Midland States Bancrop (MSBI) AI Stock Analysis

• Market Cap: $348.36M
• Dividend Yield: 7.73%
• Average Volume (3M): 139.99K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.84
• Revenue Growth: 12.76%
• EPS Growth: -401.62%
• Country: US
• Employees: 907
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 0.24
• Shares Outstanding: 21,543,554
• 10 Day Avg. Volume: 153,914
• 30 Day Avg. Volume: 139,988
• PEG Ratio: -0.32
• Price to Book (P/B): 0.74
• Price to Sales (P/S): 0.97
• P/FCF Ratio: 3.12
• Enterprise Value/Market Cap: 2.31
• Enterprise Value/Revenue: 3.01
• Enterprise Value/Gross Profit: 3.20
• Enterprise Value/Ebitda: -8.94
• 1Y Price Target: $18.67
• Price Target Upside: 16.61% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: $16.50 ▲(3.06% Upside)

The overall stock score is primarily influenced by stable financial performance, particularly in cash flow generation and leverage management. However, the negative P/E ratio and bearish technical indicators weigh heavily on the score. The high dividend yield is a positive aspect but is overshadowed by the company's operational challenges and weak market momentum.

Midland States Bancrop Business Overview & Revenue Model

Company Description

Midland States Bancorp, Inc. operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates through Banking, Wealth Management, and Other segments. The company accepts various deposits, such as checking, savings, money market, and sweep accounts, as well as certificates of deposits. It also offers term loans to purchase capital equipment; lines of credit for working capital and operational purposes; commercial real estate loans for owner occupied and non-owner occupied commercial property, as well as farmland loans; construction and land development loans developers of commercial real estate investment properties, residential developments, individual clients for construction of single family homes, as well as to construct owner-user properties; and residential real estate loans and home equity lines of credit.. In addition, the company provides consumer installment loans for the purchase of cars, boats, and other recreational vehicles, as well as for the purchase of major appliances and other home improvement projects; commercial equipment leasing; and trust and wealth management products and services, including financial and estate planning, trustee and custodial services, investment management, tax and insurance planning, business planning, corporate retirement plan consulting and administration, and retail brokerage services. As of December 31, 2021, it operated 52 full-service banking offices. The company was founded in 1881 and is headquartered in Effingham, Illinois.

How the Company Makes Money

Midland States Bancorp generates revenue through several key streams. The primary source of income is net interest income, which is earned from the difference between interest earned on loans and interest paid on deposits. The company offers a variety of loans, including commercial and residential mortgages, personal loans, and lines of credit. Additionally, MSBI earns non-interest income from fees related to banking services, wealth management, and mortgage origination. Significant partnerships with local businesses and municipalities also contribute to its revenue, as they drive deposits and loan demand. By maintaining a diversified portfolio and focusing on customer relationships, Midland States Bancorp effectively enhances its earnings potential.

Midland States Bancrop Financial Statement Overview

Summary

Midland States Bancorp demonstrates a stable financial position with strengths in cash flow generation and manageable leverage. However, challenges exist in revenue growth and operational efficiency, as indicated by the negative EBIT margin. The company should focus on improving revenue growth and operational margins to enhance overall financial performance.

Income Statement

The income statement shows a mixed performance. The TTM data indicates a decline in revenue growth rate by 11.14%, which is concerning. However, the gross profit margin remains healthy at 57.05%, and the net profit margin is at 10.12%. The EBIT margin is negative, which suggests operational challenges. Overall, while profitability metrics are decent, the declining revenue growth and negative EBIT margin are key concerns.

Balance Sheet

The balance sheet reflects moderate financial stability. The debt-to-equity ratio is 0.86, indicating a manageable level of leverage. Return on equity is relatively low at 6.62%, suggesting limited efficiency in generating returns from equity. The equity ratio is not directly provided, but the overall leverage appears controlled. The balance sheet is stable, but there is room for improvement in return metrics.

