Midland States Bancorp, Inc. (MSBI) 10-Year Financial Performance & Capital Metrics

MSBI • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutMidland States Bancorp, Inc. operates as a financial holding company for Midland States Bank that provides various banking products and services to individuals, businesses, municipalities, and other entities. It operates through Banking, Wealth Management, and Other segments. The company accepts various deposits, such as checking, savings, money market, and sweep accounts, as well as certificates of deposits. It also offers term loans to purchase capital equipment; lines of credit for working capital and operational purposes; commercial real estate loans for owner occupied and non-owner occupied commercial property, as well as farmland loans; construction and land development loans developers of commercial real estate investment properties, residential developments, individual clients for construction of single family homes, as well as to construct owner-user properties; and residential real estate loans and home equity lines of credit.. In addition, the company provides consumer installment loans for the purchase of cars, boats, and other recreational vehicles, as well as for the purchase of major appliances and other home improvement projects; commercial equipment leasing; and trust and wealth management products and services, including financial and estate planning, trustee and custodial services, investment management, tax and insurance planning, business planning, corporate retirement plan consulting and administration, and retail brokerage services. As of December 31, 2021, it operated 52 full-service banking offices. The company was founded in 1881 and is headquartered in Effingham, Illinois.Show more

Net Interest Income $222M -10.8%
Total Revenue $546M +7.4%
Net Income $38M -37.8%
Return on Equity 5.06% -35.8%
Net Interest Margin 2.96% -6.5%
Efficiency Ratio 34.62% +3.7%
ROA 0.49% -36.4%
Equity / Assets 9.47% -5.9%
Book Value per Share 32.70 -8.6%
Tangible BV/Share 23.88 -11.0%
Debt/Equity 0.60 -22.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 34.6% efficiency ratio
✓11 consecutive years of dividend growth
✓Healthy dividend yield of 5.5%
✓Trading at only 0.7x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y19.87%

