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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, 2021
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
Nasdaq Global Select Market
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 23, 2021, the Registrant had 22,364,850 shares of outstanding common stock, $0.01 par value.


Table of Contents
MIDLAND STATES BANCORP, INC.
TABLE OF CONTENTS
Page
Consolidated Balance Sheets at March 31, 2021 (Unaudited) and December 31, 2020
1

Table of Contents
PART I – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
MIDLAND STATES BANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
March 31,
2021
December 31,
2020
(unaudited)
Assets
Cash and due from banks$628,450 $337,080 
Federal funds sold2,769 4,560 
Cash and cash equivalents631,219 341,640 
Investment securities available for sale, at fair value (allowance for credit losses of $516 and $366 at March 31, 2021 and December 31, 2020, respectively)
681,007 676,711 
Equity securities, at fair value9,383 9,424 
Loans4,910,806 5,103,331 
Allowance for credit losses on loans(62,687)(60,443)
Total loans, net4,848,119 5,042,888 
Loans held for sale55,174 138,090 
Premises and equipment, net73,255 74,124 
Operating lease right-of-use asset8,813 9,177 
Other real estate owned20,304 20,247 
Nonmarketable equity securities53,096 56,596 
Accrued interest receivable24,679 23,545 
Loan servicing rights, at lower of cost or fair value36,876 39,276 
Goodwill161,904 161,904 
Other intangible assets, net26,867 28,382 
Cash surrender value of life insurance policies146,864 146,004 
Other assets107,226 100,532 
Total assets$6,884,786 $6,868,540 
Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing$1,522,433 $1,469,579 
Interest-bearing3,818,080 3,631,437 
Total deposits5,340,513 5,101,016 
Short-term borrowings71,728 68,957 
FHLB advances and other borrowings529,171 779,171 
Subordinated debt169,888 169,795 
Trust preferred debentures48,954 48,814 
Operating lease liabilities11,221 11,958 
Other liabilities77,844 67,438 
Total liabilities6,249,319 6,247,149 
Shareholders’ Equity:
Common stock, $0.01 par value; 40,000,000 shares authorized; 22,351,740 and 22,325,471 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
224 223 
Capital surplus454,264 453,410 
Retained earnings168,564 156,327 
Accumulated other comprehensive income12,415 11,431 
Total shareholders’ equity635,467 621,391 
Total liabilities and shareholders’ equity$6,884,786 $6,868,540 
The accompanying notes are an integral part of the consolidated financial statements.
2

Table of Contents
MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME—(UNAUDITED)
(dollars in thousands, except per share data)
Three Months Ended
March 31,
20212020
Interest income:
Loans:
Taxable$54,554 $53,539 
Tax exempt670 836 
Loans held for sale442 191 
Investment securities:
Taxable3,280 4,094 
Tax exempt781 987 
Nonmarketable equity securities680 605 
Federal funds sold and cash investments96 1,062 
Total interest income60,503 61,314 
Interest expense:
Deposits3,183 8,362 
Short-term borrowings24 101 
FHLB advances and other borrowings2,570 2,967 
Subordinated debt2,367 2,509 
Trust preferred debentures491 724 
Total interest expense8,635 14,663 
Net interest income51,868 46,651 
Provision for credit losses:
Provision for credit losses on loans3,950 10,569 
Provision for credit losses on unfunded commitments(535)934 
Provision for other credit losses150 75 
Total provision for credit losses3,565 11,578 
Net interest income after provision for credit losses48,303 35,073 
Noninterest income:
Wealth management revenue5,931 5,677 
Commercial FHA revenue292 1,267 
Residential mortgage banking revenue1,574 1,755 
Service charges on deposit accounts1,826 2,656 
Interchange revenue3,375 2,833 
Impairment on commercial mortgage servicing rights(1,275)(8,468)
Company-owned life insurance860 900 
Other income2,233 1,978 
Total noninterest income14,816 8,598 
Noninterest expense:
Salaries and employee benefits20,528 21,063 
Occupancy and equipment3,940 4,869 
Data processing5,993 5,477 
Professional2,185 1,855 
Marketing477 981 
Communications822 1,290 
Amortization of intangible assets1,515 1,762 
Other expense3,619 4,369 
Total noninterest expense39,079 41,666 
Income before income taxes24,040 2,005 
Income taxes5,502 456 
Net income$18,538 $1,549 
Per common share data:
Basic earnings per common share$0.81 $0.06 
Diluted earnings per common share$0.81 $0.06 
Weighted average common shares outstanding22,522,983 24,433,975 
Weighted average diluted common shares outstanding22,578,553 24,538,002 
The accompanying notes are an integral part of the consolidated financial statements.
3

