ミッドランドステーツバンコープの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 30, 2025

Midland States Bancorp, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Illinois

001-35272

37-1233196

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)


1201 Network Centre Drive
Effingham, Illinois 62401
(Address of Principal Executive Offices) (Zip Code)

(217) 342-7321

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 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, $2.00 par value	MSBIP	The Nasdaq Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 30, 2025, Midland States Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the third quarter of 2025. The press release is attached as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure.

On October 30, 2025, the Company made available on its website a slide presentation regarding the Company’s third quarter 2025 financial results. The slide presentation is attached as Exhibit 99.2.

The information set forth under Items 2.02 and 7.01 in this Form 8-K and the attached exhibits shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.						Description
99.1						Press Release of Midland States Bancorp, Inc., dated October 30, 2025
99.2						Slide Presentation of Midland States Bancorp, Inc. regarding third quarter 2025 financial results
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Date: October 30, 2025	By:	/s/ Eric T. Lemke
		Eric T. Lemke
		Chief Financial Officer

EX-99.1 2 msbi-20250930exx991.htm EX-99.1 Document

EXHIBIT 99.1

Midland States Bancorp, Inc. Announces 2025 Third Quarter Results

Effingham, IL, October 30, 2025 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $5.3 million, or $0.24 per diluted share, for the third quarter of 2025, compared to net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025.

This also compares to net income of $18.2 million, or $0.83 per diluted share, for the third quarter of 2024.

2025 Third Quarter Results

•Net income available to common shareholders of $5.3 million, or $0.24 per diluted share

•Pre-provision net revenue of $31.3 million, or $1.43 per diluted share, compared to $32.2 million, or $1.48 per diluted share, for the second quarter of 2025

•Net interest margin of 3.79%, compared to 3.56% in prior quarter; excluding interest recoveries, net interest margin was 3.69%

•Nonperforming assets to total assets of 1.02%, compared to 1.15% in prior quarter

•Total capital to risk-weighted assets of 14.29% and common equity tier 1 capital of 9.37%

•Ceased equipment finance production effective September 30, 2025

Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:

“Although we are disappointed in our financial results this quarter, we have made meaningful progress on several strategic initiatives. The financial results included $15 million of provision in our equipment finance portfolio reflecting an increase in our loss given default assumptions. Given our current outlook and the allowance held against this portfolio, we believe we are appropriately reserved for future credit losses.

“Reducing problem loans has been a priority this year and importantly, our nonperforming assets decreased to $70 million, or 1.02% of total assets. This represents a pronounced decline from 2.10% at December 31, 2024. Along with our previously discussed strategic decision to tighten underwriting standards in our specialty finance portfolio, we have made the decision to cease originations in equipment finance to further reduce our exposure to higher-risk asset classes.

“Our capital position also improved, with the common equity tier 1 capital ratio rising to 9.4% and remaining on track to reach our 10.0% target. On September 30, we completed the previously announced redemption of $50.75 million in subordinated notes, using existing liquidity.

“Revenue trends were positive, bolstered by the expansion of the net interest margin and continued strong contribution from our wealth management platform, which posted a record quarter with $8 million of revenue. We also saw solid deposit growth in our Community Bank.”

Key Points for Third Quarter and Outlook

Continuation of Credit Clean-up; Tightened Underwriting Standards

•As a continuation of steps taken to address our credit quality issues, including the sales of non-core loan portfolios and tightened underwriting standards in our specialty finance portfolio, we ceased originations in the equipment finance portfolio effective September 30, 2025.

•Nonperforming loans and loans 30-89 days past due decreased to $68.7 million and $26.0 million, respectively, at September 30, 2025. Substandard accruing loans rose principally due to two relationships.

•Net charge-offs were $12.3 million for the quarter, including:

◦$5.0 million of net charge-offs in our equipment finance portfolio as we continue to see credit issues, primarily in the trucking industry

◦$1.7 million of fully reimbursed net charge-offs related to our third party lending program

◦$3.5 million of net charge-offs in our specialty finance portfolio

•Provision for credit losses on loans was $20.5 million for the third quarter of 2025. The provision was principally due to an increase in our loss given default assumptions on the equipment finance portfolio due to continued loss trends in the portfolio.

•Allowance for credit losses on loans was $100.9 million, or 2.07% of total loans.

The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of September 30, 2025.


	As of and for the Three Months Ended
(dollars in thousands)	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Asset Quality
Loans 30-89 days past due	$	26,019		$	40,959		$	48,221		$	43,681		$	55,329
Nonperforming loans	68,703			80,112			145,690			150,907			114,556
Nonperforming assets	70,369			81,775			151,264			157,409			126,771
Substandard accruing loans	78,901			58,478			77,620			84,058			167,549
Net charge-offs	12,309			29,854			16,878			112,776			22,302
Loans 30-89 days past due to total loans	0.53		%	0.81		%	0.96		%	0.85		%	0.97		%
Nonperforming loans to total loans	1.41		%	1.59		%	2.90		%	2.92		%	2.00		%
Nonperforming assets to total assets	1.02		%	1.15		%	2.08		%	2.10		%	1.65		%
Allowance for credit losses to total loans	2.07		%	1.84		%	2.10		%	2.15		%	2.64		%
Allowance for credit losses to nonperforming loans	146.84		%	115.70		%	72.19		%	73.69		%	131.87		%
Net charge-offs to average loans	0.99		%	2.34		%	1.35		%	7.94		%	1.53		%

Solid Growth Trends in Community Bank & Wealth Management

•Total loans at September 30, 2025 were $4.87 billion, a decrease of $167.7 million from June 30, 2025. Key changes in the loan portfolio were as follows:

◦Loans originated by our Community Bank decreased $39.2 million, or 1.2%, from June 30, 2025, due to several large payoffs and the reduction in nonperforming loans. Additionally, we exited relationships with several borrowers exhibiting weaker operating performance. We originated $129 million of new loans, versus $182 million in the second quarter, and new production stemmed from commercial clients that provide full banking relationships. Pipelines remain strong and we continued to add to our sales teams in the third quarter.

◦We continue to intentionally reduce our specialty finance loan portfolio, reflecting our tightened credit standards. Balances in this portfolio decreased $28.4 million during the quarter.

◦Similarly, equipment finance balances declined $73.8 million during the quarter.

◦Non-core loans decreased $26.3 million to $313.0 million from June 30, 2025.

•Total deposits were $5.60 billion at September 30, 2025, a decrease of $342.1 million from June 30, 2025. The decrease in deposits reflects the following:

◦Servicing deposits and brokered deposits decreased $286.8 million and $81.5 million, respectively, from June 30, 2025. We expect this reduction of higher-cost deposits to positively impact our future net interest margin.