5Y10.8%

3Y20.35%

TTM-

Profit (Net Income) CAGR

10Y13.4%

5Y-7.37%

3Y-22.37%

TTM-247.75%

EPS CAGR

10Y20.18%

5Y-10.2%

3Y-28.23%

TTM-61.86%

ROCE

10Y Avg6.12%

5Y Avg6.2%

3Y Avg7.35%

Latest3.97%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	104.91M	105.25M	129.66M	180.09M	189.81M	199.14M	207.68M	256.69M	248.82M	221.96M
NII Growth %	0.62%	0%	0.23%	0.39%	0.05%	0.05%	0.04%	0.24%	-0.03%	-0.11%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	117.8M	121.25M	153.11M	223.37M	249.52M	244.89M	237.82M	312.71M	417.1M	411.74M
Interest Expense	0	0	0	43.28M	59.7M	45.75M	30.14M	56.02M	168.28M	189.78M
Loan Loss Provision	24.02M	21.59M	33.01M	9.43M	16.98M	44.36M	3.39M	76.76M	82.56M	120.33M
Non-Interest Income+	56.52M	70.1M	57.41M	71.34M	77.42M	71.08M	75.42M	123.79M	91.4M	134.31M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	174.32M	191.35M	210.52M	294.71M	326.94M	315.97M	313.23M	436.51M	508.5M	546.05M
Revenue Growth %	0.96%	0.1%	0.1%	0.4%	0.11%	-0.03%	-0.01%	0.39%	0.16%	0.07%
Non-Interest Expense	114.89M	119.33M	151.04M	191.19M	177.78M	193.84M	180.59M	172.34M	169.7M	189.04M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	35.5M	50.42M	26.47M	50.8M	72.47M	32.01M	99.11M	131.39M	87.96M	46.9M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	1.3%	0.42%	-0.48%	0.92%	0.43%	-0.56%	2.1%	0.33%	-0.33%	-0.47%
Pretax Income+	35.5M	50.42M	26.47M	50.8M	72.47M	32.01M	99.11M	131.39M	87.96M	46.9M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	11.09M	18.89M	10.41M	11.38M	16.69M	9.48M	17.8M	31.15M	26.81M	8.86M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	24.32M	31.54M	16.06M	39.42M	55.78M	22.54M	81.32M	100.24M	61.16M	38.04M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.25%	0.3%	-0.49%	1.46%	0.42%	-0.6%	2.61%	0.23%	-0.39%	-0.38%
Net Income (Continuing)	24.32M	31.54M	16.06M	39.42M	55.78M	22.54M	81.32M	100.24M	61.16M	38.04M
EPS (Diluted)+	1.63	2.17	0.87	1.66	2.26	0.95	3.57	4.23	2.33	1.32
EPS Growth %	6.76%	0.33%	-0.6%	0.91%	0.36%	-0.58%	2.76%	0.18%	-0.45%	-0.43%
EPS (Basic)	1.63	2.22	0.89	1.69	2.28	0.95	3.58	4.24	2.33	1.32
Diluted Shares Outstanding	14.85M	14.43M	18.28M	23.55M	24.49M	23.35M	22.55M	22.4M	22.12M	21.74M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	211.98M	189.54M	214.52M	210.78M	392.69M	337.08M	673.3M	153.34M	134.21M	114.06M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	2.24B	2.53B	3.55B	4.59B	4.76B	5.51B	5.73B	6.6B	6.56B	6.27B
Investments Growth %	0.05%	0.13%	0.4%	0.29%	0.04%	0.16%	0.04%	0.15%	-0.01%	-0.04%
Long-Term Investments	2.01B	2.28B	3.1B	3.93B	4.11B	4.84B	4.83B	5.83B	5.64B	5.32B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	46.52M	48.84M	98.62M	164.67M	171.76M	161.9M	161.9M	161.9M	161.9M	161.9M
Intangible Assets	73.66M	75.19M	73.28M	90.82M	88.71M	68.54M	53.24M	22.07M	36.36M	29.94M
PP&E (Net)	73.13M	66.69M	76.16M	94.84M	105.28M	83.3M	79.22M	78.29M	82.81M	85.71M
Other Assets	72.49M	119.22M	162.18M	196.09M	220.89M	271.34M	298.42M	329.07M	396.44M	442.46M
Total Current Assets	610.71M	641.42M	890.26M	1.16B	1.4B	1.45B	2.02B	1.43B	1.55B	1.47B
Total Non-Current Assets	2.28B	2.59B	3.52B	4.48B	4.7B	5.42B	5.42B	6.42B	6.32B	6.04B
Total Assets+	2.88B	3.23B	4.41B	5.64B	6.09B	6.87B	7.44B	7.86B	7.87B	7.51B
Asset Growth %	0.08%	0.12%	0.36%	0.28%	0.08%	0.13%	0.08%	0.06%	0%	-0.05%
Return on Assets (ROA)	0.01%	0.01%	0%	0.01%	0.01%	0%	0.01%	0.01%	0.01%	0%
Accounts Payable	979K	1.04M	2.53M	4.86M	6.4M	0	93.88M	80.22M	110.46M	124.27M
Total Debt+	209.57M	423.6M	746.35M	858.82M	767.18M	1.03B	536.61M	644.39M	604.41M	423.25M
