Midland States Bancorp, Inc. (MSBI) Financial Statements
Industry: State Commercial Banks
In fiscal 2025, Midland States Bancorp reported revenue of $325.0M, down 13.4% from $375.1M the year before. Net income was -$124.3M (a -38.2% net margin), or -$6.12 per diluted share. Net interest income was $236.8M, and the efficiency ratio (noninterest expense / revenue) was 116.9%. Operating activities generated $125.7M of cash, leaving $120.3M of free cash flow. At fiscal year end, Midland States Bancorp held $6.51B in total assets against $5.95B in total liabilities, including $127.8M of cash and equivalents.
Open the full interactive Midland States Bancorp financials → Quarterly statements, key ratios, valuation history and price charts.
Midland States Bancorp Key Stats
| Share Price | $32.16 |
|---|---|
| Market Cap | $677.8M |
| Revenue YoY Growth | -13.4% |
| 52-Week Range | $13.85 – $34.19 |
| Shares Outstanding | 21.1 million (basic, 2026 Q2) |
Midland States Bancorp Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Net Interest Income | $199.1M | $207.7M | $245.7M | $236.0M | $236.3M | $236.8M |
| Provision for Credit Losses | $44.4M | $3.4M | $20.1M | $21.1M | $120.3M | $59.8M |
| Noninterest Income | $61.2M | $69.9M | $79.9M | $66.6M | $138.7M | $88.2M |
| Noninterest Expense | $184.0M | $175.1M | $175.7M | $173.9M | $207.9M | $380.0M |
| Revenue | $260.4M | $277.6M | $325.6M | $302.6M | $375.1M | $325.0M |
| Pre-Tax Income | $32.0M | $99.1M | $129.8M | $107.6M | $46.9M | -$114.9M |
| Income Tax | $9.5M | $17.8M | $30.8M | $32.1M | $8.9M | $9.4M |
| Net Income | $22.5M | $81.3M | $99.0M | $75.5M | $38.0M | -$124.3M |
| Diluted EPS | $0.95 | $3.57 | $4.23 | $2.97 | $1.32 | -$6.12 |
Midland States Bancorp Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $81.1M | $85.6M | $79.5M | $83.4M |
| Net Income | $7.6M | -$2.9M | $18.5M | $19.9M |
| Diluted EPS | $0.24 | -$0.13 | $0.74 | $0.82 |
Midland States Bancorp Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $341.6M | $680.4M | $150.3M | $135.1M | $114.8M | $127.8M |
| Loans (Net) | — | $5.17B | $6.25B | $6.06B | $5.06B | $4.28B |
| Total Assets | $6.87B | $7.44B | $7.86B | $7.87B | $7.51B | $6.51B |
| Deposits | $5.10B | $6.11B | $6.36B | $6.31B | $6.20B | $5.42B |
| Total Long-Term Debt | $997.8M | $498.6M | $609.7M | $620.2M | $387.0M | $371.9M |
| Total Liabilities | $6.25B | $6.78B | $7.10B | $7.08B | $6.80B | $5.95B |
| Shareholders' Equity | $621.4M | $663.8M | $758.6M | $791.9M | $710.8M | $565.5M |
Midland States Bancorp Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $499.1M | $334.4M | $236.8M | $154.6M | $176.5M | $125.7M |
| Cash From Investing | -$1.31B | -$478.5M | -$1.10B | -$76.1M | $136.7M | $748.9M |
| Cash From Financing | $760.4M | $482.8M | $332.1M | -$104.1M | -$333.5M | -$861.5M |
| Free Cash Flow | $496.6M | $331.7M | $233.3M | $145.9M | $169.6M | $120.3M |
Figures from Midland States Bancorp's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Midland States Bancorp financials page for every line item.
Midland States Bancorp Company Profile
| Ticker | MSBI |
|---|---|
| Exchange | Nasdaq |
| Industry | State Commercial Banks |
| Headquarters | Effingham, Illinois |
| Incorporated in | Illinois |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001466026 |
Frequently Asked Questions
What was Midland States Bancorp's revenue in fiscal 2025?
Midland States Bancorp (MSBI) reported revenue of $325.0M for fiscal 2025.
What is Midland States Bancorp's annual revenue history?
Midland States Bancorp's annual revenue by fiscal year: 2020: $260.4M; 2021: $277.6M; 2022: $325.6M; 2023: $302.6M; 2024: $375.1M; 2025: $325.0M.
What was Midland States Bancorp's net income in fiscal 2025?
Midland States Bancorp reported net income of -$124.3M for fiscal 2025.
What was Midland States Bancorp's earnings per share (EPS) in fiscal 2025?
Midland States Bancorp's diluted EPS was -$6.12 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Midland States Bancorp generate in fiscal 2025?
Midland States Bancorp generated $120.3M of free cash flow in fiscal 2025.
What was Midland States Bancorp's revenue last quarter?
In its most recent reported quarter (2026 Q2), Midland States Bancorp reported revenue of $83.4M.
How much debt does Midland States Bancorp have?
Midland States Bancorp reported $371.9M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Midland States Bancorp are outstanding?
Midland States Bancorp reported a weighted average of 21.1 million basic shares outstanding in 2026 Q2.
What is Midland States Bancorp's market cap?
Based on its latest closing price, Midland States Bancorp (MSBI) has a market capitalization of about $677.8M.
When does Midland States Bancorp's fiscal year end?
Midland States Bancorp's fiscal year end, as registered with the SEC, is December 31.
Where is Midland States Bancorp headquartered?
Midland States Bancorp lists its business address in Effingham, Illinois in its SEC filings.