AI Analysis | Feedback

Here are 1-3 brief analogies for Midland States Bancorp (MSBI):

• A regional version of Bank of America.
• JPMorgan Chase for local communities and businesses.

AI Analysis | Feedback

• Deposit Accounts: Offers various checking, savings, money market, sweep accounts, and certificates of deposits.
• Commercial Loans: Provides term loans for capital equipment, lines of credit for working capital, and commercial real estate loans.
• Real Estate Loans: Offers commercial real estate, construction and land development, residential real estate, and home equity loans.
• Consumer Loans: Provides installment loans for personal purchases such as cars, boats, recreational vehicles, and home improvements.
• Commercial Equipment Leasing: Facilitates the leasing of commercial equipment for businesses.
• Wealth Management Services: Delivers financial and estate planning, investment management, trustee services, and corporate retirement plan consulting.

AI Analysis | Feedback

Midland States Bancorp (MSBI) serves a diverse customer base, providing banking products and services to a wide range of clients rather than having a few identifiable "major" corporate customers. Given the nature of its operations as a community bank with numerous branches and a broad offering of retail banking products, the company sells primarily to individuals, alongside businesses and other entities within its service areas. The primary categories of customers it serves are:

1. Individuals: This includes consumers seeking checking, savings, money market, and certificate of deposit accounts, as well as residential real estate loans, home equity lines of credit, and consumer installment loans (for cars, boats, home improvements, etc.). Individuals also utilize its wealth management services, including financial and estate planning, investment management, and retail brokerage.
2. Businesses: Midland States Bancorp provides various services to commercial clients, ranging from small businesses to larger enterprises. These services include term loans, lines of credit for working capital, commercial real estate loans (owner-occupied and non-owner-occupied properties), construction and land development loans, commercial equipment leasing, and corporate retirement plan consulting and administration.
3. Municipalities and Other Entities: The company serves local government entities and other organizations with deposit services and potentially other specialized banking needs, as mentioned in its description.

AI Analysis | Feedback

Fiserv, Inc. (FI)

AI Analysis | Feedback

Jeffrey G. Ludwig

President and Chief Executive Officer

Jeffrey G. Ludwig serves as President and Chief Executive Officer of Midland States Bancorp, Inc., and as Chief Executive Officer of Midland States Bank. He joined Midland in November 2006 as Chief Financial Officer. He was promoted to Executive Vice President in October 2010 and named President of the Company and Chief Executive Officer of the Bank in March 2018. On January 1, 2019, Mr. Ludwig was appointed as Chief Executive Officer of the Company. Prior to joining Midland, he held positions as Associate Director, Corporate Reporting, for Zimmer Holdings, Inc. (2005-2006) and Director of Corporate Accounting for Novellus Systems, Inc. (2002-2005). He also served as Senior Manager—Audit & Advisory Services for KPMG LLP (1993-2002). Mr. Ludwig is a CPA (inactive status) and is a member of the Federal Advisory Council of the Board of Governors of the Federal Reserve Board.

Claire Stack

Vice President, Chief Accounting Officer and Interim Chief Financial Officer

Claire Stack was appointed Vice President, Chief Accounting Officer and interim Chief Financial Officer of Midland States Bancorp, Inc. on March 5, 2026. She joined the company in November 2025 as Corporate Controller. Ms. Stack brings more than fifteen years of accounting and finance leadership experience from various financial services and public companies.

Jeffrey S. Mefford

Executive Vice President, President of the Bank

Jeffrey S. Mefford is an Executive Vice President of Midland States Bancorp, Inc. and President of Midland States Bank. He joined Midland in 2003 and was appointed President of the Bank in March 2018. He oversees all sales activities for commercial, retail, mortgage, wealth management, equipment finance, and treasury management. Mr. Mefford is scheduled to retire effective June 30, 2026.

Daniel E. Casey

Senior Vice President and Chief Risk Officer of the Bank

Daniel E. Casey serves as Senior Vice President and Chief Risk Officer of Midland States Bank.

Jeremy Andrew Jameson

Executive Vice President and Chief Credit Officer of Bank

Jeremy Andrew Jameson holds the position of Executive Vice President and Chief Credit Officer of Midland States Bank.

AI Analysis | Feedback

AI Analysis | Feedback

The clear emerging threat to Midland States Bancorp (MSBI) is the continued and accelerating rise of digital-first financial institutions, including challenger banks, fintech lenders, and robo-advisors. These entities leverage technology to offer banking, lending, and wealth management services with significantly lower overhead costs, often providing superior digital user experiences, greater convenience, and potentially more competitive pricing than traditional banks with extensive physical branch networks. This trend poses a direct threat to MSBI's deposit base, loan origination, and wealth management segments by attracting customers who prioritize digital convenience and cost-effectiveness over traditional in-person banking services.

