EXHIBIT 99.1

Midland States Bancorp, Inc. Announces 2025 Second Quarter Results
Effingham, IL, July 24, 2025 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025, compared to net income available to common shareholders of $23.5 million, or $1.06 per diluted share, for the second quarter of 2024.
This also compares to a net loss of $143.2 million, or $6.58 per diluted share, for the first quarter of 2025, which included impairment of goodwill of $154.0 million.
2025 Second Quarter Results
•Net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025
•Adjusted earnings of $9.8 million, or $0.44 per diluted share, compared to $10.8 million, or $0.49 per diluted share, in prior quarter
•Pre-provision net revenue of $32.2 million, or $1.48 per diluted share, for the second quarter of 2025 compared to $27.0 million, or $1.24 per diluted share, for the first quarter of 2025
•Net interest margin of 3.56%, compared to 3.49% in prior quarter
•Nonperforming assets to total assets of 1.56%, compared to 2.08% in prior quarter
•Total capital to risk-weighted assets of 14.50% and common equity tier 1 capital of 9.02%
Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:
“Second quarter marked a notable step in returning Midland to a more normalized operating environment, with progress on several strategic initiatives ranging from growing our community bank to further improving our credit quality. Capital levels increased quarter-over-quarter, and we continue to target growing our common equity tier 1 capital ratio to our target of 10.0%.
During the quarter, we had limited new substandard or nonperforming loans identified, and importantly saw our non-performing assets decrease to $111 million, or 1.56% of total assets, versus $151 million, or 2.08% of total assets in the first quarter. After quarter-end, the bank successfully exited two larger non-performing relationships in July totaling $29 million, which all else equal would bring our non-performing asset ratio down another 41 basis points. Tighter underwriting standards in our equipment finance and specialty finance portfolios have already begun to meaningfully reduce our exposure to these higher-risk portfolios. In addition, we completed the previously announced sale of our GreenSky loans in April further improving our capital and liquidity.


Profitability trends were also favorable in the second quarter, with net interest margin expanding 7 basis points to 3.56%, pre-provision net revenue growing to $32.2 million, and strong contribution from our wealth management platform. We expect further improvement in profitability over the balance of 2025.”
Key Points for Second Quarter and Outlook
Acceleration of Credit Clean-up; Tightened Underwriting Standards
•Substandard accruing loans and nonperforming loans decreased to $58.5 million and $109.5 million at June 30, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
•Net charge-offs were $29.9 million for the quarter, including:
◦$13.9 million of charge-offs in our specialty finance portfolio, of which $10.2 million was specifically reserved for in a prior quarter
◦$4.7 million of fully reimbursed charge-offs related to our third party lending programs
◦$3.9 million of charge-offs in our equipment finance portfolio as we continue to see credit issues primarily in the trucking industry
•Provision for credit losses on loans was $17.4 million for the second quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
•Allowance for credit losses on loans was $92.7 million, or 1.83% of total loans.
The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of June 30, 2025.
As of and for the Three Months Ended
(dollars in thousands)June 30,March 31,December 31,September 30,June 30,
20252025202420242024
Asset Quality
Loans 30-89 days past due$40,959 $48,221 $43,681 $55,329 $54,045 
Nonperforming loans109,512 145,690 150,907 114,556 112,124 
Nonperforming assets111,174 151,264 157,409 126,771 123,774 
Substandard accruing loans58,478 77,620 84,058 167,549 135,555 
Net charge-offs29,854 16,878 112,776 22,302 13,883 
Loans 30-89 days past due to total loans0.81 %0.96 %0.85 %0.97 %0.93 %
Nonperforming loans to total loans2.16 %2.90 %2.92 %2.00 %1.92 %
Nonperforming assets to total assets1.56 %2.08 %2.10 %1.65 %1.61 %
Allowance for credit losses to total loans1.83 %2.10 %2.15 %2.64 %2.67 %
Allowance for credit losses to nonperforming loans84.64 %72.19 %73.69 %131.87 %138.63 %
Net charge-offs to average loans2.34 %1.35 %7.94 %1.53 %0.94 %
Solid Growth Trends in Community Bank & Wealth Management
•Total loans at June 30, 2025 were $5.06 billion, an increase of $46.6 million from March 31, 2025. Key changes in the loan portfolio were as follows:
◦Loans originated by our Community Bank increased $58.9 million, or 1.8%, from March 31, 2025. Pipelines remain strong and we continued to add to our sales teams in the second quarter.


