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

Rhea-AI Filing Summary

On May 1, 2025, Midland States Bancorp (ticker: MSBI) Chief Risk Officer Daniel E. Casey submitted a Form 4 reporting a Code F transaction—shares withheld to cover taxes upon vesting of equity awards.

The filing shows the disposition of 217 common shares at $17.62 per share, representing an aggregate value of roughly $3.8 thousand. After the transaction, Casey directly owns 13,352 shares of MSBI, meaning only about 1.6 % of his position was used for tax settlement.

Because Code F transactions are administrative and the share count is immaterial relative to both insider ownership and MSBI’s typical daily volume, the event is unlikely to affect trading dynamics or signal a change in insider sentiment.

Insights

Financial Analyst

TL;DR: Minor tax-withholding sale of 217 MSBI shares; no material signal for investors.

The reported sale was executed under Transaction Code F, indicating shares were withheld solely to satisfy tax obligations tied to equity vesting. The market value—under $4 k—is negligible both in absolute terms and as a percentage of daily turnover. Post-transaction ownership remains above 13 k shares, suggesting continued alignment with shareholders. Consequently, I view the filing as non-impactful for valuation, liquidity, or insider-sentiment analysis.

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^*

Casey Daniel Edward

(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)
	CROF

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2025

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	05/01/2025		F		217	D	$17.62	13,352	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

Explanation of Responses:

Remarks:

	/s/Daniel E Casey	07/01/2025
	/s/Nathan D. Sturycz, attorney-in-fact	07/01/2025
	** 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 insider Daniel E. Casey report in the latest Form 4?

He disclosed a Code F disposal of 217 shares on May 1 2025 at $17.62 per share to cover taxes.

How many MSBI shares does the insider still own after the transaction?

Following the withholding, Casey directly owns 13,352 MSBI common shares.

Does the Code F transaction indicate bearish insider sentiment toward MSBI?

No. Code F typically reflects administrative tax withholding rather than discretionary selling.

Is the 217-share sale material to Midland States Bancorp investors?

No. The value (~$3.8 k) and size (≈1.6 % of the insider’s holdings) are considered immaterial.

When was the Form 4 signed and filed?

The document was signed on July 1 2025 by Daniel E. Casey (and attorney-in-fact Nathan D. Sturycz).