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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 June 30, 2023
☐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 filer☐Accelerated 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 July 21, 2023, the Registrant had 21,796,334 shares of outstanding common stock, $0.01 par value.

MIDLAND STATES BANCORP, INC.
TABLE OF CONTENTS
Page
Consolidated Balance Sheets at June 30, 2023 (Unaudited) and December 31, 2022
Consolidated Statements of Income (Unaudited) for the three and six months ended June 30, 2023 and 2022
Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2023 and 2022
Consolidated Statements of Shareholders’ Equity (Unaudited) for the three and six months ended June 30, 2023 and 2022
Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022
1
PART I – FINANCIAL INFORMATION

2
ITEM 1 – FINANCIAL STATEMENTS
MIDLAND STATES BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
June 30,
2023		December 31,
2022
(unaudited)
Assets
Cash and due from banks$159,637 $153,345 
Federal funds sold1,058 7,286 
Cash and cash equivalents160,695 160,631 
Investment securities available for sale, at fair value882,715 768,234 
Equity securities, at fair value4,288 8,626 
Loans6,367,344 6,306,467 
Allowance for credit losses on loans(64,950)(61,051)
Total loans, net6,302,394 6,245,416 
Loans held for sale5,632 1,286 
Premises and equipment, net81,006 78,293 
Other real estate owned202 6,729 
Nonmarketable equity securities46,876 46,201 
Accrued interest receivable21,000 20,313 
Loan servicing rights, at lower of cost or fair value21,611 1,205 
Commercial FHA mortgage loan servicing rights held for sale— 20,745 
Goodwill161,904 161,904 
Other intangible assets, net18,367 20,866 
Company-owned life insurance152,210 150,443 
Other assets175,821 164,609 
Total assets$8,034,721 $7,855,501 
Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposits$1,162,909 $1,362,158 
Interest-bearing deposits5,263,639 5,002,494 
Total deposits6,426,548 6,364,652 
Short-term borrowings21,783 42,311 
Federal Home Loan Bank advances and other borrowings575,000 460,000 
Subordinated debt93,404 99,772 
Trust preferred debentures50,296 49,975 
Accrued interest payable and other liabilities90,869 80,217 
Total liabilities7,257,900 7,096,927 
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 June 30, 2023 and December 31, 2022, respectively
110,548 110,548 
Common stock, $0.01 par value; 40,000,000 shares authorized; 21,854,800 and 22,214,913 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively
218 222 
Capital surplus442,886 449,196 
Retained earnings307,888 282,405 
Accumulated other comprehensive loss, net of tax(84,719)(83,797)
Total shareholders’ equity776,821 758,574 
Total liabilities and shareholders’ equity$8,034,721 $7,855,501 
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 June 30,Six Months Ended June 30,
2023202220232022
Interest income:
Loans including fees:
Taxable$91,350 $62,943 $178,809 $119,529 
Tax exempt427 514 852 1,062 
Loans held for sale59 77 75 297 
Investment securities:
Taxable6,899 4,055 12,269 7,952 
Tax exempt305 692 799 1,534 
Nonmarketable equity securities599 487 1,394 971 
Federal funds sold and cash investments852 468 1,832 639 
Total interest income100,491 69,236 196,030 131,984 
Interest expense:
Deposits33,617 3,810 60,022 5,971 
Short-term borrowings14 22 39 45 
Federal Home Loan Bank advances and other borrowings5,396 1,435 11,402 2,647 
Subordinated debt1,335 2,011 2,705 4,022 
Trust preferred debentures1,289 624 2,518 1,138 
Total interest expense41,651 7,902 76,686 13,823 
Net interest income58,840 61,334 119,344 118,161 
Provision for credit losses:
Provision for credit losses on loans5,879 4,741 9,014 8,873 
Provision for credit losses on unfunded commitments— 700 — 956 
Recapture of other credit losses— — — (221)
Total provision for credit losses5,879 5,441 9,014 9,608 
Net interest income after provision for credit losses52,961 55,893 110,330 108,553 
Noninterest income:
Wealth management revenue6,269 6,143 12,680 13,282 
Residential mortgage banking revenue540 384 945 983 
Service charges on deposit accounts2,677 2,304 5,245 4,372 
Interchange revenue3,696 3,590 7,108 6,870 
Loss on sales of investment securities, net(869)(101)(1,517)(101)
