Form 4: Midland States Bancorp Director Reports Stock Acquisition

Director Robert F. Schultz reported the acquisition of common stock equivalents through dividend reinvestment.

Summary

• Director Robert F. Schultz acquired 1,619.333 common stock equivalents on March 31, 2026.
• The acquisition occurred via the company's Director Deferred Compensation Plan (DDCP) through dividend reinvestment.
• The transaction involved 7.62 units at $22.31 per share and 1,611.713 units at $22.97 per share.
• Following these transactions, the director holds 108,163.184 common share equivalents directly.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral, routine administrative filing regarding director compensation and does not indicate a change in company strategy or financial health.

Positives

• Director demonstrates continued alignment with shareholder interests through participation in the dividend reinvestment plan.
• The acquisition reflects ongoing investment in the company's equity via the deferred compensation program.

Negatives

• None identified; this is a routine disclosure of director compensation and reinvestment activity.

Risks

• The value of common stock equivalents is subject to the market performance of Midland States Bancorp common stock.

Future Outlook

The common share equivalents acquired are payable upon the termination of the director's service.

Management Comments

• The reporting person disclaims beneficial ownership of securities held by affiliated entities except to the extent of his pecuniary interest.

Industry Context

StockSavvy.ai notes that routine dividend reinvestment by directors in regional banking institutions is a standard practice that signals long-term confidence in the issuer's dividend policy and financial stability.

Comparison to Industry Standards

• The use of Director Deferred Compensation Plans (DDCP) for equity accumulation is consistent with governance practices at peer regional banks like Wintrust Financial or Old National Bancorp.
• The disclosure follows standard SEC Section 16 reporting requirements for regional financial institutions.

Related Party Transactions

• The director holds interests in Red Bird Investors, LLC, Summit Investors, LLP, and J.M. Schultz Investment, LLC, which own shares of the issuer.

Stakeholder Impact

• Minimal impact on shareholders as this represents internal compensation management rather than open market trading.

Next Steps

• Future filings will be required if the director engages in further transactions or if additional dividend reinvestments occur.

Key Dates

Keywords

Midland States Bancorp, MSBI, Director, Insider Trading, Dividend Reinvestment, Form 4