Midland States Bancorp Inc. has released its 2024 Annual Report, highlighting a challenging year marked by credit issues and technical accounting matters. In the fourth quarter, the company addressed credit quality issues by focusing on exiting non-core consumer loan portfolios, which impacted three primary business lines: non-core consumer loans, the Specialty Finance Group, and Midland Equipment Finance. The company also identified accounting matters related to certain loan portfolios, leading to a restatement of financial statements and a delay in the 10-K filing. The full report can be accessed through the link below.
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