MSBI
Midland States Bancorp, Inc.
Banks - Regional
Market Cap$608M
5Y Perf.+89.3%
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Stock Comparison
MSBI vs NBTB
Revenue, margins, valuation, and 5-year total return — side by side.
NBTB
NBT Bancorp Inc.
Banks - Regional
Market Cap$2.35B
5Y Perf.+43.9%
MSBI vs NBTB — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | MSBI | NBTB |
|---|---|---|
| Industry | Banks - Regional | Banks - Regional |
| Market Cap | $608M | $2.35B |
| Revenue (TTM) | $468M | $867M |
| Net Income (TTM) | $-124M | $169M |
| Gross Margin | 57.4% | 72.1% |
| Operating Margin | -22.1% | 25.3% |
| Forward P/E | 9.1x | 10.8x |
| Total Debt | $432M | $327M |
| Cash & Equiv. | $128M | $185M |
MSBI vs NBTB — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
MSBI
NBTB
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Midland States Banc… (MSBI) | 100 | 189.3 | +89.3% |
| NBT Bancorp Inc. (NBTB) | 100 | 143.9 | +43.9% |
Price return only. Dividends and distributions are not included.
Quick Verdict: MSBI vs NBTB
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: NBTB leads in 4 of 7 categories, making it the strongest pick for growth and revenue expansion and profitability and margin quality. Midland States Bancorp, Inc. is the stronger pick specifically for valuation and capital efficiency and dividend income and shareholder returns. As sector peers, any of these can serve as alternatives in the same allocation.
MSBI
Midland States Bancorp, Inc.
The Banking Pick
MSBI is the clearest fit if your priority is income & stability and defensive.
- Dividend streak 12 yrs, beta 1.05, yield 4.5%
- Beta 1.05, yield 4.5%, current ratio 27.46x
- NIM 3.6% vs NBTB's 3.1%
Best for: income & stability and defensive
NBTB
NBT Bancorp Inc.
The Banking Pick
NBTB carries the broadest edge in this set and is the clearest fit for growth exposure and long-term compounding.
- Rev growth 10.4%, EPS growth 12.5%
- 102.2% 10Y total return vs MSBI's 76.8%
- Lower volatility, beta 0.89, Low D/E 17.3%, current ratio 1.60x
Best for: growth exposure and long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | NBTB | 10.4% NII/revenue growth vs MSBI's -14.4% |
| Value | MSBI | Lower P/E (9.1x vs 10.8x) |
| Quality / Margins | NBTB | Efficiency ratio 0.5% vs MSBI's 0.8% (lower = leaner) |
| Stability / Safety | NBTB | Beta 0.89 vs MSBI's 1.05, lower leverage |
| Dividends | MSBI | 4.5% yield, 12-year raise streak, vs NBTB's 3.2% |
| Momentum (1Y) | MSBI | +66.4% vs NBTB's +9.0% |
| Efficiency (ROA) | NBTB | Efficiency ratio 0.5% vs MSBI's 0.8% |
MSBI vs NBTB — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2025
MSBI vs NBTB — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLMSBILAGGINGNBTB
NBTBNBT Bancorp Inc.
2leads
MSBIMidland States Bancor…
3leads
6 Total Categories
CATEGORYLEADERvs NBTBMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
NBTB4/5
Valuation MetricsMultiples, price ratios, and targets
MSBI5/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
NBTB9/9
Total Returns1Y, 3Y, 5Y total returns with dividends
MSBI4/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
MSBI1/1
Income & Cash Flow (Last 12 Months)
NBTB leads this category, winning 4 of 5 comparable metrics.
Income & Cash Flow (Last 12 Months)
NBTB is the larger business by revenue, generating $867M annually — 1.9x MSBI's $468M. NBTB is the more profitable business, keeping 19.5% of every revenue dollar as net income compared to MSBI's -26.6%.
| Metric | MSBIMidland States Ba… | NBTBNBT Bancorp Inc. |
|---|---|---|
| RevenueTrailing 12 months | $468M | $867M |
| EBITDAEarnings before interest/tax | -$106M | $241M |
| Net IncomeAfter-tax profit | -$124M | $169M |
| Free Cash FlowCash after capex | $122M | $225M |
| Gross MarginGross profit ÷ Revenue | +57.4% | +72.1% |
| Operating MarginEBIT ÷ Revenue | -22.1% | +25.3% |
| Net MarginNet income ÷ Revenue | -26.6% | +19.5% |
| FCF MarginFCF ÷ Revenue | +25.7% | +25.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -60.0% | +39.5% |
NBTB leads this category, winning 4 of 5 comparable metrics.
