Midland States Bancorp, Inc. Fourth Quarter 2025 Earnings Presentation January 22, 2026
2 Forward Looking Statements Forward-Looking Statements: Readers should note that in addition to the historical information contained herein, this press release includes "forward-looking statements" within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward- looking terminology such as "will," “should," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe," "continue," “outlook,” “trends” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise. Presentation: Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. Use of Non-GAAP Financial Measures: Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include “Adjusted pre-provision net revenue,” “Adjusted pre- provision net revenue per diluted share,” “Adjusted pre-provision net revenue to average assets,” “Adjusted earnings (loss),” “Adjusted earnings (loss) available to common shareholders,” “Adjusted diluted earnings (loss) per common share,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes 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, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.
3 Where We Are Today Where We’re Going B u il d in g B lo c k s F o r G ro w th C o re B u s in e s s e s • Midland States Bank has 53 branch/office locations in Illinois and Missouri • Presence in stable, lower deposit cost midwestern markets • Significant commercial growth opportunities in St. Louis and Chicago • Comprehensive wealth and trust product offering • Evolving tech-forward strategy, including Fintech initiative • Reducing higher-risk credit exposures • 16 Successful acquisitions since 2008 • Commercial Banking • Personal Banking • Private Wealth Management • Trust Services • Fintech Services Targeted Credit Management Efforts Growing Commercial Banking Accelerating Growth in Wealth Improving Operational Capabilities • Sale of substantially all our equipment finance portfolio completed in Q4 • Reducing specialty finance exposure to target of less than 10% of loans • Ongoing efforts to work-out / sell NPAs • Increased Commercial deposits by $54M LQ • Investing in team and technology to grow and deepen relationships • Focus on higher-growth St. Louis & greater Chicago markets • Invest in technology and people • Cross-sell with commercial clients • Continue adding new advisors • Expand data and analytics capabilities • Strengthen credit processes and controls • Automation of back-office processes using AI and RPA Building Tech-Forward Strategy • Remaining third party loan program at $59.3 million carries full credit indemnification • Fintech Services initiative continuing to seek high quality partners $6.5B Assets $4.4B Loans $5.4B Deposits $4.5B AUM/A Building a High Performing, Tech-Forward Community Bank
4 Continued credit remediation: reduced non-performing assets by $4.3 million in Q4 which includes the sale of substantially all the equipment finance portfolio, NPAs to assets at 1.02% 3.74% net interest margin; excluding interest recoveries, margin increased 5 bps driven by 17 bp decline in deposit costs to 1.95%, new loan originations at ~6.7% Strong Community Bank trends: loans rose $53.7 million, or 6.5% annualized, deposits decreased $155 million mainly due to seasonal outflows of public funds, added one new commercial banker during Q4 Wealth Management at record AUA of $4.5 billion and revenue of $8.3 million in Q4; continued investing with 8 new sales team members in 2025 Fourth Quarter 2025 Highlights
5 Fourth Quarter 2025 Financial Summary EPS Adjusted PPNR1 Loans Deposits Capital • Adjusted PPNR1 of $31.4 million, or 1.85% on average assets • Net interest income of $58.7 million benefitted from -17bps LQ reduction in deposit costs • Non-interest income remained steady to LQ excluding credit enhancement income • Loan balances decreased $515.6 million from LQ, mainly due to the sale of Equipment Finance loans and leases • Provision of $11.6 million, $8.4 million decrease from LQ • Deposits decreased $180.4 million; high-cost public funds and brokered deposits declined $156.1 million compared to LQ • Loan to deposit ratio declined to 80.2% reflecting increased liquidity • Consolidated CET1 ratio of 9.89%; Total Capital ratio of 15.16% • Almost all capital ratios increased from LQ • Fully diluted EPS of ($0.24) for fourth quarter of 2025 • Adjusted diluted EPS1 of $0.53 1 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix.
