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Financials · MSBI

Midland States Bancorp Inc. (MSBI) financials

For the twelve months ended Sep 30, 2026, Midland States Bancorp Inc. reported $334.42M of revenue and $58.27M of net income.

Revenue, TTM
$334.42M
Revenue growth, YoY
+0.3%
Net income, TTM
$58.27M
Net margin
17.4%
Free cash flow, TTM
$75.60M
EPS, diluted, TTM
$2.29
Cash
$99.61M
P/E
11.53
P/S
2.01
Market cap
$671.7M
Annual revenue$324.98M
FY2016FY2025
Annual net income-$124.28M
FY2016FY2025
Annual free cash flow$120.33M
FY2016FY2025

MSBI revenue and earnings growth

MSBI revenueQ3 2026$85.96M

Quarter YoY
+5.9%
QoQ
+3.1%
FY YoY
-13.4%
5Y CAGR
+4.5%
10Y CAGR
+7.1%

MSBI revenue was $85.96M in fiscal Q3 2026 (ended Sep 30, 2026), up 5.9% from a year earlier and up 3.1% from the prior quarter. For the full fiscal 2025 it was $324.98M, down 13.4% from fiscal 2024. Compound annual growth was +4.5% over 5 years and +7.1% over 10 years. It rose in 7 of the last 10 fiscal years.

MSBI net incomeQ3 2026$22.81M

Quarter YoY
+201.8%
QoQ
+14.7%

MSBI net income was $22.81M in fiscal Q3 2026 (ended Sep 30, 2026), up 201.8% from a year earlier and up 14.7% from the prior quarter. For the full fiscal 2025 it was -$124.28M, compared with $38.04M in fiscal 2024.

MSBI EPSQ3 2026$0.95

Quarter YoY
+295.8%
QoQ
+15.9%

MSBI diluted EPS was $0.95 in fiscal Q3 2026 (ended Sep 30, 2026), up 295.8% from a year earlier and up 15.9% from the prior quarter. For the full fiscal 2025 it was -$6.12, compared with $1.32 in fiscal 2024.

MSBI free cash flowQ3 2026$37.86M

Quarter YoY
-51.8%
QoQ
+29.7%
FY YoY
-29.1%
5Y CAGR
-24.7%
10Y CAGR
+6.0%

MSBI free cash flow was $37.86M in fiscal Q3 2026 (ended Sep 30, 2026), down 51.8% from a year earlier and up 29.7% from the prior quarter. For the full fiscal 2025 it was $120.33M, down 29.1% from fiscal 2024. Compound annual growth was -24.7% over 5 years and +6.0% over 10 years. It rose in 4 of the last 10 fiscal years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$324.98M$375.09M$363.61M$406.56M$277.57M$260.38M$265.10M$251.88M$189.02M$177.31M
Interest expense--$168.28M$56.02M$30.14M$45.75M$59.70M$43.28M$23.45M$15.99M
Pre-tax income-$114.87M$46.90M$87.96M$131.39M$99.11M$32.01M$72.47M$50.80M$26.47M$50.43M
Income tax$9.41M$8.86M$26.81M$31.15M$17.80M$9.48M$16.69M$11.38M$10.41M$18.89M
Net income-$124.28M$38.04M$61.16M$100.24M$81.32M$22.54M$55.78M$39.42M$16.06M$31.54M
EPS, basic-$6.12$1.32$2.33$4.29$3.58$0.95$2.28$1.69$0.89$2.22
EPS, diluted-$6.12$1.32$2.33$4.28$3.57$0.95$2.26$1.66$0.87$2.17
Diluted shares21.8M21.7M22.1M22.4M22.5M23.3M24.5M23.5M18.3M14.4M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$127.81M$114.77M$135.06M$160.63M$680.37M$341.64M$394.50M$213.70M$215.20M$190.72M
Goodwill$7.93M$161.90M$161.90M$161.90M$161.90M$161.90M$171.76M$164.67M$98.62M$48.84M
Total assets$6.51B$7.51B$7.79B$7.79B$7.44B$6.87B$6.09B$5.64B$4.41B$3.23B
Short-term debt$60.18M$87.50M$34.87M$42.31M$76.80M$68.96M$82.03M$124.23M$156.13M$131.56M
Total liabilities$5.95B$6.80B$7.07B$7.10B$6.78B$6.25B$5.43B$5.03B$3.96B$2.91B
Shareholders' equity$565.50M$710.85M$715.11M$696.14M$600.19M$621.39M$661.91M$608.52M$449.55M$321.77M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$125.68M$176.55M$153.36M$285.82M$334.44M$499.15M$538.65M$97.09M$70.45M$24.13M
Capital expenditures$5.35M$6.90M$8.73M$3.47M$2.72M$2.59M$5.54M$7.20M$6.18M$2.18M
Free cash flow$120.33M$169.65M$144.63M$282.35M$331.72M$496.56M$533.12M$89.89M$64.27M$21.95M
Investing cash flow$748.90M$136.71M-$74.80M-$1.14B-$478.50M-$1.31B-$364.79M-$6.69M-$234.61M-$359.06M
Financing cash flow-$861.54M-$333.55M-$104.13M$332.08M$482.79M$760.42M$6.94M-$91.90M$188.64M$313.18M
Dividends paid$27.68M$27.07M$26.57M$25.92M$25.17M$24.96M$23.60M$19.98M$14.01M$9.85M
Share repurchases$9.66M$5.47M$17.90M$1.11M$11.69M$39.62M$4.02M$0--

