Form 4: Midland States Bancorp Director Reports Acquisition of Common Share Equivalents and Restricted Stock Units

Director Jerry L. McDaniel reports acquisition of common share equivalents and restricted stock units in Midland States Bancorp, Inc.

Summary

• On December 31, 2024, Jerry L. McDaniel, a director of Midland States Bancorp, Inc., reported transactions involving the company's securities.
• McDaniel acquired 423.908 common share equivalents through dividend reinvestment in the DDCP at a price of $26.29 per share.
• He also acquired 2,060 restricted stock units under the 2019 Long-Term Incentive Plan, deferred under the DDCP.
• The restricted stock units will fully vest on March 31, 2020, and vested shares will be delivered based on the terms of the DDCP and McDaniel's distribution elections.
• McDaniel also indirectly owns shares through various entities, including Four Diamond Capital LLC, trusts for his daughters and son, and the Jerry L McDaniel Revocable Trust.

Sentiment

Score: 6

Explanation: The document is neutral in sentiment as it reports routine insider transactions. It doesn't indicate positive or negative performance, but rather reports required disclosures.

Positives

• The acquisition of common share equivalents through dividend reinvestment demonstrates the director's continued investment in the company.
• The vesting of restricted stock units aligns the director's interests with the long-term performance of the company.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting date of the restricted stock units.

Industry Context

This filing is a routine disclosure related to insider transactions, which are common in the financial industry. Directors often receive stock-based compensation and participate in dividend reinvestment programs.

Comparison to Industry Standards

• Director compensation packages including restricted stock units and dividend reinvestment programs are standard practice among publicly traded financial institutions.
• Comparable companies such as First Midwest Bancorp (now part of Old National Bancorp) and Wintrust Financial Corporation also utilize similar equity-based compensation strategies for their directors.

Stakeholder Impact

• The transactions reported may have a minor impact on shareholders by slightly increasing the number of outstanding shares over time.
• The vesting of restricted stock units incentivizes the director to act in the best interests of the company and its shareholders.

Key Dates