Think of it as a regional bank in the Midwest, like a smaller U.S. Bancorp or Truist Financial.

It's a full-service bank, similar to a local branch of Wells Fargo or Bank of America, but operating under its own brand with a strong regional focus in states like Illinois.

• Deposit Services: Provides a range of deposit products including checking, savings, money market accounts, and certificates of deposit for individuals and businesses.
• Lending Services: Offers various loan products, such as commercial real estate loans, commercial and industrial loans, residential mortgage loans, and consumer loans.
• Wealth Management & Trust Services: Delivers financial planning, investment management, brokerage services, and trust and estate administration for clients.
• Treasury Management Services: Offers business clients solutions for managing cash flow, including online banking, fraud protection, and merchant services.

Midland States Bancorp (MSBI) operates as a bank holding company, with its primary subsidiary, Midland States Bank, providing a wide range of financial services.

As a bank, it primarily sells its services to a broad base of individuals and businesses rather than having a few "major customer companies" in the traditional sense of a supplier-client relationship. Its customer base can be categorized as follows:

• Individuals/Consumers: This category includes a broad range of individual clients utilizing personal banking services such as checking and savings accounts, certificates of deposit (CDs), credit cards, mortgages, home equity loans, auto loans, and personal loans.
• Businesses/Commercial Clients: This includes small to medium-sized businesses (SMBs) and corporate clients that utilize commercial loans, lines of credit, business checking and savings accounts, treasury management services, and other business banking solutions.
• Wealth Management/Trust Clients: This category serves high-net-worth individuals, families, and institutional clients seeking investment management, trust services, estate planning, and comprehensive financial advisory services.

• Fiserv, Inc. (FISV)

Jeffrey G. Ludwig, President and Chief Executive Officer

Mr. Ludwig joined Midland States Bancorp in November 2006 as Chief Financial Officer. He was promoted to Executive Vice President in October 2010, and named President of the Company and Chief Executive Officer of the Bank in March 2018. Mr. Ludwig was appointed Chief Executive Officer of the Company on January 1, 2019. Prior to joining Midland, he served as Associate Director, Corporate Reporting, for Zimmer Holdings, Inc. (2005-2006) and Director of Corporate Accounting for Novellus Systems, Inc. (2002-2005), both New York Stock Exchange or NASDAQ-listed companies. He also held the position of Senior Manager—Audit & Advisory Services for KPMG LLP from 1993 to 2002. During his tenure as CEO, a business unit (FHA lending) was sold to a competitor.

Eric T. Lemke, Chief Financial Officer

Mr. Lemke was appointed Chief Financial Officer of Midland States Bancorp and the Bank in November 2019. He has over 25 years of experience in financial and risk advisory services, including internal audit, credit administration, and loan review. Before joining Midland in 2018, Mr. Lemke served as Chief Financial Officer for a privately held bank holding company in Chicago. He also has experience as a financial services partner at RSM US LLP, a national accounting and consulting firm.

Jeffrey S. Mefford, Executive Vice President and President, Midland States Bank

Mr. Mefford has been with Midland States Bank since 2003 and has served as the Bank's President since March 2018. Previously, he was the Bank's Executive Vice President – Banking, overseeing retail, commercial, mortgage, and treasury sales, marketing, community development, and CRA. Before joining Midland, Mr. Mefford was President and Chief Executive Officer of Farmers State Bank of Camp Point from 2000 to 2003, and held Vice President roles at Marine Bank and Bank One. Mr. Mefford plans to retire effective June 30, 2026.

Jeffrey A. Brunoehler, Senior Vice President and Chief Credit Officer

Mr. Brunoehler holds the title of Senior Vice President and Chief Credit Officer at Midland States Bank.

Kyle Mooney, Chief Information Officer

Mr. Mooney serves as the Chief Information Officer for Midland States Bank.

• The rise of digital-first lenders (fintechs) offering faster, more convenient, and often lower-cost options for mortgages, personal loans, and small business loans, directly competing with Midland States Bancorp's core lending products.
• The increasing adoption of digital-only banks (neobanks) and highly digital traditional banks (e.g., Ally Bank), which attract customers with superior online experiences, lower fees, and competitive interest rates, challenging MSBI's deposit base and ability to acquire digitally-savvy customers.
• The expansion of embedded finance and payments platforms (e.g., Square, PayPal) into traditional banking services like lending and payment processing, which can disintermediate MSBI by offering convenient, integrated financial solutions directly within non-banking applications, particularly for small businesses and consumers.

