Midland States Bancorp (MSBI) director adds 9,400 shares in open-market purchase

Rhea-AI Filing Summary

Midland States Bancorp, Inc. director Franklin Travis reported an open-market purchase of 9,400 shares of Common Stock on May 5, 2026 at a weighted average price of $26.4881 per share, with individual trade prices ranging from $26.40 to $26.50. Following this transaction, he holds 9,400 common shares directly. He also holds 9,891.575 common share equivalents through the company’s Directors Deferred Compensation Plan, each equivalent representing the economic value of one common share and becoming payable upon his termination of service as a director.

Insider Trade Summary

Net Buyer: 9,400 shares ($248,988)

Net Buy 2 txns

Insider Franklin Travis

Role null

Bought 9,400 shs ($249K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	9,400	$26.4881	$249K
holding	Common Share Equivalent	--	--	--

Holdings After Transaction: Common Stock — 9,400 shares (Direct, null); Common Share Equivalent — 9,891.575 shares (Direct, null)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $26.40 - $26.50 inclusive. The reporting person undertakes to provide to Midland States Bancorp, Inc., any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each price within the ranges set forth in this footnote. Represents common share equivalents held pursuant to Directors Deferred Compensation Plan as of the date of this form. Each common share equivalent is the economic equivalent of one share of common stock. Common stock equivalents become payable upon the reporting persons termination of service as a director. Each common stock equivalent is the economic equivalent of one share of common stock.

Key Figures

Shares purchased: 9,400 shares Weighted average purchase price: $26.4881 per share Price range for purchases: $26.40–$26.50 per share +3 more

6 metrics

Shares purchased 9,400 shares Common Stock bought on May 5, 2026 in open market

Weighted average purchase price $26.4881 per share Open-market purchase of 9,400 MSBI shares

Price range for purchases $26.40–$26.50 per share Range of trade prices for the May 5, 2026 transactions

Direct common shares after transaction 9,400 shares Total MSBI Common Stock held directly following purchase

Common share equivalents held 9,891.575 units Directors Deferred Compensation Plan, each equal to one common share

Exercise price reference $22.6500 per share Exercise price associated with common share equivalents position

Key Terms

weighted average price, common share equivalents, Directors Deferred Compensation Plan, economic equivalent of one share

4 terms

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

common share equivalents financial

"Represents common share equivalents held pursuant to Directors Deferred Compensation Plan as of the date of this form."

Directors Deferred Compensation Plan financial

"Represents common share equivalents held pursuant to Directors Deferred Compensation Plan as of the date of this form."

A directors deferred compensation plan lets a board member postpone receiving part or all of their cash fees or stock-based pay until a future date, often retirement, allowing taxes to be delayed and payouts to be structured over time. Investors care because these plans change a company’s future cash obligations and reveal how the board’s pay is aligned with long-term performance—like choosing to take a paycheck later to tie personal reward to the company’s future results.

economic equivalent of one share financial

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

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^*

Franklin Travis

(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)
05/05/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/05/2026		P		9,400	A	$26.4881(1)	9,400	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(2)	$22.65(2)							(2)	(3)	Common Stock	9,891.575		9,891.575	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $26.40 - $26.50 inclusive. The reporting person undertakes to provide to Midland States Bancorp, Inc., any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each price within the ranges set forth in this footnote.

2. Represents common share equivalents held pursuant to Directors Deferred Compensation Plan as of the date of this form. Each common share equivalent is the economic equivalent of one share of common stock. Common stock equivalents become payable upon the reporting persons termination of service as a director.

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

Remarks:

	/s/TRAVIS FRANKLIN	05/06/2026
	/s/Nathan D. Sturycz, attorney-in-fact	05/06/2026
	** 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)

FAQ

What insider transaction did MSBI director Franklin Travis report?

Director Franklin Travis reported buying 9,400 shares of Midland States Bancorp (MSBI) Common Stock in the open market. The purchase occurred on May 5, 2026 at a weighted average price of $26.4881 per share, across trades between $26.40 and $26.50.

At what price did Franklin Travis buy Midland States Bancorp (MSBI) shares?

He purchased the MSBI shares at a weighted average price of $26.4881 per share. According to the filing, individual trades were executed at prices ranging from $26.40 to $26.50, and he undertook to provide detailed breakdowns of shares at each price upon request.

How many Midland States Bancorp (MSBI) shares does Franklin Travis own after this Form 4?

After the reported transaction, Franklin Travis directly owns 9,400 shares of Midland States Bancorp common stock. In addition, he holds 9,891.575 common share equivalents through a deferred compensation plan, each equivalent representing the economic value of one share of common stock.

What are the common share equivalents held by MSBI director Franklin Travis?

The filing states that Travis holds 9,891.575 common share equivalents under the Directors Deferred Compensation Plan. Each common share equivalent is the economic equivalent of one MSBI common share and becomes payable when his service as a director terminates, rather than being currently settled stock.

Was the MSBI insider transaction a purchase or a sale?

The Form 4 reports an open-market purchase by director Franklin Travis. He bought 9,400 shares of Midland States Bancorp common stock on May 5, 2026 at a weighted average price of $26.4881 per share; no sales are reported in this filing.

Does the MSBI Form 4 show any derivative or deferred compensation holdings for Franklin Travis?

Yes. In addition to directly held shares, Travis has 9,891.575 common share equivalents under a Directors Deferred Compensation Plan. Each equivalent tracks the value of one MSBI common share and is payable upon his termination of service, reflecting deferred, non-current compensation rather than immediate stock ownership.