Midland States Bancorp (MSBI)


Market Price (11/6/2026): $31.58 | Market Cap: $656.9 MilSector: Financials | Industry: Regional Banks

Midland States Bancorp (MSBI)


Market Price (11/6/2026): $31.58
Market Cap: $656.9 Mil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 4.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.5%, FCF Yield is 11%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -154%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26%

Low stock price volatility
Vol 12M is 29%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.

Weak multi-year price returns
3Y Excs Rtn is -11%

Stock price has recently run up significantly
12M Rtn12 month market price return is 110%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.3%

Key risks
MSBI key risks include [1] a potential delisting from Nasdaq for failing to timely file financial reports, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 4.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.5%, FCF Yield is 11%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -154%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26%
3 Low stock price volatility
Vol 12M is 29%
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.
5 Weak multi-year price returns
3Y Excs Rtn is -11%
6 Stock price has recently run up significantly
12M Rtn12 month market price return is 110%
7 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.3%
8 Key risks
MSBI key risks include [1] a potential delisting from Nasdaq for failing to timely file financial reports, Show more.

MSBI in ETFs

Weight = MSBI's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
KRE0.18%
AVUV0.06%
IWN0.04%
VTWO0.02%
DFAS0.02%
+4 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

Midland States Bancorp (MSBI) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Results: Midland States Bancorp reported diluted earnings per share of $0.95 and revenue of $86.14 million for fiscal Q3 2026 (ended September 30, 2026), surpassing analyst consensus estimates of $0.89 EPS and $83.77 million in revenue. This positive earnings beat likely provided a floor for the stock price, preventing a significant downturn.

2. Improvement in Asset Quality and Net Interest Margin Expansion: The company demonstrated an improvement in asset quality during fiscal Q3 2026, with the ratio of nonperforming assets to total assets decreasing to 0.86%, a five-basis-point reduction from fiscal Q2 2026. Concurrently, the net interest margin expanded to 4.03% from 3.98% in fiscal Q2 2026, partly benefiting from a $1.6 million interest recovery on a nonaccrual loan. These factors signaling a healthier financial position contributed to the stock's stability.

Show more
Updated on 11/1/2026

Midland States Bancorp (MSBI) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Results: Midland States Bancorp reported diluted earnings per share of $0.95 and revenue of $86.14 million for fiscal Q3 2026 (ended September 30, 2026), surpassing analyst consensus estimates of $0.89 EPS and $83.77 million in revenue. This positive earnings beat likely provided a floor for the stock price, preventing a significant downturn.

2. Improvement in Asset Quality and Net Interest Margin Expansion: The company demonstrated an improvement in asset quality during fiscal Q3 2026, with the ratio of nonperforming assets to total assets decreasing to 0.86%, a five-basis-point reduction from fiscal Q2 2026. Concurrently, the net interest margin expanded to 4.03% from 3.98% in fiscal Q2 2026, partly benefiting from a $1.6 million interest recovery on a nonaccrual loan. These factors signaling a healthier financial position contributed to the stock's stability.

3. Balanced Loan Growth Amidst Deposit Reductions: While the Community Bank loan portfolio experienced growth of $23.7 million, representing an annualized rate of 2.8%, total deposits decreased by $89.8 million in fiscal Q3 2026 to $5.62 billion. This decrease was primarily driven by a $112.7 million reduction in retail deposits as the bank actively managed liquidity and deposit pricing. This mixed trend in key balance sheet components likely resulted in a neutral market reaction, offsetting some of the positive operational news.

4. Shareholder Capital Returns and Existing Repurchase Program: The company supported its stock price by increasing its common stock dividend to $0.33 per share in August 2026 and maintaining an active share repurchase program. As of September 30, 2026, approximately $24.8 million remained available under the $45.0 million repurchase authorization. These actions signal management's confidence and commitment to returning value to shareholders.

