# EDGAR Filing Document

**Accession Number:** 0001466026
**File Stem:** 0001466026-26-000012
**Filing Date:** 2026-1
**Character Count:** 73121
**Document Hash:** 6314d5f91f2760f9ff30e87891ada29b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001466026-26-000012.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001466026-26-000012

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20260122

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35272
- **FILM NUMBER:** 26551653

**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

?xml version='1.0' encoding='ASCII'? msbi-20260122

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): January 22, 2026**

**Midland States Bancorp, Inc.**

(Exact Name of Registrant as Specified in Its Charter)

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| | | |
|:---|:---|:---|
| **Illinois** | **001-35272** | **37-1233196** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| |
|:---|
| **1201 Network Centre Drive** |
| **Effingham, Illinois 62401** |
| (Address of Principal Executive Offices) (Zip Code) |

---

**(217) 342-7321**

(Registrant's Telephone Number, Including Area Code)

**N/A**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, $0.01 par value | MSBI | The Nasdaq Market LLC |
| Depositary Shares, each representing a 1/40th interest in a share of 7.75% fixed rate reset non-cumulative perpetual preferred stock, Series A, $2.00 par value | MSBIP | The Nasdaq Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

    

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**Item 2.02. Results of Operations and Financial Condition.**

On January 22, 2026, Midland States Bancorp, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter of 2025. The press release is attached as Exhibit 99.1.

**Item 7.01. Regulation FD Disclosure.**

On January 22, 2026, the Company made available on its website a slide presentation regarding the Company's fourth quarter 2025 financial results. The slide presentation is attached as Exhibit 99.2.

The information set forth under Items 2.02 and 7.01 in this Form 8-K and the attached exhibits shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in any such filing.

**Item 9.01. Financial Statements and Exhibits.**

**(d) Exhibits.** 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](msbi-20251231exx991.htm)</u> | Press Release of Midland States Bancorp, Inc., dated January 22, 2026 |
| <u>[99.2](a4q2025msbiinvestorprese.htm)</u> | Slide Presentation of Midland States Bancorp, Inc. regarding fourth quarter 2025 financial results |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: January 22, 2026 | By: | /s/ Eric T. Lemke |
|  |  | Eric T. Lemke |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Midland States Bancorp, Inc. Announces 2025 Fourth Quarter Results**

**Effingham, IL, January 22, 2026** (GLOBE NEWSWIRE) -- Midland States Bancorp, Inc. (Nasdaq: MSBI) (the "Company") today reported a net loss available to common shareholders of $5.1 million, or $0.24 per diluted share, for the fourth quarter of 2025, compared to net income available to common shareholders of $5.3 million, or $0.24 per diluted share, for the third quarter of 2025. This also compares to a net loss of $33.0 million, or $1.52 per diluted share, for the fourth quarter of 2024.

Financial results for the fourth quarter of 2025 included the previously announced loss on the sale of substantially all of the Company's equipment finance portfolio of $21.4 million, in addition to a $1.6 million loss on the sale of a small consumer loan portfolio. Excluding these transactions, adjusted earnings available to common shareholders were $11.9 million, or $0.53 per diluted share, for the fourth quarter of 2025.

The Company also recognized additional credit enhancement income of $6.6 million during the fourth quarter of 2025 resulting from contractual changes in its third-party lending and servicing arrangements, which was partially offset by $1.7 million in additional FDIC assessments related to prior years' amended call reports due to the restatements of prior years' financial statements.

**2025 Fourth Quarter Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net loss available to common shareholders of $5.1 million, or $0.24 per diluted share; Adjusted earnings available to common shareholders of $11.9 million, or $0.53 per diluted share** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Sale of substantially all of the equipment finance portfolio for $21.4 million loss**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted pre-provision net revenue of $31.4 million, or $1.44 per diluted share, compared to $31.3 million, or $1.43 per diluted share, for the third quarter of 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net interest margin of 3.74% compared to 3.79% in the prior quarter, which included interest recoveries of $1.6 million** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Ratio of nonperforming assets to total assets of 1.02%, consistent with the prior quarter**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Total capital to risk-weighted assets of 15.16% and common equity tier 1 capital of 9.89%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Provision for credit losses on loans was $11.8 million for the fourth quarter of 2025, compared to $20.5 million for the third quarter of 2025**

**Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:** 

"Entering 2025, improving credit quality was our number one priority and throughout the year, we took significant steps to reduce our risk in the loan portfolio and strengthen our balance sheet. We have significantly enhanced our credit talent, culture, and underwriting standards in 2025, and while non-performing assets remain above our 0.75% target, we believe the actions taken in 2025 position us well

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for continued improvement. We accomplished this without raising any additional capital while also continuing to invest in our core businesses.

"Our capital position improved, with the common equity tier 1 capital ratio rising to 9.89% and approaching our 10.0% target. With the Company's shares trading near tangible book value during the quarter, we repurchased $9.6 million of common stock.

"Revenue trends remained positive in the fourth quarter, highlighted by a strong net interest margin and roughly 6.5% annualized loan growth in our Community Bank. Also, our wealth management business posted another record quarter. We continue to invest in these businesses and expect solid momentum to continue in 2026."

**<u>Key Points for</u> <u>Fourth</u> <u>Quarter and Outlook</u>**

**Sale of substantially all of the equipment finance portfolio; Continuation of credit clean-up** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As previously announced, the Company sold substantially all of its equipment finance loan and lease portfolio during the fourth quarter of 2025, resulting in a loss on sale of $21.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nonperforming loans and loans 30-89 days past due decreased to $65.5 million and $17.1 million, respectively, at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net charge-offs, excluding the impact of $29.8 million of the allowance for credit losses which were charged off as part of the equipment finance portfolio sale, were $13.7 million for the fourth quarter of 2025, which included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $5.3 million of net charge-offs in the retained portion of our equipment finance portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $3.7 million of net charge-offs on non-performing commercial real estate loans included in our Community Bank portfolio due to the receipt of updated appraisals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $2.0 million of fully reimbursed net charge-offs related to our third-party lending portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $1.1 million of charge-offs related to a commercial real estate loan that moved to non-accrual during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provision for credit losses on loans was $11.8 million for the fourth quarter of 2025. The provision for credit losses on loans resulted from the replenishment of reserve balances following higher net charge-offs during the quarter and a modest reserve build related to growth in the Community Bank portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allowance for credit losses on loans was $69.2 million, or 1.59% of total loans at December 31, 2025 compared to an allowance of $100.9 million at September 30, 2025, or 2.07% of total loans. The decrease was primarily driven by the reduction in the allowance for credit losses associated with the portion of the equipment finance portfolio that was sold during the quarter.

The table below summarizes certain information regarding the Company's loan portfolio asset quality for the periods presented.

