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Midland ◉ States Bancorp , Inc. For Immediate Release MIDLAND STATES BANCORP , INC . ANNOUNCES 2021 SECOND QUARTER RESULTS Summary ● Net income of $ 20.1 million , or $ 0.88 diluted earnings per share • Return on average shareholders ' equity of 12.59 % • Return on average tangible common equity of 17.85 % • Tangible common equity to tangible assets ratio increased 45 bps to 7.12 % • Book value and tangible book value per share increased 1.9 % and 2.5 % , respectively • Acquisition of ATG Trust Company completed in June 2021 Effingham , IL , July 22 , 2021 – Midland States Bancorp , Inc. ( Nasdaq : MSBI ) ( the “ Company ” ) today reported net income of $ 20.1 million , or $ 0.88 diluted earnings per share , for the second quarter of 2021 , which included a $ 6.8 million tax benefit related to the settlement of a prior tax issue , $ 3.6 million in professional fees related to the settlement , and a $ 3.7 million charge related to the prepayment of a longer - term FHLB advance . This compares to net income of $ 18.5 million , or $ 0.81 diluted earnings per share , for the first quarter of 2021 , and to net income of $ 12.6 million , or $ 0.53 diluted earnings per share , for the second quarter of 2020 . Jeffrey G. Ludwig , President and Chief Executive Officer of the Company , said , “ We continue to see strong improvement in our level of profitability resulting from the changes we have made in our operations to generate a more consistent revenue mix and increase our focus on businesses that produce higher returns . The higher level of profitability we are generating is strengthening our capital ratios and enhancing our ability to support organic and acquisitive growth in the future . " Economic conditions are steadily improving and creating more loan demand . During the second quarter , we saw increased production in our equipment finance , construction , and commercial real estate lending areas , which helped offset continued runoff in PPP loans and a decline in utilization of commercial FHA warehouse lines of credit . Excluding PPP loans and commercial FHA warehouse lines of credit , total loans increased at an annualized rate of 6 % during the second quarter , which was at the high end of our expected range . The increased economic activity is also leading to higher levels of non - interest income , which increased 18 % from the prior quarter . The increase in non - interest income was partially driven by a 10 % increase in wealth management revenue resulting from our acquisition of ATG Trust Company in June .