Table of Contents
MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME—(UNAUDITED)
(dollars in thousands)
Three Months Ended
March 31,
20212020
Net income$18,538 $1,549 
Other comprehensive income (loss):
Investment securities available for sale:
Unrealized (losses) gains that occurred during the period(6,741)1,321 
Provision for credit loss expense150 75 
Income tax effect1,813 (384)
Change in investment securities available for sale, net of tax(4,778)1,012 
Cash flow hedges:
Net unrealized derivative gains on cash flow hedges8,284  
Reclassification adjustment for gains realized in net income(336) 
Income tax effect(2,186) 
Change in cash flow hedges, net of tax5,762  
Other comprehensive income (loss), net of tax984 1,012 
Total comprehensive income$19,522 $2,561 
The accompanying notes are an integral part of the consolidated financial statements.
4

Table of Contents
MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY—(UNAUDITED)
(dollars in thousands, except per share data)
Common
stock
Capital
surplus
Retained
earnings
Accumulated
other
comprehensive
income
Total
shareholders'
equity
Balances, December 31, 2020
$223 $453,410 $156,327 $11,431 $621,391 
Net income— — 18,538 — 18,538 
Other comprehensive income— — — 984 984 
Common dividends declared ($0.28 per share)
— — (6,301)— (6,301)
Common stock repurchased(1)(1,207)— — (1,208)
Share-based compensation expense— 502 — — 502 
Issuance of common stock under employee benefit plans2 1,559 — — 1,561 
Balances, March 31, 2021
$224 $454,264 $168,564 $12,415 $635,467 
Balances, December 31, 2019
$244 $488,305 $165,920 $7,442 $661,911 
Cumulative effect of change in accounting principles (Note 2)— — (7,172)— (7,172)
Balances, January 1, 2020244 488,305 158,748 7,442 654,739 
Net income— — 1,549 — 1,549 
Other comprehensive income— — — 1,012 1,012 
Common dividends declared ($0.2675 per share)
— — (6,575)— (6,575)
Common stock repurchased(10)(20,552)— — (20,562)
Share-based compensation expense— 602 — — 602 
Issuance of common stock under employee benefit plans— 395 — — 395 
Balances, March 31, 2020
$234 $468,750 $153,722 $8,454 $631,160 
The accompanying notes are an integral part of the consolidated financial statements.
5