◦Community Bank deposits rose $69.9 million driven by increases in commercial deposits while retail and public funds deposits were down.

•Wealth Management revenue totaled $8.0 million in the third quarter of 2025. Assets under administration were $4.36 billion at September 30, 2025, an increase from $4.18 billion at June 30, 2025. The Company added new sales positions in the third quarter of 2025 and continues to experience strong pipelines.

Net Interest Margin

•Net interest margin was 3.79%, up 23 basis points compared to the second quarter of 2025, which included the impact of a $1.6 million interest recovery due to the payoff of a nonaccrual loan. Excluding this benefit, the net interest margin was 3.69%. Most of the expansion stemmed from a continued decline in the cost of funding, as rate cuts enacted by the Federal Reserve Bank in late 2024 continue to result in a lower cost of deposits for the Company, which fell to 2.12% in the third quarter of 2025. The partial quarter effect of the 25 basis point rate cut in September 2025

had a limited effect on the third quarter’s results, but should result in additional improvement in funding costs.

The following table presents the Company’s net interest margin for the third quarter of 2025 compared to the second quarter of 2025 and the third quarter of 2024.


	For the Three Months Ended
(dollars in thousands)	September 30, 2025						June 30, 2025						September 30, 2024
Interest-earning assets	Average Balance		Interest & Fees		Yield/Rate		Average Balance		Interest & Fees		Yield/Rate		Average Balance		Interest & Fees		Yield/Rate
Cash and cash equivalents	$	78,567	$	849	4.29	%	$	67,326	$	716	4.27	%	$	75,255	$	1,031	5.45	%
Investment securities(1)	1,338,997		15,979		4.73		1,367,180		17,164		5.04		1,162,751		13,752		4.71
Loans(1)(2)	4,947,675		81,012		6.50		5,123,558		79,240		6.20		5,783,408		93,504		6.43
Loans held for sale	9,268		147		6.29		44,642		377		3.39		7,505		124		6.57
Nonmarketable equity securities	38,559		715		7.36		38,803		694		7.17		41,137		788		7.62
Total interest-earning assets	6,413,066		98,702		6.11		6,641,509		98,191		5.93		7,070,056		109,199		6.14
Noninterest-earning assets	498,875						513,801						653,279
Total assets	$	6,911,941					$	7,155,310					$	7,723,335

Interest-Bearing Liabilities
Interest-bearing deposits	$	4,644,455	$	30,219	2.58	%	$	4,845,609	$	32,290	2.67	%	$	5,132,640	$	41,970	3.25	%
Short-term borrowings	54,839		499		3.61		60,117		573		3.82		53,577		602		4.47
FHLB advances & other borrowings	386,772		4,044		4.15		363,505		3,766		4.16		428,739		4,743		4.40
Subordinated debt	77,210		1,393		7.16		77,757		1,394		7.19		89,120		1,228		5.48
Trust preferred debentures	51,602		1,221		9.39		51,439		1,206		9.40		50,990		1,341		10.46
Total interest-bearing liabilities	5,214,878		37,376		2.84		5,398,427		39,229		2.91		5,755,066		49,884		3.45
Noninterest-bearing deposits	1,020,196						1,075,945						1,075,712
Other noninterest-bearing liabilities	100,436						108,819						97,235
Shareholders’ equity	576,431						572,119						795,322
Total liabilities and shareholder’s equity	$	6,911,941					$	7,155,310					$	7,723,335

Net Interest Margin			$	61,326	3.79	%			$	58,962	3.56	%			$	59,315	3.34	%

Cost of Deposits					2.12	%					2.19	%					2.69	%

(1)Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.2 million, $0.3 million and $0.2 million for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively.

(2)Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

Trends in Noninterest Income and Expense

•Noninterest income was $20.0 million for the third quarter of 2025, compared to $23.5 million for the second quarter of 2025. Noninterest income for the third quarter of 2025 included a loss on credit enhancement income of $0.2 million compared to income of $3.8 million in the prior quarter. The higher second quarter credit enhancement income was attributable to reimbursements from our program sponsor in connection with charge-offs in our third-party loan origination and servicing program.

•Noninterest expense was $49.8 million for the third quarter of 2025, which included $1.0 million of severance expense due to the decision to cease equipment finance originations, compared to $50.0 million of noninterest expense for the second quarter of 2025.

•Income tax expense was $3.7 million for the third quarter of 2025, compared to $2.8 million for the second quarter of 2025 and $4.5 million for the third quarter of 2024. The resulting effective tax rates were 33.2%, 19.1% and 18.2%, respectively. Tax expense for the third quarter of 2025 included $1.3 million of additional provision related to the completion of our prior year returns.

Third Quarter 2025 Financial Highlights and Key Performance Indicators:


	As of and for the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Return on average assets	0.43		%	0.67		%	(7.66)		%	(1.59)		%	1.05		%
Pre-provision net revenue to average assets(1)	1.80		%	1.81		%	1.47		%	1.83		%	2.21		%
Net interest margin	3.79		%	3.56		%	3.49		%	3.34		%	3.34		%
Efficiency ratio (1)	61.25		%	60.60		%	64.29		%	62.31		%	53.61		%
Noninterest expense to average assets	2.86		%	2.80		%	11.02		%	3.04		%	2.56		%
Net charge-offs to average loans	0.99		%	2.34		%	1.35		%	7.94		%	1.53		%
Tangible book value per share at period end (1)	$	21.16		$	20.68		$	20.54		$	19.83		$	22.70




Diluted earnings (loss) per common share	$	0.24		$	0.44		$	(6.58)		$	(1.52)		$	0.83
Common shares outstanding at period end	21,543,557			21,515,138			21,503,036			21,494,485			21,393,905
Trust assets under administration	$	4,363,756		$	4,181,180		$	4,101,414		$	4,153,080		$	4,268,539

(1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.

Capital

On September 30, 2025, we redeemed our $50.75 million in subordinated notes. The Company and Midland States Bank exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:


	As of September 30, 2025
	Midland States Bank	Midland States Bancorp, Inc.	Minimum Regulatory Requirements (2)
Total capital to risk-weighted assets	13.34%	14.29%	10.50%
Tier 1 capital to risk-weighted assets	12.08%	12.54%	8.50%
Common equity Tier 1 capital to risk-weighted assets	12.08%	9.37%	7.00%
Tier 1 leverage ratio	9.57%	9.93%	4.00%
Tangible common equity to tangible assets (1)	N/A	6.61%	N/A

(1) A non-GAAP financial measure. Refer to page 10 for a reconciliation to the comparable GAAP financial measure.

