Is MSBI or NBBK more undervalued in 2026?

CirclFi compares Midland States Bancorp, Inc. (MSBI) and NB Bancorp, Inc. (NBBK) using 13 institutional-grade valuation models. MSBI has a Quality of Company score of 7.6/10 while NBBK scores 8.3/10.

Which is a better buy — MSBI or NBBK?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do MSBI and NBBK valuations compare?

MSBI at $27.75 and NBBK at $19.97 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

MSBI vs NBBK Valuation Comparison 2026 — Intrinsic Value Analysis

MSBI

Banks - Regional

Midland States Bancorp, Inc.

Quality

7.6

out of 10

Value Trap

SAFE

Price

$27.75

Last close

Models

11/13

Active

NBBK

Banks - Regional

NB Bancorp, Inc.

Quality

8.3

out of 10

Value Trap

—

Price

$19.97

Last close

Models

11/13

Active

Model-by-Model Comparison

Model	Type	MSBI Fair Value	MSBI Upside	NBBK Fair Value	NBBK Upside
Bayesian DCF	Intrinsic	$23.87	-14.0%	$15.44	-22.7%
Earnings Power Value	Intrinsic	$73.22	+163.9%	$17.56	-12.1%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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MSBI vs NBBK — Which Stock Is More Undervalued?

NBBK scores higher with a 8.3/10 quality rating vs MSBI's 7.6/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Midland States Bancorp, Inc. (MSBI) and NB Bancorp, Inc. (NBBK) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

MSBI currently trades at $27.75 with a QOC of 7.6/10, while NBBK trades at $19.97 with a QOC of 8.3/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).