Form 4: Midland States Bancorp Director Smith Acquires Additional Common Share Equivalents Through Dividend Reinvestment and Deferred Compensation Plan

Director Jeffrey C. Smith of Midland States Bancorp, Inc. reports the acquisition of common share equivalents through dividend reinvestment and participation in the Directors Deferred Compensation Plan (DDCP).

Summary

• Jeffrey C. Smith, a director of Midland States Bancorp, Inc., reported transactions involving common share equivalents.
• On March 31, 2025, Smith acquired 257.242 common share equivalents at a price of $19.33 through dividend reinvestment.
• Additionally, Smith acquired 416.18 common share equivalents at a price of $17.12 through the Directors Deferred Compensation Plan (DDCP).
• Following these transactions, Smith beneficially owns 6,180.476 and 6,596.656 common share equivalents respectively, as well as 10,116.779 Restricted Stock Units.
• These common share equivalents are the economic equivalent of one share of common stock and vest fully on the transaction date, becoming payable upon termination of service as a director.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The director's participation in the DDCP and dividend reinvestment plan suggests confidence in the company. However, it's a routine transaction, so the impact is limited.

Positives

• The director's participation in the DDCP and dividend reinvestment plan demonstrates confidence in the company's future.
• The immediate vesting of the common share equivalents aligns the director's interests with those of the shareholders.

Industry Context

Directors commonly participate in deferred compensation plans and dividend reinvestment programs to align their interests with shareholders and demonstrate confidence in the company's long-term prospects. This is a standard practice in the banking industry.

Comparison to Industry Standards

• Director compensation practices, including deferred compensation plans and equity grants, are common across the banking industry.
• Comparing Midland States Bancorp's director compensation structure to peers like First Midwest Bancorp, Old National Bancorp, and Wintrust Financial Corporation would provide a benchmark for assessing the competitiveness and alignment of incentives.

Stakeholder Impact

• The director's actions signal confidence to shareholders.
• The transactions have a minimal direct impact on employees, customers, suppliers, and creditors.

Key Dates

Keywords

Form 4, Midland States Bancorp, MSBI, Jeffrey C. Smith, Director, Common Share Equivalent, Dividend Reinvestment, Directors Deferred Compensation Plan, DDCP, Beneficial Ownership, Section 16