(2) Includes the capital conservation buffer of 2.5%, as applicable.

About Midland States Bancorp, Inc.

Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of September 30, 2025, the Company had total assets of approximately $6.91 billion, and its Wealth Management Group had assets under administration of approximately $4.36 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.

These non-GAAP financial measures include “Pre-provision net revenue,” “Pre-provision net revenue per diluted share,” “Pre-provision net revenue to average assets,” “Adjusted earnings (loss),” “Adjusted earnings (loss) available to common shareholders,” “Adjusted diluted earnings (loss) per common share,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

Forward-Looking Statements

Readers should note that in addition to the historical information contained herein, this press release includes "forward-looking statements" within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," ‘outlook,” “trends,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

CONTACTS:

Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321

Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321


MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)

	As of
	September 30,		June 30,		March 31,		December 31,		September 30,
(dollars in thousands)	2025		2025		2025		2024		2024
Assets
Cash and cash equivalents	$	166,147	$	176,587	$	102,006	$	114,766	$	121,873
Investment securities	1,383,121		1,354,652		1,368,405		1,212,366		1,216,795
Loans	4,867,587		5,035,295		5,018,053		5,167,574		5,728,237
Allowance for credit losses on loans	(100,886)		(92,690)		(105,176)		(111,204)		(151,067)
Total loans, net	4,766,701		4,942,605		4,912,877		5,056,370		5,577,170
Loans held for sale	7,535		37,299		287,821		344,947		8,001
Premises and equipment, net	86,005		86,240		86,719		85,710		84,672
Other real estate owned	393		393		4,183		4,941		8,646
Loan servicing rights, at lower of cost or fair value	16,165		16,720		17,278		17,842		18,400

Goodwill	7,927		7,927		7,927		161,904		161,904
Other intangible assets, net	9,619		10,362		11,189		12,100		13,052
Company-owned life insurance	216,494		214,392		212,336		211,168		209,193



Credit enhancement asset	5,765		5,800		5,615		16,804		20,633
Other assets	245,643		254,901		268,448		267,891		263,850
Total assets	$	6,911,515	$	7,107,878	$	7,284,804	$	7,506,809	$	7,704,189

Liabilities and Shareholders' Equity
Noninterest-bearing demand deposits	$	1,015,930	$	1,074,212	$	1,090,707	$	1,055,564	$	1,050,617
Interest-bearing deposits	4,588,895		4,872,707		4,845,727		5,141,679		5,206,219
Total deposits	5,604,825		5,946,919		5,936,434		6,197,243		6,256,836
Short-term borrowings	146,766		8,654		40,224		87,499		13,849
FHLB advances and other borrowings	373,000		345,000		498,000		258,000		425,000
Subordinated debt	27,014		77,759		77,754		77,749		82,744
Trust preferred debentures	51,684		51,518		51,358		51,205		51,058


Other liabilities	124,225		104,323		109,597		124,266		103,481
Total liabilities	6,327,514		6,534,173		6,713,367		6,795,962		6,932,968
Total shareholders’ equity	584,001		573,705		571,437		710,847		771,221
Total liabilities and shareholders’ equity	$	6,911,515	$	7,107,878	$	7,284,804	$	7,506,809	$	7,704,189


MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	For the Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
(dollars in thousands, except per share data)	2025		2025		2025		2024		2024
Net interest income:
Interest income	$	98,493	$	97,924	$	99,355	$	104,470	$	108,994
Interest expense	37,376		39,229		41,065		45,900		49,884
Net interest income	61,117		58,695		58,290		58,570		59,110

Provision for credit losses on loans	20,505		17,369		10,850		74,183		17,925
Recapture of credit losses on unfunded commitments	(500)		—		—		—		—

Total provision for credit losses	20,005		17,369		10,850		74,183		17,925
Net interest income after provision for credit losses	41,112		41,326		47,440		(15,613)		41,185
Noninterest income:
Wealth management revenue	8,018		7,379		7,350		7,660		7,104
Service charges on deposit accounts	3,598		3,351		3,305		3,506		3,411
Interchange revenue	3,445		3,463		3,151		3,528		3,506
Residential mortgage banking revenue	735		756		676		637		697
Income on company-owned life insurance	2,102		2,068		2,334		1,975		1,982

Gain (loss) on sales of investment securities, net	14		—		—		(34)		(44)






Credit enhancement income (loss)	(242)		3,848		(578)		15,810		14,206
Other income	2,346		2,669		1,525		2,289		2,683
Total noninterest income	20,016		23,534		17,763		35,371		33,545
Noninterest expense:
Salaries and employee benefits	26,393		25,685		26,416		22,283		24,382
Occupancy and equipment	4,206		4,166		4,498		4,286		4,393
Data processing	7,186		7,035		6,919		7,278		6,955
Professional services	2,017		2,792		2,741		1,580		1,744
Impairment on goodwill	—		—		153,977		—		—
Amortization of intangible assets	743		827		911		952		951



Impairment on leased assets and surrendered assets	—		—		—		7,601		—




FDIC insurance	1,512		1,422		1,463		1,383		1,402


Other expense	7,757		8,065		6,080		13,336		9,937
Total noninterest expense	49,814		49,992		203,005		58,699		49,764
Income (loss) before income taxes	11,314		14,868		(137,802)		(38,941)		24,966
Income tax expense (benefit)	3,757		2,844		3,172		(8,172)		4,535
Net income (loss)	7,557		12,024		(140,974)		(30,769)		20,431
Preferred stock dividends	2,229		2,228		2,228		2,228		2,229
Net income (loss) available to common shareholders	$	5,328	$	9,796	$	(143,202)	$	(32,997)	$	18,202

Basic earnings (loss) per common share	$	0.24	$	0.44	$	(6.58)	$	(1.52)	$	0.83
Diluted earnings (loss) per common share	$	0.24	$	0.44	$	(6.58)	$	(1.52)	$	0.83
Weighted average common shares outstanding	21,863,911		21,820,190		21,795,570		21,748,428		21,675,818
Weighted average diluted common shares outstanding	21,863,911		21,820,190		21,795,570		21,753,711		21,678,242


MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)

