msbi-20250724
FALSE000146602600014660262025-07-242025-07-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 24, 2025
Midland States Bancorp, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Illinois 001-35272 37-1233196
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

1201 Network Centre Drive
Effingham, Illinois 62401
(Address of Principal Executive Offices) (Zip Code)
 
(217) 342-7321
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueMSBIThe Nasdaq Market LLC
Depositary Shares, each representing a 1/40th interest in a share of 7.75% fixed rate reset non-cumulative perpetual preferred stock, Series A, $2.00 par valueMSBIPThe Nasdaq Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.
On July 24, 2025, Midland States Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter of 2025. The press release is attached as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure.
On July 24, 2025, the Company made available on its website a slide presentation regarding the Company’s second quarter 2025 financial results. The slide presentation is attached as Exhibit 99.2.

The information set forth under Items 2.02 and 7.01 in this Form 8-K and the attached exhibits shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.  
Exhibit No.Description
Press Release of Midland States Bancorp, Inc., dated July 24, 2025
Slide Presentation of Midland States Bancorp, Inc. regarding second quarter 2025 financial results
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 Date: July 24, 2025
By:/s/ Eric T. Lemke
  Eric T. Lemke
  Chief Financial Officer




EXHIBIT 99.1

Midland States Bancorp, Inc. Announces 2025 Second Quarter Results
Effingham, IL, July 24, 2025 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025, compared to net income available to common shareholders of $23.5 million, or $1.06 per diluted share, for the second quarter of 2024.
This also compares to a net loss of $143.2 million, or $6.58 per diluted share, for the first quarter of 2025, which included impairment of goodwill of $154.0 million.
2025 Second Quarter Results
•Net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025
•Adjusted earnings of $9.8 million, or $0.44 per diluted share, compared to $10.8 million, or $0.49 per diluted share, in prior quarter
•Pre-provision net revenue of $32.2 million, or $1.48 per diluted share, for the second quarter of 2025 compared to $27.0 million, or $1.24 per diluted share, for the first quarter of 2025
•Net interest margin of 3.56%, compared to 3.49% in prior quarter
•Nonperforming assets to total assets of 1.56%, compared to 2.08% in prior quarter
•Total capital to risk-weighted assets of 14.50% and common equity tier 1 capital of 9.02%
Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:
“Second quarter marked a notable step in returning Midland to a more normalized operating environment, with progress on several strategic initiatives ranging from growing our community bank to further improving our credit quality. Capital levels increased quarter-over-quarter, and we continue to target growing our common equity tier 1 capital ratio to our target of 10.0%.
During the quarter, we had limited new substandard or nonperforming loans identified, and importantly saw our non-performing assets decrease to $111 million, or 1.56% of total assets, versus $151 million, or 2.08% of total assets in the first quarter. After quarter-end, the bank successfully exited two larger non-performing relationships in July totaling $29 million, which all else equal would bring our non-performing asset ratio down another 41 basis points. Tighter underwriting standards in our equipment finance and specialty finance portfolios have already begun to meaningfully reduce our exposure to these higher-risk portfolios. In addition, we completed the previously announced sale of our GreenSky loans in April further improving our capital and liquidity.


Profitability trends were also favorable in the second quarter, with net interest margin expanding 7 basis points to 3.56%, pre-provision net revenue growing to $32.2 million, and strong contribution from our wealth management platform. We expect further improvement in profitability over the balance of 2025.”
Key Points for Second Quarter and Outlook
Acceleration of Credit Clean-up; Tightened Underwriting Standards
•Substandard accruing loans and nonperforming loans decreased to $58.5 million and $109.5 million at June 30, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
•Net charge-offs were $29.9 million for the quarter, including:
◦$13.9 million of charge-offs in our specialty finance portfolio, of which $10.2 million was specifically reserved for in a prior quarter
◦$4.7 million of fully reimbursed charge-offs related to our third party lending programs
◦$3.9 million of charge-offs in our equipment finance portfolio as we continue to see credit issues primarily in the trucking industry
•Provision for credit losses on loans was $17.4 million for the second quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
•Allowance for credit losses on loans was $92.7 million, or 1.83% of total loans.
The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of June 30, 2025.
As of and for the Three Months Ended
(dollars in thousands)June 30,March 31,December 31,September 30,June 30,
20252025202420242024
Asset Quality
Loans 30-89 days past due$40,959 $48,221 $43,681 $55,329 $54,045 
Nonperforming loans109,512 145,690 150,907 114,556 112,124 
Nonperforming assets111,174 151,264 157,409 126,771 123,774 
Substandard accruing loans58,478 77,620 84,058 167,549 135,555 
Net charge-offs29,854 16,878 112,776 22,302 13,883 
Loans 30-89 days past due to total loans0.81 %0.96 %0.85 %0.97 %0.93 %
Nonperforming loans to total loans2.16 %2.90 %2.92 %2.00 %1.92 %
Nonperforming assets to total assets1.56 %2.08 %2.10 %1.65 %1.61 %
Allowance for credit losses to total loans1.83 %2.10 %2.15 %2.64 %2.67 %
Allowance for credit losses to nonperforming loans84.64 %72.19 %73.69 %131.87 %138.63 %
Net charge-offs to average loans2.34 %1.35 %7.94 %1.53 %0.94 %
Solid Growth Trends in Community Bank & Wealth Management
•Total loans at June 30, 2025 were $5.06 billion, an increase of $46.6 million from March 31, 2025. Key changes in the loan portfolio were as follows:
◦Loans originated by our Community Bank increased $58.9 million, or 1.8%, from March 31, 2025. Pipelines remain strong and we continued to add to our sales teams in the second quarter.


◦Non-core loans originated through third-party programs increased $212.8 million from March 31, 2025, as a result of the financing of the sale of the GreenSky portfolio.
◦We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $173.3 million during the quarter.
◦Equipment finance portfolio balances declined $51.8 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
•Total deposits were $5.95 billion at June 30, 2025, an increase of $10.5 million from March 31, 2025. The increase in deposits reflects the following:
◦Commercial and public fund deposits increased $70.5 million and $127.8 million, respectively, in the quarter.
◦Noninterest-bearing deposits decreased $16.5 million in the quarter.
◦Retail and servicing deposits decreased $34.7 million and $56.9 million, respectively, in the quarter.
◦Brokered deposits, including both money market and time deposits, decreased by $109.4 million.
◦Servicing deposits decreased $284.4 million in July 2025 due to the acquisition of one of our servicing customers, expected to positively impact future margin.
•Wealth Management revenue totaled $7.4 million in the second quarter of 2025. Assets under administration were $4.18 billion at June 30, 2025. The Company added three new sales positions in the second quarter of 2025 and continues to experience strong pipelines.