AI Analysis | Feedback

Midland States Bancorp, Inc. operates in several key financial markets, primarily within Illinois and extending to the broader U.S. market for some services. Here are the addressable market sizes for its main products and services:

Banking Products (Loans and Deposits)

Commercial Real Estate Loans:

• In Illinois, the commercial real estate market generated approximately $42 billion in annual transaction volume. For 2025, the total commercial real estate transaction volume in Illinois was $2.6 billion.
• The broader U.S. commercial real estate (CRE) mortgage market, including income-producing properties and construction loans, was roughly $4.5 trillion as of March 2023. Total commercial real estate mortgage borrowing and lending in the U.S. was estimated at $498 billion in 2024.

Residential Real Estate Loans:

• The market size for Real Estate Loans & Collateralized Debt in Illinois is estimated at $21.3 billion in 2026, which likely includes residential properties.
• The U.S. home loan market size is estimated at $2.42 trillion in 2026. As of December 2025, total mortgage balances on consumer credit reports in the U.S. amounted to $13.17 trillion.

Consumer Installment Loans:

• Prior to a state law capping interest rates in March 2021, Illinois borrowers were taking out approximately $1 billion per year in small loans, including payday, installment payday, auto title, and car loans. In 2019, Illinois consumers paid $607.4 million in interest and fees on over 1 million such loans. As of 2022, the average balance on auto loans in Illinois was $21,433.
• The consumer lending market in the U.S. has a market size of $27 trillion and is growing. The global personal loans market, with North America holding a 40.10% share in 2025, was valued at $429.78 billion in 2025 and is projected to reach $481.18 billion in 2026. Auto loan balances in the U.S. totaled $1.66 trillion as of December 2025.

Deposits:

• As of June 30, 2023, total deposits in Illinois banks and thrifts were $667.06 billion. The Commercial Banking industry in Illinois, which includes accepting deposits, has a market size of $70.8 billion in 2026.
• Total deposits across all commercial banks in the United States were reported at $18,665.081 billion in January 2026 and $18,816 billion in March 2026.

Wealth Management Services

• The Portfolio Management & Investment Advice industry in Illinois is estimated to have a market size of $28.7 billion in 2026. Chicago's largest wealth management firms collectively oversee $763.8 billion in local assets.
• The global wealth management industry represents $62 trillion in assets under management (AUM) and is projected to grow to $85 trillion by 2028. North America held the largest share in the global wealth management market in 2020. The wealth management platform market in North America was valued at $1.26 billion in 2025 and $1.4 billion in 2026.

AI Analysis | Feedback

Midland States Bancorp (MSBI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

• Continued Growth in Wealth Management Services: The company has demonstrated consistent strength in its wealth management business, reporting record revenue in this segment in Q4 2025. Assets under management also saw a significant increase of almost 8% in 2025, and management anticipates this positive momentum to continue into 2026.
• Increased Commercial Loan Opportunities within Community Banking Regions: Midland States Bancorp is strategically focusing on expanding its commercial loan portfolio within its community banking markets. This focus comes after actions in late 2024 and early 2025 to reduce its non-core consumer loan portfolios, allowing for a greater emphasis on attractive lending opportunities in its core regions. The Community Bank segment showed approximately 6.5% annualized loan growth in Q4 2025, with expectations for continued solid momentum in 2026.
• Expansion of Net Interest Margin: The company has observed positive trends in its net interest margin, which expanded in Q4 2024 and was highlighted as strong in Q4 2025. An improved net interest margin is crucial for enhancing the profitability and revenue generated from Midland States Bancorp's interest-earning assets.
• Strategic Investments in Talent, Technology, and Marketing: Management has explicitly stated its commitment to making ongoing investments in talent, technology, and marketing. These investments are intended to strengthen the company's capabilities and further enhance its ability to generate profitable growth across its various business segments in the coming years.

AI Analysis | Feedback

Capital Allocation Decisions for Midland States Bancorp (MSBI)

Share Repurchases

• Midland States Bancorp authorized a new $25 million common stock repurchase program, effective November 3, 2025, and expiring November 2, 2026. This program succeeded a previous one that concluded on December 31, 2024.
• The company repurchased $9.6 million of its common stock during the fourth quarter of 2025, acquiring 457,222 shares at a weighted average price of $20.96.
• Following the repurchases in Q4 2025, approximately $15 million remained available under the authorized repurchase program.

Inbound Investments

• Patriot Financial Partners, a private equity firm, acquired a position in Midland States Bancorp, leading to the appointment of one of its partners to MSBI's Board of Directors in early 2026.

Outbound Investments

• Midland States Bancorp completed the sale of substantially all of its equipment finance portfolio to an affiliate of North Mill Equipment Finance LLC for $502 million in cash on November 28, 2025.
• As of October 31, 2025, the equipment finance portfolio amounted to approximately $599 million in loans and leases outstanding ($565 million net of allowance) plus $21 million of operating leases.
• The company sold its LendingPoint portfolio, valued at $87.1 million, during the fourth quarter of 2024.
• In the second quarter of 2025, Midland States Bancorp sold participation interests totaling $317.5 million from its GreenSky consumer loan portfolio, while retaining the remaining $53.6 million.