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PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Balance Sheets | 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 |
Schedule of Condensed Statement of Income |
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 |
Schedule of Condensed Cash Flows |
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 |

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