NasdaqGS:MSBI

Stock Analysis Report

Midland States Bancorp

Executive Summary

Midland 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.

Snowflake

Fundamentals

Undervalued with excellent balance sheet.


Similar Companies

Share Price & News

How has Midland States Bancorp's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-3.3%

NasdaqGS:MSBI

-1.8%

US Banks

-1.6%

US Market


1 Year Return

-27.5%

NasdaqGS:MSBI

-16.1%

US Banks

-3.0%

US Market

MSBI underperformed the Banks industry which returned -16.1% over the past year.

MSBI underperformed the Market in United States of America which returned -3% over the past year.


Share holder returns

MSBIIndustryMarket
7 Day-3.3%-1.8%-1.6%
30 Day-4.7%-10.1%-5.7%
90 Day-0.9%-5.0%0.2%
1 Year-24.8%-27.5%-13.7%-16.1%-0.8%-3.0%
3 Year13.9%4.2%37.9%28.5%38.1%29.1%
5 Yearn/a49.3%33.2%50.8%34.1%

Price Volatility Vs. Market

How volatile is Midland States Bancorp's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Midland States Bancorp undervalued based on future cash flows and its price relative to the stock market?

20%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Midland States Bancorp's share price is below the future cash flow value, and at a moderate discount (> 20%).

Midland States Bancorp's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

Midland States Bancorp is good value based on earnings compared to the US Banks industry average.

Midland States Bancorp is good value based on earnings compared to the United States of America market.


Price Based on Expected Growth

Midland States Bancorp is good value based on expected growth next year.


Price Based on Value of Assets

Midland States Bancorp is good value based on assets compared to the US Banks industry average.


Next Steps

Future Growth

How is Midland States Bancorp expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

15.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Midland States Bancorp's revenue is expected to grow by 8.6% yearly, however this is not considered high growth (20% yearly).

Midland States Bancorp's earnings are expected to grow by 15.8% yearly, however this is not considered high growth (20% yearly).

Midland States Bancorp's revenue growth is expected to exceed the United States of America market average.

Midland States Bancorp's earnings growth is expected to exceed the United States of America market average.

Midland States Bancorp's earnings growth is expected to exceed the low risk savings rate of 2.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if Midland States Bancorp will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


Next Steps

Past Performance

How has Midland States Bancorp performed over the past 5 years?

28.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Midland States Bancorp has delivered over 20% year on year earnings growth in the past 5 years.

Midland States Bancorp's 1-year earnings growth exceeds its 5-year average (197.5% vs 28.8%)

Midland States Bancorp's earnings growth has exceeded the US Banks industry average in the past year (197.5% vs 33.1%).


Return on Equity

Midland States Bancorp has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Midland States Bancorp used its assets less efficiently than the US Banks industry average last year based on Return on Assets.


Return on Capital Employed

Unable to establish if Midland States Bancorp improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.


Next Steps

Financial Health

How is Midland States Bancorp's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Information is not available.

Information is not available.


Financial Institutions Analysis

Midland States Bancorp has an acceptable proportion of non-loan assets held.

Midland States Bancorp has a low allowance for bad loans.

Midland States Bancorp's liabilities are made up of primarily low risk sources of funding.

Midland States Bancorp's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).

Loans at Midland States Bancorp are broadly funded by customer deposits.

Midland States Bancorp has an acceptable level of bad loans (less than 2%).


Next Steps

Dividend

What is Midland States Bancorp's current dividend yield, its reliability and sustainability?

3.96%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Midland States Bancorp's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.52%).

Midland States Bancorp's dividend is below the markets top 25% of dividend payers in United States of America (3.93%).

Whilst dividend payments have been stable, Midland States Bancorp has been paying a dividend for less than 10 years.

Dividend payments have increased, but Midland States Bancorp only paid a dividend in the past 3 years.


Current Payout to Shareholders

Dividends paid are well covered by earnings (2.5x coverage).


Future Payout to Shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.


Next Steps

Management

What is the CEO of Midland States Bancorp's salary, the management and board of directors tenure and is there insider trading?

1.0yrs

Average management tenure


CEO

Jeff Ludwig (47yo)

0.6yrs

Tenure

US$1,028,244

Compensation

Mr. Jeffrey G. Ludwig, also known as Jeff, CPA, serves as Chief Executive Officer at Midland States Bancorp, Inc. since January 1, 2019 and has been its Director since February 05, 2019. Mr. Ludwig has bee ...


CEO Compensation Analysis

Jeff's remuneration is lower than average for companies of similar size in United States of America.

Jeff's compensation has been consistent with company performance over the past year, both up more than 20%.


Management Age and Tenure

1.0yrs

Average Tenure

51.5yo

Average Age

The average tenure for the Midland States Bancorp management team is less than 2 years, this suggests a new team.


Board Age and Tenure

7.6yrs

Average Tenure

56.5yo

Average Age

The tenure for the Midland States Bancorp board of directors is about average.


Insider Trading

Midland States Bancorp individual insiders have only sold shares in the past 3 months, but not in substantial volumes.


