Midland States Bancorp
MSBI on Nasdaq. Midland States Bancorp sells banking services to people and businesses in Illinois and Missouri. Market value $685m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 9 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.19.
Profit per $100 you pay: $6.32.
Quality score: 45 of 100. Price score: 84 of 100. Our list needs 70 on quality and 60 on price.
$32.78 a share, 130% above its 1-year low
Over the past year the price has ranged from $14.24 to $35.10.
Dividend: 4.1% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsUnknown
- Buying back its own sharesYes, 6% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $20 million, up 65% on a year ago.
- Spare cash over the past 12 months: $116 million, down from $147 million.
- 3% fewer shares than a year ago. Each share owns a bit more of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $20m |
| December 2024 | Not reported |
| March 2025 | -$141m |
| June 2025 | $12m |
| September 2025 | $8m |
| December 2025 | -$3m |
| March 2026 | $18m |
| June 2026 | $20m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 154 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Hotchkis & WileyHotchkis & Wiley team | $16m | <0.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $12m | <0.1% | Added |
Largest holders overall
- BlackRock$91mAdded
- Dimensional Fund Advisors LP$27mCut
- Vanguard Capital Management$26mCut
- Busey Bank$24m
- State Street$22mCut
- American Century Companies$18mCut
- Geode Capital Management$17m
- Hotchkis & Wiley$16mCut
- Patriot Financial Partners GP II, L.P.$14m
- Acadian Asset Management$13mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor7.3%Since 31 January 2025
- BlackRock Portfolio Management LLCPassive investor6.5%Since 31 March 2025
- Dimensional Fund Advisors LPPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.3% | 31 January 2025 | |
BlackRock Portfolio Management LLC Passive investor | 6.5% | 31 March 2025 | |
Dimensional Fund Advisors LP Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 5 insiders bought $534,120 of shares on the open market. 2 sold $485,032.
- Mooney Kyle OwenSVP - Chief Operating OfficerSold
- Date
- 8 September 2026
- Shares
- 2,400
- Price
- $33.33
- Value
- $79,992
- Mooney Kyle OwenSVP - Chief Operating OfficerSold
- Date
- 18 August 2026
- Shares
- 489
- Price
- $33.16
- Value
- $16,215
- Mooney Kyle OwenSVP - Chief Operating OfficerSold
- Date
- 11 August 2026
- Shares
- 1,198
- Price
- $33.51
- Value
- $40,145
- Ludwig Jeffrey G.President & CEO, DirectorSold
- Date
- 28 July 2026
- Shares
- 8,383
- Price
- $34.00
- Value
- $285,023
- Franklin TravisDirectorBought
- Date
- 5 May 2026
- Shares
- 9,400
- Price
- $26.49
- Value
- $249,006
- Mooney Kyle OwenSVP - Chief Operating OfficerSold
- Date
- 28 January 2026
- Shares
- 2,808
- Price
- $22.67
- Value
- $63,657
- Jameson Jeremy AndrewEVP - Chief Credit OfficerBought
- Date
- 3 December 2025
- Shares
- 5,598
- Price
- $17.69
- Value
- $99,029
- Smith Jeffrey C.DirectorBought
- Date
- 3 December 2025
- Shares
- 500
- Price
- $17.69
- Value
- $8,845
- Bingham Richard DeanDirectorBought
- Date
- 3 December 2025
- Shares
- 5,000
- Price
- $17.56
- Value
- $87,800
- Casey Daniel EdwardCROFBought
- Date
- 3 December 2025
- Shares
- 5,000
- Price
- $17.89
- Value
- $89,440
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 8 September 2026 | Mooney Kyle Owen SVP - Chief Operating Officer | Sold | 2,400 | $33.33 | $79,992 |
| 18 August 2026 | Mooney Kyle Owen SVP - Chief Operating Officer | Sold | 489 | $33.16 | $16,215 |
| 11 August 2026 | Mooney Kyle Owen SVP - Chief Operating Officer | Sold | 1,198 | $33.51 | $40,145 |
| 28 July 2026 | Ludwig Jeffrey G. President & CEO, Director | Sold | 8,383 | $34.00 | $285,023 |
| 5 May 2026 | Franklin Travis Director | Bought | 9,400 | $26.49 | $249,006 |
| 28 January 2026 | Mooney Kyle Owen SVP - Chief Operating Officer | Sold | 2,808 | $22.67 | $63,657 |
| 3 December 2025 | Jameson Jeremy Andrew EVP - Chief Credit Officer | Bought | 5,598 | $17.69 | $99,029 |
| 3 December 2025 | Smith Jeffrey C. Director | Bought | 500 | $17.69 | $8,845 |
| 3 December 2025 | Bingham Richard Dean Director | Bought | 5,000 | $17.56 | $87,800 |
| 3 December 2025 | Casey Daniel Edward CROF | Bought | 5,000 | $17.89 | $89,440 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Midland States Bancorp’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We couldn't fully read the 10-K filed 2 Mar 2026, so we can't say there are no warning signs.
Its past accounts can't be relied on
SeriousIt told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.
8-K Item 4.02 filed 25 Apr 2025: the company said its earlier financial statements should no longer be relied on.
From an 8-K filed 25 April 2025: Previously issued accounts should no longer be relied on. Open the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.