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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to _______________
Commission File Number 001-35272
MIDLAND STATES BANCORP, INC.
(Exact name of registrant as specified in its charter)
Illinois37-1233196
(State of other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1201 Network Centre Drive62401
Effingham, IL
(Zip Code)
(Address of principal executive offices)
(217) 342-7321
(Registrant’s telephone number, including area code)
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 valueMSBI
The Nasdaq Stock 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 AMSBIP
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer Non-accelerated filer Smaller reporting company 
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes  No
As of October 21, 2022, the Registrant had 22,149,470 shares of outstanding common stock, $0.01 par value.


MIDLAND STATES BANCORP, INC.
TABLE OF CONTENTS
Page
Consolidated Balance Sheets at September 30, 2022 (Unaudited) and December 31, 2021
Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2022 and 2021
Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2022 and 2021
Consolidated Statements of Shareholders’ Equity (Unaudited) for the three and nine months ended September 30, 2022 and 2021
1

PART I – FINANCIAL INFORMATION

2

ITEM 1 – FINANCIAL STATEMENTS
MIDLAND STATES BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
September 30,
2022
December 31,
2021
(unaudited)
Assets
Cash and due from banks$309,531 $673,297 
Federal funds sold3,657 7,074 
Cash and cash equivalents313,188 680,371 
Investment securities available for sale, at fair value (allowance for credit losses of $0 and $221 at September 30, 2022 and December 31, 2021, respectively)
681,889 906,603 
Equity securities, at fair value8,615 9,529 
Loans6,198,451 5,224,801 
Allowance for credit losses on loans(58,639)(51,062)
Total loans, net6,139,812 5,173,739 
Loans held for sale4,338 32,045 
Premises and equipment, net77,519 79,220 
Other real estate owned11,141 12,059 
Nonmarketable equity securities39,696 36,341 
Accrued interest receivable17,537 19,470 
Loan servicing rights, at lower of cost or fair value1,297 28,865 
Commercial FHA mortgage loan servicing rights held for sale23,995  
Goodwill161,904 161,904 
Other intangible assets, net22,198 24,374 
Company-owned life insurance149,648 148,378 
Other assets169,100 130,907 
Total assets$7,821,877 $7,443,805 
Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposits$2,025,237 $2,245,701 
Interest-bearing deposits4,370,015 3,864,947 
Total deposits6,395,252 6,110,648 
Short-term borrowings58,518 76,803 
Federal Home Loan Bank advances and other borrowings360,000 310,171 
Subordinated debt139,370 139,091 
Trust preferred debentures49,824 49,374 
Accrued interest payable and other liabilities79,634 93,881 
Total liabilities7,082,598 6,779,968 
Shareholders’ Equity:
Preferred stock, $2.00 par value; 4,000,000 shares authorized; 115,000 Series A shares, $1,000 per share liquidation preference, issued and outstanding at September 30, 2022
110,548  
Common stock, $0.01 par value; 40,000,000 shares authorized; 22,074,740 and 22,050,537 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
221 221 
Capital surplus447,672 445,907 
Retained earnings259,221 212,472 
Accumulated other comprehensive (loss) income, net of tax(78,383)5,237 
Total shareholders’ equity739,279 663,837 
Total liabilities and shareholders’ equity$7,821,877 $7,443,805 
The accompanying notes are an integral part of the consolidated financial statements.
3

MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME—(UNAUDITED)
(dollars in thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Interest income:
Loans including fees:
Taxable$72,901 $52,699 $192,430 $159,743 
Tax exempt527 615 1,589 1,935 
Loans held for sale60 107 357 810 
Investment securities:
Taxable3,765 3,396 11,717 10,127 
Tax exempt628 899 2,162 2,474 
Nonmarketable equity securities550 558 1,521 1,847 
Federal funds sold and cash investments1,125 216 1,764 454 
Total interest income79,556 58,490 211,540 177,390 
Interest expense:
Deposits10,249 2,584 16,220 8,759 
Short-term borrowings28 21 73 65 
Federal Home Loan Bank advances and other borrowings2,424 1,993 5,071 7,033 
Subordinated debt2,010 2,011 6,032 6,694 
Trust preferred debentures821 485 1,959 1,465 
Total interest expense15,532 7,094 29,355 24,016 
Net interest income64,024 51,396 182,185 153,374 
Provision for credit losses:
Provision for credit losses on loans6,974  15,847 3,950 
Provision for credit losses on unfunded commitments  956 (800)
Recapture of provision for other credit losses (184)(221)(224)
Total provision for credit losses6,974 (184)16,582 2,926 
Net interest income after provision for credit losses57,050 51,580 165,603 150,448 
Noninterest income:
Wealth management revenue6,199 7,175 19,481 19,635 
Residential mortgage banking revenue210 1,287 1,193 4,423 
Service charges on deposit accounts2,597 2,268 6,969 6,010 
Interchange revenue3,531 3,651 10,401 10,823 
(Loss) gain on sales of investment securities, net(129)160 (230)537 
Impairment on commercial mortgage servicing rights (3,037)(1,263)(5,460)
Company-owned life insurance929 869 2,788 2,592 
Other income2,489 2,770 6,713 8,816 
Total noninterest income15,826 15,143 46,052 47,376 
Noninterest expense:
Salaries and employee benefits22,889 22,175 67,404 64,774 
Occupancy and equipment3,850 3,701 11,094 11,437 
Data processing6,093 6,495 18,048 18,776 
Professional1,693 1,738 5,181 9,472 
Marketing1,026 860 2,447 2,037 
Communications587 689 1,934 2,335 
Amortization of intangible assets1,361 1,445 4,077 4,430 
Federal Home Loan Bank advances prepayment fees   3,677 
Other expense5,997 4,189 15,534 12,374 
Total noninterest expense43,496 41,292 125,719 129,312 
Income before income taxes29,380 25,431 85,936 68,512 
Income taxes5,859 5,883 19,783 10,302 
Net income$23,521 $19,548 $66,153 $58,210 
Per common share data:
Basic earnings per common share$1.04 $0.86 $2.93 $2.56 
Diluted earnings per common share$1.04 $0.86 $2.92 $2.55 
Weighted average common shares outstanding22,338,828 22,520,499 22,306,323 22,544,898 
Weighted average diluted common shares outstanding22,390,438 22,577,880 22,367,095 22,613,972 
The accompanying notes are an integral part of the consolidated financial statements.
4

MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME—(UNAUDITED)
(dollars in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net income$23,521 $19,548 $66,153 $58,210 
Other comprehensive (loss) income:
Investment securities available for sale:
Unrealized (losses) gains that occurred during the period(31,764)662 (115,199)(5,514)
Recapture of provision for credit loss expense (184)(221)(224)
Reclassification adjustment for realized net losses (gains) on sales of investment securities included in net income
129 (160)230 (537)
Income tax effect8,134 (87)31,111 1,726 
Change in investment securities available for sale, net of tax(23,501)231 (84,079)(4,549)
Cash flow hedges:
Net unrealized derivative (losses) gains on cash flow hedges(2,501)729 594 5,567 
Reclassification adjustment for gains realized in net income   314 
Income tax effect716 (201)(135)(1,618)
Change in cash flow hedges, net of tax(1,785)528 459 4,263 
Other comprehensive (loss) income, net of tax(25,286)759 (83,620)(286)
Total comprehensive (loss) income$(1,765)$20,307 $(17,467)$57,924 
The accompanying notes are an integral part of the consolidated financial statements.
5

MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY—(UNAUDITED)
(dollars in thousands, except per share data)
Preferred stockCommon
stock
Capital
surplus
Retained
earnings
Accumulated
other
comprehensive
(loss) income
Total
shareholders'
equity
Balances, June 30, 2022$ $221 $446,894 $242,170 $(53,097)$636,188 
Net income— — — 23,521 — 23,521 
Other comprehensive loss— — — — (25,286)(25,286)
Issuance of preferred stock, net of offering costs110,548 — — — — 110,548 
Common dividends declared ($0.29 per share)
— — — (6,470)— (6,470)
Share-based compensation expense— — 501 — — 501 
Issuance of common stock under employee benefit plans—  277 — — 277 
Balances, September 30, 2022
$110,548 $221 $447,672 $259,221 $(78,383)$739,279