Net Interest Margin
•Net interest margin was 3.56%, up 7 basis points compared to the first quarter, and we saw a continued decline in the cost of funding. Rate cuts enacted by the Federal Reserve Bank in late 2024 continue to result in a lower cost of deposits for the Company, which fell to 2.19% in the second quarter of 2025.
The following table summarizes certain factors affecting the Company’s net interest margin for the second quarter of 2025.
For the Three Months Ended
(dollars in thousands)June 30, 2025March 31, 2025June 30, 2024
Interest-earning assetsAverage BalanceInterest & FeesYield/RateAverage BalanceInterest & FeesYield/RateAverage BalanceInterest & FeesYield/Rate
Cash and cash equivalents$67,326 $716 4.27 %$68,671 $718 4.24 %$65,250 $875 5.40 %
Investment securities(1)
1,367,180 17,164 5.04 1,311,887 15,517 4.80 1,098,452 12,805 4.69 
Loans(1)(2)
5,123,558 79,240 6.20 5,057,394 78,118 6.26 5,915,523 92,581 6.29 
Loans held for sale44,642 377 3.39 326,348 4,563 5.67 4,910 84 6.84 
Nonmarketable equity securities38,803 694 7.17 35,614 647 7.37 44,216 963 8.76 
Total interest-earning assets6,641,509 98,191 5.93 6,799,914 99,563 5.94 7,128,351 107,308 6.05 
Noninterest-earning assets513,801 667,940 669,370 
Total assets$7,155,310 $7,467,854 $7,797,721 
Interest-Bearing Liabilities
Interest-bearing deposits$4,845,609 $32,290 2.67 %$5,074,007 $34,615 2.77 %$5,101,365 $39,476 3.11 %
Short-term borrowings60,117 573 3.82 73,767 700 3.85 30,449 308 4.07 
FHLB advances & other borrowings363,505 3,766 4.16 299,578 3,163 4.28 500,758 5,836 4.69 
Subordinated debt77,757 1,394 7.19 77,752 1,387 7.23 93,090 1,265 5.47 
Trust preferred debentures51,439 1,206 9.40 51,283 1,200 9.49 50,921 1,358 10.73 
Total interest-bearing liabilities5,398,427 39,229 2.91 5,576,387 41,065 2.99 5,776,583 48,243 3.36 
Noninterest-bearing deposits1,075,945 1,052,181 1,132,451 
Other noninterest-bearing liabilities108,819 123,613 104,841 
Shareholders’ equity572,119 715,673 783,846 
Total liabilities and shareholder’s equity$7,155,310 $7,467,854 $7,797,721 
Net Interest Margin$58,962 3.56 %$58,498 3.49 %$59,065 3.33 %
Cost of Deposits2.19 %2.29 %2.55 %
(1)Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.3 million, $0.2 million and $0.2 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
(2)Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.


Trends in Noninterest Income and Expense
•Noninterest income was $23.5 million for the second quarter of 2025, compared to $17.8 million for the first quarter of 2025. Noninterest income for the second quarter of 2025 included credit enhancement income of $3.8 million, primarily related to an increase in charge-offs in our third-party loan origination and servicing program which were fully reimbursed by our program sponsor.
•Noninterest expense was $50.0 million for the second quarter of 2025, compared to $203.0 million for the first quarter of 2025, which included goodwill impairment of $154.0 million. The Company continues to experience higher levels of professional services, legal fees and other expenses related to loan collections and the restatement of our financial statements.

Second Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):
As of and for the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20252025202420242024
Return on average assets0.67 %(7.66)%(1.59)%1.05 %1.33 %
Pre-provision net revenue to average assets(1)
1.81 %1.47 %1.83 %2.21 %2.07 %
Net interest margin3.56 %3.49 %3.34 %3.34 %3.33 %
Efficiency ratio (1)
60.60 %64.29 %62.31 %53.61 %55.79 %
Noninterest expense to average assets2.80 %11.02 %3.04 %2.56 %2.62 %
Net charge-offs to average loans2.34 %1.35 %7.94 %1.53 %0.94 %
Tangible book value per share at period end (1)
$20.68 $20.54 $19.83 $22.70 $21.07 
Diluted earnings (loss) per common share$0.44 $(6.58)$(1.52)$0.83 $1.06 
Common shares outstanding at period end21,515,138 21,503,036 21,494,485 21,393,905 21,377,215 
Trust assets under administration$4,181,180 $4,101,414 $4,153,080 $4,268,539 $3,996,175 
(1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.
Capital
At June 30, 2025, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:
As of June 30, 2025
Midland States BankMidland States Bancorp, Inc.
Minimum Regulatory Requirements (2)
Total capital to risk-weighted assets13.74%14.50%10.50%
Tier 1 capital to risk-weighted assets12.49%12.07%8.50%
Common equity Tier 1 capital to risk-weighted assets12.49%9.02%7.00%
Tier 1 leverage ratio9.93%9.59%4.00%
Tangible common equity to tangible assets (1)
N/A6.27%N/A
(1) A non-GAAP financial measure. Refer to page 10 for a reconciliation to the comparable GAAP financial measure.
(2) Includes the capital conservation buffer of 2.5%, as applicable.


