Financial Performance - Net income was $201 million, or $088 diluted EPS[6] - Adjusted earnings were $198 million, or $086 diluted EPS, excluding certain impacts[6] - Return on average shareholders' equity was 1259%[6] - Return on average tangible common equity was 1785%[6] Balance Sheet and Capital - TCE/Tangible Assets ratio increased 45 bps to 712%[6] - Total loans decreased $749 million from the prior quarter to $484 billion[15] - Total deposits decreased $1442 million, or 27% from the prior quarter, to $520 billion[33] Loan Portfolio - Paycheck Protection Program (PPP) loans outstanding were $1467 million as of June 30, 2021[9] - Total fees earned from PPP loans were $152 million, with $20 million recognized in 2Q21[9] - Hotel/Motel Portfolio Total Outstanding was $1804 million (37% of total loans)[23] Non-Interest Income and Expense - Non-interest income increased 176% from the prior quarter and accounted for 26% of revenue[7] - Efficiency Ratio was 602% in 2Q21 vs 569% in 1Q21[46]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company presents its unaudited consolidated financial statements for the first quarter of 2021 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets remained stable at $6.88 billion, with increased cash offsetting a decrease in total loans Consolidated Balance Sheet Highlights (Unaudited) | (In thousands) | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $631,219 | $341,640 | | Total loans, net | $4,848,119 | $5,042,888 | | **Total assets** | **$6,884,786** | **$6,868,540** | | **Liabilities & Equity** | | | | Total deposits | $5,340,513 | $5,101,016 | | FHLB advances and other borrowings | $529,171 | $779,171 | | **Total liabilities** | **$6,249,319** | **$6,247,149** | | **Total shareholders' equity** | **$635,467** | **$621,391** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income significantly increased to $18.5 million, driven by higher interest income and lower credit loss provisions Consolidated Income Statement Highlights (Unaudited) | (In thousands, except per share data) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net interest income | $51,868 | $46,651 | | Total provision for credit losses | $3,565 | $11,578 | | Total noninterest income | $14,816 | $8,598 | | Total noninterest expense | $39,079 | $41,666 | | **Net income** | **$18,538** | **$1,549** | | **Diluted earnings per common share** | **$0.81** | **$0.06** | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, a pending acquisition, and the financial impact of the COVID-19 pandemic - The company operates as a diversified financial holding company focused on **lending, deposits, and wealth management**[20](index=20&type=chunk)[22](index=22&type=chunk) - A definitive agreement was announced to acquire ATG Trust Company, with **$387 million in assets under management**[30](index=30&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2021 financial results, including impacts from COVID-19 and strategic initiatives [Significant Developments and Transactions](index=41&type=section&id=Significant%20Developments%20and%20Transactions) Key developments include ongoing COVID-19 impacts, PPP loan activity, and a branch optimization plan - Loans on deferral due to COVID-19 totaled **$219.1 million**, with 70% from the hotel and transportation industries[147](index=147&type=chunk) - The company held **$211.6 million in outstanding PPP loans**, which generated $2.6 million in income during Q1 2021[147](index=147&type=chunk) - A branch network optimization plan is expected to generate **annual cost savings of approximately $5.0 million**[148](index=148&type=chunk) [Results of Operations](index=44&type=section&id=Results%20of%20Operations) Net income rose to $18.5 million, reflecting higher revenues, lower expenses, and reduced credit loss provisions Quarterly Results of Operations | (In thousands) | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net interest income | $51,868 | $46,651 | | Provision for credit losses | $3,565 | $11,578 | | Noninterest income | $14,816 | $8,598 | | Noninterest expense | $39,079 | $41,666 | | **Net income** | **$18,538** | **$1,549** | - **Net interest margin (tax-equivalent) decreased slightly to 3.45%** from 3.48% in the prior-year quarter[154](index=154&type=chunk) - The **provision for credit losses decreased significantly to $4.0 million** from $10.6 million due to an improved economic outlook[165](index=165&type=chunk) - Noninterest income increased by $6.2 million, mainly from a **$7.2 million reduction in impairment charges** on mortgage servicing