How Ludwig was paid
$1.5M in total for 2024, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.
Named executive officers
| Executive | Salary | Stock | Incentive | Other | Total |
|---|---|---|---|---|---|
| Jeffrey G. LudwigPresident and Chief Executive Officer | $749,800 | $562,276 | $130,233 | $23,934 | $1,466,243 |
| Jeffrey S. MeffordExecutive Vice President of the Company and President of the Bank | $525,000 | $341,112 | $82,223 | $22,252 | $970,587 |
| Douglas J. TuckerSenior Vice President and Corporate Counsel | $400,000 | $199,914 | $42,950 | $10,500 | $653,364 |
| Eric T. LemkeChief Financial Officer of the Company and the Bank | $437,400 | $218,647 | $46,299 | $15,795 | $718,141 |
| Daniel E. CaseySenior Vice President and Chief Risk Officer of the Bank | $334,800 | $150,704 | $35,870 | $10,500 | $531,874 |
What changed and why
- $1.5M$1,466,243 CEO total compensation was down from $1,633,785 in 2023.
- 27%27% of target annual cash incentive bonuses were paid for 2024 performance.
- 100%100% of long-term equity awards were restricted stock with four-year vesting.
- 2.2%2.2% to 13.3% base salary increases were approved for 2024.
- Adjusted EPS, adjusted pre-tax pre-provision income and adjusted revenue were performance metrics.
- 58%58% of the CEO’s target annual total direct compensation was variable.
Other Midland States Bancorp proxy statements
- 2026 proxy statement
Jeffrey G. Ludwig paid $1.5M (+5% on the year), pay ratio 23:1.
Filed Mar 23, 2026
About this page
Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.