Midland States Bancorp, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Midland States Bancorp, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Interest expense	16	23.5	43.3	59.7	45.8	30.1	56	168
Pre-tax income	50.4	26.5	50.8	72.5	32	99.1	131	88	46.9	-115
Income tax	18.9	10.4	11.4	16.7	9.48	17.8	31.1	26.8	8.86	9.41
Net income to minority interests	-0.01
Net income	31.5	16.1	39.4	55.8	22.5	81.3	100	61.2	38	-124
EPS, basic	2.22	0.89	1.69	2.28	0.95	3.58	4.29	2.33	1.32	-6.12
EPS, diluted	2.17	0.87	1.66	2.26	0.95	3.57	4.28	2.33	1.32	-6.12
Shares, basic (weighted)	14.1	17.8	23.1	24.3	23.3	22.5	22.3	22.1	21.7	21.8
Shares, diluted (weighted)	14.4	18.3	23.5	24.5	23.3	22.5	22.4	22.1	21.7	21.8
Dividend per share	0.72	0.80	0.88	0.97	1.07	1.12	1.16	1.20	1.24	1.26

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	191	215	214	395	342	680	161	135	115	128
Property, plant and equipment	66.7	76.2	94.8	91.1	74.1	79.2	78.3	82.8	85.7	85.1
Lease right-of-use assets				14.2	9.18	8.4	7	7.7	8.8	8.1
Goodwill	48.8	98.6	165	172	162	162	162	162	162	7.93
Intangible assets	7.19	16.9	37.4	34.9	28.4	24.4	20.9	16.1	12.1	8.88
Total assets	3,234	4,413	5,638	6,087	6,869	7,444	7,793	7,790	7,507	6,513
Short-term debt	132	156	124	82	69	76.8	42.3	34.9	87.5	60.2
Total liabilities	2,912	3,963	5,029	5,425	6,247	6,780	7,097	7,075	6,796	5,948
Paid-in capital	210	330	474	488	453	446	449	435	434	428
Retained earnings	113	114	134	166	156	212	282	246	248	86.8
Other comprehensive income	-0.61	1.76	-2.11	7.44	11.4	5.24	-83.8	-76.8	-82	-60.3
Shareholders' equity	322	450	609	662	621	600	696	715	711	565
Minority interests	0.04
Total equity	322	450	609	662	621	600	696	715	711	565
Total liabilities and equity	3,234	4,413	5,638	6,087	6,869	7,444	7,856	7,790	7,507	6,513
Shares outstanding	15.5	19.1	23.8	24.4	22.3	22.1	22.2	21.6	21.5	21.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	31.5	16.1	39.4	55.8	22.5	81.3	100	61.2	38	-124
Depreciation and amortization	5.08	5.01	6.17	6.58	6.94	5.51	4.84	4.78	4.99	4.89
Deferred income tax	14.5	12	10.5	12.6
Cash from operations	24.1	70.4	97.1	539	499	334	286	153	177	126
Capital expenditures	-2.18	-6.18	-7.2	-5.54	-2.59	-2.72	-3.47	-8.73	-6.9	-5.35
Acquisitions				69.9	0	-2.72	60.3	0	0
Purchases of investments	-199	-259	-76.3	-200	-267	-470	-192	-413	-605	-623
Sales and maturities of investments	74.9	248	131	240	214	208	85.1	74.5	234	249
Cash from investing	-359	-235	-6.69	-365	-1,312	-478	-1,138	-74.8	137	749
Stock issued	71.5				0.71	2.23	2.06	0.78	0.69	0
Share buybacks			0	-4.02	-39.6	-11.7	-1.11	-17.9	-5.48	-9.66
Dividends paid	-9.85	-14	-20	-23.6	-25	-25.2	-25.9	-26.6	-27.1	-27.7
Cash from financing	313	189	-91.9	6.94	760	483	332	-104	-334	-862
Net change in cash	-21.8	24.5	-1.5	181	-52.9	339	-520	-25.6	-20.3	13
Free cash flow	21.9	64.3	89.9	533	497	332	282	145	170	120
Interest paid	15.9	22	41	58.2	47.7	31.7	55.1	159	190	157
Income taxes paid	1.07	0.65	0.58	0.48	2.98	7.76	36.5	25.1	22.5	1.58

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $33.26 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	25.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.6%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-426.7%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-563.6%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-28.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-24.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-24.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-29.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-24.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-24.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	3.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-20.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-13.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	91.5%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$554.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	270.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	$5.52	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.66	Cash from operations / diluted weighted shares.
Book value per share	$27.49	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$26.74	Tangible book value / shares outstanding.
Cash per share	$14.41	(Cash + short-term investments) / shares outstanding.
Payout ratio	64.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	23.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	17.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$690.2M	Share price x shares outstanding.
Enterprise value	$391.5M	Market cap + total debt - cash - short-term investments.
P/E	16.0x	Market cap / net income. Only when net income is positive.
P/B	1.21x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.25x	Market cap / tangible book value, when positive.
P/FCF	5.93x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.78x	Market cap / cash from operations, when positive.
EV/FCF	3.36x	Enterprise value / free cash flow, when both are positive.
FCF yield	16.9%	Free cash flow / market cap.
Earnings yield	6.2%	Net income / market cap (the inverse of P/E).
Dividend yield	4.0%	Dividends paid over the period / market cap.
Shareholder yield	7.0%	(Dividends paid + share buybacks) / market cap.

Was Midland States Bancorp, Inc. profitable in fiscal 2025?

No. It reported a net loss of $124.3M.

How much free cash flow did Midland States Bancorp, Inc. generate in fiscal 2025?

Cash from operations of $125.7M minus capital expenditures of $5.3M left free cash flow of $120.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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