STOCK TITAN

[Form 4] Midland States Bancorp, Inc. Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4

Gerald Carlson, a director of Midland States Bancorp (MSBI), reported transactions affecting his holdings. The form shows a disposition of 4,000 shares of common stock on 09/30/2025. On the same date he acquired restricted stock units and common share equivalents through the company plans: 875.146 RSU-based common share equivalents at an implicit $17.14 price and 158.4075 common share equivalents at $17.35 received via dividend reinvestment. After these transactions, the filing reports a total beneficial ownership of 9,622.2225 common share equivalents held directly. The entries note that RSUs were granted under the 2019 Long-Term Incentive Plan and deferred under the Directors Deferred Compensation Plan, with payout contingent on vesting and termination terms.

Gerald Carlson, un direttore di Midland States Bancorp (MSBI), ha riportato operazioni che interessano le sue partecipazioni. Il modulo mostra una disposizione di 4.000 azioni ordinarie il 30/09/2025. Nello stesso periodo ha acquisito unità azionarie limitate e equivalenti di azioni ordinarie attraverso i piani aziendali: 875,146 RSU-based common share equivalents a un prezzo implicito di $17,14 e 158,4075 common share equivalents a $17,35 ricevuti tramite reinvestimento di dividendi. Dopo queste operazioni, la dichiarazione riporta una proprietà effettiva totale di 9,622,2225 equivalenti di azioni ordinarie detenuti direttamente. Le voci indicano che gli RSU sono stati concessi ai sensi del 2019 Long-Term Incentive Plan e differiti ai sensi del Directors Deferred Compensation Plan, con la corresponsione dipendente da condizioni di vesting e terminazione.

Gerald Carlson, director de Midland States Bancorp (MSBI), reportó transacciones que afectaron sus participaciones. El formulario muestra una disposición de 4.000 acciones comunes el 30/09/2025. En la misma fecha adquirió unidades de acciones restringidas y equivalentes de acciones comunes a través de los planes de la empresa: 875.146 equivalentes de acciones comunes basados en RSU a un precio implícito de $17,14 y 158,4075 equivalentes de acciones comunes a $17,35 recibidos mediante reinversión de dividendos. Después de estas transacciones, el informe indica una propiedad beneficiosa total de 9.622,2225 equivalentes de acciones comunes poseídas directamente. Las entradas señalan que las RSU fueron concedidas bajo el Plan de Incentivo a Largo Plazo de 2019 y diferidas bajo el Directors Deferred Compensation Plan, con el pago condicionado a las condiciones de vesting y terminación.

제럴드 칼슨은 Midland States Bancorp(MSBI)의 이사로서 그의 지분에 영향을 주는 거래를 보고했습니다. 양식은 2025년 9월 30일에 보통주 4,000주 처분을 나타냅니다. 같은 날 그는 회사 계획을 통해 제한 주식 단위(RSU) 및 보통주 등가물을 취득했습니다: RSU 기반 보통주 등가물 875.146주를 내재 가격 17.14달러에, 배당 재투자를 통해 받은 보통주 등가물 158.4075주를 17.35달러에 받았습니다. 이러한 거래 후, 신고서는 직접 보유한 유효지분 총 9,622.2225주에 해당하는 보통주 등가물을 보고합니다. 항목은 RSU가 2019년 장기 인센티브 계획에 따라 부여되었고, 이사들 지연 보상 계획(Directors Deferred Compensation Plan)에 따라 이연되었으며, 지급은 베스팅 및 해지 조건에 의존한다고 명시합니다.