Net Debt	-2.4M	234.06M	531.83M	648.04M	374.49M	692.63M	-136.69M	491.05M	470.2M	309.19M
Long-Term Debt	101.86M	292.03M	581.23M	701.74M	669.78M	948.79M	449.09M	459.77M	419.55M	335.75M
Short-Term Debt	107.54M	131.56M	165.13M	157.07M	82.03M	68.96M	76.8M	184.62M	184.87M	87.5M
Other Liabilities	72.59M	73.3M	80.65M	91.3M	95.99M	116.42M	38.83M	7.66M	50.62M	51.2M
Total Current Liabilities	2.48B	2.54B	3.3B	4.24B	4.63B	5.17B	6.28B	6.63B	6.6B	6.41B
Total Non-Current Liabilities	174.62M	373.94M	661.88M	793.05M	792.42M	1.08B	498.64M	467.44M	470.16M	386.95M
Total Liabilities	2.65B	2.91B	3.96B	5.03B	5.43B	6.25B	6.78B	7.1B	7.08B	6.8B
Total Equity+	233.06M	321.81M	449.55M	608.52M	661.91M	621.39M	663.84M	758.57M	791.85M	710.85M
Equity Growth %	0.06%	0.38%	0.4%	0.35%	0.09%	-0.06%	0.07%	0.14%	0.04%	-0.1%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.11%	0.11%	0.04%	0.07%	0.09%	0.04%	0.13%	0.14%	0.08%	0.05%
Book Value per Share	15.70	22.30	24.59	25.84	27.02	26.62	29.44	33.87	35.79	32.70
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	118K	155K	191K	238K	244K	223K	221K	222K	216K	215K
Additional Paid-in Capital	135.82M	209.71M	330.15M	473.83M	488.31M	453.41M	445.91M	449.2M	435.46M	434.35M
Retained Earnings	90.91M	112.51M	114.48M	133.78M	165.92M	156.33M	212.47M	282.4M	322.38M	247.7M
Accumulated OCI	6.03M	-610K	1.76M	-2.11M	7.44M	11.43M	5.24M	-83.8M	-76.75M	-81.96M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	2.97M	2.78M	0	0	0	110.55M	110.55M	110.55M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	73.52M	24.13M	70.46M	97.09M	538.65M	499.15M	334.44M	247.06M	154.64M	176.55M
Operating CF Growth %	2.42%	-0.67%	1.92%	0.38%	4.55%	-0.07%	-0.33%	-0.26%	-0.37%	0.14%
Net Income	24.41M	31.53M	16.06M	39.42M	55.78M	22.54M	81.32M	99.03M	75.46M	38.04M
Depreciation & Amortization	12.61M	13.37M	13.45M	16.07M	19.43M	19.51M	16.34M	14.38M	12.72M	13.16M
Deferred Taxes	6.47M	14.54M	12.03M	10.52M	12.61M	0	0	0	0	0
Other Non-Cash Items	37.2M	-31.55M	29.12M	19.63M	439.06M	489.33M	238.33M	144.96M	59.66M	113.69M
Working Capital Changes	-7.58M	-4.26M	-1.58M	9.91M	9.41M	-34.41M	-3.5M	-13.51M	4.31M	8.63M
Cash from Investing+	-229.51M	-359.06M	-234.61M	-6.69M	-364.79M	-1.31B	-478.5M	-1.1B	-76.08M	136.71M
Purchase of Investments	-89.79M	-205.4M	-280.63M	-97.08M	-214.58M	-281.95M	-470.05M	-217.65M	-652.68M	0
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-20.05M	-5.19M	-18.52M	36.15M	69.88M	0	-2.71M	60.27M	0	37K
Other Investing	-222.44M	-348.35M	-227.92M	-112.79M	-500.57M	-1.27B	-246.42M	-1.17B	71.54M	-345.86M
Cash from Financing+	208.76M	313.18M	188.64M	-91.9M	6.94M	760.42M	482.79M	332.08M	-104.13M	-333.55M
Dividends Paid	-7.69M	-9.85M	-14.19M	-20.31M	-23.79M	-24.96M	-25.17M	-29.09M	-35.49M	-35.98M
Share Repurchases	0	0	0	0	-4.02M	-39.62M	-11.69M	-1.11M	-17.9M	-5.47M
Stock Issued	470K	71.47M	3.23M	2.28M	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	1000K	1000K	1000K	-1000K	1000K	-1000K	1000K	1000K	-1000K
Other Financing	217.01M	38.04M	-13.14M	-168.05M	155.92M	559.48M	1.01B	176.4M	-53.45M	-110.96M
Net Change in Cash+	52.57M	-21.76M	24.49M	-1.5M	180.81M	-52.87M	338.73M	-519.74M	-25.57M	-20.3M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	159.9M	212.47M	190.72M	215.2M	213.7M	394.5M	341.64M	680.37M	160.63M	135.06M
Cash at End	212.47M	190.72M	215.2M	213.7M	394.5M	341.64M	680.37M	160.63M	135.06M	114.77M
Interest Paid	12.98M	15.93M	21.96M	40.96M	58.16M	47.71M	31.73M	55.07M	159.14M	189.6M
Income Taxes Paid	8.54M	1.07M	653K	580K	479K	2.98M	7.76M	36.51M	25.12M	22.54M
