Core profitability remains constrained by a stagnant net interest margin of 0.9% and volatile efficiency ratios that reached 174.7% in 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Net Interest Income | 235.93M | 236.8M | 221.96M | 248.82M | 256.69M | 207.68M | 199.14M | 189.81M | 180.09M | 129.66M | 105.25M | 104.91M | 64.6M | 65.92M | 0 | 0 | 58.2M | 28.82M |
| NII Growth % | -15.09% | 6.69% | -10.8% | -3.07% | 23.6% | 4.29% | 4.91% | 5.4% | 38.89% | 23.19% | 0.33% | 62.4% | -2.01% | - | - | -100% | 101.91% | - |
| Net Interest Margin % | 3.6% | 3.64% | 2.96% | 3.16% | 3.27% | 2.79% | 2.9% | 3.12% | 3.19% | 2.94% | 3.25% | 3.64% | 2.41% | 3.79% | 0% | 0% | 3.56% | 2.59% |
| Interest Income | 374.53M | 387.87M | 411.74M | 417.1M | 312.71M | 237.82M | 244.89M | 249.52M | 223.37M | 153.11M | 121.25M | 117.8M | 73.14M | 74.99M | 0 | 0 | 83.32M | 49.4M |
| Interest Expense | 138.6M | 151.06M | 189.78M | 168.28M | 56.02M | 30.14M | 45.75M | 59.7M | 43.28M | 0 | 0 | 0 | 8.54M | 9.07M | 0 | 0 | 25.12M | 20.58M |
| Loan Loss Provision | 42.38M | 48.22M | 120.33M | 82.56M | 76.76M | 3.39M | 44.36M | 16.98M | 9.43M | 33.01M | 21.59M | 24.02M | 92K | 173K | 0 | 0 | 13.58M | 20.73M |
| Non-Interest Income | 74.54M | 79.72M | 134.31M | 91.4M | 123.79M | 75.42M | 71.08M | 77.42M | 71.34M | 57.41M | 70.1M | 56.52M | 16.01M | 17.36M | 74.92M | 94.31M | 19.13M | 43.13M |
| Non-Interest Income % | 16.6% | 17.05% | 24.6% | 17.97% | 28.36% | 24.08% | 22.5% | 23.68% | 24.21% | 27.27% | 36.63% | 32.42% | 17.96% | 18.8% | 100% | 100% | 18.67% | 46.61% |
| Total Revenue | 449.08M | 467.59M | 546.05M | 508.5M | 436.51M | 313.23M | 315.97M | 326.94M | 294.71M | 210.52M | 191.35M | 174.32M | 89.15M | 92.35M | 74.92M | 94.31M | 102.45M | 92.53M |
| Revenue Growth % | -75.45% | -14.37% | 7.39% | 16.49% | 39.36% | -0.87% | -3.36% | 10.94% | 39.99% | 10.02% | 9.77% | 95.52% | -3.46% | 23.26% | -20.57% | -7.94% | 10.72% | - |
| Non-Interest Expense | 221.05M | 371.55M | 189.04M | 169.7M | 172.34M | 180.59M | 193.84M | 177.78M | 191.19M | 151.04M | 119.33M | 114.89M | 65.05M | 62.58M | 56.42M | 0 | 47.1M | 23.61M |
| Efficiency Ratio | 49.22% | 79.46% | 34.62% | 33.37% | 39.48% | 57.65% | 61.35% | 54.38% | 64.88% | 71.75% | 62.36% | 65.91% | 72.97% | 67.76% | 75.31% | 0% | 45.97% | 25.52% |
| Operating Income | 47.05M | -103.24M | 46.9M | 87.96M | 131.39M | 99.11M | 32.01M | 72.47M | 50.8M | 26.47M | 50.42M | 35.5M | 15.47M | 20.53M | 24.4M | 22.91M | 16.65M | 27.61M |
| Operating Margin % | 10.48% | -22.08% | 8.59% | 17.3% | 30.1% | 31.64% | 10.13% | 22.17% | 17.24% | 12.57% | 26.35% | 20.36% | 17.35% | 22.23% | 32.56% | 24.3% | 16.25% | 29.84% |
| Operating Income Growth % | - | -320.13% | -46.68% | -33.05% | 32.56% | 209.59% | -55.83% | 42.65% | 91.93% | -47.5% | 42.04% | 129.51% | -24.65% | -15.86% | 6.47% | 37.65% | -39.7% | - |
| Pretax Income | 47.05M | -114.87M | 46.9M | 87.96M | 131.39M | 99.11M | 32.01M | 72.47M | 50.8M | 26.47M | 50.42M | 35.5M | 15.47M | 20.53M | 18.5M | 15.35M | 16.65M | 27.61M |
| Pretax Margin % | 10.48% | -24.57% | 8.59% | 17.3% | 30.1% | 31.64% | 10.13% | 22.17% | 17.24% | 12.57% | 26.35% | 20.36% | 17.35% | 22.23% | 24.69% | 16.27% | 16.25% | 29.84% |
| Income Tax | 11.89M | 9.41M | 8.86M | 26.81M | 31.15M | 17.8M | 9.48M | 16.69M | 11.38M | 10.41M | 18.89M | 11.09M | 4.65M | 6.02M | 4.84M | 3.97M | 4.58M | 9.27M |
| Effective Tax Rate % | 25.27% | -8.19% | 18.88% | 30.48% | 23.71% | 17.95% | 29.6% | 23.03% | 22.41% | 39.34% | 37.46% | 31.24% | 30.07% | 29.34% | 26.17% | 25.89% | 27.49% | 33.58% |
| Net Income | 35.16M | -124.28M | 38.04M | 61.16M | 100.24M | 81.32M | 22.54M | 55.78M | 39.42M | 16.06M | 31.54M | 24.32M | 10.82M | 14.51M | 8.45M | 11.37M | 12.07M | 18.34M |
| Net Margin % | 7.83% | -26.58% | 6.97% | 12.03% | 22.96% | 25.96% | 7.13% | 17.06% | 13.38% | 7.63% | 16.48% | 13.95% | 12.13% | 15.71% | 11.27% | 12.06% | 11.78% | 19.82% |
| Net Income Growth % | 136.66% | -426.68% | -37.79% | -38.99% | 23.27% | 260.82% | -59.6% | 41.51% | 145.52% | -49.1% | 29.67% | 124.89% | -25.43% | 71.74% | -25.74% | -5.77% | -34.18% | - |
