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During the three months ended March 31, 2023, the Company paid $23,000 in consulting fees to this 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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)
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
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 AMSBIP
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 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 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
Consolidated Balance Sheets at March 31, 2023 (Unaudited) and December 31, 2022
Consolidated Statements of Income (Unaudited) for the three months ended March 31, 2023 and 2022
Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2023 and 2022
Consolidated Statements of Shareholders’ Equity (Unaudited) for the three months ended March 31, 2023 and 2022
Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2023 and 2022
1

Table of Contents
PART I – FINANCIAL INFORMATION

2

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 sold2,194 7,286 
Cash and cash equivalents138,310 160,631 
Investment securities available for sale, at fair value812,285 768,234 
Equity securities, at fair value8,720 8,626 
Loans6,354,271 6,306,467 
Allowance for credit losses on loans(62,067)(61,051)
Total loans, net6,292,204 6,245,416 
Loans held for sale2,747 1,286 
Premises and equipment, net80,582 78,293 
Other real estate owned6,729 6,729 
Nonmarketable equity securities53,131 46,201 
Accrued interest receivable20,534 20,313 
Loan servicing rights, at lower of cost or fair value1,117 1,205 
Commercial FHA mortgage loan servicing rights held for sale20,745 20,745 
Goodwill161,904 161,904 
Other intangible assets, net19,575 20,866 
Company-owned life insurance151,319 150,443 
Other assets160,272 164,609 
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 deposits5,209,443 5,002,494 
Total deposits6,425,201 6,364,652 
Short-term borrowings31,173 42,311 
Federal Home Loan Bank advances and other borrowings482,000 460,000 
Subordinated debt99,849 99,772 
Trust preferred debentures50,135 49,975 
Accrued interest payable and other liabilities66,173 80,217 
Total liabilities7,154,531 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 surplus447,471 449,196 
Retained earnings295,200 282,405 
Accumulated other comprehensive loss, net of tax(77,797)(83,797)
Total shareholders’ equity775,643 758,574 
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,
20232022
Interest income:
Loans including fees:
Taxable$87,459 $56,586 
Tax exempt425 548 
Loans held for sale16 220 
Investment securities:
Taxable5,370 3,897 
Tax exempt494 842 
Nonmarketable equity securities795 484 
Federal funds sold and cash investments980 171 
Total interest income95,539 62,748 
Interest expense:
Deposits26,405 2,161 
Short-term borrowings25 23 
Federal Home Loan Bank advances and other borrowings6,006 1,212 
Subordinated debt1,370 2,011 
Trust preferred debentures1,229 514 
Total interest expense35,035 5,921 
Net interest income60,504 56,827 
Provision for credit losses:
Provision for credit losses on loans3,135 4,132 
Provision for credit losses on unfunded commitments 256 
Recapture of other credit losses (221)
Total provision for credit losses3,135 4,167 
Net interest income after provision for credit losses57,369 52,660 
Noninterest income:
Wealth management revenue6,411 7,139 
Residential mortgage banking revenue405 599 
Service charges on deposit accounts2,568 2,068 
Interchange revenue3,412 3,280 
Loss on sales of investment securities, net(648) 
Impairment on commercial mortgage servicing rights (394)
Company-owned life insurance876 1,019 
Other income2,755 1,902 
Total noninterest income15,779 15,613 
Noninterest expense:
Salaries and employee benefits24,243 21,870 
Occupancy and equipment4,443 3,755 
Data processing6,311 5,873 
FDIC insurance1,329 830 
Professional1,760 1,972 
Marketing703 688 
Communications511 712 
Loan expense818 943 
Amortization of intangible assets1,291 1,398 
Other expense3,073 2,843 
Total noninterest expense44,482 40,884 
Income before income taxes28,666 27,389 
Income taxes6,894 6,640 
Net income21,772 20,749 
Preferred dividends2,228  
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 outstanding22,478,808 22,274,884 
Weighted average diluted common shares outstanding22,501,970 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,
20232022
Net income$21,772 $20,749 
Other comprehensive income (loss):
Investment securities available for sale:
Unrealized gains (losses) that occurred during the period5,364 (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 tax4,390 (36,973)
Cash flow hedges:
Net unrealized derivative gains on cash flow hedges2,206 5,105 
Income tax effect(596)(1,404)
Change in cash flow hedges, net of tax1,610 3,701 
Other comprehensive income (loss), net of tax6,000 (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 stockCommon
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,
20232022
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 losses3,135 4,167 
Depreciation on premises and equipment1,208 1,255 
Amortization of intangible assets1,291 1,398 
Amortization of operating lease right-of-use asset421 439 
Amortization of loan servicing rights88 771 
Share-based compensation expense625 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, net648  
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 sale6,261 103,133 
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 assets4,423 (14,107)
Accrued expenses and other liabilities(14,949)669 
Net cash provided by operating activities16,008 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 sale84,493  
Maturities and payments on investment securities available for sale13,748 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 equipment8  
Purchases of nonmarketable equity securities(11,315)(109)
Proceeds from sales of nonmarketable equity securities4,385  
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 deposits60,549 (53,109)
Net decrease in short-term borrowings(11,138)(16,451)
Proceeds from FHLB borrowings4,108,000 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)(