A Business at a Glance
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Midland States Bancorp, Inc.
MSBI
$705M
Mkt Cap
$32.25
+4.13%
Midland States Bancorp, Inc. (MSBI) has a 5-year average return on invested capital (ROIC) of 3.7%. This is below average and may indicate limited pricing power.
Midland States Bancorp, Inc. (MSBI) has a market capitalization of $671M. It is classified as a small-cap stock.
Yes, Midland States Bancorp, Inc. (MSBI) pays a dividend with a trailing twelve-month yield of 4.14%. The company also returns capital through share buybacks, with a buyback yield of 2.62%.
Midland States Bancorp, Inc. (MSBI) operates in the State Commercial Banks industry, within the Financials sector.
Midland States Bancorp, Inc. (MSBI) reported annual revenue of $325 million in its most recent fiscal year, based on SEC EDGAR filings.
Midland States Bancorp, Inc. (MSBI) has a net profit margin of -41.1%. The company is currently unprofitable.
Midland States Bancorp, Inc. (MSBI) generated $120 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Our Company Midland States Bancorp, Inc., an Illinois corporation formed in 1988, is a diversified financial holding company headquartered in Effingham, Illinois. Our banking subsidiary, Midland States Bank, an Illinois state-chartered bank formed in 1881, has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, merchant credit card services, trust and investment management, insurance and financial planning services. As of December 31, 2025, the Company had total assets of $6.51 billion, and our wealth management group had assets under administration of approximately $4.48 billion. Our strategic plan focuses on delivering a superior customer experience through a high-tech, high-touch approach, while remaining committed to core community banking and relationship-driven growth.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 328M | 325M | 375M | 364M | 407M | 278M |
| Net Income | 25M | -134M | 29M | 52M | 96M | 80M |
| EPS | $1.20 | $-6.12 | $1.32 | $2.33 | $4.28 | $3.57 |
| Free Cash Flow | 114M | 120M | 170M | 145M | 282M | 332M |
| ROIC | 0.0% | -21.0% | 4.0% | 7.3% | 14.8% | 13.2% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.27 | 0.11 | 0.12 | 0.05 | 0.06 | 0.13 |
| Dividends/Share | $1.33 | $1.26 | $1.24 | $1.20 | $1.16 | $1.12 |
| Operating Income | 0 | -115M | 47M | 88M | 131M | 99M |
| Operating Margin | 0.0% | -35.3% | 12.5% | 24.2% | 32.3% | 35.7% |
| ROE | 4.5% | -21.0% | 4.0% | 7.3% | 14.8% | 13.2% |
| Shares Outstanding | 21M | 22M | 22M | 22M | 22M | 23M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 85M | 164M | 177M | 189M | 252M | 265M | 260M | 278M | 407M | 364M | 375M | 325M | 328M |
| Gross Margin | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 33M | 63M | 66M | 79M | 97M | 92M | 86M | 87M | 90M | 93M | 94M | 104M | 104M |
