Midland States Bancorp
Provides community banking and wealth management across Illinois and the St. Louis area.
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Profile
Provides commercial and retail banking, deposits, treasury services, and wealth management through Midland States Bank. The franchise is concentrated in Illinois and the St. Louis area, with recent portfolio exits refocusing the balance sheet on core community banking.
Operates through Midland States Bank, with Banking, Wealth Management, and Corporate segments. Customer activity centers on commercial and consumer loans, deposits, treasury management, merchant services, trust and fiduciary work, brokerage, and retirement planning.
The footprint is concentrated in Illinois and the St. Louis metropolitan area, with full-service offices serving community-bank relationships. Its public-company arc includes a Nasdaq IPO in 2016 and acquisitions that expanded the franchise before the current cleanup phase.
Execution depends on relationship banking, credit discipline, and regulated bank operations. Recent actions exited LendingPoint exposure, reduced GreenSky participation, stopped new equipment-finance originations, and remediated previously disclosed internal-control weaknesses.
Company facts
Categories
Key statistics
Year to date +55.4% · Average volume (30d) 179.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 28, 2026 | Piper Sandler | Reiterate | Neutral | $32 | $35 |
| Jul 27, 2026 | DA Davidson | Reiterate | Neutral | $26 | $33 |
| Jun 26, 2026 | Piper Sandler | Reiterate | Neutral | $28 | $32 |
| Apr 27, 2026 | DA Davidson | Reiterate | Neutral | $24 | $26 |
| Apr 27, 2026 | Piper Sandler | Reiterate | Neutral | $19 | $28 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $0.78 | $0.82 | +4.9% | $80.7M | $83.7M | +3.8% | +4.13% |
| Apr 23, 2026Q1 FY26 | $0.60 | $0.79 | +31.7% | $75.6M | $81.1M | +7.3% | +6.88% |
| Jan 22, 2026Q4 FY25 | $0.70 | $0.53 | −24.3% | $74.1M | $85.8M | +15.9% | −4.60% |
| Oct 30, 2025Q3 FY25 | $0.61 | $0.24 | −60.7% | $79.2M | $78.1M | −1.3% | −8.61% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $115.0M | $118.1M | $115.5M | $107.3M | $108.1M | $111.9M | |
| Gross profit | $63.1M | $61.5M | $58.1M | $73.9M | $74.5M | $76.5M | |
| Operating income | −$137.8M | $14.9M | $11.3M | −$3.2M | $24.1M | $25.8M | |
| Net income | −$141.0M | $12.0M | $7.6M | −$2.9M | $18.5M | $19.9M | |
| Diluted EPS | −$6.50 | $0.45 | $0.24 | −$0.24 | $0.76 | $0.84 | |
| Gross margin | 54.9% | 52.1% | 50.3% | 68.9% | 68.9% | 68.4% | |
| Operating margin | -119.8% | 12.6% | 9.8% | -3.0% | 22.3% | 23.0% |
Fiscal years (4-quarter sums)FY21 $315.2M · FY22 $375.1M · FY23 $460.0M · FY24 $593.0M · FY25 $456.0M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.96B · Total debt $344.9M · Total assets $6.70B · Shareholders' equity $569.7M
Dividends
Raised for 8 straight years — most recently to $0.33 from $0.32 in Aug 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 14, 2026 | Aug 14 | Aug 21 | $0.33 | raised from $0.32 |
| May 15, 2026 | May 15 | May 22 | $0.32 | |
| Feb 13, 2026 | Feb 13 | Feb 20 | $0.32 | |
| Nov 14, 2025 | Nov 14 | Nov 21 | $0.32 | |
| Aug 15, 2025 | Aug 15 | Aug 22 | $0.32 | raised from $0.31 |
| May 16, 2025 | May 16 | May 23 | $0.31 | |
| Feb 14, 2025 | Feb 14 | Feb 21 | $0.31 | |
| Nov 18, 2024 | Nov 18 | Nov 25 | $0.31 |
Ownership
Shares outstanding 20.75M · Float 19.50M · 94.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 2.92M | 14.07% | 13F | Aug 7, 2026 |
| Dimensional Fund Advisors LP | 859.4K | 4.14% | 13F | Aug 11, 2026 |
| Vanguard Capital Management LLC | 847.4K | 4.08% | 13F | Aug 13, 2026 |
| Busey Wealth Management | 759.3K | 3.66% | 13F | Aug 13, 2026 |
| State Street Corp | 694.1K | 3.34% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Kyle Owen Mooney | officer: SVP - Chief Operating Officer | −489 | $33.16 |
| Aug 11, 2026 | Kyle Owen Mooney | officer: SVP - Chief Operating Officer | −1,198 | $33.51 |
| Jul 28, 2026 | Jeffrey G. Ludwig | director, officer: President & CEO | −8,383 | $34.00 |
| May 5, 2026 | Travis Franklin | director | +9,400 | $26.49 |
| Jan 28, 2026 | Kyle Owen Mooney | officer: SVP - Chief Operating Officer | −2,808 | $22.67 |
Peers
- First Busey
Closest Illinois/Missouri banking and wealth peer.
- First Mid Bancshares
Illinois and Missouri community-bank peer with wealth services.
- Enterprise Financial Services
St. Louis commercial-bank rival with wealth capabilities.
- Heartland Bank
Illinois community-bank competitor across banking and wealth.
- Wintrust Financial
Larger Illinois banking rival with mortgage and wealth scale.
- Old Second Bancorp
Northern Illinois bank competing in loans, deposits, and wealth.
- Commerce Bancshares
Missouri and central Illinois competitor with wealth and payments.
- German American Bancorp
Broader Midwest peer with similar bank and wealth offerings.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Midland States Bancorp | $33.00 | +0.09% | $684.8M | 20.6 | 9.7 | 1.5 | −38.7% |
| First Busey | $30.29 | 0.00% | $2.56B | 10.9 | 11.4 | 2.7 | −1.9% |
| First Mid Bancshares | $50.34 | +0.06% | $1.34B | 12.5 | 10.5 | 2.9 | +26.7% |
| Enterprise Financial Services | $63.59 | +0.05% | $2.30B | 12.6 | 11.2 | 2.3 | +30.9% |
| Heartland Bank | $35.79 | −0.08% | $1.30B | 15.4 | 11.1 | 3.9 | +37.6% |
| Wintrust Financial | $161.72 | +5.73% | $10.32B | 12.1 | 11.6 | 2.4 | +10.1% |
| Old Second Bancorp | $25.24 | −0.04% | $1.30B | 14.5 | 10.8 | 3.0 | +31.2% |
| Commerce Bancshares | $58.04 | +0.02% | $8.46B | 14.1 | 13.1 | 3.9 | +11.9% |
| German American Bancorp | $49.92 | −0.02% | $1.88B | 13.2 | 12.4 | 3.7 | +12.7% |
| Median | 12.9 | 11.3 | 3.0 | +19.7% |