Form 4: Midland States Bancorp Director Boosts Equity Holdings

Midland States Bancorp Director Jeffrey M. McDonnell acquired additional common share equivalents and restricted stock units through incentive plans and dividend reinvestment on September 30, 2025.

Summary

• Director Jeffrey M. McDonnell acquired 670.945 common share equivalents under the 2019 Long-term incentive plan, valued at $17.14 per unit, on September 30, 2025.
• McDonnell also acquired 472.6842 common share equivalents through dividend reinvestment in the Deferred Director Compensation Plan (DDCP), valued at $17.35 per unit, on September 30, 2025.
• Following these transactions, McDonnell directly holds 16,844.2246 common share equivalents from the incentive plan and 17,316.9088 common share equivalents from dividend reinvestment.
• He also directly holds 9,455.125 Restricted Stock Units.
• Indirectly, McDonnell holds 24,245 shares of Common Stock through the Jeffrey M. McDonnell Revocable Trust UA and directly holds 1,987 shares of Common Stock.

Sentiment

Score: 7

Explanation: The director's acquisition of additional equity through incentive plans and dividend reinvestment generally signals confidence in the company's future performance and aligns management interests with shareholders.

Positives

• Director Jeffrey M. McDonnell increased his beneficial ownership of Midland States Bancorp, Inc. through the acquisition of 670.945 common share equivalents under the 2019 Long-term incentive plan.
• Further increased ownership by acquiring 472.6842 common share equivalents via dividend reinvestment, indicating continued participation in the company's equity.
• The acquisitions demonstrate management's alignment with shareholder interests through equity-based compensation and reinvestment.

Corporate Governance

Related Party Transactions

• Acquisition of 670.945 common share equivalents by Director Jeffrey M. McDonnell under the 2019 Long-term incentive plan.
• Acquisition of 472.6842 common share equivalents by Director Jeffrey M. McDonnell through dividend reinvestment in the Deferred Director Compensation Plan (DDCP).

Stakeholder Impact

• Shareholders: Increased alignment of the director's interests with shareholders due to increased equity ownership.
• Employees: The 2019 Long-term incentive plan is a form of equity-based compensation, which can motivate performance and align interests.

Next Steps

• Vested shares from the 2019 Long-term incentive plan will be delivered to the reporting person based on the terms of the DDCP and the reporting person's distribution elections.
• Common share equivalents received for dividend reinvestments become payable upon termination of service as a director.

Key Dates

Recommendation

The filing details a director's acquisition of equity through incentive plans and dividend reinvestment, which is a routine event for insider compensation and dividend policy. While it indicates management's continued alignment with shareholder interests, it does not present new fundamental information or significant market-moving transactions that would alter a seasoned investor's existing position or warrant a strong buy/sell recommendation based solely on this filing. It serves as a confirmation of ongoing insider equity participation.

Keywords

Midland States Bancorp, MSBI, Jeffrey McDonnell, Director, Insider Transaction, Form 4, Equity Acquisition, Restricted Stock Units, Common Share Equivalents, Dividend Reinvestment, DDCP, Long-term Incentive Plan