Impairment on commercial mortgage servicing rights— (869)— (1,263)
Company-owned life insurance891 840 1,767 1,859 
Other income5,549 2,322 8,304 4,224 
Total noninterest income18,753 14,613 34,532 30,226 
Noninterest expense:
Salaries and employee benefits22,857 22,645 47,100 44,515 
Occupancy and equipment3,879 3,489 8,322 7,244 
Data processing6,544 6,082 12,855 11,955 
FDIC insurance1,196 826 2,525 1,656 
Professional1,663 1,516 3,423 3,488 
Marketing670 733 1,373 1,421 
Communications496 635 1,007 1,347 
Loan expense1,420 1,137 2,238 2,080 
Amortization of intangible assets1,208 1,318 2,499 2,716 
Other expense2,961 2,958 6,034 5,801 
Total noninterest expense42,894 41,339 87,376 82,223 
Income before income taxes28,820 29,167 57,486 56,556 
Income taxes7,245 7,284 14,139 13,924 
Net income21,575 21,883 43,347 42,632 
Preferred dividends2,228 — 4,456 — 
Net income available to common shareholders$19,347 $21,883 $38,891 $42,632 
Per common share data:
Basic earnings per common share$0.86 $0.97 $1.72 $1.89 
Diluted earnings per common share$0.86 $0.97 $1.72 $1.89 
Weighted average common shares outstanding22,200,917 22,305,590 22,338,627 22,290,486 
Weighted average diluted common shares outstanding22,205,079 22,360,819 22,348,981 22,355,936 
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 June 30,Six Months Ended June 30,
2023202220232022
Net income$21,575 $21,883 $43,347 $42,632 
Other comprehensive loss:
Investment securities available for sale:
Unrealized losses that occurred during the period(8,020)(32,659)(2,656)(83,435)
Recapture of credit loss expense— — — (221)
Reclassification adjustment for realized net losses on sales of investment securities included in net income
869 101 1,517 101 
Income tax effect1,930 8,953 308 22,977 
Change in investment securities available for sale, net of tax(5,221)(23,605)(831)(60,578)
Cash flow hedges:
Net unrealized derivative (losses) gains on cash flow hedges(2,331)(2,010)(125)3,095 
Income tax effect630 553 34 (851)
Change in cash flow hedges, net of tax(1,701)(1,457)(91)2,244 
Other comprehensive loss, net of tax(6,922)(25,062)(922)(58,334)
Total comprehensive income (loss)$14,653 $(3,179)$42,425 $(15,702)
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, March 31, 2023$110,548 $221 $447,471 $295,200 $(77,797)$775,643 
Net income— — — 21,575 — 21,575 
Other comprehensive loss— — — — (6,922)(6,922)
Common dividends declared ($0.30 per share)
— — — (6,659)— (6,659)
Preferred dividends declared ($19.375 per share)
— — — (2,228)— (2,228)
Common stock repurchased— (3)(6,163)— — (6,166)
Share-based compensation expense— — 567 — — 567 
Issuance of common stock under employee benefit plans— 1,011 — — 1,011 
Balances, June 30, 2023$110,548 $218 $442,886 $307,888 $(84,719)$776,821 
Balances, December 31, 2022$110,548 $222 $449,196 $282,405 $(83,797)$758,574 
Net income— — — 43,347 — 43,347 
Other comprehensive loss— — — — (922)(922)
Common dividends declared ($0.60 per share)
— — — (13,408)— (13,408)
Preferred dividends declared ($38.750 per share)
— — — (4,456)— (4,456)
Common stock repurchased— (4)(8,963)— — (8,967)
Share-based compensation expense— — 1,192 — — 1,192 
Issuance of common stock under employee benefit plans— — 1,461 — — 1,461 
Balances, June 30, 2023$110,548 $218 $442,886 $307,888 $(84,719)$776,821 
Balances, March 31, 2022$— $220 $446,044 $226,757 $(28,035)$644,986 
Net income— — — 21,883 — 21,883 
Other comprehensive loss— — — — (25,062)(25,062)
Common dividends declared ($0.29 per share)
— — — (6,470)— (6,470)
Share-based compensation expense— — 519 — — 519 
Issuance of common stock under employee benefit plans— 1 331 — — 332 
Balances, June 30, 2022$— $221 $446,894 $242,170 $(53,097)$636,188 
Balances, December 31, 2021$— $221 $445,907 $212,472 $5,237 $663,837 
Net income— — — 42,632 — 42,632 
Other comprehensive loss— — — — (58,334)(58,334)
Common dividends declared ($0.58 per share)
— — — (12,934)— (12,934)
Common stock repurchased— (1)(1,108)— — (1,109)
Share-based compensation expense— — 1,046 — — 1,046 
Issuance of common stock under employee benefit plans— 1 1,049 — — 1,050 
Balances, June 30, 2022$— $221 $446,894 $242,170 $(53,097)$636,188 
The accompanying notes are an integral part of the consolidated financial statements.
