Declared Dividend • May 11
First quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 15th May 2026 Payment date: 22nd May 2026 Dividend yield will be 4.5%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 5.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 20% to bring the payout ratio under control. EPS is expected to grow by 43% over the next year, which is sufficient to bring the dividend into a sustainable range. Recent Insider Transactions • May 07
Independent Director recently bought US$249k worth of stock On the 5th of May, Travis Franklin bought around 9k shares on-market at roughly US$26.49 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$470k more in shares than they have sold in the last 12 months. Announcement • May 07
Midland States Bancorp, Inc. announces Quarterly dividend, payable on May 22, 2026 Midland States Bancorp, Inc. announced Quarterly dividend of USD 0.3200 per share payable on May 22, 2026, ex-date on May 15, 2026 and record date on May 15, 2026. Price Target Changed • Apr 27
Price target increased by 8.5% to US$25.63 Up from US$23.63, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$25.84. Stock is up 56% over the past year. The company is forecast to post earnings per share of US$3.11 next year compared to a net loss per share of US$6.12 last year. Reported Earnings • Apr 26
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$0.76 (up from US$6.58 loss in 1Q 2025). Revenue: US$74.5m (up 14% from 1Q 2025). Net income: US$16.2m (up US$159.6m from 1Q 2025). Profit margin: 22% (up from net loss in 1Q 2025). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. New Risk • Apr 24
New major risk - Revenue and earnings growth Earnings have declined by 51% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 51% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Significant insider selling over the past 3 months (US$64k sold). Announcement • Apr 24
Midland States Bancorp, Inc. Reports Net Charge-Offs for the First Quarter Ended March 31, 2026 Midland States Bancorp, Inc. reported net charge-offs for the first quarter ended March 31, 2026. For the quarter, the company reported Net charge-offs of $6,747,000 against $16,878,000 a year ago. Announcement • Apr 04
Midland States Bancorp, Inc. to Report Q1, 2026 Results on Apr 23, 2026 Midland States Bancorp, Inc. announced that they will report Q1, 2026 results After-Market on Apr 23, 2026 Announcement • Mar 24
Midland States Bancorp, Inc., Annual General Meeting, May 04, 2026 Midland States Bancorp, Inc., Annual General Meeting, May 04, 2026. Location: 1301 avenue of mid-america, effingham,illinois 62401, United States New Risk • Mar 03
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$64k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Significant insider selling over the past 3 months (US$64k sold). Reported Earnings • Mar 03
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: US$6.10 loss per share (down from US$1.32 profit in FY 2024). Revenue: US$265.1m (up 4.2% from FY 2024). Net loss: US$133.2m (down US$161.8m from profit in FY 2024). Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) missed analyst estimates by 4.4%. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Declared Dividend • Feb 06
Third quarter dividend of US$0.32 announced Shareholders will receive a dividend of US$0.32. Ex-date: 13th February 2026 Payment date: 20th February 2026 Dividend yield will be 5.3%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is expected to be well covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 5.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Announcement • Feb 04
Midland States Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on February 20, 2026 Midland States Bancorp, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.32 per share of its common stock. The dividend is payable on February 20, 2026 to all shareholders of record as of the close of business on February 13, 2026. Recent Insider Transactions • Jan 29
Chief Information Officer recently sold US$64k worth of stock On the 28th of January, Kyle Mooney sold around 3k shares on-market at roughly US$22.67 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$281k more than they sold in the last 12 months. Price Target Changed • Jan 26
Price target increased by 8.5% to US$23.88 Up from US$22.00, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$23.05. Stock is up 15% over the past year. The company is forecast to post a net loss per share of US$5.88 compared to earnings per share of US$1.32 last year. Announcement • Jan 23
Midland States Bancorp, Inc. Announces Net Charge-Offs for the Three Months Ended December 31, 2025 Midland States Bancorp, Inc. announced net charge-offs for the three months ended December 31, 2025. For the quarter, the company announced net charge-offs of $43,492,000 compared to $112,776,000 a year ago. Buy Or Sell Opportunity • Jan 20
Now 20% undervalued Over the last 90 days, the stock has risen 35% to US$22.28. The fair value is estimated to be US$27.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jan 03
Midland States Bancorp, Inc. to Report Q4, 2025 Results on Jan 22, 2026 Midland States Bancorp, Inc. announced that they will report Q4, 2025 results After-Market on Jan 22, 2026 Buy Or Sell Opportunity • Dec 30
