Midland States Bancorp (NASDAQ: MSBI) is a community banking company that operates through Midland States Bank, an Illinois state-chartered bank founded in 1881, providing commercial and consumer banking, wealth management, and related financial services across Illinois and Missouri. The company earns money primarily through net interest income on loans and deposits, supplemented by noninterest income streams including wealth management fees, service charges, interchange revenue, residential mortgage banking revenue, and credit enhancement income from third-party loan origination programs. As of December 31, 2025, the company held $6.51 billion in total assets and its wealth management group administered approximately $4.48 billion in assets. Midland States Bancorp, Inc. was formed in 1988 as an Illinois corporation and is headquartered in Effingham, Illinois. The bank operates branches across multiple Illinois counties and in Missouri, serving individuals, businesses, and municipalities in its local market areas.
- Revenue model
- Net interest income from commercial and consumer loans and deposit-funded balance sheet, plus noninterest income from wealth management fees ($31.0 million FY2025), service charges on deposit accounts ($13.8 million FY2025), interchange revenue ($13.5 million FY2025), residential mortgage banking revenue ($2.9 million FY2025), income on company-owned life insurance ($8.6 million FY2025), and credit enhancement income ($9.9 million FY2025, down from $61.0 million FY2024 following exits from LendingPoint and GreenSky third-party lending programs).
- Products and services
- Commercial and retail lending, deposit-taking, merchant credit card services, trust and investment management, insurance and financial planning services, residential mortgage loans, home equity lines of credit, construction and land development loans, commercial real estate loans (including multi-family, retail, industrial/warehouse, hotel/motel, skilled nursing, and office property types), and wealth management administration.
- Customers and end markets
- Individuals, small and midsized businesses, commercial real estate developers, municipalities, and other entities within Illinois and Missouri market areas. Commercial real estate loan portfolio of $2.63 billion as of December 31, 2025, with retail (17.5%), multi-family (16.4%), hotel/motel (11.0%), industrial/warehouse (10.5%), skilled nursing (7.4%), and office (5.3%) as primary property type exposures.
- Value-chain role
- Community bank and financial holding company that originates and holds loans, takes deposits, administers wealth, and previously participated in third-party consumer loan origination programs (LendingPoint and GreenSky portfolios sold prior to 2025; sole remaining third-party program restructured effective December 31, 2025).
- Geographic exposure
- Primary operations in Illinois, with branches in Missouri. Key deposit markets include Effingham County, IL (35.57% market share, as of June 30, 2025), Kankakee County, IL (32.56%), Boone County, IL (27.25%), Lee County, IL (25.21%), Winnebago County, IL, and St. Charles County, MO, among others.
