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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 March 31, 2024
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 April 26, 2024, the Registrant had 21,481,762 shares of outstanding common stock, $0.01 par value.


MIDLAND STATES BANCORP, INC.
TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Consolidated Balance Sheets at March 31, 2024 (Unaudited) and December 31, 2023
Consolidated Statements of Income (Unaudited) for the three months ended March 31, 2024 and 2023
Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2024 and 2023
Consolidated Statements of Shareholders’ Equity (Unaudited) for the three months ended March 31, 2024 and 2023
Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023

1

GLOSSARY OF ABBREVIATIONS AND ACRONYMS
As used in this report, references to the "Company," "we," "our," "us," and similar terms refer to the consolidated entity consisting of Midland States Bancorp, Inc. and its wholly owned subsidiaries. Midland States Bancorp refers solely to the parent holding company and Midland States Bank (the "Bank") refers to our wholly owned banking subsidiary.
The acronyms and abbreviations identified below are used throughout this report, including the Notes to the Consolidated Financial Statements. You may find it helpful to refer to this page as you read this report.
2019 Incentive PlanThe Amended and Restated Midland States Bancorp, Inc. 2019 Long-Term Incentive Plan
ACLAllowance for credit losses on loans
ASUAccounting Standards Update
BaaSBanking-as-a-Service
Basel III RuleBasel III regulatory capital reforms required by the Dodd-Frank Act
BHCABank Holding Company Act of 1956, as amended
CBLRCommunity Bank Leverage Ratio
CFPBConsumer Financial Protection Bureau 
CISACybersecurity and Infrastructure Security Agency
COVIDCoronavirus Disease
CRACommunity Reinvestment Act
CRA ProposalJoint Proposal to Strengthen and Modernize Community Reinvestment Act Regulations 
CRECommercial Real Estate
CRE GuidanceConcentrations in Commercial Real Estate Lending, Sound Risk Management Practices guidance
DFPRIllinois Department of Financial and Professional Regulation
DIFDeposit Insurance Fund
EADExposure at default
Exchange ActSecurities Exchange Act of 1934
FASBFinancial Accounting Standards Board 
FDICFederal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FHAFederal Housing Administration
FHLBFederal Home Loan Bank
FinTechFinancial Technology
FRBFederal Reserve Bank
GAAPU.S. generally accepted accounting principles 
GreenskyGreenSky, LLC
Illinois CRAIllinois Community Reinvestment Act 
LendingPointLendingPoint, LLC
LGDLoss given default
LIBORLondon Inter-Bank Offered Rate
Midland TrustMidland States Preferred Securities Trust
NasdaqNasdaq Global Select Market
NII at RiskNet Interest Income at Risk 
OREOOther real estate owned
PCAOBPublic Company Accounting Oversight Board
PCDPurchased credit deteriorated
PDProbability of default
Q-FactorQualitative factor
Regulatory Relief ActEconomic Growth, Regulatory Relief and Consumer Protection Act
SBASmall Business Administration
SECU.S. Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
TreasuryU.S. Department of the Treasury
TDRTroubled debt restructuring


