MSBI Form 4: Officer acquires 23,310 RSAs at $14.64

Midland States Bancorp (MSBI) — insider transaction filed on Form 4.

Rhea-AI Filing Summary

Midland States Bancorp (MSBI) — insider transaction filed on Form 4. An officer (President, Midland States Bank) reported dispositions of common stock on 10/31/2025 and 11/01/2025 under code F for 445 and 742 shares at $14.64 each. On 11/03/2025, the insider acquired 23,310 shares of common stock (noted as an RSA with a 4‑year, 25% vesting schedule) at $14.64. Following these transactions, beneficial ownership was reported as 79,059.47 shares.

Derivative holdings reported include options for 10,702 shares at an exercise price of $23 (underlying common stock), 5,341 shares at $28.59 expiring 11/16/2026, and 29,133 shares at $28.43 expiring 10/31/2032, each for underlying common stock.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider Mefford Jeffrey S.

Role President

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	23,310	$14.64	$341K
Exercise Price or Tax Liability	Common Stock	742	$14.64	$11K
Exercise Price or Tax Liability	Common Stock	445	$14.64	$7K
holding	Option (right to buy)	--	--	--
holding	Option (right to buy)	--	--	--
holding	Option (right to buy)	--	--	--

Holdings After Transaction: Common Stock — 79,059.47 shares (Direct); Option (right to buy) — 45,176 contracts (Direct)

Footnotes (4)

1. F1. RSA with 4yr - 25% vesting schedule
2. F2. These options vest in four equal annual installments beginning one year after the 11/03/2015 date of grant.
3. F3. These options vest in four equal annual installments beginning one year after the 11/16/2016 date of grant.
4. F4. These options vest in four equal annual installments beginning one year after the 10/31/2022 date of grant.

FAQ

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

What did MSBI’s insider report on this Form 4?

The officer reported F-code dispositions of 445 and 742 shares at $14.64, and an acquisition of 23,310 shares at $14.64 on 11/03/2025.

How many MSBI shares does the insider own after the transactions?

Beneficial ownership was reported as 79,059.47 shares following the reported transactions.

What is the nature of the 23,310 MSBI shares acquired?

They are identified as an RSA with a 4-year, 25% vesting schedule.

What option positions did the insider report for MSBI?

Options include 10,702 shares at $23, 5,341 shares at $28.59 expiring 11/16/2026, and 29,133 shares at $28.43 expiring 10/31/2032.

Who is the reporting person’s role at MSBI?

The reporting person is listed as an Officer, title: President, Midland States Bank.

What were the transaction dates on the MSBI Form 4?

Reported dates: 10/31/2025, 11/01/2025, and 11/03/2025.

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

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Accepted by SEC EDGAR 11/04/2025 - 09:26 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^*

Mefford Jeffrey S.

(Last) (First) (Middle)

1201 NETWORK CENTRE DR.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President		Midland States Bank

3. Date of Earliest Transaction (Month/Day/Year)
10/31/2025

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	10/31/2025		F		445	D	$14.64	56,491.47	D
Common Stock	11/01/2025		F		742	D	$14.64	55,749.47	D
Common Stock(1)	11/03/2025		A		23,310	A	$14.64	79,059.47	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
Option (right to buy)	$23							(2)	11/03/2025	Common Stock	10,702		10,702	D
Option (right to buy)	$28.59							(3)	11/16/2026	Common Stock	5,341		5,341	D
Option (right to buy)	$28.43							(4)	10/31/2032	Common Stock	29,133		29,133	D

Explanation of Responses:

1. RSA with 4yr - 25% vesting schedule

2. These options vest in four equal annual installments beginning one year after the 11/03/2015 date of grant.

3. These options vest in four equal annual installments beginning one year after the 11/16/2016 date of grant.

4. These options vest in four equal annual installments beginning one year after the 10/31/2022 date of grant.

Remarks:

	/s/Mefford Jeffrey S	11/03/2025
	/s/Nathan D. Sturycz, attorney-in-fact	11/03/2025
	** 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.