PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables)
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12 Months Ended |
Dec. 31, 2024 |
Condensed Financial Information Disclosure [Abstract] |
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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 | |
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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 | |
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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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