Midland States Bancorp, Inc. reported a net income of $18.5 million for the first quarter of 2026, translating to earnings of $0.74 per diluted share. This marks a significant recovery from a net loss of $141.0 million, or a loss of $6.58 per diluted share, in the same period last year. The improvement in profitability is attributed to a $152.6 million reduction in noninterest expenses, which included a substantial goodwill impairment charge in the prior year, alongside a decrease in the provision for credit losses and an increase in noninterest income.
Total assets for Midland States Bancorp increased to $6.55 billion as of March 31, 2026, up from $6.51 billion at the end of 2025. The company’s loan portfolio saw a slight decline, with total loans decreasing by $13.4 million to $4.34 billion. The commercial loan segment, which includes loans to small and medium-sized businesses, accounted for 28% of the total loan portfolio, while commercial real estate loans represented 53.5%. The allowance for credit losses on loans was reported at $67.9 million, or 1.56% of total loans, reflecting a slight decrease from the previous quarter.
In terms of strategic developments, Midland States Bancorp has ceased originating new equipment finance loans and leases as of September 30, 2025, following the sale of its equipment finance portfolio. This decision is part of a broader strategy to enhance credit quality and focus on core banking operations. The company has also implemented changes to its third-party lending and servicing arrangements, which are expected to improve its credit enhancement income.
Operationally, the bank reported a total deposit increase of $15.7 million, reaching $5.44 billion, driven by growth in retail deposits. The bank's noninterest income rose to $22.1 million, up from $17.8 million in the prior year, bolstered by increased wealth management revenue and service charges on deposit accounts. The company’s employee headcount remained stable, with no significant changes reported in staffing levels.
Looking ahead, Midland States Bancorp anticipates continued focus on improving its credit quality and managing its loan portfolio effectively. The company remains committed to enhancing its operational efficiency and profitability while navigating the challenges posed by market conditions and regulatory requirements. The management's outlook reflects a cautious optimism, supported by a solid capital position and a strategic focus on core banking activities.
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a diversified financial holding company based in Illinois, operating Midland States Bank. It provides community banking services including commercial and consumer loans, real estate financing, deposit products, and wealth management. Serving regional markets in Illinois and Missouri, it emphasizes relationship-driven growth, risk management, and competitive banking solutions within a highly regulated industry.
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