Gerald Carlson, administrateur de Midland States Bancorp (MSBI), a signalé des transactions affectant ses participations. Le formulaire indique une cession de 4 000 actions ordinaires le 30/09/2025. À la même date, il a acquis des unités d’actions restreintes et des équivalents d’actions ordinaires via les plans de l’entreprise : 875,146 équivalents d’actions ordinaires basés sur des RSU à un prix implicite de 17,14 $ et 158,4075 équivalents d’actions ordinaires à 17,35 $ reçus par réinvestissement de dividendes. Après ces transactions, le dépôt indique une propriété bénéficiaire totale de 9 622,2225 équivalents d’actions ordinaires détenus directement. Les mentions indiquent que les RSU ont été accordés dans le cadre du Plan d’incitation à long terme 2019 et différés en vertu du Directors Deferred Compensation Plan, le versement étant conditionné à des clauses de vesting et de termination.

Gerald Carlson, Direktor von Midland States Bancorp (MSBI), meldete Transaktionen, die seine Beteiligungen betreffen. Das Formular zeigt eine Veräußerung von 4.000 Stammaktien am 30.09.2025. Am selben Datum erwarb er restriktive Aktieneinheiten (RSU) und äquivalente Stammaktien durch die Unternehmenspläne: 875,146 RSU-basierte äquivalente Stammaktien zu einem impliziten Preis von 17,14 USD und 158,4075 äquivalente Stammaktien zu 17,35 USD, erhalten durch Dividendenreinvestition. Nach diesen Transaktionen meldet die Einreichung eine Gesamtsumme des wahren Eigentums von 9.622,2225 äquivalente Stammaktien, direkt gehalten. Die Einträge vermerken, dass RSUs gemäß dem 2019 Long-Term Incentive Plan gewährt wurden und unter dem Directors Deferred Compensation Plan aufgeschoben wurden, wobei die Auszahlung von Vesting- und Kündigungsbedingungen abhängt.

جيرالد كارلسون، مدير في Midland States Bancorp (MSBI)، أبلغ عن معاملات تؤثر على ممتلكاته. النموذج يظهر تصفية 4,000 سهم من الأسهم العادية في 30/09/2025. في نفس التاريخ، اشتـرى وحدات أسهم مقيدة ونظراء أسهم عادية من خلال خطط الشركة: 875.146 مكافئ أسهم عادية قائم على RSU بسعر ضمني قدره 17.14 دولارًا و158.4075 مكافئ أسهم عادية بقيمة 17.35 دولارًا تم استلامها عبر إعادة استثمار الأرباح. بعد هذه المعاملات، تقر الوثيقة بأن الملكية الفعلية الإجمالية تبلغ 9,622.2225 مكافئ أسهم عادية مملوكة بشكل مباشر. تشير الإدخالات إلى أن RSU مُنحت بموجب خطة الحوافز طويلة الأجل لعام 2019 وتم تأجيلها بموجب خطة تعويضات المديرين المؤجلة، مع أن الدفع مشروط بمُخططات الاستحقاق (Vesting) وشروط الإنهاء.

杰拉尔德·卡尔森,Midland States Bancorp(MSBI)的董事,报告了影响其持股的交易。 表格显示在2025年9月30日处置了4,000股普通股。同日,他通过公司计划获得了受限制股票单位(RSU)及普通股等价物:以隐性价格17.14美元获得875.146个RSU基础普通股等价物,以及以17.35美元通过股息再投资获得的158.4075个普通股等价物。交易后,申报文件显示其直接持有的有效所有权总量为9,622.2225个普通股等价物。条目指出RSU是在2019年度长期激励计划下授予,并在董事延期给付计划下递延,给付条件取决于归属(vest)与终止条款。

Positive
  • Director received restricted stock units under the 2019 Long-Term Incentive Plan, aligning interests with shareholders
  • Dividend reinvestment
Negative
  • Disposition of 4,000 common shares reported on 09/30/2025, reducing direct shareholdings

Insights

TL;DR: Director reported routine plan-based awards and a 4,000-share disposition; holdings remain in deferred compensation vehicles.

