Midland States Bancorp: The Picture Is Still Disappointing

2025-08-25 11:15:40 ET

One bank that has honestly surprised me is Midland States Bancorp ( MSBI ). In April of this year, I wrote a bearish article about the institution. I was turned off by its shrinking balance sheet, declining revenue, and falling profits. Asset quality was disappointing, though the stock was certainly trading on the cheap. Even so, and even though I am a value investor who prioritizes valuation above most other things, all the negatives combined more than offset that in my book. And as a result, I ended up rating Midland States Bancorp a "Sell." Whenever I rate a company a "S ell," I'm making the claim that shares are likely to underperform the broader market for the foreseeable future. But since then, the stock is up 19.1%, barely beating out the 18.6% rise that the S&P 500 saw....

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