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Stock Movement Drivers

Fundamental Drivers

The -5.2% change in MSBI stock from 7/31/2026 to 11/5/2026 was primarily driven by a -29.8% change in the company's P/E Multiple.
(LTM values as of)731202611052026Change
Stock Price ($)33.3431.60-5.2%
Change Contribution By: 
Total Revenues ($ Mil)2922951.2%
Net Income Margin (%)14.7%19.7%33.8%
P/E Multiple16.311.5-29.8%
Shares Outstanding (Mil)2121-0.3%
Cumulative Contribution-5.2%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
MSBI-5.2% 
Market (SPY)-1.9%54.3%
Sector (XLF)1.0%55.1%

Fundamental Drivers

The 24.2% change in MSBI stock from 4/30/2026 to 11/5/2026 was primarily driven by a 63.6% change in the company's Net Income Margin (%).
(LTM values as of)430202611052026Change
Stock Price ($)25.4531.6024.2%
Change Contribution By: 
Total Revenues ($ Mil)2922951.3%
Net Income Margin (%)12.1%19.7%63.6%
P/E Multiple15.411.5-25.7%
Shares Outstanding (Mil)21210.8%
Cumulative Contribution24.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
MSBI24.2% 
Market (SPY)2.3%32.9%
Sector (XLF)10.7%46.9%

Fundamental Drivers

The 128.2% change in MSBI stock from 10/31/2025 to 11/5/2026 was primarily driven by a 147.0% change in the company's P/S Multiple.
(LTM values as of)1031202511052026Change
Stock Price ($)13.8531.60128.2%
Change Contribution By: 
Total Revenues ($ Mil)330295-10.5%
P/S Multiple0.92.3147.0%
Shares Outstanding (Mil)22213.3%
Cumulative Contribution128.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
MSBI128.2% 
Market (SPY)8.4%32.3%
Sector (XLF)11.1%43.0%

Fundamental Drivers

The 71.9% change in MSBI stock from 10/31/2023 to 11/5/2026 was primarily driven by a 183.4% change in the company's P/E Multiple.
(LTM values as of)1031202311052026Change
Stock Price ($)18.3931.6071.9%
Change Contribution By: 
Total Revenues ($ Mil)385295-23.2%
Net Income Margin (%)26.2%19.7%-24.8%
P/E Multiple4.011.5183.4%
Shares Outstanding (Mil)22215.1%
Cumulative Contribution71.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
MSBI71.9% 
Market (SPY)81.3%35.6%
Sector (XLF)85.5%47.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
MSBI Return45%13%9%-7%-7%55%141%
Peers Return35%-31%-4%-20%-11%-8%-42%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
MSBI Win Rate58%42%50%42%50%64% 
Peers Win Rate62%48%52%40%56%50% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
MSBI Max Drawdown-21%-20%-31%-23%-38%-13% 
Peers Max Drawdown-24%-41%-51%-39%-38%-38% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEWT, ATLO, GBC, SHFS, SMBC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)

How Low Can It Go

EventMSBIS&P 500
2025 US Tariff Shock
  % Loss-22.6%-18.8%
  % Gain to Breakeven29.1%23.1%
  Time to Breakeven233 days79 days
2023 SVB Regional Banking Crisis
  % Loss-28.6%-6.7%
  % Gain to Breakeven40.0%7.1%
  Time to Breakeven223 days31 days
2020 COVID-19 Crash
  % Loss-47.5%-33.7%
  % Gain to Breakeven90.4%50.9%
  Time to Breakeven348 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-36.0%-19.2%
  % Gain to Breakeven56.2%23.8%
  Time to Breakeven810 days105 days

Compare to NEWT, ATLO, GBC, SHFS, SMBC

In The Past

Midland States Bancorp's stock fell -22.6% during the 2025 US Tariff Shock. Such a loss loss requires a 29.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventMSBIS&P 500
2025 US Tariff Shock
  % Loss-22.6%-18.8%
  % Gain to Breakeven29.1%23.1%
  Time to Breakeven233 days79 days
2023 SVB Regional Banking Crisis
  % Loss-28.6%-6.7%
  % Gain to Breakeven40.0%7.1%
  Time to Breakeven223 days31 days
2020 COVID-19 Crash
  % Loss-47.5%-33.7%
  % Gain to Breakeven90.4%50.9%
  Time to Breakeven348 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-36.0%-19.2%
  % Gain to Breakeven56.2%23.8%
  Time to Breakeven810 days105 days

Compare to NEWT, ATLO, GBC, SHFS, SMBC

In The Past

Midland States Bancorp's stock fell -22.6% during the 2025 US Tariff Shock. Such a loss loss requires a 29.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Midland States Bancorp (MSBI)

Midland States Bancorp, Inc. (MSBI) functions as a financial holding company, with its primary operation being Midland States Bank. The company delivers a comprehensive suite of banking products and services, complemented by wealth management and commercial equipment leasing solutions, catering to a broad client base.

