Midland States Bancorp (MSBIP) Financials
Newest figures come from the 10-Q for Q3 FY2026, filed Oct 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MSBIP SEC filings page.
Midland States Bancorp, Inc. (MSBIP) reported $334.4M in revenue over the twelve months to Sep 30, 2026, up 0.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
The liability-funded balance sheet contrasts with positive cash generation even as reported earnings turned sharply negative in FY2025.
In FY2025, the company reported a net loss of$124M while operating cash flow remained positive at$126M . Free cash flow was$120M , reinforcing that reported earnings and cash movement were shaped by materially different items; neither statement alone captures the full period.
Liabilities represented
Revenue fell
Financial Health Signals
We do not publish a peer-relative financial health score for Midland States Bancorp, Inc., because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Midland States Bancorp, Inc. passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) does not pass.
Midland States Bancorp, Inc. reported a net loss of $124.3M while generating $125.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Midland States Bancorp, Inc. generated $86.0M in revenue in Q3 2026. This represents an increase of 5.9% from the same quarter a year earlier. Against the prior quarter it is up 3.1%.
Midland States Bancorp, Inc. reported $22.8M in net income in Q3 2026. This represents an increase of 201.8% from the same quarter a year earlier. Against the prior quarter it is up 14.7%.
Midland States Bancorp, Inc. earned $0.95 per diluted share (EPS) in Q3 2026. This represents an increase of 295.8% from the same quarter a year earlier. Against the prior quarter it is up 15.9%.
Not reported for Q3 2026.
Cash & Balance Sheet
Midland States Bancorp, Inc. generated $37.9M in free cash flow in Q3 2026, representing cash available after capex. This represents a decrease of 51.8% from the same quarter a year earlier. Against the prior quarter it is up 29.7%.
Midland States Bancorp, Inc. held $99.6M in cash as of Q3 2026; no long-term debt figure is on record for that period.
Midland States Bancorp, Inc. paid $0.33 per share in dividends in Q3 2026. This represents an increase of 3.1% from the same quarter a year earlier. Against the prior quarter it is up 3.1%.
Margins & Returns
Midland States Bancorp, Inc.'s net profit margin was 26.5% in Q3 2026, showing the share of revenue converted to profit. This is up 17.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.7 percentage points.
Midland States Bancorp, Inc.'s quarterly ROE was 4.3% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is up 3.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.8 percentage points.
Not reported for Q3 2026.
Not reported for Q3 2026.
Capital Allocation
Midland States Bancorp, Inc. invested $513K in capex in Q3 2026, funding long-term assets and infrastructure. This represents a decrease of 62.6% from the same quarter a year earlier. Against the prior quarter it is up 85.9%.
Not reported for Q3 2026.
Not reported for Q3 2026.
MSBIP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $86.0M+5.9% | $83.4M+1.4% | $79.5M+4.6% | $85.6M-8.9% | $81.1M-12.4% | $82.2M-9.5% | $76.1M-22.1% | $93.9M+2.1% |
| Interest Expense | $30.3M-18.9% | $28.6M-27.1% | $28.6M-30.3% | $33.4M-27.2% | $37.4M-25.1% | $39.2M-18.7% | $41.1M-10.3% | $45.9M-1.5% |
| Income Tax | $6.6M+75.0% | $5.9M+107.3% | $5.6M+78.1% | -$360Kn/m | $3.8M-17.2% | $2.8M-53.3% | $3.2M-50.4% | -$8.2M-214.4% |
| Net Income | $22.8M+201.8% | $19.9M+65.4% | $18.5Mn/m | -$2.9Mn/m | $7.6M-63.0% | $12.0M-53.2% | -$141.0M-722.0% | -$30.8M-253.0% |
| EPS (Basic) | $0.95+295.8% | $0.82+86.4% | $0.74n/m | -$0.24 | $0.24-71.1% | $0.44-58.5% | -$6.58-815.2% | -$1.50 |
| EPS (Diluted) | $0.95+295.8% | $0.82+86.4% | $0.74n/m | -$0.24 | $0.24-71.1% | $0.44-58.5% | -$6.58-815.2% | -$1.49 |
| Diluted Shares (Avg) | 21M-3.3% | 21M-3.4% | 21M-2.3% | N/A | 22M+0.9% | 22M+0.4% | 22M0.0% | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA.