Midland States Bancorp (MSBI) operates in several key financial markets within the United States. The addressable market sizes for their main products and services are as follows:

• Community Banking: The U.S. community banking market was estimated at USD 16.76 billion in 2024 and is projected to grow to USD 30.46 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 5.58% during the forecast period. Another estimate places the U.S. community banking market at USD 6.35 billion in 2024, with a projected CAGR of 3.8%. The market size of community banking is also expected to expand from USD 17.79 billion in 2024 to USD 19.39 billion in 2025 with a CAGR of 9.0%. North America was the most significant region in the community banking market in 2024.
• Commercial Lending: The U.S. commercial lending market was estimated at USD 2,987.59 billion in 2024 and is projected to reach USD 8,248.51 billion by 2035, with a CAGR of 9.67% during the forecast period. Globally, the commercial lending market size was valued at USD 11,874.88 billion in 2024 and is expected to grow by 9.9% from 2025 to 2032, reaching nearly USD 25,270.32 billion. North America is the largest market for commercial lending, with the U.S. holding approximately 75% of the market share within North America.
• Mortgage Lending (Purchase Mortgages): The market for purchase mortgages within the U.S. is currently valued at USD 1,145.4 billion, with a projected CAGR of 6.3%. The U.S. home mortgage market size was around USD 180.91 billion in 2023 and is predicted to grow to approximately USD 501.67 billion by 2032, with a CAGR of roughly 12.00% between 2024 and 2032. Residential mortgage debt in the U.S. totaled $11.92 trillion as of the fourth quarter of 2022. As of the second quarter of 2025, Americans owe $12.94 trillion on mortgages.
• Wealth Management: The U.S. wealth management market is a significant portion of the global market. Global assets under management reached $162 trillion in 2025, with the United States holding 54.2% of the total assets under management. The global wealth management market size was approximately USD 1,636.83 billion in 2024 and is predicted to grow to around USD 4,893.17 billion by 2034, with a CAGR of roughly 10.6% between 2025 and 2034. North America contributed about two-thirds of the global wealth management market revenue in 2022 and is expected to continue as a leading region. The wealth management market size is also valued to increase by USD 460.1 billion, at a CAGR of 8.5% from 2024 to 2029, with North America accounting for 40% of the growth.

Midland States Bancorp (MSBI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Growth in Community Bank Loan Portfolio: The company has demonstrated consistent growth in its Community Bank loan originations, with strong pipelines. For instance, in the first quarter of 2025, loans originated by the Community Bank increased by 1.8% from the previous quarter. Although there was a decrease in Community Bank loans in Q3 2025 due to payoffs and strategic exits from weaker relationships, the underlying strength in pipelines suggests continued growth from this segment.
2. Expansion of Wealth Management Services: Midland States Bancorp has been actively investing in and expanding its wealth management division. Wealth Management revenue reached $8.0 million in the third quarter of 2025, an increase from the second quarter of 2025. The company has also been adding new sales positions, with six new hires in Q1 2025 and additional new positions in Q3 2025, indicating a strategic focus on growing this fee-based revenue stream. Strong pipelines in wealth management further support this as a growth driver.
3. Improvement in Net Interest Margin: An increase in the net interest margin directly contributes to higher net interest income, a primary component of a bank's revenue. Midland States Bancorp reported an improved net interest margin of 3.79% in the third quarter of 2025, up from 3.56% in the prior quarter. Sustaining or further improving this margin will be a significant driver of overall revenue growth.
4. Strategic Shift Towards Higher-Quality Loan Portfolios: While not a direct "growth" driver in terms of immediate volume, the company's decision to cease equipment finance production effective September 30, 2025, and the sale of a significant portion of GreenSky loans in April 2025, indicates a strategic move to reduce exposure to higher-risk portfolios. This focus on tightening underwriting standards and exiting relationships with weaker performing borrowers, as seen in the Community Bank segment, is expected to lead to a more sustainable and profitable loan portfolio over time, ultimately contributing to more stable and quality revenue growth.

Share Repurchases

• Midland States Bancorp authorized a new $25 million stock repurchase program on November 3, 2025, which is effective through November 2, 2026.
• On December 5, 2023, a $25 million stock repurchase program was authorized, effective for 2024, with approximately $7.2 million remaining under a prior authorization at that time.
• The company repurchased $1.1 million of common stock during 2022.

Share Issuance

• In August 2022, Midland States Bancorp completed a preferred stock offering, generating net proceeds of $110.5 million.

Outbound Investments

• In February 2021, Midland States Bank acquired ATG Trust, a financial investment management firm.
• The company completed the acquisition of approximately $83 million of deposits and $17 million of loans from two FNBC Bank & Trust branches in Northern Illinois in June 2022.