About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of June 30, 2025, the Company had total assets of approximately $7.11 billion, and its Wealth Management Group had assets under administration of approximately $4.18 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.
Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.
These non-GAAP financial measures include “Pre-provision net revenue,” “Pre-provision net revenue per diluted share,” “Pre-provision net revenue to average assets,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.
Forward-Looking Statements
Readers should note that in addition to the historical information contained herein, this press release includes "forward-looking statements" within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
CONTACTS:
Jeffrey G. Ludwig, President and CEO, at [email protected] or (217) 342-7321
Eric T. Lemke, Chief Financial Officer, at [email protected] or (217) 342-7321



MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)
As of
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands)20252025202420242024
Assets
Cash and cash equivalents$176,587 $102,006 $114,766 $121,873 $124,646 
Investment securities1,354,652 1,368,405 1,212,366 1,216,795 1,099,654 
Loans5,064,695 5,018,053 5,167,574 5,728,237 5,829,057 
Allowance for credit losses on loans(92,690)(105,176)(111,204)(151,067)(155,443)
Total loans, net4,972,005 4,912,877 5,056,370 5,577,170 5,673,614 
Loans held for sale7,899 287,821 344,947 8,001 5,555 
Premises and equipment, net86,240 86,719 85,710 84,672 83,040 
Other real estate owned393 4,183 4,941 8,646 8,304 
Loan servicing rights, at lower of cost or fair value16,720 17,278 17,842 18,400 18,902 
Goodwill7,927 7,927 161,904 161,904 161,904 
Other intangible assets, net10,362 11,189 12,100 13,052 14,003 
Company-owned life insurance214,392 212,336 211,168 209,193 207,211 
Credit enhancement asset5,800 5,615 16,804 20,633 18,202 
Other assets254,901 268,448 267,891 263,850 293,039 
Total assets$7,107,878 $7,284,804 $7,506,809 $7,704,189 $7,708,074 
Liabilities and Shareholders' Equity
Noninterest-bearing demand deposits$1,074,212 $1,090,707 $1,055,564 $1,050,617 $1,108,521 
Interest-bearing deposits4,872,707 4,845,727 5,141,679 5,206,219 5,009,502 
Total deposits5,946,919 5,936,434 6,197,243 6,256,836 6,118,023 
Short-term borrowings8,654 40,224 87,499 13,849 7,208 
FHLB advances and other borrowings345,000 498,000 258,000 425,000 600,000 
Subordinated debt77,759 77,754 77,749 82,744 91,656 
Trust preferred debentures51,518 51,358 51,205 51,058 50,921 
Other liabilities104,323 109,597 124,266 103,481 103,487 
Total liabilities6,534,173 6,713,367 6,795,962 6,932,968 6,971,295 
Total shareholders’ equity573,705 571,437 710,847 771,221 736,779 
Total liabilities and shareholders’ equity$7,107,878 $7,284,804 $7,506,809 $7,704,189 $7,708,074 


MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands, except per share data)20252025202420242024
Net interest income:
Interest income$97,924 $99,355 $104,470 $108,994 $107,138 
Interest expense39,229 41,065 45,900 49,884 48,243 
Net interest income58,695 58,290 58,570 59,110 58,895 
Provision for credit losses:
Provision for credit losses on loans17,369 10,850 74,183 17,925 8,482 
Recapture of credit losses on unfunded commitments— — — — (200)
Total provision for credit losses17,369 10,850 74,183 17,925 8,282 
Net interest income after provision for credit losses41,326 47,440 (15,613)41,185 50,613 
Noninterest income:
Wealth management revenue7,379 7,350 7,660 7,104 6,801 
Service charges on deposit accounts3,351 3,305 3,506 3,411 3,121 
Interchange revenue3,463 3,151 3,528 3,506 3,563 
Residential mortgage banking revenue756 676 637 697 557 
Income on company-owned life insurance2,068 2,334 1,975 1,981 1,925 
Loss on sales of investment securities, net— — (34)(44)(152)
Credit enhancement income (loss)3,848 (578)15,810 14,206 14,328 
Other income2,669 1,525 2,289 2,684 1,841 
Total noninterest income23,534 17,763 35,371 33,545 31,984 
Noninterest expense:
Salaries and employee benefits25,685 26,416 22,283 24,382 22,872 
Occupancy and equipment4,166 4,498 4,286 4,393 3,964 
Data processing7,035 6,919 7,278 6,955 7,205 
Professional services2,792 2,741 1,580 1,744 2,243 
Impairment on goodwill— 153,977 — — — 
Amortization of intangible assets827 911 952 951 1,016 
Impairment on leased assets and surrendered assets— — 7,601 — — 
FDIC insurance1,422 1,463 1,383 1,402 1,219 
Other expense8,065 6,080 13,336 9,937 12,265 
Total noninterest expense49,992 203,005 58,699 49,764 50,784 
Income (loss) before income taxes14,868 (137,802)(38,941)24,966 31,813 
Income tax expense (benefit)2,844 3,172 (8,172)4,535 6,094 
Net income (loss)12,024 (140,974)(30,769)20,431 25,719 
Preferred stock dividends2,228 2,228 2,228 2,229 2,228 
Net income (loss) available to common shareholders$9,796 $(143,202)$(32,997)$18,202 $23,491 
Basic earnings (loss) per common share$0.44 $(6.58)$(1.52)$0.83 $1.06 
Diluted earnings (loss) per common share$0.44 $(6.58)$(1.52)$0.83 $1.06 
Weighted average common shares outstanding21,820,190 21,795,570 21,748,428 21,675,818 21,731,195 
Weighted average diluted common shares outstanding21,820,190 21,795,570 21,753,711 21,678,242 21,734,849 



MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)
As of
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands)20252025202420242024
Loan Portfolio Mix
Commercial loans$1,178,792 $879,286 $934,847 $879,590 $955,667 
Equipment finance loans364,526 390,276 416,970 442,552 461,409 
Equipment finance leases347,155 373,168 391,390 417,531 428,659 
Commercial FHA warehouse lines1,068 — 8,004 50,198 — 
Total commercial loans and leases1,891,541 1,642,730 1,751,211 1,789,871 1,845,735 
Commercial real estate2,412,761 2,592,325 2,591,664 2,510,472 2,421,505 
Construction and land development258,729 264,966 299,842 422,253 476,528 
Residential real estate361,261 373,095 380,557 378,658 378,393 
Consumer140,403 144,937 144,300 626,983 706,896 
Total loans$5,064,695 $5,018,053 $5,167,574 $5,728,237 $5,829,057 
Loan Portfolio Segment
Regions
Eastern$901,848 $897,792 $899,611 $902,993 $884,343 
Northern753,590 747,028 714,562 730,752 724,782 
Southern778,124 711,787 720,188 694,810 699,893 
St. Louis884,685 902,743 868,190 850,327 825,291 
Total Community Bank3,318,247 3,259,350 3,202,551 3,178,882 3,134,309 
Specialty finance701,244 874,567 1,038,238 1,018,961 1,107,508 
Equipment finance711,681 763,444 808,359 860,083 890,068 
Non-core loan program and other(1)
333,523 120,692 118,426 670,311 697,172 
Total loans$5,064,695 $5,018,053 $5,167,574 $5,728,237 $5,829,057 
Deposit Portfolio Mix
Noninterest-bearing demand$1,074,212 $1,090,707 $1,055,564 $1,050,617 $1,108,521 
Interest-bearing:
Checking2,180,717 2,161,282 2,378,256 2,389,970 2,343,533 
Money market1,216,357 1,154,403 1,173,630 1,187,139 1,143,668 
Savings511,470 522,663 507,305 510,260 538,462 
Time818,813 818,732 822,981 849,413 852,415 
Brokered time145,350 188,647 259,507 269,437 131,424 
Total deposits$5,946,919 $5,936,434 $6,197,243 $6,256,836 $6,118,023 
Deposit Portfolio by Channel
Retail$2,811,838 $2,846,494 $2,749,650 $2,695,077 $2,742,494 
Commercial1,145,369 1,074,837 1,209,815 1,218,657 1,217,068 
Public Funds618,172 490,374 505,912 574,704 568,889 
Wealth & Trust304,626 301,251 340,615 332,242 298,659 
Servicing785,659 842,567 896,436 958,662 931,892 
Brokered Deposits248,707 358,063 473,451 390,558 238,708 
Other32,548 22,848 21,364 86,936 120,313 
Total deposits$5,946,919 $5,936,434 $6,197,243 $6,256,836 $6,118,023 
(1) Non-core loan programs refer to loan portfolios originated through third parties or capital markets, including loans to finance the sale of the GreenSky portfolio.




MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
Adjusted Earnings Reconciliation
For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands, expect per share data)20252025202420242024
Income (loss) before income tax (benefit) expense - GAAP$14,868 $(137,802)$(38,941)$24,966 $31,813 
Adjustments to noninterest income:
Loss on sales of investment securities, net— — 34 44 152 
Loss (gain) on repurchase of subordinated debt— — 13 (77)(167)
Total adjustments to noninterest income— — 47 (33)(15)
Adjustments to noninterest expense:
Impairment on goodwill— (153,977)— — — 
Total adjustments to noninterest expense— (153,977)— — — 
Adjusted earnings (loss) pre tax - non-GAAP14,868 16,175 (38,894)24,933 31,798 
Adjusted earnings (loss) tax (benefit) expense2,844 3,172 (8,159)4,526 6,090 
Adjusted earnings (loss) - non-GAAP12,024 13,003 (30,735)20,407 25,708 
Preferred stock dividends2,228 2,228 2,228 2,229 2,228 
Adjusted earnings (loss) available to common shareholders$9,796 $10,775 $(32,963)$18,178 $23,480 
Adjusted diluted earnings (loss) per common share$0.44 $0.49 $(1.52)$0.82 $1.06 
Pre-Provision Net Revenue Reconciliation
For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands)20252025202420242024
Income (loss) before income taxes$14,868 $(137,802)$(38,941)$24,966 $31,813 
Provision for credit losses17,369 10,850 74,183 17,925 8,282 
Impairment on goodwill— 153,977 — — — 
Pre-provision net revenue$32,237 $27,025 $35,242 $42,891 $40,095 
Pre-provision net revenue per diluted share$1.48 $1.24 $1.62 $1.98 $1.84 
Pre-provision net revenue to average assets1.81 %1.47 %1.83 %2.21 %2.07 %


MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
Efficiency Ratio Reconciliation
For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands)20252025202420242024
Noninterest expense - GAAP$49,992 $203,005 $58,699 $49,764 $50,784 
Impairment on goodwill— (153,977)— — — 
Adjusted noninterest expense$49,992 $49,028 $58,699 $49,764 $50,784 
Net interest income - GAAP$58,695 $58,290 $58,570 $59,110 $58,895 
Effect of tax-exempt income267 208 220 205 170 
Adjusted net interest income58,962 58,498 58,790 59,315 59,065 
Noninterest income - GAAP23,534 17,763 35,371 33,545 31,984 
Loss on sales of investment securities, net— — 34 44 152 
Loss (gain) on repurchase of subordinated debt— — 13 (77)(167)
Adjusted noninterest income23,534 17,763 35,418 33,512 31,969 
Adjusted total revenue$82,496 $76,261 $94,208 $92,827 $91,034 
Efficiency ratio60.60 %64.29 %62.31 %53.61 %55.79 %

Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
As of
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands, except per share data)20252025202420242024
Shareholders' Equity to Tangible Common Equity
Total shareholders' equity—GAAP$573,705 $571,437 $710,847 $771,221 $736,779 
Adjustments:
Preferred Stock(110,548)(110,548)(110,548)(110,548)(110,548)
Goodwill(7,927)(7,927)(161,904)(161,904)(161,904)
Other intangible assets, net(10,362)(11,189)(12,100)(13,052)(14,003)
Tangible common equity444,868 441,773 426,295 485,717 450,324 
Total Assets to Tangible Assets:
Total assets—GAAP$7,107,878 $7,284,804 $7,506,809 $7,704,189 $7,708,074 
Adjustments:
Goodwill(7,927)(7,927)(161,904)(161,904)(161,904)
Other intangible assets, net(10,362)(11,189)(12,100)(13,052)(14,003)
Tangible assets$7,089,589 $7,265,688 $7,332,805 $7,529,233 $7,532,167 
Common Shares Outstanding21,515,138 21,503,036 21,494,485 21,393,905 21,377,215 
Tangible Common Equity to Tangible Assets6.27 %6.08 %5.81 %6.45 %5.98 %
Tangible Book Value Per Share$20.68 $20.54 $19.83 $22.70 $21.07 


Midland States Bancorp, Inc. Second Quarter 2025 Earnings Presentation July 24, 2025

 
2 Forward Looking Statement Forward-Looking Statements: This presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements expressing management’s current expectations, forecasts of future events or long-term goals may be based upon beliefs, expectations and assumptions of the Company’s management, and are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. All statements in this presentation speak only as of the date they are made, and the Company undertakes no obligation to update any statement. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements including changes in interest rates and other general economic, business and political conditions, the impact of inflation, increased deposit volatility and potential regulatory developments. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning the Company and its businesses, including additional factors that could materially affect the Company’s financial results, are included in the Company’s filings with the Securities and Exchange Commission. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. Use of Non-GAAP Financial Measures: This presentation may contain certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures include “Pre-provision net revenue (PPNR)”, “PPNR per share”, “Adjusted Earnings”, “Adjusted Diluted Earnings per share”, “Efficiency Ratio”, “Tangible Common Equity to Tangible Assets (TEC/TA)”, and “Tangible Book Value Per Share”. The Company believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore this presentation may not be comparable to other similarly titled measures as presented by other