Cash Flow

Cash flow analysis shows positive trends. The free cash flow growth rate is 8.06%, indicating improved cash generation. The operating cash flow to net income ratio is strong at 21.30, suggesting robust cash flow relative to net income. The free cash flow to net income ratio is also healthy at 0.97. Overall, the cash flow position is strong, with good cash generation and coverage ratios.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	268.07M	546.05M	508.50M	378.32M	313.23M	315.97M
Gross Profit	251.40M	235.94M	277.27M	302.18M	279.70M	225.86M
EBITDA	-90.16M	46.90M	100.68M	145.76M	115.46M	44.86M
Net Income	44.23M	38.04M	60.51M	99.03M	81.32M	22.54M
Balance Sheet
Total Assets	7.11B	7.53B	7.87B	7.86B	7.44B	6.87B
Cash, Cash Equivalents and Short-Term Investments	1.53B	1.32B	1.05B	921.58M	1.58B	1.01B
Total Debt	493.04M	423.25M	604.41M	644.39M	536.61M	1.03B
Total Liabilities	6.53B	6.79B	7.08B	7.10B	6.78B	6.25B
Stockholders Equity	573.71M	710.85M	791.85M	758.57M	663.84M	621.39M
Cash Flow
Free Cash Flow	179.50M	169.65M	145.91M	243.59M	331.72M	496.56M
Operating Cash Flow	184.32M	176.55M	154.64M	247.06M	334.44M	499.15M
Investing Cash Flow	341.75M	136.71M	-76.08M	-1.10B	-478.50M	-1.31B
Financing Cash Flow	-474.13M	-333.55M	-104.13M	332.08M	482.79M	760.42M

Midland States Bancrop Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 16.01
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSBI, the sentiment is Negative. The current price of 16.01 is below the 20-day moving average (MA) of 16.15, below the 50-day MA of 17.01, and below the 200-day MA of 17.26, indicating a bearish trend. The MACD of -0.28 indicates Negative momentum. The RSI at 46.16 is Neutral, neither overbought nor oversold. The STOCH value of 63.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MSBI.

Midland States Bancrop Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BWFG	71 Outperform	$341.25M	12.01	10.04%	1.82%	2.52%	85.94%
BMRC	70 Neutral	$420.06M	42.24	2.24%	3.79%	23.93%	―
SFST	69 Neutral	$363.76M	13.77	7.65%	―	4.74%	86.27%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CIVB	63 Neutral	$422.37M	8.17	9.73%	3.11%	3.49%	33.86%
MSBI	55 Neutral	$348.36M	-2.68	-17.50%	7.73%	12.76%	-401.62%
BRBS	49 Neutral	$429.31M	105.43	1.29%	―	-15.07%	―

Midland States Bancrop Corporate Events

Midland States Bancorp Declares Quarterly Cash Dividend

On November 3, 2025, Midland States Bancorp, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.32 per share for common stock, payable on November 21, 2025, and a cash dividend of $0.4844 per depositary share for its preferred stock, payable on December 30, 2025. Additionally, the Board approved a stock repurchase program authorizing the company to buy back up to $25 million of its common stock, effective immediately and expiring on November 2, 2026. This move is expected to impact the company’s financial strategy and shareholder value positively.

The most recent analyst rating on (MSBI) stock is a Hold with a $17.00 price target. To see the full list of analyst forecasts on Midland States Bancrop stock, see the MSBI Stock Forecast page.

Midland States Bancorp Reports Q3 2025 Financial Results

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, providing a comprehensive range of commercial and consumer banking services, wealth management, and business equipment financing.

Midland States Bancorp Reports Q3 2025 Income Decline

Midland States Bancorp, Inc. reported a decline in net income for the third quarter of 2025, with earnings dropping to $5.3 million from $9.8 million in the previous quarter. The company has ceased equipment finance production and tightened underwriting standards to address credit quality issues, leading to a decrease in nonperforming assets. Despite the financial challenges, Midland States Bancorp saw positive revenue trends, particularly in its wealth management platform, and improved its capital position by redeeming subordinated notes.