Table of Contents
MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS—(UNAUDITED)
(dollars in thousands)
Three Months Ended March 31,
20212020
Cash flows from operating activities:
Net income$18,538 $1,549 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses3,565 11,578 
Depreciation on premises and equipment1,436 1,677 
Amortization of intangible assets1,515 1,762 
Amortization of operating lease right-of-use asset407 670 
Amortization of loan servicing rights858 790 
Share-based compensation expense502 602 
Increase in cash surrender value of life insurance(860)(900)
Investment securities amortization, net1,067 702 
Loss (gain) on sales of other real estate owned9 (15)
Impairment on other real estate owned104 605 
Origination of loans held for sale(199,721)(69,332)
Proceeds from sales of loans held for sale332,685 112,166 
Gain on loans sold and held for sale(1,234)(2,178)
Impairment on commercial mortgage servicing rights1,275 8,468 
Loss on mortgage servicing rights held for sale 496 
Impairment related to facilities optimization 146 
Net change in operating assets and liabilities:
Accrued interest receivable(1,134)(186)
Other assets(6,986)(5,670)
Accrued expenses and other liabilities6,349 (8,327)
Net cash provided by operating activities158,375 54,603 
Cash flows from investing activities:
Purchases of investment securities available for sale(56,983)(50,442)
Maturities and payments on investment securities available for sale56,870 44,242 
Purchases of equity securities(154)(23)
Net decrease (increase) in loans142,019 (125,024)
Purchases of premises and equipment(574)(765)
Proceeds from sale of premises and equipment75  
Purchases of nonmarketable equity securities3,500 (1,563)
Proceeds from sales of other real estate owned131 120 
Net cash provided by (used in) investing activities144,884 (133,455)
Cash flows from financing activities:
Net increase in deposits239,497 106,386 
Net increase (decrease) in short-term borrowings2,771 (38,451)
Proceeds from FHLB borrowings250,000 100,000 
Payments made on FHLB borrowings and other borrowings(500,008)(200)
FHLB advances prepayment fees8  
Payments made on subordinated debt (7,443)
Subordinated debt prepayment fees 193 
Cash dividends paid on common stock(6,301)(6,575)
Common stock repurchased(1,208)(20,562)
Proceeds from issuance of common stock under employee benefit plans1,561 395 
Net cash (used in) provided by financing activities(13,680)133,743 
Net increase in cash and cash equivalents289,579 54,891 
Cash and cash equivalents:
Beginning of period341,640 394,505 
End of period$631,219 $449,396 
Supplemental disclosures of cash flow information:
Cash payments for:
Interest paid on deposits and borrowed funds$9,436 $13,985 
Income tax paid (net of refunds)1,650 898 
Supplemental disclosures of noncash investing and financing activities:
Transfer of loans to loans held for sale48,494 138,740 
Transfer of loans to other real estate owned306 1,813 
Pending settlements on securities purchased11,663  
The accompanying notes are an integral part of the consolidated financial statements.
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MIDLAND STATES BANCORP, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(UNAUDITED)
NOTE 1 – BUSINESS DESCRIPTION
Midland States Bancorp, Inc. (the “Company,” “we,” “our,” or “us”) is a diversified financial holding company headquartered in Effingham, Illinois. Our wholly owned banking subsidiary, Midland States Bank (the “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.
In addition, we provided multifamily and healthcare facility Federal Housing Administration (“FHA”) financing through Love Funding Corporation (“Love Funding”), our non-bank subsidiary. On August 28, 2020, the Company announced that it had completed the sale of its commercial FHA origination platform to Dwight Capital, a nationwide mortgage banking firm headquartered in New York. The Bank continues to service Love Funding's current servicing portfolio of approximately $3.30 billion as of March 31, 2021.
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; commercial FHA mortgage loan servicing; residential 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.
NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The consolidated financial statements of the Company are unaudited and 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, 2020, filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2021. The consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) and conform to predominant practices within the banking industry. A discussion of these policies can be found in Note 1 – Summary of Significant Accounting Policies included in the Company's 2020 Annual Report on Form 10-K. Certain reclassifications of 2020 amounts have been made to conform to the 2021 presentation. Management has evaluated subsequent events for potential recognition or disclosure. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or any other period.
Principles of Consolidation
The consolidated financial statements include the accounts of the parent company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. Assets held for customers in a fiduciary or agency capacity, other than trust cash on deposit with the Bank, are not assets of the Company and, accordingly, are not included in the accompanying unaudited balance sheets.
Accounting Guidance Adopted in 2021
FASB ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes – In December 2019, the Financial Accounting Standard Board ("FASB") issued ASU No. 2019-12 which removes specific exceptions to the general principles in Topic 740 in GAAP. It eliminates the need for an organization to analyze whether the following apply in a given period: (1) exception to the incremental approach for intraperiod tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also improves financial statement preparers’ application of income tax-related guidance and simplifies GAAP for: (1) franchise taxes that are partially based on income; (2) transactions with a government that result in a step up in the tax basis of goodwill; (3) separate financial statements of legal entities that are not subject to tax; and (4) enacted changes in tax laws in interim periods. The amendments in this update became effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early
