Midland States Bancorp, Inc. (MSBI) Stock

Midland States Bancorp, Inc. (MSBI) is a Financials stock trading at $32.82 (as of 2026-08-21), with a market capitalization of $681.08M and a trailing P/E of 15.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Midland States Bancorp, Inc. is a financial holding company for Midland States Bank that provides banking products and services to individuals, businesses, municipalities, and other entities. It operates through Banking and Wealth Management (and an Other) segment and offers deposit accounts and certificates of deposit, along with commercial and residential lending, including real estate, equipment-related, and consumer installment loans.

Understand Midland States Bancorp, Inc.: how it makes money

Midland States Bancorp operates a bank and wealth management business, taking deposits and making loans while also generating wealth management revenue.

Earnings are structurally tied to loan and deposit banking activity and wealth management activity, with results ultimately pressured or supported by credit quality (nonperforming loans and net charge-offs) and the level of wealth management assets under administration.

Revenue by segment (latest quarter)
Banking$0.0B
Wealth$0.0B
Other$0.1B

Business quality (Solid): Good visibility into credit and wealth-management operating metrics, but segment revenue inputs are incomplete, so segment-level revenue is derived for presentation.

Valuation: At 26× earnings, MSBI trades 106% above the Banking average (13×). Note: one-time items can distort reported P/E.

Bull case

  • Wealth management scale is measurable: Wealth Management Assets Under Administration is reported at 4.48 USD_B, and the company also reports Wealth Management Revenue at 0.01 USD_B.
  • Credit quality is tracked with multiple lenses: The company reports Nonperforming Loans at 0.07 USD_B and Net Charge-Offs at 12300000.0.

Bear case

  • Wealth management assets declined: Assets Under Administration Decrease is 0.45 USD_B, which can be a headwind if it reduces recurring wealth management revenue.
  • Credit risk indicators are elevated enough to be tracked: Nonperforming Loans are 0.07 USD_B, Substandard Accruing Loans are 0.06 USD_B, and Net Charge-Offs are 12300000.0.
  • Capital position is monitored: The Common Equity Tier One Capital Ratio is 9.37 percent, so continued stress in credit or business mix could increase capital pressure.
Valuation — source: SEC EDGAR (first-party)
Price$32.82
Market Cap$681.08M
P/E Ratio15.8
EV / EBITDA6.2
Price / Book1.20
Price / Sales1.87
FCF Yield22.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$387.87M
Net Margin-32.0%
Revenue Growth (YoY)-10.0%
EPS Growth (YoY)86.4%
FCF Growth (YoY)9.5%
Valuation vs Sector & Industry
Stock P/E15.8
Sector P/E (Financials)15.1
Industry P/E (Banking)13.0
vs Sector4.9%
vs Industry22.1%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($63.71M)
Institutional Holders Tracked10
Company
SectorFinancials
IndustryBanking
CEOJeffrey G. Ludwig
Employees907
CountryUS
IPO Date2016-05-24

Related Companies (Business model: Universal / Commercial Bank; 8 closest by market cap; US-domiciled)

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MSBI earnings history · MSBI institutional & insider holders · MSBI KPIs & operating metrics · MSBI financials · MSBI investor presentations & press releases · MSBI SEC filings · MSBI peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.