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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, 2023

☐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			The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/40th interest in a share of 7.75% fixed rate reset non-cumulative perpetual preferred stock, Series A			MSBIP			The Nasdaq Stock Market LLC

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 21, 2023, the Registrant had 22,025,115 shares of outstanding common stock, $0.01 par value.

---

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, 2023 (Unaudited) and December 31, 2022			3
			Consolidated Statements of Income (Unaudited) for the three months ended March 31, 2023 and 2022			4
			Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2023 and 2022			5
			Consolidated Statements of Shareholders’ Equity (Unaudited) for the three months ended March 31, 2023 and 2022			6
			Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2023 and 2022			7
			Notes to Consolidated Financial Statements (Unaudited)			8
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			38
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			55
Item 4.			Controls and Procedures			56
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			56
Item 1A.			Risk Factors			56
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			57
Item 6.			Exhibits			58
SIGNATURES						59

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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: Investment Securities			9
Note 4: Loans			11
Note 5: Premises, Equipment and Leases			23
Note 6: Loan Servicing Rights			24
Note 7: Derivative Instruments			24
Note 8: Deposits			26
Note 9: Short-Term Borrowings			26
Note 10: FHLB Advances and Other Borrowings			27
Note 11: Subordinated Debt			27
Note 12: Earnings Per Common Share			27
Note 13: Fair Value of Financial Instruments			28
Note 14: Commitments, Contingencies and Credit Risk			34
Note 15: Segment Information			34
Note 16: Revenue From Contracts with Customers			36

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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)

			March 31, 2023						December 31, 2022
			(unaudited)
Assets
Cash and due from banks			$	136,116					$	153,345
Federal funds sold			2,194						7,286
Cash and cash equivalents			138,310						160,631
Investment securities available for sale, at fair value			812,285						768,234
Equity securities, at fair value			8,720						8,626
Loans			6,354,271						6,306,467
Allowance for credit losses on loans			(62,067)						(61,051)
Total loans, net			6,292,204						6,245,416
Loans held for sale			2,747						1,286
Premises and equipment, net			80,582						78,293
Other real estate owned			6,729						6,729
Nonmarketable equity securities			53,131						46,201
Accrued interest receivable			20,534						20,313
Loan servicing rights, at lower of cost or fair value			1,117						1,205
Commercial FHA mortgage loan servicing rights held for sale			20,745						20,745
Goodwill			161,904						161,904
Other intangible assets, net			19,575						20,866
Company-owned life insurance			151,319						150,443
Other assets			160,272						164,609
Total assets			$	7,930,174					$	7,855,501
Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposits			$	1,215,758					$	1,362,158
Interest-bearing deposits			5,209,443						5,002,494
Total deposits			6,425,201						6,364,652
Short-term borrowings			31,173						42,311
Federal Home Loan Bank advances and other borrowings			482,000						460,000
Subordinated debt			99,849						99,772
Trust preferred debentures			50,135						49,975
Accrued interest payable and other liabilities			66,173						80,217
Total liabilities			7,154,531						7,096,927
Shareholders’ Equity:
Preferred stock, $2.00 par value; 4,000,000 shares authorized; 115,000 Series A shares, $1,000 per share liquidation preference, issued and outstanding at March 31, 2023 and December 31, 2022, respectively			110,548						110,548
Common stock, $0.01 par value; 40,000,000 shares authorized; 22,111,454 and 22,214,913 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively			221						222
Capital surplus			447,471						449,196
Retained earnings			295,200						282,405
Accumulated other comprehensive loss, net of tax			(77,797)						(83,797)
Total shareholders’ equity			775,643						758,574
Total liabilities and shareholders’ equity			$	7,930,174					$	7,855,501

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 March 31,
			2023						2022
Interest income:
Loans including fees:
Taxable			$	87,459					$	56,586
Tax exempt			425						548
Loans held for sale			16						220
Investment securities:
Taxable			5,370						3,897
Tax exempt			494						842
Nonmarketable equity securities			795						484
Federal funds sold and cash investments			980						171
Total interest income			95,539						62,748
Interest expense:
Deposits			26,405						2,161
Short-term borrowings			25						23
Federal Home Loan Bank advances and other borrowings			6,006						1,212
Subordinated debt			1,370						2,011
Trust preferred debentures			1,229						514
Total interest expense			35,035						5,921
Net interest income			60,504						56,827
Provision for credit losses:
Provision for credit losses on loans			3,135						4,132
Provision for credit losses on unfunded commitments			—						256
Recapture of other credit losses			—						(221)
Total provision for credit losses			3,135						4,167
Net interest income after provision for credit losses			57,369						52,660
Noninterest income:
Wealth management revenue			6,411						7,139
Residential mortgage banking revenue			405						599
Service charges on deposit accounts			2,568						2,068
Interchange revenue			3,412						3,280
Loss on sales of investment securities, net			(648)						—
Impairment on commercial mortgage servicing rights			—						(394)
Company-owned life insurance			876						1,019
Other income			2,755						1,902
Total noninterest income			15,779						15,613
Noninterest expense:
Salaries and employee benefits			24,243						21,870
Occupancy and equipment			4,443						3,755
Data processing			6,311						5,873
FDIC insurance			1,329						830
Professional			1,760						1,972
Marketing			703						688
Communications			511						712
Loan expense			818						943
Amortization of intangible assets			1,291						1,398
Other expense			3,073						2,843
Total noninterest expense			44,482						40,884
Income before income taxes			28,666						27,389
Income taxes			6,894						6,640
Net income			21,772						20,749
Preferred dividends			2,228						—
Net income available to common shareholders			$	19,544					$	20,749
Per common share data:
Basic earnings per common share			$	0.86					$	0.92
Diluted earnings per common share			$	0.86					$	0.92
Weighted average common shares outstanding			22,478,808						22,274,884
Weighted average diluted common shares outstanding			22,501,970						22,350,307

