Midland States Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Midland States Bancorp, Inc. has submitted its 2023 10-K filing, detailing financial performance and position for the fiscal year ending December 31, 2023.</b>

AI Summary

Midland States Bancorp, Inc. (MSBIP) filed a Annual Report (10-K) with the SEC on February 23, 2024. Midland States Bancorp, Inc. filed its 2023 Annual Report on Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Illinois and operates under the SIC code 6022 (State Commercial Banks). The report includes financial data for the fiscal years 2021, 2022, and 2023. Key financial statement components such as Common Stock, Preferred Stock, Additional Paid-In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for these periods.

Why It Matters

For investors and stakeholders tracking Midland States Bancorp, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Midland States Bancorp's financial health and operational performance for the fiscal year 2023, crucial for investors assessing the company's stability and growth prospects. The detailed financial data, including equity components and historical performance across multiple years, allows stakeholders to analyze trends, evaluate risk, and make informed investment decisions regarding MSBI.

Risk Assessment

Risk Level: medium — Midland States Bancorp, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which provides a broad overview of the company's financial status and risks. Specific financial performance details or significant changes are not immediately apparent from the header information alone, requiring a deeper dive into the full document for a precise risk assessment.

Analyst Insight

Review the full 10-K filing to analyze detailed financial statements, management discussion and analysis, and risk factors to understand Midland States Bancorp's performance and outlook for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-23 — Filing Date (Date of filing)
• 2023 — Fiscal Year (Covered fiscal year)
• 2021, 2022, 2023 — Financial Years Reported (Historical financial data periods)

Key Players & Entities

• Midland States Bancorp, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-23 (date) — Filing date
• 6022 (dollar_amount) — Standard Industrial Classification
• IL (company) — State of incorporation
• 0001466026 (company) — Central Index Key
• MSBI (company) — Ticker symbol context

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value MSBI The Nasdaq Stock Market
• $19.91 — aq Global Select Market on that date of $19.91). As of February 13, 2024, the Registr
• $7.87 b — , 2023, the Company had total assets of $7.87 billion, and our wealth management group
• $3.73 billion — s under administration of approximately $3.73 billion. Our strategic plan is focused on buil
• $79.8 million — uisition from FNBC, whereby we acquired $79.8 million of deposits and $16.6 million of loans
• $16.6 million — acquired $79.8 million of deposits and $16.6 million of loans as well as other assets and li
• $50,000 — Bank, and are generally leases between $50,000 and $500,000, but can be larger in cert
• $500,000, b — re generally leases between $50,000 and $500,000, but can be larger in certain circumstance
• $2.08 billion — , we continued to service approximately $2.08 billion of originated commercial FHA loans. Co

Filing Documents

• msbi-20231231.htm (10-K) — 5151KB
• msbi-20231231exx31.htm (EX-3.1) — 135KB
• msbi-20231231exx105.htm (EX-10.5) — 139KB
• msbi-20231231exx109.htm (EX-10.9) — 64KB
• msbi-20231231exx1010.htm (EX-10.10) — 149KB
• msbi-20231231exx1011.htm (EX-10.11) — 61KB
• msbi-20231231exx1012.htm (EX-10.12) — 60KB
• msbi-20231231exx1013.htm (EX-10.13) — 56KB
• msbi-20231231exx1014.htm (EX-10.14) — 53KB
• msbi-20231231exx191.htm (EX-19.1) — 39KB
• msbi-20231231211.htm (EX-21.1) — 15KB
• msbi-20231231231.htm (EX-23.1) — 2KB
• msbi-20231231exx311.htm (EX-31.1) — 15KB
• msbi-20231231exx312.htm (EX-31.2) — 15KB
• msbi-20231231exx321.htm (EX-32.1) — 9KB
• msbi-20231231exx322.htm (EX-32.2) — 9KB
• msbi-20231231exx971.htm (EX-97.1) — 28KB
• crowesignature.jpg (GRAPHIC) — 10KB
• msbi-20231231_g1.jpg (GRAPHIC) — 119KB
• msbi-20231231_g2.jpg (GRAPHIC) — 11KB
• 0001466026-24-000009.txt (&nbsp;) — 26322KB
• msbi-20231231.xsd (EX-101.SCH) — 103KB
• msbi-20231231_cal.xml (EX-101.CAL) — 206KB
• msbi-20231231_def.xml (EX-101.DEF) — 602KB
• msbi-20231231_lab.xml (EX-101.LAB) — 1455KB
• msbi-20231231_pre.xml (EX-101.PRE) — 1010KB
• msbi-20231231_htm.xml (XML) — 6017KB

