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.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.