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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 June 30, 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 July 22, 2022, the Registrant had 22,067,424 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 June 30, 2022 (Unaudited) and December 31, 2021			3
			Consolidated Statements of Income (Unaudited) for the three and six months ended June 30, 2022 and 2021			4
			Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2022 and 2021			5
			Consolidated Statements of Shareholders’ Equity (Unaudited) for the three and six months ended June 30, 2022 and 2021			6
			Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021			7
			Notes to Consolidated Financial Statements (Unaudited)			8
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			43
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			64
Item 4.			Controls and Procedures			65
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			65
Item 1A.			Risk Factors			65
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			66
Item 6.			Exhibits			67
SIGNATURES

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Table of Contents

PART I – FINANCIAL INFORMATION

Consolidated Balance Sheets			3
Consolidated Statements of Income			4
Consolidated Statements of Comprehensive Income			5
Consolidated Statements of Shareholders' Equity			6
Consolidated Statements of Cash Flows			7
Note 1: Business Description			8
Note 2: Basis of Presentation and Summary of Significant Accounting Policies			8
Note 3: Acquisitions			9
Note 4: Investment Securities			10
Note 5: Loans			13
Note 6: Premises, Equipment and Lease			26
Note 7: Loan Servicing Rights			28
Note 8: Goodwill and Intangible Assets			28
Note 9: Derivative Instruments			29
Note 10: Deposits			30
Note 11: Short-Term Borrowings			31
Note 12: FHLB Advances and Other Borrowings			31
Note 13: Subordinated Debt			32
Note 14: Earnings Per Common Share			32
Note 15: Fair Value of Financial Instruments			33
Note 16: Commitments, Contingencies and Credit Risk			38
Note 17: Segment Information			39
Note 18: Revenue From Contracts with Customers			41

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Table of Contents

ITEM 1 – FINANCIAL STATEMENTS

MIDLAND STATES BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

			June 30, 2022						December 31, 2021
			(unaudited)
Assets
Cash and due from banks			$	264,173					$	673,297
Federal funds sold			5,944						7,074
Cash and cash equivalents			270,117						680,371
Investment securities available for sale, at fair value (allowance for credit losses of $0 and $221 at June 30, 2022 and December 31, 2021, respectively)			760,540						906,603
Equity securities, at fair value			8,738						9,529
Loans			5,795,544						5,224,801
Allowance for credit losses on loans			(54,898)						(51,062)
Total loans, net			5,740,646						5,173,739
Loans held for sale			5,298						32,045
Premises and equipment, net			77,668						79,220
Other real estate owned			11,131						12,059
Nonmarketable equity securities			35,701						36,341
Accrued interest receivable			16,552						19,470
Loan servicing rights, at lower of cost or fair value			25,879						28,865
Goodwill			161,904						161,904
Other intangible assets, net			23,559						24,374
Company-owned life insurance			148,900						148,378
Other assets			149,179						130,907
Total assets			$	7,435,812					$	7,443,805
Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposits			$	1,972,261					$	2,245,701
Interest-bearing deposits			4,212,177						3,864,947
Total deposits			6,184,438						6,110,648
Short-term borrowings			67,689						76,803
Federal Home Loan Bank advances and other borrowings			285,000						310,171
Subordinated debt			139,277						139,091
Trust preferred debentures			49,674						49,374
Accrued interest payable and other liabilities			73,546						93,881
Total liabilities			6,799,624						6,779,968
Shareholders’ Equity:
Common stock, $0.01 par value; 40,000,000 shares authorized; 22,060,255 and 22,050,537 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively			221						221
Capital surplus			446,894						445,907
Retained earnings			242,170						212,472
Accumulated other comprehensive (loss) income, net of tax			(53,097)						5,237
Total shareholders’ equity			636,188						663,837
Total liabilities and shareholders’ equity			$	7,435,812					$	7,443,805

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

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MIDLAND STATES BANCORP, INC.

CONSOLIDATED STATEMENTS OF INCOME—(UNAUDITED)

(dollars in thousands, except per share data)

