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PARENT COMPANY ONLY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
PARENT COMPANY ONLY FINANCIAL INFORMATION | PARENT COMPANY ONLY FINANCIAL INFORMATION The condensed financial statements of Midland States Bancorp, Inc. are presented below:
Condensed Balance Sheets
(dollars in thousands)
| December 31,
| 2024 |  | 2023 (Restated)
Assets: |  |  |
Cash | $ | 5,166 |  |  | $ | 7,763 |
Investment in subsidiaries | 800,487 |  |  | 816,041 |
Note receivable due from bank subsidiary | 24,500 |  |  | 30,000 |
Other assets | 10,828 |  |  | 8,010 |
Total assets | $ | 840,981 |  |  | $ | 861,814 |
Liabilities: |  |  |
Subordinated debt | $ | 77,749 |  |  | $ | 93,546 |
Trust preferred debentures | 51,205 |  |  | 50,616 |
Other liabilities | 1,180 |  |  | 2,539 |
Total liabilities | 130,134 |  |  | 146,701 |
Shareholders’ equity | 710,847 |  |  | 715,113 |
Total liabilities and shareholders’ equity | $ | 840,981 |  |  | $ | 861,814 |
Condensed Statements of Income
(dollars in thousands)
| Years Ended December 31,
| 2024 |  | 2023 (Restated) |  | 2022 (Restated)
Income |  |  |  |  |
Dividends from subsidiaries | $ | 54,000 |  |  | $ | 54,000 |  |  | $ | 14,765 |
(Loss) earnings of consolidated subsidiaries, net of dividends | (10,347) |  |  | 13,981 |  |  | 91,233 |
Interest income on note due from bank subsidiary | 1,512 |  |  | 1,578 |  |  | 10 |
Other (loss) income | (11) |  |  | 323 |  |  | 4 |
Total income | 45,154 |  |  | 69,882 |  |  | 106,012 |
Interest expense | 10,651 |  |  | 10,555 |  |  | 10,534 |
Other expense | 897 |  |  | 1,044 |  |  | 1,625 |
Total expense | 11,548 |  |  | 11,599 |  |  | 12,159 |
Income before income tax benefit | 33,606 |  |  | 58,283 |  |  | 93,853 |
Income tax benefit | 4,438 |  |  | 2,872 |  |  | 6,384 |
Net income | $ | 38,044 |  |  | $ | 61,155 |  |  | $ | 100,237 |
Condensed Statements of Cash Flows
(dollars in thousands)
| Years Ended December 31,
| 2024 |  | 2023 (Restated) |  | 2022 (Restated)
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 38,044 |  |  | $ | 61,155 |  |  | $ | 100,237 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in undistributed loss (income) of subsidiaries | 10,347 |  |  | (13,981) |  |  | (91,233) |
Share-based compensation expense | 3,031 |  |  | 2,489 |  |  | 2,211 |
Change in other assets | (2,468) |  |  | 462 |  |  | (373) |
Change in other liabilities | (804) |  |  | (198) |  |  | 1,639 |
Net cash provided by operating activities | 48,150 |  |  | 49,927 |  |  | 12,481 |
Cash flows from investing activities: |  |  |  |  |
Capital injection to bank subsidiary | — |  |  | — |  |  | (50,000) |
Change in note receivable due from bank subsidiary | 5,150 |  |  | 10,000 |  |  | (40,000) |
Net cash received in dissolution of subsidiary | — |  |  | 2,674 |  |  | — |
Net cash provided by (used in) investing activities | 5,150 |  |  | 12,674 |  |  | (90,000) |
Cash flows from financing activities: |  |  |  |  |
Payments on other borrowings | — |  |  | — |  |  | (171) |
Payments made on subordinated debt | (15,763) |  |  | (5,845) |  |  | (40,000) |
Common stock repurchased | (5,475) |  |  | (17,898) |  |  | (1,109) |
Cash dividends paid on common stock | (27,072) |  |  | (26,573) |  |  | (25,923) |
Cash dividends paid on preferred stock | (8,913) |  |  | (8,913) |  |  | (3,169) |
Proceeds from issuance of preferred stock | — |  |  | — |  |  | 110,548 |
Proceeds from issuance of common stock under employee benefit plans | 1,326 |  |  | 1,670 |  |  | 2,188 |
Net cash (used in) provided by financing activities | (55,897) |  |  | (57,559) |  |  | 42,364 |
Net (decrease) increase in cash | (2,597) |  |  | 5,042 |  |  | (35,155) |
Cash: |  |  |  |  |
Beginning of period | 7,763 |  |  | 2,721 |  |  | 37,876 |
End of period | $ | 5,166 |  |  | $ | 7,763 |  |  | $ | 2,721 |
The Bank has $24.5 million of borrowings from the parent as part of its strategy to manage FDIC insurance premiums. The note has a rolling 13 month maturity, and the interest rate is a variable rate equal to the one year treasury rate.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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