v3.25.2
PARENT COMPANY ONLY FINANCIAL INFORMATION
12 Months Ended
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 subsidiaries800,487 816,041 
Note receivable due from bank subsidiary24,500 30,000 
Other assets10,828 8,010 
Total assets$840,981 $861,814 
Liabilities:
Subordinated debt$77,749 $93,546 
Trust preferred debentures51,205 50,616 
Other liabilities1,180 2,539 
Total liabilities130,134 146,701 
Shareholders’ equity710,847 715,113 
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 subsidiary1,512 1,578 10 
Other (loss) income(11)323 
Total income45,154 69,882 106,012 
Interest expense10,651 10,555 10,534 
Other expense897 1,044 1,625 
Total expense11,548 11,599 12,159 
Income before income tax benefit33,606 58,283 93,853 
Income tax benefit4,438 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 subsidiaries10,347 (13,981)(91,233)
Share-based compensation expense3,031 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 activities48,150 49,927 12,481 
Cash flows from investing activities:
Capital injection to bank subsidiary— — (50,000)
Change in note receivable due from bank subsidiary5,150 10,000 (40,000)
Net cash received in dissolution of subsidiary— 2,674 — 
Net cash provided by (used in) investing activities5,150 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 plans1,326 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 period7,763 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.