MSBIP Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.8B-1.4% | $6.7B-5.7% | $6.5B-10.1% | $6.5B-13.2% | $6.9B-10.3% | $7.1B-7.8% | $7.3B-6.2% | $7.5B-3.6% |
| Cash & Equivalents | $99.6M-40.0% | $298.7M+69.2% | $113.7M+11.4% | $127.8M+11.4% | $166.1M+36.3% | $176.6M+41.7% | $102.0M-39.0% | $114.8M-15.0% |
| Goodwill | $7.9M0.0% | $7.9M0.0% | $7.9M0.0% | $7.9M-95.1% | $7.9M-95.1% | $7.9M-95.1% | $7.9M-95.1% | $161.9M0.0% |
| Total Liabilities | $6.3B-0.7% | $6.1B-6.2% | $6.0B-10.8% | $5.9B-12.5% | $6.3B-8.7% | $6.5B-6.3% | $6.7B-4.6% | $6.8B-3.9% |
| Total Equity | $531.4M-9.0% | $569.7M-0.7% | $559.0M-2.2% | $565.5M-20.4% | $584.0M-24.3% | $573.7M-22.1% | $571.4M-21.0% | $710.8M-0.6% |
| Retained Earnings | $120.6M+21.8% | $107.0M+6.3% | $96.2M-1.6% | $86.8M-64.9% | $99.0M-65.6% | $100.7M-63.5% | $97.7M-62.3% | $247.7M+0.8% |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
MSBIP Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $38.4M-52.0% | $29.5M+5.1% | $17.0M-31.3% | -$7.1M-112.7% | $80.0M+72.0% | $28.1M-10.8% | $24.7M-42.7% | $55.5M-0.7% |
| Depreciation & Amortization | $1.9M-4.8% | $1.9M-8.2% | $1.9M-10.0% | $2.0M-11.7% | $2.0M-10.7% | $2.0M-9.6% | $2.1M-7.4% | $2.2M-5.0% |
| Capital Expenditures | $513K-62.6% | $276K-80.1% | $619K-66.5% | $740K-72.8% | $1.4M-34.8% | $1.4M-10.6% | $1.8M+250.3% | $2.7M+62.9% |
| Free Cash Flow | $37.9M-51.8% | $29.2M+9.5% | $16.3M-28.5% | -$7.8M-114.8% | $78.6M+77.1% | $26.7M-10.8% | $22.9M-46.3% | $52.8M-2.6% |
| Investing Cash Flow | -$378.8M-360.8% | $25.6M-88.9% | -$68.4M-273.2% | $334.7M+220.3% | $145.2Mn/m | $229.5M+2981.3% | $39.5M+46.6% | $104.5M+5.3% |
| Financing Cash Flow | $141.3Mn/m | $130.0Mn/m | $37.2Mn/m | -$366.0Mn/m | -$235.7Mn/m | -$182.9Mn/m | -$76.9Mn/m | -$167.1Mn/m |
| Dividends Paid | $7.0M-0.1% | $6.8M+0.2% | $6.9M+1.6% | $7.1M+4.5% | $7.0M+4.0% | $6.8M+0.3% | $6.8M+0.1% | $6.8M+3.4% |
| Share Buybacks | N/A | $2.7Mn/m | $7.9Mn/m | $9.7M | $0-100.0% | $0-100.0% | $0-100.0% | N/A |
Not reported in any period shown, so not listed: Stock-Based Compensation.
MSBIP Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 26.5%+17.2pp | 23.9%+9.2pp | 23.2% | -3.4%+29.4pp | 9.3%-12.7pp | 14.6%-13.7pp | -185.4% | -32.8%-54.6pp |
| Return on Equity | 4.3%+3.0pp | 3.5%+1.4pp | 3.3%+28.0pp | -0.5%+3.8pp | 1.3%-1.4pp | 2.1%-1.4pp | -24.7%-27.8pp | -4.3%-7.1pp |
| Return on Assets | 0.3%+0.2pp | 0.3%+0.1pp | 0.3%+2.2pp | 0.0%+0.4pp | 0.1%-0.2pp | 0.2%-0.2pp | -1.9%-2.2pp | -0.4%-0.7pp |
| Liabilities-to-Equity | 11.83+1.0x | 10.76-0.6x | 10.71-1.0x | 10.52+1.0x | 10.83+1.8x | 11.39+1.9x | 11.75+2.0x | 9.56-0.3x |
| Asset Turnover | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x |
| FCF Margin | 44.0%-52.8pp | 35.0%+2.6pp | 20.5%-9.5pp | -9.1%-65.3pp | 96.9%+49.0pp | 32.4%-0.5pp | 30.0%-13.5pp | 56.2%-2.7pp |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Where Midland States Bancorp, Inc. Ranks
Frequently Asked Questions
Midland States Bancorp, Inc. (MSBIP) reported $325.0M in total revenue for fiscal year 2025. This represents a -13.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Midland States Bancorp, Inc. (MSBIP) revenue declined by 13.4% year-over-year, from $375.1M to $325.0M in fiscal year 2025.
Yes, Midland States Bancorp, Inc. (MSBIP) reported a net income of $58.3M over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net loss of $124.3M, with a net profit margin of -38.2%.
Midland States Bancorp, Inc. (MSBIP) had a net profit margin of -38.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Yes, Midland States Bancorp, Inc. (MSBIP) paid $1.26 per share in dividends during fiscal year 2025.
Midland States Bancorp, Inc. (MSBIP) has a return on equity of -22.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Midland States Bancorp, Inc. (MSBIP) generated $120.3M in free cash flow during fiscal year 2025. This represents a -29.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Midland States Bancorp, Inc. (MSBIP) generated $125.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Midland States Bancorp, Inc. (MSBIP) had $6.5B in total assets as of fiscal year 2025, including both current and long-term assets.
Midland States Bancorp, Inc. (MSBIP) invested $5.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Midland States Bancorp, Inc. (MSBIP) had a liabilities-to-equity ratio of 10.52 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
Midland States Bancorp, Inc. (MSBIP) had a return on assets of -1.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Midland States Bancorp, Inc. (MSBIP) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Midland States Bancorp, Inc. (MSBIP) reported a net loss of $124.3M while generating $125.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.