The most recent analyst rating on (MSBI) stock is a Hold with a $16.50 price target. To see the full list of analyst forecasts on Midland States Bancrop stock, see the MSBI Stock Forecast page.

Midland States Bancorp to Redeem Subordinated Notes

On August 27, 2025, Midland States Bancorp, Inc. announced its decision to redeem all outstanding Fixed-to-Floating Rate Subordinated Notes, due September 30, 2029, with a principal amount of $50,750,000. The redemption, scheduled for September 30, 2025, will be executed at 100% of the principal amount plus accrued interest, impacting the company’s financial obligations and potentially influencing investor perceptions.

The most recent analyst rating on (MSBI) stock is a Hold with a $19.50 price target. To see the full list of analyst forecasts on Midland States Bancrop stock, see the MSBI Stock Forecast page.

Midland States Bancorp Receives Nasdaq Deficiency Notification

Midland States Bancorp, Inc. announced on August 22, 2025, that it received a deficiency notification from Nasdaq due to the delayed filing of its Quarterly Report on Form 10-Q for the period ending June 30, 2025. This delay is attributed to previous delays in filing its annual and quarterly reports due to restatements of financial statements. The notice does not immediately affect the company’s stock listing, and Midland States Bancorp has until October 18, 2025, to submit a compliance plan to Nasdaq, with a potential extension until February 26, 2026. The company intends to regain compliance as soon as practicable.

The most recent analyst rating on (MSBI) stock is a Hold with a $19.00 price target. To see the full list of analyst forecasts on Midland States Bancrop stock, see the MSBI Stock Forecast page.

Midland States Bancorp Delays Quarterly Report Filing

Midland States Bancorp, Inc. has announced a delay in filing its Form 10-Q (Quarter Report) for the financial period ending June 30, 2025. The delay is primarily due to the company’s previous restatement of financial statements for the years 2023 and 2022, which affected subsequent quarterly reports. This restatement has caused a cascade of delays, including the late filing of the 2024 Annual Report on Form 10-K (Yearly Report) and the first quarter Form 10-Q (Quarter Report) for 2025. The company anticipates filing the delayed report as soon as practicable, although it will not meet the five-calendar day extension period. Importantly, Midland States Bancorp does not expect any significant changes in financial results from the previous fiscal year to be reflected in the delayed report. The company remains committed to compliance and is working diligently to resolve these issues. The notification was signed by Eric T. Lemke, the Chief Financial Officer, on August 12, 2025.

The most recent analyst rating on (MSBI) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Midland States Bancrop stock, see the MSBI Stock Forecast page.

Midland States Bancorp Holds Annual Shareholder Meeting

On August 4, 2025, Midland States Bancorp, Inc. held its annual meeting of shareholders where several proposals were voted on. The election of directors saw R. Dean Bingham, Jerry L. McDaniel, and Jeffrey M. McDonnell nominated for Class III director positions. The shareholders also voted on executive compensation and the frequency of future say-on-pay proposals, with the majority supporting a one-year frequency for these votes.

The most recent analyst rating on (MSBI) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Midland States Bancrop stock, see the MSBI Stock Forecast page.

Midland States Bancorp Increases Quarterly Cash Dividend

On August 5, 2025, Midland States Bancorp, Inc. announced an increase in its quarterly cash dividend to $0.32 per share of common stock, marking a 3.2% rise from the previous dividend. This increase represents the 25th consecutive year of dividend growth, reflecting the company’s strong capital ratios, improved earnings, and asset quality. Additionally, the Board declared a cash dividend of $0.4844 per depository share on its 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, payable on September 30, 2025. The dividend announcements underscore Midland’s commitment to returning capital to shareholders while maintaining sufficient capital for growth.

The most recent analyst rating on (MSBI) stock is a Hold with a $21.00 price target. To see the full list of analyst forecasts on Midland States Bancrop stock, see the MSBI Stock Forecast page.