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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, 2022

☐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)

Illinois

37-1233196

(State of other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1201 Network Centre Drive

62401

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 class			Trading symbol(s)			Name of each exchange on which registered
Common stock, $0.01 par value			MSBI			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 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 April 22, 2022, the Registrant had 22,055,135 shares of outstanding common stock, $0.01 par value.

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Table of Contents

MIDLAND STATES BANCORP, INC.

TABLE OF CONTENTS

						Page
PART I. FINANCIAL INFORMATION
Item 1.			Financial Statements:
			Consolidated Balance Sheets at March 31, 2022 (Unaudited) and December 31, 2021			2
			Consolidated Statements of Income (Unaudited) for the three months ended March 31, 2022 and 2021			3
			Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2022 and 2021			4
			Consolidated Statements of Shareholders’ Equity (Unaudited) for the three months ended March 31, 2022 and 2021			5
			Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2022 and 2021			6
			Notes to Consolidated Financial Statements (Unaudited)			7
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			39
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			57
Item 4.			Controls and Procedures			58
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			58
Item 1A.			Risk Factors			58
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			59
Item 6.			Exhibits			60
SIGNATURES

1

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Table of Contents

PART I – FINANCIAL INFORMATION

Consolidated Balance Sheets			2
Consolidated Statements of Income			3
Consolidated Statements of Comprehensive Income			4
Consolidated Statements of Shareholders' Equity			5
Consolidated Statements of Cash Flows			6
Note 1. Business Description			7
Note 2. Basis of Presentation and Summary of Significant Accounting Policies			7
Note 3. Acquisitions			8
Note 4. Investment Securities			8
Note 5. Loans			11
Note 6. Premises and Equipment, Net			23
Note 7. Leases			23
Note 8. Loan Servicing Rights			25
Note 9. Goodwill and Intangible Assets			25
Note 10. Derivative Instruments			26
Note 11. Deposits			28
Note 12. Short-Term Borrowings			28
Note 13. FHLB Advances and Other Borrowings			29
Note 14. Subordinated Debt			29
Note 15. Earnings Per Share			29
Note 16. Fair Value of Financial Instruments			30
Note 17. Commitments, Contingencies and Credit Risk			36
Note 18. Segment Information			36
Note 19. Revenue from Contracts with Customers			37

ITEM 1 – FINANCIAL STATEMENTS

MIDLAND STATES BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

			March 31, 2022						December 31, 2021
			(unaudited)
Assets
Cash and due from banks			$	326,086					$	673,297
Federal funds sold			6,178						7,074
Cash and cash equivalents			332,264						680,371
Investment securities available for sale, at fair value (allowance for credit losses of $0 and $221 at March 31, 2022 and December 31, 2021, respectively)			849,074						906,603
Equity securities, at fair value			9,172						9,529
Loans			5,539,961						5,224,801
Allowance for credit losses on loans			(52,938)						(51,062)
Total loans, net			5,487,023						5,173,739
Loans held for sale			8,931						32,045
Premises and equipment, net			69,746						70,792
Operating lease right-of-use asset			8,111						8,428
Other real estate owned			11,537						12,059
Nonmarketable equity securities			36,451						36,341
Accrued interest receivable			19,831						19,470
Loan servicing rights, at lower of cost or fair value			27,484						28,865
Goodwill			161,904						161,904
Other intangible assets, net			22,976						24,374
Cash surrender value of life insurance policies			148,060						148,378
Other assets			146,151						130,907
Total assets			$	7,338,715					$	7,443,805
Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing			$	1,965,032					$	2,245,701
Interest-bearing			4,092,507						3,864,947
Total deposits			6,057,539						6,110,648
Short-term borrowings			60,352						76,803
FHLB advances and other borrowings			310,171						310,171
Subordinated debt			139,184						139,091
Trust preferred debentures			49,524						49,374
Operating lease liabilities			10,258						10,714
Other liabilities			66,701						83,167
Total liabilities			6,693,729						6,779,968
Shareholders’ Equity:
Common stock, $0.01 par value; 40,000,000 shares authorized; 22,044,626 and 22,050,537 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively			220						221
Capital surplus			446,044						445,907
Retained earnings			226,757						212,472
Accumulated other comprehensive (loss) income			(28,035)						5,237
Total shareholders’ equity			644,986						663,837
Total liabilities and shareholders’ equity			$	7,338,715					$	7,443,805

The accompanying notes are an integral part of the consolidated financial statements.

