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EFFINGHAM, Ill. - Midland States Bancorp, Inc. (NASDAQ:MSBI), currently trading at $18.48 with a market capitalization of approximately $398 million, received a deficiency notification letter from Nasdaq on August 19 due to its failure to timely file its quarterly report for the period ended June 30, 2025, the company announced Friday. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value metrics.
The notification indicates the Illinois-based financial holding company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission. Despite these compliance issues, InvestingPro data shows the company maintains a strong dividend track record, having raised its dividend for 9 consecutive years, with a current yield of 7.41%.
According to the company’s statement, the notice has no immediate effect on the listing or trading of Midland’s stock on the Nasdaq Global Select Market. The bank has until October 18 to submit a compliance plan to Nasdaq, which has discretion to grant up to 180 calendar days from the report’s due date, or until February 26, 2026, to regain compliance.
Midland attributed the delay to its previously disclosed restatement of financial statements, which also caused delays in filing its annual report for 2024 and first-quarter report for 2025. The company stated it plans to file the second-quarter report "as soon as practicable."
As of June 30, Midland States Bancorp reported total assets of approximately $7.16 billion, with its Wealth Management Group overseeing assets under administration of about $4.18 billion.
The community-based financial holding company, headquartered in Effingham, Illinois, provides commercial and consumer banking products, business equipment financing, and wealth management services through its sole subsidiary, Midland States Bank.
This information is based on a press release statement issued by the company.
In other recent news, Midland States Bancorp announced an increase in its quarterly dividend by 3.2%, raising it to $0.32 per share from the previous $0.31. This dividend will be payable on August 22, 2025, to shareholders on record as of August 15, 2025. Meanwhile, Piper Sandler has adjusted its price target for Midland States Bancorp to $21.00 from $18.00, maintaining a Neutral rating. This revision follows the company’s filing of its 2024 10-K, which included updates for the first half of 2025 and restated financial results from 2022 to 2024 due to accounting adjustments. Additionally, Midland States Bancorp has received a compliance warning from Nasdaq for not filing its annual and quarterly financial reports on time. The deficiency notice, dated May 19, 2025, does not currently affect the listing or trading of the company’s shares on the Nasdaq Global Select Market. The delayed filings include the Annual Report for the year ending December 31, 2024, and the Quarterly Report for the quarter ending March 31, 2025.
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