6 Fourth Quarter 2025 Results 1 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix. Midland States Bancorp, Inc. ($ in millions, except per share data) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Net Interest Income 58.7$ 61.1$ 58.7$ 58.3$ 58.6$ Provision for Credit Losses 11.6 20.0 17.4 10.9 74.2 Total Noninterest Income 26.9 20.0 23.5 17.8 35.4 Total Revenue 85.6 81.1 82.2 76.1 94.0 Total Noninterest Expenses 77.2 49.8 50.0 203.0 58.7 Income (Loss) before Taxes (3.2) 11.3 14.9 (137.8) (38.9) Net Income (Loss) (2.9) 7.6 12.0 (141.0) (30.8) Diluted Earnings (Loss) Per Share (0.24) 0.24 0.44 (6.58) (1.52) Adjusted Diluted Earnings (Loss) Per Share1 0.53 0.24 0.44 0.49 (1.52) Total Assets 6,511.1 6,911.5 7,107.9 7,284.8 7,506.8 Gross Loans Receivable (ex. HFS) 4,352.0 4,867.6 5,035.3 5,018.1 5,167.6 Allowance for Credit Losses on Loans & Leases (69.2) (100.9) (92.7) (105.2) (111.2) All Other Assets 2,228.3 2,144.8 2,165.3 2,371.9 2,450.4 Total Liabilities 5,945.6 6,327.5 6,534.2 6,713.4 6,796.0 Total Deposits 5,424.4 5,604.8 5,946.9 5,936.4 6,197.2 Borrowings 432.1 598.5 482.9 667.3 474.5 Other Liabilities 89.2 124.2 104.3 109.6 124.3 Total Shareholders' Equity 565.5 584.0 573.7 571.4 710.8 Adjusted PPNR1 31.4 31.3 32.2 27.0 35.2 NPA / Total Assets 1.02% 1.02% 1.15% 2.08% 2.10% Wealth Assets Under Administration 4,479.0 4,363.8 4,181.2 4,101.4 4,153.1 Efficiency Ratio1 63.1% 61.3% 60.6% 64.3% 62.3% Tangible Book Value Per Share1 20.70$ 21.16$ 20.68$ 20.54$ 19.83$
7 Strong Liquidity & Regulatory Capital • Strong regulatory capital ratios for both Bank and Consolidated, well-above minimum buffers • Near-term focus on building CET1 over 10%, and TCE / TA ratio over 7.0% • Additional 4Q25 ratios: ‒ 53.8% CRE as a % of Total Loans ‒ 287.1% CRE as a % of Total RBC1 1 Represents non-owner occupied CRE loans only 6.75% 9.89% 9.90% 13.37% 15.16% 6.61% 9.37% 9.93% 12.54% 14.29% TCE/TA Common Eq Tier 1 Tier 1 Leverage Tier 1 RBC Total RBC Consolidated Capital Ratios Q4 2025 Q3 2025 $128 $1,157 $813 $1,114 $349 Liquidity Uninsured Depositors 2.08X Liquidity Coverage Cash & Cash Equiv Unpledged Securities FHLB Committed Liquidity FRB Discount Window Availability $2,404 Abundant Excess Liquidity Building Excess Capital • $4.27 billion total insured deposits includes: • Stable insured deposit base, brokered time deposits less than 1% of total deposits as of Dec 31, 2025 • $498 million of servicing deposits • 15.9% liquidity on balance sheet (Cash & available Investment Securities)
8 Targeted Credit Management Efforts Nearing Completion Non-Core Loan Programs Specialty Finance Group Midland Equipment Finance Q4 2025 Current StatusAction Overview • Remaining third party portfolio: $59.3M1 • Retained GreenSky: $44.4M • NPA’s at 12/31/25: $8.4M • NCO 4Q25: $0.4M • Strategic decision to exit these portfolios • Completed sale of GreenSky portfolio in April 2025 • Completed sale of LendingPoint in December 2024 • Portfolios originated by Fintech partners • Unsecured portfolios which have exhibited increasing delinquencies & deterioration • Nationwide portfolio providing bridge loan financing for commercial real estate • Primarily multifamily and healthcare • Impacted by macroeconomic factors resulting in elevated NPLs • Stopped future origination of construction/rehab • Tightened underwriting standards • Working to resolve non-performing assets • Loans & leases for customers across the U.S. • Deterioration has been experienced primarily in the trucking industry • Ceased originations as of September 30, 2025 • Sold substantially all the portfolio in November 2025 • Retained portfolio: $59.8M • NPA’s at 12/31/25: $1.6M 1 Guaranteed program
