Midland States director Ramos acquires 514 share equivalents

The common share equivalents fully vested on September 30, 2026, and become payable upon termination of service as a director.

Rhea-AI Filing Summary

Midland States Bancorp, Inc. director Richard T. Ramos acquired 514 common share equivalents on September 30, 2026, through reinvestment of dividends received during the quarter on equivalents held in the DDCP. The transaction was recorded at $33.38 per share; the equivalents fully vested that day and become payable upon termination of director service. Ramos held 47,472 common share equivalents afterward. The holdings also list 4,990 restricted stock units and 21,548 common shares jointly owned with his spouse.

Insider Trade Summary

Grant/Award: 513.582 shares

Grant/Award 3 txns

Insider Ramos Richard T

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Share Equivalent F2, F3	513.582	$33.38	$17K
holding	Restricted Stock Unit F2	--	--	--
holding	Common Stock F1	--	--	--

Holdings After Transaction: Common Share Equivalent — 47,472.1311 contracts (Direct); Restricted Stock Unit — 4,990 contracts (Direct); Common Stock — 21,548 shares (Direct)

Footnotes (3)

1. F1. Jointly owned with spouse.
2. F2. Each common stock equivalent is the economic equivalent of one share of common stock.
3. F3. Represents common share equivalents acquired by the reporting person in the DDCP pursuant to the reinvestment of dividends received during the quarter on common share equivalents held in the DDCP by the reporting person at the time such dividend was paid on the underlying shares. Common share equivalents received for dividend reinvestments fully vested on the transaction date listed above and become payable upon termination of service as a director.

Key Figures

Common share equivalents acquired: 514 Recorded price per share: $33.38 per share Common share equivalents held after transaction: 47,472 +2 more

5 metrics

Common share equivalents acquired 514 September 30, 2026

Recorded price per share $33.38 per share Acquired common share equivalents

Common share equivalents held after transaction 47,472 September 30, 2026

Restricted stock units 4,990 units September 30, 2026

Common shares jointly owned with spouse 21,548 shares September 30, 2026

Key Terms

Common share equivalent, DDCP, dividend reinvestment, Restricted Stock Unit

4 terms

Common share equivalent financial

"Each common share equivalent is the economic equivalent of one share of common stock."

DDCP financial

"in the DDCP pursuant to the reinvestment of dividends"

dividend reinvestment financial

"pursuant to the reinvestment of dividends received during the quarter"

Dividend reinvestment is when the money earned from a company's profit sharing, called dividends, is automatically used to buy more shares of that company instead of being received as cash. This process helps investors grow their holdings over time without extra effort, much like using earned interest to buy more of a savings account. It encourages long-term investment growth by continuously increasing the amount of shares owned.

Restricted Stock Unit financial

"Restricted Stock Unit"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many share equivalents did MSBI director Richard T. Ramos acquire, and at what price?

Richard T. Ramos acquired 514 common share equivalents, recorded at $33.38 per share, on September 30, 2026, through reinvestment of dividends received during the quarter on equivalents held in the DDCP.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/01/2026 - 08:59 AM Accepted by SEC EDGAR 10/01/2026 - 08:59 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ramos Richard T

(Last) (First) (Middle)

1201 NETWORK CENTRE DR.

(Street)

EFFINGHAM ILLINOIS 62401

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Midland States Bancorp, Inc. [ MSBI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								21,548(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Share Equivalent	(2)	09/30/2026		A		513.582		(2)	(2)	Common Stock	513.582	$33.38(3)	47,472.1311	D
Restricted Stock Unit	(2)							(2)	(2)	Common Stock	4,990		4,990	D

Explanation of Responses:

1. Jointly owned with spouse.

2. Each common stock equivalent is the economic equivalent of one share of common stock.

3. Represents common share equivalents acquired by the reporting person in the DDCP pursuant to the reinvestment of dividends received during the quarter on common share equivalents held in the DDCP by the reporting person at the time such dividend was paid on the underlying shares. Common share equivalents received for dividend reinvestments fully vested on the transaction date listed above and become payable upon termination of service as a director.

Remarks:

	/s/Ramos Richard T	10/01/2026
	/s/Nathan D. Sturycz, attorney-in-fact	10/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)