EXHIBIT 99.1

Midland States Bancorp, Inc. Announces 2026 Second Quarter Results
Effingham, IL, July 23, 2026 (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $17.7 million, or $0.82 per diluted share, for the second quarter of 2026, compared to net income available to common shareholders of $16.2 million, or $0.74 per diluted share, for the first quarter of 2026. This also compares to net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025.

2026 Second Quarter Results

•Net income available to common shareholders of $17.7 million, or $0.82 per diluted share
•Return on average assets of 1.22% and return on average tangible common equity of 16.27%
•Adjusted pre-provision net revenue of $32.8 million, or 2.01% of average assets, compared to $30.5 million, or 1.91% of average assets, for the first quarter of 2026
•Net interest margin of 3.98% compared to 3.91% in the prior quarter
•Community Bank loan portfolio increased $6.3 million, or 0.7% annualized, compared to prior quarter. Total loans decreased $94.9 million, primarily due to anticipated runoff within specialty finance and non-core portfolios.
•Total capital to risk-weighted assets of 15.77% and common equity tier 1 capital of 10.39%
•Ratio of nonperforming assets to total assets of 0.91%, flat compared to prior quarter
Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:
“Our second quarter results demonstrate the continued progress we’ve made transforming Midland into a higher-performing community bank. Core profitability remained strong, our net interest margin expanded, capital increased above our near-term target, and our Community Bank continued to generate growth in deposits and customer relationships while we further simplified our balance sheet through the planned runoff of specialty finance and non-core loan portfolios.

"Net interest margin expansion was driven by favorable loan repricing and continued optimization of our earning assets. Total deposits increased $267 million, while we further reduced our reliance on higher-cost brokered deposits. We also strengthened our capital position, increasing our common equity Tier 1 ratio to 10.4%, while continuing to return capital to shareholders through share repurchases.

"While we recognized a higher charge-off associated with the resolution of a previously identified nonperforming commercial real estate credit, broader credit trends continued to improve, including reductions in past due and substandard loans. Looking ahead, we remain focused on disciplined growth across our Community Bank, expanding our wealth management business following a record quarter, and leveraging our stronger financial position to deliver consistent earnings growth and long-term shareholder value.”
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Financial Highlights and Key Performance Indicators
As of and for the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands, except per share data)20262026202520252025
Diluted earnings (loss) per common share$0.82 $0.74 $(0.24)$0.24 $0.44 
Return on average assets (annualized)
1.22 %1.16 %(0.17)%0.43 %0.67 %
Return on average tangible common equity (annualized) (1)
16.27 %14.88 %(4.46)%4.72 %8.87 %
Adjusted pre-provision net revenue to average assets (annualized) (1)
2.01 %1.91 %1.86 %1.81 %1.86 %
Net interest margin (annualized)
3.98 %3.91 %3.74 %3.79 %3.56 %
Efficiency ratio (1)
60.61 %62.17 %63.01 %61.01 %59.85 %
Noninterest expense to average assets3.12 %3.16 %4.54 %2.86 %2.80 %
Net charge-offs to average loans (annualized)
1.17 %0.64 %3.69 %0.99 %2.34 %
Tangible book value per share at period end (1)
$21.41 $20.77 $20.70 $21.16 $20.68 
Common shares outstanding at period end20,725,814 20,813,975 21,169,854 21,543,557 21,515,138 
Trust assets under administration$4,782,625 $4,474,234 $4,478,999 $4,363,756 $4,181,180 
(1) Non-GAAP financial measures. Refer to pages 10-11 for a reconciliation to the comparable GAAP financial measures.
Key Points for Second Quarter and Outlook
Growth Trends in Community Bank & Wealth Management

•Total loans at June 30, 2026 were $4.24 billion, a decrease of $94.9 million from March 31, 2026, reflecting the continued planned runoff of specialty finance and non-core portfolios, which more than offset Community Bank loan growth. Average loan balances in the Community Bank increased approximately $83 million, or 2.5%, during the quarter, supported by continued commercial loan production and growth in commercial and industrial commitments. Period-end balances were impacted by the timing of several larger fundings shifting into the third quarter and elevated loan payoffs. Key changes in the loan portfolio were as follows:

◦Community Bank balances increased $6.3 million, or 0.7% annualized.

◦Specialty finance loans decreased $81.4 million to $532.1 million from March 31, 2026.

◦Non-core loans, which include our third-party lending and servicing programs and remaining equipment finance portfolio, decreased $19.7 million to $308.4 million from March 31, 2026.

