What are the common share equivalents reported for Midland States Bancorp (MSBI)?

The filing shows awards of 218.77 and 267.156 common share equivalents. Footnotes state each is economically equivalent to one share of common stock and was acquired via dividend reinvestment within a deferred director compensation plan rather than through market purchases.

How were the Midland States Bancorp (MSBI) common share equivalents acquired?

They were acquired through dividend reinvestment in a deferred director compensation plan. Dividends paid on underlying shares were automatically reinvested into additional common share equivalents, which fully vested on June 30, 2026 and will be paid after the director’s service ends.

Midland States (MSBI) director adds RSUs and share equivalents in Form 4 filing

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Smith Jeffrey C. reported acquisition or exercise transactions in this Form 4 filing.

Midland States Bancorp director Jeffrey C. Smith reported compensation-related equity awards rather than open-market trades. On June 30, 2026, he received 218.77 and 267.156 common share equivalents, each noted as the economic equivalent of one share of common stock, through dividend reinvestment in the company’s deferred director compensation plan. He was also granted 1,445 restricted stock units at a reference price of $31.14 per unit. Following these transactions, he directly holds 34,109 shares of common stock, along with 9,524.8462 and 9,306.0762 common share equivalents in the plan and 14,571.3060 restricted stock units.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Smith Jeffrey C.

Role null

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Unit	1,445	$31.14	$45K
Grant/Award	Common Share Equivalent	267.156	$26.55	$7K
Grant/Award	Common Share Equivalent	218.77	$31.14	$7K
holding	Common Stock	--	--	--

Holdings After Transaction: Restricted Stock Unit — 14,571.306 shares (Direct, null); Common Share Equivalent — 9,306.076 shares (Direct, null); Common Stock — 34,109 shares (Direct, null)

Footnotes (1)

Each common stock equivalent is the economic equivalent of one share of common stock. 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 stock held after transaction: 34,109 shares Common share equivalents award 1: 218.77 equivalents at $31.14 Common share equivalents award 2: 267.156 equivalents at $26.55 +3 more

6 metrics

Common stock held after transaction 34,109 shares Direct common stock holdings following June 30, 2026 entry

Common share equivalents award 1 218.77 equivalents at $31.14 Dividend reinvestment in DDCP on June 30, 2026

Common share equivalents award 2 267.156 equivalents at $26.55 Dividend reinvestment in DDCP on June 30, 2026

RSU grant 1,445 units at $31.14 Restricted Stock Unit award on June 30, 2026

Common share equivalents balance 9,524.8462 equivalents Common share equivalents following one DDCP award

RSU balance 14,571.3060 units Restricted Stock Units following June 30, 2026 award

Key Terms

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

4 terms

DDCP financial

"Represents common share equivalents acquired by the reporting person in the DDCP pursuant to the reinvestment of dividends..."

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.

dividend reinvestment financial

"pursuant to the reinvestment of dividends received during the quarter on common share equivalents held in the DDCP"

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.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/01/2026 - 12:29 PM Accepted by SEC EDGAR 07/01/2026 - 12:28 PM

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^*

Smith Jeffrey C.

(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)
06/30/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								34,109	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Unit	⁽¹⁾	06/30/2026		A		1,445		⁽¹⁾	⁽¹⁾	Common Stock	1,445	$31.14	14,571.306	D
Common Share Equivalent	⁽¹⁾	06/30/2026		A		267.156		⁽¹⁾	⁽¹⁾	Common Stock	267.156	$26.55⁽²⁾	9,306.0762	D
Common Share Equivalent	⁽¹⁾	06/30/2026		A		218.77		⁽¹⁾	⁽¹⁾	Common Stock	218.77	$31.14	9,524.8462	D

Explanation of Responses:

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

2. 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/Smith Jeffrey C	07/01/2026
	/s/Nathan D. Sturycz, attorney-in-fact	07/01/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Midland States Bancorp (MSBI) director Jeffrey C. Smith report in this Form 4?

Jeffrey C. Smith reported equity awards on June 30, 2026, not open-market trades. He received common share equivalents through dividend reinvestment in a deferred director compensation plan and a grant of restricted stock units, increasing his equity-based compensation position in Midland States Bancorp.

How many restricted stock units did Jeffrey C. Smith receive from Midland States Bancorp (MSBI)?

He received 1,445 restricted stock units tied to Midland States Bancorp common stock. These units had a reference price of $31.14 per unit and are structured as equity compensation, becoming payable in shares of common stock rather than representing immediate cash or open-market stock purchases.

How many Midland States Bancorp (MSBI) common shares does Jeffrey C. Smith hold after these transactions?

After these transactions, he holds 34,109 shares of Midland States Bancorp common stock directly. In addition, he has separate positions in common share equivalents and restricted stock units reported in the filing, reflecting additional equity-based compensation outside the direct share count.

Do these Midland States Bancorp (MSBI) Form 4 entries indicate stock being bought or sold on the open market?

The entries reflect equity awards and dividend reinvestment, not open-market buying or selling. All coded transactions are grants or acquisitions of common share equivalents and restricted stock units as compensation, with no reported open-market purchase or sale codes in this Form 4.