9 4Q25 Non-Performing Asset Update Dollars in thousands Loan Segment Balance 1Q 2025 Balance 2Q 2025 Balance 3Q 2025 Balance 4Q 2025 Notes Loan 1 CRE - Multifamily - Florida $16,262 $- $- $- Note sold July 2025 Loan 2 CRE - Multifamily - Wisconsin 13,659 - - - Property sold Q2 Loan 3 CRE - Multifamily - Florida 11,092 - - - Note sold July 2025 Loan 4 CRE - Office - Florida 9,285 9,285 7,988 7,988 Partial charge off Q3 Loan 5 CRE - Multifamily - Michigan 8,399 8,399 5,534 - Note sold October 2025 Loan 6 CRE - Multifamily - South Carolina 8,140 8,140 - - Paid in Full Loan 7 CRE - Asst Living - South Carolina 7,806 - - - Charged off Q2 Loan 8 CRE - Asst Living - Nevada 7,737 - - - Note sold Q2 Loan 9 C&I Relationship - Northern Region 11,378 5,445 5,445 5,445 Partial charge off Q2 Loan 10 CRE –Multifamily - Texas - - - 14,336 Partial charge off & specific reserve Largest Exposures $93,758 $31,269 $18,967 $27,769 Midland Equipment Finance 11,099 11,629 11,818 1,626 Remaining portfolio after sale Non-Core Loan Programs 5,670 3,608 4,196 4,509 Credit guarantee by sponsor All Other Loans 35,164 33,606 33,722 31,579 Total Non-Performing Loans $145,690 $80,112 $68,703 $65,483 NPL’s / Total Loans 2.90% 1.59% 1.41% 1.50% Total OREO & Repossessed Assets 5,574 1,662 1,666 606 Total Non-Performing Assets $151,264 $81,774 $70,369 $66,089 NPA’s / Total Assets 2.08% 1.15% 1.02% 1.02%
$111 $105 $93 $101 $69 2.15% 2.10% 1.84% 2.07% 1.59% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% -30 20 70 120 170 220 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Allowance for credit losses ACL/Loans $10 $1 $8 $1 $5 $103 $16 $22 $11 $39 -10 10 30 50 70 90 110 130 150 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Community Bank All Other 10 Improving Credit, Strong Community Bank Trends Allowance for Credit Losses (ACL) Net Charge Offs (Recoveries) – Community Bank Loans vs. Other 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Risk Rating Balance % Balance % Balance % Balance % Balance % 1-6 Acceptable $4,259 82% $4,157 83% $4,238 84% $4,104 84% $3,613 83% 7 Special Mention 101 2% 68 1% 84 2% 79 2% 63 2% 8 Substandard Accruing 79 2% 75 1% 58 1% 79 2% 76 2% 9 Substandard Non-Accrual 141 3% 140 3% 77 2% 65 1% 61 1% Not Graded1 588 11% 578 12% 578 11% 541 11% 538 12% Total Gross Loans $5,168 $5,018 $5,035 $4,868 $4,352 Non-performing Loans $151 $146 $80 $69 $65 % of Total Loans 2.92% 2.90% 1.59% 1.41% 1.50% Non-performing Assets $157 $151 $82 $70 $66 % of Total Assets 2.10% 2.08% 1.15% 1.02% 1.02% (in millions, as of quarter-end)(in millions, as of quarter-end) Dollars in millions 1 Mainly Residential & Consumer loans including the GreenSky & Lending Point portfolios are not graded
11 Loan Portfolio (as of December 31, 2025) Total Loans and Average Loan Yield (in millions, as of quarter-end) • Loans decreased $515.6 million from prior quarter to $4.35 billion, primarily driven by the sale of substantially all the equipment finance portfolio • Decrease in non-core portfolios partially offset by new loan production from high quality commercial clients that provide full banking relationships • Continued focus on prudent underwriting standards and higher credit quality relationships Loan Portfolio Mix (in millions, as of quarter-end) 4Q 2025 3Q 2025 4Q 2024 Commercial loans and leases $ 1,230 $ 1,787 $ 1,751 Commercial real estate 2,343 2,337 2,592 Construction and land development 286 260 300 Residential real estate 350 353 381 Consumer 144 130 144 Total Loans $ 4,352 $ 4,868 $ 5,168 $5,168 $5,018 $5,035 $4,868 $4,352 6.22% 6.26% 6.21% 6.34% 6.28% 5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 2000 2500 3000 3500 4000 4500 5000 5500 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Total Loans Average Loan Yield