Now 20% undervalued Over the last 90 days, the stock has risen 26% to US$21.17. The fair value is estimated to be US$26.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company became loss making. Announcement • Dec 20
Midland States Bancorp, Inc. Announces Principal Accounting Officer Changes, Effective January 2, 2026 Midland States Bancorp, Inc. announced that on December 19, 2025, Donald J. Spring, principal accounting officer of the company announced his intention to retire, effective January 2, 2026. Eric T. Lemke, the Company's Chief Financial Officer, will assume the role of principal accounting officer effective upon Mr. Spring's retirement. Price Target Changed • Dec 07
Price target increased by 7.2% to US$18.50 Up from US$17.25, the current price target is an average from 4 analysts. New target price is 6.0% below last closing price of US$19.68. Stock is down 27% over the past year. The company is forecast to post a net loss per share of US$5.63 compared to earnings per share of US$1.32 last year. Recent Insider Transactions • Dec 05
Insider recently bought US$99k worth of stock On the 3rd of December, Jeremy Jameson bought around 6k shares on-market at roughly US$17.69 per share. This transaction amounted to 9.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$257k more in shares than they have sold in the last 12 months. Price Target Changed • Nov 12
Price target decreased by 14% to US$17.25 Down from US$20.00, the current price target is an average from 4 analysts. New target price is 7.3% above last closing price of US$16.08. Stock is down 41% over the past year. The company is forecast to post a net loss per share of US$5.28 compared to earnings per share of US$1.32 last year. Announcement • Nov 07
Midland States Bancorp, Inc. Announces Retirement of Jeffrey S. Mefford as Executive Vice President, Effective June 30, 2026 Midland States Bancorp, Inc. announced Jeffrey S. Mefford will retire from his role as Executive Vice President of the Company on June 30, 2026. Mefford has served as President of the Bank for seven years and has been employed with the Bank for 22 years. Announcement • Oct 10
Midland States Bancorp, Inc. to Report Q3, 2025 Results on Oct 30, 2025 Midland States Bancorp, Inc. announced that they will report Q3, 2025 results After-Market on Oct 30, 2025 Announcement • Aug 23
Midland States Bancorp Receives Notice of Nasdaq Non-Compliance Due to Delayed 10-Q for the Quarter Ended June 30, 2025 Midland States Bancorp, Inc. announced that it received an expected deficiency notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC on August 19, 2025 (the “Notice”). The Notice indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (the “Form 10-Q”), as described more fully in the Company's Form 12b-25 Notification of Late Filing (the “Form 12b-25”) filed with the Securities and Exchange Commission (the “SEC”) on August 12, 2025. The Listing Rule requires Nasdaq-listed companies to timely file all required periodic reports with the SEC. The Notice has no immediate effect on the listing or trading of the Company’s common stock or depositary shares on the Nasdaq Global Select Market. In accordance with Nasdaq’s listing rules, the Company has until October 18, 2025 to submit to Nasdaq a plan to regain compliance with the Listing Rule. Pursuant to the Notice, Nasdaq has the discretion to grant the Company up to 180 calendar days from the due date of the Form 10-Q, or until February 26, 2026, to regain compliance. The Company intends to take the necessary steps to regain compliance with Nasdaq’s listing rules as soon as practicable. Announcement • Aug 13
Midland States Bancorp, Inc. announced delayed 10-Q filing On 08/12/2025, Midland States Bancorp, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Upcoming Dividend • Aug 10
Upcoming dividend of US$0.32 per share Eligible shareholders must have bought the stock before 15 August 2025. Payment date: 22 August 2025. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 7.1%. Within top quartile of American dividend payers (4.6%). Higher than average of industry peers (2.6%). Declared Dividend • Aug 10
Second quarter dividend increased to US$0.32 Dividend of US$0.32 is 3.2% higher than last year. Ex-date: 15th August 2025 Payment date: 22nd August 2025 Dividend yield will be 7.1%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 6.2% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 42% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 06
Midland States Bancorp, Inc. announces Quarterly dividend, payable on August 22, 2025 Midland States Bancorp, Inc. announced Quarterly dividend of USD 0.3200 per share payable on August 22, 2025, ex-date on August 15, 2025 and record date on August 15, 2025. Announcement • Jul 11
Midland States Bancorp, Inc. to Report Q2, 2025 Results on Jul 24, 2025 Midland States Bancorp, Inc. announced that they will report Q2, 2025 results After-Market on Jul 24, 2025 Announcement • Jul 02
Midland States Bancorp, Inc., Annual General Meeting, Aug 04, 2025 Midland States Bancorp, Inc., Annual General Meeting, Aug 04, 2025. Location: at 1301avenue of mid-america, illinois 62401, effingham United States Announcement • May 24
