Form 4: Midland States Bancorp Director Boosts Holdings

Midland States Bancorp Director Robert F. Schultz reported an increase in his beneficial ownership of common stock and common share equivalents through various transactions.

Summary

• Robert F. Schultz, a Director of Midland States Bancorp, Inc. (MSBI), reported changes in his beneficial ownership.
• Directly owns 34,715 shares of common stock, including holdings through a self-directed IRA or revocable grantor trust.
• Indirectly owns 30,153 shares through Red Bird Investors, LLC, 37,845.688 shares through Summit Investors, LLP, and 200,030 shares through J.M. Schultz Investment, LLC.
• Acquired 9.918 common share equivalents on September 30, 2025, at a price of $17.14, representing restricted stock units under the 2019 Long-term incentive plan.
• Acquired an additional 2,054.1579 common share equivalents on September 30, 2025, at a price of $17.35, through dividend reinvestment on existing holdings.
• Beneficially owns a total of 104,290.913 common share equivalents and 9,146 restricted stock units directly.

Sentiment

Score: 7

Explanation: The increase in director's beneficial ownership, particularly through long-term incentive plans and dividend reinvestment, suggests a positive outlook and confidence in the company's value.

Positives

• Director Robert F. Schultz increased his beneficial ownership of common share equivalents, indicating continued confidence in the company.
• Acquisitions include restricted stock units from a long-term incentive plan and common share equivalents from dividend reinvestment, both reflecting ongoing engagement and benefit from company performance.

Future Outlook

The filing does not contain specific forward-looking statements or guidance.

Industry Context

This Form 4 filing is a routine disclosure of insider ownership changes and does not provide broader industry context or trends.

Comparison to Industry Standards

• This filing is a standard regulatory disclosure of insider transactions and does not contain information suitable for comparison to industry benchmarks or specific comparable companies/projects.

Related Party Transactions

• The filing discloses indirect beneficial ownership through entities like Red Bird Investors, LLC, Summit Investors, LLP, and J.M. Schultz Investment, LLC, where the reporting person disclaims beneficial ownership except to the extent of his pecuniary interest.

Stakeholder Impact

• Increased insider ownership can enhance investor confidence, signaling that management's interests are aligned with shareholders.
• The acquisition of shares through long-term incentive plans and dividend reinvestment demonstrates ongoing commitment from a key director.

Key Dates

Recommendation

While the increase in director ownership is a positive signal of confidence, a Form 4 filing alone typically does not provide enough comprehensive financial or strategic information to warrant a 'buy' or 'strong buy' recommendation. It reinforces a 'hold' position for existing investors, suggesting continued alignment of interests, but lacks catalysts for a stronger upgrade.

Keywords

Midland States Bancorp, MSBI, Robert F. Schultz, Director, Insider Trading, Beneficial Ownership, Form 4, SEC Filing, Common Stock, Restricted Stock Units, Dividend Reinvestment, Equity Holdings