Midland States Bancorp, Inc. (NASDAQ: MSBI)

Midland States Bancorp, Inc. is a diversified financial holding company headquartered in Effingham, Illinois. The company operates primarily through its banking subsidiary, Midland States Bank, which provides a full range of commercial and consumer banking products and services. Midland States Bancorp, Inc. also offers trust and investment management, insurance, financial planning, and merchant credit card services. As of December 31, 2025, the company reported total assets of $6.51 billion and its wealth management group administered approximately $4.48 billion in assets under administration.

The company generates revenue through interest income from loans and investments, service fees from banking and wealth management activities, and income from merchant credit card processing. Core lending products include commercial loans, commercial real estate loans, construction and land development loans, residential real estate loans, and consumer installment loans. Deposit products such as checking, savings, money market accounts, and certificates of deposit also contribute to revenue through service fees and spread income. The wealth management segment earns fees from trust and estate planning, investment management, retirement plan consulting, and retail brokerage services.

The company operates through the following segments: Community Banking and Wealth Management.

• Community Banking: This segment delivers traditional banking services including commercial lending, retail lending, deposit taking, and payment processing. The segment provides commercial loans for working capital and equipment financing, commercial real estate loans for owner-occupied and non-owner-occupied properties, and construction loans for development projects. Residential mortgage products include first and second mortgages and home equity lines of credit. Consumer installment loans are offered for automobiles, recreational vehicles, and home improvements. Deposit services include checking, savings, money market accounts, certificates of deposit, and sweep accounts for business and municipal customers.

• Wealth Management: This segment operates under the name Midland Wealth Management and provides trust and wealth management products and services. Services include financial and estate planning, trustee and custodial functions, investment management, tax and insurance planning, business planning, and corporate retirement plan consulting. The segment also offers retail brokerage services through a nationally recognized third-party broker-dealer. Midland Wealth Management had approximately $4.48 billion in assets under administration as of December 31, 2025.

Midland States Bancorp, Inc. competes in the highly competitive commercial and retail banking, residential mortgage, and wealth management industries. The company faces competition from other community banks, thrifts, credit unions, large national banks, consumer finance companies, private credit funds, brokerage firms, mortgage banking companies, insurance providers, securities firms, mutual funds, and FinTech platforms. The company differentiates itself through its high-tech, high-touch customer experience model, deep community relationships, and integrated financial services offerings. Its strong regional franchise in Illinois and the St. Louis metropolitan area supports consistent performance and customer retention.

The company serves individuals, small and midsized businesses, municipalities, and other entities within its market areas in Illinois and the St. Louis metropolitan area. Specific customer segments include farmers, agricultural producers, developers, retail businesses, hospitality operators, manufacturing firms, and healthcare providers such as skilled nursing and assisted living facilities. The wealth management group serves individual investors, families, businesses, and institutions seeking trust, investment, and retirement planning services.