12 Loan Segments (as of December 31, 2025) Loan Segment Mix • Sold substantially all the equipment finance portfolio in the current quarter • Total loans in our Community Bank increased $53.7 million, or 6.5% annualized to $3.33 billion • Loans in Eastern region increased $44.1 million, or 19.0% annualized • Commercial pipelines remain strong and unfunded commitments increased in Community Bank • Continuing to add talent in faster growing markets to drive quality loan relationships and commercial deposits Loan Portfolio Segments (in millions, as of quarter-end) 4Q 2025 3Q 2025 4Q 2024 Regions: Eastern $ 972 $ 928 $ 900 Northern 712 725 715 Southern 729 726 720 St. Louis 915 896 868 Community Bank $ 3,328 $ 3,275 $ 3,203 Other: Specialty Finance 668 642 1,034 Equipment Finance 60 638 808 Non-Core and Other 296 313 123 Total Loans $ 4,352 $ 4,868 $ 5,168 Community Bank 76.5% Specialty Finance 15.3% Equipment Finance 1.4% Non-Core and other 6.7%
13 Total Deposits (as of December 31, 2025) • Total deposits decreased $180.4 million from prior quarter primarily due to seasonal reduction in checking of $141.2 million and reduction in high-cost time deposits of $55.8 million, offset by $24.5 million increase in noninterest-bearing demand • Reduced higher cost funding and managing deposit rates resulted in 17 bps decrease in cost of deposits • Continue proactive deposit pricing discipline to balance growth and cost of deposits Deposit Mix (in millions, as of quarter-end) 4Q 2025 3Q 2025 4Q 2024 Noninterest-bearing demand $ 1,040 $ 1,016 $ 1,056 Interest-bearing: Checking 1,855 1,997 2,378 Money Market 1,249 1,241 1,174 Savings 488 487 507 Time 749 805 823 Brokered time 43 60 260 Total Deposits $ 5,424 $ 5,605 $ 6,197 Total Deposits and Cost of Deposits (in millions, as of quarter-end) $6,197 $5,936 $5,947 $5,605 $5,424 2.52% 2.29% 2.19% 2.12% 1.95% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 0 1000 2000 3000 4000 5000 6000 7000 8000 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Total Deposits Cost of Deposits
14 Deposit Segments (as of December 31, 2025) • Community Bank deposits decreased due to declines in commercial and public funds, while retail accounts posted solid growth • Continued to reduce high cost brokered deposits • Retail and small business growth initiative continues to generate new clients with focus on full banking relationships Deposit by Channel (in millions, as of quarter-end) 4Q 2025 3Q 2025 4Q 2024 Retail $ 2,823 $ 2,791 $ 2,750 Commercial 1,194 1,248 1,210 Public Funds 473 606 506 Community Bank $ 4,490 $ 4,645 $ 4,466 Wealth & Trust 266 264 341 Servicing 498 499 896 Brokered Deposits 143 167 473 Other 27 30 21 Total Deposits $ 5,424 $ 5,605 $ 6,197 Trend of Deposit Channel Mix (in millions, as of quarter-end) $6,197 $5,936 $5,947 $5,605 $5,424 0 1000 2000 3000 4000 5000 6000 7000 8000 0 1000 2000 3000 4000 5000 6000 7000 8000 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Retail Commercial Public Funds Wealth & Trust Servicing Brokered
15 Neutral Rate Positioning Supports Above-Peer Margin • Bank well positioned for rate changes with modest liability sensitive position ‒ 31% of assets reprice within 3 months as of December 31, 2025 ‒ 69% of our liabilities reprice within 3 month as of December 31, 2025 • Loan Strategy: Focused on originating Community Bank loans with full banking relationships • Deposit Strategy: Deeper focus on full banking relationships with the goal of increasing noninterest DDA from 19% of total deposits to a targeted range of 20-24% 1 Based on projected principal payments for all loans plus the next reset for floating and adjustable-rate loans and the maturity date of fixed rate loans. Total Loans and Leases (net of unearned income)1 (In Millions) As of December 31, 2025 3 mos or less 3-12 months 1-3 years 3-5 years 5-10 years 10-15 years Over 15 years Total Floating Rate Adjustable Rate Fixed Rate Commercial loans and leases 695$ 143$ 235$ 105$ 50$ 2$ 0$ 1,230$ 667$ 76$ 486$ Commercial Real estate 705 298 731 419 167 21 2 2,343 501 280 1,562 Construction and land development 257 13 14 0 1 0 - 286 239 1 46 Residential real estate 66 38 46 53 51 32 64 350 55 92 202 Consumer 23 46 49 19 8 0 - 144 7 - 137 Total $1,746 $537 $1,075 $597 $277 $54 $66 $4,352 1,470$ 449$ 2,432$ % of Total 40% 12% 25% 14% 6% 1% 2% 100% 34% 10% 56% Weighted Average Rate 7.11% 5.35% 5.42% 5.91% 4.63% 4.47% 4.66% 6.08% 7.40% 5.48% 5.41% Repricing Term Rate Structure
16 Wealth Management Contribution Quarterly Performance • Assets under administration increased $115 million mainly due to market performance • Wealth Management fees increased due to additional trust and estate fees collected in the quarter • Continued hiring of wealth advisors positively impacting new business development Strategic Update • Added one wealth advisor during fourth quarter, we expect to continue adding new advisors to generate more business development opportunities • Investing in technology tools and data to drive customer engagement and cross sell opportunities with Community Bank Assets Under Administration (in millions) Wealth Management Revenue (in millions) $4,153 $4,101 $4,181 $4,364 $4,479 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 $7.66 $7.35 $7.38 $8.02 $8.27 4 4.5 5 5.5 6 6.5 7 7.5 8 8.5 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025
17 Noninterest Income • Noninterest income rose from the prior quarter largely due to an additional $6.6 million in credit enhancement income reflecting contractual changes in our third-party lending and servicing arrangements • Wealth Management revenue rose $0.3 million sequentially; another record quarter • Noninterest income expected to be $19.0 to $20.0 million/quarter in the near-term • Changes to third-party lending agreement are expected to result in credit enhancement income of $1.5 to $2.0 million per quarter in the near term Noninterest Income (in millions) $35.4 $17.8 $23.5 $20.0 $26.9 - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Wealth Management Interchange Service Charges on Deposits Residential Mortgage All Other Credit Enhancement Income
18 Noninterest Expense and Operating Efficiency Noninterest Expense & Efficiency Ratio1 (in millions) $58.7 $203.0 $50.0 $49.8 $77.2 62.3% 64.3% 60.6% 61.3% 63.1% 58.0% 63.0% 68.0% 73.0% 78.0% 0 50 100 150 200 250 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Noninterest Expense Efficiency Ratio • Efficiency Ratio1 was 63.1% in 4Q 2025 vs. 61.3% in 3Q 2025 • 4Q25 Noninterest Expenses includes: • $23.0 million loss on sale of loans • $2.5 million additional FDIC assessments and professional expenses associated with restatements of prior years’ financials • $0.9 million in year end charitable contributions and marketing costs • $0.6 million of impairment of repossessed assets in connection with the retained equipment finance portfolio • Near-term operating expense run-rate expected to be approximately $50.0 to $51.0 million/quarter • Changes to third-party lending agreement expected to result in additional expenses of $1.5 to $2.0 million per quarter in the near term 1 Represents a non-GAAP financial measure. See “Non-GAAP Reconciliation” in the appendix.