◦Non-core loans originated through third-party programs increased $212.8 million from March 31, 2025, as a result of the financing of the sale of the GreenSky portfolio.
◦We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $173.3 million during the quarter.
◦Equipment finance portfolio balances declined $51.8 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
•Total deposits were $5.95 billion at June 30, 2025, an increase of $10.5 million from March 31, 2025. The increase in deposits reflects the following:
◦Commercial and public fund deposits increased $70.5 million and $127.8 million, respectively, in the quarter.
◦Noninterest-bearing deposits decreased $16.5 million in the quarter.
◦Retail and servicing deposits decreased $34.7 million and $56.9 million, respectively, in the quarter.
◦Brokered deposits, including both money market and time deposits, decreased by $109.4 million.
◦Servicing deposits decreased $284.4 million in July 2025 due to the acquisition of one of our servicing customers, expected to positively impact future margin.
•Wealth Management revenue totaled $7.4 million in the second quarter of 2025. Assets under administration were $4.18 billion at June 30, 2025. The Company added three new sales positions in the second quarter of 2025 and continues to experience strong pipelines.



Net Interest Margin
•Net interest margin was 3.56%, up 7 basis points compared to the first quarter, 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 2.19% in the second quarter of 2025.
The following table summarizes certain factors affecting the Company’s net interest margin for the second quarter of 2025.
For the Three Months Ended
(dollars in thousands)June 30, 2025March 31, 2025June 30, 2024
Interest-earning assetsAverage BalanceInterest & FeesYield/RateAverage BalanceInterest & FeesYield/RateAverage BalanceInterest & FeesYield/Rate
Cash and cash equivalents$67,326 $716 4.27 %$68,671 $718 4.24 %$65,250 $875 5.40 %
Investment securities(1)
1,367,180 17,164 5.04 1,311,887 15,517 4.80 1,098,452 12,805 4.69 
Loans(1)(2)
5,123,558 79,240 6.20 5,057,394 78,118 6.26 5,915,523 92,581 6.29 
Loans held for sale44,642 377 3.39 326,348 4,563 5.67 4,910 84 6.84 
Nonmarketable equity securities38,803 694 7.17 35,614 647 7.37 44,216 963 8.76 
Total interest-earning assets6,641,509 98,191 5.93 6,799,914 99,563 5.94 7,128,351 107,308 6.05 
Noninterest-earning assets513,801 667,940 669,370 
Total assets$7,155,310 $7,467,854 $7,797,721 
Interest-Bearing Liabilities
Interest-bearing deposits$4,845,609 $32,290 2.67 %$5,074,007 $34,615 2.77 %$5,101,365 $39,476 3.11 %
Short-term borrowings60,117 573 3.82 73,767 700 3.85 30,449 308 4.07 
FHLB advances & other borrowings363,505 3,766 4.16 299,578 3,163 4.28 500,758 5,836 4.69 
Subordinated debt77,757 1,394 7.19 77,752 1,387 7.23 93,090 1,265 5.47 
Trust preferred debentures51,439 1,206 9.40 51,283 1,200 9.49 50,921 1,358 10.73 
Total interest-bearing liabilities5,398,427 39,229 2.91 5,576,387 41,065 2.99 5,776,583 48,243 3.36 
Noninterest-bearing deposits1,075,945 1,052,181 1,132,451 
Other noninterest-bearing liabilities108,819 123,613 104,841 
Shareholders’ equity572,119 715,673 783,846 
Total liabilities and shareholder’s equity$7,155,310 $7,467,854 $7,797,721 
Net Interest Margin$58,962 3.56 %$58,498 3.49 %$59,065 3.33 %
Cost of Deposits2.19 %2.29 %2.55 %
(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 $0.3 million, $0.2 million and $0.2 million for the three months ended June 30, 2025, March 31, 2025 and June 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 $23.5 million for the second quarter of 2025, compared to $17.8 million for the first quarter of 2025. Noninterest income for the second quarter of 2025 included credit enhancement income of $3.8 million, primarily related to an increase in charge-offs in our third-party loan origination and servicing program which were fully reimbursed by our program sponsor.
•Noninterest expense was $50.0 million for the second quarter of 2025, compared to $203.0 million for the first quarter of 2025, which included goodwill impairment of $154.0 million. The Company continues to experience higher levels of professional services, legal fees and other expenses related to loan collections and the restatement of our financial statements.