2

PART I – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
MIDLAND STATES BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
March 31,
2024
December 31,
2023
(unaudited)
Assets
Cash and due from banks$166,471 $134,212 
Federal funds sold845 849 
Cash and cash equivalents167,316 135,061 
Investment securities available for sale, at fair value1,040,406 915,895 
Equity securities, at fair value4,494 4,501 
Loans5,958,462 6,131,079 
Allowance for credit losses on loans(78,057)(68,502)
Total loans, net5,880,405 6,062,577 
Loans held for sale5,043 3,811 
Premises and equipment, net81,831 82,814 
Other real estate owned8,920 9,112 
Nonmarketable equity securities33,476 43,421 
Accrued interest receivable25,931 24,934 
Loan servicing rights, at lower of cost or fair value19,577 20,253 
Goodwill161,904 161,904 
Other intangible assets, net15,019 16,108 
Company-owned life insurance205,286 203,485 
Other assets182,201 182,992 
Total assets$7,831,809 $7,866,868 
Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposits$1,212,382 $1,145,395 
Interest-bearing deposits5,111,602 5,164,134 
Total deposits6,323,984 6,309,529 
Short-term borrowings214,446 34,865 
Federal Home Loan Bank advances and other borrowings255,000 476,000 
Subordinated debt93,617 93,546 
Trust preferred debentures50,790 50,616 
Accrued interest payable and other liabilities102,966 110,459 
Total liabilities7,040,803 7,075,015 
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 March 31, 2024 and December 31, 2023, respectively
110,548 110,548 
Common stock, $0.01 par value; 40,000,000 shares authorized; 21,485,231 and 21,551,402 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
215 216 
Capital surplus434,398 435,463 
Retained earnings327,264 322,379 
Accumulated other comprehensive loss, net of tax(81,419)(76,753)
Total shareholders’ equity791,006 791,853 
Total liabilities and shareholders’ equity$7,831,809 $7,866,868 
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 March 31,
20242023
Interest income:
Loans including fees:
Taxable$88,995 $87,459 
Tax exempt390 425 
Loans held for sale55 16 
Investment securities:
Taxable10,179 5,370 
Tax exempt418 494 
Nonmarketable equity securities687 795 
Federal funds sold and cash investments951 980 
Total interest income101,675 95,539 
Interest expense:
Deposits39,214 26,405 
Short-term borrowings836 25 
Federal Home Loan Bank advances and other borrowings3,036 6,006 
Subordinated debt1,280 1,370 
Trust preferred debentures1,389 1,229 
Total interest expense45,755 35,035 
Net interest income55,920 60,504 
Provision for credit losses on loans14,000 3,135 
Net interest income after provision for credit losses41,920 57,369 
Noninterest income:
Wealth management revenue7,132 6,411 
Service charges on deposit accounts3,116 2,745 
Interchange revenue3,358 3,412 
Residential mortgage banking revenue527 405 
Income on company-owned life insurance1,801 876 
Loss on sales of investment securities, net (648)
Other income5,253 2,578 
Total noninterest income21,187 15,779 
Noninterest expense:
Salaries and employee benefits24,102 24,243 
Occupancy and equipment4,142 4,443 
Data processing6,722 6,311 
FDIC insurance1,274 1,329 
Professional services2,255 1,760 
Marketing737 703 
Communications342 511 
Loan expense1,231 818 
Amortization of intangible assets1,089 1,291 
Other expense2,973 3,073 
Total noninterest expense44,867 44,482 
Income before income taxes18,240 28,666 
Income taxes4,355 6,894 
Net income13,885 21,772 
Preferred dividends2,228 2,228 
Net income available to common shareholders$11,657 $19,544 
Per common share data:
Basic earnings per common share$0.53 $0.86 
Diluted earnings per common share$0.53 $0.86 
Weighted average common shares outstanding21,774,647 22,478,808 
Weighted average diluted common shares outstanding21,787,691 22,501,970 
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 March 31,
20242023
Net income$13,885 $21,772 
Other comprehensive income (loss):
Investment securities available for sale:
Unrealized (losses) gains that occurred during the period(7,037)5,364 
Reclassification adjustment for realized net losses on sales of investment securities included in net income
 648 
Income tax effect1,900 (1,622)
Change in investment securities available for sale, net of tax(5,137)4,390 
Cash flow hedges:
Net unrealized derivative gains on cash flow hedges644 2,206 
Income tax effect(173)(596)
Change in cash flow hedges, net of tax471 1,610 
Other comprehensive (loss) income, net of tax(4,666)6,000 
Total comprehensive income$9,219 $27,772 
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, December 31, 2023$110,548 $216 $435,463 $322,379 $(76,753)$791,853 
Net income— — — 13,885 — 13,885 
Other comprehensive loss— — — — (4,666)(4,666)
Common dividends declared ($0.31 per share)
— — — (6,772)— (6,772)
Preferred dividends declared ($19.375 per share)
— — — (2,228)— (2,228)
Common stock repurchased— (1)(1,943)— — (1,944)
Share-based compensation expense— — 701 — — 701 
Issuance of common stock under employee benefit plans— — 177 — — 177 
Balances, March 31, 2024$110,548 $215 $434,398 $327,264 $(81,419)$791,006 
Balances, December 31, 2022$110,548 $222 $449,196 $282,405 $(83,797)$758,574 
Net income— — — 21,772 — 21,772 
Other comprehensive income— — — — 6,000 6,000 
Common dividends declared ($0.30 per share)
— — — (6,749)— (6,749)
Preferred dividends declared ( $19.375 per share)
— — — (2,228)— (2,228)
Common stock repurchased— (1)(2,800)— — (2,801)
Share-based compensation expense— — 625 — — 625 
Issuance of common stock under employee benefit plans— — 450 — — 450 
Balances, March 31, 2023$110,548 $221 $447,471 $295,200 $(77,797)$775,643 
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)
Three Months Ended March 31,
20242023
Cash flows from operating activities:
Net income$13,885 $21,772 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses on loans14,000 3,135 
Depreciation on premises and equipment1,231 1,208 
Amortization of intangible assets1,089 1,291 
Amortization of operating lease right-of-use asset402 421 
Amortization of loan servicing rights676 88 
Share-based compensation expense701 625 
Increase in cash surrender value of life insurance(1,801)(876)
Investment securities accretion, net(1,296)(47)
Loss on sales of investment securities, net 648 
Gain on sales of other real estate owned(22) 
Origination of loans held for sale(14,070)(7,507)
Proceeds from sales of loans held for sale17,627 6,261 
Gain on sale of loans held for sale(442)(264)
Net change in operating assets and liabilities:
Accrued interest receivable(997)(221)
Other assets1,034 4,423 
Accrued expenses and other liabilities(5,100)(14,949)
Net cash provided by operating activities26,917 16,008 
Cash flows from investing activities:
Purchases of investment securities available for sale(172,715)(136,881)
Proceeds from sales of investment securities available for sale 84,493 
Maturities and payments on investment securities available for sale42,464 13,748 
Purchases of equity securities(93)(139)
Net decrease (increase) in loans163,694 (49,923)
Purchases of premises and equipment(527)(2,788)
Proceeds from sale of premises and equipment 8 
Purchases of nonmarketable equity securities(58,162)(11,315)
Proceeds from redemptions of nonmarketable equity securities68,107 4,385 
Proceeds from sales of other real estate owned301  
Net cash provided by (used in) investing activities43,069 (98,412)
Cash flows from financing activities:
Net increase in deposits14,455 60,549 
Net increase (decrease) in short-term borrowings179,581 (11,138)
Net (decrease) increase in short-term FHLB borrowings(166,000)92,000 
Proceeds from long-term FHLB borrowings35,000 235,000 
Payments made on long-term FHLB borrowings(90,000)(305,000)
Cash dividends paid on preferred stock(2,228)(2,228)
Cash dividends paid on common stock(6,772)(6,749)
Common stock repurchased(1,944)(2,801)
Proceeds from issuance of common stock under employee benefit plans177 450 
Net cash (used in) provided by financing activities(37,731)60,083 
Net increase (decrease) in cash and cash equivalents32,255 (22,321)
Cash and cash equivalents:
Beginning of period135,061 160,631 
End of period$167,316 $138,310 
Supplemental disclosures of cash flow information:
Cash payments for:
Interest paid on deposits and borrowed funds$46,187 $34,888 
Income tax paid (net of refunds)985 1,409 
Supplemental disclosures of noncash investing and financing activities:
Transfer of loans to other real estate owned51  
Right of use assets obtained in exchange for lease obligations222 1,130 
The accompanying notes are an integral part of the consolidated financial statements.
7

