Midland States Bancorp, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by Midland States Bancorp, Inc. on May 5, 2026, reporting a corporate action approved by the Board of Directors on the same date. The filing addresses an amendment to the Company's existing stock repurchase program.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt metrics. Specific data points related to the stock repurchase program include:
- Shares Repurchased to Date: 923,837 shares
- Average Repurchase Price: $21.46 per share
- Total Investment to Date: $19.8 million
- Original Authorization (Nov 3, 2025): $25 million
Material Changes
The Board of Directors approved an amendment to the current stock repurchase program with the following changes:
- Authorization Increase: The amount of common stock authorized for repurchase was increased from $25 million to $45 million.
- Extension: The expiration date of the program was extended to December 31, 2026.
Guidance, Outlook, and Risks
Management noted that the timing and number of shares repurchased depend on various factors, including price, trading volume, corporate and regulatory requirements, and market conditions. The Company reserved the right to suspend or discontinue the program at any time without notice. Additionally, any Rule 10b5-1 trading arrangements may be terminated or amended without notice.
Investor Verification Checklist
- Verify the total remaining authorization under the amended program ($45 million total minus $19.8 million utilized).
- Confirm the current market price of MSBI common stock relative to the $21.46 average repurchase price.
- Review the attached press release (Exhibit 99.1) for any additional details on the rationale for the increase.
- Monitor future filings for actual repurchase activity and any potential suspension of the program.