<SEC-DOCUMENT>0001104659-25-046702.txt : 20250509
<SEC-HEADER>0001104659-25-046702.hdr.sgml : 20250509
<ACCEPTANCE-DATETIME>20250509160022
ACCESSION NUMBER:		0001104659-25-046702
CONFORMED SUBMISSION TYPE:	NT 10-Q
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250509
DATE AS OF CHANGE:		20250509
EFFECTIVENESS DATE:		20250509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Midland States Bancorp, Inc.
		CENTRAL INDEX KEY:			0001466026
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		EIN:				371233196
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NT 10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35272
		FILM NUMBER:		25930153

	BUSINESS ADDRESS:	
		STREET 1:		1201 NETWORK CENTRE DRIVE
		CITY:			EFFINGHAM
		STATE:			IL
		ZIP:			62401
		BUSINESS PHONE:		(217) 342-2141

	MAIL ADDRESS:	
		STREET 1:		1201 NETWORK CENTRE DRIVE
		CITY:			EFFINGHAM
		STATE:			IL
		ZIP:			62401
</SEC-HEADER>
<DOCUMENT>
<TYPE>NT 10-Q
<SEQUENCE>1
<FILENAME>tm2514647d1_nt10q.htm
<DESCRIPTION>FORM NT 10-Q
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;12b-25</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTIFICATION OF LATE FILING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SEC FILE NUMBER 001-35272</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">CUSIP NUMBER 597742105</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Check
    one):</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> Form&nbsp;10-K</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> Form&nbsp;20-F</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> Form&nbsp;11-K</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT> Form&nbsp;10-Q</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> Form&nbsp;10-D</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> Form&nbsp;N-CEN</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> Form&nbsp;N-CSR</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For Period Ended: <B>March&nbsp;31, 2025</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> Transition Report
    on Form&nbsp;10-K</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> Transition Report
    on Form&nbsp;20-F</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> Transition Report
    on Form&nbsp;11-K</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> Transition Report
    on Form&nbsp;10-Q</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the Transition Period Ended: </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 4pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nothing in this Form&nbsp;shall be construed to imply that the Commission has verified any<BR>
information contained herein.</B></FONT>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the notification relates to a portion of the filing checked above,
identify the Item(s)&nbsp;to which the notification relates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PART&nbsp;I &mdash; REGISTRANT INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>MIDLAND STATES BANCORP,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Full Name of Registrant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>N/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Former Name if Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1201 Network Centre Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Address of Principal Executive Office (Street and Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Effingham,&nbsp;IL 62401</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">City, State and Zip Code</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PART&nbsp;II &mdash; RULES 12b-25(b)&nbsp;AND (c)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the subject report could not be filed without unreasonable effort
or expense and the registrant seeks relief pursuant to Rule&nbsp;12b-25(b), the following should be completed. (Check box if appropriate)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="3" STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The reason described in reasonable detail in Part&nbsp;III of this form could not be eliminated without unreasonable effort or expense;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The subject annual report, semi-annual report, transition report on Form&nbsp;10-K, Form&nbsp;20-F, Form&nbsp;11-K, Form&nbsp;N-CEN or Form&nbsp;N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form&nbsp;10-Q or subject distribution report on Form&nbsp;10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-left: black 1pt solid; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 4pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accountant&rsquo;s statement or other exhibit required by Rule&nbsp;12b-25(c)&nbsp;has been attached if applicable.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PART&nbsp;III - NARRATIVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q,
10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Midland States Bancorp,&nbsp;Inc. (the &ldquo;<U>Company</U>&rdquo;)
is unable to file by the prescribed due date its Quarterly Report on Form&nbsp;10-Q for the period ended March&nbsp;31, 2025 (the &ldquo;<U>Form&nbsp;10-Q</U>&rdquo;)
without unreasonable effort or expense because the Company is completing its evaluation of the accounting and financial reporting of third-party
lending and servicing arrangements, including the collection and analysis of third-party documentation. In addition, the Company is completing
an evaluation of whether there is an impairment to its goodwill, including obtaining valuation information from third parties. This process
is ongoing and must be completed for the Company to file the Form&nbsp;10-Q and its Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2024 (the &ldquo;<U>Form&nbsp;10-K</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company does not expect to file the Form&nbsp;10-Q on or before
the expiration of the five calendar day extension period provided in Rule&nbsp;12b-25 under the Securities Exchange Act of 1934, as amended.