Its core banking offerings include various deposit accounts such as checking, savings, money market, and certificates of deposit. MSBI is also an active lender, providing term loans for capital equipment, lines of credit for working capital, commercial real estate loans, construction and land development financing, residential mortgages, home equity lines of credit, and consumer installment loans for personal purchases.

Beyond traditional banking, Midland States Bancorp offers robust wealth management services, encompassing financial and estate planning, investment management, trustee and custodial services, and retirement plan consulting. The company primarily serves individuals, businesses, and municipalities across its 52 full-service banking offices, with its headquarters located in Effingham, Illinois.

AI Analysis | Feedback

Here are 1-3 brief analogies for Midland States Bancorp (MSBI):

  • A regional version of Bank of America.
  • JPMorgan Chase for local communities and businesses.

AI Analysis | Feedback

  • Deposit Accounts: Offers various checking, savings, money market, sweep accounts, and certificates of deposits.
  • Commercial Loans: Provides term loans for capital equipment, lines of credit for working capital, and commercial real estate loans.
  • Real Estate Loans: Offers commercial real estate, construction and land development, residential real estate, and home equity loans.
  • Consumer Loans: Provides installment loans for personal purchases such as cars, boats, recreational vehicles, and home improvements.
  • Commercial Equipment Leasing: Facilitates the leasing of commercial equipment for businesses.
  • Wealth Management Services: Delivers financial and estate planning, investment management, trustee services, and corporate retirement plan consulting.

AI Analysis | Feedback

Midland States Bancorp (MSBI) serves a diverse customer base, providing banking products and services to a wide range of clients rather than having a few identifiable "major" corporate customers. Given the nature of its operations as a community bank with numerous branches and a broad offering of retail banking products, the company sells primarily to individuals, alongside businesses and other entities within its service areas. The primary categories of customers it serves are:

  1. Individuals: This includes consumers seeking checking, savings, money market, and certificate of deposit accounts, as well as residential real estate loans, home equity lines of credit, and consumer installment loans (for cars, boats, home improvements, etc.). Individuals also utilize its wealth management services, including financial and estate planning, investment management, and retail brokerage.
  2. Businesses: Midland States Bancorp provides various services to commercial clients, ranging from small businesses to larger enterprises. These services include term loans, lines of credit for working capital, commercial real estate loans (owner-occupied and non-owner-occupied properties), construction and land development loans, commercial equipment leasing, and corporate retirement plan consulting and administration.
  3. Municipalities and Other Entities: The company serves local government entities and other organizations with deposit services and potentially other specialized banking needs, as mentioned in its description.

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Fiserv, Inc. (FI)

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Jeffrey G. Ludwig

President and Chief Executive Officer

Jeffrey G. Ludwig serves as President and Chief Executive Officer of Midland States Bancorp, Inc., and as Chief Executive Officer of Midland States Bank. He joined Midland in November 2006 as Chief Financial Officer. He was promoted to Executive Vice President in October 2010 and named President of the Company and Chief Executive Officer of the Bank in March 2018. On January 1, 2019, Mr. Ludwig was appointed as Chief Executive Officer of the Company. Prior to joining Midland, he held positions as Associate Director, Corporate Reporting, for Zimmer Holdings, Inc. (2005-2006) and Director of Corporate Accounting for Novellus Systems, Inc. (2002-2005). He also served as Senior Manager—Audit & Advisory Services for KPMG LLP (1993-2002). Mr. Ludwig is a CPA (inactive status) and is a member of the Federal Advisory Council of the Board of Governors of the Federal Reserve Board.

Claire Stack

Vice President, Chief Accounting Officer and Interim Chief Financial Officer

Claire Stack was appointed Vice President, Chief Accounting Officer and interim Chief Financial Officer of Midland States Bancorp, Inc. on March 5, 2026. She joined the company in November 2025 as Corporate Controller. Ms. Stack brings more than fifteen years of accounting and finance leadership experience from various financial services and public companies.

