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

Rhea-AI Filing Summary

Jennifer DiMotta, a director of Midland States Bancorp, Inc. (MSBI), reported changes in her holdings on 09/30/2025. The filing shows a disposition of 6,799 shares of common stock. The report also records acquisition of 289.5654 common share equivalents through dividend reinvestment in the companys DDCP at an indicated value of $17.35 per share equivalent; those reinvested common share equivalents fully vested on the transaction date and are stated to be payable upon termination of her service as a director. The filing lists 10,651.6657 common share equivalents and 5,338 restricted stock units as beneficially owned following the reported transactions. The form is signed by Ms. DiMotta and an attorney-in-fact on 10/01/2025.

Positive

• Dividend reinvestment produced 289.5654 common share equivalents that fully vested on the transaction date
• Post-transaction beneficial ownership is disclosed: 10,651.6657 common share equivalents and 5,338 restricted stock units

Negative

• Disposition of 6,799 common shares by the reporting director on 09/30/2025

Insights

Corporate Governance Expert

TL;DR: Routine director reporting shows share disposition and dividend reinvestment; holdings updated but no governance changes.

The Form 4 documents standard insider reporting by a board director. The disposition of 6,799 common shares is a material transaction in the sense it changes an insiders direct holding, and the filing also records dividend reinvestment that produced 289.5654 common share equivalents which vested immediately. The presence of 5,338 restricted stock units and over 10,651 common share equivalents gives a clear post-transaction snapshot of the directors economic exposure. There is no indication in this filing of leadership change, related-party arrangements, or other governance actions.

Securities Analyst

TL;DR: Transaction mix is routine: a share sale plus dividend reinvestment; overall insider ownership updated without flagged concerns.

The report details a sale (disposition) of 6,799 shares and simultaneous dividend reinvestment resulting in 289.5654 common share equivalents at an indicated reference of $17.35. Post-transaction beneficial ownership figures—10,651.6657 common share equivalents and 5,338 restricted stock units—are disclosed. For investors tracking insider activity, this filing updates ownership levels but does not, by itself, signal broad operational or financial changes at the issuer.

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^*

DiMotta Jennifer

(Last) (First) (Middle)

1201 NETWORK CENTRE DRIVE

(Street)

EFFINGHAM IL 62401

(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								6,799	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		289.5654		(1)	(1)	Common Stock	289.5654	$17.35(2)	10,651.6657	D
Restricted Stock Unit	(1)							(1)	(1)	Common Stock	5,338		5,338	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/DiMotta, Jennifer	10/01/2025
	/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 did MSBI director Jennifer DiMotta report on Form 4?

The Form 4 reports a disposition of 6,799 common shares and the acquisition of 289.5654 common share equivalents via dividend reinvestment on 09/30/2025.

How many restricted stock units does Jennifer DiMotta beneficially own according to the filing?

The filing shows Ms. DiMotta beneficially owns 5,338 restricted stock units following the reported transactions.

What is the value per common share equivalent reported in the Form 4?

The report lists an indicated amount of $17.35 associated with the common share equivalents received via the DDCP reinvestment.

When did the reported transactions vest or become payable?

The common share equivalents received for dividend reinvestment fully vested on the transaction date (09/30/2025) and are stated to be payable upon termination of service as a director.

When was the Form 4 signed?

The Form 4 bears signatures dated 10/01/2025.