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MSBI

Midland States Bancorp, Inc.

MSBI

Midland States Bancorp, Inc. • NASDAQ
$16.26 ▲ 0.68% (+0.11)
Market Cap $350.42 M
52w High $27.36
52w Low $14.24
Dividend Yield 1.26%
P/E -2.2
Volume 56.64K
Outstanding Shares 21.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $115.514M ▼ $46.819M ▲ $7.557M ▼ 6.542% ▼ $0.24 ▼ $14.227M ▼
Q2-2025 $118.082M ▲ $46.616M ▼ $12.024M ▲ 10.183% ▲ $0.45 ▼ $17.865M ▲
Q1-2025 $115.033M ▼ $200.92M ▲ $-140.974M ▼ -122.551% ▼ $0.57 ▲ $-134.678M ▼
Q4-2024 $182.481M ▲ $54.374M ▲ $-1.067M ▼ -0.585% ▼ $-0.15 ▼ $910K ▼
Q3-2024 $137.573M $44.798M $20.431M 14.851% $0.74 $28.15M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 ▼ $6.912B ▼ $6.328B ▼ $584.001M ▲
Q2-2025 $180.283M ▼ $7.108B ▼ $6.534B ▼ $573.705M ▲
Q1-2025 $1.208B ▲ $7.285B ▼ $6.713B ▼ $571.437M ▼
Q4-2024 $1.066B ▼ $7.507B ▼ $6.796B ▼ $710.847M ▼
Q3-2024 $1.333B $7.751B $6.933B $818.259M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $7.557M ▲ $79.985M ▲ $145.241M ▼ $-235.666M ▼ $-2.09M ▼ $79.985M ▲
Q2-2025 $-143.749M ▼ $28.056M ▲ $229.467M ▲ $-182.942M ▼ $74.581M ▲ $29.902M ▲
Q1-2025 $14.799M ▲ $24.7M ▼ $39.465M ▼ $-76.925M ▲ $-12.76M ▼ $22.854M ▼
Q4-2024 $-1.067M ▼ $98.332M ▲ $61.688M ▲ $-167.127M ▼ $-7.107M ▼ $95.616M ▲
Q3-2024 $18.476M $33.231M $11.128M $-47.132M $-2.773M $31.124M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Asset Management
Asset Management
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Credit Card Merchant Discount
Credit Card Merchant Discount
 $0 ▲$0 ▲$0 ▲$0 ▲
Interchange Revenues
Interchange Revenues
 $0 ▲$0 ▲$0 ▲$0 ▲
Investment Advisory Management and Administrative Service
Investment Advisory Management and Administrative Service
 $0 ▲$0 ▲$0 ▲$0 ▲
Nonsufficient Fund Fees
Nonsufficient Fund Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Other Deposit Account
Other Deposit Account
 $0 ▲$0 ▲$0 ▲$0 ▲
Other Wealth Management Revenue
Other Wealth Management Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Service Other
Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last five years, showing that Midland is expanding its business base. However, profit margins have narrowed more recently. Earnings were strongest a couple of years ago and have since come down, even though revenue kept rising. This suggests that costs, credit provisions, or funding pressures have eaten into profitability. Overall, the business is bigger and more productive than it was during the pandemic, but is currently working through a tougher earnings environment typical for many regional banks when interest rates and deposit costs move against them.

Balance Sheet

Balance Sheet The balance sheet shows a measured, not explosive, growth in total assets over time, which is generally consistent with a cautious community bank strategy. Cash spiked during the pandemic period and has since normalized to a leaner level, implying the bank has redeployed excess liquidity into loans or other earning assets. Debt has come down meaningfully from earlier years, signaling some de‑leveraging and a more balanced funding mix, although it has moved around year to year. Equity has trended upward, reflecting retained earnings and a gradual strengthening of the capital base. Overall, the bank appears reasonably well-capitalized with a more streamlined funding profile than a few years ago.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive, which is important for any bank. Operating cash flow was very strong during the pandemic period and has since stepped down to more typical levels but remains healthy. Free cash flow is very close to operating cash flow because spending on physical investment is modest, which is typical for a primarily service-based financial institution. This pattern suggests the company has decent flexibility to support dividends, growth initiatives, or balance sheet strengthening, but without a large excess cash cushion compared to the pandemic peak.

Competitive Edge

Competitive Edge Midland operates as a regional community bank but is trying to look more like a tech-enabled financial platform. Its strengths combine long-standing local relationships, community trust, and niche commercial lending expertise with a newer push into digital services and Banking-as-a-Service. This hybrid model can differentiate it from smaller banks that lack technology and from large national banks that lack local feel. At the same time, it faces the usual regional bank challenges: competition for deposits, pressure on loan pricing, and credit risk in commercial books. Its BaaS strategy also puts it in a competitive and evolving arena where execution quality, risk controls, and partner selection will be critical. Overall, the bank has carved out some distinctive angles, but these come with added complexity and regulatory scrutiny.

Innovation and R&D

Innovation and R&D While banks do not report research and development in the same way as tech firms, Midland is clearly investing in innovation. It has partnered with fintech platforms to offer Banking-as-a-Service and to use AI-driven tools for consumer lending, effectively renting out its banking license and infrastructure. On the customer side, it has upgraded online and mobile banking, integrated wealth management into a single portal, and is working on more automation and AI use in back-office processes. The opportunity is to gain new fee income, cheaper deposits, and better efficiency; the risk is that these newer activities introduce technology, compliance, and reputational risks if not managed carefully. The bank’s roadmap suggests a deliberate, multi-year push to modernize operations and customer experience rather than one-off projects.

Summary

Midland States Bancorp has grown into a larger, more diversified community bank with a clear tilt toward technology and fintech partnerships. Revenue has risen steadily, but profits have been pressured recently, reflecting a tougher rate and cost environment. The balance sheet looks sturdier than it did several years ago, with more equity, less reliance on debt, and a more fully deployed cash position. Cash flows remain positive and relatively predictable. Competitively, Midland sits at the intersection of traditional relationship banking and modern digital services, which can be a strength if managed well. Its innovation agenda in Banking-as-a-Service, AI-enhanced lending, and digital platforms could support future growth and efficiency, but it adds execution and regulatory complexity that bears watching. Overall, the story is of a community bank trying to evolve into a tech-forward regional platform while navigating the usual credit, interest rate, and competitive risks of the sector.

NEWS

November 6, 2025 · 4:45 PM UTC

Midland States Bancorp, Inc. Announces Planned Retirement of Jeffrey S. Mefford

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November 3, 2025 · 4:46 PM UTC

Midland States Bancorp, Inc. Announces Authorization of New $25 Million Stock Repurchase Program

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October 30, 2025 · 8:47 PM UTC

Midland States Bancorp, Inc. Announces 2025 Third Quarter Results

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October 9, 2025 · 4:31 PM UTC

Midland States Bancorp, Inc. to Announce Third Quarter 2025 Financial Results on Thursday, October 30

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