| EBIT | 15M | 35M | 50M | 26M | 51M | 72M | 32M | 99M | 131M | 88M | 47M | -115M | 0 |
| Op. Margin | 18.2% | 21.5% | 28.4% | 14.0% | 20.2% | 27.3% | 12.3% | 35.7% | 32.3% | 24.2% | 12.5% | -35.3% | 0.0% |
| Net Income | 11M | 24M | 31M | 16M | 39M | 55M | 22M | 80M | 96M | 52M | 29M | -134M | 25M |
| Net Margin | 12.7% | 14.7% | 17.7% | 8.4% | 15.5% | 20.8% | 8.6% | 29.0% | 23.6% | 14.2% | 7.6% | -41.1% | 7.7% |
| Non-Recurring | 190K | 461K | -97K | 1.9M | -385K | 3.2M | 3.2M | 0 | 0 | 0 | 0 | 154M | 154M |
| Returns on Capital | |||||||||||||
| ROIC | 5.6% | 9.3% | 10.3% | 3.9% | 7.1% | 8.1% | 3.2% | 13.2% | 14.8% | 7.3% | 4.0% | -21.0% | 0.0% |
| ROE | 5.9% | 10.7% | 11.3% | 4.1% | 7.4% | 8.7% | 3.5% | 13.2% | 14.8% | 7.3% | 4.0% | -21.0% | 4.5% |
| ROA | 0.8% | 0.9% | 1.0% | 0.4% | 0.8% | 0.9% | 0.3% | 1.1% | 1.3% | 0.7% | 0.4% | -1.9% | 0.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 21M | 73M | 24M | 70M | 97M | 539M | 499M | 334M | 286M | 153M | 177M | 126M | 118M |
| Free Cash Flow | 19M | 67M | 22M | 64M | 90M | 533M | 497M | 332M | 282M | 145M | 170M | 120M | 114M |
| Owner Earnings | 16M | 66M | 17M | 62M | 84M | 525M | 485M | 323M | 275M | 143M | 167M | 117M | 49M |
| CapEx | 2.9M | 6.1M | 2.2M | 6.2M | 7.2M | 5.5M | 2.6M | 2.7M | 3.5M | 8.7M | 6.9M | 5.3M | 4.1M |
| Maint. CapEx | 5.6M | 7.6M | 7.2M | 8.3M | 13M | 14M | 13M | 11M | 10M | 9.5M | 9.0M | 8.1M | 68M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 5.6M | 7.6M | 7.2M | 8.3M | 13M | 14M | 13M | 11M | 10M | 9.5M | 9.0M | 8.1M | 68M |
| CapEx/OCF | N/A | N/A | 8.5% | 8.8% | 7.4% | 1.0% | 0.5% | 0.8% | 1.4% | 5.7% | 3.9% | 4.3% | 3.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 3.5M | 7.7M | 9.9M | 14M | 20M | 24M | 25M | 25M | 26M | 27M | 27M | 28M | 28M |
| Dividend Yield | N/A | N/A | 4.1% | 3.5% | 4.0% | 5.3% | 8.3% | 5.7% | 5.3% | 6.2% | 5.8% | 7.3% | 4.1% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 4.0M | 40M | 12M | 1.1M | 18M | 5.5M | 9.7M | 18M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | 0.8% | 12.4% | 2.6% | 0.2% | 2.8% | 0.8% | 2.3% | 2.6% |
| Stock-Based Comp | 47K | 50K | 56K | 86K | 139K | 210K | 259K | 260K | 295K | 339K | 450K | 532K | 588K |
| Debt Repayment | 25M | 22M | 24M | 10M | 32M | 42M | 13M | 7.8M | 34M | 7.4M | 53M | 27M | 27M |
| Balance Sheet | |||||||||||||
| Net Debt | -146M | -50M | -59M | -470M | -747M | -864M | -949M | -1.5B | -887M | -1.0B | -1.2B | -1.6B | -1.6B |
| Cash & Equiv. | 160M | 212M | 191M | 215M | 214M | 395M | 342M | 680M | 161M | 135M | 115M | 128M | 1.7B |
| Long-Term Debt | 14M | 55M | N/A | 40M | 0 | 98M | 0 | 0 | N/A | N/A | N/A | N/A | 153M |
| Debt/Equity | 0.06 | 0.70 | 0.41 | 0.44 | 0.20 | 0.27 | 0.11 | 0.13 | 0.06 | 0.05 | 0.12 | 0.11 | 0.27 |
| Interest Coverage | 0.0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 219M | 233M | 322M | 450M | 609M | 662M | 621M | 600M | 696M | 715M | 711M | 565M | 559M |
