Midland States Bancorp (MSBI) Financial Statements & Analysis

Midland States Bancorp (MSBI) Income Statement

Midland States Bancorp reported revenue of $467.59M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 14.4% from $546.05M a year earlier. Midland States Bancorp posted a net loss of $124.28M, compared with net income of $38.04M a year earlier. Gross margin was 57.4% and operating margin -22.1%. In the most recent quarter, Q3 fiscal 2026 (ended Sep 30, 2026), revenue was $82.22M, down 28.8% from the same quarter a year earlier.

Midland States Bancorp Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Midland States Bancorp, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	467.59	546.05	280.37	436.51	313.23	226.67	326.94	294.71	210.52
Cost of Revenue	199.29	310.11	250.84	132.78	33.54	90.11	76.69	52.71	33.01
Gross Profit	268.30	235.94	257.66	303.73	279.70	225.86	250.25	242.00	177.51
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	125.84	102.84	82.39	96.96	93.47	89.06	95.83	102.17	83.81
Operating Expenses	371.55	189.04	169.70	172.34	180.59	193.84	177.78	191.19	151.04
Operating Income	-103.24	46.90	87.96	131.39	99.11	32.01	72.47	50.81	26.47
Other Income/Expense
Interest Income	387.87	411.74	417.10	312.72	237.82	244.89	249.52	223.37	153.11
Interest Expense	151.06	189.78	168.28	56.02	30.14	45.75	59.70	43.28	0.00
Other Income/Expense	-11.63	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Income
Income Before Tax	-114.87	46.90	87.96	131.39	99.11	32.01	72.47	50.81	26.47
Income Tax Expense	9.41	8.86	26.81	31.15	17.80	9.48	16.69	11.38	10.42
Net Income	-124.28	38.04	52.24	100.24	81.32	22.54	55.78	39.42	16.06
Net Income - Continuous Operations	-124.28	38.04	61.16	100.24	81.32	22.54	55.78	39.42	16.06
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	-93.47	60.06	9.54	145.76	115.46	51.53	91.90	66.88	39.92
EBIT	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	9.78	13.16	12.72	14.38	16.35	19.51	19.43	16.07	13.45
Earnings Per Share
Basic EPS	-6.00	1.00	2.00	4.00	4.00	1.00	2.00	2.00	1.00
Diluted EPS	-6.00	1.00	2.00	4.00	4.00	1.00	2.00	2.00	1.00
Basic Shares Outstanding	21.85	21.68	22.12	22.34	22.48	23.34	24.29	23.13	17.78
Diluted Shares Outstanding	21.85	21.74	22.12	22.40	22.55	23.35	24.49	23.55	18.28

Source: Company financial statements from annual and quarterly filings. Data as of Sep 30, 2026. Data sources and methodology

Frequently Asked Questions About Midland States Bancorp Financial Statements

What was Midland States Bancorp's revenue in fiscal 2025?

Midland States Bancorp reported revenue of $467.59M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 14.4% from $546.05M a year earlier.

Is Midland States Bancorp profitable?

No. Midland States Bancorp reported a net loss of $124.28M in fiscal 2025. In fiscal 2024 it earned $38.04M.

What is Midland States Bancorp's operating margin?

Midland States Bancorp's operating income was −$103.24M on revenue of $467.59M in fiscal 2025, an operating margin of -22.1%, compared with 8.6% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition