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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 September 30, 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 October 20, 2023, the Registrant had 21,538,434 shares of outstanding common stock, $0.01 par value.


Table of Contents
MIDLAND STATES BANCORP, INC.
TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
Consolidated Balance Sheets at September 30, 2023 (Unaudited) and December 31, 2022
Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2023 and 2022
Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2023 and 2022
Consolidated Statements of Shareholders’ Equity (Unaudited) for the three and nine months ended September 30, 2023 and 2022
Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022


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)
September 30,
2023
December 31,
2022
(unaudited)
Assets
Cash and due from banks$131,179 $153,345 
Federal funds sold953 7,286 
Cash and cash equivalents132,132 160,631 
Investment securities available for sale, at fair value835,009 768,234 
Equity securities, at fair value4,335 8,626 
Loans6,280,883 6,306,467 
Allowance for credit losses on loans(66,669)(61,051)
Total loans, net6,214,214 6,245,416 
Loans held for sale6,089 1,286 
Premises and equipment, net82,741 78,293 
Other real estate owned480 6,729 
Nonmarketable equity securities45,211 46,201 
Accrued interest receivable24,283 20,313 
Loan servicing rights, at lower of cost or fair value20,933 1,205 
Commercial FHA mortgage loan servicing rights held for sale 20,745 
Goodwill161,904 161,904 
Other intangible assets, net17,238 20,866 
Company-owned life insurance208,390 150,443 
Other assets222,966 164,609 
Total assets$7,975,925 $7,855,501 
Liabilities and Shareholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposits$1,154,515 $1,362,158 
Interest-bearing deposits5,250,487 5,002,494 
Total deposits6,405,002 6,364,652 
Short-term borrowings17,998 42,311 
Federal Home Loan Bank advances and other borrowings538,000 460,000 
Subordinated debt93,475 99,772 
Trust preferred debentures50,457 49,975 
Accrued interest payable and other liabilities106,743 80,217 
Total liabilities7,211,675 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 September 30, 2023 and December 31, 2022, respectively
110,548 110,548 
Common stock, $0.01 par value; 40,000,000 shares authorized; 21,594,546 and 22,214,913 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
216 222 
Capital surplus437,566 449,196 
Retained earnings317,101 282,405 
Accumulated other comprehensive loss, net of tax(101,181)(83,797)
Total shareholders’ equity764,250 758,574 
Total liabilities and shareholders’ equity$7,975,925 $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 September 30,Nine Months Ended September 30,
2023202220232022
Interest income:
Loans including fees:
Taxable$93,488 $72,901 $272,297 $192,430 
Tax exempt497 527 1,349 1,589 
Loans held for sale104 60 179 357 
Investment securities:
Taxable7,475 3,765 19,744 11,717 
Tax exempt275 628 1,074 2,162 
Nonmarketable equity securities710 550 2,104 1,521 
Federal funds sold and cash investments1,036 1,125 2,868 1,764 
Total interest income103,585 79,556 299,615 211,540 
Interest expense:
Deposits37,769 10,249 97,791 16,220 
Short-term borrowings14 28 53 73 
Federal Home Loan Bank advances and other borrowings4,557 2,424 15,959 5,071 
Subordinated debt1,280 2,010 3,985 6,032 
Trust preferred debentures1,369 821 3,887 1,959 
Total interest expense44,989 15,532 121,675 29,355 
Net interest income58,596 64,024 177,940 182,185 
Provision for credit losses:
Provision for credit losses on loans5,168 6,974 14,182 15,847 
Provision for credit losses on unfunded commitments   956 
Recapture of other credit losses   (221)
Total provision for credit losses5,168 6,974 14,182 16,582 