•Total deposits were $5.71 billion at June 30, 2026, an increase of $267.2 million from March 31, 2026. Key changes in deposits were as follows:

◦Retail and commercial deposits increased $98.4 million and $116.4 million, respectively, driven primarily by growth in new accounts as a result of targeted initiatives.

◦Public funds and servicing deposits increased $120.2 million and $23.8 million, respectively.

◦Higher-cost brokered deposits decreased $100.9 million.

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•Wealth Management revenue totaled $8.8 million in the second quarter of 2026. Assets under administration were $4.78 billion at June 30, 2026, compared to $4.47 billion at March 31, 2026, driven primarily by improved market performance.

Net Interest Margin

•Net interest margin was 3.98%, up seven basis points compared to the first quarter of 2026, driven primarily by a favorable shift in investment securities mix, a one basis point increase in loan yields, and a continued decline in funding costs. The cost of deposits decreased three basis points to 1.78% in the second quarter of 2026, as a result of continued pricing discipline.

The following table presents the Company’s net interest margin for the second quarter of 2026 compared to the first quarter of 2026 and the second quarter of 2025.

For the Three Months Ended
(dollars in thousands)June 30, 2026March 31, 2026June 30, 2025
Interest-earning assetsAverage BalanceInterest & FeesYield/RateAverage BalanceInterest & FeesYield/RateAverage BalanceInterest & FeesYield/Rate
Cash and cash equivalents$108,157 $987 3.66 %$89,412 $809 3.67 %$67,326 $716 4.27 %
Investment securities (1)
1,617,474 19,540 4.85 1,592,433 18,702 4.76 1,367,180 17,164 5.04 
Loans (1)(2)
4,268,168 67,195 6.31 4,254,321 66,044 6.30 5,123,558 79,240 6.20 
Loans held for sale8,431 128 6.10 6,892 102 6.01 44,642 377 3.39 
Nonmarketable equity securities30,285 534 7.07 31,547 583 7.50 38,803 694 7.17 
Total interest-earning assets6,032,515 88,384 5.88 5,974,605 86,240 5.85 6,641,509 98,191 5.93 
Noninterest-earning assets495,663 496,233 513,801 
Total assets$6,528,178 $6,470,838 $7,155,310 
Interest-Bearing Liabilities
Interest-bearing deposits$4,512,697 $24,526 2.18 %$4,430,873 $24,203 2.22 %$4,845,609 $32,290 2.67 %
Short-term borrowings28,521 202 2.84 33,236 231 2.82 60,117 573 3.82 
FHLB advances & other borrowings249,044 2,349 3.78 273,444 2,670 3.96 363,505 3,766 4.16 
Subordinated debt27,027 380 5.64 27,022 380 5.70 77,757 1,394 7.19 
Trust preferred debentures52,128 1,131 8.70 51,948 1,121 8.75 51,439 1,206 9.40 
Total interest-bearing liabilities4,869,417 28,588 2.35 4,816,523 28,605 2.41 5,398,427 39,229 2.91 
Noninterest-bearing deposits1,012,592 996,926 1,075,945 
Other noninterest-bearing liabilities84,416 87,907 108,819 
Shareholders’ equity561,753 569,482 572,119 
Total liabilities and shareholders’ equity$6,528,178 $6,470,838 $7,155,310 
Net Interest Margin$59,796 3.98 %$57,635 3.91 %$58,962 3.56 %
Cost of Deposits1.78 %1.81 %2.19 %
(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, $0.2 million, and $0.3 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively.
(2)Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
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Trends in Noninterest Income and Expense
•Noninterest income was $23.8 million for the second quarter of 2026 compared to $22.1 million for the first quarter of 2026. Noninterest income for the first quarter of 2026 included $2.1 million of gains from the sale of the Company’s residential servicing portfolio and a portion of the Company’s commercial servicing portfolio, losses of $1.7 million from the sale of investment securities, and a $1.7 million loss related to our limited partnership investments. Excluding these transactions, noninterest income for the first quarter of 2026 was $23.5 million.

•Noninterest expense remained relatively flat for the second quarter of 2026 at $50.8 million compared to $50.4 million for the first quarter of 2026.

•Income tax expense was $5.9 million, resulting in an effective tax rate of 22.9% for the second quarter of 2026 compared to 23.4% and 19.1% for the first quarter of 2026 and second quarter of 2025, respectively. We currently expect our effective tax rate to be approximately 23% for the full year, subject to changes in earnings mix, state tax legislation, and other factors.

Continued Progress on Credit Quality
•Loans 30-89 days past due decreased to $11.0 million, or 0.26% of total loans, at June 30, 2026, compared to $20.3 million, or 0.47% of total loans, at March 31, 2026. Substandard accruing loans decreased by $20.4 million to $71.5 million at June 30, 2026.

•Nonperforming loans increased to $60.9 million, or 1.43% of total loans, at June 30, 2026, compared to $58.8 million, or 1.36% of total loans, at March 31, 2026.

•Net charge-offs were $12.5 million for the second quarter of 2026, including an $8.6 million charge-off on a previously identified nonperforming commercial real estate relationship in our Community Bank portfolio. The charge-off reflects the execution of a resolution strategy for the relationship following the borrower’s acceptance of a purchase agreement for the underlying collateral.

•Provision for credit losses on loans was $7.1 million for the second quarter of 2026, driven primarily by the replenishment of reserve balances resulting from the net charge-off activity during the quarter, partially offset by improved credit quality metrics, including favorable past due and delinquency trends, and anticipated continued runoff of our specialty finance and non-core loan portfolios.

•Allowance for credit losses on loans was $62.5 million, or 1.47% of total loans, at June 30, 2026, compared to an allowance of $67.9 million, or 1.56% of total loans, at March 31, 2026.






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The table below summarizes certain information regarding the Company’s loan portfolio asset quality for the periods presented.
As of and for the Three Months Ended
(dollars in thousands)June 30,March 31,December 31,September 30,June 30,
20262026202520252025
Asset Quality
Loans 30-89 days past due$10,984 $20,266 $17,079 $26,019 $40,959 
Nonperforming loans60,879 58,791 65,483 68,703 80,112 
Nonperforming assets61,235 59,305 66,089 70,369 81,775 
Substandard accruing loans71,526 91,963 76,000 78,901 58,478 
Net charge-offs12,465 6,747 43,492 12,309 29,855 
Loans 30-89 days past due to total loans0.26 %0.47 %0.39 %0.53 %0.81 %
Nonperforming loans to total loans1.43 %1.36 %1.50 %1.41 %1.59 %
Nonperforming assets to total assets0.91 %0.91 %1.01 %1.02 %1.15 %
Allowance for credit losses to total loans1.47 %1.56 %1.59 %2.07 %1.84 %
Allowance for credit losses to nonperforming loans102.69 %115.45 %105.71 %146.84 %115.70 %
Net charge-offs to average loans (annualized)
1.17 %0.64 %3.69 %0.99 %2.34 %
Capital
As previously announced, the Company’s board of directors authorized a share repurchase program, pursuant to which the Company was authorized to repurchase up to $45.0 million of its common stock through December 31, 2026. During the second quarter of 2026, the Company repurchased $2.7 million of its common stock (113,208 shares of its common stock at a weighted average price of $24.05), resulting in approximately $24.9 million in remaining repurchase authority under the program.

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 June 30, 2026
Midland States BankMidland States Bancorp, Inc.
Minimum Regulatory Requirements (2)
Total capital to risk-weighted assets14.84%15.77%10.50%
Tier 1 capital to risk-weighted assets13.59%13.97%8.50%
Common equity Tier 1 capital to risk-weighted assets13.59%10.39%7.00%
Tier 1 leverage ratio10.08%10.37%4.00%
Tangible common equity to tangible assets (1)
N/A6.64%N/A
As of March 31, 2026
Midland States BankMidland States Bancorp, Inc.
Minimum Regulatory Requirements (2)
Total capital to risk-weighted assets14.42%15.27%10.50%
Tier 1 capital to risk-weighted assets13.17%13.48%8.50%
Common equity Tier 1 capital to risk-weighted assets13.17%9.98%7.00%
Tier 1 leverage ratio10.10%10.35%4.00%
Tangible common equity to tangible assets (1)
N/A6.62%N/A