			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Interest income:
Loans including fees:
Taxable			$	62,943					$	52,490					$	119,529					$	107,044
Tax exempt			514						650						1,062						1,320
Loans held for sale			77						261						297						703
Investment securities:
Taxable			4,055						3,451						7,952						6,731
Tax exempt			692						794						1,534						1,575
Nonmarketable equity securities			487						609						971						1,289
Federal funds sold and cash investments			468						142						639						238
Total interest income			69,236						58,397						131,984						118,900
Interest expense:
Deposits			3,810						2,992						5,971						6,175
Short-term borrowings			22						20						45						44
Federal Home Loan Bank advances and other borrowings			1,435						2,470						2,647						5,040
Subordinated debt			2,011						2,316						4,022						4,683
Trust preferred debentures			624						489						1,138						980
Total interest expense			7,902						8,287						13,823						16,922
Net interest income			61,334						50,110						118,161						101,978
Provision for credit losses:
Provision for credit losses on loans			4,741						—						8,873						3,950
Provision for credit losses on unfunded commitments			700						(265)						956						(800)
Recapture of provision for other credit losses			—						(190)						(221)						(40)
Total provision for credit losses			5,441						(455)						9,608						3,110
Net interest income after provision for credit losses			55,893						50,565						108,553						98,868
Noninterest income:
Wealth management revenue			6,143						6,529						13,282						12,460
Residential mortgage banking revenue			384						1,562						983						3,136
Service charges on deposit accounts			2,304						1,916						4,372						3,742
Interchange revenue			3,590						3,797						6,870						7,172
(Loss) gain on sales of investment securities, net			(101)						377						(101)						377
Impairment on commercial mortgage servicing rights			(869)						(1,148)						(1,263)						(2,423)
Company-owned life insurance			840						863						1,859						1,723
Other income			2,322						3,521						4,224						6,046
Total noninterest income			14,613						17,417						30,226						32,233
Noninterest expense:
Salaries and employee benefits			22,645						22,071						44,515						42,599
Occupancy and equipment			3,489						3,796						7,244						7,736
Data processing			6,082						6,288						11,955						12,281
Professional			1,516						5,549						3,488						7,734
Marketing			733						700						1,421						1,177
Communications			635						824						1,347						1,646
Amortization of intangible assets			1,318						1,470						2,716						2,985
Federal Home Loan Bank advances prepayment fees			—						3,669						—						3,677
Other expense			4,921						4,574						9,537						8,185
Total noninterest expense			41,339						48,941						82,223						88,020
Income before income taxes			29,167						19,041						56,556						43,081
Income taxes			7,284						(1,083)						13,924						4,419
Net income			$	21,883					$	20,124					$	42,632					$	38,662
Per common share data:
Basic earnings per common share			$	0.97					$	0.88					$	1.89					$	1.70
Diluted earnings per common share			$	0.97					$	0.88					$	1.89					$	1.69
Weighted average common shares outstanding			22,305,590						22,591,127						22,290,486						22,557,728
Weighted average diluted common shares outstanding			22,360,819						22,677,515						22,355,936						22,633,040

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 June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Net income			$	21,883					$	20,124					$	42,632					$	38,662
Other comprehensive loss:
Investment securities available for sale:
Unrealized (losses) gains that occurred during the period			(32,659)						565						(83,435)						(6,176)
Recapture of provision for credit loss expense			—						(190)						(221)						(40)
Reclassification adjustment for realized net (gains) losses on sales of investment securities included in net income			101						(377)						101						(377)
Income tax effect			8,953						—						22,977						1,813
Change in investment securities available for sale, net of tax			(23,605)						(2)						(60,578)						(4,780)
Cash flow hedges:
Net unrealized derivative (losses) gains on cash flow hedges			(2,010)						(2,797)						3,095						4,838
Reclassification adjustment for gains realized in net income			—						—						—						314
Income tax effect			553						770						(851)						(1,417)
Change in cash flow hedges, net of tax			(1,457)						(2,027)						2,244						3,735
Other comprehensive loss, net of tax			(25,062)						(2,029)						(58,334)						(1,045)
Total comprehensive (loss) income			$	(3,179)					$	18,095					$	(15,702)					$	37,617

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 (loss) income						Total shareholders' equity
Balances, March 31, 2022			$	220					$	446,044					$	226,757					$	(28,035)					$	644,986
Net income			—						—						21,883						—						21,883
Other comprehensive loss			—						—						—						(25,062)						(25,062)
Common dividends declared ($0.29 per share)			—						—						(6,470)						—						(6,470)
Share-based compensation expense			—						519						—						—						519
Issuance of common stock under employee benefit plans			1						331						—						—						332
Balances, June 30, 2022			$	221					$	446,894					$	242,170					$	(53,097)					$	636,188
Balances, December 31, 2021			$	221					$	445,907					$	212,472					$	5,237					$	663,837
Net income			—						—						42,632						—						42,632
Other comprehensive loss			—						—						—						(58,334)						(58,334)
Common dividends declared ($0.58 per share)			—						—						(12,934)						—						(12,934)
Common stock repurchased			(1)						(1,108)						—						—						(1,109)
Share-based compensation expense			—						1,046						—						—						1,046
Issuance of common stock under employee benefit plans