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** |
| *(dollars in thousands)* | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| *(dollars in thousands)* | **2025** | **2025** | **2025** | **2025** | **2024** |
| **Asset Quality** |  |  |  |  |  |
| Loans 30-89 days past due | $17079 | $26019 | $40959 | $48221 | $43681 |
| Nonperforming loans | 65483 | 68703 | 80112 | 145690 | 150907 |
| Nonperforming assets | 66089 | 70369 | 81775 | 151264 | 157409 |
| Substandard accruing loans | 76000 | 78901 | 58478 | 77620 | 84058 |
| Net charge-offs | 43492 | 12309 | 29854 | 16878 | 112776 |
| Loans 30-89 days past due to total loans | 0.39% | 0.53% | 0.81% | 0.96% | 0.85% |
| Nonperforming loans to total loans | 1.50% | 1.41% | 1.59% | 2.90% | 2.92% |
| Nonperforming assets to total assets | 1.02% | 1.02% | 1.15% | 2.08% | 2.10% |
| Allowance for credit losses to total loans | 1.59% | 2.07% | 1.84% | 2.10% | 2.15% |
| Allowance for credit losses to nonperforming loans | 105.71% | 146.84% | 115.70% | 72.19% | 73.69% |
| Net charge-offs to average loans (annualized) | 3.69% | 0.99% | 2.34% | 1.35% | 7.94% |

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**Solid Growth Trends in Community Bank & Wealth Management** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total loans at December 31, 2025 were $4.35 billion, a decrease of $515.6 million from September 30, 2025. Key changes in the loan portfolio were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Community Bank balances increased $53.7 million, or 1.6%, from September 30, 2025. We originated $180 million of new loans during the fourth quarter of 2025, which benefited from growth in commercial clients with full banking relationships, increasing from $129 million during the third quarter of 2025. This growth was partially offset by payoffs of $161.2 million, increasing from $146.0 million during the third quarter of 2025. Pipelines continued to remain strong through the end of the fourth quarter of 2025 and to begin 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Equipment finance balances declined $578.1 million compared to balances at September 30, 2025, primarily due to the sale of substantially all of the portfolio during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Non-core loans decreased $17.2 million to $295.8 million from September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total deposits were $5.42 billion at December 31, 2025, a decrease of $180.4 million from September 30, 2025. The decrease in deposits reflected the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Community Bank deposits decreased $154.9 million from balances as of September 30, 2025, driven by seasonality in public funds and ordinary fluctuations in liquidity related to certain of our larger deposit customer relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Brokered deposits decreased $24.0 million from balances as of September 30, 2025. The reduction in higher-cost deposit funding improved our net interest margin by 4 basis points during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wealth Management revenue totaled $8.3 million in the fourth quarter of 2025. Assets under administration were $4.48 billion at December 31, 2025, an increase from $4.36 billion at September 30, 2025. The Company continued to experience strong pipelines through the end of the fourth quarter of 2025.

**Net Interest Margin**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest margin was 3.74%, down 5 basis points compared to the third quarter of 2025. The third quarter of 2025 included a $1.6 million interest recovery due to the payoff of a nonaccrual

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loan. Excluding this, the net interest margin increased 5 basis points in the fourth quarter of 2025. Our cost of funding continues to decline, as rate cuts enacted by the Federal Reserve beginning in late 2024 continue to result in a lower cost of deposits for the Company, which fell by 17 basis points to 1.95% in the fourth quarter of 2025. The rate cuts in December 2025 had a limited effect on the fourth quarter's results but should result in additional improvement in funding costs into 2026.

The following table presents the Company's net interest margin for the fourth quarter of 2025 compared to the third quarter of 2025 and the fourth quarter of 2024.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| *(dollars in thousands)* | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 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 | $81080 | $802 | 3.92% | $78567 | $849 | 4.29% | $96676 | $1101 | 4.53% |
| Investment securities<sup>(1)</sup> | 1457778 | 16807 | 4.57 | 1338997 | 15979 | 4.73 | 1213248 | 14417 | 4.73 |
| Loans<sup>(1)(2)</sup> | 4671538 | 73889 | 6.28 | 4947675 | 81012 | 6.50 | 5652586 | 88412 | 6.22 |
| Loans held for sale | 11035 | 145 | 5.21 | 9268 | 147 | 6.29 | 12854 | 129 | 4.00 |
| Nonmarketable equity securities | 36053 | 673 | 7.41 | 38559 | 715 | 7.36 | 35171 | 632 | 7.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 6257484 | 92316 | 5.85 | 6413066 | 98702 | 6.11 | 7010535 | 104691 | 5.94 |
| Noninterest-earning assets | 486216 |  |  | 498875 |  |  | 669300 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $6743700 |  |  | $6911941 |  |  | $7679835 |  |  |
| **Interest-Bearing Liabilities** |  |  |  |  |  |  |  |  |  |
| Interest-bearing deposits | $4501366 | $27147 | 2.39% | $4644455 | $30219 | 2.58% | $5241702 | $40016 | 3.04% |
| Short-term borrowings | 110069 | 1035 | 3.73 | 54839 | 499 | 3.61 | 31853 | 214 | 2.68 |
| FHLB advances & other borrowings | 359380 | 3648 | 4.03 | 386772 | 4044 | 4.15 | 284033 | 2880 | 4.03 |
| Subordinated debt | 27017 | 380 | 5.58 | 77210 | 1393 | 7.16 | 80410 | 1498 | 7.41 |
| Trust preferred debentures | 51771 | 1183 | 9.07 | 51602 | 1221 | 9.39 | 51132 | 1292 | 10.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 5049603 | 33393 | 2.62 | 5214878 | 37376 | 2.84 | 5689130 | 45900 | 3.21 |
| Noninterest-bearing deposits | 1015629 |  |  | 1020196 |  |  | 1066520 |  |  |
| Other noninterest-bearing liabilities | 95770 |  |  | 100436 |  |  | 117478 |  |  |
| Shareholders' equity | 582698 |  |  | 576431 |  |  | 806707 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholder's equity | $6743700 |  |  | $6911941 |  |  | $7679835 |  |  |
| **Net Interest Margin** |  | $58923 | 3.74% |  | $61326 | 3.79% |  | $58791 | 3.34% |
| **Cost of Deposits** |  |  | 1.95% |  |  | 2.12% |  |  | 2.52% |

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(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 for each of the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, 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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noninterest income was $26.9 million for the fourth quarter of 2025 compared to $20.0 million for the third quarter of 2025. Noninterest income for the fourth quarter of 2025 included $6.6 million of additional credit enhancement income driven by contractual changes in our third-party lending and servicing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noninterest expense was $77.2 million for the fourth quarter of 2025 compared to $49.8 million of noninterest expense for the third quarter of 2025. Noninterest expense for the fourth quarter of 2025 included $23.0 million of losses on the sale of loans (of which $21.4 million related to the equipment finance portfolio sale) and $1.7 million in additional FDIC assessments related to prior years' amended call reports due to the restatements of prior years' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax benefit was $0.4 million for the fourth quarter of 2025, compared to income tax expense of $3.8 million for the third quarter of 2025 and income tax benefit of $8.2 million for the fourth quarter of 2024. The resulting effective tax rates were 11.1%, 33.2% and 21.0%, respectively. The effective tax rate for the fourth quarter of 2025 reflected the impact of the loss on the sale of substantially all of our equipment finance portfolio.

