Midland States Bancorp, Inc.
- Open
- 31.36
- Day high
- 31.36
- Day low
- 30.78
- Prev close
- 31.12
- Volume
- 135K
- Mkt cap
- $640M
- P/E (TTM)
- 25.5
- EPS (TTM)
- $1.21
- P/B
- 1.1
- P/S
- 1.4
- Yield
- 4.15%
- Per share
- $1.28
- ▲Insiders net buying $249K over the last 3 months (1 open-market buy, 0 sales)
- 🏛Institutions accumulating (13F)
Midland States Bancorp, Inc. (MSBI) is a Financial Services company listed on NASDAQ. The stock is up 66% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 0 sales (SEC Form 4).
Midland States Bancorp, Inc. (MSBI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MSBI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.60 | $0.79 | +31.7% | $81M | +7.3% |
| Jan 22, 2026 | $0.70 | $0.53 | -24.3% | $74M | -2.3% |
| Oct 30, 2025 | $0.61 | $0.24 | -60.7% | $78M | -1.3% |
| Sep 8, 2025 | — | $0.55 | — | $118M | — |
| Jun 25, 2025 | $0.63 | $-0.05 | -107.8% | $137M | +80.3% |
| Oct 24, 2024 | $0.64 | $0.74 | +15.6% | $72M | -1.0% |
| Jul 25, 2024 | $0.72 | $0.20 | -72.2% | $71M | -4.5% |
| Apr 25, 2024 | $0.73 | $0.53 | -27.4% | $76M | +1.3% |
| Jan 25, 2024 | $0.79 | $0.89 | +12.7% | $71M | -6.1% |
| Oct 26, 2023 | $0.77 | $0.78 | +1.3% | $69M | -8.3% |
| Jul 27, 2023 | $0.80 | $0.87 | +8.7% | $76M | -0.7% |
| Apr 27, 2023 | $0.82 | $0.88 | +7.3% | $75M | -2.8% |
MSBI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Jameson Jeremy Andrewofficer: EVP - Chief Credit Officer | Grant | 1 | $20.56 |
| Jul 2, 2026 | Casey Daniel Edwardofficer: CROF | Grant | 421 | $20.56 |
| Jul 1, 2026 | Smith Jeffrey C.director | Grant | 1,445 | — |
| Jul 1, 2026 | Schultz Robert F.director | Grant | 1,414 | — |
| Jul 1, 2026 | Bingham Richard Deandirector | Grant | 1,445 | — |
| Jul 1, 2026 | McDonnell Jeffrey Mdirector | Grant | 1,445 | $31.14 |
| Jul 1, 2026 | McDaniel Jerry L.director | Grant | 1,445 | $31.14 |
| Jul 1, 2026 | Carlson Gerald Josephdirector | Grant | 1,927 | — |
| Jul 1, 2026 | McDonnell Jeffrey Mdirector | Grant | 340 | — |
| Jul 1, 2026 | Franklin Travisdirector | Grant | 119 | $22.65 |
| Jul 1, 2026 | Ramos Richard Tdirector | Grant | 1,445 | $31.14 |
| Jul 1, 2026 | DiMotta Jenniferdirector | Grant | 1,445 | $31.14 |
| Jul 1, 2026 | Smith Jeffrey C.director | Grant | 219 | — |
| Jul 1, 2026 | DiMotta Jenniferdirector | Grant | 199 | — |
| Jul 1, 2026 | Bingham Richard Deandirector | Grant | 393 | — |
Source: MSBI SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full MSBI insider & 13F page →Midland States Bancorp, Inc. company profile
Overview
Midland States Bancorp, Inc. (NASDAQ:MSBI) is a financial holding company founded in 1881 and headquartered in Effingham, Illinois. The company operates as the parent organization of Midland States Bank, which provides comprehensive banking and financial services across the Midwest region. Since going public in May 2016, Midland States has grown to operate 52 full-service banking offices while expanding its footprint through strategic acquisitions and organic growth initiatives. The company has evolved from a traditional community bank into a diversified financial services provider with operations spanning traditional banking, wealth management, and specialized lending platforms.
Business
Midland States Bancorp operates in the regional banking industry, providing a comprehensive suite of financial services to individuals, businesses, municipalities, and other entities across three primary business segments. The Banking segment represents the core of the company's operations, generating the majority of revenue through traditional banking activities. This includes accepting various types of deposits such as checking accounts, savings accounts, money market accounts, and certificates of deposit from customers who use these accounts to store and manage their money. On the lending side, the bank provides term loans that businesses use to purchase capital equipment, lines of credit for working capital and operational needs, and commercial real estate loans for both owner-occupied properties and investment properties. The bank also offers construction and land development loans to real estate developers, residential real estate loans for home purchases, and home equity lines of credit that allow homeowners to borrow against their property value. The Wealth Management segment provides specialized financial advisory services including estate planning, trustee services, investment management, and retail brokerage services. This segment caters to affluent individuals and businesses seeking professional guidance for their financial planning and investment needs. The Equipment Finance segment has emerged as a significant growth driver, with the portfolio surpassing $1.1 billion. This specialized lending focuses on providing financing for businesses to acquire equipment and machinery, representing a higher-yield lending opportunity compared to traditional commercial loans. Additionally, the company has been developing Banking-as-a-Service (BaaS) platforms, which involve partnering with financial technology companies to provide banking infrastructure and services. This includes deposit-gathering partnerships and payment solutions that allow fintech companies to offer banking services to their customers while Midland States provides the underlying banking infrastructure.