The Company plans to file the Form&nbsp;10-Q as soon as practicable following the filing of the Form&nbsp;10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PART&nbsp;IV - OTHER INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;Name and telephone number of person to contact in regard to
this notification</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">Eric T. Lemke</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 33%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">(217)</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">342-2141</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Area Code)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Telephone Number)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;Have
all other periodic reports required under Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934 or Section&nbsp;30 of
the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file
such report(s)&nbsp;been filed? If answer is no, identify report(s). Yes </FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT> No
<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has not yet filed its Annual Report on Form&nbsp;10-K for
the fiscal year ended December&nbsp;31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject
report or portion thereof?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
</FONT><FONT STYLE="font-family: Wingdings">x</FONT> No <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As previously disclosed in the Company&rsquo;s Current Report on Form&nbsp;8-K
filed with the Securities and Exchange Commission on April&nbsp;25, 2025, the Board of Directors of the Company, after discussion with
management and the Company&rsquo;s independent registered accounting firm, concluded that certain of the Company&rsquo;s previously issued
financial statements, including but not limited to its unaudited consolidated financial statements as of and for the period ended March&nbsp;31,
2024, should no longer be relied upon because of errors identified in such financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The errors relate to the Company&rsquo;s accounting for loans originated
pursuant to third-party loan origination programs. These programs go back as far as 2012. As part of these programs, the third-party provider
offered various credit enhancements with respect to loans originated under the programs, including contributions to reserve accounts,
yield maintenance and certain other payments. Historically, the Company accounted for all borrower payments and credit enhancement payments
under these programs on a single unit or net basis, with all such payments presented as interest income representing the Company&rsquo;s
effective yield on the portfolios. The Company has determined that these payments should instead be accounted for on a separate unit of
account or gross basis, with loan yields and interest income recorded at the gross borrower loan rate, and credit losses and associated
provisions for credit losses recorded on a gross basis over the life of the loans, and with all credit enhancement payments recorded separately
as a credit indemnification derivative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The changes referenced above are not expected to materially affect
the Company&rsquo;s tangible equity or regulatory capital ratios at March&nbsp;31, 2024. However, the Company&rsquo;s net income for the
three months ended March&nbsp;31, 2024 may be affected by the foregoing changes, due to the timing of when credit losses are provided
and potential differences between the expected credit losses and the valuation of the credit indemnification derivatives, and could be
affected by the Company&rsquo;s evaluation of goodwill, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company plans to restate such financial statements in the Form&nbsp;10-K,
which will also be reflected in the Form&nbsp;10-Q.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Form&nbsp;12b-25 contains &ldquo;forward-looking statements&rdquo;
as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the filing of the Form&nbsp;10-Q and
Form&nbsp;10-K, and certain anticipated changes to its previously issued financial statements. Such forward-looking statements are subject
to many risks and uncertainties, including the expected timing and results of the Company&rsquo;s audit for the year ended December&nbsp;31,
2024, the Company&rsquo;s ongoing evaluation of whether there is an impairment to its goodwill, the fact that the completion and filing
of the Form&nbsp;10-K has taken, and may continue to take, longer than expected and other factors identified in the Company&rsquo;s most
recent periodic reports and other SEC filings, all of which are available on the Company&rsquo;s website. The Company can provide no assurance
that these forward-looking statements will be achieved, and actual results could differ materially from those suggested by such forward-looking
statements. The Company does not undertake to update its forward-looking statements unless otherwise required by the federal securities
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MIDLAND
STATES BANCORP,&nbsp;INC.<BR>
</B></FONT>(Name of Registrant as Specified in Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;9, 2025</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Eric T. Lemke</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric T. Lemke</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INSTRUCTION: The Form&nbsp;may be signed by an executive officer of
the registrant or by any other duly authorized representative. The name and title of the person signing the Form&nbsp;shall be typed or
printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive
officer), evidence of the representative&rsquo;s authority to sign on behalf of the registrant shall be filed with the Form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 4pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ATTENTION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 4pt 5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).</B></FONT></TD></TR>
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