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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)
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 22, 2022, the Registrant had 22,055,135 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, 2022 (Unaudited) and December 31, 2021
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,
2022
December 31,
2021
(unaudited)
Assets
Cash and due from banks$326,086 $673,297 
Federal funds sold6,178 7,074 
Cash and cash equivalents332,264 680,371 
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 value9,172 9,529 
Loans5,539,961 5,224,801 
Allowance for credit losses on loans(52,938)(51,062)
Total loans, net5,487,023 5,173,739 
Loans held for sale8,931 32,045 
Premises and equipment, net69,746 70,792 
Operating lease right-of-use asset8,111 8,428 
Other real estate owned11,537 12,059 
Nonmarketable equity securities36,451 36,341 
Accrued interest receivable19,831 19,470 
Loan servicing rights, at lower of cost or fair value27,484 28,865 
Goodwill161,904 161,904 
Other intangible assets, net22,976 24,374 
Cash surrender value of life insurance policies148,060 148,378 
Other assets146,151 130,907 
Total assets$7,338,715 $7,443,805 
Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing$1,965,032 $2,245,701 
Interest-bearing4,092,507 3,864,947 
Total deposits6,057,539 6,110,648 
Short-term borrowings60,352 76,803 
FHLB advances and other borrowings310,171 310,171 
Subordinated debt139,184 139,091 
Trust preferred debentures49,524 49,374 
Operating lease liabilities10,258 10,714 
Other liabilities66,701 83,167 
Total liabilities6,693,729 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 surplus446,044 445,907 
Retained earnings226,757 212,472 
Accumulated other comprehensive (loss) income(28,035)5,237 
Total shareholders’ equity644,986 663,837 
Total liabilities and shareholders’ equity$7,338,715 $7,443,805 
The accompanying notes are an integral part of the consolidated financial statements.
2

Table of Contents
MIDLAND STATES BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME—(UNAUDITED)
(dollars in thousands, except per share data)
Three Months Ended
March 31,
20222021
Interest income:
Loans:
Taxable$56,586 $54,554 
Tax exempt548 670 
Loans held for sale220 442 
Investment securities:
Taxable3,897 3,280 
Tax exempt842 781 
Nonmarketable equity securities484 680 
Federal funds sold and cash investments171 96 
Total interest income62,748 60,503 
Interest expense:
Deposits2,161 3,183 
Short-term borrowings23 24 
FHLB advances and other borrowings1,212 2,570 
Subordinated debt2,011 2,367 
Trust preferred debentures514 491 
Total interest expense5,921 8,635 
Net interest income56,827 51,868 
Provision for credit losses:
Provision for credit losses on loans4,132 3,950 
Provision for credit losses on unfunded commitments256 (535)
(Recapture of) provision for other credit losses(221)150 
Total provision for credit losses4,167 3,565 
Net interest income after provision for credit losses52,660 48,303 
Noninterest income:
Wealth management revenue7,139 5,931 
Residential mortgage banking revenue599 1,574 
Service charges on deposit accounts2,068 1,826 
Interchange revenue3,280 3,375 
Impairment on commercial mortgage servicing rights(394)(1,275)
Company-owned life insurance1,019 860 
Other income1,902 2,525 
Total noninterest income15,613 14,816 
Noninterest expense:
Salaries and employee benefits21,870 20,528 
Occupancy and equipment3,755 3,940 
Data processing5,873 5,993 
Professional1,972 2,185 
Marketing688 477 
Communications712 822 
Amortization of intangible assets1,398 1,515 
Other expense4,616 3,619 
Total noninterest expense40,884 39,079 
Income before income taxes27,389 24,040 
Income taxes6,640 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 outstanding22,274,884 22,522,983 
Weighted average diluted common shares outstanding22,350,307 22,578,553 
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,
20222021
Net income$20,749 $18,538 
Other comprehensive (loss) income:
Investment securities available for sale:
Unrealized losses that occurred during the period(50,776)(6,741)
(Recapture of) provision for credit loss expense(221)150 
Income tax effect14,024 1,813 
Change in investment securities available for sale, net of tax(36,973)(4,778)
Cash flow hedges:
Net unrealized derivative gains on cash flow hedges5,105 8,262 
Reclassification adjustment for gains realized in net income (314)
Income tax effect(1,404)(2,186)
Change in cash flow hedges, net of tax3,701 5,762 
Other comprehensive (loss) income, net of tax(33,272)984 
Total comprehensive (loss) income$(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 plans2 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,
20222021
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 losses4,167 3,565 
Depreciation on premises and equipment1,255 1,436 
Amortization of intangible assets1,398 1,515 
Amortization of operating lease right-of-use asset439 407 
Amortization of loan servicing rights771 858 
Share-based compensation expense527 502 
Increase in cash surrender value of life insurance(831)(860)
Gain on proceeds from company-owned life insurance(188) 
Investment securities amortization, net852 1,067 
(Gain) loss on sales of other real estate owned(42)9 
Impairment on other real estate owned337 104 
Origination of loans held for sale(79,601)(199,721)
Proceeds from sales of loans held for sale103,133 332,685 
Gain on loans sold and held for sale(484)(1,234)
Impairment on commercial mortgage servicing rights394 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 liabilities790 6,349 
Net cash provided by operating activities39,077 158,375 
Cash flows from investing activities:
Purchases of investment securities available for sale(15,873)(56,983)
Maturities and payments on investment securities available for sale21,773 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 owned315 131 
Proceeds from settlements of company-owned life insurance1,337  
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 borrowings50,000 250,000 
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 plans718 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 period680,371 341,640 
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 owned88 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 lossesFair
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 - agency437,125 620 34,758