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adoption is permitted. The adoption of ASU 2019-12 on January 1, 2021 did not have a material impact on the Company's consolidated financial statements.
FASB ASU No. 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions Between Topic 321, Topic 323 and Topic 815 (a Consensus of the Emerging Issues Task Force) – In January 2020, the FASB issued ASU No. 2020-01 which clarifies the interactions ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities and the ASU on equity method investments. ASU 2016-01 provides companies with an alternative to measure certain equity securities without a readily determinable fair value at cost, minus impairment, if any, unless an observable transaction for an identical or similar security occurs. ASU 2020-01 clarifies that for purposes of applying the Topic 321 measurement alternative, an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting under Topic 323, immediately before applying or upon discontinuing the equity method. In addition, the new ASU provides direction that a company should not consider whether the underlying securities would be accounted for under the equity method or the fair value option when it is determining the accounting for certain forward contracts and purchased options, upon either settlement or exercise. The amendments in this update became effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted, and the amendments are to be applied prospectively. The Company does not use the equity method of accounting for any equity securities, and its equity securities without a readily determinable fair value are recorded at cost, minus any impairment; therefore, the adoption of this new guidance did not have an impact on the Company's consolidated financial statements.
Accounting Guidance Issued But Not Yet Adopted
FASB ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting – In March 2020, the FASB issued ASU No. 2020-04 to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the LIBOR or other interbank offered rates. The new guidance provides the following optional expedients that reduce costs and complexity of account for reference rate reform: (1) simplifies accounting analyses for contract modifications; (2) allows hedging relationships to continue without de-designation if there are qualifying changes in the critical terms of an existing hedging relationship due to reference rate reform; (3) allows a change in the systematic and rational method used to recognize in earnings the compounds excluded from the assessment of hedge effectiveness; (4) allows a change in the designated benchmark interest rate to a different eligible benchmark interest rate in a fair value hedging relationship; (5) allows the shortcut method for a fair value hedging relationship to continue for the remainder of the hedging relationship; (6) simplifies the assessment of hedge effectiveness and provides temporary optional expedients for cash flow hedging relationships affected by reference rate reform; and (7) allows a one-time election to sell or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and are classified as held to maturity before January 1, 2020.
The amendments in ASU No. 2020-04 are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Because the guidance is meant to help entities through the transition period, it will be in effect for a limited time and will not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients that are retained through the end of the hedging relationship. The amendments in the ASU are effective March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting the new guidance on its consolidated financial statements.
NOTE 3 – DISPOSITIONS AND ACQUISITONS
On February 10, 2021, the Company announced that it had entered into a definitive agreement to purchase substantially all of the trust assets of ATG Trust Company (“ATG Trust”), a trust company based in Chicago, Illinois, with approximately $387 million in assets under management and annual revenue of approximately $3.5 million. The transaction is expected to increase the size of Midland’s Wealth Management group to more than $3.8 billion in assets under administration and more than 90 financial professionals. The transaction, which is subject to regulatory approval and other customary closing conditions, is expected to close in the second quarter of 2021 and is expected to result in minimal tangible book value dilution.
On August 28, 2020, the Company announced that it had completed the sale of its commercial FHA origination platform to Dwight Capital, a nationwide mortgage banking firm headquartered in New York.
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NOTE 4 – INVESTMENT SECURITIES
Investment Securities Available for Sale
Investment securities available for sale at March 31, 2021 and December 31, 2020 were as follows:
March 31, 2021
(dollars in thousands)Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Allowance for credit lossesFair
value
Investment securities available for sale
U.S. Treasury securities$325 $ $ $ $325 
U.S. government sponsored entities and U.S. agency securities
32,256 264 555  31,965 
Mortgage-backed securities - agency339,071 4,606 4,657  339,020 
Mortgage-backed securities - non-agency23,868 251 92 28 23,999 
State and municipal securities119,234 5,984 207 28 124,983 
Corporate securities157,996 3,878 699 460 160,715 
Total available for sale securities$672,750 $14,983 $6,210 $516 $681,007 

December 31, 2020
(dollars in thousands)Amortized
cost
Gross
unrealized
gains
Gross
unrealized
losses
Allowance for credit lossesFair
value
Investment securities available for sale
U.S. government sponsored entities and U.S. agency securities$35,287 $377 $97 $ $35,567 
Mortgage-backed securities - agency338,340 6,284 47  344,577 
Mortgage-backed securities - non-agency20,411 333   20,744 
State and municipal securities122,488 7,311 5 29 129,765 
Corporate securities145,187 2,205 997 337 146,058 
Total available for sale securities$661,713 $16,510 $1,146 $366 $676,711 
    The following is a summary of the amortized cost and fair value of the investment securities available for sale, by maturity, at March 31, 2021. 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$25,646 $25,907 
After one year through five years