**Fourth Quarter 2025 Financial Highlights and Key Performance Indicators**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** |
| | **December 31,**<br>**2025** | **September 30,**<br>**2025** | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** |
| Return on average assets (annualized) | (0.17)% | 0.43% | 0.67% | (7.66)% | (1.59)% |
| Adjusted pre-provision net revenue to average assets <sup>(1)</sup> | 1.85% | 1.80% | 1.81% | 1.47% | 1.83% |
| Net interest margin (annualized) | 3.74% | 3.79% | 3.56% | 3.49% | 3.34% |
| Efficiency ratio <sup>(1)</sup> | 63.11% | 61.25% | 60.60% | 64.29% | 62.31% |
| Noninterest expense to average assets | 4.54% | 2.86% | 2.80% | 11.02% | 3.04% |
| Net charge-offs to average loans (annualized) | 3.69% | 0.99% | 2.34% | 1.35% | 7.94% |
| Tangible book value per share at period end <sup>(1)</sup> | $20.70 | $21.16 | $20.68 | $20.54 | $19.83 |
| Diluted earnings (loss) per common share | $(0.24) | $0.24 | $0.44 | $(6.58) | $(1.52) |
| Common shares outstanding at period end | 21169854 | 21543557 | 21515138 | 21503036 | 21494485 |
| Trust assets under administration | $4478999 | $4363756 | $4181180 | $4101414 | $4153080 |

---

(1) Non-GAAP financial measures. Refer to pages 11-12 for a reconciliation to the comparable GAAP financial measures.

**Capital**

As previously announced, on November 3, 2025, the Company's board of directors authorized a new share repurchase program, pursuant to which the Company is authorized to repurchase up to $25.0 million of its common stock through November 2, 2026. During the fourth quarter of 2025, the Company repurchased $9.6 million of its common stock (457,222 shares of its common stock at a weighted average

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price of $20.96), resulting in approximately $15 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:

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| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Midland States Bank** | **Midland States Bancorp, Inc.** | **Minimum Regulatory Requirements** <sup>(2)</sup> |
| Total capital to risk-weighted assets | 14.27% | 15.16% | 10.50% |
| Tier 1 capital to risk-weighted assets | 13.02% | 13.37% | 8.50% |
| Common equity Tier 1 capital to risk-weighted assets | 13.02% | 9.89% | 7.00% |
| Tier 1 leverage ratio | 9.63% | 9.90% | 4.00% |
| Tangible common equity to tangible assets <sup>(1)</sup> | N/A | 6.75% | N/A |

---

(1) A non-GAAP financial measure. Refer to[pa](#i6cc187af5e1d42a59f2a499a2aaf03e2_16)[ge](#i6cc187af5e1d42a59f2a499a2aaf03e2_16)[s](#i6cc187af5e1d42a59f2a499a2aaf03e2_16)[11-](#i6cc187af5e1d42a59f2a499a2aaf03e2_16)[1](#i6cc187af5e1d42a59f2a499a2aaf03e2_16)[2](#i6cc187af5e1d42a59f2a499a2aaf03e2_16) 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 December 31, 2025, the Company had total assets of approximately $6.51 billion, and its Wealth Management Group had assets under administration of approximately $4.48 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 of financial performance recognized in accordance with GAAP.

These non-GAAP financial measures include "Adjusted pre-provision net revenue," "Adjusted pre-provision net revenue per diluted share," "Adjusted 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," "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 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

