Company Overview - Midland States Bancorp, Inc.

General Description

• Type: Diversified financial holding company
• Headquarters: Effingham, Illinois
• Founded: 1988 (as a corporation), Bank formed in 1881
• Primary Subsidiary: Midland States Bank (Illinois state-chartered bank)

Business Operations

• Main Activities:
  • Commercial banking
  • Consumer banking
  • Wealth management
  • Business equipment financing
  • Merchant credit card services
  • Trust and investment management
  • Insurance and financial planning services
• Assets: $7.51 billion (as of December 31, 2024)
• Wealth Management Assets Under Administration: ~$4.15 billion (as of December 31, 2024)
• Branches: 53 full-service banking offices
  • In Illinois (42 offices)
  • In Missouri (11 offices)

Customer Base and Employees

• Number of Employees: 896 (as of December 31, 2024)
• Number of Shareholders: 1,051 (as of June 13, 2025)
• Customers: Not specifically quantified; includes individuals, small to medium-sized businesses, municipalities, and other entities within Illinois and the St. Louis metro area

Financial Summary (2024)

• Total Assets: $7.51 billion
• Total Deposits: $6.20 billion
• Shareholders’ Equity: $710.8 million
• Revenue Sources:
  • Interest charged on loans and leases
  • Interest and dividends from securities
  • Fees from lending and deposit services
  • Wealth management services
  • Residential mortgage loan origination and sales
  • Gains on asset sales (occasionally)

Key Financial Metrics (2024)

• Net Income: $38 million
• Diluted Earnings Per Share: $1.32
• Return on Average Assets: 0.49%
• Return on Average Shareholders' Equity: 4.79%

Recent Actions & Performance Highlights

• Credit Actions in Q4 2024:
  • Sold $87.1 million of LendingPoint consumer loans with $17.3 million net charge-offs
  • Transferred GreenSky portfolio to held for sale, recognizing $35 million charge-offs
  • Sold participation interests in $317.5 million GreenSky loans in April 2025
• Loan Portfolio Composition:
  • Commercial loans: $1.36 billion (largest segment)
  • Commercial real estate: $2.59 billion
  • Equipment financing and leasing: $808 million
  • Consumer loans: $144 million (significantly reduced due to sales)
• Loan Quality & Allowance:
  • Allowance for credit losses: $111.2 million (2.15% of total loans)
  • Nonperforming loans decreased from previous levels, but declines in asset quality prompted recent credit provisioning

Summary

Midland States Bancorp, Inc. operates as a diversified financial services company with a strong regional presence in Illinois and Missouri, focusing on community banking, wealth management, and specialized commercial finance. It manages billions in assets, employs nearly 900 staff, and serves a broad customer base of individuals, businesses, and municipalities, generating revenue mainly through interest income, fees, and wealth management services. The company has recently undertaken strategic portfolio reductions and risk management actions to address credit quality issues.