Jeffrey S. Mefford

Executive Vice President, President of the Bank

Jeffrey S. Mefford is an Executive Vice President of Midland States Bancorp, Inc. and President of Midland States Bank. He joined Midland in 2003 and was appointed President of the Bank in March 2018. He oversees all sales activities for commercial, retail, mortgage, wealth management, equipment finance, and treasury management. Mr. Mefford is scheduled to retire effective June 30, 2026.

Daniel E. Casey

Senior Vice President and Chief Risk Officer of the Bank

Daniel E. Casey serves as Senior Vice President and Chief Risk Officer of Midland States Bank.

Jeremy Andrew Jameson

Executive Vice President and Chief Credit Officer of Bank

Jeremy Andrew Jameson holds the position of Executive Vice President and Chief Credit Officer of Midland States Bank.

AI Analysis | Feedback

The key risks to Midland States Bancorp (MSBI) primarily revolve around its loan portfolio quality, sensitivity to interest rate fluctuations, and exposure to regional economic conditions. Here are the key risks to the business: 1. **Credit Quality and Loan Portfolio Risk, particularly in Commercial Real Estate** Midland States Bancorp faces significant and ongoing challenges with its loan quality, particularly due to its high concentration in commercial real estate (CRE) loans, which account for 53.8% of its loan portfolio. The company has experienced persistent issues with non-performing assets and increased net charge-offs, with one in 20 total gross loans considered special mention or substandard in some way. Non-performing loans to total loans increased in Q4 2025 to 1.50%. The bank has undertaken a "credit clean-up" and ceased equipment finance originations to reduce exposure to higher-risk asset classes, following significant provisions for credit losses and sales of non-core loan portfolios. A deterioration in the real estate market or broader credit quality could lead to further loan losses and negatively impact profitability. 2. **Interest Rate Risk** As a financial institution, Midland States Bancorp's profitability is sensitive to changes in interest rates. Significant business risk stems from the potential for elevated interest rates to adversely affect its mortgage banking revenue. High-interest environments can reduce mortgage production, especially refinancing activities, thereby impacting the company's ability to generate and sell loans profitably in the secondary market. While the company is considered "asset-sensitive," meaning its net interest income (NII) can benefit from declining funding costs, sustained unfavorable shifts in interest rates could pressure its net interest margin. 3. **Exposure to Regional Economic Conditions** Midland States Bancorp primarily operates 53 full-service branches across Illinois and Missouri, with a significant portion of its lending tied to businesses and real estate within these regions. A downturn or stagnation in the economic conditions of its core markets, including Illinois and the St. Louis metro area, could exacerbate credit risk by impairing borrowers' ability to repay loans, reduce demand for banking services, and lower asset valuations. This geographic concentration makes the company vulnerable to localized economic challenges, distinct from national trends.

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The clear emerging threat to Midland States Bancorp (MSBI) is the continued and accelerating rise of digital-first financial institutions, including challenger banks, fintech lenders, and robo-advisors. These entities leverage technology to offer banking, lending, and wealth management services with significantly lower overhead costs, often providing superior digital user experiences, greater convenience, and potentially more competitive pricing than traditional banks with extensive physical branch networks. This trend poses a direct threat to MSBI's deposit base, loan origination, and wealth management segments by attracting customers who prioritize digital convenience and cost-effectiveness over traditional in-person banking services.

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AI Analysis | Feedback

Midland States Bancorp, Inc. operates in several key financial markets, primarily within Illinois and extending to the broader U.S. market for some services. Here are the addressable market sizes for its main products and services:

Banking Products (Loans and Deposits)

Commercial Real Estate Loans:

  • In Illinois, the commercial real estate market generated approximately $42 billion in annual transaction volume. For 2025, the total commercial real estate transaction volume in Illinois was $2.6 billion.
  • The broader U.S. commercial real estate (CRE) mortgage market, including income-producing properties and construction loans, was roughly $4.5 trillion as of March 2023. Total commercial real estate mortgage borrowing and lending in the U.S. was estimated at $498 billion in 2024.

Residential Real Estate Loans:

  • The market size for Real Estate Loans & Collateralized Debt in Illinois is estimated at $21.3 billion in 2026, which likely includes residential properties.
  • The U.S. home loan market size is estimated at $2.42 trillion in 2026. As of December 2025, total mortgage balances on consumer credit reports in the U.S. amounted to $13.17 trillion.