	As of
	September 30,		June 30,		March 31,		December 31,		September 30,
(dollars in thousands)	2025		2025		2025		2024		2024
Loan Portfolio Mix
Commercial loans	$	1,149,673	$	1,178,792	$	879,286	$	934,848	$	879,590
Equipment finance loans	326,860		364,526		390,276		416,969		442,552
Equipment finance leases	310,983		347,155		373,168		391,390		417,531
Commercial FHA warehouse lines	—		1,068		—		8,004		50,198
Total commercial loans and leases	1,787,516		1,891,541		1,642,730		1,751,210		1,789,871
Commercial real estate	2,336,661		2,383,361		2,592,325		2,591,664		2,510,472
Construction and land development	260,073		258,729		264,966		299,842		422,253
Residential real estate	353,475		361,261		373,095		380,557		378,658
Consumer	129,862		140,403		144,937		144,301		626,983
Total loans	$	4,867,587	$	5,035,295	$	5,018,053	$	5,167,574	$	5,728,237

Loan Portfolio Segment
Regions
Eastern	$	927,977	$	897,348	$	897,792	$	899,611	$	902,993
Northern	724,695		753,590		747,028		714,562		730,752
Southern	725,892		778,124		711,787		720,188		694,810
St. Louis	896,005		884,685		902,743		868,190		850,327

Total Community Bank	3,274,569		3,313,747		3,259,350		3,202,551		3,178,882
Specialty finance	642,167		670,566		867,918		1,026,443		1,010,766
Equipment finance	637,843		711,681		763,444		808,359		860,083
Non-core loan program and other(1)	313,008		339,301		127,341		130,221		678,506
Total loans	$	4,867,587	$	5,035,295	$	5,018,053	$	5,167,574	$	5,728,237

Deposit Portfolio Mix
Noninterest-bearing demand	$	1,015,930	$	1,074,212	$	1,090,707	$	1,055,564	$	1,050,617
Interest-bearing:
Checking	1,996,501		2,180,717		2,161,282		2,378,256		2,389,970
Money market	1,240,885		1,216,357		1,154,403		1,173,630		1,187,139
Savings	486,953		511,470		522,663		507,305		510,260
Time	804,740		818,813		818,732		822,981		849,413
Brokered time	59,816		145,350		188,647		259,507		269,437
Total deposits	$	5,604,825	$	5,946,919	$	5,936,434	$	6,197,243	$	6,256,836

Deposit Portfolio by Channel
Retail	$	2,791,085	$	2,811,838	$	2,846,494	$	2,749,650	$	2,695,077
Commercial	1,248,445		1,145,369		1,074,837		1,209,815		1,218,657
Public Funds	605,474		618,172		490,374		505,912		574,704
Wealth & Trust	263,765		304,626		301,251		340,615		332,242
Servicing	498,892		785,659		842,567		896,436		958,662
Brokered Deposits	167,228		248,707		358,063		473,451		390,558
Other	29,936		32,548		22,848		21,364		86,936
Total deposits	$	5,604,825	$	5,946,919	$	5,936,434	$	6,197,243	$	6,256,836

(1) Non-core loan programs refer to loan portfolios originated through third parties or capital markets, including loans to finance the sale of the GreenSky portfolio.


MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)

Adjusted Earnings Reconciliation

	For the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands, expect per share data)	2025			2025			2025			2024			2024
Income (loss) before income tax (benefit) expense - GAAP	$	11,314		$	14,868		$	(137,802)		$	(38,941)		$	24,966
Adjustments to noninterest income:
(Gain) loss on sales of investment securities, net	(14)			—			—			34			44
Loss (gain) on repurchase of subordinated debt	—			—			—			13			(77)
Total adjustments to noninterest income	(14)			—			—			47			(33)
Adjustments to noninterest expense:
Impairment on goodwill	—			—			(153,977)			—			—
Total adjustments to noninterest expense	—			—			(153,977)			—			—
Adjusted earnings (loss) pre tax - non-GAAP	11,300			14,868			16,175			(38,894)			24,933
Adjusted earnings (loss) tax (benefit) expense	3,753			2,844			3,172			(8,159)			4,526
Adjusted earnings (loss) - non-GAAP	7,547			12,024			13,003			(30,735)			20,407
Preferred stock dividends	2,229			2,228			2,228			2,228			2,229
Adjusted earnings (loss) available to common shareholders	$	5,318		$	9,796		$	10,775		$	(32,963)		$	18,178
Adjusted diluted earnings (loss) per common share	$	0.24		$	0.44		$	0.49		$	(1.52)		$	0.82

Pre-Provision Net Revenue Reconciliation

	For the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands)	2025			2025			2025			2024			2024
Income (loss) before income taxes	$	11,314		$	14,868		$	(137,802)		$	(38,941)		$	24,966
Provision for credit losses	20,005			17,369			10,850			74,183			17,925
Impairment on goodwill	—			—			153,977			—			—
Pre-provision net revenue	$	31,319		$	32,237		$	27,025		$	35,242		$	42,891
Pre-provision net revenue per diluted share	$	1.43		$	1.48		$	1.24		$	1.62		$	1.98
Pre-provision net revenue to average assets	1.80		%	1.81		%	1.47		%	1.83		%	2.21		%


MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)

Efficiency Ratio Reconciliation

	For the Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands)	2025			2025			2025			2024			2024
Noninterest expense - GAAP	$	49,814		$	49,992		$	203,005		$	58,699		$	49,764




Impairment on goodwill	—			—			(153,977)			—			—

Adjusted noninterest expense	$	49,814		$	49,992		$	49,028		$	58,699		$	49,764

Net interest income - GAAP	$	61,117		$	58,695		$	58,290		$	58,570		$	59,110
Effect of tax-exempt income	209			267			208			220			205
Adjusted net interest income	61,326			58,962			58,498			58,790			59,315

Noninterest income - GAAP	20,016			23,534			17,763			35,371			33,545

(Gain) loss on sales of investment securities, net	(14)			—			—			34			44


Loss (gain) on repurchase of subordinated debt	—			—			—			13			(77)



Adjusted noninterest income	20,002			23,534			17,763			35,418			33,512

Adjusted total revenue	$	81,328		$	82,496		$	76,261		$	94,208		$	92,827

Efficiency ratio	61.25		%	60.60		%	64.29		%	62.31		%	53.61		%





Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share

	As of
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands, except per share data)	2025			2025			2025			2024			2024
Shareholders' Equity to Tangible Common Equity
Total shareholders' equity—GAAP	$	584,001		$	573,705		$	571,437		$	710,847		$	771,221
Adjustments:
Preferred Stock	(110,548)			(110,548)			(110,548)			(110,548)			(110,548)
Goodwill	(7,927)			(7,927)			(7,927)			(161,904)			(161,904)
Other intangible assets, net	(9,619)			(10,362)			(11,189)			(12,100)			(13,052)
Tangible common equity	$	455,907		$	444,868		$	441,773		$	426,295		$	485,717