Risk Factors

Item 1A. Risk Factors 16

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 27

Cybersecurity

Item 1C. Cybersecurity 27

Properties

Item 2. Properties 28

Legal Proceedings

Item 3. Legal Proceedings 29

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 29 PART II

Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

[Reserved]

Item 6. [Reserved] 31

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 54

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 55

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 113

Controls and Procedures

Item 9A. Controls and Procedures 113

Other Information

Item 9B. Other Information 113

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 113 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 114

Executive Compensation

Item 11. Executive Compensation 114

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 114

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 114

Principal Account ant Fees and Services

Item 14. Principal Account ant Fees and Services 115 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 116

Form 10-K Summary

Item 16. Form 10-K Summary 120

Signatures

Signatures 121 1 Table of Contents GLOSSARY OF ABBREVIATIONS AND ACRONYMS As used in this report, references to the "Company," "we," "our," "us," and similar terms refer to the consolidated entity consisting of Midland States Bancorp, Inc. and its wholly-owned subsidiaries. Midland States Bancorp refers solely to the parent holding company and Midland States Bank (the "Bank") refers to our wholly owned banking subsidiary. The acronyms and abbreviations identified below are used throughout this report, including the Notes to the Consolidated Financial Statements. You may find it helpful to refer to this page as you read this report. 2019 Incentive Plan The Amended and Restated Midland States Bancorp, Inc. 2019 Long-Term Incentive Plan ACL Allowance for credit losses on loans ASU Accounting Standards Update ATG Trust ATG Trust Company BaaS Banking-as-a-Service Basel III Rule Basel III regulatory capital reforms required by the Dodd-Frank Act BHCA Bank Holding Company Act of 1956, as amended CBLR Community Bank Leverage Ratio CFPB Consumer Financial Protection Bureau CISA Cybersecurity and Infrastructure Security Agency COVID Coronavirus Disease CRA Community Reinvestment Act CRA Proposal Joint Proposal to Strengthen and Modernize Community Reinvestment Act Regulations CRE Commercial Real Estate CRE Guidance Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices guidance DFPR Illinois Department of Financial and Professional Regulation DIF Deposit Insurance Fund EAD Exposure at default Exchange Act Securities Exchange Act of 1934 FASB Financial Accounting Standards Board FDIC Federal Deposit Insurance Corporation Federal Reserve Board of Governors of the Federal Reserve System FHA Federal Housing Administration FHLB Federal Home Loan Bank FinTech Financial Technology FNBC FNBC Bank & Trust FRB Federal Reserve Bank GAAP U.S. generally accepted accounting principles Ginnie Mae Government National Mortgage

– BUSINESS

ITEM 1 – BUSINESS Our Company Midland States Bancorp, Inc., an Illinois corporation formed in 1988, is a diversified financial holding company headquartered in Effingham, Illinois. Our banking subsidiary, Midland States Bank, an Illinois state-chartered bank formed in 1881, has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, business equipment financing, merchant credit card services, trust and investment management, and insurance and financial planning services. As of December 31, 2023, the Company had total assets of $7.87 billion, and our wealth management group had assets under administration of approximately $3.73 billion. Our strategic plan is focused on building a performance-based, customer-centric culture, creating revenue diversification, seeking accretive acquisitions, achieving operational excellence and maintaining a robust enterprise-wide risk management program. Over the past several years, we have grown organically and through a series of acquisitions, with an over-arching focus on enhancing shareholder value and building a platform for scalability. Most recently, in June 2022, the Company completed its branch acquisition from FNBC, whereby we acquired $79.8 million of deposits and $16.6 million of loans as well as other assets and liabilities associated with FNBC's branches in Mokena and Yorkville, Illinois. In June 2021, the Company completed its acquisition of substantially all of the trust assets of ATG Trust, a trust company based in Chicago, Illinois. Additional information on recent acquisitions is presented in Note 2 to the consolidated financial statements in Item 8 of this Form 10-K. Our Principal Businesses Traditional Community Banking. Our traditional community banking business primarily consists of commercial and retail lending and deposit taking. We deliver a comprehensive range of banking products and services to individuals, businesses, municipalities

View Full Filing

View this 10-K filing on SEC EDGAR