Start here if you're new
what it is
Midland States is a regional bank that takes deposits, makes loans, and sells wealth management services.
how it gets paid
Last year Midland States made $237M in revenue. commercial real estate lending was the main engine at $83M, or 35% of sales.
why it's growing
Revenue grew 0.2% last year. That is the contrast that matters. Sales were up 191% vs. prior year to $178M.
what just happened
Midland printed -$5.88 EPS in even as revenue rose to $178M.
At a glance
B balance sheet — gets the job done, barely
15/100 earnings predictability — expect surprises
6.2% dividend yield — cash in your pocket every quarter
-$6.14 fy2025 eps est
$3M fy2024 rev est
xvary composite: 52/100 — below average
What they do
Midland States is a regional bank that takes deposits, makes loans, and sells wealth management services.
This is a local relationship bank, not a national brand machine. It has 914 employees serving businesses, consumers, and municipalities, which matters because your checking account, loan, and adviser often sit under one roof. That bundled setup makes switching annoying, and annoying is a moat when you are selling trust.
How they make money
$237M
annual revenue · their business grew +0.2% last year
commercial real estate lending
$83M
commercial and equipment lending
$57M
residential and consumer lending
$45M
deposit and treasury services
$33M
wealth and fiduciary services
$19M
The products that matter
deposit-taking and lending
Commercial & Consumer Banking
core business · loss pressure
this is the engine of the bank, but it also produced a $5M write-off tied to trucking-industry equipment finance loans in Q3 2025.
credit risk matters
investment and fiduciary services
Wealth Management
$8.3M quarterly revenue
this fee business generated $8.3M last quarter and stayed flat. Small, yes. Also steadier than lending right now.
fee income
retention and deposit access
Online & Mobile Banking
supports 65 branches
it supports the bank's 65-branch footprint and helps keep deposits from drifting to larger competitors. Useful. Not thesis-changing.
table stakes
Key numbers
$6.14
2025 EPS estimate
EPS means profit per share → plain English: Midland is expected to lose $6.14 for each share this year → so what: that is a loss equal to about 26.0% of the $23.64 stock price.
6.2%
dividend yield
Yield means annual cash payout divided by stock price → plain English: the stock pays you a lot to wait → so what: high yields often show stress when profits are negative.
$387M
long-term debt
Long-term debt means fixed obligations → plain English: Midland owes a lot before common shareholders get comfortable → so what: debt equals 47% of capital.
$178M
latest-quarter revenue
Revenue means total money coming in → plain English: the top line jumped hard → so what: sales growth did not stop EPS from collapsing to -$5.88.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 65 / 100
- long-term debt $387M (47% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MSBI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Midland printed -$5.88 EPS in even as revenue rose to $178M.
That is the contrast that matters. Sales were up 191% vs. prior year to $178M, but quarterly EPS swung from a profit to a deep loss, which points you straight to credit costs and other charges overwhelming revenue growth.
$178M
revenue
$5.88
eps
+191%
vs. last year revenue growth
the number that mattered
The number was -$5.88 EPS because banks can survive slow growth, but they do not get a free pass when revenue rises and profits still disappear.
source: EDGAR and company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
MSBI's problem is specific: the commercial loan book already produced a $5M trucking-related write-off and a $26.9M quarterly provision. If you own this, you're watching whether that cleanup is near the end or still in the early innings.
high
credit losses keep outrunning earnings
Q4 2025 credit-loss provisions hit $26.9M, exactly matching net interest income. If that happens again, the spread business is not supporting shareholders — it's plugging holes.
impact: recurring provisions at this level would keep profit under pressure and make the turnaround case much harder to defend.
high
the dividend gets cut
A 6.2% yield looks generous until you pair it with a -46.9% profit margin. If losses persist, management may have to choose between preserving capital and preserving the payout.
impact: a dividend cut would remove one of the main reasons income investors stay involved.
med
management turnover complicates the cleanup
The CFO change on 2026-03-05 adds execution risk during a period when investors want cleaner answers on reserves, capital allocation, and loan quality.
impact: instability in the finance seat can slow the market's willingness to believe a recovery story.
med
buybacks absorb attention before the core problem is fixed
The $25M repurchase plan is meaningful relative to a $432M market cap. Buying stock while losses persist looks disciplined only if credit issues are actually contained.
impact: capital returned too early leaves less room if credit costs stay elevated.
credit costs already consumed $26.9M in the quarter, matching net interest income dollar for dollar. If that does not improve, the dividend and buyback story get much harder to defend.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key metric
provisions versus net interest income
Q4 gave you a clean stress signal: $26.9M of provisions against $26.9M of net interest income. If that line does not improve, the recovery story stays theoretical.
credit risk
more trouble in equipment finance
The $5M trucking-related write-off in Q3 2025 may be isolated, or it may be the first loud sign of a broader issue. The next filings should make that clearer.
next catalyst
the next earnings call
You want direct commentary on reserve needs, dividend durability, and whether the CFO transition changes the cleanup timeline.
capital allocation
buyback pace versus capital preservation
The $25M authorization matters because it is large next to a $432M market cap. If repurchases show up fast while losses stay high, the market may question priorities.
Analyst rankings
earnings predictability
15 / 100
in human-speak, the quarterly numbers are hard to trust until credit costs settle down.
balance sheet grade
B
adequate balance-sheet quality. in human-speak, this bank is not on fire, but it also does not have unlimited room for errors.
source: institutional data
Institutional activity
institutional ownership data for MSBI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$24
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive