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

Midland States Bancorp, Inc. 8-K