Valuation Metrics
MSBI leads this category, winning 5 of 5 comparable metrics.
Valuation Metrics
| Metric | MSBIMidland States Ba… | NBTBNBT Bancorp Inc. |
|---|---|---|
| Market CapShares × price | $608M | $2.4B |
| Enterprise ValueMkt cap + debt − cash | $913M | $2.5B |
| Trailing P/EPrice ÷ TTM EPS | -4.62x | 13.53x |
| Forward P/EPrice ÷ next-FY EPS est. | 9.08x | 10.80x |
| PEG RatioP/E ÷ EPS growth rate | — | 1.92x |
| EV / EBITDAEnterprise value multiple | — | 10.35x |
| Price / SalesMarket cap ÷ Revenue | 1.30x | 2.71x |
| Price / BookPrice ÷ Book value/share | 1.10x | 1.21x |
| Price / FCFMarket cap ÷ FCF | 5.06x | 10.75x |
MSBI leads this category, winning 5 of 5 comparable metrics.
Profitability & Efficiency
NBTB leads this category, winning 9 of 9 comparable metrics.
Profitability & Efficiency
NBTB delivers a 9.5% return on equity — every $100 of shareholder capital generates $10 in annual profit, vs $-22 for MSBI. NBTB carries lower financial leverage with a 0.17x debt-to-equity ratio, signaling a more conservative balance sheet compared to MSBI's 0.76x. On the Piotroski fundamental quality scale (0–9), NBTB scores 7/9 vs MSBI's 4/9, reflecting strong financial health.
| Metric | MSBIMidland States Ba… | NBTBNBT Bancorp Inc. |
|---|---|---|
| ROE (TTM)Return on equity | -21.7% | +9.5% |
| ROA (TTM)Return on assets | -1.8% | +1.1% |
| ROICReturn on invested capital | -7.3% | +7.9% |
| ROCEReturn on capital employed | -2.7% | +2.4% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 7 |
| Debt / EquityFinancial leverage | 0.76x | 0.17x |
| Net DebtTotal debt minus cash | $304M | $142M |
| Cash & Equiv.Liquid assets | $128M | $185M |
| Total DebtShort + long-term debt | $432M | $327M |
| Interest CoverageEBIT ÷ Interest expense | -0.76x | 1.05x |
NBTB leads this category, winning 9 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
MSBI leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in NBTB five years ago would be worth $12,989 today (with dividends reinvested), compared to $11,964 for MSBI. Over the past 12 months, MSBI leads with a +66.4% total return vs NBTB's +9.0%. The 3-year compound annual growth rate (CAGR) favors MSBI at 18.8% vs NBTB's 15.5% — a key indicator of consistent wealth creation.
| Metric | MSBIMidland States Ba… | NBTBNBT Bancorp Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +35.1% | +9.3% |
| 1-Year ReturnPast 12 months | +66.4% | +9.0% |
| 3-Year ReturnCumulative with dividends | +67.7% | +54.1% |
| 5-Year ReturnCumulative with dividends | +19.6% | +29.9% |
| 10-Year ReturnCumulative with dividends | +76.8% | +102.2% |
| CAGR (3Y)Annualised 3-year return | +18.8% | +15.5% |
MSBI leads this category, winning 4 of 6 comparable metrics.
Risk & Volatility
Evenly matched — MSBI and NBTB each lead in 1 of 2 comparable metrics.
Risk & Volatility
NBTB is the less volatile stock with a 0.89 beta — it tends to amplify market swings less than MSBI's 1.05 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. MSBI currently trades 99.6% from its 52-week high vs NBTB's 96.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | MSBIMidland States Ba… | NBTBNBT Bancorp Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.05x | 0.89x |
| 52-Week HighHighest price in past year | $28.46 | $46.92 |
| 52-Week LowLowest price in past year | $14.24 | $39.20 |
| % of 52W HighCurrent price vs 52-week peak | +99.6% | +96.1% |
| RSI (14)Momentum oscillator 0–100 | 76.4 | 57.3 |
| Avg Volume (50D)Average daily shares traded | 139K | 236K |
Evenly matched — MSBI and NBTB each lead in 1 of 2 comparable metrics.