Free Cash Flow+	67.51M	21.95M	64.27M	89.86M	533.12M	496.56M	331.72M	243.59M	145.91M	169.65M
FCF Growth %	2.63%	-0.67%	1.93%	0.4%	4.93%	-0.07%	-0.33%	-0.27%	-0.4%	0.16%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	10.74%	11.37%	4.16%	7.45%	8.78%	3.51%	12.65%	14.09%	7.89%	5.06%
Return on Assets (ROA)	0.87%	1.03%	0.42%	0.78%	0.95%	0.35%	1.14%	1.31%	0.78%	0.49%
Net Interest Margin	3.64%	3.25%	2.94%	3.19%	3.12%	2.9%	2.79%	3.27%	3.16%	2.96%
Efficiency Ratio	65.91%	62.36%	71.75%	64.88%	54.38%	61.35%	57.65%	39.48%	33.37%	34.62%
Equity / Assets	8.08%	9.95%	10.19%	10.79%	10.87%	9.05%	8.92%	9.66%	10.07%	9.47%
Book Value / Share	15.7	22.3	24.59	25.84	27.02	26.62	29.44	33.87	35.79	32.7
NII Growth	62.4%	0.33%	23.19%	38.89%	5.4%	4.91%	4.29%	23.6%	-3.07%	-10.8%
Dividend Payout	31.62%	31.24%	87.24%	50.68%	42.3%	110.74%	30.96%	25.86%	43.45%	71.16%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Asset Management	16.1M	16.11M	16.95M	20.95M	21.7M	22.21M	25M
Asset Management Growth	-	0.09%	5.21%	23.60%	3.58%	2.32%	12.59%
Interchange Revenues	10.67M	11.99M	12.27M	14.5M	13.88M	14.3M	13.96M
Interchange Revenues Growth	-	12.35%	2.28%	18.21%	-4.28%	3.05%	-2.43%
Nonsufficient Fund Fees	7.67M	7.72M	5.59M	5.34M	6.4M	7.33M	7.85M
Nonsufficient Fund Fees Growth	-	0.64%	-27.61%	-4.47%	19.95%	14.38%	7.15%
Other Deposit Account	2.77M	3.31M	3.01M	3.01M	3.08M	4.67M	5.3M
Other Deposit Account Growth	-	19.44%	-8.83%	-0.17%	2.23%	51.66%	13.72%
Investment Advisory, Management and Administrative Service	-	-	2.01M	1.28M	-	6K	1.97M
Investment Advisory, Management and Administrative Service Growth	-	-	-	-36.19%	-	-	32750.00%
Other Wealth Management Revenue	1.31M	2.38M	2.38M	2.52M	1.94M	1.64M	1.72M
Other Wealth Management Revenue Growth	-	82.11%	-0.29%	6.32%	-23.33%	-15.39%	5.13%
Credit Card, Merchant Discount	-	-	1.38M	1.51M	1.59M	1.59M	1.39M
Credit Card, Merchant Discount Growth	-	-	-	9.41%	5.23%	0.13%	-12.63%
Service, Other	-	-	3.16M	3.85M	3.04M	1.73M	938K
Service, Other Growth	-	-	-	21.80%	-21.06%	-43.21%	-45.65%
Investment Performance	1.06M	1.17M	1.47M	2.05M	2.07M	1.72M	-
Investment Performance Growth	-	9.39%	25.75%	39.93%	0.88%	-16.83%	-
Service Other	2.94M	3.48M	-	-	-	-	-
Service Other Growth	-	18.40%	-	-	-	-	-
Investment Advisory Management And Administrative Service	2.04M	2.17M	-	-	-	-	-
Investment Advisory Management And Administrative Service Growth	-	6.37%	-	-	-	-	-
Credit Card Merchant Discount	1.65M	1.51M	-	-	-	-	-
Credit Card Merchant Discount Growth	-	-8.73%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Midland States Bancorp, Inc. (MSBI) has a price-to-earnings (P/E) ratio of 17.1x. This is roughly in line with market averages.

Growth & Financials

Midland States Bancorp, Inc. (MSBI) grew revenue by 7.4% over the past year. This is steady growth.

Midland States Bancorp, Inc. (MSBI) reported a net loss of $122.5M for fiscal year 2024.

Dividend & Returns

Yes, Midland States Bancorp, Inc. (MSBI) pays a dividend with a yield of 5.52%. This makes it attractive for income-focused investors.

Midland States Bancorp, Inc. (MSBI) has a return on equity (ROE) of 5.1%. This is below average, suggesting room for improvement.

Industry Metrics

Midland States Bancorp, Inc. (MSBI) has a net interest margin (NIM) of 3.0%. NIM has been under pressure due to interest rate environment.

Midland States Bancorp, Inc. (MSBI) has an efficiency ratio of 34.6%. This is excellent, indicating strong cost control.

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