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** |
| **CONSOLIDATED FINANCIAL SUMMARY (unaudited)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited)** |
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| *(dollars in thousands)* | **2025** | **2025** | **2025** | **2025** | **2024** |
| **Assets** |  |  |  |  |  |
| Cash and cash equivalents | $127811 | $166147 | $176587 | $102006 | $114766 |
| Investment securities | 1524943 | 1383121 | 1354652 | 1368405 | 1212366 |
| Loans | 4352004 | 4867587 | 5035295 | 5018053 | 5167574 |
| Allowance for credit losses on loans | (69219) | (100886) | (92690) | (105176) | (111204) |
| &nbsp;&nbsp;&nbsp;Total loans, net | 4282785 | 4766701 | 4942605 | 4912877 | 5056370 |
| Loans held for sale | 7781 | 7535 | 37299 | 287821 | 344947 |
| Premises and equipment, net | 85134 | 86005 | 86240 | 86719 | 85710 |
| Other real estate owned | 606 | 393 | 393 | 4183 | 4941 |
| Loan servicing rights, at lower of cost or fair value | 11932 | 16165 | 16720 | 17278 | 17842 |
| Goodwill | 7927 | 7927 | 7927 | 7927 | 161904 |
| Other intangible assets, net | 8876 | 9619 | 10362 | 11189 | 12100 |
| Company-owned life insurance | 218554 | 216494 | 214392 | 212336 | 211168 |
| Credit enhancement asset | 12557 | 5765 | 5800 | 5615 | 16804 |
| Other assets | 222221 | 245643 | 254901 | 268448 | 267891 |
| &nbsp;&nbsp;&nbsp;Total assets | $6511127 | $6911515 | $7107878 | $7284804 | $7506809 |
| **Liabilities and Shareholders' Equity** |  |  |  |  |  |
| Noninterest-bearing demand deposits | $1040411 | $1015930 | $1074212 | $1090707 | $1055564 |
| Interest-bearing deposits | 4383968 | 4588895 | 4872707 | 4845727 | 5141679 |
| &nbsp;&nbsp;&nbsp;Total deposits | 5424379 | 5604825 | 5946919 | 5936434 | 6197243 |
| Short-term borrowings | 60181 | 146766 | 8654 | 40224 | 87499 |
| FHLB advances and other borrowings | 293000 | 373000 | 345000 | 498000 | 258000 |
| Subordinated debt | 27019 | 27014 | 77759 | 77754 | 77749 |
| Trust preferred debentures | 51857 | 51684 | 51518 | 51358 | 51205 |
| Other liabilities | 89192 | 124225 | 104323 | 109597 | 124266 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 5945628 | 6327514 | 6534173 | 6713367 | 6795962 |
| &nbsp;&nbsp;&nbsp;Total shareholders' equity | 565499 | 584001 | 573705 | 571437 | 710847 |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $6511127 | $6911515 | $7107878 | $7284804 | $7506809 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** |
| **CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)** |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| *(dollars in thousands, except per share data)* | **2025** | **2025** | **2025** | **2025** | **2024** |
| Net interest income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $92095 | $98493 | $97924 | $99355 | $104470 |
| &nbsp;&nbsp;&nbsp;Interest expense | 33393 | 37376 | 39229 | 41065 | 45900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 58702 | 61117 | 58695 | 58290 | 58570 |
| Provision for credit losses: |  |  |  |  |  |
| Provision for credit losses on loans | 11825 | 20505 | 17369 | 10850 | 74183 |
| Recapture of credit losses on unfunded commitments | (200) | (500) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total provision for credit losses | 11625 | 20005 | 17369 | 10850 | 74183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 47077 | 41112 | 41326 | 47440 | (15613) |
| Noninterest income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Wealth management revenue | 8272 | 8018 | 7379 | 7350 | 7660 |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 3573 | 3598 | 3351 | 3305 | 3506 |
| &nbsp;&nbsp;&nbsp;Interchange revenue | 3437 | 3445 | 3463 | 3151 | 3528 |
| &nbsp;&nbsp;&nbsp;Residential mortgage banking revenue | 690 | 735 | 756 | 676 | 637 |
| &nbsp;&nbsp;&nbsp;Income on company-owned life insurance | 2060 | 2102 | 2068 | 2334 | 1975 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on sales of investment securities, net |  | 14 |  |  | (34) |
| &nbsp;&nbsp;&nbsp;Credit enhancement income (loss) | 6876 | (242) | 3848 | (578) | 15810 |
| &nbsp;&nbsp;&nbsp;Other income | 1959 | 2346 | 2669 | 1525 | 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 26867 | 20016 | 23534 | 17763 | 35371 |
| Noninterest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 25906 | 26393 | 25685 | 26416 | 22283 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 4353 | 4206 | 4166 | 4498 | 4286 |
| &nbsp;&nbsp;&nbsp;Data processing | 6834 | 7186 | 7035 | 6919 | 7278 |
| &nbsp;&nbsp;&nbsp;Professional services | 2321 | 2017 | 2792 | 2741 | 1580 |
| &nbsp;&nbsp;&nbsp;Impairment on goodwill |  |  |  | 153977 |  |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | 743 | 743 | 827 | 911 | 952 |
| &nbsp;&nbsp;&nbsp;Loss on sale of loan portfolios | 23051 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment on leased assets and surrendered assets | 684 |  |  |  | 7601 |
| &nbsp;&nbsp;&nbsp;FDIC insurance | 3739 | 1512 | 1422 | 1463 | 1383 |
| &nbsp;&nbsp;&nbsp;Other expense | 9561 | 7757 | 8065 | 6080 | 13336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 77192 | 49814 | 49992 | 203005 | 58699 |
| Income (loss) before income taxes | (3248) | 11314 | 14868 | (137802) | (38941) |
| Income tax expense (benefit) | (360) | 3757 | 2844 | 3172 | (8172) |
| &nbsp;&nbsp;&nbsp;Net income (loss) | (2888) | 7557 | 12024 | (140974) | (30769) |
| Preferred stock dividends | 2228 | 2229 | 2228 | 2228 | 2228 |
| Net income (loss) available to common shareholders | $(5116) | $5328 | $9796 | $(143202) | $(32997) |
| Basic earnings (loss) per common share | $(0.24) | $0.24 | $0.44 | $(6.58) | $(1.52) |
| Diluted earnings (loss) per common share | $(0.24) | $0.24 | $0.44 | $(6.58) | $(1.52) |
| Weighted average common shares outstanding | 21854033 | 21863911 | 21820190 | 21795570 | 21748428 |
| Weighted average diluted common shares outstanding | 21854033 | 21863911 | 21820190 | 21795570 | 21753711 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** |
| **CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)** | **CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)** |
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| *(dollars in thousands)* | **2025** | **2025** | **2025** | **2025** | **2024** |
| **Loan Portfolio Mix** |  |  |  |  |  |
| Commercial loans | $1169740 | $1149673 | $1178792 | $879286 | $934848 |
| Equipment finance loans | 8781 | 326860 | 364526 | 390276 | 416968 |
| Equipment finance leases | 50981 | 310983 | 347155 | 373168 | 391390 |
| Commercial FHA warehouse lines |  |  | 1068 |  | 8004 |
| &nbsp;&nbsp;&nbsp;Total commercial loans and leases | 1229502 | 1787516 | 1891541 | 1642730 | 1751210 |
| Commercial real estate | 2342664 | 2336661 | 2383361 | 2592325 | 2591664 |
| Construction and land development | 286140 | 260073 | 258729 | 264966 | 299842 |
| Residential real estate | 349623 | 353475 | 361261 | 373095 | 380557 |
| Consumer | 144075 | 129862 | 140403 | 144937 | 144301 |
| &nbsp;&nbsp;&nbsp;Total loans | $4352004 | $4867587 | $5035295 | $5018053 | $5167574 |
| **Loan Portfolio Segment** |  |  |  |  |  |
| Regions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Eastern | $972031 | $927977 | $897348 | $897792 | $899611 |
| &nbsp;&nbsp;&nbsp;Northern | 711702 | 724695 | 753590 | 747028 | 714562 |
| &nbsp;&nbsp;&nbsp;Southern | 729368 | 725892 | 778124 | 711787 | 720188 |
| &nbsp;&nbsp;&nbsp;St. Louis | 915126 | 896005 | 884685 | 902743 | 868190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Community Bank | 3328227 | 3274569 | 3313747 | 3259350 | 3202551 |
| Specialty finance | 668183 | 642167 | 670566 | 867918 | 1026443 |
| Equipment finance | 59762 | 637843 | 711681 | 763444 | 808359 |
| Non-core loan program and other<sup>(1)</sup> | 295832 | 313008 | 339301 | 127341 | 130221 |
| &nbsp;&nbsp;&nbsp;Total loans | $4352004 | $4867587 | $5035295 | $5018053 | $5167574 |
| **Deposit Portfolio Mix** |  |  |  |  |  |
| Noninterest-bearing demand | $1040411 | $1015930 | $1074212 | $1090707 | $1055564 |
| Interest-bearing: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Checking | 1855215 | 1996501 | 2180717 | 2161282 | 2378256 |
| &nbsp;&nbsp;&nbsp;Money market | 1248942 | 1240885 | 1216357 | 1154403 | 1173630 |
| &nbsp;&nbsp;&nbsp;Savings | 487742 | 486953 | 511470 | 522663 | 507305 |
| &nbsp;&nbsp;&nbsp;Time | 748942 | 804740 | 818813 | 818732 | 822981 |
| &nbsp;&nbsp;&nbsp;Brokered time | 43127 | 59816 | 145350 | 188647 | 259507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits | $5424379 | $5604825 | $5946919 | $5936434 | $6197243 |
| **Deposit Portfolio by Channel** |  |  |  |  |  |
| Retail | $2823064 | $2791085 | $2811838 | $2846494 | $2749650 |
| Commercial | 1193637 | 1248445 | 1145369 | 1074837 | 1209815 |
| Public Funds | 473381 | 605474 | 618172 | 490374 | 505912 |
| Wealth & Trust | 265747 | 263765 | 304626 | 301251 | 340615 |
| Servicing | 498496 | 498892 | 785659 | 842567 | 896436 |
| Brokered Deposits | 143192 | 167228 | 248707 | 358063 | 473451 |
| Other | 26862 | 29936 | 32548 | 22848 | 21364 |
| &nbsp;&nbsp;&nbsp;Total deposits | $5424379 | $5604825 | $5946919 | $5936434 | $6197243 |

---

(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.

