Table of Contents 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 (Exact name of registrant as specified in its charter) Illinois 37-1233196 (State of other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) For the fiscal year ended December 31, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 F ...

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, 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) (State of other jur ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201%2E%20Financial%20Statements) The company's total assets grew to $8.03 billion, while Q2 2023 net income was $21.6 million Consolidated Balance Sheet Highlights (Unaudited) | (In thousands) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total Assets | $8,034,721 | $7,855,501 | | Total Loans, net | $6,302,394 | $6,245,416 | | Total Deposits | $6,426,548 | $6,364,652 | | Total Liabilities | $7,257,900 | $7,096,927 | | Total Shareholders' Equity | $776,821 | $758,574 | Consolidated Income Statement Highlights (Unaudited) | (In thousands, except per share data) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $58,840 | $61,334 | $119,344 | $118,161 | | Provision for Credit Losses | $5,879 | $5,441 | $9,014 | $9,608 | | Net Income | $21,575 | $21,883 | $43,347 | $42,632 | | Diluted Earnings Per Common Share | $0.86 | $0.97 | $1.72 | $1.89 | Consolidated Cash Flow Highlights (Unaudited) | (In thousands) | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $60,753 | $154,477 | | Net cash used in investing activities | ($185,842) | ($511,449) | | Net cash provided by (used in) financing activities | $125,153 | ($53,282) | | Net increase (decrease) in cash and cash equivalents | $64 | ($410,254) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=41&type=section&id=Item%202%2E%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net interest margin compressed due to rising deposit costs, while the loan portfolio grew modestly - The company is terminating its participation in the GreenSky loan origination program, effective October 21, 2023, which contributed to a **$103.2 million decrease in consumer loans**[186](index=186&type=chunk) - In Q2 2023, the company redeemed **$6.6 million of subordinated notes**, recognizing a gain of $0.7 million[136](index=136&type=chunk) - The company's allowance for credit losses increased to **$65.0 million (1.02% of total loans)** from $61.1 million (0.97%) at year-end 2022, reflecting a more cautious economic outlook[193](index=193&type=chunk) [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Q2 2023 net income decreased slightly as surging interest expense outpaced interest income growth Net Interest Income and Margin Analysis (Tax-Equivalent) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net Interest Income | $59.0M | $61.7M | | Net Interest Margin | 3.23% | 3.65% | - Noninterest income for Q2 2023 **increased by $4.1 million** compared to Q2 2022, primarily due to a $3.2 million increase in other income[173](index=173&type=chunk)[175](index=175&type=chunk) - Noninterest expense for Q2 2023 **rose by $1.6 million** compared to Q2 2022, driven by higher FDIC insurance expense and data processing fees[177](index=177&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) [Financial Condition](index=49&type=section&id=Financial%20Condition) Total assets, loans, and deposits grew, with a notable decrease in uninsured deposits to 19% Loan Portfolio Composition | Loan Category (in thousands) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Commercial loans and leases | $2,108,396 | $2,006,318 | | Commercial real estate | $2,443,995 | $2,433,159 | | Construction and land development | $366,631 | $320,882 | | Consumer | $1,076,836 | $1,180,014 | | **Total loans, gross** | **$6,367,344** | **$6,306,467** | Deposit Composition | Deposit Category (in thousands) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Noninterest-bearing demand | $1,162,909 | $1,362,158 | | Interest-bearing deposits | $5,263,639 | $5,002,494 | | **Total deposits** | **$6,426,548** | **$6,364,652** | - The company estimates that **uninsured deposits totaled $1.21 billion**, or 19% of total deposits, a decrease from $1.55 billion, or 24%, at year-end 2022[220](index=220&type=chunk) [Capital Resources and Liquidity Management](index=58&type=section&id=Capital%20Resources%20and%20Liquidity%20Management) Shareholders' equity and total liquidity increased, supported by net income and credit line availability - The company repurchased 432,809 shares for $8.9 million, with **$16.1 million of authority remaining** under its stock repurchase program through December 31, 2023[223](index=223&type=chunk)[255](index=255&type=chunk) Sources of Liquidity | (In thousands) | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $160,695 | $160,631 | | Unpledged securities | $343,501 | $209,184 | | FHLB committed liquidity | $857,207 | $997,388 | | FRB discount window availability | $184,107 | $12,201 | | **Total Estimated Liquidity** | **$1,545,510** | **$1,379,404** | [Quantitative and Qualitative Disclosures about Market Risk](index=60&type=section&id=Item%203%2E%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company remains asset-sensitive to interest rate risk, with NII projected to rise in a higher rate environment Net Interest Income Sensitivity Analysis (Shocks) | Immediate Change in Rates | +200 bps | +100 bps | -100 bps | | :--- | :--- | :--- | :--- | | **NII % Change (June 30, 2023)** | +7.5% | +3.9% | -3.4% | | **NII % Change (Dec 31, 2022)** | +7.2% | +3.6% | -4.2% | [Controls and Procedures](index=62&type=section&id=Item%204%2E%20Controls%20and%20Procedures) Management confirmed the effectiveness of disclosure controls and procedures with no material changes identified - The President and CEO, along with the CFO, have concluded that the company's **disclosure controls and procedures were effective** as of June 30, 2023[245](index=245&type=chunk) - There were **no changes in the company's internal control over financial reporting** during the second quarter of 2023 that materially affected these controls[246](index=246&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=62&type=section&id=Item%201%2E%20Legal%20Proceedings) The company is not party to any material pending legal proceedings - In the normal course of business, the company is subject to various lawsuits, but **none are expected to have a material effect**[248](index=248&type=chunk) [Risk Factors](index=62&type=section&id=Item%201A%2E%20Risk%20Factors) No material changes to risk factors were reported since the last annual filing - **No material changes** from the risk factors disclosed in the 2022 Form 10-K have occurred[250](index=250&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202%2E%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 310,327 shares in Q2 2023, with $16.1 million remaining under its buyback program Issuer Purchases of Equity Securities (Q2 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2023 | 97,089 | $20.60 | | May 2023 | 208,150 | $19.39 | | June 2023 | 5,088 | $19.76 | | **Total** | **310,327** | **$19.78** | - The company's board approved a stock repurchase program authorizing up to $25.0 million, with **approximately $16.1 million in remaining authority** as of June 30, 2023[223](index=223&type=chunk)[255](index=255&type=chunk) [Other Information](index=63&type=section&id=Item%205%2E%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter - **No director or officer adopted or terminated a Rule 10b5-1 trading arrangement** in Q2 2023[257](index=257&type=chunk) [Exhibits](index=64&type=section&id=Item%206%2E%20Exhibits) This section lists filed exhibits, including required CEO/CFO certifications and iXBRL financial data - Exhibits filed include **CEO and CFO certifications** as required by Sarbanes-Oxley Act Sections 302 and 906[260](index=260&type=chunk) - Financial information is provided in **iXBRL format** as per SEC requirements[260](index=260&type=chunk)

(Exact name of registrant as specified in its charter) 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, 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. Large accelerated filer ...

Table of Contents 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, 2022 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 cha ...