Total Assets to Tangible Assets:
Total assets—GAAP	$	6,911,515		$	7,107,878		$	7,284,804		$	7,506,809		$	7,704,189
Adjustments:
Goodwill	(7,927)			(7,927)			(7,927)			(161,904)			(161,904)
Other intangible assets, net	(9,619)			(10,362)			(11,189)			(12,100)			(13,052)
Tangible assets	$	6,893,969		$	7,089,589		$	7,265,688		$	7,332,805		$	7,529,233

Common Shares Outstanding	21,543,557			21,515,138			21,503,036			21,494,485			21,393,905

Tangible Common Equity to Tangible Assets	6.61		%	6.27		%	6.08		%	5.81		%	6.45		%
Tangible Book Value Per Share	$	21.16		$	20.68		$	20.54		$	19.83		$	22.70

EX-99.2 3 a3q2025msbiinvestorprese.htm EX-99.2 a3q2025msbiinvestorprese

Midland States Bancorp, Inc. Third Quarter 2025 Earnings Presentation October 30, 2025

2 Forward Looking Statement Forward-Looking Statements: Readers should note that in addition to the historical information contained herein, this press release includes "forward-looking statements" within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. Use of Non-GAAP Financial Measures: Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include “Pre-provision net revenue,” “Pre-provision net revenue per diluted share,” “Pre-provision net revenue to average assets,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

3 Where We Are Today Where We’re Going B u il d in g B lo c k s F o r G ro w th C o re B u s in e s s e s • Midland States Bank has 53 branch/office locations in Illinois and Missouri • Presence in stable, lower deposit cost midwestern markets • Significant commercial growth opportunities in St. Louis and Chicago • Comprehensive wealth and trust product offering • Evolving tech-forward strategy, including Fintech initiative • Reducing higher-risk credit exposures • 16 Successful acquisitions since 2008 • Commercial Banking • Personal Banking • Private Wealth Management • Trust Services • Fintech Services Targeted Credit Management Efforts Growing Commercial Banking Accelerating Growth in Wealth Improving Operational Capabilities • Ceased originations of equipment finance • Reducing specialty finance exposure to target of less than 10% of loans • Ongoing efforts to work-out / sell NPAs • Increase in Commercial deposits by 9.0% LQ • Investing in team and technology to grow and deepen relationships • Focus on higher-growth St. Louis & greater Chicago markets • Invest in technology and people • Cross-sell with commercial clients • Continue adding new advisors • Expand data and analytics capabilities • Strengthen credit processes and controls • Automation of back-office processes using AI and RPA Building Tech-Forward Strategy • Remaining third party loan program at $56.5 million carries full credit indemnification • Fintech Services initiative continuing to seek high quality partners $6.9B Assets $4.9B Loans $5.6B Deposits $4.4B AUM/A Building a High Performing, Tech-Forward Community Bank

4 Continued credit remediation: reduced non-performing assets by $11.4 million in Q3, NPAs to assets decreased to 1.02% from 1.15% 3.79% reported net interest margin, 3.69% excluding a $1.6 million interest recovery; driven by 7bp decline in deposit costs to 2.12%, new loan originations at ~6.7% Strong community bank trends; loan fundings of $129 million; deposits increasing 1.5%, added 3 new commercial bankers during Q3 Tangible book value1 of $21.16, most capital ratios grew sequentially, TCE / TA up 34 bps to 6.6%. Redeemed $51 million in subordinated notes using existing liquidity Third Quarter 2025 Highlights 1 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix.

5 Third Quarter 2025 Financial Summary EPS PPNR1 Loans Deposits Capital • PPNR1 of $31.3 million, or $1.43 per share • Net interest income of $61.1 million benefitted from -7bps LQ reduction in deposit costs • Non-interest income rose 2.9% LQ excluding credit enhancement income • Loan balances decreased $168 million LQ, with $39 million decline for Community Bank reflecting several large payoffs and the reduction in nonperforming loans • Provision of $20.0 million, $15 million was due to increase in loss given default assumptions in equipment finance portfolio • Deposits decreased $342 million; high-cost servicing and brokered deposits declined $369 million LQ • Loan to deposit ratio remains stable at 87% • Tangible book value1 of $21.16, up $0.48 versus LQ and up $1.33 versus prior year end • Consolidated CET1 ratio of 9.37%; Total Capital ratio of 14.29% • Fully diluted EPS of $0.24 for third quarter of 2025 1 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix.

6 Third Quarter 2025 Results 1 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. Midland States Bancorp, Inc. ($ in millions, except per share data) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net Interest Income 61.1$ 58.7$ 58.3$ 58.6$ 59.1$ Provision for Credit Losses 20.0 17.4 10.9 74.2 17.9 Total Noninterest Income 20.0 23.5 17.8 35.4 33.5 Total Revenue 81.1 82.2 76.1 94.0 92.6 Total Noninterest Expenses 49.8 50.0 203.0 58.7 49.8 Income before Taxes 11.3 14.9 (137.8) (38.9) 24.9 Net Income 7.6 12.0 (141.0) (30.8) 20.4 Diluted Earnings Per Share 0.24 0.44 (6.58) (1.52) 0.83 Adjusted Diluted Earnings Per Share1 0.24 0.44 0.49 (1.52) 0.82 Total Assets 6,911.5 7,107.9 7,284.8 7,506.8 7,704.2 Gross Loans Receivable (ex. HFS) 4,867.6 5,035.3 5,018.1 5,167.6 5,728.2 Allowance for Credit Losses on Loans & Leases (100.9) (92.7) (105.2) (111.2) (151.1) All Other Assets 2,144.8 2,165.3 2,371.9 2,450.4 2,127.0 Total Liabilities 6,327.5 6,534.2 6,713.4 6,796.0 6,933.0 Total Deposits 5,604.8 5,946.9 5,936.4 6,197.2 6,256.8 Borrowings 598.5 482.9 667.3 474.5 572.7 Other Liabilities 124.2 104.3 109.6 124.3 103.5 Total Shareholders' Equity 584.0 573.7 571.4 710.8 771.2 PPNR1 31.3 32.2 27.0 35.2 42.9 NPA / Total Assets 1.02% 1.15% 2.08% 2.10% 1.65% Wealth Assets Under Administration 4,363.8 4,181.2 4,101.4 4,153.1 4,268.5 Efficiency Ratio1 61.3% 60.6% 64.3% 62.3% 53.6% Tangible Book Value Per Share1 21.16$ 20.68$ 20.54$ 19.83$ 22.70$