2

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Table of Contents

MIDLAND STATES BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME—(UNAUDITED)

(dollars in thousands, except per share data)

			Three Months Ended March 31,
			2022						2021
Interest income:
Loans:
Taxable			$	56,586					$	54,554
Tax exempt			548						670
Loans held for sale			220						442
Investment securities:
Taxable			3,897						3,280
Tax exempt			842						781
Nonmarketable equity securities			484						680
Federal funds sold and cash investments			171						96
Total interest income			62,748						60,503
Interest expense:
Deposits			2,161						3,183
Short-term borrowings			23						24
FHLB advances and other borrowings			1,212						2,570
Subordinated debt			2,011						2,367
Trust preferred debentures			514						491
Total interest expense			5,921						8,635
Net interest income			56,827						51,868
Provision for credit losses:
Provision for credit losses on loans			4,132						3,950
Provision for credit losses on unfunded commitments			256						(535)
(Recapture of) provision for other credit losses			(221)						150
Total provision for credit losses			4,167						3,565
Net interest income after provision for credit losses			52,660						48,303
Noninterest income:
Wealth management revenue			7,139						5,931
Residential mortgage banking revenue			599						1,574
Service charges on deposit accounts			2,068						1,826
Interchange revenue			3,280						3,375
Impairment on commercial mortgage servicing rights			(394)						(1,275)
Company-owned life insurance			1,019						860
Other income			1,902						2,525
Total noninterest income			15,613						14,816
Noninterest expense:
Salaries and employee benefits			21,870						20,528
Occupancy and equipment			3,755						3,940
Data processing			5,873						5,993
Professional			1,972						2,185
Marketing			688						477
Communications			712						822
Amortization of intangible assets			1,398						1,515
Other expense			4,616						3,619
Total noninterest expense			40,884						39,079
Income before income taxes			27,389						24,040
Income taxes			6,640						5,502
Net income			$	20,749					$	18,538
Per common share data:
Basic earnings per common share			$	0.92					$	0.81
Diluted earnings per common share			$	0.92					$	0.81
Weighted average common shares outstanding			22,274,884						22,522,983
Weighted average diluted common shares outstanding			22,350,307						22,578,553

The accompanying notes are an integral part of the consolidated financial statements.

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MIDLAND STATES BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME—(UNAUDITED)

(dollars in thousands)

			Three Months Ended March 31,
			2022						2021
Net income			$	20,749					$	18,538
Other comprehensive (loss) income:
Investment securities available for sale:
Unrealized losses that occurred during the period			(50,776)						(6,741)
(Recapture of) provision for credit loss expense			(221)						150
Income tax effect			14,024						1,813
Change in investment securities available for sale, net of tax			(36,973)						(4,778)
Cash flow hedges:
Net unrealized derivative gains on cash flow hedges			5,105						8,262
Reclassification adjustment for gains realized in net income			—						(314)
Income tax effect			(1,404)						(2,186)
Change in cash flow hedges, net of tax			3,701						5,762
Other comprehensive (loss) income, net of tax			(33,272)						984
Total comprehensive (loss) income			$	(12,523)					$	19,522

The accompanying notes are an integral part of the consolidated financial statements.

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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 (loss)						Total shareholders' equity
Balances, December 31, 2021			$	221					$	445,907					$	212,472					$	5,237					$	663,837
Net income			—						—						20,749						—						20,749
Other comprehensive income			—						—						—						(33,272)						(33,272)
Common dividends declared ($0.29 per share)			—						—						(6,464)						—						(6,464)
Common stock repurchased			(1)						(1,108)						—						—						(1,109)
Share-based compensation expense			—						527						—						—						527
Issuance of common stock under employee benefit plans			—						718						—						—						718
Balances, March 31, 2022			$	220					$	446,044					$	226,757					$	(28,035)					$	644,986
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 plans			2						1,559						—						—						1,561
Balances, March 31, 2021			$	224					$	454,264					$	168,564					$	12,415					$	635,467

The accompanying notes are an integral part of the consolidated financial statements.

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MIDLAND STATES BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS—(UNAUDITED)

(dollars in thousands)

