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,
20252025202520242024
Asset Quality
Loans 30-89 days past due$26,019 $40,959 $48,221 $43,681 $55,329 
Nonperforming loans68,703 80,112 145,690 150,907 114,556 
Nonperforming assets70,369 81,775 151,264 157,409 126,771 
Substandard accruing loans78,901 58,478 77,620 84,058 167,549 
Net charge-offs12,309 29,854 16,878 112,776 22,302 
Loans 30-89 days past due to total loans0.53 %0.81 %0.96 %0.85 %0.97 %
Nonperforming loans to total loans1.41 %1.59 %2.90 %2.92 %2.00 %
Nonperforming assets to total assets1.02 %1.15 %2.08 %2.10 %1.65 %
Allowance for credit losses to total loans2.07 %1.84 %2.10 %2.15 %2.64 %
Allowance for credit losses to nonperforming loans146.84 %115.70 %72.19 %73.69 %131.87 %
Net charge-offs to average loans0.99 %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, 2025June 30, 2025September 30, 2024
Interest-earning assetsAverage BalanceInterest & FeesYield/RateAverage BalanceInterest & FeesYield/RateAverage BalanceInterest & FeesYield/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 sale9,268 147 6.29 44,642 377 3.39 7,505 124 6.57 
Nonmarketable equity securities38,559 715 7.36 38,803 694 7.17 41,137 788 7.62 
Total interest-earning assets6,413,066 98,702 6.11 6,641,509 98,191 5.93 7,070,056 109,199 6.14 
Noninterest-earning assets498,875 513,801 653,279 
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 borrowings54,839 499 3.61 60,117 573 3.82 53,577 602 4.47 
FHLB advances & other borrowings386,772 4,044 4.15 363,505 3,766 4.16 428,739 4,743 4.40 
Subordinated debt77,210 1,393 7.16 77,757 1,394 7.19 89,120 1,228 5.48 
Trust preferred debentures51,602 1,221 9.39 51,439 1,206 9.40 50,990 1,341 10.46 
Total interest-bearing liabilities5,214,878 37,376 2.84 5,398,427 39,229 2.91 5,755,066 49,884 3.45 
Noninterest-bearing deposits1,020,196 1,075,945 1,075,712 
Other noninterest-bearing liabilities100,436 108,819 97,235 
Shareholders’ equity576,431 572,119 795,322 
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 Deposits2.12 %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,
20252025202520242024
Return on average assets0.43 %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 margin3.79 %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 assets2.86 %2.80 %11.02 %3.04 %2.56 %
Net charge-offs to average loans0.99 %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 end21,543,557 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 BankMidland States Bancorp, Inc.
Minimum Regulatory Requirements (2)
Total capital to risk-weighted assets13.34%14.29%10.50%
Tier 1 capital to risk-weighted assets12.08%12.54%8.50%
Common equity Tier 1 capital to risk-weighted assets12.08%9.37%7.00%
Tier 1 leverage ratio9.57%9.93%4.00%
Tangible common equity to tangible assets (1)
N/A6.61%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)20252025202520242024
Assets
Cash and cash equivalents$166,147 $176,587 $102,006 $114,766 $121,873 
Investment securities1,383,121 1,354,652 1,368,405 1,212,366 1,216,795 
Loans4,867,587 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, net4,766,701 4,942,605 4,912,877 5,056,370 5,577,170 
Loans held for sale7,535 37,299 287,821 344,947 8,001 
Premises and equipment, net86,005 86,240 86,719 85,710 84,672 
Other real estate owned393 393 4,183 4,941 8,646 
Loan servicing rights, at lower of cost or fair value16,165 16,720 17,278 17,842 18,400 
Goodwill7,927 7,927 7,927 161,904 161,904 
Other intangible assets, net9,619 10,362 11,189 12,100 13,052 
Company-owned life insurance216,494 214,392 212,336 211,168 209,193 
Credit enhancement asset5,765 5,800 5,615 16,804 20,633 
Other assets245,643 254,901 268,448 267,891 263,850 
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 deposits4,588,895 4,872,707 4,845,727 5,141,679 5,206,219 
Total deposits5,604,825 5,946,919 5,936,434 6,197,243 6,256,836 
Short-term borrowings146,766 8,654 40,224 87,499 13,849 
FHLB advances and other borrowings373,000 345,000 498,000 258,000 425,000 
Subordinated debt27,014 77,759 77,754 77,749 82,744 
Trust preferred debentures51,684 51,518 51,358 51,205 51,058 
Other liabilities124,225 104,323 109,597 124,266 103,481 
Total liabilities6,327,514 6,534,173 6,713,367 6,795,962 6,932,968 
Total shareholders’ equity584,001 573,705 571,437 710,847 771,221 
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)20252025202520242024
Net interest income:
Interest income$98,493 $97,924 $99,355 $104,470 $108,994 
Interest expense37,376 39,229 41,065 45,900 49,884 
Net interest income61,117 58,695 58,290 58,570 59,110 
Provision for credit losses on loans20,505 17,369 10,850 74,183 17,925 
Recapture of credit losses on unfunded commitments(500)— — — — 
