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

MSBI insider reports 23,310-share RSA and F-code sales at $14.64

Filing Impact
(Neutral)
Filing Sentiment
(Negative)
Form Type
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.

Positive

  • None.

Negative

  • None.
Insider Mefford Jeffrey S.
Role President
Type Security Shares Price Value
Grant/Award Common Stock 23,310 $14.64 $341K
Tax Withholding Common Stock 742 $14.64 $11K
Tax Withholding 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) — 10,702 shares (Direct)
Footnotes (1)
  1. RSA with 4yr - 25% vesting schedule These options vest in four equal annual installments beginning one year after the 11/03/2015 date of grant. These options vest in four equal annual installments beginning one year after the 11/16/2016 date of grant. These options vest in four equal annual installments beginning one year after the 10/31/2022 date of grant.
Form 4 Insider Transactions: What Each Field Means →
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.

Source: View Original Filing on SEC EDGAR

FAQ

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.