Consumer Installment Loans:

  • Prior to a state law capping interest rates in March 2021, Illinois borrowers were taking out approximately $1 billion per year in small loans, including payday, installment payday, auto title, and car loans. In 2019, Illinois consumers paid $607.4 million in interest and fees on over 1 million such loans. As of 2022, the average balance on auto loans in Illinois was $21,433.
  • The consumer lending market in the U.S. has a market size of $27 trillion and is growing. The global personal loans market, with North America holding a 40.10% share in 2025, was valued at $429.78 billion in 2025 and is projected to reach $481.18 billion in 2026. Auto loan balances in the U.S. totaled $1.66 trillion as of December 2025.

Deposits:

  • As of June 30, 2023, total deposits in Illinois banks and thrifts were $667.06 billion. The Commercial Banking industry in Illinois, which includes accepting deposits, has a market size of $70.8 billion in 2026.
  • Total deposits across all commercial banks in the United States were reported at $18,665.081 billion in January 2026 and $18,816 billion in March 2026.

Wealth Management Services

  • The Portfolio Management & Investment Advice industry in Illinois is estimated to have a market size of $28.7 billion in 2026. Chicago's largest wealth management firms collectively oversee $763.8 billion in local assets.
  • The global wealth management industry represents $62 trillion in assets under management (AUM) and is projected to grow to $85 trillion by 2028. North America held the largest share in the global wealth management market in 2020. The wealth management platform market in North America was valued at $1.26 billion in 2025 and $1.4 billion in 2026.

AI Analysis | Feedback

Midland States Bancorp (MSBI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

  • Continued Growth in Wealth Management Services: The company has demonstrated consistent strength in its wealth management business, reporting record revenue in this segment in Q4 2025. Assets under management also saw a significant increase of almost 8% in 2025, and management anticipates this positive momentum to continue into 2026.
  • Increased Commercial Loan Opportunities within Community Banking Regions: Midland States Bancorp is strategically focusing on expanding its commercial loan portfolio within its community banking markets. This focus comes after actions in late 2024 and early 2025 to reduce its non-core consumer loan portfolios, allowing for a greater emphasis on attractive lending opportunities in its core regions. The Community Bank segment showed approximately 6.5% annualized loan growth in Q4 2025, with expectations for continued solid momentum in 2026.
  • Expansion of Net Interest Margin: The company has observed positive trends in its net interest margin, which expanded in Q4 2024 and was highlighted as strong in Q4 2025. An improved net interest margin is crucial for enhancing the profitability and revenue generated from Midland States Bancorp's interest-earning assets.
  • Strategic Investments in Talent, Technology, and Marketing: Management has explicitly stated its commitment to making ongoing investments in talent, technology, and marketing. These investments are intended to strengthen the company's capabilities and further enhance its ability to generate profitable growth across its various business segments in the coming years.

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Capital Allocation Decisions for Midland States Bancorp (MSBI)

Share Repurchases

  • Midland States Bancorp authorized a new $25 million common stock repurchase program, effective November 3, 2025, and expiring November 2, 2026. This program succeeded a previous one that concluded on December 31, 2024.
  • The company repurchased $9.6 million of its common stock during the fourth quarter of 2025, acquiring 457,222 shares at a weighted average price of $20.96.
  • Following the repurchases in Q4 2025, approximately $15 million remained available under the authorized repurchase program.

Inbound Investments

  • Patriot Financial Partners, a private equity firm, acquired a position in Midland States Bancorp, leading to the appointment of one of its partners to MSBI's Board of Directors in early 2026.

Outbound Investments

  • Midland States Bancorp completed the sale of substantially all of its equipment finance portfolio to an affiliate of North Mill Equipment Finance LLC for $502 million in cash on November 28, 2025.
  • As of October 31, 2025, the equipment finance portfolio amounted to approximately $599 million in loans and leases outstanding ($565 million net of allowance) plus $21 million of operating leases.
  • The company sold its LendingPoint portfolio, valued at $87.1 million, during the fourth quarter of 2024.
  • In the second quarter of 2025, Midland States Bancorp sold participation interests totaling $317.5 million from its GreenSky consumer loan portfolio, while retaining the remaining $53.6 million.