Analyst Outlook
MSBI leads this category, winning 1 of 1 comparable metric.
Analyst Outlook
Wall Street rates MSBI as "Hold" and NBTB as "Hold". Consensus price targets imply 2.1% upside for NBTB (target: $46) vs -6.5% for MSBI (target: $27). For income investors, MSBI offers the higher dividend yield at 4.47% vs NBTB's 3.17%.
| Metric | MSBIMidland States Ba… | NBTBNBT Bancorp Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $26.50 | $46.00 |
| # AnalystsCovering analysts | 4 | 10 |
| Dividend YieldAnnual dividend ÷ price | +4.5% | +3.2% |
| Dividend StreakConsecutive years of raises | 12 | 12 |
| Dividend / ShareAnnual DPS | $1.27 | $1.43 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.6% | +0.4% |
MSBI leads this category, winning 1 of 1 comparable metric.
Key Takeaway
MSBI leads in 3 of 6 categories (Valuation Metrics, Total Returns). NBTB leads in 2 (Income & Cash Flow, Profitability & Efficiency). 1 tied.
Best OverallMidland States Bancorp, Inc. (MSBI)Leads 3 of 6 categories
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MSBI vs NBTB: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is MSBI or NBTB a better buy right now?
For growth investors, NBT Bancorp Inc.
(NBTB) is the stronger pick with 10. 4% revenue growth year-over-year, versus -14. 4% for Midland States Bancorp, Inc. (MSBI). NBT Bancorp Inc. (NBTB) offers the better valuation at 13. 5x trailing P/E (10. 8x forward), making it the more compelling value choice. Analysts rate Midland States Bancorp, Inc. (MSBI) a "Hold" — based on 4 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — MSBI or NBTB?
On forward P/E, Midland States Bancorp, Inc.
is actually cheaper at 9. 1x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — MSBI or NBTB?
Over the past 5 years, NBT Bancorp Inc.
(NBTB) delivered a total return of +29. 9%, compared to +19. 6% for Midland States Bancorp, Inc. (MSBI). Over 10 years, the gap is even starker: NBTB returned +102. 2% versus MSBI's +76. 8%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — MSBI or NBTB?
By beta (market sensitivity over 5 years), NBT Bancorp Inc.
(NBTB) is the lower-risk stock at 0. 89β versus Midland States Bancorp, Inc. 's 1. 05β — meaning MSBI is approximately 18% more volatile than NBTB relative to the S&P 500. On balance sheet safety, NBT Bancorp Inc. (NBTB) carries a lower debt/equity ratio of 17% versus 76% for Midland States Bancorp, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — MSBI or NBTB?
By revenue growth (latest reported year), NBT Bancorp Inc.
(NBTB) is pulling ahead at 10. 4% versus -14. 4% for Midland States Bancorp, Inc. (MSBI). On earnings-per-share growth, the picture is similar: NBT Bancorp Inc. grew EPS 12. 5% year-over-year, compared to -565. 2% for Midland States Bancorp, Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — MSBI or NBTB?
NBT Bancorp Inc.
(NBTB) is the more profitable company, earning 19. 5% net margin versus -26. 6% for Midland States Bancorp, Inc. — meaning it keeps 19. 5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NBTB leads at 25. 3% versus -22. 1% for MSBI. At the gross margin level — before operating expenses — NBTB leads at 72. 1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is MSBI or NBTB more undervalued right now?
On forward earnings alone, Midland States Bancorp, Inc.
(MSBI) trades at 9. 1x forward P/E versus 10. 8x for NBT Bancorp Inc. — 1. 7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for NBTB: 2. 1% to $46. 00.
08Which pays a better dividend — MSBI or NBTB?
All stocks in this comparison pay dividends.
Midland States Bancorp, Inc. (MSBI) offers the highest yield at 4. 5%, versus 3. 2% for NBT Bancorp Inc. (NBTB).
09Is MSBI or NBTB better for a retirement portfolio?
For long-horizon retirement investors, NBT Bancorp Inc.
(NBTB) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 89), 3. 2% yield, +102. 2% 10Y return). Both have compounded well over 10 years (NBTB: +102. 2%, MSBI: +76. 8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between MSBI and NBTB?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: MSBI is a small-cap income-oriented stock; NBTB is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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