The filing documents plan-driven activity rather than an open-market strategic trade. The director disposed of 4,000 common shares while receiving restricted stock units and common share equivalents under the 2019 Long-Term Incentive Plan and the Directors Deferred Compensation Plan. The acquired common share equivalents include dividend reinvestment amounts that vested immediately. Because the instruments are deferred and payable per plan terms upon termination or distribution elections, control and timing of economic exposure remain governed by plan rules rather than immediate stock sale motivations. This appears to be a routine director compensation and deferral update.

TL;DR: Transaction mix is compensatory and administrative; not clearly material to investors' view of equity structure.

The Form 4 lists a 4,000-share disposition and additions of 875.146 and 158.4075 common share equivalents. The net reported beneficial ownership after transactions is 9,622.2225 shares or equivalents. These entries reflect compensation vesting and dividend reinvestment mechanics rather than market purchases driving a directional stake change. There is no disclosure of a change in voting control or a large, material shift relative to the company’s outstanding shares in this filing.

Gerald Carlson, un direttore di Midland States Bancorp (MSBI), ha riportato operazioni che interessano le sue partecipazioni. Il modulo mostra una disposizione di 4.000 azioni ordinarie il 30/09/2025. Nello stesso periodo ha acquisito unità azionarie limitate e equivalenti di azioni ordinarie attraverso i piani aziendali: 875,146 RSU-based common share equivalents a un prezzo implicito di $17,14 e 158,4075 common share equivalents a $17,35 ricevuti tramite reinvestimento di dividendi. Dopo queste operazioni, la dichiarazione riporta una proprietà effettiva totale di 9,622,2225 equivalenti di azioni ordinarie detenuti direttamente. Le voci indicano che gli RSU sono stati concessi ai sensi del 2019 Long-Term Incentive Plan e differiti ai sensi del Directors Deferred Compensation Plan, con la corresponsione dipendente da condizioni di vesting e terminazione.

Gerald Carlson, director de Midland States Bancorp (MSBI), reportó transacciones que afectaron sus participaciones. El formulario muestra una disposición de 4.000 acciones comunes el 30/09/2025. En la misma fecha adquirió unidades de acciones restringidas y equivalentes de acciones comunes a través de los planes de la empresa: 875.146 equivalentes de acciones comunes basados en RSU a un precio implícito de $17,14 y 158,4075 equivalentes de acciones comunes a $17,35 recibidos mediante reinversión de dividendos. Después de estas transacciones, el informe indica una propiedad beneficiosa total de 9.622,2225 equivalentes de acciones comunes poseídas directamente. Las entradas señalan que las RSU fueron concedidas bajo el Plan de Incentivo a Largo Plazo de 2019 y diferidas bajo el Directors Deferred Compensation Plan, con el pago condicionado a las condiciones de vesting y terminación.

제럴드 칼슨은 Midland States Bancorp(MSBI)의 이사로서 그의 지분에 영향을 주는 거래를 보고했습니다. 양식은 2025년 9월 30일에 보통주 4,000주 처분을 나타냅니다. 같은 날 그는 회사 계획을 통해 제한 주식 단위(RSU) 및 보통주 등가물을 취득했습니다: RSU 기반 보통주 등가물 875.146주를 내재 가격 17.14달러에, 배당 재투자를 통해 받은 보통주 등가물 158.4075주를 17.35달러에 받았습니다. 이러한 거래 후, 신고서는 직접 보유한 유효지분 총 9,622.2225주에 해당하는 보통주 등가물을 보고합니다. 항목은 RSU가 2019년 장기 인센티브 계획에 따라 부여되었고, 이사들 지연 보상 계획(Directors Deferred Compensation Plan)에 따라 이연되었으며, 지급은 베스팅 및 해지 조건에 의존한다고 명시합니다.

