MSBI Financial Services

Midland States Bancorp, Inc.

$33.22-0.36%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Financial Services
Industry: Banks - Regional
Country: United States
Market cap: 689.4M USD
Full-time employees: 839

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #437 of 791 banks & insurance companies (bottom 45%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Midland States Bancorp made a profit per share in its latest year after a loss the year before.
Share count shrinking. Shares outstanding down 6.6% from December 2022 to July 2026.
Midland States Bancorp had 6.6% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Revenue is falling. Revenue fell 18% in the fiscal year to Dec 2025 vs the year before.
Midland States Bancorp's revenue fell 18% in the fiscal year to Dec 2025 vs the year before.

StockQuotient Score

49/ 100

Oct 5 51 → Nov 4 49 (-2)

Valuation

Is the price right?

36/100

Weak▲ 2 since Oct 27 close

2/2 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 34 → 36

Share price -3.0%+3
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield82.6%

SEC filings · latest balance sheetReported value40% base weight · Z-score 0.11Sector median: 0.7950 · MAD: 0.2843

Earnings yield6.2%

SEC filings · 12 months to Jun 2026Reported value60% base weight · Z-score -0.65Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yieldUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield16.9%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported valueInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

89/100

Strong

1/1 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ EPS growth

Compare with peers

Behind the score

Earnings-per-share growth versus other banks and insurers.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit100% base weight · Z-score 3.65Sector median: 0.1599 · MAD: 0.1775

Other data (not scored)

3-year revenue growth-8.6%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0826 · MAD: 0.0558

Revenue growth-18.5%

Yahoo Finance fallback · SEC figure unavailable or out of date · fiscal year to Dec 2025Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0866 · MAD: 0.0782

Profitability

Does it earn well?

23/100

Weak

2/2 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ ROE

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets0.6%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.85Sector median: 0.0117 · MAD: 0.0062

Return on equity7.6%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.82Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Midland States Bancorp

Is Midland States Bancorp getting weaker?: Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 49/100 since Oct 28, 2026.
How is Midland States Bancorp valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 36/100 against 950 banks & insurance peers. Earnings yield 6.2% vs a peer median of 7.9% (weaker than 69% of peers).Earnings yield 6.2% vs peers 7.9% (weaker than 69% of peers).
Is Midland States Bancorp growing?: Yes, faster than most of its peers. Growth scores 89/100 against 950 banks & insurance peers.
How profitable is Midland States Bancorp?: Less profitable than most of its peers. Profitability scores 23/100 against 950 banks & insurance peers. Return on assets 0.6% vs a peer median of 1.2% (weaker than 73% of peers).Return on assets 0.6% vs peers 1.2% (weaker than 73% of peers).
How risky is Midland States Bancorp?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Net income (12 months)	35.2M USD	43.0M USD	+22.4%
Free cash flow (12 months)	113.8M USD	116.4M USD	+2.2%
Cash	113.7M USD	298.7M USD	+162.8%
Shares outstanding	20.7M	20.8M	+0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Banks - Regional · 119 companies

Valuations in Banks - Regional are within their usual range since 2016.

45% of months since 2016 were valued lower than now.
14% of companies are in the most expensive fifth of their own price-to-book history.
Over 24 months, company values +29% and earnings +32% (medians): prices and earnings moved broadly together.
Median price-to-book is −61% vs the whole market, against a usual −59%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Return on assets (ROA)	1.1%	1.3%	0.8%	0.5%	-1.9%	▼ 2.4 pts
Return on equity (ROE)	13.5%	14.4%	8.6%	5.4%	-22.0%	▼ 27 pts
Debt to equity	0.13×	0.06×	0.05×	0.12×	0.11×	▼ 14%

MSBI price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #437 of 791 banks & insurance companies (bottom 45%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

Midland States Bancorp made a profit per share in its latest year after a loss the year before.

Share count shrinking. Shares outstanding down 6.6% from December 2022 to July 2026.

Midland States Bancorp had 6.6% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Revenue is falling. Revenue fell 18% in the fiscal year to Dec 2025 vs the year before.

Midland States Bancorp's revenue fell 18% in the fiscal year to Dec 2025 vs the year before.

Questions investors ask about Midland States Bancorp

Is Midland States Bancorp getting weaker?

Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 49/100 since Oct 28, 2026.

How is Midland States Bancorp valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 36/100 against 950 banks & insurance peers. Earnings yield 6.2% vs a peer median of 7.9% (weaker than 69% of peers).Earnings yield 6.2% vs peers 7.9% (weaker than 69% of peers).

Is Midland States Bancorp growing?

Yes, faster than most of its peers. Growth scores 89/100 against 950 banks & insurance peers.

How profitable is Midland States Bancorp?

Less profitable than most of its peers. Profitability scores 23/100 against 950 banks & insurance peers. Return on assets 0.6% vs a peer median of 1.2% (weaker than 73% of peers).Return on assets 0.6% vs peers 1.2% (weaker than 73% of peers).

How risky is Midland States Bancorp?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous quarter

Latest quarter

Change

Net income (12 months)

35.2M USD

43.0M USD

+22.4%

Free cash flow (12 months)

113.8M USD

116.4M USD

+2.2%

Cash

113.7M USD

298.7M USD

+162.8%

Shares outstanding

20.7M

20.8M

+0.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Return on assets (ROA)

1.1%

1.3%

0.8%

0.5%

-1.9%

▼ 2.4 pts

Return on equity (ROE)

13.5%

14.4%

8.6%

5.4%

-22.0%

▼ 27 pts

Debt to equity

0.13×

0.06×

0.05×

0.12×

0.11×

▼ 14%