7 Strong Liquidity & Regulatory Capital • $4.41 billion total insured deposits includes: ·Stable insured deposit base, brokered deposits only 1% of total deposits as of Sep 30, 2025 ·$499 million of servicing deposits, $285 million exited in July 2025 • 15.2% liquidity on balance sheet (Cash & available Investment Securities) • Strong regulatory capital ratios for both Bank and Consolidated, well-above minimum buffers • Near-term focus on building CET1 over 10%, and TCE / TA ratio over 7.0% • Additional 3Q25 ratios: ‒ 48.0% CRE as a % of Total Loans ‒ 277.7% CRE as a % of Total RBC1 1 Represents non-owner occupied CRE loans only 6.61% 9.37% 9.93% 12.54% 14.29% 6.27% 9.02% 9.59% 12.07% 14.50% TCE/TA Common Eq Tier 1 Tier 1 Leverage Tier 1 RBC Total RBC Consolidated Capital Ratios Q3 2025 Q2 2025 $166 $1,190 $791 $1,048 $388 Liquidity Uninsured Depositors 2.01X Liquidity Coverage Cash & Cash Equiv Unpledged Securities FHLB Committed Liquidity FRB Discount Window Availability $2,393 Abundant Excess Liquidity Building Excess Capital

8 Targeted Credit Management Efforts Nearing Completion Non-Core Loan Programs Specialty Finance Group Midland Equipment Finance Q3 2025 Current StatusAction Overview • Remaining third party portfolio: $57M1 • Retained GreenSky: $47M • NPA’s at 9/30/25: $13.9M • NCO 3Q25: $3.5M • Strategic decision to exit these portfolios • Completed sale of GreenSky portfolio in April 2025 • Completed sale of LendingPoint in December 2024 • Portfolios originated by Fintech partners • Unsecured portfolios which have exhibited increasing delinquencies & deterioration • Nationwide portfolio providing bridge loan financing for commercial real estate • Primarily multifamily and healthcare • Impacted by macroeconomic factors resulting in elevated NPLs • Stopped future origination of construction/rehab • Tightened underwriting standards • Working to resolve non-performing assets • Loans & leases for customers across the U.S. • Deterioration has been experienced primarily in the trucking industry • Ceased originations as of September 30, 2025 • Working to capture recoveries on past losses • $15 million increase in provision due to increase in loss given default assumptions • NPA’s at 9/30/25: $12.9M • NCO 3Q25: $5.0M 1 Guaranteed program

9 3Q25 Non-Performing Asset Update Dollars in thousands Loan Segment Balance 1Q 2025 Balance 2Q 2025 Balance 3Q 2025 Notes Loan 1 CRE - Multifamily - Florida $16,262 $- $- Note sold July 2025 Loan 2 CRE - Multifamily - Wisconsin 13,659 - - Property Sold Q2 Loan 3 CRE - Multifamily - Florida 11,092 - - Note sold July 2025 Loan 4 CRE - Office - Florida 9,285 9,285 7,988 Partial Charge off Q3 Loan 5 CRE - Multifamily - Michigan 8,399 8,399 5,534 Note sold October 2025 Loan 6 CRE - Multifamily - South Carolina 8,140 8,140 - Paid in Full Loan 7 CRE - Asst Living - South Carolina 7,806 - - Charged off Q2 Loan 8 CRE - Asst Living - Nevada 7,737 - - Note sold Q2 Loan 9 C&I Relationship - Northern Region 11,378 5,445 5,445 Partial Charge off Q2 Largest Exposures $93,758 $31,269 $18,967 Midland Equipment Finance 11,099 11,629 11,818 Non-Core Loan Programs 5,670 3,608 4,196 Credit guarantee by sponsor All Other Loans 35,164 33,606 33,722 Total Non-Performing Loans $145,690 $80,112 $68,703 NPL’s / Total Loans 2.90% 1.59% 1.41% Total OREO & Repossessed Assets 5,574 1,662 1,666 Total Non-Performing Assets $151,264 $81,774 $70,369 NPA’s / Total Assets 2.08% 1.15% 1.02%

$151 $111 $105 $93 $101 2.64% 2.15% 2.10% 1.83% 2.07% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% -30 20 70 120 170 220 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Allowance for credit losses ACL/Loans $0 $10 $1 $8 $1 $22 $103 $16 $22 $11 -10 10 30 50 70 90 110 130 150 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Community Bank All Other 10 Improving Credit, Strong Community Bank Trends Allowance for Credit Losses (ACL) Net Charge Offs (Recoveries) – Community Bank Loans vs. Other 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Risk Rating Balance % Balance % Balance % Balance % Balance % 1-6 Acceptable $4,276 75% $4,259 82% $4,157 83% $4,238 84% $4,104 84% 7 Special Mention 88 2% 101 2% 68 1% 84 2% 79 2% 8-9 Substandard 279 5% 219 4% 215 4% 135 3% 144 3% Not Graded1 1,085 18% 588 11% 578 12% 578 11% 541 11% Total Gross Loans $5,728 $5,168 $5,018 $5,035 $4,868 Non-performing Loans $115 $151 $146 $80 $69 % of Total Loans 2.00% 2.92% 2.90% 1.59% 1.41% Non-performing Assets $127 $157 $151 $82 $70 % of Total Assets 1.65% 2.10% 2.08% 1.15% 1.02% (in millions, as of quarter-end)(in millions, as of quarter-end) Dollars in millions 1 Mainly Residential & Consumer loans including the GreenSky & Lending Point portfolios are not graded

11 Loan Portfolio (as of September 30, 2025) Total Loans and Average Loan Yield (in millions, as of quarter-end) • Total loans decreased $167.7 million from prior quarter to $4.87 billion largely due to intentional reduction of the specialty finance and equipment finance portfolios • Decrease in non-core portfolios partially offset by new loan production from high quality commercial clients that provide full banking relationships • Continued focus on prudent underwriting standards and higher credit quality relationships • Ceased originations in equipment finance, remaining portfolio to runoff Loan Portfolio Mix (in millions, as of quarter-end) 3Q 2025 2Q 2025 3Q 2024 Commercial loans and leases $ 1,789 $ 1,891 $ 1,790 Commercial real estate 2,337 2,383 2,510 Construction and land development 260 259 422 Residential real estate 353 361 379 Consumer 130 140 627 Total Loans $ 4,868 $ 5,035 $ 5,728 $5,728 $5,168 $5,018 $5,035 $4,868 6.43% 6.22% 6.26% 6.21% 6.34% 5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 2000 2500 3000 3500 4000 4500 5000 5500 6000 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Total Loans Average Loan Yield

