NASDAQ · Financial Statements

Midland States Bancorp, Inc. (MSBI) Financial Statements

$32.98 NASDAQ: MSBI Market Cap $684.40M

Midland States Bancorp, Inc. most recently reported annual revenue of $468.0M, a net loss of $124.0M. Revenue grew at an average annual rate of 8.2% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Midland States Bancorp, Inc.: Revenue rose from $191.0M in 2016 to $468.0M in 2025, a change of +145.0% over 9 years; net profit was positive in 9 of 10 reported years; operating margin moved from 26.4% to -22.1%, a shift of -48.4 percentage points; the most recent year shows a net loss of $124.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$191.0M$211.0M$295.0M$327.0M$316.0M$313.0M$437.0M$508.0M$546.0M$468.0M
Operating Expenses$141.0M$184.0M$244.0M$254.0M$284.0M$214.0M$305.0M$421.0M$499.0M$571.0M
Operating Profit$50.0M$26.0M$51.0M$72.0M$32.0M$99.0M$131.0M$88.0M$47.0M$-103.0M
Operating Margin26.4%12.6%17.2%22.2%10.1%31.6%30.1%17.3%8.6%-22.1%
Other Income$0$0$0$0$0$0$0$0$0$-12.0M
Interest$0$0$43.0M$60.0M$46.0M$30.0M$56.0M$168.0M$190.0M$151.0M
Depreciation$13.0M$13.0M$16.0M$19.0M$20.0M$16.0M$14.0M$13.0M$13.0M$10.0M
Profit Before Tax$50.0M$26.0M$51.0M$72.0M$32.0M$99.0M$131.0M$88.0M$47.0M$-115.0M
Tax$37.5M$39.3M$22.4M$23.0M$29.6M$17.9M$23.7M$30.5M$18.9M$-8.2M
Net Profit$32.0M$16.0M$39.0M$56.0M$23.0M$81.0M$100.0M$61.0M$38.0M$-124.0M
EPS$2.17$0.87$1.66$2.26$0.95$3.57$4.23$2.33$1.32$-6.14
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$114.0M$117.0M$138.0M$135.0M$138.0M$182.0M$115.0M$118.0M$116.0M$107.0M$108.0M$112.0M
Operating Expenses$91.0M$97.0M$109.0M$103.0M$113.0M$185.0M$253.0M$103.0M$104.0M$111.0M$84.0M$86.0M
Operating Profit$23.0M$21.0M$29.0M$32.0M$25.0M$-2.0M$-138.0M$15.0M$11.0M$-3.0M$24.0M$26.0M
Operating Margin20.1%17.5%21.0%23.6%18.1%-1.3%-119.8%12.6%9.8%-3.0%22.3%23.0%
Interest$45.0M$47.0M$46.0M$48.0M$50.0M$46.0M$41.0M$39.0M$37.0M$33.0M$29.0M$29.0M
Profit Before Tax$23.0M$21.0M$29.0M$32.0M$25.0M$-2.0M$-138.0M$15.0M$11.0M$-3.0M$24.0M$26.0M
Tax$50.3M$31.4M$22.0M$19.2M$18.2M$54.1M$-2.3M$19.1M$33.2M$11.1M$23.4M$22.9M
Net Profit$11.0M$14.0M$23.0M$26.0M$20.0M$-1.0M$-141.0M$12.0M$8.0M$-3.0M$18.0M$20.0M
EPS$0.41$0.19$0.92$1.06$0.74$-0.15$-6.50$0.45$0.24$-0.24$0.76$0.84

Over the 10 years reported for Midland States Bancorp, Inc., borrowings decreased from $424.0M in 2016 to $380.0M in 2025, cash stood at $127.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 0.26 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$3.2B$4.4B$5.6B$6.1B$6.9B$7.4B$7.9B$7.9B$7.5B$6.5B
Current Assets$641.0M$890.0M$1.2B$1.4B$1.4B$2.0B$1.4B$1.5B$1.5B$1.4B
Cash$190.0M$215.0M$211.0M$393.0M$337.0M$673.0M$153.0M$134.0M$114.0M$127.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$206.0M$225.0M$289.0M$349.0M$434.0M$443.0M$512.0M$498.0M$402.0M$24.0M
Fixed Assets$67.0M$76.0M$95.0M$105.0M$83.0M$79.0M$78.0M$83.0M$86.0M$85.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$2.5B$3.6B$4.6B$4.8B$5.5B$5.7B$6.6B$6.6B$6.3B$5.8B
Other Assets$49.0M$99.0M$165.0M$172.0M$162.0M$162.0M$162.0M$162.0M$162.0M$8.0M
Total Liabilities$2.9B$4.0B$5.0B$5.4B$6.2B$6.8B$7.1B$7.1B$6.8B$5.9B
Current Liabilities$2.5B$3.3B$4.2B$4.6B$5.2B$6.3B$6.6B$6.6B$6.4B$5.5B
Borrowings$424.0M$746.0M$859.0M$767.0M$1.0B$537.0M$644.0M$604.0M$423.0M$380.0M
Other Liabilities$2.5B$3.2B$4.2B$4.7B$5.2B$6.2B$6.5B$6.5B$6.4B$5.6B
Equity$0$0$0$0$0$0$0$0$0$0
Reserves$322.0M$450.0M$609.0M$662.0M$621.0M$664.0M$759.0M$792.0M$711.0M$565.0M

For Midland States Bancorp, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $120.0M; free cash flow was positive in 10 of 10 years; financing activities used $783.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$24.0M$70.0M$97.0M$539.0M$499.0M$334.0M$247.0M$155.0M$177.0M$126.0M
Investing Cash Flow$-361.0M$-241.0M$-14.0M$-370.0M$-1.3B$-481.0M$-1.1B$-85.0M$130.0M$744.0M
Financing Cash Flow$38.0M$-13.0M$-168.0M$152.0M$520.0M$998.0M$175.0M$-71.0M$-116.0M$-783.0M
Net Cash Flow$-22.0M$24.0M$-2.0M$181.0M$-53.0M$339.0M$-520.0M$-26.0M$-20.0M$13.0M
Free Cash Flow$22.0M$64.0M$90.0M$533.0M$497.0M$332.0M$244.0M$146.0M$170.0M$120.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.13
EV / EBITDA—
FCF Yield—
Quick Ratio—
Interest Coverage—
Return 1Y78.07%
Return 3Y60.49%
Return 5Y54.93%

Midland States Bancorp, Inc. (MSBI) financials — frequently asked questions

What is Midland States Bancorp, Inc.'s annual revenue?

Midland States Bancorp, Inc. (MSBI) reported annual revenue of $468.0M in its most recent fiscal year.

What is Midland States Bancorp, Inc.'s net profit?

Midland States Bancorp, Inc. (MSBI) reported a net loss of $124.0M in its most recent fiscal year.

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