Midland States Bancorp : May 2021 Investor Presentation

Midland States Bancorp, Inc.

NASDAQ: MSBI

Investor Presentation

May 2021

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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 Midland'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 Midland undertakes no obligation to update any statement. A number of factors, many of which are beyond the ability of Midland to control or predict, could cause actual results to differ materially from those in its forward‐looking statements including the effects of the Coronavirus Disease 2019 ("COVID‐19") pandemic, including its potential effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with the pandemic. 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 Midland and its businesses, including additional factors that could materially affect Midland's financial results, are included in Midland'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 Pre‐Tax, Pre‐Provision Income," "Adjusted Diluted Earnings Per Share," "Adjusted Return on Average Assets," "Adjusted Return on Average Shareholders' Equity," "Adjusted Return on Average Tangible Common Equity," "Adjusted Pre‐Tax, Provision Return on Average Assets," "Efficiency Ratio," "Tangible Common Equity to Tangible Assets," "Tangible Book Value Per Share," 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

• $6.88 billion asset community bank established in 1881 and headquartered in Effingham, Illinois
• • 2nd largest Illinois-based community bank1
• $3.56 billion Wealth Management business
• Diversified lender with national equipment financing and consumer loan origination platforms complementing in-market commercial relationship banking
• 52 branches in Illinois and Missouri
• 14 successful acquisitions since 2008

Notes:

3 1) Community bank defined as banks with less than $10 billion in assets; Source: S&P Global Market Intelligence

1. All financial data as of March 31, 2021

Financial Services & Banking Center Footprint

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Investment Summary

Consistent track record of driving compelling shareholder returns through disciplined strategic expansion and earnings growth

Organization‐wide focus on expense management driving improvement in operating efficiencies

Attractive, stable core deposit franchise with 29% non-interest bearing accounts1

Leveraging technology to drive revenue growth, increase market share, and enhance the customer experience

Proven track record of successful acquisitions with a focus on enhancing shareholder value while building a platform for scalability

Illinois and contiguous states provide ample opportunities for future acquisitions

Well diversified loan portfolio across asset classes, industries and property types

5 Notes:

1. As of March 31, 2021