Revenue model
Midland States generates revenue primarily through the traditional banking model of net interest income, which is the difference between the interest earned on loans and investments and the interest paid on deposits and borrowed funds. When the bank lends money at higher rates than it pays for deposits, it captures the spread as profit. The company's paying customers include individual consumers who maintain deposit accounts and take out mortgages or personal loans, small and medium-sized businesses requiring commercial loans and banking services, municipalities needing banking relationships, and specialized borrowers in the equipment finance sector. Fee-based income represents another revenue stream, generated through wealth management services, trust and custodial services, and various banking fees. The Banking-as-a-Service initiatives provide additional fee income through partnerships with fintech companies, where Midland States earns fees for providing banking infrastructure and deposit-gathering services. Several factors influence the company's profitability margins. Rising interest rates generally benefit regional banks by expanding net interest margins, as loan rates typically adjust faster than deposit rates. However, intense competition for deposits can pressure funding costs and compress margins. Credit quality directly impacts profitability, as economic downturns can lead to increased loan losses and provisions for credit losses. The company's exposure to commercial real estate and equipment financing makes it sensitive to broader economic conditions and sector-specific trends. Regulatory compliance costs and the need for technology investments to remain competitive also affect operating margins. The success of newer initiatives like Banking-as-a-Service partnerships and the managed runoff of the GreenSky consumer lending portfolio will influence future revenue mix and profitability.
Competitive moat
Midland States operates in the highly competitive regional banking sector with limited sustainable competitive advantages. The company's primary moat stems from its established customer relationships and local market presence across its 52-branch network, particularly in smaller Midwest communities where personal relationships and local decision-making provide some protection against larger national banks. The specialized equipment finance division offers some differentiation through industry expertise and established dealer relationships, though this market remains competitive with numerous specialized lenders. The company's Banking-as-a-Service platform represents an attempt to build a more defensible position by providing infrastructure to fintech companies, but this market is still developing and faces competition from larger banks and specialized BaaS providers. The wealth management services provide some client stickiness through relationship-based advisory services, but this segment is relatively small compared to the core banking operations. Overall, Midland States' moat is relatively narrow. Regional banks face ongoing pressure from larger national banks with greater resources, online-only banks offering higher deposit rates, and fintech companies providing innovative financial services. The company's competitive position depends heavily on execution, maintaining strong credit quality, and successfully developing new revenue streams like BaaS partnerships. Without significant scale advantages or unique proprietary technology, the company remains vulnerable to competitive pressures and economic cycles that affect the broader banking industry.
Risks & safety
Midland States presents a moderate margin of safety profile with mixed indicators across key financial metrics. • **Solvency and Liquidity**: The company maintains adequate liquidity with $121 million in cash and short-term investments as of Q3 2024. The debt-to-equity ratio of 1.7% is very low, indicating minimal debt burden. However, the banking business model inherently involves maturity transformation risks. • **Profitability Trends**: Net income showed volatility, declining from $99 million in 2022 to $75 million in 2023, with Q2 2024 showing particularly weak performance at $6.6 million before recovering to $18.5 million in Q3 2024. • **Valuation Metrics**: Trading at attractive valuation multiples with P/E ratio of 6.6x and price-to-book ratio of 0.59x as of Q3 2024, suggesting potential undervaluation relative to book value. • **Asset Quality**: Total assets of $7.75 billion provide substantial scale, though the concentration in commercial real estate and equipment finance creates sector-specific risks. • **Capital Adequacy**: Return on equity of 2.3% in Q3 2024 is below historical levels, indicating challenges in generating returns on shareholder capital. • **Other Considerations**: The managed runoff of the GreenSky partnership and transition to Banking-as-a-Service creates execution risk during this strategic pivot period.
Recent development
Over the past few years, Midland States has undergone significant strategic transformation aimed at diversifying revenue streams and reducing dependence on traditional banking. The most notable development has been the termination of the GreenSky partnership in October 2023, which involved a consumer lending platform that contributed to loan growth but carried higher risk profiles. Management decided to allow this portfolio to run off naturally, expecting balances to decline by $100-$300 million through 2023. Simultaneously, the company has pivoted toward Banking-as-a-Service (BaaS) initiatives, focusing on deposit-gathering partnerships and payment solutions with fintech companies. This strategic shift represents an attempt to capture fee-based income while providing banking infrastructure to technology-enabled financial services companies. The BaaS platform allows Midland States to leverage its banking charter and regulatory compliance capabilities to serve fintech partners who need underlying banking services. The Equipment Finance division has emerged as a key growth engine, with the portfolio surpassing $1.1 billion and demonstrating consistent expansion. This specialized lending segment offers higher yields compared to traditional commercial loans while serving a specific market niche of businesses requiring equipment financing. Geographically, the company has shown strong organic growth in key markets, with the Eastern Illinois loan portfolio increasing 22% and the St. Louis loan portfolio growing 40% in 2022. These regional expansions reflect the company's strategy to build market share in attractive Midwest markets while maintaining its community banking approach. The company has also maintained disciplined expense management and focused on strengthening capital ratios while navigating the strategic transition away from higher-risk consumer lending toward more stable commercial and equipment finance relationships.
MSBI company profile · for informational purposes only — not investment advice.
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