Peer Outperformance in Regional Banks

MSBI has outperformed 61% of its 262 Regional Banks peers over 5Y. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
Share of Regional Banks constituents that MSBI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 281 industry peers · 109.6% return
3Y
28%
of 273 industry peers · 63.3% return
5Y
61%
of 262 industry peers · 59.7% return
No Regional Banks peer with a comparable growth profile has beaten MSBI by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is MSBI's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
Regional Banks ← 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
Asset Management & Custody Banks 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

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Peer Comparisons

Peers to compare with:

Financials

MSBINEWTATLOGBCSHFSSMBCMedian
NameMidland .NewtekOneAmes Nat.Georgia .SHF Southern. 
Mkt Price31.5810.6034.0033.770.0469.8732.67
Mkt Cap0.70.30.3---0.3
Rev LTM29527773---277
Op Inc LTM-------
FCF LTM76-74021---21
FCF 3Y Avg153-37317---17
CFO LTM78-73922---22
CFO 3Y Avg158-37319---19

Growth & Margins

MSBINEWTATLOGBCSHFSSMBCMedian
NameMidland .NewtekOneAmes Nat.Georgia .SHF Southern. 
Rev Chg LTM-7.9%7.8%21.3%---7.8%
Rev Chg 3Y Avg-7.3%26.8%8.1%---8.1%
Rev Chg Q4.5%7.0%18.5%---7.0%
QoQ Delta Rev Chg LTM1.2%1.7%4.3%---1.7%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM26.3%-267.4%30.3%---26.3%
CFO/Rev 3Y Avg46.2%-138.6%30.2%---30.2%
FCF/Rev LTM25.6%-267.5%28.9%---25.6%
FCF/Rev 3Y Avg44.7%-138.7%27.9%---27.9%

Valuation

MSBINEWTATLOGBCSHFSSMBCMedian
NameMidland .NewtekOneAmes Nat.Georgia .SHF Southern. 
Mkt Cap0.70.30.3---0.3
P/S2.31.14.2---2.3
P/Op Inc-------
P/EBIT-------
P/E11.54.613.1---11.5
P/CFO8.6-0.413.7---8.6
Total Yield12.9%31.6%10.2%---12.9%
Dividend Yield4.2%10.0%2.6%---4.2%
FCF Yield 3Y Avg33.6%-103.1%8.5%---8.5%
D/E0.81.80.1---0.8
Net D/E-1.50.6-1.6----1.5

Returns

MSBINEWTATLOGBCSHFSSMBCMedian
NameMidland .NewtekOneAmes Nat.Georgia .SHF Southern. 
1M Rtn-3.7%-5.3%5.4%-11.8%-94.9%-2.4%-4.5%
3M Rtn-5.5%-27.9%9.0%-11.8%-98.3%-10.0%-10.9%
6M Rtn13.9%-20.1%20.8%-11.8%-99.4%1.1%-5.3%
12M Rtn109.5%7.5%64.7%-11.8%-99.9%31.9%19.7%
3Y Rtn63.2%-15.6%114.9%-11.8%-100.0%67.3%25.7%
1M Excs Rtn-0.6%-1.7%8.1%-10.3%-92.3%-0.1%-1.1%
3M Excs Rtn-3.9%-19.4%10.5%-10.9%-97.1%-8.2%-9.6%
6M Excs Rtn9.1%-24.8%16.0%-16.6%-105.8%-3.6%-10.1%
12M Excs Rtn93.0%-5.9%55.1%-25.3%-118.1%17.7%5.9%
3Y Excs Rtn-11.5%-90.5%42.6%-95.2%-212.1%-0.6%-51.0%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Banking307356347391261
Wealth Management3129262627
Corporate-13-9-9-10 
Other    -10
Total325375364407278


Operating Income by Segment
$ Mil2015
Banking36
Commercial FHA Origination and Servicing6
Other-6
Total35


Net Income by Segment
$ Mil20252024202320222021
Wealth Management53367
Corporate-10-2-4-4 
Banking-11937629981
Other    -7
Total-124386110081


Assets by Segment
$ Mil20252024202320222021
Banking6,5267,4867,7687,7807,460
Wealth Management3732312929
Corporate-49-12-10-16 
Other    -45
Total6,5137,5077,7907,7937,444


