Form 4: Midland States Bancorp Director Boosts Holdings

Midland States Bancorp Director Jerry L. McDaniel reported an increase in beneficial ownership through dividend reinvestment and restricted stock units.

Summary

• Jerry L. McDaniel, a Director of Midland States Bancorp, Inc. (MSBI), filed a Form 4 detailing changes in his beneficial ownership of common stock and derivative securities.
• Acquired 693.4525 common share equivalents through dividend reinvestment on September 30, 2025, at a price of $17.35 per equivalent, which vested immediately.
• Beneficial ownership includes 2,060 Restricted Stock Units (RSUs) acquired under the 2019 Long-Term Incentive Plan, which fully vested on March 31, 2020, with vested shares to be delivered based on DDCP terms.
• Also beneficially owns 8,258 shares of common stock directly from RSUs with an immediate vesting schedule.
• Indirect beneficial ownership of common stock includes 13,000 shares through Four Diamond Capital LLC, 5,320 shares through his daughters (2,660 each), 3,360 shares through his son, and 89,283 shares through the Jerry L McDaniel Revocable Trust.
• Indirectly owns 20,000 depositary shares through the Jerry L McDaniel Revocable Trust.
• Total common share equivalents beneficially owned after transactions: 36,230.9313.

Sentiment

Score: 7

Explanation: The director's increased beneficial ownership through dividend reinvestment and RSU holdings indicates a positive alignment of interests with shareholders and confidence in the company.

Positives

• Director Jerry L. McDaniel increased his beneficial ownership through the acquisition of 693.4525 common share equivalents via dividend reinvestment, aligning his interests further with shareholders.
• The beneficial ownership of 2,060 Restricted Stock Units (RSUs) and 8,258 shares from RSUs with immediate vesting demonstrates continued commitment to the company.

Future Outlook

Vested shares from the Restricted Stock Units, which fully vested on March 31, 2020, will be delivered to the reporting person based on the terms of the Deferred Director Compensation Plan (DDCP) and the reporting person's distribution elections thereunder.

Industry Context

NA

Corporate Governance

Stakeholder Impact

• Shareholders: Increased insider ownership may signal confidence from a director, potentially viewed positively.

Next Steps

• Delivery of vested shares to the reporting person based on DDCP terms and distribution elections for the Restricted Stock Units.

Key Dates

Recommendation

The filing indicates a director's continued and increased beneficial ownership in the company through dividend reinvestment and restricted stock units. This generally signals confidence from an insider, which can be a positive indicator for investors. However, a Form 4 primarily reports changes in ownership and does not provide comprehensive financial or strategic details to warrant a 'buy' or 'sell' recommendation without further analysis of the company's fundamentals and market conditions. Therefore, a 'hold' recommendation is appropriate, suggesting investors maintain their current positions while considering this insider activity as a positive data point.

Keywords

Midland States Bancorp, MSBI, Jerry L. McDaniel, Form 4, Insider Trading, Beneficial Ownership, Director Holdings, Common Stock, Restricted Stock Units, Dividend Reinvestment