 
3 Where We Are Today Where We’re Going B u il d in g B lo c k s F o r G ro w th C o re B u s in e s s e s • Midland States Bank has 53 branch/office locations in Illinois and Missouri • 16 Successful acquisitions since 2008 • Presence in stable, lower deposit cost mid-western markets • Significant commercial growth opportunities in St. Louis and Chicago • Comprehensive wealth and trust product offering • Evolving tech-forward strategy, including BaaS initiative • Reducing Credit Risk Exposure • Commercial Banking • Personal Banking • Private Wealth Management • Trust Services • Banking-as-a-Service Targeted Credit Management Efforts Growing Commercial Banking Accelerating Growth in Wealth Improving Operational Capabilities • Sold GreenSky loans, $50 million remaining exposure • Reducing equipment finance exposure to target of 10% of loans • Ongoing efforts to work-out / sell NPAs • Increase in Community Bank loans by 1.8% LQ • Investing in team and technology to grow and deepen relationships • Focus on higher-growth St. Louis & greater Chicago markets • Invest in technology and people • Cross-sell with commercial clients • Continue adding new advisors • Expand data and analytics capabilities • Strengthen credit processes and controls • Automation of back-office processes using AI and RPA Building Tech-Forward Strategy • Remaining BaaS loan program at $53.7 million carries full credit indemnification • BaaS initiative continuing to seek high quality FinTech partners $7.1B Assets $5.1B Loans $5.9B Deposits $4.2B AUM/A Building a High Performing, Tech-Forward Community Bank

 
4 Accelerated credit remediation: $65 million of non-performing loans exited through July 2025, pro-forma NPAs to assets of 1.15% 3.56% reported net interest margin, +7 bps LQ expansion driven by lower deposit cost of 2.19% (-10 bps LQ), new loan originations at ~6.8% Strong community bank customer trends, with loans increasing 1.8% and deposits 3.7%, added 5 new commercial bankers during Q2 Tangible book value1 of $20.68, all capital ratios grew sequentially, TCE / TA up 19 bps to 6.3% Second Quarter 2025 Highlights 1 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix.

 
5 Second Quarter 2025 Financial Summary EPS PPNR1 Loans Deposits Capital • PPNR1 of $32.2 million, or $1.48 per share, increased 19% LQ • Net interest income of $58.7 million benefitted from -10bps LQ reduction in deposit costs • Non-interest income rose 7.3% LQ excluding credit enhancement income • Loan balances increased $47 million LQ, with $59 million increase for Community Banking • Provision of $17.4 million, $29.9 million of charge-offs; NPAs decreased 52 bps LQ to $111.2 million or 1.56% of total assets • Additional $29 million of NPAs exited in July 2025 • Deposits increased $10 million, brokered time deposits fell $43 million LQ • Loan to deposit ratio remains stable at 85% • Servicing deposits of $285 million exited in July 2025 • Tangible book value1 of $20.68, up $0.14 versus LQ and up $0.85 versus prior year end • Consolidated CET1 ratio of 9.02%; Total Capital ratio of 14.50% • Fully diluted EPS of $0.44 for second quarter of 2025 1 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix.

 
6 Second Quarter 2025 Results 1 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. Midland States Bancorp, Inc. ($ in millions, except per share data) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Net Interest Income 58.7$ 58.3$ 58.6$ 59.1$ 58.9$ Provision for Credit Losses 17.4 10.9 74.2 17.9 8.3 Total Noninterest Income 23.5 17.8 35.4 33.5 32.0 Total Revenue 82.2 76.1 94.0 92.6 90.9 Total Noninterest Expenses 50.0 203.0 58.7 49.8 50.8 Income before Taxes 14.9 (137.8) (38.9) 24.9 31.8 Net Income 12.0 (141.0) (30.8) 20.4 25.7 Diluted Earnings Per Share 0.44 (6.58) (1.52) 0.83 1.06 Adjusted Diluted Earnings Per Share1 0.44 0.49 (1.52) 0.82 1.06 Total Assets 7,107.9 7,284.8 7,506.8 7,704.2 7,708.1 Gross Loans Receivable (ex. HFS) 5,064.7 5,018.1 5,167.6 5,728.2 5,829.1 Allowance for Credit Losses on Loans & Leases (92.7) (105.2) (111.2) (151.1) (155.4) All Other Assets 2,135.9 2,371.9 2,450.4 2,127.0 2,034.5 Total Liabilities 6,534.2 6,713.4 6,796.0 6,933.0 6,971.3 Total Deposits 5,946.9 5,936.4 6,197.2 6,256.8 6,118.0 Borrowings 482.9 667.3 474.5 572.7 749.8 Other Liabilities 104.3 109.6 124.3 103.5 103.5 Total Shareholders' Equity 573.7 571.4 710.8 771.2 736.8 PPNR1 32.2 27.0 35.2 42.9 40.1 NPA / Total Assets 1.56% 2.08% 2.10% 1.65% 1.61% Wealth Assets Under Administration 4,181.2 4,101.4 4,153.1 4,268.5 3,996.2 Efficiency Ratio1 60.6% 64.3% 62.3% 53.6% 55.8% Tangible Book Value Per Share1 20.68$ 20.54$ 19.83$ 22.70$ 21.07$

 
7 Strong Liquidity & Regulatory Capital • $4.52 billion total insured deposits includes: ·Stable insured deposit base, brokered deposits only 2% of total deposits as of June 30, 2025 ·$842 million of servicing deposits, $285 million exited in July 2025 • 15.0% liquidity on balance sheet (Cash & available Investment Securities) • Strong regulatory capital ratios Bank and Consolidated, well-above minimum buffers • Near-term focus on building CET1 over 10%, and TCE / TA ratio over 7.0% • Additional 2Q25 ratios: ‒ 52.7% CRE as a % of Total Loans ‒ 266.4% CRE as a % of Total RBC1 1 Represents non-owner occupied CRE loans only 6.27% 9.02% 9.59% 12.07% 14.50% 6.08% 8.32% 9.11% 11.16% 13.51% TCE/TA Common Eq Tier 1 Tier 1 Leverage Tier 1 RBC Total RBC Consolidated Capital Ratios Q2 2025 Q1 2025 $177 $1,423 $797 $1,178 $464 Liquidity Uninsured Depositors 1.84X Liquidity Coverage Cash & Cash Equiv Unpledged Securities FHLB Committed Liquidity FRB Discount Window Availability $2,616 Abundant Excess Liquidity Building Excess Capital

