Form 4: Midland States Bancorp Director Reports Changes in Beneficial Ownership

Richard Dean Bingham, a director at Midland States Bancorp, reported changes in his beneficial ownership of company stock and derivative securities.

Summary

• Director Richard Dean Bingham reported changes in his beneficial ownership of Midland States Bancorp securities.
• The transactions include the disposal of 22,700 common stock shares, acquisition of 1,000 common stock shares through an IRA, and 4,000 Series A Preferred Depositary Shares.
• Bingham also reported indirect ownership of 42,554 common stock shares through Agracel, Inc.
• Additionally, Bingham acquired 273.324 and 645.492 common share equivalents through the Directors Deferred Compensation Plan (DDCP).
• These common share equivalents are tied to dividend reinvestments and deferred director fees.
• The common share equivalents are economically equivalent to one share of common stock and become payable upon termination of service as a director.
• Bingham also holds 6,371.6 restricted stock units.

Sentiment

Score: 5

Explanation: The document is a routine disclosure of changes in beneficial ownership, which is neither positive nor negative in itself. It is a neutral event.

Positives

• The acquisition of common share equivalents through the DDCP indicates continued participation in the company's compensation plan.
• The acquisition of 1,000 common stock shares through an IRA shows a personal investment in the company.

Negatives

• The disposal of 22,700 common stock shares could be seen as a negative signal, although the reason for the disposal is not stated.

Risks

• Changes in director holdings can sometimes be interpreted as a signal of the director's confidence in the company's future performance.
• The disposal of a significant number of shares could potentially impact market sentiment.

Future Outlook

The document does not contain any forward-looking statements or guidance.

Management Comments

• The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.
• The inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or for any other purpose.

Industry Context

This is a standard SEC Form 4 filing, which is common for corporate insiders reporting changes in their beneficial ownership of company securities. It is a routine part of corporate governance and transparency.

Comparison to Industry Standards

• The reporting of changes in beneficial ownership by directors is a standard practice across all publicly traded companies.
• The use of deferred compensation plans and restricted stock units is also common in executive and director compensation packages.
• The specific amounts and types of securities held are unique to the individual and the company's compensation policies, but the reporting process is consistent with SEC regulations.

Stakeholder Impact

• The changes in ownership may be of interest to shareholders, as they provide insight into director's holdings.
• The transactions are unlikely to have a direct impact on employees, customers, or suppliers.

Key Dates

Keywords

beneficial ownership, director, common stock, derivative securities, deferred compensation, Midland States Bancorp, MSBI, stock units, IRA, preferred shares