Midland States Bancorp Receives Expected Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q Midland States Bancorp, Inc. announced that it received an expected deficiency notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) on May 19, 2025 (the “Notice”). The Notice indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of its failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2024 (the “Form 10-K”) and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 (the “Form 10-Q”), as described more fully in the Company's Form 12b-25 Notification of Late Filing (the “Form 12b-25”) filed with the Securities and Exchange Commission (the “SEC”) on May 9, 2025. The Listing Rule requires Nasdaq-listed companies to timely file all required periodic reports with the SEC. The Notice has no immediate effect on the listing or trading of the Company’s common stock or depositary shares on the Nasdaq Global Select Market. In accordance with Nasdaq’s listing rules, the Company has until June 2, 2025 to submit to Nasdaq a plan to regain compliance with the Listing Rule. Pursuant to the Notice, Nasdaq has the discretion to grant the Company up to 180 calendar days from the due date of the Form 10-K, or until September 29, 2025, to regain compliance. The Company intends to take the necessary steps to regain compliance with Nasdaq’s listing rules as soon as practicable. As discussed in the Company’s Form 12b-25, filed with the Commission on May 9, 2025, the Company is completing its evaluation of the accounting and financial reporting of third-party lending and servicing arrangements, including the collection and analysis of third-party documentation. In addition, the Company is completing an evaluation of whether there is an impairment to its goodwill, including obtaining valuation information from third parties. Announcement • May 10
Midland States Bancorp, Inc. announced delayed 10-Q filing On 05/09/2025, Midland States Bancorp, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • May 07
Midland States Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on May 23, 2025 Midland States Bancorp, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.31 per share of its common stock. The dividend is payable on May 23, 2025 to all shareholders of record as of the close of business on May 16, 2025. Announcement • Apr 11
Midland States Bancorp Receives Notice of Nasdaq Non-Compliance Due to Delayed 2024 Form 10-K Filing As previously disclosed, Midland States Bancorp, Inc. (the Company") was unable to file its Annual Report on Form 10-K for the period ended December 31, 2024 (the 2024 Form 10-K") by the prescribed due date. On April 3, 2025, in connection with the Company's delayed 2024 Form 10-K, the Company received an expected notice (the Notice") from The Nasdaq Stock Market LLC (Nasdaq") notifying the Company that, because the Company is delinquent in filing the 2024 Form 10-K, the Company no longer complies with Nasdaq Listing Rule 5250(c)(1) (the Listing Rule"), which requires companies with securities listed on Nasdaq to timely file all required periodic reports with the Securities and Exchange Commission (the Commission"). The Notice has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Global Select Market. In accordance with Nasdaq's listing rules, the Company has 60 calendar days after the date of the Notice to submit a plan of compliance to Nasdaq addressing how the Company intends to regain compliance with Nasdaq's listing rules. Pursuant to the Notice, Nasdaq has the discretion to grant the Company up to 180 calendar days from the filing's due date, or until September 29, 2025, to regain compliance. The Company intends to take the necessary steps to regain compliance with Nasdaq's listing rules as soon as practicable. As discussed in the Company's Form 12b-25, filed with the Commission on March 17, 2025, the Company requires additional time and effort required to finalize its evaluation of the accounting and financial reporting of a third party lending and servicing arrangement, including obtaining third party documentation and analysis. Additionally, the Company is evaluating the impact related to its internal control over financial reporting. The Company expects to file the 2024 Form 10-K as soon as practicable. Announcement • Mar 18
Midland States Bancorp, Inc. announced delayed annual 10-K filing On 03/17/2025, Midland States Bancorp, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Declared Dividend • Feb 07
Fourth quarter dividend of US$0.31 announced Dividend of US$0.31 is the same as last year. Ex-date: 14th February 2025 Payment date: 21st February 2025 Dividend yield will be 6.3%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is expected to be well covered in 3 years' time (46% forecast payout ratio). The dividend has increased by an average of 6.2% per year over the past 9 years and payments have been stable during that time. Announcement • Feb 05
Midland States Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on February 21, 2025 Midland States Bancorp, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.31 per share of its common stock. The dividend is payable on February 21, 2025 to all shareholders of record as of the close of business on February 14, 2025. Price Target Changed • Jan 28