------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** |
| **RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)** | **RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)** | **RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)** | **RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)** | **RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)** | **RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)** |
| **Adjusted Earnings Reconciliation** | **Adjusted Earnings Reconciliation** | **Adjusted Earnings Reconciliation** | **Adjusted Earnings Reconciliation** | **Adjusted Earnings Reconciliation** | **Adjusted Earnings Reconciliation** |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| *(dollars in thousands, except per share data)* | **2025** | **2025** | **2025** | **2025** | **2024** |
| Income (loss) before income tax expense (benefit) - GAAP | $(3248) | $11314 | $14868 | $(137802) | $(38941) |
| Adjustments to noninterest income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sales of investment securities, net |  | (14) |  |  | 34 |
| &nbsp;&nbsp;&nbsp;Loss on repurchase of subordinated debt |  |  |  |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments to noninterest income |  | (14) |  |  | 47 |
| Adjustments to noninterest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss on sale of loan portfolios | (23051) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Impairment on goodwill |  |  |  | (153977) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments to noninterest expense | (23051) |  |  | (153977) |  |
| &nbsp;&nbsp;&nbsp;Adjusted earnings (loss) pre tax - non-GAAP | 19803 | 11300 | 14868 | 16175 | (38894) |
| &nbsp;&nbsp;&nbsp;Adjusted earnings (loss) tax (benefit) expense | 5691 | 3753 | 2844 | 3172 | (8159) |
| &nbsp;&nbsp;&nbsp;Adjusted earnings (loss) - non-GAAP | 14112 | 7547 | 12024 | 13003 | (30735) |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends | 2228 | 2229 | 2228 | 2228 | 2228 |
| &nbsp;&nbsp;&nbsp;Adjusted earnings (loss) available to common shareholders | $11884 | $5318 | $9796 | $10775 | $(32963) |
| &nbsp;&nbsp;&nbsp;Adjusted diluted earnings (loss) per common share | $0.53 | $0.24 | $0.44 | $0.49 | $(1.52) |
| **Adjusted Pre-Provision Net Revenue Reconciliation** | **Adjusted Pre-Provision Net Revenue Reconciliation** | **Adjusted Pre-Provision Net Revenue Reconciliation** | **Adjusted Pre-Provision Net Revenue Reconciliation** | **Adjusted Pre-Provision Net Revenue Reconciliation** | **Adjusted Pre-Provision Net Revenue Reconciliation** |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| *(dollars in thousands)* | **2025** | **2025** | **2025** | **2025** | **2024** |
| Income (loss) before income tax expense (benefit) | $(3248) | $11314 | $14868 | $(137802) | $(38941) |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | 11625 | 20005 | 17369 | 10850 | 74183 |
| &nbsp;&nbsp;Loss on sale of loan portfolios | 23051 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Impairment on goodwill |  |  |  | 153977 |  |
| Adjusted pre-provision net revenue | $31428 | $31319 | $32237 | $27025 | $35242 |
| Adjusted pre-provision net revenue per diluted share | $1.44 | $1.43 | $1.48 | $1.24 | $1.62 |
| Adjusted pre-provision net revenue to average assets | 1.85% | 1.80% | 1.81% | 1.47% | 1.83% |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** | **MIDLAND STATES BANCORP, INC.** |
| **RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)** | **RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)** | **RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)** | **RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)** | **RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)** | **RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)** |
| **Efficiency Ratio Reconciliation** | **Efficiency Ratio Reconciliation** | **Efficiency Ratio Reconciliation** | **Efficiency Ratio Reconciliation** | **Efficiency Ratio Reconciliation** | **Efficiency Ratio Reconciliation** |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| *(dollars in thousands)* | **2025** | **2025** | **2025** | **2025** | **2024** |
| Noninterest expense - GAAP | $77192 | $49814 | $49992 | $203005 | $58699 |
| Loss on sale of loan portfolios | (23051) |  |  |  |  |
| Impairment on goodwill |  |  |  | (153977) |  |
| &nbsp;&nbsp;&nbsp;Adjusted noninterest expense | $54141 | $49814 | $49992 | $49028 | $58699 |
| Net interest income - GAAP | $58702 | $61117 | $58695 | $58290 | $58570 |
| Effect of tax-exempt income | 221 | 209 | 267 | 208 | 220 |
| &nbsp;&nbsp;&nbsp;Adjusted net interest income | 58923 | 61326 | 58962 | 58498 | 58790 |
| Noninterest income - GAAP | 26867 | 20016 | 23534 | 17763 | 35371 |
| (Gain) loss on sales of investment securities, net |  | (14) |  |  | 34 |
| Loss on repurchase of subordinated debt |  |  |  |  | 13 |
| &nbsp;&nbsp;&nbsp;Adjusted noninterest income | 26867 | 20002 | 23534 | 17763 | 35418 |
| &nbsp;&nbsp;&nbsp;Adjusted total revenue | $85790 | $81328 | $82496 | $76261 | $94208 |
| **Efficiency ratio** | 63.11% | 61.25% | 60.60% | 64.29% | 62.31% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share** | **Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share** | **Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share** | **Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share** | **Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share** | **Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share** |
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| *(dollars in thousands, except per share data)* | **2025** | **2025** | **2025** | **2025** | **2024** |
| **Shareholders' Equity to Tangible Common Equity** | **Shareholders' Equity to Tangible Common Equity** |  |  |  |  |
| Total shareholders' equity—GAAP | $565499 | $584001 | $573705 | $571437 | $710847 |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | (110548) | (110548) | (110548) | (110548) | (110548) |
| &nbsp;&nbsp;&nbsp;Goodwill | (7927) | (7927) | (7927) | (7927) | (161904) |
| &nbsp;&nbsp;&nbsp;Other intangible assets, net | (8876) | (9619) | (10362) | (11189) | (12100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible common equity | $438148 | $455907 | $444868 | $441773 | $426295 |
| **Total Assets to Tangible Assets:** |  |  |  |  |  |
| Total assets—GAAP | $6511127 | $6911515 | $7107878 | $7284804 | $7506809 |
| Adjustments: |  |  |  |  |  |
| Goodwill | (7927) | (7927) | (7927) | (7927) | (161904) |
| Other intangible assets, net | (8876) | (9619) | (10362) | (11189) | (12100) |
| Tangible assets | $6494324 | $6893969 | $7089589 | $7265688 | $7332805 |
| Common Shares Outstanding | 21169854 | 21543557 | 21515138 | 21503036 | 21494485 |
| **Tangible Common Equity to Tangible Assets** | 6.75% | 6.61% | 6.27% | 6.08% | 5.81% |
| **Tangible Book Value Per Share** | $20.70 | $21.16 | $20.68 | $20.54 | $19.83 |

---

## Exhibit 99.2

![](a4q2025msbiinvestorprese001.jpg)

Midland States Bancorp, Inc. Fourth Quarter 2025 Earnings Presentation January 22, 2026

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2 Forward Looking Statements 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," "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 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. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. Use of 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 "Adjusted pre-provision net revenue," "Adjusted pre- provision net revenue per diluted share," "Adjusted 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.