(1) Non-GAAP financial measure. Refer to pages 10-11 for a reconciliation to the comparable GAAP financial measure.
(2) Includes the capital conservation buffer of 2.5%, as applicable.
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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, 2026, the Company had total assets of approximately $6.70 billion, and its Wealth Management Group had assets under administration of approximately $4.78 billion. The Company provides a full range of commercial and consumer banking products and services, 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 calculated in accordance with GAAP.
These non-GAAP financial measures include “Adjusted pre-provision net revenue,” “Adjusted pre-provision net revenue to average assets,” “Adjusted earnings,” “Adjusted earnings available to common shareholders,” “Adjusted diluted earnings per common share,” “Return on average tangible common equity,” “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 profitability and asset profile, and that the tangible asset-based measures are commonly used by investors in evaluating value of financial institutions and their equity securities. 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, deposit volatility and potential regulatory developments; the performance of our loan portfolio and our ability to manage credit risk; changes in the financial markets; the effects of armed conflict, including the scope and duration of disruptions in global energy markets relating to war in the Middle East; changes in the business environment resulting from the adoption of artificial intelligence, including fraud and cybersecurity risk; operational risks, including with respect to fraud and information technology; changes in business plans as circumstances warrant; changes to U.S. and state 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, including the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, which are incorporated herein by reference. 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," “should,” "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
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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
Claire A. Stack, Chief Financial Officer, at cstack@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)20262026202520252025
Assets
Cash and cash equivalents$298,747 $113,658 $127,811 $166,147 $176,587 
Investment securities1,657,313 1,596,220 1,527,236 1,383,121 1,354,652 
Loans4,243,704 4,338,573 4,352,004 4,867,587 5,035,295 
Allowance for credit losses on loans(62,519)(67,875)(69,219)(100,886)(92,690)
Total loans, net4,181,185 4,270,698 4,282,785 4,766,701 4,942,605 
Loans held for sale8,944 6,709 7,781 7,535 37,299 
Premises and equipment, net82,898 84,169 85,134 86,005 86,240 
Other real estate owned356 514 606 393 393 
Loan servicing rights, at lower of cost or fair value11,316 11,688 11,932 16,165 16,720 
Goodwill7,927 7,927 7,927 7,927 7,927 
Other intangible assets, net7,495 8,159 8,876 9,619 10,362 
Company-owned life insurance222,757 220,630 218,554 216,494 214,392 
Credit enhancement asset13,642 13,476 12,557 5,765 5,800 
Other assets208,036 214,115 222,221 245,643 254,901 
Total assets$6,700,616 $6,547,963 $6,513,420 $6,911,515 $7,107,878 
Liabilities and Shareholders' Equity
Noninterest-bearing demand deposits$1,010,128 $1,013,808 $1,040,411 $1,015,930 $1,074,212 
Interest-bearing deposits4,697,150 4,426,259 4,383,968 4,588,895 4,872,707 
Total deposits5,707,278 5,440,067 5,424,379 5,604,825 5,946,919 
Short-term borrowings7,645 153,425 60,181 146,766 8,654 
FHLB advances258,000 238,000 293,000 373,000 345,000 
Subordinated debt27,030 27,024 27,019 27,014 77,759 
Trust preferred debentures52,219 52,035 51,857 51,684 51,518 
Other liabilities78,756 78,458 91,485 124,225 104,323 
Total liabilities6,130,928 5,989,009 5,947,921 6,327,514 6,534,173 
Total shareholders’ equity569,688 558,954 565,499 584,001 573,705 
Total liabilities and shareholders’ equity$6,700,616 $6,547,963 $6,513,420 $6,911,515 $7,107,878 
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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)20262026202520252025
Net interest income:
Interest income$88,177 $86,022 $92,095 $98,493 $97,924 
Interest expense28,588 28,605 33,393 37,376 39,229 
Net interest income59,589 57,417 58,702 61,117 58,695 
Provision for credit losses:
Provision for credit losses on loans7,109 5,403 11,825 20,505 17,369 
Recapture of credit losses on unfunded commitments(290)(400)(200)(500)— 
Total provision for credit losses6,819 5,003 11,625 20,005 17,369 
Net interest income after provision for credit losses52,770 52,414 47,077 41,112 41,326 
Noninterest income:
Wealth management revenue8,768 8,248 8,272 8,018 7,379 
Service charges on deposit accounts3,449 3,355 3,573 3,598 3,351 
Interchange revenue3,553 3,528 3,437 3,445 3,463 
Residential mortgage banking revenue686 626 690 735 756 
Income on company-owned life insurance2,127 2,076 2,060 2,102 2,068 
Gain (loss) on sales of investment securities, net— (1,731)— 14 — 
Credit enhancement income (loss)3,081 3,360 6,876 (242)3,848 
Other income2,104 2,660 1,959 2,346 2,669 
Total noninterest income23,768 22,122 26,867 20,016 23,534 
Noninterest expense:
Salaries and employee benefits27,354 26,157 25,906 26,393 25,685 
Occupancy and equipment4,229 4,535 4,353 4,206 4,166 
Data processing6,994 7,065 6,834 7,186 7,035 
Professional services1,665 2,242 2,321 2,017 2,792 
Amortization of intangible assets664 717 743 743 827 
Loss on sale of loan portfolios— — 23,051 — — 
Impairment on leased assets and surrendered assets— — 684 — — 
FDIC insurance781 529 3,739 1,512 1,422 
Other expense9,068 9,179 9,561 7,757 8,065 
Total noninterest expense50,755 50,424 77,192 49,814 49,992 
Income (loss) before income taxes25,783 24,112 (3,248)11,314 14,868 
Income tax expense (benefit)5,895 5,649 (360)3,757 2,844 
Net income (loss)19,888 18,463 (2,888)7,557 12,024 
Preferred stock dividends2,228 2,228 2,228 2,229 2,228 
Net income (loss) available to common shareholders$17,660 $16,235 $(5,116)$5,328 $9,796 
Basic earnings (loss) per common share$0.82 $0.74 $(0.24)$0.24 $0.44 
Diluted earnings (loss) per common share$0.82 $0.74 $(0.24)$0.24 $0.44 
Weighted average common shares outstanding21,074,683 21,301,246 21,854,033 21,863,911 21,820,190 
Weighted average diluted common shares outstanding21,074,683 21,301,246 21,854,033 21,863,911 21,820,190 