6
MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS — (UNAUDITED)
(dollars in thousands)
Six Months Ended June 30,
20232022
Cash flows from operating activities:
Net income$43,347 $42,632 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses9,014 9,608 
Depreciation on premises and equipment2,419 2,445 
Amortization of intangible assets2,499 2,716 
Amortization of operating lease right-of-use asset844 904 
Amortization of loan servicing rights172 1,507 
Share-based compensation expense1,192 1,046 
Increase in cash surrender value of life insurance(1,767)(1,671)
Gain on proceeds from company-owned life insurance— (188)
Investment securities (accretion) amortization, net(808)1,440 
Loss on sales of investment securities, net1,517 101 
Gain on repurchase of subordinated debt(676)— 
Gain on sales of other real estate owned(819)120 
Impairment on other real estate owned— 404 
Origination of loans held for sale(27,259)(100,806)
Proceeds from sales of loans held for sale34,344 203,545 
Gain on sale of loans held for sale(1,144)(799)
Impairment on commercial mortgage servicing rights— 1,263 
Net change in operating assets and liabilities:
Accrued interest receivable(687)2,954 
Other assets(11,430)(17,039)
Accrued expenses and other liabilities9,995 4,295 
Net cash provided by operating activities60,753 154,477 
Cash flows from investing activities:
Purchases of investment securities available for sale(245,744)(99,882)
Proceeds from sales of investment securities available for sale99,960 107,740 
Maturities and payments on investment securities available for sale29,455 53,329 
Purchases of equity securities(192)(379)
Proceeds from sales of equity securities5,148 — 
Net increase in loans(76,502)(634,229)
Purchases of premises and equipment(4,688)(928)
Proceeds from sale of premises and equipment50 143 
Purchases of nonmarketable equity securities(66,572)(1,860)
Proceeds from redemptions of nonmarketable equity securities65,897 2,500 
Proceeds from sales of other real estate owned7,346 505 
Proceeds from settlements of company-owned life insurance— 1,337 
Net cash acquired in acquisitions— 60,275 
Net cash used in investing activities(185,842)(511,449)
Cash flows from financing activities:
Net increase (decrease) in deposits61,896 (6,004)
Net decrease in short-term borrowings(20,528)(9,114)
Proceeds from FHLB borrowings11,246,000 700,000 
Payments made on FHLB borrowings and other borrowings(11,131,000)(725,000)
Payments made on subordinated debt(5,845)— 
Cash dividends paid on preferred stock(4,456)— 
Cash dividends paid on common stock(13,408)(12,934)
Redemption of Series G preferred stock— (171)
Common stock repurchased(8,967)(1,109)
Proceeds from issuance of common stock under employee benefit plans1,461 1,050 
Net cash provided by (used in) financing activities125,153 (53,282)
Net increase (decrease) in cash and cash equivalents64 (410,254)
Cash and cash equivalents:
Beginning of period160,631 680,371 
End of period$160,695 $270,117 
Supplemental disclosures of cash flow information:
Cash payments for:
Interest paid on deposits and borrowed funds$69,828 $13,746 
Income tax paid (net of refunds)11,024 16,606 
Supplemental disclosures of noncash investing and financing activities:
Transfer of loans to loans held for sale— 74,997 
Transfer of loans to other real estate owned— 102 
Right of use assets obtained in exchange for lease obligations1,348 121 
Transfer of loan servicing rights held for sale to loan servicing rights, at lower of cost or market