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3 Where We Are Today Where We're Going B u il d in g B lo c k s F o r G ro w th C o re B u s in e s s e s • Midland States Bank has 53 branch/office locations in Illinois and Missouri • Presence in stable, lower deposit cost midwestern markets • Significant commercial growth opportunities in St. Louis and Chicago • Comprehensive wealth and trust product offering • Evolving tech-forward strategy, including Fintech initiative • Reducing higher-risk credit exposures • 16 Successful acquisitions since 2008 • Commercial Banking • Personal Banking • Private Wealth Management • Trust Services • Fintech Services Targeted Credit Management Efforts Growing Commercial Banking Accelerating Growth in Wealth Improving Operational Capabilities • Sale of substantially all our equipment finance portfolio completed in Q4 • Reducing specialty finance exposure to target of less than 10% of loans • Ongoing efforts to work-out / sell NPAs • Increased Commercial deposits by $54M LQ • Investing in team and technology to grow and deepen relationships • Focus on higher-growth St. Louis & greater Chicago markets • Invest in technology and people • Cross-sell with commercial clients • Continue adding new advisors • Expand data and analytics capabilities • Strengthen credit processes and controls • Automation of back-office processes using AI and RPA Building Tech-Forward Strategy • Remaining third party loan program at $59.3 million carries full credit indemnification • Fintech Services initiative continuing to seek high quality partners $6.5B Assets $4.4B Loans $5.4B Deposits $4.5B AUM/A Building a High Performing, Tech-Forward Community Bank

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4 Continued credit remediation: reduced non-performing assets by $4.3 million in Q4 which includes the sale of substantially all the equipment finance portfolio, NPAs to assets at 1.02% 3.74% net interest margin; excluding interest recoveries, margin increased 5 bps driven by 17 bp decline in deposit costs to 1.95%, new loan originations at ~6.7% Strong Community Bank trends: loans rose $53.7 million, or 6.5% annualized, deposits decreased $155 million mainly due to seasonal outflows of public funds, added one new commercial banker during Q4 Wealth Management at record AUA of $4.5 billion and revenue of $8.3 million in Q4; continued investing with 8 new sales team members in 2025 Fourth Quarter 2025 Highlights

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5 Fourth Quarter 2025 Financial Summary EPS Adjusted PPNR1 Loans Deposits Capital • Adjusted PPNR1 of $31.4 million, or 1.85% on average assets • Net interest income of $58.7 million benefitted from -17bps LQ reduction in deposit costs • Non-interest income remained steady to LQ excluding credit enhancement income • Loan balances decreased $515.6 million from LQ, mainly due to the sale of Equipment Finance loans and leases • Provision of $11.6 million, $8.4 million decrease from LQ • Deposits decreased $180.4 million; high-cost public funds and brokered deposits declined $156.1 million compared to LQ • Loan to deposit ratio declined to 80.2% reflecting increased liquidity • Consolidated CET1 ratio of 9.89%; Total Capital ratio of 15.16% • Almost all capital ratios increased from LQ • Fully diluted EPS of ($0.24) for fourth quarter of 2025 • Adjusted diluted EPS1 of $0.53 1 Represents a non-GAAP financial measure. See "Non-GAAP Reconciliation" in the appendix.

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6 Fourth Quarter 2025 Results 1 Represents a non-GAAP financial measure. See "Non-GAAP Reconciliation" in the appendix. Midland States Bancorp, Inc. ($ in millions, except per share data) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Net Interest Income 58.7$61.1$58.7$58.3$58.6$ Provision for Credit Losses 11.6 20.0 17.4 10.9 74.2 Total Noninterest Income 26.9 20.0 23.5 17.8 35.4 Total Revenue 85.6 81.1 82.2 76.1 94.0 Total Noninterest Expenses 77.2 49.8 50.0 203.0 58.7 Income (Loss) before Taxes (3.2) 11.3 14.9 (137.8) (38.9) Net Income (Loss) (2.9) 7.6 12.0 (141.0) (30.8) Diluted Earnings (Loss) Per Share (0.24) 0.24 0.44 (6.58) (1.52) Adjusted Diluted Earnings (Loss) Per Share1 0.53 0.24 0.44 0.49 (1.52) Total Assets 6,511.1 6,911.5 7,107.9 7,284.8 7,506.8 Gross Loans Receivable (ex. HFS) 4,352.0 4,867.6 5,035.3 5,018.1 5,167.6 Allowance for Credit Losses on Loans & Leases (69.2) (100.9) (92.7) (105.2) (111.2) All Other Assets 2,228.3 2,144.8 2,165.3 2,371.9 2,450.4 Total Liabilities 5,945.6 6,327.5 6,534.2 6,713.4 6,796.0 Total Deposits 5,424.4 5,604.8 5,946.9 5,936.4 6,197.2 Borrowings 432.1 598.5 482.9 667.3 474.5 Other Liabilities 89.2 124.2 104.3 109.6 124.3 Total Shareholders' Equity 565.5 584.0 573.7 571.4 710.8 Adjusted PPNR1 31.4 31.3 32.2 27.0 35.2 NPA / Total Assets 1.02% 1.02% 1.15% 2.08% 2.10% Wealth Assets Under Administration 4,479.0 4,363.8 4,181.2 4,101.4 4,153.1 Efficiency Ratio1 63.1% 61.3% 60.6% 64.3% 62.3% Tangible Book Value Per Share1 20.70$21.16$20.68$20.54$19.83$

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7 Strong Liquidity & Regulatory Capital • Strong regulatory capital ratios for both Bank and Consolidated, well-above minimum buffers • Near-term focus on building CET1 over 10%, and TCE / TA ratio over 7.0% • Additional 4Q25 ratios: ‒ 53.8% CRE as a % of Total Loans ‒ 287.1% CRE as a % of Total RBC1 1 Represents non-owner occupied CRE loans only 6.75% 9.89% 9.90% 13.37% 15.16% 6.61% 9.37% 9.93% 12.54% 14.29% TCE/TA Common Eq Tier 1 Tier 1 Leverage Tier 1 RBC Total RBC Consolidated Capital Ratios Q4 2025 Q3 2025 $128 $1,157 $813 $1,114 $349 Liquidity Uninsured Depositors 2.08X Liquidity Coverage Cash & Cash Equiv Unpledged Securities FHLB Committed Liquidity FRB Discount Window Availability $2,404 Abundant Excess Liquidity Building Excess Capital • $4.27 billion total insured deposits includes: • Stable insured deposit base, brokered time deposits less than 1% of total deposits as of Dec 31, 2025 • $498 million of servicing deposits • 15.9% liquidity on balance sheet (Cash & available Investment Securities)

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8 Targeted Credit Management Efforts Nearing Completion Non-Core Loan Programs Specialty Finance Group Midland Equipment Finance Q4 2025 Current StatusAction Overview • Remaining third party portfolio: $59.3M1 • Retained GreenSky: $44.4M • NPA's at 12/31/25: $8.4M • NCO 4Q25: $0.4M • Strategic decision to exit these portfolios • Completed sale of GreenSky portfolio in April 2025 • Completed sale of LendingPoint in December 2024 • Portfolios originated by Fintech partners • Unsecured portfolios which have exhibited increasing delinquencies & deterioration • Nationwide portfolio providing bridge loan financing for commercial real estate • Primarily multifamily and healthcare • Impacted by macroeconomic factors resulting in elevated NPLs • Stopped future origination of construction/rehab • Tightened underwriting standards • Working to resolve non-performing assets • Loans & leases for customers across the U.S. • Deterioration has been experienced primarily in the trucking industry • Ceased originations as of September 30, 2025 • Sold substantially all the portfolio in November 2025 • Retained portfolio: $59.8M • NPA's at 12/31/25: $1.6M 1 Guaranteed program