Price target decreased by 21% to US$22.50 Down from US$28.50, the current price target is an average from 4 analysts. New target price is 17% above last closing price of US$19.28. Stock is down 30% over the past year. The company is forecast to post earnings per share of US$2.49 next year compared to a net loss per share of US$1.05 last year. Reported Earnings • Jan 24
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: US$1.05 loss per share (down from US$2.97 profit in FY 2023). Revenue: US$170.4m (down 40% from FY 2023). Net loss: US$22.3m (down 134% from profit in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Jan 24
Midland States Bancorp, Inc. Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2024 Midland States Bancorp, Inc. announced net charge-offs for the fourth quarter ended December 31, 2024. For the period, the company announced net charge-offs USD 102,660,000 compared to USD 5,117,000 a year ago. Announcement • Jan 07
Midland States Bancorp, Inc. to Report Q4, 2024 Results on Jan 23, 2025 Midland States Bancorp, Inc. announced that they will report Q4, 2024 results on Jan 23, 2025 Announcement • Jan 04
Midland States Bancorp, Inc. Announces Retirement of Douglas J. Tucker as Senior Vice President and Corporate Counsel On January 3, 2025, Douglas J. Tucker retired from his position as Senior Vice President and Corporate Counsel of Midland States Bancorp, Inc. Price Target Changed • Nov 18
Price target increased by 10% to US$26.50 Up from US$24.00, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$26.29. Stock is up 12% over the past year. The company is forecast to post earnings per share of US$2.16 for next year compared to US$2.97 last year. Recent Insider Transactions • Nov 11
Independent Director recently sold US$115k worth of stock On the 6th of November, Robert Schultz sold around 4k shares on-market at roughly US$27.00 per share. This transaction amounted to 4.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$214k more than they bought in the last 12 months. Declared Dividend • Nov 11
Third quarter dividend of US$0.31 announced Shareholders will receive a dividend of US$0.31. Ex-date: 18th November 2024 Payment date: 25th November 2024 Dividend yield will be 4.5%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (53% payout ratio) and is expected to be covered in 3 years' time (42% forecast payout ratio). The dividend has increased by an average of 7.0% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 34% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 08
Midland States Bancorp, Inc. Declares Quarterly Cash Dividend on Common Stock, Payable on November 25, 2024 Midland States Bancorp, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.31 per share of its common stock. The dividend is payable on November 25, 2024 to all shareholders of record as of the close of business on November 18, 2024. Recent Insider Transactions Derivative • Nov 01
President notifies of intention to sell stock Jeffrey Ludwig intends to sell 13k shares in the next 90 days after lodging an Intent To Sell Form on the 29th of October. If the sale is conducted around the recent share price of US$24.50, it would amount to US$312k. For the year to December 2017, Jeffrey's total compensation was 44% salary and 56% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2023, Jeffrey's direct individual holding has increased from 354.50k shares to 355.50k. Company insiders have collectively bought US$146k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Oct 25
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$0.74 (up from US$0.71 in 3Q 2023). Revenue: US$69.3m (down 3.2% from 3Q 2023). Net income: US$16.2m (up 3.9% from 3Q 2023). Profit margin: 23% (up from 22% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Oct 04
Midland States Bancorp, Inc. to Report Q3, 2024 Results on Oct 24, 2024 Midland States Bancorp, Inc. announced that they will report Q3, 2024 results After-Market on Oct 24, 2024 Declared Dividend • Aug 09
Second quarter dividend of US$0.31 announced Shareholders will receive a dividend of US$0.31. Ex-date: 16th August 2024 Payment date: 23rd August 2024 Dividend yield will be 5.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.0% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 22% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 07
Midland States Bancorp, Inc. Announces Common Stock, Payable on August 23, 2024 Midland States Bancorp, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.31 per share of its common stock. The dividend is payable on August 23, 2024 to all shareholders of record as of the close of business on August 16, 2024. Major Estimate Revision • Aug 01
Consensus EPS estimates fall by 25% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$304.1m to US$296.3m. EPS estimate also fell from US$2.68 per share to US$2.01 per share. Net income forecast to grow 19% next year vs 8.5% growth forecast for Banks industry in the US. Consensus price target broadly unchanged at US$25.00. Share price fell 8.7% to US$23.74 over the past week. Reported Earnings • Jul 26