Second Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):
As of and for the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
20252025202420242024
Return on average assets0.67 %(7.66)%(1.59)%1.05 %1.33 %
Pre-provision net revenue to average assets(1)
1.81 %1.47 %1.83 %2.21 %2.07 %
Net interest margin3.56 %3.49 %3.34 %3.34 %3.33 %
Efficiency ratio (1)
60.60 %64.29 %62.31 %53.61 %55.79 %
Noninterest expense to average assets2.80 %11.02 %3.04 %2.56 %2.62 %
Net charge-offs to average loans2.34 %1.35 %7.94 %1.53 %0.94 %
Tangible book value per share at period end (1)
$20.68 $20.54 $19.83 $22.70 $21.07 
Diluted earnings (loss) per common share$0.44 $(6.58)$(1.52)$0.83 $1.06 
Common shares outstanding at period end21,515,138 21,503,036 21,494,485 21,393,905 21,377,215 
Trust assets under administration$4,181,180 $4,101,414 $4,153,080 $4,268,539 $3,996,175 
(1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.
Capital
At June 30, 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 June 30, 2025
Midland States BankMidland States Bancorp, Inc.
Minimum Regulatory Requirements (2)
Total capital to risk-weighted assets13.74%14.50%10.50%
Tier 1 capital to risk-weighted assets12.49%12.07%8.50%
Common equity Tier 1 capital to risk-weighted assets12.49%9.02%7.00%
Tier 1 leverage ratio9.93%9.59%4.00%
Tangible common equity to tangible assets (1)
N/A6.27%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 June 30, 2025, the Company had total assets of approximately $7.11 billion, and its Wealth Management Group had assets under administration of approximately $4.18 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,” “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," 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
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands)20252025202420242024
Assets
Cash and cash equivalents$176,587 $102,006 $114,766 $121,873 $124,646 
Investment securities1,354,652 1,368,405 1,212,366 1,216,795 1,099,654 
Loans5,064,695 5,018,053 5,167,574 5,728,237 5,829,057 
Allowance for credit losses on loans(92,690)(105,176)(111,204)(151,067)(155,443)
Total loans, net4,972,005 4,912,877 5,056,370 5,577,170 5,673,614 
Loans held for sale7,899 287,821 344,947 8,001 5,555 
Premises and equipment, net86,240 86,719 85,710 84,672 83,040 
Other real estate owned393 4,183 4,941 8,646 8,304 
Loan servicing rights, at lower of cost or fair value16,720 17,278 17,842 18,400 18,902 
Goodwill7,927 7,927 161,904 161,904 161,904 
Other intangible assets, net10,362 11,189 12,100 13,052 14,003 
Company-owned life insurance214,392 212,336 211,168 209,193 207,211 
Credit enhancement asset5,800 5,615 16,804 20,633 18,202 
Other assets254,901 268,448 267,891 263,850 293,039 
Total assets$7,107,878 $7,284,804 $7,506,809 $7,704,189 $7,708,074 
Liabilities and Shareholders' Equity
Noninterest-bearing demand deposits$1,074,212 $1,090,707 $1,055,564 $1,050,617 $1,108,521 
Interest-bearing deposits4,872,707 4,845,727 5,141,679 5,206,219 5,009,502 
Total deposits5,946,919 5,936,434 6,197,243 6,256,836 6,118,023 
Short-term borrowings8,654 40,224 87,499 13,849 7,208 
FHLB advances and other borrowings345,000 498,000 258,000 425,000 600,000 
Subordinated debt77,759 77,754 77,749 82,744 91,656 
Trust preferred debentures51,518 51,358 51,205 51,058 50,921 
Other liabilities104,323 109,597 124,266 103,481 103,487 
Total liabilities6,534,173 6,713,367 6,795,962 6,932,968 6,971,295 
Total shareholders’ equity573,705 571,437 710,847 771,221 736,779 
Total liabilities and shareholders’ equity$7,107,878 $7,284,804 $7,506,809 $7,704,189 $7,708,074 


MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands, except per share data)20252025202420242024
Net interest income:
Interest income$97,924 $99,355 $104,470 $108,994 $107,138 
Interest expense39,229 41,065 45,900 49,884 48,243 
Net interest income58,695 58,290 58,570 59,110 58,895 
Provision for credit losses:
Provision for credit losses on loans17,369 10,850 74,183 17,925 8,482 
Recapture of credit losses on unfunded commitments— — — — (200)
Total provision for credit losses17,369 10,850 74,183 17,925 8,282 
Net interest income after provision for credit losses41,326 47,440 (15,613)41,185 50,613 
Noninterest income:
Wealth management revenue7,379 7,350 7,660 7,104 6,801 
Service charges on deposit accounts3,351 3,305 3,506 3,411 3,121 
Interchange revenue3,463 3,151 3,528 3,506 3,563 
Residential mortgage banking revenue756 676 637 697 557 
Income on company-owned life insurance2,068 2,334 1,975 1,981 1,925 
Loss on sales of investment securities, net— — (34)(44)(152)
Credit enhancement income (loss)3,848 (578)15,810 14,206 14,328 
Other income2,669 1,525 2,289 2,684 1,841 
Total noninterest income23,534 17,763 35,371 33,545 31,984 
Noninterest expense:
Salaries and employee benefits25,685 26,416 22,283 24,382 22,872 
Occupancy and equipment4,166 4,498 4,286 4,393 3,964 
Data processing7,035 6,919 7,278 6,955 7,205 
Professional services2,792 2,741 1,580 1,744 2,243 
Impairment on goodwill— 153,977 — — — 
Amortization of intangible assets827 911 952 951 1,016 
Impairment on leased assets and surrendered assets— — 7,601 — — 
FDIC insurance1,422 1,463 1,383 1,402 1,219 
Other expense8,065 6,080 13,336 9,937 12,265 
Total noninterest expense49,992 203,005 58,699 49,764 50,784 
Income (loss) before income taxes14,868 (137,802)(38,941)24,966 31,813 
Income tax expense (benefit)2,844 3,172 (8,172)4,535 6,094 
Net income (loss)12,024 (140,974)(30,769)20,431 25,719 
Preferred stock dividends2,228 2,228 2,228 2,229 2,228 
Net income (loss) available to common shareholders$9,796 $(143,202)$(32,997)$18,202 $23,491 
Basic earnings (loss) per common share$0.44 $(6.58)$(1.52)$0.83 $1.06 
Diluted earnings (loss) per common share$0.44 $(6.58)$(1.52)$0.83 $1.06 
Weighted average common shares outstanding21,820,190 21,795,570 21,748,428 21,675,818 21,731,195 
Weighted average diluted common shares outstanding21,820,190 21,795,570 21,753,711 21,678,242 21,734,849 



MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)
As of
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands)20252025202420242024
Loan Portfolio Mix
Commercial loans$1,178,792 $879,286 $934,847 $879,590 $955,667 
Equipment finance loans364,526 390,276 416,970 442,552 461,409 
Equipment finance leases347,155 373,168 391,390 417,531 428,659 
Commercial FHA warehouse lines1,068 — 8,004 50,198 — 
Total commercial loans and leases1,891,541 1,642,730 1,751,211 1,789,871 1,845,735 
Commercial real estate2,412,761 2,592,325 2,591,664 2,510,472 2,421,505 
Construction and land development258,729 264,966 299,842 422,253 476,528 
Residential real estate361,261 373,095 380,557 378,658 378,393 
Consumer140,403 144,937 144,300 626,983 706,896 
Total loans$5,064,695 $5,018,053 $5,167,574 $5,728,237 $5,829,057 
Loan Portfolio Segment
Regions
Eastern$901,848 $897,792 $899,611 $902,993 $884,343 
Northern753,590 747,028 714,562 730,752 724,782 
Southern778,124 711,787 720,188 694,810 699,893 
St. Louis884,685 902,743 868,190 850,327 825,291 
Total Community Bank3,318,247 3,259,350 3,202,551 3,178,882 3,134,309 
Specialty finance701,244 874,567 1,038,238 1,018,961 1,107,508 
Equipment finance711,681 763,444 808,359 860,083 890,068 
Non-core loan program and other(1)
333,523 120,692 118,426 670,311 697,172 
Total loans$5,064,695 $5,018,053 $5,167,574 $5,728,237 $5,829,057 
Deposit Portfolio Mix
Noninterest-bearing demand$1,074,212 $1,090,707 $1,055,564 $1,050,617 $1,108,521 
Interest-bearing:
Checking2,180,717 2,161,282 2,378,256 2,389,970 2,343,533 
Money market1,216,357 1,154,403 1,173,630 1,187,139 1,143,668 
Savings511,470 522,663 507,305 510,260 538,462 
Time818,813 818,732 822,981 849,413 852,415 
Brokered time145,350 188,647 259,507 269,437 131,424 
Total deposits$5,946,919 $5,936,434 $6,197,243 $6,256,836 $6,118,023 
Deposit Portfolio by Channel
Retail$2,811,838 $2,846,494 $2,749,650 $2,695,077 $2,742,494 
Commercial1,145,369 1,074,837 1,209,815 1,218,657 1,217,068 
Public Funds618,172 490,374 505,912 574,704 568,889 
Wealth & Trust304,626 301,251 340,615 332,242 298,659 
Servicing785,659 842,567 896,436 958,662 931,892 
Brokered Deposits248,707 358,063 473,451 390,558 238,708 
Other32,548 22,848 21,364 86,936 120,313 
Total deposits$5,946,919 $5,936,434 $6,197,243 $6,256,836 $6,118,023 
(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
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands, expect per share data)20252025202420242024
Income (loss) before income tax (benefit) expense - GAAP$14,868 $(137,802)$(38,941)$24,966 $31,813 
Adjustments to noninterest income:
Loss on sales of investment securities, net— — 34 44 152 
Loss (gain) on repurchase of subordinated debt— — 13 (77)(167)
Total adjustments to noninterest income— — 47 (33)(15)
Adjustments to noninterest expense:
Impairment on goodwill— (153,977)— — — 
Total adjustments to noninterest expense— (153,977)— — — 
Adjusted earnings (loss) pre tax - non-GAAP14,868 16,175 (38,894)24,933 31,798 
Adjusted earnings (loss) tax (benefit) expense2,844 3,172 (8,159)4,526 6,090 
Adjusted earnings (loss) - non-GAAP12,024 13,003 (30,735)20,407 25,708 
Preferred stock dividends2,228 2,228 2,228 2,229 2,228 
Adjusted earnings (loss) available to common shareholders$9,796 $10,775 $(32,963)$18,178 $23,480 
Adjusted diluted earnings (loss) per common share$0.44 $0.49 $(1.52)$0.82 $1.06 
Pre-Provision Net Revenue Reconciliation
For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands)20252025202420242024
Income (loss) before income taxes$14,868 $(137,802)$(38,941)$24,966 $31,813 
Provision for credit losses17,369 10,850 74,183 17,925 8,282 
Impairment on goodwill— 153,977 — — — 
Pre-provision net revenue$32,237 $27,025 $35,242 $42,891 $40,095 
Pre-provision net revenue per diluted share$1.48 $1.24 $1.62 $1.98 $1.84 
Pre-provision net revenue to average assets1.81 %1.47 %1.83 %2.21 %2.07 %


MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
Efficiency Ratio Reconciliation
For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands)20252025202420242024
Noninterest expense - GAAP$49,992 $203,005 $58,699 $49,764 $50,784 
Impairment on goodwill— (153,977)— — — 
Adjusted noninterest expense$49,992 $49,028 $58,699 $49,764 $50,784 
Net interest income - GAAP$58,695 $58,290 $58,570 $59,110 $58,895 
Effect of tax-exempt income267 208 220 205 170 
Adjusted net interest income58,962 58,498 58,790 59,315 59,065 
Noninterest income - GAAP23,534 17,763 35,371 33,545 31,984 
Loss on sales of investment securities, net— — 34 44 152 
Loss (gain) on repurchase of subordinated debt— — 13 (77)(167)
Adjusted noninterest income23,534 17,763 35,418 33,512 31,969 
Adjusted total revenue$82,496 $76,261 $94,208 $92,827 $91,034 
Efficiency ratio60.60 %64.29 %62.31 %53.61 %55.79 %

Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
As of
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands, except per share data)20252025202420242024
Shareholders' Equity to Tangible Common Equity
Total shareholders' equity—GAAP$573,705 $571,437 $710,847 $771,221 $736,779 
Adjustments:
Preferred Stock(110,548)(110,548)(110,548)(110,548)(110,548)
Goodwill(7,927)(7,927)(161,904)(161,904)(161,904)
Other intangible assets, net(10,362)(11,189)(12,100)(13,052)(14,003)
Tangible common equity444,868 441,773 426,295 485,717 450,324 
Total Assets to Tangible Assets:
Total assets—GAAP$7,107,878 $7,284,804 $7,506,809 $7,704,189 $7,708,074 
Adjustments:
Goodwill(7,927)(7,927)(161,904)(161,904)(161,904)
Other intangible assets, net(10,362)(11,189)(12,100)(13,052)(14,003)
Tangible assets$7,089,589 $7,265,688 $7,332,805 $7,529,233 $7,532,167 
Common Shares Outstanding21,515,138 21,503,036 21,494,485 21,393,905 21,377,215 
Tangible Common Equity to Tangible Assets6.27 %6.08 %5.81 %6.45 %5.98 %
Tangible Book Value Per Share$20.68 $20.54 $19.83 $22.70 $21.07