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9 4Q25 Non-Performing Asset Update Dollars in thousands Loan Segment Balance 1Q 2025 Balance 2Q 2025 Balance 3Q 2025 Balance 4Q 2025 Notes Loan 1 CRE - Multifamily - Florida $16,262 $- $- $- Note sold July 2025 Loan 2 CRE - Multifamily - Wisconsin 13,659 - - - Property sold Q2 Loan 3 CRE - Multifamily - Florida 11,092 - - - Note sold July 2025 Loan 4 CRE - Office - Florida 9,285 9,285 7,988 7,988 Partial charge off Q3 Loan 5 CRE - Multifamily - Michigan 8,399 8,399 5,534 - Note sold October 2025 Loan 6 CRE - Multifamily - South Carolina 8,140 8,140 - - Paid in Full Loan 7 CRE - Asst Living - South Carolina 7,806 - - - Charged off Q2 Loan 8 CRE - Asst Living - Nevada 7,737 - - - Note sold Q2 Loan 9 C&I Relationship - Northern Region 11,378 5,445 5,445 5,445 Partial charge off Q2 Loan 10 CRE –Multifamily - Texas - - - 14,336 Partial charge off & specific reserve Largest Exposures $93,758 $31,269 $18,967 $27,769 Midland Equipment Finance 11,099 11,629 11,818 1,626 Remaining portfolio after sale Non-Core Loan Programs 5,670 3,608 4,196 4,509 Credit guarantee by sponsor All Other Loans 35,164 33,606 33,722 31,579 Total Non-Performing Loans $145,690 $80,112 $68,703 $65,483 NPL's / Total Loans 2.90% 1.59% 1.41% 1.50% Total OREO & Repossessed Assets 5,574 1,662 1,666 606 Total Non-Performing Assets $151,264 $81,774 $70,369 $66,089 NPA's / Total Assets 2.08% 1.15% 1.02% 1.02%

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$111 $105 $93 $101 $69 2.15% 2.10% 1.84% 2.07% 1.59% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% -30 20 70 120 170 220 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Allowance for credit losses ACL/Loans $10 $1 $8 $1 $5 $103 $16 $22 $11 $39 -10 10 30 50 70 90 110 130 150 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Community Bank All Other 10 Improving Credit, Strong Community Bank Trends Allowance for Credit Losses (ACL) Net Charge Offs (Recoveries) – Community Bank Loans vs. Other 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Risk Rating Balance % Balance % Balance % Balance % Balance % 1-6 Acceptable $4,259 82% $4,157 83% $4,238 84% $4,104 84% $3,613 83% 7 Special Mention 101 2% 68 1% 84 2% 79 2% 63 2% 8 Substandard Accruing 79 2% 75 1% 58 1% 79 2% 76 2% 9 Substandard Non-Accrual 141 3% 140 3% 77 2% 65 1% 61 1% Not Graded1 588 11% 578 12% 578 11% 541 11% 538 12% Total Gross Loans $5,168 $5,018 $5,035 $4,868 $4,352 Non-performing Loans $151 $146 $80 $69 $65 % of Total Loans 2.92% 2.90% 1.59% 1.41% 1.50% Non-performing Assets $157 $151 $82 $70 $66 % of Total Assets 2.10% 2.08% 1.15% 1.02% 1.02% (in millions, as of quarter-end)(in millions, as of quarter-end) Dollars in millions 1 Mainly Residential & Consumer loans including the GreenSky & Lending Point portfolios are not graded

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11 Loan Portfolio (as of December 31, 2025) Total Loans and Average Loan Yield (in millions, as of quarter-end) • Loans decreased $515.6 million from prior quarter to $4.35 billion, primarily driven by the sale of substantially all the equipment finance portfolio • Decrease in non-core portfolios partially offset by new loan production from high quality commercial clients that provide full banking relationships • Continued focus on prudent underwriting standards and higher credit quality relationships Loan Portfolio Mix (in millions, as of quarter-end) 4Q 2025 3Q 2025 4Q 2024 Commercial loans and leases $1,230 $1,787 $1,751 Commercial real estate 2,343 2,337 2,592 Construction and land development 286 260 300 Residential real estate 350 353 381 Consumer 144 130 144 Total Loans $4,352 $4,868 $5,168 $5,168 $5,018 $5,035 $4,868 $4,352 6.22% 6.26% 6.21% 6.34% 6.28% 5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 2000 2500 3000 3500 4000 4500 5000 5500 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Total Loans Average Loan Yield

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12 Loan Segments (as of December 31, 2025) Loan Segment Mix • Sold substantially all the equipment finance portfolio in the current quarter • Total loans in our Community Bank increased $53.7 million, or 6.5% annualized to $3.33 billion • Loans in Eastern region increased $44.1 million, or 19.0% annualized • Commercial pipelines remain strong and unfunded commitments increased in Community Bank • Continuing to add talent in faster growing markets to drive quality loan relationships and commercial deposits Loan Portfolio Segments (in millions, as of quarter-end) 4Q 2025 3Q 2025 4Q 2024 Regions: Eastern $972 $928 $900 Northern 712 725 715 Southern 729 726 720 St. Louis 915 896 868 Community Bank $3,328 $3,275 $3,203 Other: Specialty Finance 668 642 1,034 Equipment Finance 60 638 808 Non-Core and Other 296 313 123 Total Loans $4,352 $4,868 $5,168 Community Bank 76.5% Specialty Finance 15.3% Equipment Finance 1.4% Non-Core and other 6.7%

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13 Total Deposits (as of December 31, 2025) • Total deposits decreased $180.4 million from prior quarter primarily due to seasonal reduction in checking of $141.2 million and reduction in high-cost time deposits of $55.8 million, offset by $24.5 million increase in noninterest-bearing demand • Reduced higher cost funding and managing deposit rates resulted in 17 bps decrease in cost of deposits • Continue proactive deposit pricing discipline to balance growth and cost of deposits Deposit Mix (in millions, as of quarter-end) 4Q 2025 3Q 2025 4Q 2024 Noninterest-bearing demand $1,040 $1,016 $1,056 Interest-bearing: Checking 1,855 1,997 2,378 Money Market 1,249 1,241 1,174 Savings 488 487 507 Time 749 805 823 Brokered time 43 60 260 Total Deposits $5,424 $5,605 $6,197 Total Deposits and Cost of Deposits (in millions, as of quarter-end) $6,197 $5,936 $5,947 $5,605 $5,424 2.52% 2.29% 2.19% 2.12% 1.95% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 0 1000 2000 3000 4000 5000 6000 7000 8000 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Total Deposits Cost of Deposits

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14 Deposit Segments (as of December 31, 2025) • Community Bank deposits decreased due to declines in commercial and public funds, while retail accounts posted solid growth • Continued to reduce high cost brokered deposits • Retail and small business growth initiative continues to generate new clients with focus on full banking relationships Deposit by Channel (in millions, as of quarter-end) 4Q 2025 3Q 2025 4Q 2024 Retail $2,823 $2,791 $2,750 Commercial 1,194 1,248 1,210 Public Funds 473 606 506 Community Bank $4,490 $4,645 $4,466 Wealth & Trust 266 264 341 Servicing 498 499 896 Brokered Deposits 143 167 473 Other 27 30 21 Total Deposits $5,424 $5,605 $6,197 Trend of Deposit Channel Mix (in millions, as of quarter-end) $6,197 $5,936 $5,947 $5,605 $5,424 0 1000 2000 3000 4000 5000 6000 7000 8000 0 1000 2000 3000 4000 5000 6000 7000 8000 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Retail Commercial Public Funds Wealth & Trust Servicing Brokered

