EXHIBIT 99.1

Midland States Bancorp, Inc. Announces Preliminary 2025 First Quarter Results
Effingham, IL, April 30, 2025 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) reported preliminary results for the first quarter of 2025. As previously disclosed, the Company is completing its evaluation, subject to review by its independent registered public accounting firm, of the accounting and financial reporting of third-party lending and servicing arrangements, including the collection and analysis of third-party documentation, not material to tangible equity. This process is ongoing and must be completed for the Company to file its Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), which is expected to include restated financial statements for the applicable periods.
While the Company works diligently to complete this process, the Company is providing preliminary results for the first quarter of 2025. These results reflect the updated accounting methodology for the remaining third party lending and servicing arrangements. The Company’s actual results may differ materially from these preliminary financial results. The Company is also completing an evaluation of whether there is an impairment to its goodwill, including obtaining valuation information from third parties. An impairment, if determined to exist, would not affect the tangible equity or the regulatory capital ratios of the Company. This preliminary financial data has been prepared by and is the responsibility of the Company. The Company’s independent auditor has not reviewed or audited these preliminary financial results. The results should be considered preliminary and are subject to adjustment based on the results of the process, the restatement and other developments that may arise between now and the time the Company’s 2024 audited consolidated financial statements are issued.
As a result of the delays in the filing of the 2024 Annual Report, certain subsequent events have been evaluated and will be recorded in the Company’s audited financial statements for the year ended December 31, 2024. The Company will continue to evaluate subsequent events that occur prior to the date the financial statements for the year ended December 31, 2024 are available to be issued.
Preliminary 2025 First Quarter Results
•Net income available to common shareholders of $12.6 million, or $0.57 per diluted share, for the first quarter of 2025
•Pre-tax, pre-provision earnings of $27.0 million, or $1.12 per diluted share, for the first quarter of 2025
Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:
“We are working diligently to resolve the delay in our audited financials, although we want to emphasize that we do not expect a material impact to first quarter tangible equity or regulatory capital levels, and that our unaudited preliminary first quarter results already reflect the previously disclosed accounting methodology changes, for a small third party guaranteed loan portfolio.
“Improving credit quality remains a strategic priority, and during the first quarter we had no significant new substandard or nonperforming loans identified, with two-thirds of net charge-offs in the quarter taking place within third party programs that were fully reimbursed. The previously disclosed sale of


$330 million of GreenSky loans in April 2025, plus tighter underwriting standards in our equipment finance portfolio are expected to significantly reduce exposure to higher-risk portfolios over the balance of 2025.
“Our underlying profitability trends were favorable in the first quarter, with a strong net interest margin of 3.48%, solid loan growth in the Community Bank, and continued contribution from our wealth management revenue platform. We continue to expect stronger profitability over the balance of 2025 with growing capital ratios.”
Key Points for First Quarter and Outlook
Continued Credit Clean-up; Tightened Credit Standards
•The Company closed its sale of participation interests of consumer loans originated through the GreenSky program. The sale included approximately $330 million, or 89%, of the Company’s GreenSky portfolio. The remaining portfolio will be retained by the Company under a new servicing agreement.
•Substandard accruing loans and nonperforming loans decreased slightly to $75.7 million and $140.0 million at March 31, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
•Net charge-offs were $16.9 million for the quarter, including $11.1 million of fully reimbursed charge-offs related to our third party lending programs. Net charge-offs in our equipment finance portfolio were approximately $4.5 million as we continue to see credit issues primarily in the trucking industry.
•Provision for credit losses on loans was $8.3 million for the first quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
•Allowance for credit losses on loans was $90.5 million, or 1.80% of total loans.
The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of March 31, 2025.
(in thousands)
As of and for the
Three Months Ended
March 31, 2025
Asset Quality
Loans 30-89 days past due$43,522 
Nonperforming loans140,020 
Nonperforming assets146,080 
Substandard accruing loans75,668 
Net charge-offs16,878 
Loans 30-89 days past due to total loans0.87 %
Nonperforming loans to total loans2.79 %
Nonperforming assets to total assets1.96 %
Allowance for credit losses to total loans1.80 %
Allowance for credit losses to nonperforming loans64.60 %
Net charge-offs to average loans1.35 %