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: US$0.20 (down from US$0.86 in 2Q 2023). Revenue: US$55.9m (down 22% from 2Q 2023). Net income: US$4.52m (down 76% from 2Q 2023). Profit margin: 8.1% (down from 27% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 71%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 1% per year. Announcement • Jul 06
Midland States Bancorp, Inc. to Report Q2, 2024 Results on Jul 25, 2024 Midland States Bancorp, Inc. announced that they will report Q2, 2024 results After-Market on Jul 25, 2024 Recent Insider Transactions • Jun 14
Insider recently sold US$147k worth of stock On the 12th of June, Donald Spring sold around 7k shares on-market at roughly US$22.07 per share. This transaction amounted to 55% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$169k more than they bought in the last 12 months. Recent Insider Transactions Derivative • Jun 13
Insider notifies of intention to sell stock Donald Spring intends to sell 8k shares in the next 90 days after lodging an Intent To Sell Form on the 11th of June. If the sale is conducted around the recent share price of US$22.00, it would amount to US$173k. Since December 2023, Donald has owned 13.21k shares directly. Company insiders have collectively bought US$284k more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • May 10
First quarter dividend of US$0.31 announced Shareholders will receive a dividend of US$0.31. Ex-date: 16th May 2024 Payment date: 24th May 2024 Dividend yield will be 5.1%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.0% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 8.2% over the next year, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions Derivative • May 06
Senior VP notifies of intention to sell stock Douglas Tucker intends to sell 4k shares in the next 90 days after lodging an Intent To Sell Form on the 3rd of May. If the sale is conducted around the recent share price of US$24.00, it would amount to US$86k. Since June 2023, Douglas' direct individual holding has increased from 25.95k shares to 32.87k. Company insiders have collectively bought US$294k more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Apr 30
Price target decreased by 7.5% to US$26.38 Down from US$28.50, the current price target is an average from 4 analysts. New target price is 20% above last closing price of US$21.90. Stock is up 14% over the past year. The company is forecast to post earnings per share of US$2.71 for next year compared to US$2.97 last year. Announcement • Apr 28
Midland States Bancorp, Inc. Announces Net Charge Offs for the Quarter Ended March 31, 2024 Midland States Bancorp, Inc. announced net charge offs for the quarter ended March 31, 2024. For the quarter, the company reported Net charge-offs of $4,445,000 against $2,119,000 a year ago. Reported Earnings • Apr 27
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: US$0.53 (down from US$0.87 in 1Q 2023). Revenue: US$63.1m (down 14% from 1Q 2023). Net income: US$11.7m (down 40% from 1Q 2023). Profit margin: 19% (down from 27% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Apr 06
Midland States Bancorp, Inc. to Report Q1, 2024 Results on Apr 25, 2024 Midland States Bancorp, Inc. announced that they will report Q1, 2024 results After-Market on Apr 25, 2024 Announcement • Mar 26
Midland States Bancorp, Inc., Annual General Meeting, May 06, 2024 Midland States Bancorp, Inc., Annual General Meeting, May 06, 2024, at 17:30 Central Daylight. Location: 1301 Avenue of Mid-America Effingham Illinois United States Agenda: To elect the three nominees named in the accompanying proxy statement to serve as Class II directors, each for a term expiring at the 2027 annual meeting of shareholders; to approve, on a non-binding, advisory basis, the compensation of certain executive officers, which we refer to as the “say-on-pay proposal; and to ratify the appointment of Crowe LLP as company independent registered public accounting firm for the year ending December 31, 2024. Reported Earnings • Feb 26
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$2.97 (down from US$4.24 in FY 2022). Revenue: US$281.5m (down 7.3% from FY 2022). Net income: US$65.6m (down 31% from FY 2022). Profit margin: 23% (down from 31% in FY 2022). The decrease in margin was primarily driven by lower revenue. Net interest margin (NIM): 3.26% (down from 3.57% in FY 2022). Non-performing loans: 0.92% (up from 0.78% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.3%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 10
Fourth quarter dividend increased to US$0.31 Dividend of US$0.31 is 3.3% higher than last year. Ex-date: 15th February 2024 Payment date: 23rd February 2024 Dividend yield will be 4.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (40% payout ratio) and is expected to be well covered in 3 years' time (40% forecast payout ratio). The dividend has increased by an average of 6.6% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 3.5% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 07
Midland States Bancorp, Inc. Increases Quarterly Common Stock Cash Dividend, Payable on February 23, 2024 Midland States Bancorp, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.31 per share of its common stock, an increase of 3.3% from the previous quarterly cash dividend of $0.30 per share. The dividend is payable on February 23, 2024 to all shareholders of record as of the close of business on February 16, 2024. Recent Insider Transactions Derivative • Feb 02
