Form 4: Midland States Bancorp Director Boosts Holdings

Midland States Bancorp Director Jeffrey C. Smith increased his beneficial ownership of common stock equivalents through dividend reinvestment and deferred director fees.

Summary

• Jeffrey C. Smith, a Director of Midland States Bancorp, Inc. (MSBI), reported changes in his beneficial ownership.
• On December 31, 2025, Smith acquired 411.584 common share equivalents at a price of $16.17 each through the reinvestment of dividends received on existing common share equivalents held in the Directors Deferred Compensation Plan (DDCP).
• Also on December 31, 2025, Smith acquired an additional 336.561 common share equivalents at a price of $21.17 each under the company's DDCP for director fees deferred during the quarter, based on the closing price of the underlying shares.
• Each common share equivalent is the economic equivalent of one share of common stock, and all acquired equivalents fully vested on the transaction date, becoming payable upon termination of service as a director.
• Following these reported transactions, Smith beneficially owns 34,109 shares of common stock directly and a total of 8,419.3932 common share equivalents.

Sentiment

Score: 7

Explanation: The acquisition of additional common share equivalents by a director, particularly through dividend reinvestment and deferred compensation, indicates a positive long-term outlook and confidence in the company's value by an insider.

Positives

• Director Jeffrey C. Smith increased his beneficial ownership of common share equivalents, signaling continued confidence in Midland States Bancorp's future prospects.
• The acquisitions were made through dividend reinvestment and deferred director fees, indicating a long-term investment strategy and alignment with shareholder interests.

Future Outlook

NA

Industry Context

This Form 4 filing is a routine disclosure of an insider transaction, common for directors of publicly traded financial institutions like Midland States Bancorp. Such transactions, particularly acquisitions through deferred compensation or dividend reinvestment, are generally viewed as a positive signal of insider confidence in the company's long-term prospects within the banking sector.

Corporate Governance

Related Party Transactions

• The acquisition of common share equivalents under the Issuer's Directors Deferred Compensation Plan (DDCP) and through dividend reinvestment on existing DDCP holdings represents transactions between the director and Midland States Bancorp, Inc.

Stakeholder Impact

• Shareholders: The director's increased beneficial ownership through reinvestment and deferred fees may be interpreted as a positive signal of management's confidence in the company's future performance and value, potentially boosting investor sentiment.

Key Dates

Recommendation

While the director's increased beneficial ownership through dividend reinvestment and deferred compensation signals insider confidence, a Form 4 filing alone does not provide sufficient information to warrant a 'buy' or 'strong buy' recommendation. It primarily indicates a director's long-term commitment and belief in the company's value, supporting a 'hold' position for existing investors and suggesting a positive indicator for potential investors to conduct further due diligence.

Keywords

Midland States Bancorp, MSBI, Jeffrey C. Smith, Director, Insider Transaction, Form 4, Beneficial Ownership, Common Stock Equivalents, Dividend Reinvestment, Deferred Compensation, Corporate Governance