Price Behavior

Price Behavior
Market Price$31.60 
Market Cap ($ Bil)0.7 
First Trading Date05/24/2016 
Distance from 52W High-7.7% 
   50 Days200 Days
DMA Price$32.97$28.11
DMA Trendindeterminateup
Distance from DMA-4.1%12.4%
 3M1YR
Volatility21.8%29.4%
Downside Capture58.7647.21
Upside Capture67.10132.67
Correlation (S&P 500)27.4%29.5%
MSBI Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.830.740.650.430.660.78
Up Beta-1.13-0.470.42-0.230.100.65
Down Beta0.800.590.41-0.240.310.63
Up Capture120%101%70%111%163%84%
Bmk +ve Days12182862130427
Stock +ve Days12233472145381
Down Capture74%90%87%61%60%98%
Bmk -ve Days10253664121325
Stock -ve Days10203054105363

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MSBI
MSBI107.2%29.4%2.46-
Sector ETF (XLF)11.1%15.2%0.4745.6%
Equity (SPY)9.5%13.6%0.4133.9%
Gold (GLD)3.6%28.7%0.112.3%
Commodities (DBC)37.7%21.2%1.40-24.4%
Real Estate (VNQ)12.0%14.2%0.5532.1%
Bitcoin (BTCUSD)-20.8%43.3%-0.4212.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MSBI
MSBI10.0%32.3%0.34-
Sector ETF (XLF)9.1%18.4%0.3652.5%
Equity (SPY)11.3%17.3%0.4838.7%
Gold (GLD)17.5%19.1%0.74-1.1%
Commodities (DBC)8.0%19.6%0.291.6%
Real Estate (VNQ)1.2%18.9%-0.0537.6%
Bitcoin (BTCUSD)5.9%51.5%0.2914.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with MSBI
MSBI6.7%34.7%0.28-
Sector ETF (XLF)13.3%22.1%0.5463.9%
Equity (SPY)14.9%18.0%0.7047.0%
Gold (GLD)12.0%16.5%0.59-4.9%
Commodities (DBC)7.6%18.1%0.3315.2%
Real Estate (VNQ)5.7%20.7%0.2345.0%
Bitcoin (BTCUSD)61.3%66.2%1.0113.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity1.0 Mil
Short Interest: % Change Since 930202611.2%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest7.8 days
Basic Shares Quantity21.1 Mil
Short % of Basic Shares5.0%

Earnings Returns History

Updated 11/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/22/20260.1%2.6% 
7/23/20264.1%7.5%7.1%
4/23/20266.9%11.2%19.5%
1/22/2026-4.6%-5.4%-5.5%
10/30/2025-8.6%-0.3%11.8%
7/24/2025-0.2%-5.8%4.5%
4/30/20258.2%9.3%5.5%
1/23/2025-20.0%-20.8%-23.1%
...
SUMMARY STATS   
# Positive101214
# Negative14129
Median Positive2.9%7.7%6.3%
Median Negative-2.7%-3.9%-5.5%
Max Positive8.2%11.2%39.7%
Max Negative-20.0%-20.8%-23.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/22/20260.1%2.6% 
7/23/20264.1%7.5%7.1%
4/23/20266.9%11.2%19.5%
1/22/2026-4.6%-5.4%-5.5%
10/30/2025-8.6%-0.3%11.8%
7/24/2025-0.2%-5.8%4.5%
4/30/20258.2%9.3%5.5%
1/23/2025-20.0%-20.8%-23.1%
10/24/20242.9%8.0%20.6%
7/25/2024-7.6%-12.9%-10.0%
4/25/2024-7.0%-1.0%-3.8%
1/25/2024-1.2%-5.5%-9.8%
10/26/2023-1.3%8.9%10.9%
7/27/20232.2%1.6%-5.2%
4/27/20232.8%-4.1%4.9%
1/26/2023-10.1%-3.6%-1.7%
10/20/20223.1%5.6%3.6%
7/28/2022-1.7%-0.7%0.5%
4/28/2022-2.6%-2.3%-1.6%
1/27/20223.0%9.4%11.6%
10/28/2021-0.9%-2.5%-6.6%
7/22/2021-2.8%0.8%3.6%
4/22/20212.3%2.6%1.2%
1/28/2021-0.5%8.1%39.7%
SUMMARY STATS   
# Positive101214
# Negative14129
Median Positive2.9%7.7%6.3%
Median Negative-2.7%-3.9%-5.5%
Max Positive8.2%11.2%39.7%
Max Negative-20.0%-20.8%-23.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202610/29/202610-Q
06/30/202607/30/202610-Q
03/31/202604/30/202610-Q
12/31/202503/02/202610-K
09/30/202511/06/202510-Q
06/30/202509/08/202510-Q
03/31/202508/08/202510-Q
12/31/202407/01/202510-K
09/30/202411/06/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/23/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/24/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202610/29/202610-Q
06/30/202607/30/202610-Q
03/31/202604/30/202610-Q
12/31/202503/02/202610-K
09/30/202511/06/202510-Q
06/30/202509/08/202510-Q
03/31/202508/08/202510-Q
12/31/202407/01/202510-K
09/30/202411/06/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/23/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/24/202310-K
09/30/202211/03/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202102/25/202210-K
09/30/202111/04/202110-Q
06/30/202108/05/202110-Q
03/31/202105/06/202110-Q
12/31/202002/26/202110-K
09/30/202011/05/202010-Q
06/30/202008/06/202010-Q
03/31/202004/30/202010-Q
12/31/201902/28/202010-K