12 Loan Segments (as of September 30, 2025) Loan Segment Mix • Total loans in our Community Bank decreased $39.2 million from prior quarter to $3.28 billion due to several large payoffs • Community Bank originated $129 million of new fundings, versus $182 million in 2Q25 • Loans in Eastern region increased $30.6 million, or 14% annualized in 3Q25 • Commercial pipelines remain strong and unfunded commitments increased in Community Bank • Continuing to add talent in faster growing markets to drive quality loan relationships and commercial deposits Loan Portfolio Segments (in millions, as of quarter-end) 3Q 2025 2Q 2025 3Q 2024 Regions: Eastern $ 928 $ 897 $ 902 Northern 725 754 731 Southern 726 778 695 St. Louis 896 885 850 Community Bank $ 3,275 $ 3,314 $ 3,179 Other: Specialty Finance 642 670 1,011 Equipment Finance 638 712 860 Non-Core and Other 313 339 678 Total Loans $ 4,868 $ 5,035 $ 5,728 Community Bank 67.3% Specialty Finance 13.3% Equipment Finance 13.1% Non-Core and other 6.3%

13 Total Deposits (as of September 30, 2025) • Total deposits decreased $342.1 million from prior quarter primarily due to reduction in high-cost servicing deposits of $286.8 million and $85.5 million of brokered time deposits • Reduced higher cost funding and managing deposit rates resulted in 7 bps decrease in cost of deposits • Continue proactive deposit pricing discipline to balance growth and cost of deposits Deposit Mix (in millions, as of quarter-end) 3Q 2025 2Q 2025 3Q 2024 Noninterest-bearing demand $ 1,016 $ 1,074 $ 1,051 Interest-bearing: Checking 1,997 2,181 2,390 Money Market 1,241 1,216 1,187 Savings 487 511 510 Time 805 819 849 Brokered time 60 145 269 Total Deposits $ 5,605 $ 5,947 $ 6,257 Total Deposits and Cost of Deposits (in millions, as of quarter-end) $6,257 $6,197 $5,936 $5,947 $5,605 2.55% 2.69% 2.29% 2.19% 2.12% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 0 1000 2000 3000 4000 5000 6000 7000 8000 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Total Deposits Cost of Deposits

14 Deposit Segments (as of September 30, 2025) • Community Bank deposits rose, with solid growth in commercial accounts, while retail and public funds were down slightly • Wealth deposits down mainly due to changes in investment strategy • Retail and small business growth initiative resulted in 607 new checking accounts in the third quarter Deposit by Channel (in millions, as of quarter-end) 3Q 2025 2Q 2025 3Q 2024 Retail $ 2,791 $ 2,812 $ 2,695 Commercial 1,248 1,145 1,219 Public Funds 606 618 575 Community Bank $ 4,645 $ 4,575 $ 4,488 Wealth & Trust 264 305 332 Servicing 499 786 959 Brokered Deposits 167 249 391 Other 30 33 87 Total Deposits $ 5,605 $ 5,947 $ 6,257 Trend of Deposit Channel Mix (in millions, as of quarter-end) $6,257 $6,197 $5,936 $5,947 $5,605 0 1000 2000 3000 4000 5000 6000 7000 8000 0 1000 2000 3000 4000 5000 6000 7000 8000 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 Retail Commercial Public Funds Wealth & Trust Servicing Brokered

15 Neutral Rate Positioning Supports Above-Peer Margin • Bank well positioned for rate changes with modest liability sensitive position ‒ 30% of assets reprice within 3 months as of September 30, 2025 ‒ 68% of our liabilities reprice within 3 month as of September 30, 2025 • Loan Strategy: Focused on originating Community Bank loans with full banking relationships • Deposit Strategy: Deeper focus on full banking relationships with the goal of increasing noninterest DDA from 18% of total mix 1 Based on projected principal payments for all loans plus the next reset for floating and adjustable rate loans and the maturity date of fixed rate loans. Total Loans and Leases (net of unearned income)1 (In Millions) As of September 30, 2025 3 mos or less 3-12 months 1-3 years 3-5 years 5-10 years 10-15 years Over 15 years Total Floating Rate Adjustable Rate Fixed Rate Commercial loans and leases 723$ 269$ 536$ 203$ 52$ 4$ (0)$ 1,788$ 622$ 78$ 1,088$ Commercial Real estate 698 386 795 325 119 13 1 2,337 475 265 1,597 Construction and land development 225 15 13 7 0 0 (0) 260 202 9 49 Residential real estate 67 35 49 54 51 32 65 353 52 94 208 Consumer 17 31 56 18 8 0 - 130 3 - 127 Total $1,731 $736 $1,449 $607 $230 $49 $66 $4,868 1,354$ 446$ 3,068$ % of Total 36% 15% 30% 12% 5% 1% 1% 100% 28% 9% 63% Weighted Average Rate 7.40% 5.83% 5.55% 5.98% 4.70% 4.52% 4.68% 6.24% 7.89% 5.34% 5.64% Repricing Term Rate Structure (I illi 1-3 years 3-5 years

16 Wealth Management Contribution Quarterly Performance • Assets under administration increased $183 million mainly due to market performance • Wealth Management fees increased due to additional trust and estate fees collected in the quarter • Continued hiring of wealth advisors positively impacting new business development Strategic Update • Added one wealth advisor during third quarter, we expect to continue adding new wealth advisors which should positively impact new business development. • Investing in technology tools and data to drive customer engagement and cross sell opportunities with Community Bank Assets Under Administration (in millions) Wealth Management Revenue (in millions) $4,269 $4,153 $4,101 $4,181 $4,364 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 $7.10 $7.66 $7.35 $7.38 $8.02 4 4.5 5 5.5 6 6.5 7 7.5 8 8.5 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025

17 Financial Outlook • Lowering credit costs in 2026 • Continued focus on growing Community Bank • Building regulatory capital • Continued focus on efficiency • Expanding fee income through deeper core relationships

