Summary of QQ1 2025 performance for Midland States Bancorp Inc (MSBIP). The quarter shows a material topline decline with revenue of approximately $17.76 million, reflecting a YoY drop of about 85.5% and a QoQ drop of about 68.3%. Notwithstanding the revenue compression, the company reported net income of roughly $14.80 million and an EPS of $0.57, driven by a combination of factors that warrant closer inspection given the unusual balance sheet presentation and sizable interest expense. The top line contraction coincides with a contested margin structure in the data, where gross profit is reported at the same magnitude as revenue (gross margin effectively 100% per the dataset), which signals potential data quality or reporting idiosyncrasies rather than a conventional banking income profile. The balance sheet displays robust liquidity with cash and short-term investments around $1.47 billion and total assets near $7.46 billion, but features an unusually large non-current liability stack (approx. $6.67 billion) that markedly influences leverage and capital dynamics. The market trading indicators imply a valuation at a discount relative to peers (P/E ≈ 7.5x, P/B ≈ 0.78x; dividend yield ≈ 2.03%), suggesting potential value if fundamental clarity and consistency improve. Investors should monitor net interest income, credit quality indicators, cost structure, and the composition of non-current liabilities to assess the durability of earnings going forward.