rights[168](index=168&type=chunk) - Noninterest expense decreased by $2.6 million, driven by **cost savings from branch closures** and the sale of the FHA origination platform[173](index=173&type=chunk)[174](index=174&type=chunk) [Financial Condition](index=51&type=section&id=Financial%20Condition) Total assets were $6.88 billion, with loan portfolio contraction offset by strong growth in total deposits Loan Portfolio Composition | (In thousands) | March 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Commercial | $1,574,894 | $1,685,575 | | Commercial real estate | $1,494,031 | $1,525,973 | | Construction and land development | $191,870 | $172,737 | | Residential real estate | $398,501 | $442,880 | | Consumer | $848,964 | $866,102 | | Lease financing | $402,546 | $410,064 | | **Total loans, gross** | **$4,910,806** | **$5,103,331** | - **Nonperforming loans as a percentage of total loans remained stable at 1.08%**[203](index=203&type=chunk) - The **allowance for credit losses on loans increased to 1.28%** of total loans, up from 1.18% at year-end 2020[190](index=190&type=chunk) - **Total deposits increased by $239.5 million**, driven by government stimulus payments and PPP loan funds[219](index=219&type=chunk) [Capital Resources and Liquidity Management](index=59&type=section&id=Capital%20Resources%20and%20Liquidity%20Management) The company maintained a strong capital and liquidity position while executing a stock repurchase program - The company **repurchased 74,507 shares for $1.2 million** in Q1 2021, with $5.2 million remaining under its repurchase authorization[223](index=223&type=chunk)[224](index=224&type=chunk)[264](index=264&type=chunk) Regulatory Capital Ratios (Company) as of March 31, 2021 | Ratio | Actual | Minimum Requirement | | :--- | :--- | :--- | | Total risk-based capital | 13.73% | 10.50% | | Tier 1 risk-based capital | 9.62% | 8.50% | | Common equity tier 1 | 8.39% | 7.00% | | Tier 1 leverage | 7.79% | 4.00% | - The company's primary liquidity sources are core deposits, supplemented by wholesale funding and credit facilities[226](index=226&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=61&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, with analysis showing reduced sensitivity to rising rates Net Interest Income (NII) Sensitivity Analysis (12-Month) | Rate Shock | March 31, 2021 (% Change) | December 31, 2020 (% Change) | | :--- | :--- | :--- | | -100 bps | (3.3)% | (3.1)% | | +100 bps | 1.6% | 2.7% | | +200 bps | 3.0% | 4.9% | Economic Value of Equity (EVE) Sensitivity Analysis | Rate Shock | March 31, 2021 (% Change) | December 31, 2020 (% Change) | | :--- | :--- | :--- | | -100 bps | (16.4)% | (13.9)% | | +100 bps | 8.6% | 11.5% | | +200 bps | 15.3% | 20.2% | - The company was **out of compliance with its internal policy limit** for the -100 basis point EVE scenario[250](index=250&type=chunk) [Controls and Procedures](index=64&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in internal controls - The CEO and CFO concluded that the **Company's disclosure controls and procedures were effective** as of March 31, 2021[254](index=254&type=chunk) - **No material changes** to the Company's internal control over financial reporting occurred during the first quarter of 2021[255](index=255&type=chunk) [PART II. OTHER INFORMATION](index=64&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal actions, none of which are expected to have a material effect - In the normal course of business, the company is involved in various lawsuits, **none of which are expected to be material**[257](index=257&type=chunk) [Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes from the risk factors previously disclosed in the 2020 Annual Report - There have been **no material changes** from the risk factors previously disclosed in the Annual Report on Form 10-K[259](index=259&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=65&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 65,840 shares under its stock repurchase program during the first quarter Issuer Purchases of Equity Securities (Q1 2021) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Publicly Announced Program | | :--- | :--- | :--- | :--- | | Jan 2021 | 51,263 | $18.24 | 49,660 | | Feb 2021 | 18,638 | $18.99 | 16,180 | | Mar 2021 | 4,606 | $28.10 | — | | **Total** | **74,507** | **$19.04** | **65,840** | - As of March 31, 2021, the company had approximately **$5.2 million of remaining repurchase authority** under its program[264](index=264&type=chunk) [Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and iXBRL data