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-13.4%3.2%-10.6%46.5%6.6%-1.8%5.2%33.3%6.6%7.9%
Net income growth, YoY--37.8%-39.0%23.3%260.8%-59.6%41.5%145.5%-49.1%29.7%
EPS growth, YoY--43.3%-45.6%19.9%275.8%-58.0%36.1%90.8%-59.9%8.5%
Net margin-38.2%10.1%16.8%24.7%29.3%8.7%21.0%15.7%8.5%17.8%
Free cash flow margin37.0%45.2%39.8%69.4%119.5%190.7%201.1%35.7%34.0%12.4%
Return on equity-22.0%5.4%8.6%14.4%13.5%3.6%8.4%6.5%3.6%9.8%
Return on assets-1.9%0.5%0.8%1.3%1.1%0.3%0.9%0.7%0.4%1.0%

Source: XBRL data Midland States Bancorp Inc. files with the SEC, latest filing dated Oct 29, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

MSBI peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
MSBI$334.42M+0.3%$58.27M17.4%$671.7M
JPM$203.15B+13.2%$65.98B32.5%$908.43B
BAC$120.16B+5.4%$32.24B26.8%$348.81B
WFC$87.23B+5.4%$22.97B26.3%$256.63B
C$85.22B+5.6%$14.31B16.8%$201.89B
UBS$49.57B+2.0%$7.80B15.7%$151.93B
MFG¥8.79T+7.6%¥1.16T13.2%$122.19B
COF$63.01B+31.2%$10.87B17.2%$119.45B
BNSC$37.74B+12.1%C$7.79B20.6%$114.51B

MSBI FAQ

8 questions
  • What is MSBI revenue?
    Midland States Bancorp Inc. (MSBI) reported $334.42M of revenue for the twelve months ended Sep 30, 2026. That is up 0.3% from the year before. Revenue for fiscal 2025 was $324.98M.
  • Is MSBI profitable?
    Yes. Midland States Bancorp Inc. earned $58.27M in net income for the twelve months ended Sep 30, 2026, a net margin of 17.4%.
  • How much cash and debt does MSBI have?
    Midland States Bancorp Inc. reported $99.61M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is MSBI revenue growing?
    Midland States Bancorp Inc.'s revenue changed -13.4% in fiscal 2025, to $324.98M. Its compound annual growth rate was +4.5% over 5 years and +7.1% over 10 years.
  • What is MSBI free cash flow?
    Midland States Bancorp Inc. generated $75.60M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $77.75M less capital expenditures.
  • What is MSBI earnings per share?
    Diluted earnings per share were $2.29 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did MSBI last report financial results?
    The latest statements here come from Midland States Bancorp Inc.'s 10-Q filed on Oct 29, 2026, covering the period ended Sep 30, 2026.
  • Where does this MSBI financial data come from?
    Quantisnow builds these statements from the structured XBRL data Midland States Bancorp Inc. files with the SEC. It is provided for information only and is not investment advice.