Net interest income after provision for credit losses53,428 57,050 163,758 165,603 
Noninterest income:
Wealth management revenue6,288 6,199 18,968 19,481 
Residential mortgage banking revenue507 210 1,452 1,193 
Service charges on deposit accounts3,149 2,783 8,744 7,544 
Interchange revenue3,609 3,531 10,717 10,401 
Loss on sales of investment securities, net(4,961)(129)(6,478)(230)
Impairment on commercial mortgage servicing rights   (1,263)
Company-owned life insurance7,558 929 9,325 2,788 
Other income2,035 2,303 9,989 6,138 
Total noninterest income18,185 15,826 52,717 46,052 
Noninterest expense:
Salaries and employee benefits22,307 22,889 69,407 67,404 
Occupancy and equipment3,730 3,850 12,052 11,094 
Data processing6,468 6,093 19,323 18,048 
FDIC insurance1,107 977 3,632 2,633 
Professional1,554 1,693 4,977 5,181 
Marketing950 1,026 2,323 2,447 
Communications507 587 1,514 1,934 
Loan expense866 1,137 3,104 3,379 
Amortization of intangible assets1,129 1,361 3,628 4,077 
Other expense3,420 3,883 9,454 9,522 
Total noninterest expense42,038 43,496 129,414 125,719 
Income before income taxes29,575 29,380 87,061 85,936 
Income taxes11,533 5,859 25,672 19,783 
Net income18,042 23,521 61,389 66,153 
Preferred dividends2,229  6,685  
Net income available to common shareholders$15,813 $23,521 $54,704 $66,153 
Per common share data:
Basic earnings per common share$0.71 $1.04 $2.43 $2.93 
Diluted earnings per common share$0.71 $1.04 $2.43 $2.92 
Weighted average common shares outstanding21,970,372 22,338,828 22,214,862 22,306,323 
Weighted average diluted common shares outstanding21,977,196 22,390,438 22,223,986 22,367,095 
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 September 30,Nine Months Ended September 30,
2023202220232022
Net income$18,042 $23,521 $61,389 $66,153 
Other comprehensive loss:
Investment securities available for sale:
Unrealized losses that occurred during the period(27,305)(31,764)(29,961)(115,199)
Recapture of credit loss expense   (221)
Reclassification adjustment for realized net losses on sales of investment securities included in net income
4,961 129 6,478 230 
Income tax effect6,032 8,134 6,340 31,111 
Change in investment securities available for sale, net of tax(16,312)(23,501)(17,143)(84,079)
Cash flow hedges:
Net unrealized derivative (losses) gains on cash flow hedges(205)(2,501)(330)594 
Income tax effect55 716 89 (135)
Change in cash flow hedges, net of tax(150)(1,785)(241)459 
Other comprehensive loss, net of tax(16,462)(25,286)(17,384)(83,620)
Total comprehensive income (loss)$1,580 $(1,765)$44,005 $(17,467)
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, June 30, 2023$110,548 $218 $442,886 $307,888 $(84,719)$776,821 
Net income— — — 18,042 — 18,042 
Other comprehensive loss— — — — (16,462)(16,462)
Common dividends declared ($0.30 per share)
— — — (6,600)— (6,600)
Preferred dividends declared ($19.375 per share)
— — — (2,229)— (2,229)
Common stock repurchased— (3)(6,055)— — (6,058)
Share-based compensation expense— — 604 — — 604 
Issuance of common stock under employee benefit plans— 1 131 — — 132 
Balances, September 30, 2023$110,548 $216 $437,566 $317,101 $(101,181)$764,250 
Balances, December 31, 2022$110,548 $222 $449,196 $282,405 $(83,797)$758,574 
Net income— — — 61,389 — 61,389 
Other comprehensive loss— — — — (17,384)(17,384)
Common dividends declared ($0.90 per share)
— — — (20,008)— (20,008)
Preferred dividends declared ($58.125 per share)
— — — (6,685)— (6,685)
Common stock repurchased— (7)(15,018)— — (15,025)
Share-based compensation expense— — 1,796 — — 1,796 
Issuance of common stock under employee benefit plans— 1,592 — — 1,593 
Balances, September 30, 2023$110,548 $216 $437,566 $317,101 $(101,181)$764,250 
Balances, June 30, 2022$ $221 $446,894 $242,170 $(53,097)$636,188 
Net income— — — 23,521 — 23,521 
Other comprehensive loss— — — — (25,286)(25,286)