MIDLAND STATES BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (UNAUDITED)

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
Midland States Bancorp, Inc. is a diversified financial holding company headquartered in Effingham, Illinois. Our wholly owned banking subsidiary, Midland States Bank, has branches across Illinois and in Missouri, and provides a full range of commercial and consumer banking products and services, business equipment financing, merchant credit card services, trust and investment management services, and insurance and financial planning services.
Our principal business activity has been lending to and accepting deposits from individuals, businesses, municipalities and other entities. We have derived income principally from interest charged on loans and, to a lesser extent, from interest and dividends earned on investment securities. We have also derived income from noninterest sources, such as: fees received in connection with various lending and deposit services; wealth management services; mortgage loan originations, sales and servicing; and, from time to time, gains on sales of assets. Our principal expenses include interest expense on deposits and borrowings, operating expenses, such as salaries and employee benefits, occupancy and equipment expenses, data processing costs, professional fees and other noninterest expenses, provisions for credit losses and income tax expense.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with GAAP and guidance provided by the SEC for interim financial information. Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for completed financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may differ from these estimates.
The consolidated financial statements of the Company should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 23, 2024. Certain reclassifications of 2023 amounts have been made to conform to the 2024 presentation. All significant transactions and accounts between subsidiaries have been eliminated. Assets held for customers in a fiduciary or agency capacity are not assets of the Company and, accordingly, other than trust cash on deposit with the Bank, are not included in the accompanying unaudited balance sheets. Management has evaluated subsequent events for potential recognition or disclosure. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other period.
8

