Independent Bank (IBCP) vs Midland States Bancorp (MSBI)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
Midland States Bancorp (MSBI) has outperformed Independent Bank (IBCP) over the past year, gaining 96.7% versus a gain of 14.8%. Over five years, IBCP leads with a +63.0% price change compared with +29.2% for MSBI. Independent Bank is the larger company by market cap ($736.7 million vs $675.7 million), about 1.1 times the size.
On valuation, Independent Bank trades at a lower forward P/E (9.2x vs 9.6x for Midland States Bancorp). Midland States Bancorp offers the higher dividend yield (3.93% vs 3.02%).
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | IBCP | MSBI |
|---|---|---|
| Share price | $35.76 | $32.56 |
| Market cap | $736.75M | $675.69M |
| 1-day change | +0.59% | +0.96% |
| YTD return | +9.93% | +53.80% |
| 1-year return | +14.80% | +96.74% |
| 5-year return | +62.99% | +29.16% |
| P/E ratio (TTM) | 10.31 | 20.87 |
| Forward P/E | 9.22 | 9.60 |
| EPS (TTM) | $3.47 | $1.56 |
| Dividend yield | 3.02% | 3.93% |
| Annual dividend | $1.08 | $1.28 |
| 52-week high | $39.24 | $35.10 |
| 52-week low | $29.83 | $14.24 |
| Distance from 52-week high | -8.87% | -7.24% |
| Analyst consensus | buy | hold |
| Avg. price target upside | +12.42% | +2.12% |
| Average volume | 195.82K | 172.12K |
| Shares outstanding | 20.60M | 20.75M |
| Employees | 735 | 839 |
| Sector | Financial Services | Financial Services |
| Industry | Banks - Regional | Banks - Regional |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- MSBI has outperformed IBCP by 81.9 percentage points over the past year.
- Midland States Bancorp trades at a higher earnings multiple (20.9x vs 10.3x trailing P/E).
About Independent Bank
IBCP stock →Independent Bank Corporation operates as the bank holding company for Independent Bank that provides banking services in the United States. The company offers demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit, including free checking accounts.
Financial Services · Banks - Regional · 735 employees
About Midland States Bancorp
MSBI stock →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.
Financial Services · Banks - Regional · 839 employees
IBCP vs MSBI FAQ
Which is bigger, Independent Bank or Midland States Bancorp?
Independent Bank (IBCP) is larger, with a market capitalization of $736.75M compared with $675.69M for Midland States Bancorp (MSBI).
Which stock has performed better over the past year, IBCP or MSBI?
MSBI returned +96.74% over the past 12 months, compared with +14.80% for IBCP (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, IBCP or MSBI?
IBCP has the lower trailing P/E at 10.3, versus 20.9 for MSBI. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Independent Bank or Midland States Bancorp?
Midland States Bancorp has the higher yield at 3.93%, compared with 3.02% for Independent Bank.
Are Independent Bank and Midland States Bancorp in the same industry?
Yes. Both are classified in the Banks - Regional industry within the Financial Services sector.