Recent Insider Transactions

SellUS$26,89031 Jul 19
Douglas Tucker
EntityIndividual
Role
Chief Legal Officer
Senior VP
Shares1,000
Max PriceUS$26.89
SellUS$362,87006 May 19
R. Funderburg
EntityIndividual
Shares13,412
Max PriceUS$27.06
SellUS$342,02203 May 19
Jerry McDaniel
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares12,663
Max PriceUS$27.01
SellUS$188,25602 May 19
R. Funderburg
EntityIndividual
Shares7,058
Max PriceUS$26.67
SellUS$401,78618 Mar 19
R. Funderburg
EntityIndividual
Shares16,080
Max PriceUS$25.07
SellUS$436,69205 Mar 19
R. Funderburg
EntityIndividual
Shares17,058
Max PriceUS$25.60
SellUS$118,50713 Feb 19
R. Funderburg
EntityIndividual
Shares4,837
Max PriceUS$24.50
SellUS$162,37411 Feb 19
R. Funderburg
EntityIndividual
Shares6,663
Max PriceUS$24.43
SellUS$147,30007 Feb 19
R. Funderburg
EntityIndividual
Shares6,000
Max PriceUS$24.55
SellUS$303,52405 Feb 19
R. Funderburg
EntityIndividual
Shares12,500
Max PriceUS$24.28
SellUS$169,83804 Feb 19
R. Funderburg
EntityIndividual
Shares7,058
Max PriceUS$24.06
SellUS$169,09816 Jan 19
R. Funderburg
EntityIndividual
Shares7,211
Max PriceUS$23.45
SellUS$6,08215 Jan 19
R. Funderburg
EntityIndividual
Shares261
Max PriceUS$23.30
SellUS$346,32808 Jan 19
R. Funderburg
EntityIndividual
Shares15,000
Max PriceUS$23.09
SellUS$329,85903 Jan 19
R. Funderburg
EntityIndividual
Shares14,586
Max PriceUS$22.63
BuyUS$99,98617 Dec 18
Jeffrey McDonnell
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares4,395
Max PriceUS$22.75
BuyUS$11,42014 Dec 18
Douglas Tucker
EntityIndividual
Role
Chief Legal Officer
Senior VP
Shares500
Max PriceUS$22.84
BuyUS$11,37512 Dec 18
Douglas Tucker
EntityIndividual
Role
Chief Legal Officer
Senior VP
Shares500
Max PriceUS$22.75
BuyUS$77210 Dec 18
Robert Schultz
EntityIndividual
Role
Member of the Board of Directors
Director
Shares33
Max PriceUS$23.40
SellUS$58,18615 Oct 18
John Schultz
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares2,000
Max PriceUS$29.09
SellUS$63,83802 Oct 18
John Schultz
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares2,000
Max PriceUS$31.92
SellUS$67,40018 Sep 18
John Schultz
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares2,000
Max PriceUS$33.70
SellUS$68,84004 Sep 18
John Schultz
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares2,000
Max PriceUS$34.42

Ownership Breakdown


Management Team

  • Stephen Erickson (49yo)

    Chief Financial Officer

    • Tenure: 1.4yrs
    • Compensation: US$545.71k
  • Doug Tucker (60yo)

    Senior VP

    • Tenure: 8.8yrs
    • Compensation: US$620.12k
  • Jeff Ludwig (47yo)

    President

    • Tenure: 0.6yrs
    • Compensation: US$1.03m
  • Jeff Mefford (54yo)

    Executive Vice President

    • Tenure: 0.6yrs
    • Compensation: US$686.37k
  • Dan Stevenson

    North Senior Vice President of Banking

    • Tenure: 0.0yrs
  • Timothy Spitz

    South Senior Vice President of Banking

    • Tenure: 0.0yrs
  • John Dietrich

    Director of Marketing

    • Tenure: 0.0yrs
  • Kyle Mooney

    Chief Information Officer

    • Tenure: 0.0yrs
  • Aaron Rios

    Director of Operations

    • Tenure: 0.0yrs
  • William Wierman

    Senior Credit Officer & Manager of Retail and Business Banking

    • Tenure: 0.0yrs

Board Members

  • Rick Ramos (56yo)

    Independent Director

    • Tenure: 7.5yrs
    • Compensation: US$80.94k
  • Leon Holschbach (66yo)

    Vice Chairman

    • Tenure: 12.0yrs
    • Compensation: US$1.24m
  • Deb Golden (64yo)

    Independent Director

    • Tenure: 3.8yrs
    • Compensation: US$55.00k
  • Dwight Miller (66yo)

    Independent Director

    • Tenure: 7.6yrs
    • Compensation: US$63.44k
  • Jeff Ludwig (47yo)

    President

    • Tenure: 0.6yrs
    • Compensation: US$1.03m
  • Jack Schultz (67yo)

    Chairman of the Board

    • Tenure: 13.6yrs
    • Compensation: US$79.38k
  • Jeff Smith (57yo)

    Independent Director

    • Tenure: 14.6yrs
    • Compensation: US$101.78k
  • Bob Schultz (54yo)

    Director

    • Tenure: 17.6yrs
    • Compensation: US$89.69k
  • Jerry McDaniel (54yo)

    Independent Director

    • Tenure: 7.6yrs
    • Compensation: US$100.94k
  • Jeffrey McDonnell (55yo)

    Independent Director

    • Tenure: 4.6yrs
    • Compensation: US$44.69k

Company Information

Midland States Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Midland States Bancorp, Inc.
  • Ticker: MSBI
  • Exchange: NasdaqGS
  • Founded: 1881
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$616.881m
  • Shares outstanding: 24.36m
  • Website: https://www.midlandsb.com

Number of Employees


Location

  • Midland States Bancorp, Inc.
  • 1201 Network Centre Drive
  • Effingham
  • Illinois
  • 62401
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MSBINasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDMay 2016

Biography

Midland 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 entiti ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/25 00:47
End of Day Share Price2019/08/23 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.