 
8 Targeted Credit Management Efforts Nearing Completion Non-Core Loan Programs Specialty Finance Group Midland Equipment Finance Q2 2025 Current StatusAction Overview • Remaining BaaS portfolio: $54M • Retained GreenSky: $50M • NPA’s at 6/30/25: $53.7M • NCO 2Q25: $12.9M • Strategic decision to exit these portfolios • Completed sale of GreenSky portfolio in April 2025 • Portfolio originated by FinTech partners LendingPoint & GreenSky • Unsecured portfolios which have exhibited increasing delinquencies & deterioration • Nationwide portfolio providing bridge loan financing for commercial real estate • Primarily multifamily and healthcare • Impacted by macroeconomic factors resulting in elevated NPLs • Stopped future origination of construction/rehab • Tightened underwriting standards • Working to resolve non-performing assets • Loans & leases for customers across the U.S. • Deterioration has been experienced primarily in the trucking industry • Tightened underwriting standards to eliminate new trucking contracts, refocus on higher quality segments • Working to capture recoveries on past losses • NPA’s at 6/30/25: $12.9M • NCO 2Q25: $3.9M

 
9 2Q25 Non-Performing Asset Update Dollars in thousands Top 9 relationships comprise 59.9% and 51.2% of the total NPA’s at 12/31/24 & 6/30/2025 Loan Segment Balance 4Q 2024 Balance 1Q 2025 Balance 2Q 2025 Notes Loan 1 CRE - Multifamily - Florida $16,262 $16,262 $14,938 Note sold July 2025 Loan 2 CRE - Multifamily - Wisconsin 13,734 13,659 - Loan 3 CRE - Multifamily - Florida 11,092 11,092 9,962 Note sold July 2025 Loan 4 CRE - Office - Florida 9,285 9,285 9,285 Loan 5 CRE - Multifamily - Michigan 8,399 8,399 8,399 Loan 6 CRE - Multifamily - South Carolina 8,140 8,140 8,140 Loan 7 CRE - Asst Living - South Carolina 7,798 7,806 - Charged off Q2 Loan 8 CRE - Asst Living - Nevada 7,737 7,737 - Note sold Q2 2025 Loan 9 C&I Relationship - Northern Region 11,855 11,378 5,445 Charge down Q2 Largest Exposures $94,302 $93,758 $56,169 Midland Equipment Finance 11,337 11,099 11,629 Non-Core Loan Programs 10,769 5,670 3,608 All Other Loans 34,499 35,164 38,106 Total Non-Performing Loans $150,907 $145,690 $109,512 NPL’s / Total Loans 2.92% 2.90% 2.16% Total OREO & Repossessed Assets 6,502 5,574 1,662 Total Non-Performing Assets $157,409 $151,264 $111,174 NPA’s / Total Assets 2.10% 2.08% 1.56%

 
$155 $151 $111 $105 $93 2.67% 2.64% 2.15% 2.10% 1.83% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% -30 20 70 120 170 220 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Allowance for credit losses ACL/Loans $1 $0 $10 $1 $8 $13 $22 $103 $16 $22 -10 10 30 50 70 90 110 130 150 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Community Bank All Other 10 Improving Credit, Strong Community Bank Trends Allowance for Credit Losses (ACL) Net Charge Offs (Recoveries) – Community Bank Loans vs. Other 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Risk Rating Balance % Balance % Balance % Balance % Balance % 1-6 Acceptable $4,393 75% $4,276 75% $4,259 82% $4,157 83% $4,238 84% 7 Special Mention 29 1% 88 2% 101 2% 68 1% 84 2% 8-9 Substandard 246 4% 279 5% 219 4% 215 4% 164 3% Not Graded1 1,161 20% 1,085 18% 588 11% 578 12% 579 11% Total Gross Loans $5,829 $5,728 $5,168 $5,018 $5,065 Non-performing Loans $112 $115 $151 $146 $110 % of Total Loans 1.92% 2.00% 2.92% 2.90% 2.16% Non-performing Assets $124 $127 $157 $151 $111 % of Total Assets 1.61% 1.65% 2.10% 2.08% 1.56% (in millions, as of quarter-end)(in millions, as of quarter-end) Dollars in millions 1 Consumer loans including the GreenSky & Lending Point portfolios are not graded

 
11 Loan Portfolio (as of June 30, 2025) Total Loans and Average Loan Yield (in millions, as of quarter-end) • Total loans increased $46.6 million from prior quarter to $5.06 billion • Community Bank increased $58.9 million from prior quarter, offset by the intentional decline of the specialty finance and equipment finance portfolios • Decrease in non-core portfolios partially offset by new loan production from high quality commercial clients that provide full banking relationships • Increase in commercial loans includes $201 million to finance GreenSky sale Loan Portfolio Mix (in millions, as of quarter-end) 2Q 2025 1Q 2025 2Q 2024 Commercial loans and leases $ 1,892 $ 1,642 $ 1,846 Commercial real estate 2,413 2,592 2,422 Construction and land development 259 265 477 Residential real estate 361 373 378 Consumer 140 145 707 Total Loans $ 5,065 $ 5,018 $ 5,829 $5,829 $5,728 $5,168 $5,018 $5,065 6.29% 6.43% 6.22% 6.26% 6.20% 5.00% 5.20% 5.40% 5.60% 5.80% 6.00% 6.20% 6.40% 6.60% 6.80% 7.00% 2000 2500 3000 3500 4000 4500 5000 5500 6000 6500 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Total Loans Average Loan Yield