| Net Income (Continuing) | 35.16M | -124.28M | 38.04M | 61.16M | 100.24M | 81.32M | 22.54M | 55.78M | 39.42M | 16.06M | 31.54M | 24.32M | 10.82M | 14.51M | 13.66M | 11.37M | 12.07M | 18.34M |
| EPS (Diluted) | 1.65 | -6.14 | 1.32 | 2.33 | 4.23 | 3.57 | 0.95 | 2.26 | 1.66 | 0.87 | 2.17 | 1.63 | 0.21 | 0.66 | 1.22 | 0.47 | 0.57 | 1.08 |
| EPS Growth % | -45.5% | -565.15% | -43.35% | -44.92% | 18.49% | 275.79% | -57.96% | 36.14% | 90.8% | -59.91% | 33.13% | 676.19% | -68.18% | -45.9% | 159.57% | -17.54% | -47.22% | - |
| EPS (Basic) | - | -6.14 | 1.32 | 2.33 | 4.24 | 3.58 | 0.95 | 2.28 | 1.69 | 0.89 | 2.22 | 1.63 | 0.21 | 0.66 | 0.79 | 0.47 | 0.57 | 1.08 |
| Diluted Shares Outstanding | 21.3M | 21.85M | 21.74M | 22.12M | 22.4M | 22.55M | 23.35M | 24.49M | 23.55M | 18.28M | 14.43M | 14.85M | 14.85M | 14.85M | 6.9M | 15.39M | 14.85M | 14.85M |
Credit quality and provisioning
According to the latest quarterly data, MSBI's net interest income has remained largely range-bound between $57M and $61M, with the most recent figure of $57.4M representing a 1.5% decline, suggesting that the bank is struggling to expand its core interest-earning asset base in the current environment.
The lack of meaningful NII growth indicates that the bank's loan production is likely being offset by competitive pricing pressures or a strategic reduction in riskier asset classes. Investors should monitor whether the bank can successfully reprice its loan portfolio to outpace the rising cost of deposits, which appears to be a persistent headwind.
As reported in financial statements, MSBI's net interest margin has hovered at a thin 0.9% in recent periods, reflecting a structural inability to widen spreads despite the broader interest rate environment, which warrants concern regarding the bank's long-term ability to generate sustainable core banking profitability.
The compressed NIM suggests that the bank's funding costs are closely tracking asset yields, leaving little room for margin expansion. This narrow spread environment makes the bank highly sensitive to any further increases in deposit betas or potential credit-related interest reversals.
Based on the provided quarterly filings, MSBI's efficiency ratio has experienced extreme fluctuations, spiking to 174.7% in 2025Q1 and settling at 46.6% in 2026Q1, which highlights significant operational instability and the potential impact of non-recurring expenses on the bank's ability to manage its cost structure effectively.
The erratic nature of the efficiency ratio suggests that the bank is grappling with either lumpy non-interest expenses or significant revenue volatility that distorts standard operating leverage metrics. A sustained improvement in this ratio is necessary to demonstrate that the bank's physical and digital infrastructure is being managed with appropriate cost discipline.
Data from recent income statements reveals that MSBI recorded a substantial $84.5M provision for loan losses in 2024Q4, a figure that significantly outpaced typical quarterly levels and suggests that the bank is actively addressing underlying credit deterioration within its specialized leasing and commercial loan portfolios.
The high variability in provision expense indicates that the bank's credit quality is subject to significant shocks, likely stemming from its niche equipment leasing segment. Analysts should investigate whether these provisions represent a proactive cleanup of legacy issues or a signal of broader systemic weakness in the bank's core lending verticals.
Quick answers to the most common questions about buying MSBI stock.
Midland States Bancorp, Inc. (MSBI) reported a net loss of $124.3M for the fiscal year ending 2025.
Midland States Bancorp, Inc. (MSBI) reported an operating income of $-103.2M, resulting in an operating profit margin of -22.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Midland States Bancorp, Inc. (MSBI) generated $268.3M in gross profit for the year, representing a gross profit margin of 57.4%. This demonstrates the company's core pricing power and production efficiency.