Midland States Bancrop (MSBI)
NASDAQ:MSBI
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Midland States Bancrop
(NASDAQ:MSBI)
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Rating:54Neutral
Price Target:
$23.00
▼(-2.99% Downside)
Action:ReiteratedDate:03/03/26
The score is held down primarily by deteriorated financial performance in 2025 (revenue decline, swing to net loss, and reduced equity/negative ROE), partially offset by still-positive cash flow. Technicals are mixed but generally constructive over longer timeframes, while valuation benefits from a high dividend yield but is constrained by a negative P/E. Corporate events are mildly positive overall, with dividend declarations and governance/investor activity balanced against the recent loss tied to portfolio repositioning.
Positive Factors
Cash generation resilience
Midland generated roughly $126M of operating and free cash flow in 2025, which more than covered the reported net loss (~2.09x). Durable positive cash generation supports ongoing operations, funds credit-cleanup and targeted capital returns, and reduces near-term refinancing pressure despite earnings volatility.
Negative Factors
Sharp profitability deterioration
The company swung to a sizable net loss in 2025 with deep negative margins. Persistent profitability weakness erodes retained capital, limits reinvestment in lending and channels, pressures dividend sustainability, and requires several quarters of earnings recovery to restore long-term capital generation and franchise competitiveness.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation resilience
Midland generated roughly $126M of operating and free cash flow in 2025, which more than covered the reported net loss (~2.09x). Durable positive cash generation supports ongoing operations, funds credit-cleanup and targeted capital returns, and reduces near-term refinancing pressure despite earnings volatility.
Read all positive factors
Midland States Bancrop (MSBI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$514.76M
Dividend Yield5.87%
Average Volume (3M)139.99K
Price to Earnings (P/E)―
Beta (1Y)0.68
Revenue Growth12.76%
EPS Growth-401.62%
CountryUS
Employees907
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)-0.24
Shares Outstanding21,466,166
10 Day Avg. Volume153,914
30 Day Avg. Volume139,988
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.82
Price to Sales (P/S)0.99
P/FCF Ratio3.84
Enterprise Value/Market Cap1.58
Enterprise Value/Revenue1.78
Enterprise Value/Gross Profit3.17
Enterprise Value/Ebitda-7.68
Forecast
1Y Price Target
$23.83Price Target Upside0.51% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)2.65
Revenue Forecast (FY)$307.69M
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 Ma...
How the Company Makes Money
Midland States Bancorp generates revenue through multiple key streams. The primary source of income comes from net interest income, which is derived from the interest earned on loans and securities, minus the interest paid on deposits and borrowed...
Midland States Bancrop Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
46
Neutral
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 467.59M | 546.05M | 508.50M | 436.51M | 313.23M |
| Gross Profit | 268.30M | 235.94M | 257.66M | 303.73M | 279.70M |
| EBITDA | -93.47M | 46.90M | 100.68M | 145.76M | 115.46M |
| Net Income | -124.28M | 38.04M | 61.16M | 100.24M | 81.32M |
Balance Sheet | |||||
| Total Assets | 6.51B | 7.51B | 7.87B | 7.86B | 7.44B |
| Cash, Cash Equivalents and Short-Term Investments | 1.65B | 1.07B | 1.05B | 921.58M | 1.58B |
| Total Debt | 432.06M | 423.25M | 604.41M | 644.39M | 536.61M |
| Total Liabilities | 5.95B | 6.80B | 7.08B | 7.10B | 6.78B |
| Stockholders Equity | 565.50M | 710.85M | 791.85M | 758.57M | 663.84M |
Cash Flow | |||||
| Free Cash Flow | 120.33M | 169.65M | 145.91M | 243.59M | 331.72M |
| Operating Cash Flow | 125.68M | 176.55M | 154.64M | 247.06M | 334.44M |
| Investing Cash Flow | 748.90M | 136.71M | -76.08M | -1.10B | -478.50M |
| Financing Cash Flow | -861.54M | -333.55M | -104.13M | 332.08M | 482.79M |
Midland States Bancrop Technical Analysis
Positive
23.71
Price Trends
22.49
Positive
21.37
Positive
19.03
Positive
Market Momentum
0.60
Negative
61.68
Neutral
71.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MSBI, the sentiment is Positive. The current price of 23.71 is above the 20-day moving average (MA) of 22.54, above the 50-day MA of 22.49, and above the 200-day MA of 19.03, indicating a bullish trend. The MACD of 0.60 indicates Negative momentum. The RSI at 61.68 is Neutral, neither overbought nor oversold. The STOCH value of 71.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MSBI.
Midland States Bancrop Risk Analysis
Midland States Bancrop disclosed 38 risk factors in its most recent earnings report. Midland States Bancrop reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Midland States Bancrop Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $428.32M | 9.53 | 2.24% | 3.76% | 23.93% | ― | |
66 Neutral | $481.77M | 10.51 | 8.63% | ― | 4.74% | 86.27% | |
64 Neutral | $497.85M | 9.14 | 10.02% | 2.96% | 3.49% | 33.86% | |
63 Neutral | $419.50M | 10.09 | 12.21% | 1.66% | 2.52% | 85.94% | |
54 Neutral | $514.76M | -3.72 | -21.66% | 5.87% | 12.76% | -401.62% | |
49 Neutral | $318.78M | 26.69 | 3.15% | ― | -15.07% | ― |
* Financial Sector Average
MSBI
Midland States Bancrop
23.71
9.50
66.80%
BMRC
Bank Of Marin Bancorp
26.69
7.01
35.63%
CIVB
Civista Bancshares
23.93
5.05
26.73%
SFST
Southern First Bancshares
58.85
27.29
86.47%
BWFG
Bankwell Financial Group
52.64
24.38
86.24%
BRBS
Blue Ridge Bankshares
3.48
0.95
37.66%
Midland States Bancrop Corporate Events
Business Operations and StrategyExecutive/Board Changes
Midland States Bancorp adds director amid new investments
Positive
Feb 4, 2026
On February 3, 2026, Midland States Bancorp expanded its board to 11 directors, appointing Patriot Financial Partners senior partner James F. Deutsch as a Class II director through the 2027 annual meeting and to the subsidiary bank board, expectin...
Dividends
Midland States Bancorp Declares Quarterly Common and Preferred Dividends
Positive
Feb 3, 2026
On February 3, 2026, Midland States Bancorp, Inc. announced that its board declared a quarterly cash dividend of $0.32 per share on its common stock, payable on February 20, 2026, to shareholders of record as of February 13, 2026. The board also a...
Business Operations and StrategyStock BuybackFinancial Disclosures
Midland States Bancorp Reports Q4 Loss Amid Portfolio Exit
Negative
Jan 22, 2026
On January 22, 2026, Midland States Bancorp reported a net loss available to common shareholders of $5.1 million, or $0.24 per diluted share, for the fourth quarter of 2025, reversing a $5.3 million profit in the prior quarter but markedly improve...
Executive/Board Changes
Midland States Bancorp Announces Finance Leadership Transition
Neutral
Dec 19, 2025
On December 19, 2025, Midland States Bancorp, Inc. announced that Donald J. Spring, Chief Accounting Officer and Corporate Controller of Midland States Bank and principal accounting officer of the company, plans to retire effective January 2, 2026...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.