PARENT COMPANY ONLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

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.