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Midland States Bancorp Executive Compensation (FY25)

MSBI · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): May 8, 2026
184 figures on this page: 178 cited to the filing that reported them, 6 calculated from figures it prints. See the citations
Jeffrey Ludwig, President and Chief Executive Officer, received $1,532,241 in total compensation for fiscal 2025, and Ludwig's total moved 4.5% higher from the $1,466,243 reported for fiscal 2024. Meanwhile, for fiscal 2025, shareholders backed the say-on-pay proposal with 96.6% of votes cast for or against in favor at the meeting held May 4, 2026. Separately, the disclosed peer group includes City Holding Company, Community Trust Bancorp, Inc., Enterprise Financial Services Corp, FB Financial Corporation and First Bancorp, among others. For fiscal 2025, the company reported 5 named executive officers.
Chief executive, fiscal 2025
◇
Jeffrey Ludwig
Latest say-on-pay support
=
May 4, 2026
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Jeffrey Ludwig: $1,466,243 → $1,532,241 (4.5% higher)
Say-on-pay support: 89.4% → 96.6% (7.2 points higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Midland States Bancorp's chief executive and what were they paid?
Jeffrey Ludwig, President and Chief Executive Officer, received $1,532,241 in total compensation for fiscal 2025. Ludwig's total moved 4.5% higher from the $1,466,243 reported for fiscal 2024.
What was Midland States Bancorp's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 96.6% of votes cast for or against in favor at the meeting held May 4, 2026.
Which companies are in Midland States Bancorp's peer group?
The disclosed peer group includes City Holding Company, Community Trust Bancorp, Inc., Enterprise Financial Services Corp, FB Financial Corporation and First Bancorp, among others.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Ludwig
President and Chief Executive Officer of the Company and Chief Executive Officer of the Bank
◇—◇—◇—◇◇
Jeffrey Mefford
Executive Vice President of the Company and President of the Bank
◇—◇—◇—◇◇
Eric Lemke
Senior Vice President and Chief Financial Officer of the Company and the Bank
◇—◇—◇—◇◇
Daniel Casey
Executive Vice President and Chief Risk Officer of the Bank
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Ludwig
President and Chief Executive Officer of the Company and Chief Executive Officer of the Bank
◇—◇—◇—◇◇
Jeffrey Mefford
Executive Vice President of the Company and President of the Bank
◇—◇—◇—◇◇
Eric Lemke
Senior Vice President and Chief Financial Officer of the Company and the Bank
◇—◇—◇—◇◇
Daniel Casey
Executive Vice President and Chief Risk Officer of the Bank
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Ludwig
President and Chief Executive Officer
◇—◇—◇—◇◇
Jeremy Jameson
Executive Vice President and Chief Credit Officer
◇—◇—◇—◇◇
Jeffrey Mefford
Executive Vice President and President of the Bank
◇—◇—◇—◇◇
Eric Lemke
Senior Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Daniel Casey
Executive Vice President and Chief Risk Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Daniel E. CaseyRSU———◇——◇
Eric T. LemkeRSU———◇——◇
Jeffrey G. LudwigRSU———◇——◇
Jeffrey S. MeffordRSU———◇——◇
Jeremy A. JamesonRSU———◇——◇
Jeremy A. JamesonRSU———◇——◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Jeremy JamesonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Eric LemkeRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇10/31/32
Jeffrey MeffordRSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇10/31/32
RSU◇◇——
RSU◇◇——
Jeffrey LudwigRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇10/31/32
Daniel CaseyRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey C. Smith
Board chair
◇◇————◇
Robert F. Schultz
◇◇————◇
R. Dean Bingham
◇◇————◇
Gerald J. Carlson
◇◇————◇
Jerry L. McDaniel
◇◇————◇
Richard T. Ramos
◇◇————◇
Jennifer L. DiMotta
◇◇————◇
Travis J. Franklin
◇◇————◇
Jeffrey M. McDonnell
◇◇————◇
Sherina Edwards
◇—————◇
James F. Deutsch and Jeffrey G. Ludwig served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Compensation committee chair◇
Compensation committee member◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • City Holding Company CHCO
  • Community Trust Bancorp, Inc. CTBI
  • Enterprise Financial Services Corp EFSC
  • FB Financial Corporation FBK
  • First Bancorp FBNC
  • First Busey Corporation BUSE
  • First Commonwealth Financial Corp FCF
  • First Merchants Corporation FRME
  • German American Bancorp, Inc. GABC
  • Horizon Bancorp, Inc. HBNC
  • Independent Bank Corporation (MI) IBCP
  • Lakeland Financial Corporation LKFN
  • Northwest Bancshares, Inc. NWBI
  • Origin Bancorp, Inc. OBK
  • Park National Corporation PRK
  • Peoples Bancorp Inc. PEBO
  • QCR Holdings, Inc. QCRH
  • S&T Bancorp, Inc. STBA
  • Sandy Spring Bancorp, Inc. SASR
  • Tompkins Financial Corporation TMP

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 4, 2026=◇◇◇
2024August 4, 2025=◇◇◇
2023May 6, 2024=◇◇◇
2021May 2, 2022=◇◇◇
2020May 3, 2021=◇◇◇
2019May 4, 2020=◇◇◇
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What this page does not include

Everything above is a fact Midland States Bancorp disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Midland States Bancorp sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
184 figures on this page: 178 cited to the filing that reported them, 6 calculated from figures it prints.
178 cited to the filing
6 calculated from the filing

Documents cited

  1. 0001104659-26-057892
  2. 0001104659-26-033298
    Director Compensation · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End · Summary Compensation Table
  3. 0001104659-25-075265
  4. 0001104659-25-064768
    Summary Compensation Table
  5. 0001171843-24-002616
  6. 0001104659-24-038083
    Summary Compensation Table
  7. 0001104659-22-056436
  8. 0001104659-21-062441
  9. 0001104659-20-057469
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Midland States Bancorp executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/MSBI (accessed 2026).
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers Midland States Bancorp discloses

The companies named in MSBI's own disclosed peer group.

City Holding CompanyCommunity Trust Bancorp, Inc.Enterprise Financial Services CorpFB Financial CorporationFirst BancorpFirst Busey CorporationFirst Commonwealth Financial CorpFirst Merchants CorporationGerman American Bancorp, Inc.Horizon Bancorp, Inc.Independent Bank Corporation (MI)Lakeland Financial CorporationNorthwest Bancshares, Inc.Origin Bancorp, Inc.Park National CorporationPeoples Bancorp Inc.QCR Holdings, Inc.S&T Bancorp, Inc.Tompkins Financial Corporation

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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