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MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)
As of
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands)20262026202520252025
Loan Portfolio Mix
Commercial loans$1,185,730 $1,216,511 $1,178,521 $1,476,533 $1,544,386 
Equipment finance leases37,086 43,803 50,981 310,983 347,155 
Total commercial loans and leases1,222,816 1,260,314 1,229,502 1,787,516 1,891,541 
Commercial real estate2,296,978 2,322,198 2,342,664 2,336,661 2,383,361 
Construction and land development243,840 276,469 286,140 260,073 258,729 
Residential real estate347,664 344,511 349,623 353,475 361,261 
Consumer132,406 135,081 144,075 129,862 140,403 
Total loans$4,243,704 $4,338,573 $4,352,004 $4,867,587 $5,035,295 
Loan Portfolio Segment
Regions
Eastern$978,944 $989,596 $972,031 $927,977 $897,348 
Northern771,844 758,815 711,702 724,695 753,590 
Southern700,937 713,592 729,368 725,892 778,124 
St. Louis951,505 934,974 915,126 896,005 884,685 
Total Community Bank3,403,230 3,396,977 3,328,227 3,274,569 3,313,747 
Specialty finance532,070 613,514 668,183 642,167 670,566 
Non-core loan program and other (1)
308,404 328,082 355,594 950,851 1,050,982 
Total loans$4,243,704 $4,338,573 $4,352,004 $4,867,587 $5,035,295 
Deposit Portfolio Mix
Noninterest-bearing demand$1,010,128 $1,013,808 $1,040,411 $1,015,930 $1,074,212 
Interest-bearing:
Checking2,094,880 1,886,212 1,855,215 1,996,501 2,180,717 
Money market1,242,303 1,295,781 1,248,942 1,240,885 1,216,357 
Savings640,292 495,899 487,742 486,953 511,470 
Time694,642 723,055 748,942 804,740 818,813 
Brokered time25,033 25,312 43,127 59,816 145,350 
Total deposits$5,707,278 $5,440,067 $5,424,379 $5,604,825 $5,946,919 
Deposit Portfolio by Channel
Retail$3,003,073 $2,904,695 $2,823,064 $2,791,085 $2,811,838 
Commercial1,325,592 1,209,210 1,193,637 1,248,445 1,145,369 
Public Funds576,188 455,982 473,381 605,474 618,172 
Wealth & Trust243,549 242,977 265,747 263,765 304,626 
Servicing502,335 478,496 498,496 498,892 785,659 
Brokered Deposits25,033 125,949 143,192 167,228 248,707 
Other31,508 22,758 26,862 29,936 32,548 
Total deposits$5,707,278 $5,440,067 $5,424,379 $5,604,825 $5,946,919 
(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, and equipment financing loans and leases.