Appendix

19 ACL By Portfolio 1 Primarily consists of loans originated through GreenSky relationship ($ in thousands) September 30, 2025 June 30, 2025 Portfolio Loans Net Charge-offs ACL ACL % of Total Loans Loans Net Charge-offs ACL ACL % of Total Loans Commercial $1,038,821 ($279) $8,752 0.84% $1,073,578 $ 50 $ 10,467 0.97% Commercial Other 437,712 3,262 30,287 6.92% 470,808 5,098 23,712 5.04% Equipment Finance Loans 326,860 1,601 17,018 5.21% 364,526 390 12,205 3.35% Equipment Finance Leases 310,983 3,450 21,045 6.77% 347,155 3,483 15,395 4.43% CRE non-owner occupied 1,457,627 1,981 14,454 0.99% 1,480,685 13,525 15,041 1.02% CRE owner occupied 425,712 1,305 4,511 1.06% 413,959 5,847 4,463 1.08% Multi-family 386,585 132 7,380 1.91% 418,390 2,444 7,704 1.84% Farmland 66,737 (114) 468 0.70% 70,327 — 231 0.33% Construction and Land Development 260,073 1,779 2,571 0.99% 258,729 (1,029) 2,869 1.11% Residential RE First Lien 292,830 (4) 5,966 2.04% 299,725 (40) 6,502 2.17% Other Residential 60,645 4 427 0.70% 61,536 (50) 602 0.98% Consumer 82,710 623 692 0.84% 90,213 432 685 0.76% Consumer Other1 47,152 170 4,333 9.19% 50,190 95 5,019 10.00% Total Loans $4,867,587 $12,309 $100,886 2.07% $5,035,295 $ 29,855 $ 92,690 1.84%

20 Investment Portfolio (as of September 30, 2025) Fair Value of Investments by Type • All Investments are classified as Available for Sale • Average T/E Yield is 4.73% for 3Q25 • Effective Duration is 4.0 years • Purchased $172.0 million with T/E Yield of 5.09% in 3Q25 Investment Mix & Unrealized Gain (Loss) (in millions) Fair Value Book Value Unrealized Gain (Loss) Treasuries $ — $ — $ — US GSE & US Agency 15 16 (1) MBS - agency 1,049 1,123 (74) MBS - non agency 94 95 (1) Asset backed 43 43 — State & Municipal 73 78 (5) Corporate 57 60 (3) Other 48 48 — Total Investments $ 1,379 $ 1,463 $ (84) Investment Mix & Unrealized Gain (Loss) Investment by Yield and Duration $1.38 billion

21 Non-GAAP Reconciliations For the Three Months Ended (dollars in thousands) September 30, 2025 Noninterest expense - GAAP $ 49,814 Impairment on goodw ill — Adjusted noninterest expense $ 49,814 Net interest income - GAAP $ 61,117 Effect of tax-exempt income 209 Adjusted net interest income 61,326 Noninterest income - GAAP 20,016 33,545 (Gain) loss on sales of investment securities, net (14) 44 Loss (gain) on repurchase of subordinated debt — (77) Adjusted noninterest income 20,002 33,512 Adjusted total revenue $ 81,328 $ 92,827 Efficiency ratio 61.25 % 53.61 % September 30, (dollars in thousands, except per share data) 2025 Total shareholders' equity—GAAP $ 584,001 $ 573,705 $ 571,437 $ 710,847 Adjustments: Preferred Stock (110,548) (110,548) (110,548) (110,548) Goodw ill (7,927) (7,927) (7,927) (161,904) Other intangible assets, net (9,619) (10,362) (11,189) (12,100) Tangible common equity $ 455,907 $ 444,868 $ 441,773 $ 426,295 Total Assets to Tangible Assets: Total assets—GAAP $ 6,911,515 $ 7,107,878 $ 7,284,804 $ 7,506,809 Adjustments: Goodw ill (7,927) (7,927) (7,927) (161,904) Other intangible assets, net (9,619) (10,362) (11,189) (12,100) Tangible assets $ 6,893,969 $ 7,089,589 $ 7,265,688 $ 7,332,805 Common Shares Outstanding 21,543,557 21,515,138 21,503,036 21,494,485 Tangible Common Equity to Tangible Assets 6.61 % 6.27 % 6.08 % 5.81 % Tangible Book Value Per Share $ 21.16 $ 20.68 $ 20.54 $ 19.83 MIDLAND STATES BANCORP, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) Efficiency Ratio Reconciliation June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 $ 49,992 $ 203,005 $ 58,699 $ 49,764 — (153,977) — — $ 49,992 $ 49,028 $ 58,699 $ 49,764 $ 58,695 $ 58,290 $ 58,570 $ 59,110 267 208 220 205 58,962 58,498 58,790 59,315 23,534 17,763 35,371 — — 34 — — 13 23,534 17,763 35,418 $ 82,496 $ 76,261 $ 94,208 60.60 % 64.29 % 62.31 % Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share As of June 30, March 31, December 31, September 30, 2025 2025 2024 2024 Shareholders' Equity to Tangible Common Equity $ 771,221 (110,548) (161,904) (13,052) $ 485,717 $ 7,704,189 6.45 % $ 22.70 (161,904) (13,052) $ 7,529,233 21,393,905

22 Non-GAAP Reconciliations For the Three Months Ended (dollars in thousands, expect per share data) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Income (loss) before income tax (benefit) expense - GAAP $ 11,314 $ 14,868 ($ 137,802) ($ 38,941) $ 24,966 Adjustments to noninterest income: (Gain) loss on sales of investment securities, net (14) 34 44 Loss (gain) on repurchase of subordinated debt — 13 (77) Total adjustments to noninterest income (14) 47 (33) Adjustments to noninterest expense: Impairment on goodw ill — — (153,977) — — Total adjustments to noninterest expense — — (153,977) — — Adjusted earnings (loss) pre tax - non-GAAP 11,300 14,868 16,175 (38,894) 24,933 Adjusted earnings (loss) tax (benefit) expense 3,753 2,844 3,172 (8,159) 4,526 Adjusted earnings (loss) - non-GAAP 7,547 12,024 13,003 (30,735) 20,407 Preferred stock dividends 2,229 2,228 2,228 2,228 2,229 Adjusted earnings (loss) available to common shareholders $ 5,318 $ 9,796 $ 10,775 ($ 32,963) $ 18,178 Adjusted diluted earnings (loss) per common share $ 0.24 $ 0.44 $ 0.49 ($ 1.52) $ 0.82 For the Three Months Ended (dollars in thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Income (loss) before income taxes $ 11,314 $ 14,868 ($ 137,802) ($ 38,941) $ 24,966 Provision for credit losses 20,005 17,369 10,850 74,183 17,925 Impairment on goodw ill — — 153,977 — — Pre-provision net revenue $ 31,319 $ 32,237 $ 27,025 $ 35,242 $ 42,891 Pre-provision net revenue per diluted share $ 1.43 $ 1.48 $ 1.24 $ 1.62 $ 1.98 Pre-provision net revenue to average assets 1.80 % 1.81 % 1.47 % 1.83 % 2.21 % — — Pre-Provision Net Revenue Reconciliation MIDLAND STATES BANCORP, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited) Adjusted Earnings Reconciliation — — — —