Midland States Bancorp, Inc. (MSBI): auditor change — Midland States Bancorp restates 2022-2024 financials; sells $330M GreenSky portfolio

Midland States Bancorp, Inc.

Audit committee concludes financials for 2022-2024 and 2024 interim periods should no longer be relied upon due to accounting errors in third-party loan origination programs.
Errors involve accounting for credit enhancement payments; payments will now be recorded gross with a credit indemnification derivative; net income affected by timing differences.
Material weaknesses in internal control over financial reporting identified for the affected periods; remediation plan to be detailed in 2024 Annual Report.
In April 2025, closed sale of participation interests in ~$330M (89%) of GreenSky consumer loan portfolio; retains remaining portion with new servicing arrangement.
Plans abbreviated Q1 2025 earnings release on or about April 30; 2025 annual meeting scheduled after filing 2024 Annual Report.

item 4.02 item 7.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.98

Midland States Bancorp, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Crowe LLP

Exact text from the filing

ompany’s independent registered public accounting firm, Crowe LLP, concluded that the Company’s audited consolidated financial statements as of December 31, 2023 and 2022 and for each year in the three year period ended December 31, 2023, and its unaudited consolidated financial statements as of and for the interim periods ended March 31, 2024 and 2023, June 30, 2024 and 2023 and September 30, 2024 and 2023 (collectively, the “ Affected Periods ”) should no longer be relied upon because of errors identified in such financial statements, as described below. Similarly, any financial information in the Company’s prior earnings releases, press releases, shareholder communications, investor presentations or other communications that relates to the Affected Periods or the year ended December 31, 2024 should no longer be relied upon. The Company plans to restate the financial statements as of D

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Source: SEC EDGAR

accession 0001104659-25-039515

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