Midland States Bancorp Inc. (NASDAQ:MSBI) Q1 2021 Earnings Conference Call April 23, 2021 8:30 AM ET Company Participants Jeff Ludwig - President, Chief Executive Officer Eric Lemke - Chief Financial Officer Tony Rossi - IR, Financial Profiles Conference Call Participants Terry McEvoy - Stephens Michael Perito - KBW Nathan Race - Piper Sandler Operator Good morning ladies and gentlemen, and welcome to the Q1 2021 Midland States Bancorp earnings conference call. At this time, all participants are in a lis ...

Midland States Bancorp, Inc. NASDAQ: MSBI 1 First Quarter 2021 Earnings Call 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 Midland's management, and are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2020 or ☐ 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) (State of ot ...

Midland States Bancorp, Inc. NASDAQ: MSBI 1 Fourth Quarter 2020 Earnings Call 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 Midland's management, and are generally identifiable by the use of words such as "believe," "expect," "anticipate," "pla ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $12.5 million, or $0.54 per share, which included a $3.2 million impairment of commercial mortgage servicing rights [9] - Adjusted pretax, pre-provision income was $28.9 million, reflecting a return on average assets of 1.69% [10] - Total loans increased at an annualized rate of 13.2% during the quarter, driven by strong performance in the equipment finance group and increased utilization of warehouse lines [14] - Total deposits increased at an annualized rate of 5.6%, largely due to growth in core deposits, resulting in a further reduction of the cost of deposits [16] Business Line Data and Key Metrics Changes - The total loan portfolio increased by $162 million, or 3.3% from the previous quarter, with a notable increase in warehouse lines of credit to commercial FHA originators [27] - The equipment finance portfolio saw a $46 million increase, driven by strong demand in construction and manufacturing [29] - The commercial real estate loans increased by $29 million, marking growth for the first time in a while [15] Market Data and Key Metrics Changes - The company experienced a decline in loan deferrals by 25% from the previous quarter, with total loan deferrals now representing about 4% of total loans [25] - The hotel/motel sector remained the largest contributor to loan deferrals, while assisted living facilities showed significant improvement [26] Company Strategy and Development Direction - The company aims to maintain strong capital and liquidity to support clients and communities during the pandemic [53] - There is a focus on increasing loan production in traditional community and commercial banking areas, with expectations for growth in equipment finance and commercial FHA warehouse lines [55] - The company plans to invest in technology to enhance operations and improve revenue generation, shifting spending towards capturing more wallet share from existing clients [59] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the progress made in restructuring operations over the past two years, leading to a more efficient and profitable institution [63] - There is still uncertainty regarding the timing of a stronger economic recovery, but the company is building reserve coverage to mitigate risks [21] - The company expects to see higher net interest income and improved profitability due to a lower cost structure and targeted loan growth [56] Other Important Information - The company recorded a one-time charge of $4.9 million due to FHLB prepayments, which is expected to be earned back in approximately three years [12] - The net interest margin for the quarter, excluding the impact of PPP income, was 3.36% [40] Q&A Session Summary Question: Can you elaborate on the new commercial banking verticals being expanded into? - Management indicated that they are focusing on regional SBA 7(a) business and agribusiness lending, with dedicated sales personnel being added to these lines [71] Question: How do you see the loan mix shifting over the next 12 to 24 months? - The company plans to hold the consumer portfolio flat while increasing commercial real estate and equipment finance loans, which are expected to drive growth [74] Question: What is the appetite for wealth management acquisitions? - Management is looking for smaller add-on acquisitions that could add 10% to 15% to the business, focusing on good pricing and regional opportunities [75] Question: What are the expectations for the provision entering 2021? - Management believes they have reached peak ACL build, with future provisions primarily driven by loan growth and replenishing for charge-offs [93] Question: How should we think about charge-off expectations? - Charge-offs are expected to be between 40 and 50 basis points of total loans, with the potential for some increases as the year progresses [94]

Table of Contents 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, 2020 ☐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) ( ...

Midland States Bancorp, Inc. (NASDAQ:MSBI) Q3 2020 Results Conference Call October 23, 2020 8:30 AM ET Company Participants Tony Rossi - Investor Relations Jeff Ludwig - President and Chief Executive Officer Eric Lemke - Chief Financial Officer Conference Call Participants Michael Schiavone - KBW Nathan Race - Piper Sandler Cooper Brown - Stephens David Konrad - DA Davidson Operator Ladies and gentlemen, thank you for standing by and welcome to the Third Quarter 2020 Midland States Bancorp, Inc. Earnings ...

Table of Contents 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, 2020 ☐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) (State ...