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15 Neutral Rate Positioning Supports Above-Peer Margin • Bank well positioned for rate changes with modest liability sensitive position ‒ 31% of assets reprice within 3 months as of December 31, 2025 ‒ 69% of our liabilities reprice within 3 month as of December 31, 2025 • Loan Strategy: Focused on originating Community Bank loans with full banking relationships • Deposit Strategy: Deeper focus on full banking relationships with the goal of increasing noninterest DDA from 19% of total deposits to a targeted range of 20-24% 1 Based on projected principal payments for all loans plus the next reset for floating and adjustable-rate loans and the maturity date of fixed rate loans. Total Loans and Leases (net of unearned income)1 (In Millions) As of December 31, 2025 3 mos or less 3-12 months 1-3 years 3-5 years 5-10 years 10-15 years Over 15 years Total Floating Rate Adjustable Rate Fixed Rate Commercial loans and leases 695$143$235$105$50$2$0$1,230$667$76$486$ Commercial Real estate 705 298 731 419 167 21 2 2,343 501 280 1,562 Construction and land development 257 13 14 0 1 0 - 286 239 1 46 Residential real estate 66 38 46 53 51 32 64 350 55 92 202 Consumer 23 46 49 19 8 0 - 144 7 - 137 Total $1,746 $537 $1,075 $597 $277 $54 $66 $4,352 1,470$449$2,432$% of Total 40% 12% 25% 14% 6% 1% 2% 100% 34% 10% 56% Weighted Average Rate 7.11% 5.35% 5.42% 5.91% 4.63% 4.47% 4.66% 6.08% 7.40% 5.48% 5.41% Repricing Term Rate Structure

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16 Wealth Management Contribution Quarterly Performance • Assets under administration increased $115 million mainly due to market performance • Wealth Management fees increased due to additional trust and estate fees collected in the quarter • Continued hiring of wealth advisors positively impacting new business development Strategic Update • Added one wealth advisor during fourth quarter, we expect to continue adding new advisors to generate more business development opportunities • Investing in technology tools and data to drive customer engagement and cross sell opportunities with Community Bank Assets Under Administration (in millions) Wealth Management Revenue (in millions) $4,153 $4,101 $4,181 $4,364 $4,479 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 $7.66 $7.35 $7.38 $8.02 $8.27 4 4.5 5 5.5 6 6.5 7 7.5 8 8.5 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025

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17 Noninterest Income • Noninterest income rose from the prior quarter largely due to an additional $6.6 million in credit enhancement income reflecting contractual changes in our third-party lending and servicing arrangements • Wealth Management revenue rose $0.3 million sequentially; another record quarter • Noninterest income expected to be $19.0 to $20.0 million/quarter in the near-term • Changes to third-party lending agreement are expected to result in credit enhancement income of $1.5 to $2.0 million per quarter in the near term Noninterest Income (in millions) $35.4 $17.8 $23.5 $20.0 $26.9 - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Wealth Management Interchange Service Charges on Deposits Residential Mortgage All Other Credit Enhancement Income

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18 Noninterest Expense and Operating Efficiency Noninterest Expense & Efficiency Ratio1 (in millions) $58.7 $203.0 $50.0 $49.8 $77.2 62.3% 64.3% 60.6% 61.3% 63.1% 58.0% 63.0% 68.0% 73.0% 78.0% 0 50 100 150 200 250 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Noninterest Expense Efficiency Ratio • Efficiency Ratio1 was 63.1% in 4Q 2025 vs. 61.3% in 3Q 2025 • 4Q25 Noninterest Expenses includes: • $23.0 million loss on sale of loans • $2.5 million additional FDIC assessments and professional expenses associated with restatements of prior years' financials • $0.9 million in year end charitable contributions and marketing costs • $0.6 million of impairment of repossessed assets in connection with the retained equipment finance portfolio • Near-term operating expense run-rate expected to be approximately $50.0 to $51.0 million/quarter • Changes to third-party lending agreement expected to result in additional expenses of $1.5 to $2.0 million per quarter in the near term 1 Represents a non-GAAP financial measure. See "Non-GAAP Reconciliation" in the appendix.

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19 Financial Outlook • Lower credit costs in 2026 • Focus on growing Community Bank • Continue to build regulatory capital • Ongoing focus on efficiency • Expanding fee income through deeper core relationships

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Appendix

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21 ACL By Portfolio 1 Primarily consists of loans originated through GreenSky relationship ($ in thousands) December 31, 2025 September 30, 2025 Portfolio Loans Net Charge-offs ACL ACL % of Total Loans Loans Net Charge-offs ACL ACL % of Total Loans Commercial $1,062,691 $1,035 $10,355 0.97% $1,038,821 ($279) $8,752 0.84% Commercial Other 115,830 17,515 13,321 11.50% 437,712 3,262 30,287 6.92% Equipment Finance Loans 8,781 15,454 617 7.03% 326,860 1,601 17,018 5.21% Equipment Finance Leases 50,981 20,039 3,184 6.25% 310,983 3,450 21,045 6.77% CRE non-owner occupied 1,447,894 1,676 14,908 1.03% 1,457,627 1,981 14,454 0.99% CRE owner occupied 444,443 99 5,716 1.29% 425,712 1,305 4,511 1.06% Multi-family 383,377 1,917 7,192 1.88% 386,585 132 7,380 1.91% Farmland 66,950 - 468 0.70% 66,737 (114) 468 0.70% Construction and Land Development 286,140 396 2,619 0.92% 260,073 1,779 2,571 0.99% Residential RE First Lien 286,178 56 6,147 2.15% 292,830 (4) 5,966 2.04% Other Residential 63,445 (64) 505 0.80% 60,645 4 427 0.70% Consumer 99,692 662 725 0.73% 82,710 623 692 0.84% Consumer Other1 44,383 161 4,079 9.19% 47,152 170 4,333 9.19% Total Loans $4,352,004 $43,492 $69,219 1.59% $4,867,587 $12,309 $100,886 2.07%

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22 Investment Portfolio (as of December 31, 2025) Fair Value of Investments by Type • All Investments are classified as Available for Sale • Average T/E Yield is 4.57% for 4Q25 • Effective Duration is 3.8 years • Purchased $232 million with T/E Yield of 4.83% in 4Q25 Investment Mix & Unrealized Gain (Loss) (in millions) Fair Value Book Value Unrealized Gain (Loss) US GSE & US Agency $20 $21 $(1) MBS - agency 1,191 1,261 (70) MBS - non agency 97 98 (1) Asset backed 34 34 — State & Municipal 73 77 (4) Corporate 58 60 (2) Other 47 47 — Total Investments $1,521 $1,598 $(77) Investment Mix & Unrealized Gain (Loss) Investment by Yield and Duration $1.52 billion

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23 Non-GAAP Reconciliations (unaudited)

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24 Non-GAAP Reconciliations (unaudited)

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