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Midland ◉ States Bancorp , Inc. For Immediate Release Summary MIDLAND STATES BANCORP , INC . ANNOUNCES 2021 THIRD QUARTER RESULTS • Net income of $ 19.5 million , or $ 0.86 diluted earnings per share • Total loans increased 8.2 % annualized , excluding commercial FHA lines and PPP loans • • Non - performing loans declined 11.0 % from end of prior quarter Net interest margin increased 5 bps from prior quarter to 3.34 % Efficiency ratio improved to 58.78 % from 60.19 % in prior quarter Book value and tangible book value per share increased 2.3 % and 3.4 % , respectively Effingham , IL , October 28 , 2021 – Midland States Bancorp , Inc. ( Nasdaq : MSBI ) ( the " Company " ) today reported net income of $ 19.5 million , or $ 0.86 diluted earnings per share , for the third quarter of 2021 , which included a $ 3.0 million impairment charge on commercial mortgage servicing rights ( " MSRS " ) . This compares to 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 also compares to net income of $ 86 thousand , or $ 0.00 diluted earnings per share , for the third quarter of 2020 , which included $ 13.9 million of charges primarily related to the Company's branch and facilities optimization plan . Jeffrey G. Ludwig , President and Chief Executive Officer of the Company , said , “ We delivered another strong quarter driven by positive trends across most areas of our operations . The contribution of new additions to our commercial banking team and increasing demand helped drive another quarter of solid loan growth . We are also seeing improved asset quality , net interest margin expansion as a result of the elimination of higher cost funding sources , and growth in wealth management revenue following our acquisition of ATG Trust Company earlier this year . The higher level of revenue we are generating is driving further improvement in operating leverage and an increase in pre - provision , pre - tax income . " We expect to see a continuation of these positive trends in the fourth quarter . We are benefitting from our efforts to increase our presence in higher growth markets in Northern Illinois and St. Louis , which is resulting in the consistent addition of full banking relationships with new commercial clients . Our loan and deposit pipelines remain healthy , which should lead to continued quality balance sheet growth that we expect to result in a higher level of net interest income , additional operating leverage , and further improvement in our level of profitability , " said Mr. Ludwig .