Issuance of preferred stock, net of offering costs110,548 — — — — 110,548 
Common dividends declared ($0.29 per share)
— — — (6,470)— (6,470)
Share-based compensation expense— — 501 — — 501 
Issuance of common stock under employee benefit plans— — 277 — — 277 
Balances, September 30, 2022$110,548 $221 $447,672 $259,221 $(78,383)$739,279 
Balances, December 31, 2021$ $221 $445,907 $212,472 $5,237 $663,837 
Net income— — — 66,153 — 66,153 
Other comprehensive loss— — — — (83,620)(83,620)
Issuance of preferred stock, net of offering costs110,548 — — — — 110,548 
Common dividends declared ($0.87 per share)
— — — (19,404)— (19,404)
Common stock repurchased— (1)(1,108)— — (1,109)
Share-based compensation expense— — 1,547 — — 1,547 
Issuance of common stock under employee benefit plans— 1 1,326 — — 1,327 
Balances, September 30, 2022$110,548 $221 $447,672 $259,221 $(78,383)$739,279 
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)
Nine Months Ended September 30,
20232022
Cash flows from operating activities:
Net income$61,389 $66,153 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses14,182 16,582 
Depreciation on premises and equipment3,567 3,665 
Amortization of intangible assets3,628 4,077 
Amortization of operating lease right-of-use asset1,241 1,373 
Amortization of loan servicing rights861 2,202 
Share-based compensation expense1,796 1,547 
Increase in cash surrender value of life insurance(9,325)(2,524)
Gain on proceeds from company-owned life insurance (264)
Investment securities (accretion) amortization, net(1,424)1,923 
Loss on sales of investment securities, net6,478 230 
Gain on repurchase of subordinated debt(676) 
(Loss) gain on sales of other real estate owned(819)131 
Impairment on other real estate owned 743 
Origination of loans held for sale(45,690)(123,602)
Proceeds from sales of loans held for sale65,291 252,078 
Gain on sale of loans held for sale(1,712)(1,035)
Impairment on commercial mortgage servicing rights 1,263 
Net change in operating assets and liabilities:
Accrued interest receivable(3,970)1,969 
Other assets(58,408)(37,032)
Accrued expenses and other liabilities30,874 16,593 
Net cash provided by operating activities67,283 206,072 
Cash flows from investing activities:
Purchases of investment securities available for sale(305,021)(100,115)
Proceeds from sales of investment securities available for sale165,871 136,403 
Maturities and payments on investment securities available for sale43,838 71,305 
Purchases of equity securities(244)(441)
Proceeds from sales of equity securities5,148  
Net increase in loans(6,195)(1,065,192)
Purchases of premises and equipment(7,064)(2,088)
Proceeds from sale of premises and equipment104 158 
Purchases of nonmarketable equity securities(157,382)(6,360)
Proceeds from redemptions of nonmarketable equity securities158,372 3,005 
Proceeds from sales of other real estate owned7,346 561 
(Purchases of) proceeds from company-owned life insurance, net(48,622)1,518 
Net cash acquired in acquisitions 60,275 
Net cash used in investing activities(143,849)(900,971)
Cash flows from financing activities:
Net increase in deposits40,350 204,810 
Net decrease in short-term borrowings(24,313)(18,285)
Proceeds from FHLB borrowings15,996,000 1,900,000 
Payments made on FHLB borrowings and other borrowings(15,918,000)(1,850,000)
Payments made on subordinated debt(5,845) 
Proceeds from issuance of preferred stock 110,548 
Cash dividends paid on preferred stock(6,685) 
Cash dividends paid on common stock(20,008)(19,404)
Redemption of Series G preferred stock (171)
Common stock repurchased(15,025)(1,109)
Proceeds from issuance of common stock under employee benefit plans1,593 1,327 
Net cash provided by financing activities48,067 327,716 
Net decrease in cash and cash equivalents(28,499)(367,183)
Cash and cash equivalents:
Beginning of period160,631 680,371 
End of period