Senior VP notifies of intention to sell stock Douglas Tucker intends to sell 4k shares in the next 90 days after lodging an Intent To Sell Form on the 31st of January. If the sale is conducted around the recent share price of US$27.00, it would amount to US$97k. Since March 2023, Douglas' direct individual holding has increased from 25.45k shares to 32.87k. Company insiders have collectively bought US$298k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Jan 26
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$2.97 (down from US$4.24 in FY 2022). Revenue: US$280.8m (down 7.5% from FY 2022). Net income: US$66.5m (down 30% from FY 2022). Profit margin: 24% (down from 31% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.3%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • Jan 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 6 highly experienced directors. Independent Director Sherina Edwards was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Dec 29
Price target increased by 15% to US$26.75 Up from US$23.25, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$28.08. Stock is up 4.9% over the past year. The company is forecast to post earnings per share of US$3.24 for next year compared to US$4.24 last year. Recent Insider Transactions Derivative • Dec 22
Insider notifies of intention to sell stock Donald Spring intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of December. If the sale is conducted around the recent share price of US$27.97, it would amount to US$85k. Since March 2023, Donald's direct individual holding has decreased from 13.43k shares to 13.21k. Company insiders have collectively bought US$271k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Dec 07
Midland States Bancorp, Inc. (NasdaqGS:MSBI) announces an Equity Buyback for $25 million worth of its shares. Midland States Bancorp, Inc. (NasdaqGS:MSBI) announces a share repurchase program. Under the program, the company will repurchase up to $25 million of its shares. The program is valid till December 31, 2024. Recent Insider Transactions Derivative • Nov 12
President exercised options to buy US$213k worth of stock. On the 8th of November, Jeffrey Ludwig exercised options to buy 9k shares at a strike price of around US$16.59, costing a total of US$157k. This transaction amounted to 2.7% of their direct individual holding at the time of the trade. Since December 2022, Jeffrey's direct individual holding has increased from 320.28k shares to 354.34k. Company insiders have collectively bought US$328k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Nov 07
Midland States Bancorp, Inc. Announces Quarterly Common Stock Dividend, Payable on November 24, 2023 Midland States Bancorp, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.30 per share of its common stock. The dividend is payable on November 24, 2023 to all shareholders of record as of the close of business on November 17, 2023. Price Target Changed • Oct 30
Price target decreased by 7.9% to US$23.25 Down from US$25.25, the current price target is an average from 4 analysts. New target price is 10% above last closing price of US$21.06. Stock is down 25% over the past year. The company is forecast to post earnings per share of US$3.24 for next year compared to US$4.24 last year. Reported Earnings • Oct 27
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: US$0.71 (down from US$1.04 in 3Q 2022). Revenue: US$71.6m (down 1.7% from 3Q 2022). Net income: US$15.8m (down 32% from 3Q 2022). Profit margin: 22% (down from 32% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 6.1%. Revenue is expected to decline by 1.9% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Oct 06
Midland States Bancorp, Inc. to Report Q3, 2023 Results on Oct 26, 2023 Midland States Bancorp, Inc. announced that they will report Q3, 2023 results After-Market on Oct 26, 2023 Announcement • Aug 02
Midland States Bancorp, Inc. Declares Quarterly Cash Dividend on Common Stock, Payable on August 18, 2023 Midland States Bancorp, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.30 per share of its common stock. The dividend is payable on August 18, 2023 to all shareholders of record as of the close of business on August 11, 2023. Reported Earnings • Jul 28
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: US$0.86 (down from US$0.97 in 2Q 2022). Revenue: US$71.7m (flat on 2Q 2022). Net income: US$19.3m (down 11% from 2Q 2022). Profit margin: 27% (down from 30% in 2Q 2022). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 4.9%. Revenue is forecast to stay flat during the next 2 years compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Jul 08
Midland States Bancorp, Inc. to Report Q2, 2023 Results on Jul 27, 2023 Midland States Bancorp, Inc. announced that they will report Q2, 2023 results After-Market on Jul 27, 2023 Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$22.45, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Banks industry in the US. Total returns to shareholders of 66% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$44.51 per share. 
