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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)
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 July 22, 2022, the Registrant had 22,067,424 shares of outstanding common stock, $0.01 par value.


Table of Contents
MIDLAND STATES BANCORP, INC.
TABLE OF CONTENTS
Page
Consolidated Balance Sheets at June 30, 2022 (Unaudited) and December 31, 2021
Consolidated Statements of Income (Unaudited) for the three and six months ended June 30, 2022 and 2021
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Table of Contents
PART I – FINANCIAL INFORMATION

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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 sold5,944 7,074 
Cash and cash equivalents270,117 680,371 
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 value8,738 9,529 
Loans5,795,544 5,224,801 
Allowance for credit losses on loans(54,898)(51,062)
Total loans, net5,740,646 5,173,739 
Loans held for sale5,298 32,045 
Premises and equipment, net77,668 79,220 
Other real estate owned11,131 12,059 
Nonmarketable equity securities35,701 36,341 
Accrued interest receivable16,552 19,470 
Loan servicing rights, at lower of cost or fair value25,879 28,865 
Goodwill161,904 161,904 
Other intangible assets, net23,559 24,374 
Company-owned life insurance148,900 148,378 
Other assets149,179 130,907 
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 deposits4,212,177 3,864,947 
Total deposits6,184,438 6,110,648 
Short-term borrowings67,689 76,803 
Federal Home Loan Bank advances and other borrowings285,000 310,171 
Subordinated debt139,277 139,091 
Trust preferred debentures49,674 49,374 
Accrued interest payable and other liabilities73,546 93,881 
Total liabilities6,799,624 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 surplus446,894 445,907 
Retained earnings242,170 212,472 
Accumulated other comprehensive (loss) income, net of tax(53,097)5,237 
Total shareholders’ equity636,188 663,837 
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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Table of Contents
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,
2022202120222021
Interest income:
Loans including fees:
Taxable$62,943 $52,490 $119,529 $107,044 
Tax exempt514 650 1,062 1,320 
Loans held for sale77 261 297 703 
Investment securities:
Taxable4,055 3,451 7,952 6,731 
Tax exempt692 794 1,534 1,575 
Nonmarketable equity securities487 609 971 1,289 
Federal funds sold and cash investments468 142 639 238 
Total interest income69,236 58,397 131,984 118,900 
Interest expense:
Deposits3,810 2,992 5,971 6,175 
Short-term borrowings22 20 45 44 
Federal Home Loan Bank advances and other borrowings1,435 2,470 2,647 5,040 
Subordinated debt2,011 2,316 4,022 4,683 
Trust preferred debentures624 489 1,138 980 
Total interest expense7,902 8,287 13,823 16,922 
Net interest income61,334 50,110 118,161 101,978 
Provision for credit losses:
Provision for credit losses on loans4,741  8,873 3,950 
Provision for credit losses on unfunded commitments700 (265)956 (800)
Recapture of provision for other credit losses (190)(221)(40)
Total provision for credit losses5,441 (455)9,608 3,110 
Net interest income after provision for credit losses55,893 50,565 108,553 98,868 
Noninterest income:
Wealth management revenue6,143 6,529 13,282 12,460 
Residential mortgage banking revenue384 1,562 983 3,136 
Service charges on deposit accounts2,304 1,916 4,372 3,742 
Interchange revenue3,590 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 insurance840 863 1,859 1,723 
Other income2,322 3,521 4,224 6,046 
Total noninterest income14,613 17,417 30,226 32,233 
Noninterest expense:
Salaries and employee benefits22,645 22,071 44,515 42,599 
Occupancy and equipment3,489 3,796 7,244 7,736 
Data processing6,082 6,288 11,955 12,281 
Professional1,516 5,549 3,488 7,734 
Marketing733 700 1,421 1,177 
Communications635 824 1,347 1,646 
Amortization of intangible assets1,318 1,470 2,716 2,985 
Federal Home Loan Bank advances prepayment fees 3,669  3,677 
Other expense4,921 4,574 9,537 8,185 
Total noninterest expense41,339 48,941 82,223 88,020 
Income before income taxes29,167 19,041 56,556 43,081 
Income taxes7,284 (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 outstanding22,305,590 22,591,127 22,290,486 22,557,728 
Weighted average diluted common shares outstanding22,360,819 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,
2022202120222021
Net income$21,883 $20,124 $42,632 $38,662 
Other comprehensive loss:
Investment securities available for sale:
Unrealized (losses) gains that occurred during the period(32,659)565 (83,435)(6,176)
Recapture of provision for credit loss expense (190)(221)(40)
Reclassification adjustment for realized net (gains) losses on sales of investment securities included in net income
101 (377)101 (377)
Income tax effect8,953  22,977 1,813 
Change in investment securities available for sale, net of tax(23,605)(2)(60,578)(4,780)
Cash flow hedges:
Net unrealized derivative (losses) gains on cash flow hedges(2,010)(2,797)3,095 4,838 
Reclassification adjustment for gains realized in net income   314 
Income tax effect553 770 (851)(1,417)
Change in cash flow hedges, net of tax(1,457)(2,027)2,244 3,735 
Other comprehensive loss, net of tax(25,062)(2,029)(58,334)(1,045)
Total comprehensive (loss) income$(3,179)$18,095 $(15,702)$37,617 
The accompanying notes are an integral part of the consolidated financial statements.
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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
(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 plans1 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