 
12 Loan Segments (as of June 30, 2025) Loan Segment Mix • Total loans in our Community Bank increased $58.9 million from prior quarter to $3.32 billion • Loans in Southern region increased $66.3 million or 37% annualized in 2Q25 • Focused on core, in-market loan relationships • Continuing to add talent in faster growing markets to drive quality loan relationships and commercial deposits Loan Portfolio Segments (in millions, as of quarter-end) 2Q 2025 1Q 2025 2Q 2024 Regions: Eastern $ 902 $ 898 $ 884 Northern 754 747 725 Southern 778 712 700 St. Louis 885 903 825 Community Bank $ 3,319 $ 3,260 $ 3,134 Other: FHA Warehouse $ 1 $ - $ - Specialty Finance 701 875 1,108 Equipment Finance 712 763 890 Non-Core and Other 332 120 697 Total Loans $ 5,065 $ 5,018 $ 5,829 Community Bank 65.5% Specialty Finance 13.8% Equipment Finance 14.1% Non-Core and other 6.6%

 
13 Total Deposits (as of June 30, 2025) • Total deposits increased $10.5 million from prior quarter, primarily using an increase in money market balances to reduce brokered deposits • Retail checking deposit averages per account pulled back from the Q1 high after-tax refund season and was largely offset by public fund inflows from tax payments collected in the quarter • Stable deposit mix and managing deposit rates resulted in 10 bps decrease in cost of deposits from LQ Deposit Mix (in millions, as of quarter-end) 2Q 2025 1Q 2025 2Q 2024 Noninterest-bearing demand $ 1.074 $ 1,091 $ 1,109 Interest-bearing: Checking 2.181 2,161 2,344 Money Market 1.216 1,154 1,144 Savings 511 523 538 Time 819 819 852 Brokered time 145 189 131 Total Deposits $ 5,947 $ 5,936 $ 6,118 Total Deposits and Cost of Deposits (in millions, as of quarter-end) $6,118 $6,257 $6,197 $5,936 $5,947 2.52% 2.55% 2.69% 2.29% 2.19% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 0 1000 2000 3000 4000 5000 6000 7000 8000 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Total Deposits Cost of Deposits

 
14 Deposit Segments (as of June 30, 2025) • Retail and commercial deposits remained relatively stable from prior quarter • Public funds increased $128 million while servicing deposits decreased $57 million due to seasonal factors • Total brokered deposits decreased $109 million in 2Q25, reducing higher cost deposits • Outflow of servicing deposits of $284 million in July 2025 Deposit by Channel (in millions, as of quarter-end) 2Q 2025 1Q 2025 2Q 2024 Retail $ 2,812 $ 2,846 $ 2,742 Commercial 1,145 1,075 1,217 Public Funds 618 490 569 Wealth & Trust 305 301 299 Servicing 786 843 932 Brokered Deposits 249 358 239 Other 33 23 120 Total Deposits $ 5,947 $ 5,936 $ 6,118 Trend of Deposit Channel Mix (in millions, as of quarter-end) $6,118 $6,257 $6,197 $5,936 $5,947 0 1000 2000 3000 4000 5000 6000 7000 8000 0 1000 2000 3000 4000 5000 6000 7000 8000 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Retail Commercial Public Funds Wealth & Trust Servicing Brokered

 
15 Neutral Rate Positioning Supports Above-Peer Margin • Bank well positioned for rate changes with modest liability sensitive position ‒ 30% of assets reprice within 3 months as of June 30, 2025 ‒ 69% of our liabilities reprice within 3 month as of June 30, 2025 • Loan Strategy: Focused on originating community bank loans with full banking relationships: • Deposit Strategy: Maintain and grow strong non-interest bearing deposit mix of 18% of total deposits 1 Based on projected principal payments for all loans plus the next reset for floating and adjustable rate loans and the maturity date of fixed rate loans. (In Millions) As of June 30, 2025 3 mos or less 3-12 months 1-3 years 3-5 years 5-10 years 10-15 years Over 15 years Total Floating Rate Adjustable Rate Fixed Rate Commercial loans and leases 719$ 281$ 575$ 231$ 60$ 4$ 22$ 1,892$ 556$ 112$ 1,224$ Commercial Real estate 754 374 815 325 131 13 1 2,413 486 256 1,671 Construction and land development 232 11 9 6 1 0 (0) 259 203 6 50 Residential real estate 66 38 50 55 52 33 67 361 52 97 212 Consumer 22 31 59 19 8 0 - 140 3 - 137 Total $1,793 $735 $1,508 $636 $252 $50 $90 $5,065 1,300$ 471$ 3,294$ % of Total 35% 15% 30% 13% 5% 1% 2% 100% 26% 9% 65% Weighted Average Rate 7.27% 5.80% 5.45% 6.01% 4.72% 4.51% 4.71% 6.16% 8.03% 5.21% 5.52% Repricing Term Total Loans and Leases (net of unearned income) 1 Rate Structure Total L eases (net of unearned income)1

 
16 Wealth Management Contribution Quarterly Performance • Assets under administration increased $80 million mainly due to market performance • Wealth Management fees increased due to additional trust and estate fees collected in the quarter • Continual hiring of wealth advisors positively impacting new business development Strategic Update • Added 3 wealth advisors during second quarter, we expect to continue adding new wealth advisors which should positively impact new business development. • Investing in technology tools and data to drive customer engagement and cross sell opportunities with community bank Assets Under Administration (in millions) Wealth Management Revenue (in millions) $3,996 $4,269 $4,153 $4,101 $4,181 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 $6.80 $7.10 $7.66 $7.35 $7.38 4 4.5 5 5.5 6 6.5 7 7.5 8 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025

 
17 Financial Outlook • Stable total assets near-term • NIM expansion as short-term rates lower • Reduced credit costs in 2026 • Community Bank Focus • Growing regulatory capital • Unchanged focus on efficiency

