Midland States Bancrop (MSBI) AI Stock Analysis

• Market Cap: $402.55M
• Dividend Yield: 6.63%
• Average Volume (3M): 141.43K
• Price to Earnings (P/E): 13.8
• Beta (1Y): 0.79
• Revenue Growth: 14.75%
• EPS Growth: -48.47%
• Country: US
• Employees: 907
• Sector: Financial
• Sector Strength: 82
• Industry: Banks - Regional
• EPS (TTM): 0.57
• Shares Outstanding: 21,515,139
• 10 Day Avg. Volume: 157,846
• 30 Day Avg. Volume: 141,426
• PEG Ratio: 2.96
• Price to Book (P/B): 0.65
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 2.80
• Enterprise Value/Market Cap: 0.84
• Enterprise Value/Revenue: 0.17
• Enterprise Value/Gross Profit: 1.77
• Enterprise Value/Ebitda: 1.22
• 1Y Price Target: $19.50
• Price Target Upside: 4.22% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 3

• Rating: 58 Neutral
• Price Target: $19.50 ▲(4.22%Upside)

The overall score reflects significant challenges in financial performance and recent compliance issues that overshadow the strong technical indicators and valuation appeal. The robust cash flows and attractive dividend yield provide some support, but operational and regulatory risks are significant.

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 primarily through interest and non-interest income. The company's interest income comes from loans it extends to individuals and businesses, including commercial real estate loans, residential mortgage loans, and consumer loans. It earns interest on these loans, which constitutes a significant portion of its revenue. Non-interest income is generated from fees and service charges associated with deposit accounts, wealth management services, and mortgage banking activities. Additionally, the company benefits from strategic acquisitions and partnerships that enhance its service offerings and expand its market presence, contributing to its overall earnings.

Midland States Bancrop Financial Statement Overview

Summary

Midland States Bancorp shows operational challenges with negative EBIT and EBITDA margins and declining net income. Despite moderate leverage and stable debt levels, the declining equity is concerning. However, robust operating cash flows provide some cushion.

Income Statement

Midland States Bancorp has faced declining profitability with a negative net income in the most recent year. The revenue growth rate has been inconsistent, and there has been a significant drop in gross profit margin over the years. The negative EBIT and EBITDA margins in the latest year indicate operational challenges.

Balance Sheet

The balance sheet shows moderate financial leverage with a decreasing trend in stockholders' equity over the years. The debt-to-equity ratio is relatively stable, although a decrease in equity raises concern. The equity ratio remains adequate, suggesting a balanced structure between liabilities and equity.

Cash Flow

Cash flow from operations has remained robust, and the company maintains positive free cash flow. However, the free cash flow growth rate has been volatile, and the operating cash flow to net income ratio reflects the challenges in profitability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	442.18M	546.05M	466.68M	378.32M	313.23M	315.97M
Gross Profit	191.82M	235.94M	277.27M	302.18M	279.70M	225.86M
EBITDA	53.96M	-22.90M	120.29M	144.22M	115.46M	51.52M
Net Income	38.96M	-13.43M	75.46M	99.03M	81.32M	22.54M
Balance Sheet
Total Assets	7.46B	7.53B	7.87B	7.86B	7.44B	6.87B
Cash, Cash Equivalents and Short-Term Investments	1.47B	1.32B	1.05B	921.58M	1.58B	1.01B
Total Debt	40.22M	474.45M	604.41M	644.39M	536.61M	1.03B
Total Liabilities	6.71B	6.79B	7.08B	7.10B	6.78B	6.25B
Stockholders Equity	744.38M	736.11M	791.85M	758.57M	663.84M	621.39M
Cash Flow
Free Cash Flow	143.25M	169.65M	145.91M	243.59M	331.72M	496.56M
Operating Cash Flow	149.63M	176.55M	154.64M	247.06M	334.44M	499.15M
Investing Cash Flow	93.64M	136.71M	-76.08M	-1.10B	-478.50M	-1.31B
Financing Cash Flow	-295.82M	-333.55M	-104.13M	332.08M	482.79M	760.42M

Midland States Bancrop Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 18.71
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 18.71 is above the 20-day moving average (MA) of 17.15, above the 50-day MA of 17.19, and below the 200-day MA of 20.23, indicating a neutral trend. The MACD of 0.31 indicates Negative momentum. The RSI at 67.99 is Neutral, neither overbought nor oversold. The STOCH value of 92.80 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MSBI.

Midland States Bancrop Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FRBA	79 Outperform	$410.95M	10.57	9.81%	1.47%	18.63%	37.17%
HBCP	78 Outperform	$438.67M	11.78	9.85%	1.92%	9.82%	0.91%
RRBI	78 Outperform	$428.40M	12.05	11.51%	0.75%	10.47%	13.63%
BSVN	75 Outperform	$420.40M	9.44	22.26%	2.16%	1.20%	46.86%
USCB	73 Outperform	$340.82M	12.28	13.20%	2.35%	26.42%	78.75%
Sector *	67 Neutral	$17.01B	11.90	9.70%	3.76%	11.63%	-9.47%
MSBI	58 Neutral	$402.55M	13.77	5.03%	6.63%	14.75%	-48.47%

Midland States Bancrop Corporate Events

Midland States Bancorp Receives Nasdaq Deficiency Notice

Midland States Bancorp, Inc. announced that it received a deficiency notification from Nasdaq on May 19, 2025, due to its failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2024, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. The notice has no immediate effect on the company’s stock listing or trading on the Nasdaq Global Select Market. The company has until June 2, 2025, to submit a compliance plan to Nasdaq and may be granted up to 180 days to regain compliance. Midland States Bancorp is evaluating its accounting and financial reporting of third-party lending and servicing arrangements and assessing potential goodwill impairment.

The most recent analyst rating on (MSBI) stock is a Hold with a $24.00 price target. To see the full list of analyst forecasts on Midland States Bancrop stock, see the MSBI Stock Forecast page.

Midland States Bancorp Declares Quarterly Cash Dividend

On May 6, 2025, Midland States Bancorp, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.31 per share for its common stock, payable on May 23, 2025, to shareholders of record by May 16, 2025. Additionally, a cash dividend of $0.4844 per depositary share was declared for its 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, payable on June 30, 2025, to stockholders of record by June 16, 2025.

Midland States Bancorp Sells GreenSky Loan Interests

Midland States Bancorp announced the sale of its Lending Point portfolio in December 2024 and closed a sale of participation interests in consumer loans of its GreenSky portfolio in April 2025, retaining a portion under a new servicing arrangement. The company plans to keep other loan portfolios, including a commercial loan portfolio guaranteed by a Fortune 500 company. Additionally, Midland States Bancorp will release its first quarter 2025 financial results around April 30, 2025, and plans to schedule its 2025 Annual Meeting of Shareholders after filing the 2024 Annual Report.

Midland States Bancorp Receives Nasdaq Deficiency Notification

Midland States Bancorp, Inc. announced that it received a deficiency notification from Nasdaq on April 3, 2025, due to its failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2024. This notice does not immediately affect the company’s stock listing on Nasdaq, but it requires Midland to submit a compliance plan within 60 days. The company is working to address the delay, which is attributed to the need for additional time to finalize evaluations related to a third-party lending arrangement and internal financial controls. Midland intends to regain compliance with Nasdaq’s listing rules as soon as practicable.