Gerald Joseph Carlson - 31 Dec 2025 Form 4 Insider Report for Midland States Bancorp, Inc. (MSBI)

Role: Director
Signature: /s/Gerald Carlson
Issuer symbol: MSBI
Transactions as of: 31 Dec 2025
Net transactions value: +$18,079
Form type: 4
Filing time: 02 Jan 2026, 12:11:48 UTC
Previous filing: 02 Oct 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Carlson Gerald Joseph	Director	7281 GREENWAY AVE., ST. LOUIS	/s/Gerald Carlson	02 Jan 2026	0002009794

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	MSBI	Common Stock						4,000	31 Dec 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MSBI	Common Share Equivalent	Award	$3,079	+190	+2%	$16.17	9,813	31 Dec 2025	Common Stock	190		Direct	F1, F2, F3
transaction	MSBI	Common Share Equivalent	Award	$15,000	+709	+7.2%	$21.17	10,521	31 Dec 2025	Common Stock	709		Direct	F1, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents restricted stock units acquired by the reporting person under the 2019 Long-term incentive plan and deferred under the DDCP as of the date of this form. Each restricted stock unit is the contingent right to receive one share of Issuer common stock. Vested shares will be delivered to the reporting person based on the terms of the DDCP and the reporting persons distribution elections thereunder.
F2	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.
F3	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.
F4	Represents common share equivalents acquired by the reporting person under the Issuers Directors Deferred Compensation Plan (DDCP) with respect to director fees deferred by the reporting person during the quarter, based upon the closing price of the underlying shares on the last day of the quarter. Each common share equivalent is the economic equivalent of one share of common stock. Common share equivalents received for deferred director fees fully vested on the transaction date listed above and become payable upon termination of service as a director.