19 Financial Outlook • Lower credit costs in 2026 • Focus on growing Community Bank • Continue to build regulatory capital • Ongoing focus on efficiency • Expanding fee income through deeper core relationships
Appendix
21 ACL By Portfolio 1 Primarily consists of loans originated through GreenSky relationship ($ in thousands) December 31, 2025 September 30, 2025 Portfolio Loans Net Charge-offs ACL ACL % of Total Loans Loans Net Charge-offs ACL ACL % of Total Loans Commercial $1,062,691 $1,035 $10,355 0.97% $1,038,821 ($279) $8,752 0.84% Commercial Other 115,830 17,515 13,321 11.50% 437,712 3,262 30,287 6.92% Equipment Finance Loans 8,781 15,454 617 7.03% 326,860 1,601 17,018 5.21% Equipment Finance Leases 50,981 20,039 3,184 6.25% 310,983 3,450 21,045 6.77% CRE non-owner occupied 1,447,894 1,676 14,908 1.03% 1,457,627 1,981 14,454 0.99% CRE owner occupied 444,443 99 5,716 1.29% 425,712 1,305 4,511 1.06% Multi-family 383,377 1,917 7,192 1.88% 386,585 132 7,380 1.91% Farmland 66,950 - 468 0.70% 66,737 (114) 468 0.70% Construction and Land Development 286,140 396 2,619 0.92% 260,073 1,779 2,571 0.99% Residential RE First Lien 286,178 56 6,147 2.15% 292,830 (4) 5,966 2.04% Other Residential 63,445 (64) 505 0.80% 60,645 4 427 0.70% Consumer 99,692 662 725 0.73% 82,710 623 692 0.84% Consumer Other1 44,383 161 4,079 9.19% 47,152 170 4,333 9.19% Total Loans $4,352,004 $43,492 $69,219 1.59% $4,867,587 $12,309 $100,886 2.07%
22 Investment Portfolio (as of December 31, 2025) Fair Value of Investments by Type • All Investments are classified as Available for Sale • Average T/E Yield is 4.57% for 4Q25 • Effective Duration is 3.8 years • Purchased $232 million with T/E Yield of 4.83% in 4Q25 Investment Mix & Unrealized Gain (Loss) (in millions) Fair Value Book Value Unrealized Gain (Loss) US GSE & US Agency $ 20 $ 21 $ (1) MBS - agency 1,191 1,261 (70) MBS - non agency 97 98 (1) Asset backed 34 34 — State & Municipal 73 77 (4) Corporate 58 60 (2) Other 47 47 — Total Investments $ 1,521 $ 1,598 $ (77) Investment Mix & Unrealized Gain (Loss) Investment by Yield and Duration $1.52 billion
23 Non-GAAP Reconciliations (unaudited)
24 Non-GAAP Reconciliations (unaudited)