How many common share equivalents does Ramos hold after this Form 4 for MSBI?

After the March 31, 2026 transaction, Ramos holds 46,339.8711 common share equivalents in the deferred compensation plan. Each common share equivalent is economically equal to one share of Midland States Bancorp common stock, and amounts become payable when his service as a director ends.

How were the 705.277 common share equivalents for MSBI created in the DDCP?

The 705.277 common share equivalents arose from reinvestment of dividends paid on common share equivalents already held in the Deferred Director Compensation Plan. The dividend amounts were converted into additional common share equivalents, which fully vested on March 31, 2026 and are payable upon Ramos’s termination as director.

Midland States Bancorp (MSBI) director adds 705 common share equivalents

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Midland States Bancorp director Richard T. Ramos received additional deferred equity compensation through the company’s plan. On March 31, 2026, he acquired 705.277 common share equivalents, each economically equal to one common share, at a reference value of $22.97 per unit via dividend reinvestment in the DDCP.

After this grant, he holds 46,339.8711 common share equivalents in the plan, which are payable upon termination of his service as a director. Separately, he directly holds 20,103 shares of common stock and deferred rights equivalent to 4,990 shares through restricted stock units. No open‑market buys or sells were reported in this filing.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Ramos Richard T

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Share Equivalent	705.277	$22.97	$16K
holding	Restricted Stock Unit	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Share Equivalent — 46,339.871 shares (Direct); Restricted Stock Unit — 4,990 shares (Direct); Common Stock — 20,103 shares (Direct)

Footnotes (1)

Jointly owned with spouse. Each common stock equivalent is the economic equivalent of one share of common stock. 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.

Key Figures

Common share equivalents acquired: 705.277 units Reference value per equivalent: $22.97 per unit Total common share equivalents held: 46,339.8711 units +2 more

5 metrics

Common share equivalents acquired 705.277 units Dividend reinvestment on March 31, 2026

Reference value per equivalent $22.97 per unit Common share equivalents credited in DDCP

Total common share equivalents held 46,339.8711 units DDCP balance after March 31, 2026 grant

Direct common stock holdings 20,103 shares Common stock directly owned after reported transactions

RSU underlying shares 4,990 shares Common stock underlying restricted stock units, direct ownership

Key Terms

Common share equivalent, Deferred Director Compensation Plan (DDCP), Restricted Stock Unit, dividend reinvestment

4 terms

Deferred Director Compensation Plan (DDCP) financial

"Represents common share equivalents acquired ... in the DDCP pursuant to the reinvestment of dividends"

Restricted Stock Unit financial

"Security title: Restricted Stock Unit ... underlying common stock shares"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

dividend reinvestment financial

"pursuant to the reinvestment of dividends received during the quarter on common share equivalents"

Dividend reinvestment is when the money earned from a company's profit sharing, called dividends, is automatically used to buy more shares of that company instead of being received as cash. This process helps investors grow their holdings over time without extra effort, much like using earned interest to buy more of a savings account. It encourages long-term investment growth by continuously increasing the amount of shares owned.

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 09:36 AM

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^*

Ramos Richard T

(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)
03/31/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								20,103⁽¹⁾	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Share Equivalent	⁽²⁾	03/31/2026		A		705.277		⁽²⁾	⁽²⁾	Common Stock	705.277	$22.97⁽³⁾	46,339.8711	D
Restricted Stock Unit	⁽²⁾							⁽²⁾	⁽²⁾	Common Stock	4,990		4,990	D

Explanation of Responses:

1. Jointly owned with spouse.

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

3. 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/Ramos Richard T	04/01/2026
	/s/Nathan D. Sturycz, attorney-in-fact	04/01/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Richard T. Ramos report at Midland States Bancorp (MSBI)?

Richard T. Ramos reported acquiring 705.277 common share equivalents on March 31, 2026 via dividend reinvestment in the company’s deferred director compensation plan. These units are economically equivalent to common stock and fully vested on the transaction date, adding to his existing deferred holdings.

Did the Midland States Bancorp (MSBI) Form 4 show any open-market stock purchases or sales?

The Form 4 does not show any open-market purchases or sales. It reports a grant of 705.277 common share equivalents from dividend reinvestment, plus updated holding entries for restricted stock units and directly owned common shares, reflecting compensation and holdings rather than market trading activity.

What other Midland States Bancorp (MSBI) equity holdings does Ramos report?

Ramos reports direct ownership of 20,103 shares of Midland States Bancorp common stock and restricted stock units representing 4,990 underlying shares. These positions are in addition to 46,339.8711 common share equivalents held in the deferred compensation plan, indicating multiple forms of equity-linked compensation.

Midland States Bancorp (MSBI) director adds 705 common share equivalents

Rhea-AI Filing Summary

Positive