Accounting Guidance Adopted in 2024
FASB ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method – In March 2023, the FASB issued ASU No. 2023-02, which allows for reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the type of program the tax credits are related to. The ASU is effective for fiscal years beginning after December 15, 2023. The Company adopted this guidance on January 1, 2024 on a prospective basis. The adoption of this accounting pronouncement did not have a material impact on the consolidated financial statements.
Accounting Guidance Not Yet Adopted
FASB ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures - In December 2023, the FASB issued ASU No. 2023-07, which requires public entities to disclose significant segment expenses, an amount and description for other segment items, the title and position of the entity's chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measures of profit or loss to assess segment performance, and, on an interim basis, certain segment related disclosures that previously were required only on an annual basis.The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company will update the related disclosures upon adoption.
FASB ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures - In December 2023, the FASB issued ASU No. 2023-09, which requires public entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. The pronouncement also requires entities to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company will update the related disclosures upon adoption.

NOTE 2 – INVESTMENT SECURITIES
Investment Securities Available for Sale
Investment securities available for sale at March 31, 2024 and December 31, 2023 were as follows:
March 31, 2024
(dollars in thousands)Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Investment securities available for sale
U.S. government sponsored entities and U.S. agency securities
$69,487 $126 $1,890 $67,723 
Mortgage-backed securities - agency763,902 1,517 83,899 681,520 
Mortgage-backed securities - non-agency93,146 456 4,074 89,528 
State and municipal securities66,902 233 6,505 60,630 
Collateralized loan obligations33,558 102 46 33,614 
Corporate securities117,145 142 9,896 107,391 
Total available for sale securities$1,144,140 $2,576 $106,310 $1,040,406 


9

December 31, 2023
(dollars in thousands)Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Investment securities available for sale
U.S. Treasury securities$1,097 $ $ $1,097 
U.S. government sponsored entities and U.S. agency securities74,161 176 1,765 72,572 
Mortgage-backed securities - agency650,119 2,325 77,944 574,500 
Mortgage-backed securities - non-agency87,019 414 3,904 83,529 
State and municipal securities62,952 258 5,750 57,460 
Collateralized loan obligations27,646 3 84 27,565 
Corporate securities109,598 41 10,467 99,172 
Total available for sale securities$1,012,592 $3,217 $99,914 $915,895 

The following is a summary of the amortized cost and fair value of the investment securities available for sale, by maturity, at March 31, 2024. Expected maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be prepaid without penalties. The maturities of all other investment securities available for sale are based on final contractual maturity.
(dollars in thousands)Amortized
cost
Fair
value
Investment securities available for sale
Within one year$12,571 $12,566 
After one year through five years101,298 98,686 
After five years through ten years136,040 122,565 
After ten years37,183 35,541 
Mortgage-backed securities857,048 771,048 
Total available for sale securities$1,144,140 $1,040,406 
    
Proceeds and gross realized gains and losses on sales of investment securities available for sale for the three months ended March 31, 2024 and 2023 are summarized as follows:
Three Months Ended March 31,
(dollars in thousands)20242023
Investment securities available for sale
Proceeds from sales$ $84,493 
Gross realized gains on sales 338 
Gross realized losses on sales (986)
10

