Midland States Bancorp : May 2024 Investor Presentation

Forward-Looking Statements. This presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements expressing management's current expectations, forecasts of future events or long-term goals may be based upon beliefs, expectations and assumptions of the Company's management, and are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," "should" or other similar expressions. All statements in this presentation speak only as of the date they are made, and the Company undertakes no obligation to update any statement. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements including changes in interest rates and other general economic, business and political conditions, the impact of inflation, continuing effects of the failures of Silicon Valley Bank and Signature Bank, increased deposit volatility and potential regulatory developments. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning the Company and its businesses, including additional factors that could materially affect the Company's financial results, are included in the Company's filings with the Securities and Exchange Commission.

Use of Non-GAAP Financial Measures. This presentation may contain certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States ("GAAP"). These non-GAAP financial measures include "Adjusted Earnings," "Adjusted Earnings Available to Common Shareholders," "Adjusted Diluted Earnings Per Common Share," "Adjusted Return on Average Assets," "Adjusted Return on Average Shareholders' Equity," "Adjusted Return on Average Tangible Common Equity," "Adjusted Pre-Tax,Pre-Provision Earnings," "Adjusted Pre-Tax,Pre-Provision Return on Average Assets," "Efficiency Ratio," "Tangible Common Equity to Tangible Assets," "Tangible Book Value Per Share," "Tangible Book Value Per Share excluding Accumulated Other Comprehensive Income,"and "Return on Average Tangible Common Equity." The Company believes that 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 this presentation may not be comparable to other similarly titled measures as presented by other companies. Reconciliations of these non-GAAP measures are provided in the Appendix section of this presentation.

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Company Snapshot

Founded in 1881, this Illinois state- chartered community bank focuses on in-market relationships while having national diversification through equipment finance.

• 53 Branches in Illinois and Missouri
• 16 successful acquisitions since 2008

Financial Highlights as of March 31, 2024

• Notes:
• 1. Represents a non-GAAP financial measure. See "Non-GAAP Reconciliation" in the appendix.

Investment Summary and Strategic Initiatives

• Profitable growth and improved efficiencies resulting in higher EPS and increased returns over the past few years
• Strengthened commercial banking team and increased presence in faster growing markets driving high quality in-market loan production and consistent inflows of new commercial deposits
• Wealth Management business focused on more effectively capitalizing on cross-selling opportunities and increasing organic growth rate
• More conservative approach to new loan production adopted in light of current environment until economic conditions improve
• Well positioned to capitalize on the current environment to add new commercial and retail deposit relationships
• Banking-as-a-Servicefoundation being developed and expected to start making a contribution in 2024

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Financial Services & Banking Center Footprint

Headquartered in Effingham, Illinois

43 Illinois Banking Centers

11 Missouri Banking Centers

Our Community Bank is organized into four regions:

• Northern
• Eastern
• Southern
• St. Louis

Services Include:

• Wealth Management
• Residential Mortgage
• Commercial and Small Business Banking
• Retail Services

Additional Locations:

Equipment Finance - St. Louis, MO

Trust Company - Chicago, IL & Tarrytown, NY

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Business and Corporate Strategy

We are a community bank focused on developing deep customer relationships and building strong communities.

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Business and Corporate Strategy

We are a community bank focused on developing deep customer relationships and building strong communities.

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Business and Corporate Strategy

MSBI's Five Strategic Elements

Superior Customer Experience

We value the customer in everything we do, and we find satisfaction in knowing our contributions make a difference.

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Experienced Senior Management Team

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Successful Execution of Strategic Plan...

Total Assets

(at period-end in billions)

CAGR: 15%

Selected Acquisitions: Total Assets at Time of Acquisition (in millions)

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