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Midland States Bancorp 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock Series A

Coupon is fixed at 7.75% until 9/30/2027 after which it will reset at the 5 year treasury plus a spread of 4.713%. Coupon is reset every 5 years.

Ticker: MSBIP

Parent Ticker: MSBI

OTC Grey Market Temporary Ticker: NA

Issuance Date: 08/17/2022

1st Call Date: 09/30/2027

Maturity Date: None

Shares Issued: 4,600,000

Overallotment Shares: 0

Coupon: 7.75%

Face Value: $25

Cumulative: No

Qualified: Yes

Quarterly Dividend Amount: 0.4843

Payment Months: MAR, JUN, SEP, DEC

Payment Day: 30

S&P Rating: NR

III Rating (In Regards to Dividend Safety Only): C

Moody Rating: NR

Fitch Rating: NR

Egan-Jones Rating: BBB-