Recent Forward Guidance

Updated 11/2/2026

Latest: Q3 2026 Earnings Reported 10/22/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Effective Tax RateReported 23.0%  0.0%AffirmedGuidance: 23.0% for 2026


Prior: Q2 2026 Earnings Reported 7/23/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Effective Tax RateReported 23.0%  0.5%RaisedGuidance: 22.5% for 2026

Q1 2026 Earnings Reported 4/23/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Effective Tax RateReported22.0%22.5%23.0%   
2026 Share Repurchase AuthorityReported 7.60 Mil -49.3% LoweredGuidance: 15.00 Mil for 2026

Q4 2025 Earnings Reported 1/22/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Share Repurchase AuthorityReported 15.00 Mil    

Insider Activity

Updated 11/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Mooney, Kyle OwenSVP - Chief Operating OfficerDirectSell909202633.332,40079,992453,621Form
2Mooney, Kyle OwenSVP - Chief Operating OfficerDirectSell818202633.1648916,215451,308Form
3Mooney, Kyle OwenSVP - Chief Operating OfficerDirectSell817202633.511,19840,145472,457Form
4Ludwig, Jeffrey GPresident & CEODirectSell729202634.008,383285,02313,633,069Form
5Franklin, Travis DirectBuy506202626.499,400248,988248,988Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Mooney, Kyle OwenSVP - Chief Operating OfficerDirectSell909202633.332,40079,992453,621Form
2Mooney, Kyle OwenSVP - Chief Operating OfficerDirectSell818202633.1648916,215451,308Form
3Mooney, Kyle OwenSVP - Chief Operating OfficerDirectSell817202633.511,19840,145472,457Form
4Ludwig, Jeffrey GPresident & CEODirectSell729202634.008,383285,02313,633,069Form
5Franklin, Travis DirectBuy506202626.499,400248,988248,988Form
6Mooney, Kyle OwenSVP - Chief Operating OfficerDirectSell128202622.672,80863,657322,073Form
7Jameson, Jeremy AndrewEVP - Chief Credit OfficerDirectBuy1204202517.695,59899,0291,121,758Form
8Smith, Jeffrey C DirectBuy1204202517.695008,845603,388Form
9Bingham, Richard Dean DirectBuy1204202517.565,00087,800486,412Form
10Casey, Daniel EdwardCROFDirectBuy1204202517.895,00089,443505,423Form

Investor Activity (13F)

Updated Nov 6, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Patriot Financial Partners GP II, L.P.$9.8 Mil2.5%12New13F
Rhino Investment Partners, Inc$7.1 Mil2.0%39ADD +22.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Patriot Financial Partners GP II, L.P.$9.8 Mil2.5%12New13F
Rhino Investment Partners, Inc$7.1 Mil2.0%39ADD +22.5%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Patriot Financial Partners GP II, L.P.$9.8 Mil2.5%12New13F
Rhino Investment Partners, Inc$7.1 Mil2.0%39ADD +22.5%13F
Core Cache Last Updated: 11/5/2026