Total provision for credit losses20,005 17,369 10,850 74,183 17,925 
Net interest income after provision for credit losses41,112 41,326 47,440 (15,613)41,185 
Noninterest income:
Wealth management revenue8,018 7,379 7,350 7,660 7,104 
Service charges on deposit accounts3,598 3,351 3,305 3,506 3,411 
Interchange revenue3,445 3,463 3,151 3,528 3,506 
Residential mortgage banking revenue735 756 676 637 697 
Income on company-owned life insurance2,102 2,068 2,334 1,975 1,982 
Gain (loss) on sales of investment securities, net14 — — (34)(44)
Credit enhancement income (loss)(242)3,848 (578)15,810 14,206 
Other income2,346 2,669 1,525 2,289 2,683 
Total noninterest income20,016 23,534 17,763 35,371 33,545 
Noninterest expense:
Salaries and employee benefits26,393 25,685 26,416 22,283 24,382 
Occupancy and equipment4,206 4,166 4,498 4,286 4,393 
Data processing7,186 7,035 6,919 7,278 6,955 
Professional services2,017 2,792 2,741 1,580 1,744 
Impairment on goodwill— — 153,977 — — 
Amortization of intangible assets743 827 911 952 951 
Impairment on leased assets and surrendered assets— — — 7,601 — 
FDIC insurance1,512 1,422 1,463 1,383 1,402 
Other expense7,757 8,065 6,080 13,336 9,937 
Total noninterest expense49,814 49,992 203,005 58,699 49,764 
Income (loss) before income taxes11,314 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 dividends2,229 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 outstanding21,863,911 21,820,190 21,795,570 21,748,428 21,675,818 
Weighted average diluted common shares outstanding21,863,911 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)20252025202520242024
Loan Portfolio Mix
Commercial loans$1,149,673 $1,178,792 $879,286 $934,848 $879,590 
Equipment finance loans326,860 364,526 390,276 416,969 442,552 
Equipment finance leases310,983 347,155 373,168 391,390 417,531 
Commercial FHA warehouse lines— 1,068 — 8,004 50,198 
Total commercial loans and leases1,787,516 1,891,541 1,642,730 1,751,210 1,789,871 
Commercial real estate2,336,661 2,383,361 2,592,325 2,591,664 2,510,472 
Construction and land development260,073 258,729 264,966 299,842 422,253 
Residential real estate353,475 361,261 373,095 380,557 378,658 
Consumer129,862 140,403 144,937 144,301 626,983 
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 
Northern724,695 753,590 747,028 714,562 730,752 
Southern725,892 778,124 711,787 720,188 694,810 
St. Louis896,005 884,685 902,743 868,190 850,327 
Total Community Bank3,274,569 3,313,747 3,259,350 3,202,551 3,178,882 
Specialty finance642,167 670,566 867,918 1,026,443 1,010,766 
Equipment finance637,843 711,681 763,444 808,359 860,083 
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:
Checking1,996,501 2,180,717 2,161,282 2,378,256 2,389,970 
Money market1,240,885 1,216,357 1,154,403 1,173,630 1,187,139 
Savings486,953 511,470 522,663 507,305 510,260 
Time804,740 818,813 818,732 822,981 849,413 
Brokered time59,816 145,350 188,647 259,507 269,437 
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 
Commercial1,248,445 1,145,369 1,074,837 1,209,815 1,218,657 
Public Funds605,474 618,172 490,374 505,912 574,704 
Wealth & Trust263,765 304,626 301,251 340,615 332,242 
Servicing498,892 785,659 842,567 896,436 958,662 
Brokered Deposits167,228 248,707 358,063 473,451 390,558 
Other29,936 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)20252025202520242024
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-GAAP11,300 14,868 16,175 (38,894)24,933 
Adjusted earnings (loss) tax (benefit) expense3,753 2,844 3,172 (8,159)4,526 
Adjusted earnings (loss) - non-GAAP7,547 12,024 13,003 (30,735)20,407 
Preferred stock dividends2,229 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)20252025202520242024
Income (loss) before income taxes$11,314 $14,868 $(137,802)$(38,941)$24,966 
Provision for credit losses20,005 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 assets1.80 %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)20252025202520242024
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 income209 267 208 220 205 
Adjusted net interest income61,326 58,962 58,498 58,790 59,315 
Noninterest income - GAAP20,016 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 income20,002 23,534 17,763 35,418 33,512 
Adjusted total revenue$81,328 $82,496 $76,261 $94,208 $92,827 
Efficiency ratio61.25 %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)20252025202520242024
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 Outstanding21,543,557 21,515,138 21,503,036 21,494,485 21,393,905 
Tangible Common Equity to Tangible Assets6.61 %6.27 %6.08 %5.81 %6.45 %
Tangible Book Value Per Share$21.16 $20.68 $20.54 $19.83 $22.70