 2.72 1.85 1.39 1.37 0.74 0.42
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 3.51 45 0.00 0.00 0.61 0.00
Net Nonoperating Obligations (NNO)		 700 655 614 750 573 474 667 483 598 432 470
Total Depreciation and Amortization (D&A)		 1.51 2.43 2.10 1.49 2.59 -1.47 -0.16 -0.66 -0.44 -0.49 -1.67
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.71 $0.54 $0.53 $0.20 $0.74 ($1.49) ($6.58) $0.44 $0.24 ($0.22) $0.74
Adjusted Weighted Average Basic Shares Outstanding		 21.97M 22.12M 21.77M 21.73M 21.68M 21.73M 21.80M 21.82M 21.86M 21.83M 21.30M
Adjusted Diluted Earnings per Share		 $0.71 $0.54 $0.53 $0.20 $0.74 ($1.49) ($6.58) $0.44 $0.24 ($0.22) $0.74
Adjusted Weighted Average Diluted Shares Outstanding		 21.98M 22.12M 21.79M 21.73M 21.68M 21.74M 21.80M 21.82M 21.86M 21.83M 21.30M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 21.54M 21.50M 21.48M 21.39M 21.40M 0.00 0.00 21.54M 21.55M 20.99M 20.73M
Normalized Net Operating Profit after Tax (NOPAT)		 16 14 14 6.75 18 -22 11 12 7.56 -1.79 18
Normalized NOPAT Margin		 22.89% 19.56% 18.01% 9.28% 24.87% -23.16% 14.89% 14.62% 9.31% -2.10% 23.21%
Pre Tax Income Margin		 32.70% 28.51% 23.66% 11.59% 30.36% -41.45% -181.19% 18.08% 13.95% -3.80% 30.31%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.51 0.44 0.40 0.17 0.45 -0.85 -3.36 0.38 0.30 -0.10 0.84
NOPAT to Interest Expense		 0.25 0.30 0.30 0.14 0.37 -0.59 -2.35 0.31 0.20 -0.07 0.65
EBIT Less CapEx to Interest Expense		 0.46 0.40 0.39 0.14 0.41 -0.91 -3.40 0.34 0.27 -0.12 0.83
NOPAT Less CapEx to Interest Expense		 0.20 0.27 0.29 0.11 0.33 -0.65 -2.39 0.27 0.17 -0.09 0.63
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 41.52% 47.03% 52.55% 67.52% 59.78% 94.59% -28.66% -25.86% -23.85% -29.44% 104.39%
Augmented Payout Ratio		 58.67% 70.74% 77.77% 93.87% 73.78% 108.98% -31.47% -26.22% -23.83% -37.21% 154.40%

Financials Breakdown Chart

Key Financial Trends

Midland States Bancorp (NASDAQ: MSBI) has staged a notable turnaround in early 2026, but the recovery still looks uneven. The bank moved from a loss in Q4 2025 to solid profitability in Q1 2026, helped by improved revenue, much lower credit loss provisions, and stronger operating cash flow. However, the balance sheet still shows pressure from a shrinking loan book, large deposit swings, and elevated reliance on wholesale funding compared with a year ago.

  • Profitability rebounded sharply in Q1 2026. Net income attributable to common shareholders rose to $16.2 million, compared with a loss of $5.1 million in Q4 2025 and a loss of $143.2 million in Q1 2025.
  • Pre-tax earnings returned to positive territory. Q1 2026 pre-tax income was $24.1 million, versus a loss in Q4 2025, showing a meaningful operating recovery.
  • Operating cash flow improved. MSBI generated $17.0 million of operating cash flow in Q1 2026, up from negative $7.1 million in Q4 2025.
  • Credit costs eased from the prior quarter. Provision for credit losses fell to $5.0 million in Q1 2026 from $11.6 million in Q4 2025, which helped earnings recover.
  • Net interest income held up well. Q1 2026 net interest income was $57.4 million, only modestly below recent quarters and still a large contributor to revenue.
  • Non-interest income remained a meaningful earnings source. Q1 2026 non-interest income was $22.1 million, supported by trust fees, service charges, and investment gains.
  • Capital levels remain adequate on a common equity basis. Total common equity was $448.4 million at March 31, 2026, though this is down from $473.5 million at the end of Q3 2025.
  • The company is still paying dividends. Quarterly cash dividend per common share was $0.32 in Q1 2026, suggesting management is maintaining shareholder returns.
  • Assets and loans contracted versus prior quarters. Total assets fell to $6.55 billion in Q1 2026 from $6.91 billion in Q3 2025, while net loans declined to $4.27 billion from $4.77 billion.
  • Funding mix remains volatile. Deposits rose in Q1 2026, but Midland has seen large quarterly swings in deposits and debt balances, which can pressure liquidity and earnings stability.

Looking at the bigger picture, the trend is improving from the deeply weak results seen in early 2025. In Q1 2025, MSBI posted a huge loss driven by a $153.98 million impairment charge. By Q1 2026, that kind of one-time hit was gone, and the company returned to consistent operating profitability. That said, the underlying balance sheet is still smaller than it was a year ago, and the decline in loans and assets suggests the bank is not yet back to growth mode.

For retail investors, the key question is whether MSBI can turn this earnings rebound into a durable trend. If provisions stay contained and the bank can stabilize deposits and loan balances, earnings could continue to improve. But if loan growth remains weak or funding costs stay elevated, the recovery may be more gradual than the latest quarter suggests.

07/05/26 06:23 AM ETAI Generated. May Contain Errors.

Midland States Bancorp Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Midland States Bancorp's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Midland States Bancorp's net income appears to be on a downward trend, with a most recent value of -$124.28 million in 2025, falling from $24.32 million in 2015. The previous period was $38.04 million in 2024. View Midland States Bancorp's forecast to see where analysts expect Midland States Bancorp to go next.

Over the last 10 years, Midland States Bancorp's total revenue changed from $164.39 million in 2015 to $324.98 million in 2025, a change of 97.7%.

Midland States Bancorp's total liabilities were at $5.95 billion at the end of 2025, a 12.5% decrease from 2024, and a 124.3% increase since 2015.

In the past 10 years, Midland States Bancorp's cash and equivalents has ranged from $114.06 million in 2024 to $673.30 million in 2021, and is currently $127.28 million as of their latest financial filing in 2025.

Over the last 10 years, Midland States Bancorp's book value per share changed from 19.57 in 2015 to 21.11 in 2025, a change of 7.9%.


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Financial statements for NASDAQ:MSBI last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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