| Total Assets | 2.7B | 2.9B | 3.2B | 4.4B | 5.6B | 6.1B | 6.9B | 7.4B | 7.8B | 7.8B | 7.5B | 6.5B | 6.5B |
| Total Liabilities | 2.5B | 2.7B | 2.9B | 4.0B | 5.0B | 5.4B | 6.2B | 6.8B | 7.1B | 7.1B | 6.8B | 5.9B | 6.0B |
| Intangibles | N/A | 7.0M | 7.2M | 17M | 37M | 35M | 28M | 24M | 21M | 16M | 12M | 8.9M | 8.2M |
| Retained Earnings | N/A | 91M | 113M | 114M | 134M | 166M | 156M | 212M | 282M | 246M | 248M | 87M | 96M |
| Working Capital | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.53 | 2.00 | 2.17 | 0.87 | 1.66 | 2.26 | 0.95 | 3.57 | 4.28 | 2.33 | 1.32 | -6.12 | 1.20 |
| Owner EPS | 0.78 | 5.43 | 1.16 | 3.40 | 3.57 | 21.46 | 20.70 | 14.32 | 12.28 | 6.48 | 7.70 | 5.36 | 2.36 |
| Book Value | 10.75 | 19.27 | 22.25 | 24.63 | 25.89 | 27.07 | 26.50 | 26.62 | 31.05 | 32.30 | 32.75 | 25.88 | 26.85 |
| Cash Flow/Share | 1.05 | 6.07 | 1.67 | 3.86 | 4.13 | 22.03 | 21.29 | 14.83 | 12.75 | 6.93 | 8.13 | 5.75 | 4.50 |
| Dividends/Share | 0.17 | 0.65 | 0.72 | 0.80 | 0.88 | 0.97 | 1.07 | 1.12 | 1.16 | 1.20 | 1.24 | 1.26 | 1.33 |
| Shares Out. | 20.4M | 12.1M | 14.5M | 18.2M | 23.5M | 24.5M | 23.5M | 22.5M | 22.4M | 22.1M | 21.7M | 21.9M | 20.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 11.0 | 25.1 | 9.2 | 9.1 | 14.2 | 5.6 | 5.2 | 10.5 | 17.0 | N/A | 26.8 |
| P/FCF | N/A | N/A | 15.8 | 6.2 | 4.0 | 0.9 | 0.6 | 1.4 | 1.7 | 3.7 | 2.9 | 3.8 | 5.9 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | 1.1 | 0.9 | 0.6 | 0.8 | 0.5 | 0.7 | 0.7 | 0.9 | 0.9 | 0.8 | 1.2 |
| Price/Sales | N/A | N/A | 1.4 | 2.1 | 2.0 | 1.7 | 1.2 | 1.6 | 1.6 | 1.4 | 1.6 | 1.1 | 2.0 |
| FCF Yield | N/A | N/A | 6.3% | 16.0% | 24.9% | 104.7% | 155.6% | 72.7% | 55.3% | 22.5% | 26.2% | 28.3% | 17.0% |
| Market Cap | 0 | N/A | 348M | 402M | 361M | 509M | 319M | 456M | 511M | 643M | 646M | 425M | 671M |
| Avg. Price | 0.00 | N/A | 16.52 | 21.82 | 21.22 | 18.15 | 12.87 | 19.52 | 21.64 | 19.24 | 21.47 | 17.24 | 32.25 |
| Year-End Price | 0.00 | N/A | 23.97 | 21.81 | 15.19 | 20.63 | 13.46 | 20.03 | 21.81 | 24.49 | 22.43 | 20.91 | 32.25 |
Midland States Bancorp, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 5.6x vs a median of 3.3x. The company's 5-year average ROIC is 3.7%. Total shareholder yield (dividends + buybacks) is 6.8%. At current prices, the estimated annualized return to fair value is -12.0%.
Midland States Bancorp, Inc. (MSBI) has a debt-to-equity ratio of 0.11. This indicates a conservatively financed balance sheet.
Midland States Bancorp, Inc. (MSBI) reported earnings per share (EPS) of $-6.12 in its most recent fiscal year.
Midland States Bancorp, Inc. (MSBI) has a return on equity (ROE) of -21.0%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 12 years of financial data for Midland States Bancorp, Inc. (MSBI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Midland States Bancorp, Inc. (MSBI) has a book value per share of $25.88, based on its most recent annual SEC filing.