 
Appendix

 
19 ACL By Portfolio 1 Primarily consists of loans originated through GreenSky relationship ($ in thousands) June 30, 2025 March 31, 2025 Portfolio Loans Net Charge-offs ACL ACL % of Total Loans Loans Net Charge-offs ACL ACL % of Total Loans Commercial $1,073,578 $ 50 $ 10,467 0.97% $ 772,876 $ 51 $ 10,230 1.32% Commercial Other 470,808 5,098 23,712 5.04% 496,686 12,751 23,324 4.70% Equipment Finance Loans 364,526 390 12,205 3.35% 390,276 1,647 12,093 3.10% Equipment Finance Leases 347,155 3,484 15,395 4.43% 373,168 2,895 15,723 4.21% CRE non-owner occupied 1,485,185 13,524 15,041 1.01% 1,597,251 — 23,862 1.49% CRE owner occupied 413,959 5,847 4,463 1.08% 441,910 — 3,874 0.88% Multi-family 443,290 2,444 7,704 1.74% 486,141 722 11,110 2.29% Farmland 70,327 — 231 0.33% 67,023 — 223 0.33% Construction and Land Development 258,729 (1,029) 2,869 1.11% 264,966 — 3,021 1.14% Residential RE First Lien 299,725 (40) 6,502 2.17% 312,367 17 7,294 2.34% Other Residential 61,536 (50) 602 0.98% 60,728 37 580 0.96% Consumer 90,213 432 685 0.76% 91,372 271 482 0.53% Consumer Other1 50,190 95 5,019 10.00% 53,565 134 5,453 10.18% Total Loans $5,064,695 $ 29,855 $ 92,690 1.83% $5,018,053 $ 16,878 $ 105,176 2.10%

 
20 Investment Portfolio (as of June 30, 2025) Fair Value of Investments by Type • All Investments are classified as Available for Sale • Average T/E Yield is 5.04% for 2Q25 • Effective Duration is 4.0 years • Purchased $36.9 million with T/E Yield of 6.02% in 2Q25 Investment Mix & Unrealized Gain (Loss) (in millions) Fair Value Book Value Unrealized Gain (Loss) Treasuries $ — $ — $ — US GSE & US Agency 25 26 (1) MBS - agency 990 1,071 (82) MBS - non agency 93 95 (2) Asset backed student loan 45 45 — State & Municipal 70 76 (6) Corporate 79 85 (6) Other 48 48 — Total Investments $ 1,350 $ 1,446 $ (96) Investment Mix & Unrealized Gain (Loss) Investment by Yield and Duration $1.35 billion

 
21 Non-GAAP Reconciliations MIDLAND STATES BANKCORP, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) Efficiency Ratio Reconciliation June 30, March 31, December 31, September 30, June 30, (dollars in thousands) 2025 2025 2024 2024 2024 Noninterest expense - GAAP $49,992 $203,005 $58,699 $49,764 $50,784 Impairment on goodwill - (153,977) - - - Adjusted noninterest expense $49,992 $49,028 $58,699 $49,764 $50,784 Net interest income - GAAP $58,695 $58,290 $58,570 $59,110 $58,895 Effect of tax-exempt income 267 208 220 205 170 Adjusted net interest income 58,962 58,498 58,790 59,315 59,065 Noninterest income - GAAP 23,534 17,763 35,371 33,545 31,984 Loss on sales of investment securities, net - - 34 44 152 Loss (gain) on repurchase of subordinated debt - - 13 (77) (167) Adjusted noninterest income 23,534 17,763 35,418 33,512 31,969 Adjusted total revenue $82,496 $76,261 $94,208 $92,827 $91,034 Efficiency ratio 60.60% 64.29% 62.31% 53.61% 55.79% Pre-Provision Net Revenue Reconciliation June 30, March 31, December 31, September 30, June 30, (dollars in thousands) 2025 2025 2024 2024 2024 Income (loss) before income taxes $14,868 (137,802) (38,941) $24,966 $31,813 Provision for credit losses 17,369 10,850 74,183 17,925 8,282 Impairment on goodwill - 153,977 - - - Pre-provision net revenue $32,237 $27,025 $35,242 $42,891 $40,095 Pre-provision net revenue per diluted share $1.48 $1.24 $1.62 $1.98 $1.84 Pre-provision net revenue to average assets 1.81% 1.47% 1.83% 2.21% 2.07% For the Three Months Ended For the Three Months Ended

 
22 Non-GAAP Reconciliations (dollars in thousands, expect per share data) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Income (loss) before income tax (benefit) expense - GAAP $ 14,868 ($ 38,941) $ 24,966 $ 31,813 Adjustments to noninterest income: Loss on sales of investment securities, net — — 34 44 152 Loss (gain) on repurchase of subordinated debt — — 13 (77) (167) Total adjustments to noninterest income — — 47 (33) (15) Adjustments to noninterest expense: Impairment on goodwill — (153,977) — — — Total adjustments to noninterest expense — (153,977) — — — Adjusted earnings (loss) pre tax - non-GAAP 14,868 16,175 (38,894) 24,933 31,798 Adjusted earnings (loss) tax (benefit) expense 2,844 3,172 (8,159) 4,526 6,090 Adjusted earnings (loss) - non-GAAP 12,024 13,003 (30,735) 20,407 25,708 Preferred stock dividends 2,228 2,228 2,228 2,229 2,228 Adjusted earnings (loss) available to common shareholders $ 9,796 $ 10,775 ($ 32,963) $ 18,178 $ 23,480 Adjusted diluted earnings (loss) per common share $ 0.44 $ 0.49 ($ 1.52) $ 0.82 $ 1.06 Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share As of June 30, March 31, December 31, September 30, June 30, (dollars in thousands, except per share data) 2025 2025 2024 2024 2024 Shareholders' Equity to Tangible Common Equity Total shareholders' equity—GAAP $ 573,705 $ 571,437 $ 710,847 $ 771,221 $ 736,779 Adjustments: Preferred Stock (110,548) (110,548) (110,548) (110,548) (110,548) Goodwill (7,927) (7,927) (161,904) (161,904) (161,904) Other intangible assets, net (10,362) (11,189) (12,100) (13,052) (14,003) Tangible common equity 444,868 441,773 426,295 485,717 450,324 Total Assets to Tangible Assets: Total assets—GAAP $ 7,107,878 $ 7,284,804 $ 7,506,809 $ 7,704,189 $ 7,708,074 Adjustments: Goodwill (7,927) (7,927) (161,904) (161,904) (161,904) Other intangible assets, net (10,362) (11,189) (12,100) (13,052) (14,003) Tangible assets $ 7,089,589 $ 7,265,688 $ 7,332,805 $ 7,529,233 $ 7,532,167 Common Shares Outstanding 21,515,138 21,503,036 21,494,485 21,393,905 21,377,215 Tangible Common Equity to Tangible Assets 6.27 % 6.08 % 5.81 % 6.45 % 5.98 % Tangible Book Value Per Share $ 20.68 $ 20.54 $ 19.83 $ 22.70 $ 21.07 MIDLAND STATES BANCORP, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) Adjusted Earnings Reconciliation ($ 137,802) For the Three Months Ended