Unrealized losses and fair values for investment securities available for sale as of March 31, 2024 and December 31, 2023, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows:
March 31, 2024
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value
Unrealized
loss
Fair
value
Unrealized
loss
Fair
value
Unrealized
loss
Investment securities available for sale
U.S. government sponsored entities and U.S. agency securities$28,789 $50 $21,364 $1,840 $50,153 $1,890 
Mortgage-backed securities - agency160,215 6,769 383,450 77,130 543,665 83,899 
Mortgage-backed securities - non-agency30,644 453 18,920 3,621 49,564 4,074 
State and municipal securities51,422 6,505   51,422 6,505 
Collateralized loan obligations14,712 46   14,712 46 
Corporate securities3,671 62 88,991 9,834 92,662 9,896 
Total available for sale securities$289,453 $13,885 $512,725 $92,425 $802,178 $106,310 
December 31, 2023
Less than 12 Months12 Months or moreTotal
(dollars in thousands)Fair
value
Unrealized
loss
Fair
value
Unrealized
loss
Fair
value
Unrealized
loss
Investment securities available for sale
U.S. Treasury securities$ $ $ $ $ $ 
U.S. government sponsored entities and U.S. agency securities42,826 87 8,323 1,678 51,149 1,765 
Mortgage-backed securities - agency130,106 7,386 348,476 70,558 478,582 77,944 
Mortgage-backed securities - non-agency8,852 353 19,418 3,551 28,270 3,904 
State and municipal securities51,497 5,750   51,497 5,750 
Collateralized loan obligations14,763 84   14,763 84 
Corporate securities4,688 53 84,662 10,414 89,350 10,467 
Total available for sale securities$252,732 $13,713 $460,879 $86,201 $713,611 $99,914 
    At March 31, 2024, 285 investment securities available for sale had unrealized losses with aggregate depreciation of 11.70% from their amortized cost basis. For all of the above investment securities, the unrealized losses were generally due to changes in interest rates and other market conditions, and unrealized losses were considered to be temporary as the fair value is expected to recover as the securities approach their respective maturity dates. The issuers are of high credit quality and all principal amounts are expected to be paid when securities mature. The Company does not intend to sell and it is likely that the Company will not be required to sell the securities prior to their anticipated recovery.
11

NOTE 3 – LOANS
The following table presents total loans outstanding by portfolio class, as of March 31, 2024 and December 31, 2023:
(dollars in thousands)March 31,
2024
December 31,
2023
Commercial:
Commercial$813,963 $825,938 
Commercial other601,704 656,592 
Commercial real estate:
Commercial real estate non-owner occupied1,591,455 1,622,668 
Commercial real estate owner occupied450,149 436,857 
Multi-family287,586 279,904 
Farmland67,923 67,416 
Construction and land development474,128 452,593 
Total commercial loans4,286,908 4,341,968 
Residential real estate:
Residential first lien316,310 317,388 
Other residential62,273 63,195 
Consumer:
Consumer99,157 107,743 
Consumer other737,935 827,435 
Lease financing455,879 473,350 
Total loans$5,958,462 $6,131,079 
Total loans include net deferred loan costs of $3.5 million and $3.8 million at March 31, 2024 and December 31, 2023, respectively, and unearned discounts of $64.4 million and $66.4 million within the lease financing portfolio at March 31, 2024 and December 31, 2023, respectively.
At March 31, 2024, the Company had residential real estate loans held for sale totaling $5.0 million, compared to $3.8 million at December 31, 2023. The Company sold loans and leases with proceeds totaling $17.6 million and $6.3 million during the three months ended March 31, 2024 and 2023, respectively.
Classifications of Loan Portfolio
The Company monitors and assesses the credit risk of its loan portfolio using the classes set forth below. These classes also represent the segments by which the Company monitors the performance of its loan portfolio and estimates its allowance for credit losses on loans.
Commercial—Loans to varying types of businesses, including municipalities, school districts and nonprofit organizations, for the purpose of supporting working capital, operational needs and term financing of equipment. Repayment of such loans is generally provided through operating cash flows of the business. Commercial loans are predominately secured by equipment, inventory, accounts receivable, and other sources of repayment. Commercial FHA warehouse lines of $8.0 million as of March 31, 2024 were included in this classification.
Commercial real estate—Loans secured by real estate occupied by the borrower for ongoing operations, including loans to borrowers engaged in agricultural production, and non-owner occupied real estate leased to one or more tenants, including commercial office, industrial, special purpose, retail and multi-family residential real estate loans.
Construction and land development—Secured loans for the construction of business and residential properties. Real estate construction loans often convert to a real estate commercial loan at the completion of the construction period. Secured development loans are made to borrowers for the purpose of infrastructure improvements to vacant land to create finished marketable residential and commercial lots/land. Most land development loans are originated with the intention that the loans will be paid through the sale of developed lots/land by the developers within twelve months of the completion date. Interest reserves may be established on real estate construction loans.
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