			Three Months Ended March 31,
			2022						2021
Cash flows from operating activities:
Net income			$	20,749					$	18,538
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			4,167						3,565
Depreciation on premises and equipment			1,255						1,436
Amortization of intangible assets			1,398						1,515
Amortization of operating lease right-of-use asset			439						407
Amortization of loan servicing rights			771						858
Share-based compensation expense			527						502
Increase in cash surrender value of life insurance			(831)						(860)
Gain on proceeds from company-owned life insurance			(188)						—
Investment securities amortization, net			852						1,067
(Gain) loss on sales of other real estate owned			(42)						9
Impairment on other real estate owned			337						104
Origination of loans held for sale			(79,601)						(199,721)
Proceeds from sales of loans held for sale			103,133						332,685
Gain on loans sold and held for sale			(484)						(1,234)
Impairment on commercial mortgage servicing rights			394						1,275
Net change in operating assets and liabilities:
Accrued interest receivable			(361)						(1,134)
Other assets			(14,228)						(6,986)
Accrued expenses and other liabilities			790						6,349
Net cash provided by operating activities			39,077						158,375
Cash flows from investing activities:
Purchases of investment securities available for sale			(15,873)						(56,983)
Maturities and payments on investment securities available for sale			21,773						56,870
Purchases of equity securities			(312)						(154)
Net (increase) decrease in loans			(317,486)						142,019
Purchases of premises and equipment			(414)						(574)
Proceeds from sale of premises and equipment			—						75
Purchases of nonmarketable equity securities			(109)						—
Proceeds from sales of nonmarketable equity securities			—						3,500
Proceeds from sales of other real estate owned			315						131
Proceeds from settlements of company-owned life insurance			1,337						—
Net cash (used in) provided by investing activities			(310,769)						144,884
Cash flows from financing activities:
Net (decrease) increase in deposits			(53,109)						239,497
Net (decrease) increase in short-term borrowings			(16,451)						2,771
Proceeds from FHLB borrowings			50,000						250,000
Payments made on FHLB borrowings and other borrowings			(50,000)						(500,008)
FHLB advances prepayment fees			—						8
Cash dividends paid on common stock			(6,464)						(6,301)
Common stock repurchased			(1,109)						(1,208)
Proceeds from issuance of common stock under employee benefit plans			718						1,561
Net cash used in financing activities			(76,415)						(13,680)
Net (decrease) increase in cash and cash equivalents			(348,107)						289,579
Cash and cash equivalents:
Beginning of period			680,371						341,640
End of period			$	332,264					$	631,219
Supplemental disclosures of cash flow information:
Cash payments for:
Interest paid on deposits and borrowed funds			$	6,591					$	9,436
Income tax paid (net of refunds)			1,912						1,650
Supplemental disclosures of noncash investing and financing activities:
Transfer of loans to loans held for sale			—						48,494
Transfer of loans to other real estate owned			88						306
Pending settlements on securities purchased			—						11,663

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.

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 Federal Housing Administration ("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, 2021, filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2022. 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 2021 Annual Report on Form 10-K. Certain reclassifications of 2021 amounts have been made to conform to the 2022 presentation. Management has evaluated subsequent events for potential recognition or disclosure. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 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 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.

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 which provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and do 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, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04 was effective upon issuance and generally can be applied through December 31, 2022.

The Company has been monitoring its volume of commercial loans tied to LIBOR. In 2021, the Company began prioritizing SOFR as the preferred alternative reference rate with plans to cease booking LIBOR based commitments after the end of 2021. Loans with a maturity after June 2023 are being reviewed and monitored to ensure there is appropriate fallback language in place when LIBOR is no longer published. Loans with a maturity date before that time should naturally mature and be re-underwritten with the alternative index rate.

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In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope, which addresses questions about whether Topic 848 can be applied to derivative instruments that do not reference a rate that is expected to be discontinued but that use an interest rate for margining, discounting, or contract price alignment that is expected to be modified as a result of reference rate reform, commonly referred to as the "discounting transition". The amendments clarify that certain optional expedients and exceptions in Topic 848 do apply to derivatives that are affected by the discounting transition. The amendments in ASU 2021-01 are effective immediately.

The Company believes the adoption of this guidance on activities subsequent to December 31, 2021 through December 31, 2022 will not have a material impact on the consolidated financial statements.

FASB ASU No. 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures – In March 2022, the FASB issued ASU No. 2022-02, which 1) eliminates the accounting guidance for troubled debt restructurings ("TDRs") by creditors while enhancing the disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; and 2) requires that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022 and the amendments should be applied prospectively, although the entity has the option to apply a modified retrospective transition method for the recognition and measurement of TDRs, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. The Company is currently evaluating the impact of adopting the new guidance on its consolidated financial statements.

NOTE 3 – DISPOSITIONS AND ACQUISITIONS

FNBC Bank & Trust

On January 25, 2022, the Company announced the signing of a branch purchase and assumption agreement with FNBC Bank & Trust ("FNBC") whereby we have agreed to acquire the deposits and certain loans and other assets associated with FNBC's branches in Mokena and Yorkville, Illinois. We expect to acquire approximately $86 million of deposits and approximately $26 million of loans. The transaction is expected to close during the second quarter of 2022.

ATG Trust Company

On June 1, 2021, the Company completed its acquisition of substantially all of the trust assets of ATG Trust Company (“ATG Trust”), a trust company based in Chicago, Illinois, with approximately $399.7 million in assets under management. In aggregate, the Company acquired the assets of ATG Trust for $2.7 million in cash. The acquisition was accounted for under the acquisition method of accounting. Accordingly, the Company recognized amounts for identifiable assets acquired at their estimated acquisition date fair values, while $0.4 million of transaction and integration costs associated with the acquisition were expensed during 2021.

NOTE 4 – INVESTMENT SECURITIES

Investment Securities Available for Sale

Investment securities available for sale at March 31, 2022 and December 31, 2021 were as follows:

			March 31, 2022
(dollars in thousands)			Amortized cost						Gross unrealized gains						Gross unrealized losses						Allowance for credit losses						Fair value
Investment securities available for sale
U.S. Treasury securities			$	66,534					$	—					$	3,410					$	—					$	63,124
U.S. government sponsored entities and U.S. agency securities			34,194						52						2,715						—						31,531
Mortgage-backed securities - agency			437,125						620						34,758