Solid Growth Trends in Community Bank & Wealth Management
•Total loans at March 31, 2025 were $5.02 billion, a decrease of $149.5 million from December 31, 2024. Key changes in the loan portfolio were as follows:
◦Loans originated by our Community Bank increased $56.8 million, or 1.8%, from December 31, 2024, pipelines remain strong
◦We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $159.3 million during the quarter.
◦Equipment finance portfolio balances declined $44.9 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
•Total deposits were $5.94 billion at March 31, 2025, a decrease of $260.8 million from December 31, 2024. The decline in deposits reflects the following:
◦Noninterest-bearing deposits increased $35.1 million in the quarter.
◦Retail deposits increased by $96.8 million through a growth and marketing strategy implemented late in the first quarter of 2025, along with higher average deposits held by retail customers.
◦Brokered deposits, including both money market and time deposits decreased by $115.4 million.
◦Sweep accounts included in interest bearing checking decreased by $115.4 million, of which $80 million was related to normal first quarter distributions for one large depositor with the remainder due to seasonal adjustments.
◦Servicing deposits decreased by $53.9 million.
•Wealth Management revenue totaled $7.4 million in the first quarter of 2025. Assets under administration were $4.10 billion at March 31, 2025. The Company added six new sales positions in the first quarter of 2025 and continues to experience strong pipelines.



Net Interest Margin
•Net interest margin was 3.48%, and we saw a continued decline in the cost of funding. 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 2.29% in the first quarter of 2025.
The following table summarizes certain factors affecting the Company’s net interest margin for the first quarter of 2025.
For the Three Months Ended
(dollars in thousands)March 31, 2025
Interest-earning assetsAverage BalanceInterest & FeesYield/Rate
Cash and cash equivalents$68,671 $718 4.24 %
Investment securities(1)
1,311,887 15,517 4.80 
Loans(1)(2)
5,057,394 78,014 6.26 
Loans held for sale326,348 4,563 5.67 
Nonmarketable equity securities35,614 647 7.37 
Total interest-earning assets6,799,914 99,459 5.93 
Noninterest-earning assets687,870 
Total assets$7,487,784 
Interest-Bearing Liabilities
Interest-bearing deposits$5,074,007 $34,615 2.77 %
Short-term borrowings73,767 700 3.85 
FHLB advances & other borrowings299,578 3,163 4.28 
Subordinated debt77,752 1,387 7.23 
Trust preferred debentures51,283 1,200 9.49 
Total interest-bearing liabilities5,576,387 41,065 2.99 
Noninterest-bearing deposits1,052,181 
Other noninterest-bearing liabilities124,638 
Shareholders’ equity734,578 
Total liabilities and shareholder’s equity$7,487,784 
Net Interest Margin$58,394 3.48 %
Cost of Deposits2.29 %
(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 for the three months ended March 31, 2025.
(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 $17.8 million for the first quarter of 2025 and included a loss on limited partnership investments of $0.6 million and credit enhancement losses of $0.6 million, offset by income from death benefits on life insurance policies of $0.3 million.
•As of the date of this earnings release, the Company expects noninterest income of approximately $17.0 million to $17.5 million in the near term quarters after consideration of credit enhancement income or losses.
•Noninterest expense was $48.9 million for the first quarter of 2025 and was impacted by an additional $1.4 million in severance expense and $0.7 million in professional fees. The Company continues to experience higher levels of legal fees and other expenses related to loan collections.
•As of the date of this earnings release, the Company expects the near term operating expense run rate to be approximately $48.0 million to $49.0 million.
First Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):
As of and for the
Three Months Ended
March 31, 2025
Return on average assets0.80 %
Pre-tax, pre-provision return on average assets(1)
1.46 %
Net interest margin3.48 %
Efficiency ratio (1)
64.24 %
Noninterest expense to average assets2.65 %
Net charge-offs to average loans1.35 %
Tangible book value per share at period end (1)
$21.43 
Diluted earnings per common share$0.57 
Common shares outstanding at period end21,503,036 
(1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.
Capital
At March 31, 2025, Midland States Bank and the Company 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 March 31, 2025
Midland States BankMidland States Bancorp, Inc.
Minimum Regulatory Requirements (2)
Total capital to risk-weighted assets13.10%13.77%10.50%
Tier 1 capital to risk-weighted assets11.84%11.43%8.50%
Common equity Tier 1 capital to risk-weighted assets11.84%8.60%7.00%
Tier 1 leverage ratio9.90%9.55%4.00%
Tangible common equity to tangible assets (1)
N/A6.32%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 March 31, 2025, the Company had total assets of approximately $7.46 billion, and its Wealth Management Group had assets under administration of approximately $4.10 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-tax, pre-provision earnings,” “Pre-tax, pre-provision diluted earnings per share,” “Pre-tax, pre-provision return on 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.
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 the expected timing and results of the Company’s audit for the year ended December 31, 2024, and the Company’s ongoing evaluation of whether there is an impairment to its goodwill; the fact that the completion and filing of the 2024 Annual Report has taken, and may continue to take, longer than expected; 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.
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)
(dollars in thousands)
As of March 31, 2025
Assets
Cash and cash equivalents$102,006 
Investment securities1,368,405 
Loans5,018,053 
Allowance for credit losses on loans(90,458)
Total loans, net4,927,595 
Loans held for sale287,821 
Premises and equipment, net86,719 
Other real estate owned4,669 
Loan servicing rights, at lower of cost or fair value17,278 
Goodwill161,904 
Other intangible assets, net11,189 
Company-owned life insurance212,336 
Credit enhancement asset5,614 
Other assets272,217 
Total assets$7,457,753 
Liabilities and Shareholders' Equity
Noninterest-bearing demand deposits$1,090,707 
Interest-bearing deposits4,845,727 
Total deposits5,936,434 
Short-term borrowings40,224 
FHLB advances and other borrowings498,000 
Subordinated debt77,754 
Trust preferred debentures51,358 
Other liabilities109,599 
Total liabilities6,713,369 
Total shareholders’ equity744,384 
Total liabilities and shareholders’ equity$7,457,753 


MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
(in thousands, except per share data)
For the Three Months Ended March 31, 2025
Net interest income:
Interest income$99,251 
Interest expense41,065 
Net interest income58,186 
Provision for credit losses on loans8,250 
Net interest income after provision for credit losses49,936 
Noninterest income:
Wealth management revenue7,350 
Service charges on deposit accounts3,305 
Interchange revenue3,151 
Residential mortgage banking revenue676 
Income on company-owned life insurance2,334 
Credit enhancement (loss) income(578)
Other income1,525 
Total noninterest income17,763 
Noninterest expense:
Salaries and employee benefits26,416 
Occupancy and equipment4,498 
Data processing6,919 
Professional services2,741 
Amortization of intangible assets911 
FDIC insurance1,463 
Other expense5,977 
Total noninterest expense48,925 
Income before income taxes18,774 
Income tax expense3,975 
Net income14,799 
Preferred stock dividends2,228 
Net income available to common shareholders$12,571 
Basic earnings per common share$0.57 
Diluted earnings per common share$0.57 



MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)
(in thousands)
As of March 31, 2025
Loan Portfolio Mix
Commercial loans$869,009 
Equipment finance loans390,276 
Equipment finance leases373,168 
Total commercial loans and leases1,632,453 
Commercial real estate2,592,325 
Construction and land development264,966 
Residential real estate373,095 
Consumer155,214 
Total loans$5,018,053 
Loan Portfolio Segment
Regions
Eastern$897,792 
Northern747,028 
Southern711,787 
St. Louis902,743 
Total Community Bank3,259,350 
Specialty finance865,401 
Equipment finance763,444 
Non-core consumer and other(1)
129,858 
Total loans$5,018,053 
Deposit Portfolio Mix
Noninterest-bearing demand$1,090,707 
Interest-bearing:
Checking2,161,282 
Money market1,154,403 
Savings522,663 
Time818,732 
Brokered time188,647 
Total deposits$5,936,434 
Deposit Portfolio by Channel
Retail$2,846,494 
Commercial1,074,837 
Public Funds490,374 
Wealth & Trust301,251 
Servicing842,567 
Brokered Deposits358,063 
Other22,848 
Total deposits$5,936,434 
(1) Non-core consumer loans refers to consumer loan portfolios originated through third parties.





MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
Pre-Tax, Pre-Provision Earnings Reconciliation
For the Three Months Ended March 31, 2025
Income before income taxes$18,774 
Provision for credit losses8,250 
Pre-tax, pre-provision earnings$27,024 
Pre-tax, pre-provision earnings per diluted share$1.12 
Pre-tax, pre-provision return on average assets1.46 %
Efficiency Ratio Reconciliation
(dollars in thousands)
For the Three Months Ended March 31, 2025
Noninterest expense - GAAP$48,925 
Net interest income - GAAP$58,186 
Effect of tax-exempt income208 
Adjusted net interest income58,394 
Noninterest income - GAAP17,763 
Adjusted total revenue$76,157 
Efficiency ratio64.24 %

Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
(dollars in thousands, except per share data)
As of March 31, 2025
Shareholders' Equity to Tangible Common Equity
Total shareholders' equity—GAAP$744,384 
Adjustments:
Preferred Stock(110,548)
Goodwill(161,904)
Other intangible assets, net(11,189)
Tangible common equity460,743 
Total Assets to Tangible Assets:
Total assets—GAAP$7,457,753 
Adjustments:
Goodwill(161,904)
Other intangible assets, net(11,189)
Tangible assets$7,284,660 
Common Shares Outstanding21,503,036 
Tangible Common Equity to Tangible Assets6.32 %
Tangible Book Value Per Share$21.43