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,
			2023						2022
Net income			$	21,772					$	20,749
Other comprehensive income (loss):
Investment securities available for sale:
Unrealized gains (losses) that occurred during the period			5,364						(50,776)
Recapture of credit loss expense			—						(221)
Reclassification adjustment for realized net losses on sales of investment securities included in net income			648						—
Income tax effect			(1,622)						14,024
Change in investment securities available for sale, net of tax			4,390						(36,973)
Cash flow hedges:
Net unrealized derivative gains on cash flow hedges			2,206						5,105
Income tax effect			(596)						(1,404)
Change in cash flow hedges, net of tax			1,610						3,701
Other comprehensive income (loss), net of tax			6,000						(33,272)
Total comprehensive income			$	27,772					$	(12,523)

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)

			Preferred stock						Common stock						Capital surplus						Retained earnings						Accumulated other comprehensive (loss) income						Total shareholders' equity
Balances, December 31, 2022			$	110,548					$	222					$	449,196					$	282,405					$	(83,797)					$	758,574
Net income			—						—						—						21,772						—						21,772
Other comprehensive income			—						—						—						—						6,000						6,000
Common dividends declared ($0.30 per share)			—						—						—						(6,749)						—						(6,749)
Preferred dividends declared ($19.375 per share)			—						—						—						(2,228)						—						(2,228)
Common stock repurchased			—						(1)						(2,800)						—						—						(2,801)
Share-based compensation expense			—						—						625						—						—						625
Issuance of common stock under employee benefit plans			—						—						450						—						—						450
Balances, March 31, 2023			$	110,548					$	221					$	447,471					$	295,200					$	(77,797)					$	775,643
Balances, December 31, 2021			$	—					$	221					$	445,907					$	212,472					$	5,237					$	663,837
Net income			—						—						—						20,749						—						20,749
Other comprehensive loss			—						—						—						—						(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

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,
			2023						2022
Cash flows from operating activities:
Net income			$	21,772					$	20,749
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			3,135						4,167
Depreciation on premises and equipment			1,208						1,255
Amortization of intangible assets			1,291						1,398
Amortization of operating lease right-of-use asset			421						439
Amortization of loan servicing rights			88						771
Share-based compensation expense			625						527
Increase in cash surrender value of life insurance			(876)						(831)
Gain on proceeds from company-owned life insurance			—						(188)
Investment securities (accretion) amortization, net			(47)						852
Loss on sales of investment securities, net			648						—
Gain on sales of other real estate owned			—						(42)
Impairment on other real estate owned			—						337
Origination of loans held for sale			(7,507)						(79,601)
Proceeds from sales of loans held for sale			6,261						103,133
Gain on sale of loans held for sale			(264)						(484)
Impairment on commercial mortgage servicing rights			—						394
Net change in operating assets and liabilities:
Accrued interest receivable			(221)						(361)
Other assets			4,423						(14,107)
Accrued expenses and other liabilities			(14,949)						669
Net cash provided by operating activities			16,008						39,077
Cash flows from investing activities:
Purchases of investment securities available for sale			(136,881)						(15,873)
Proceeds from sales of investment securities available for sale			84,493						—
Maturities and payments on investment securities available for sale			13,748						21,773
Purchases of equity securities			(139)						(312)
Net increase in loans			(49,923)						(317,486)
Purchases of premises and equipment			(2,788)						(414)
Proceeds from sale of premises and equipment			8						—
Purchases of nonmarketable equity securities			(11,315)						(109)
Proceeds from sales of nonmarketable equity securities			4,385						—
Proceeds from sales of other real estate owned			—						315
Proceeds from settlements of company-owned life insurance			—						1,337
Net cash used in investing activities			(98,412)						(310,769)
Cash flows from financing activities:
Net increase (decrease) in deposits			60,549						(53,109)
Net decrease in short-term borrowings			(11,138)						(16,451)
Proceeds from FHLB borrowings			4,108,000						50,000
Payments made on FHLB borrowings and other borrowings			(4,086,000)						(50,000)
Cash dividends paid on preferred stock			(2,228)						—
Cash dividends paid on common stock			(6,749)						(6,464)
Common stock repurchased			(2,801)						(1,109)
Proceeds from issuance of common stock under employee benefit plans			450						718
Net cash provided by (used in) financing activities			60,083						(76,415)
Net decrease in cash and cash equivalents			(