Gerald Carlson, administrateur de Midland States Bancorp (MSBI), a signalé des transactions affectant ses participations. Le formulaire indique une cession de 4 000 actions ordinaires le 30/09/2025. À la même date, il a acquis des unités d’actions restreintes et des équivalents d’actions ordinaires via les plans de l’entreprise : 875,146 équivalents d’actions ordinaires basés sur des RSU à un prix implicite de 17,14 $ et 158,4075 équivalents d’actions ordinaires à 17,35 $ reçus par réinvestissement de dividendes. Après ces transactions, le dépôt indique une propriété bénéficiaire totale de 9 622,2225 équivalents d’actions ordinaires détenus directement. Les mentions indiquent que les RSU ont été accordés dans le cadre du Plan d’incitation à long terme 2019 et différés en vertu du Directors Deferred Compensation Plan, le versement étant conditionné à des clauses de vesting et de termination.

Gerald Carlson, Direktor von Midland States Bancorp (MSBI), meldete Transaktionen, die seine Beteiligungen betreffen. Das Formular zeigt eine Veräußerung von 4.000 Stammaktien am 30.09.2025. Am selben Datum erwarb er restriktive Aktieneinheiten (RSU) und äquivalente Stammaktien durch die Unternehmenspläne: 875,146 RSU-basierte äquivalente Stammaktien zu einem impliziten Preis von 17,14 USD und 158,4075 äquivalente Stammaktien zu 17,35 USD, erhalten durch Dividendenreinvestition. Nach diesen Transaktionen meldet die Einreichung eine Gesamtsumme des wahren Eigentums von 9.622,2225 äquivalente Stammaktien, direkt gehalten. Die Einträge vermerken, dass RSUs gemäß dem 2019 Long-Term Incentive Plan gewährt wurden und unter dem Directors Deferred Compensation Plan aufgeschoben wurden, wobei die Auszahlung von Vesting- und Kündigungsbedingungen abhängt.

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).
1. Name and Address of Reporting Person*
Carlson Gerald Joseph

(Last) (First) (Middle)
7281 GREENWAY AVE.

(Street)
ST. LOUIS MO 63130

(City) (State) (Zip)
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)
3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
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 4,000 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 (1) 09/30/2025 A 875.146 (2) (2) Common Stock 875.146 $17.14(1) 9,463.815 D
Common Share Equivalent (1) 09/30/2025 A 158.4075 (2) (2) Common Stock 158.4075 $17.35(3) 9,622.2225 D
Explanation of Responses:
1. Represents restricted stock units acquired by the reporting person under the 2019 Long-term incentive plan and deferred under the DDCP as of the date of this form. Each restricted stock unit is the contingent right to receive one share of Issuer common stock. Vested shares will be delivered to the reporting person based on the terms of the DDCP and the reporting persons distribution elections thereunder.
2. Represents common share equivalents held pursuant to Directors Deferred Compensation Plan as of the date of this form. Each common share equivalent is the economic equivalent of one share of common stock. Common stock equivalents become payable upon the reporting persons termination of service as a director.
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/Gerald Carlson 10/02/2025
/s/Nathan D. Sturycz, attorney-in-fact 10/01/2025
** 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.

FAQ

What transactions did Gerald Carlson report on Form 4 for MSBI?

He reported a disposition of 4,000 common shares on 09/30/2025 and acquisitions of 875.146 and 158.4075 common share equivalents under company plans.

How many total shares or equivalents does Carlson beneficially own after the reported transactions?

The filing reports 9,622.2225 common share equivalents beneficially owned following the transactions.

Were the acquired shares part of compensation plans for MSBI directors?

Yes. The RSUs were granted under the 2019 Long-Term Incentive Plan and deferred under the Directors Deferred Compensation Plan; some equivalents came from dividend reinvestment.

Do the common share equivalents become immediately payable?

Common share equivalents held in the Directors Deferred Compensation Plan become payable upon the director's termination of service per the plan terms.

Did any dividend reinvestment shares vest immediately?

Yes. The 158.4075 common share equivalents received via dividend reinvestment fully vested on the transaction date.
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