9

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, except per share data)
20262026202520252025
Income (loss) before income tax expense (benefit) - GAAP$25,783 $24,112 $(3,248)$11,314 $14,868 
Adjustments to noninterest income:
(Gain) loss on sales of investment securities, net— 1,731 — (14)— 
Gain on sale of mortgage servicing rights— (2,077)— — — 
Loss on limited partnership investments176 1,689 134 315 1,028 
Total adjustments to noninterest income176 1,343 134 301 1,028 
Adjustments to noninterest expense:
Loss on sale of loan portfolios— — (23,051)— — 
Total adjustments to noninterest expense— — (23,051)— — 
Adjusted earnings pre-tax - non-GAAP25,959 25,455 19,937 11,615 15,896 
Adjusted earnings tax expense5,941 6,002 5,726 3,836 3,114 
Adjusted earnings - non-GAAP20,018 19,453 14,211 7,779 12,782 
Preferred stock dividends2,228 2,228 2,228 2,229 2,228 
Adjusted earnings available to common shareholders$17,790 $17,225 $11,983 $5,550 $10,554 
Adjusted diluted earnings per common share$0.82 $0.79 $0.54 $0.25 $0.48 
Adjusted Pre-Provision Net Revenue Reconciliation
For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands, except per share data)20262026202520252025
Adjusted earnings pre-tax - non-GAAP$25,959 $25,455 $19,937 $11,615 $15,896 
Provision for credit losses6,819 5,003 11,625 20,005 17,369 
Adjusted pre-provision net revenue
$32,778 $30,458 $31,562 $31,620 $33,265 
Adjusted pre-provision net revenue to average assets (annualized)2.01 %1.91 %1.86 %1.81 %1.86 %
Return on Average Tangible Common Equity
For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands)20262026202520252025
Net income available to common shareholders$17,660 $16,235 $(5,116)$5,328 $9,796 
Average total shareholders' equity—GAAP$561,753 $569,482 $582,698 $576,431 $572,119 
Adjustments:
Preferred stock(110,548)(110,548)(110,548)(110,548)(110,548)
Goodwill(7,927)(7,927)(7,927)(7,927)(7,927)
Other intangible assets, net(7,813)(8,487)(9,320)(9,978)(10,744)
Average tangible common equity$435,465 $442,520 $454,903 $447,978 $442,900 
Return on average tangible common equity (annualized)16.27 %14.88 %(4.46)%4.72 %8.87 %

10

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)(continued)
Efficiency Ratio Reconciliation
For the Three Months Ended
June 30,March 31,December 31,September 30,June 30,
(dollars in thousands)20262026202520252025
Noninterest expense - GAAP$50,755 $50,424 $77,192 $49,814 $49,992 
Loss on sale of loan portfolios— — (23,051)— — 
Adjusted noninterest expense$50,755 $50,424 $54,141 $49,814 $49,992 
Net interest income - GAAP$59,589 $57,417 $58,702 $61,117 $58,695 
Effect of tax-exempt income207 218 221 209 267 
Adjusted net interest income59,796 57,635 58,923 61,326 58,962 
Noninterest income - GAAP23,768 22,122 26,867 20,016 23,534 
(Gain) loss on sales of investment securities, net— 1,731 — (14)— 
Gain on sale of mortgage servicing rights— (2,077)— — — 
Loss on limited partnership investments176 1,689 134 315 1,028 
Adjusted noninterest income23,944 23,465 27,001 20,317 24,562 
Adjusted total revenue$83,740 $81,100 $85,924 $81,643 $83,524 
Efficiency ratio60.61 %62.17 %63.01 %61.01 %59.85 %

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)20262026202520252025
Shareholders' Equity to Tangible Common Equity
Total shareholders' equity—GAAP$569,688 $558,954 $565,499 $584,001 $573,705 
Adjustments:
Preferred Stock(110,548)(110,548)(110,548)(110,548)(110,548)
Goodwill(7,927)(7,927)(7,927)(7,927)(7,927)
Other intangible assets, net(7,495)(8,159)(8,876)(9,619)(10,362)
Tangible common equity$443,718 $432,320 $438,148 $455,907 $444,868 
Total Assets to Tangible Assets:
Total assets—GAAP$6,700,616 $6,547,963 $6,513,420 $6,911,515 $7,107,878 
Adjustments:
Goodwill(7,927)(7,927)(7,927)(7,927)(7,927)
Other intangible assets, net(7,495)(8,159)(8,876)(9,619)(10,362)
Tangible assets$6,685,194 $6,531,877 $6,496,617 $6,893,969 $7,089,589 
Common Shares Outstanding20,725,814 20,813,975 21,169,854 21,543,557 21,515,138 
Tangible Common Equity to Tangible Assets6.64 %6.62 %6.74 %6.61 %6.27 %
Tangible Book Value Per Share$21.41 $20.77 $20.70 $21.16 $20.68 

11