Midland States 10-Q: Q3 EPS of $0.95 Confirmed, Credit Cleanup Continues, CEO Severance Raised
MSBI has more than doubled off its 52-week low of $14.24.
Summary
Midland States' 10-Q confirms the already-reported $0.95 Q3 EPS and shows nonperforming loans down to 1.37% of the portfolio with the provision falling to $3.7 million. It also discloses new, richer severance terms for the CEO and three other executives.
Key Events · Earnings and Guidance · MSBI
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Q3 EPS of $0.95 Confirmed
Net income available to common shareholders was $20.6 million, or $0.95 per diluted share, versus $5.3 million, or $0.24, a year earlier.
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Credit Quality Keeps Improving
Nonperforming loans fell to $58.7 million, or 1.37% of total loans, from $65.5 million (1.50%) at December 31, 2025; the quarterly provision dropped to $3.7 million from $20.0 million.
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Margin Widens, Deposits Grow
Tax-equivalent net interest margin rose 24 basis points year over year to 4.03%, and total deposits increased $193.1 million to $5.62 billion.
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Securities Losses Cut Equity
Accumulated other comprehensive loss widened to $122.2 million from $60.3 million, driving a $34.1 million decline in shareholders' equity to $531.4 million.
Analysis · MSBI · Finance
The headline numbers were already out on October 22, but the full 10-Q fills in the credit picture: nonperforming loans fell to $58.7 million (1.37% of loans) from $65.5 million at year-end, and the provision for credit losses dropped to $3.7 million from $20.0 million a year ago. Net interest margin widened 24 basis points to 4.03%, and deposits grew $193.1 million to $5.62 billion. The offset is a $61.9 million swing in accumulated other comprehensive losses that cut shareholders' equity to $531.4 million, a reminder that the securities book is still underwater on rates. Separately, the filing discloses new severance terms effective today: CEO Jeffrey Ludwig's non-change-of-control severance rises to 200% of base compensation, and change-of-control agreements for three other executives were amended — a governance item worth noting alongside the operating improvement.
How filings like this one have moved
In the 30 days to Nov 1, 2026, 32.4% of the 1981 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, MSBI was trading at $33.83 on NASDAQ in the Finance sector, with a market capitalization of approximately $702M. The 52-week trading range was $14.24 to $35.10. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.