Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-10-01

Midland States Bancorp, Inc. (MSBI)

CEO Jeffrey Ludwig was paid $1,532,241 in fiscal year 2025, ↑ up 4.5% from fiscal year 2024, the 5th percentile of its disclosed peer group (SEC filing 0001104659-26-033298 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,532,241 ↑
Jeffrey Ludwig total, FY2025
5th
CEO pay percentile vs peers
1:1
CEO-to-median pay ratio
96.64%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Jeffrey Ludwig (President and Chief Executive Officer), FY2025 total compensation $1,532,241 (base salary $749,800) [exec_comp, SEC accession 0001104659-26-033298, filed 2026-03-23]

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MSBI's next annual pay disclosure, estimated December 13, 2026.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jeffrey Ludwig$749,800$0$562,322$0$194,956$0$25,163$1,532,241
President and Chief Executive Officer
Jeremy Jameson456,4000841,2640118,662011,5001,427,826
Executive Vice President and Chief Credit Officer
Jeffrey Mefford525,0000341,2580126,000023,5771,015,835
Executive Vice President and President of the Bank
Eric Lemke437,4000218,721069,987016,097742,205
Senior Vice President and Chief Financial Officer
Daniel Casey340,6150157,526054,498011,630564,269
Executive Vice President and Chief Risk Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Jeffrey Ludwig$1,532,241$1,466,243$1,633,785↑ +65,998
Jeremy Jameson1,427,826———
Jeffrey Mefford1,015,835970,5871,093,227↑ +45,248
Eric Lemke742,205718,141742,199↑ +24,064
Daniel Casey564,269531,874470,682↑ +32,395

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$1,532,241 Jeffrey Ludwig total, FY2025

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Data as of October 1, 2026 · Source: 0001104659-26-033298 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Eric LemkeCFO$742,205
Jeffrey LudwigCEO$1,532,241
Jeffrey MeffordEVP$1,015,835
Jeremy JamesonExecutive$1,427,826
Daniel CaseyExecutive$564,269
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Gerald J. CarlsonIndependent Director$105,000
James F. DeutschIndependent Director—
Jeffrey C. SmithChair of the Board$159,000
Jeffrey M. McDonnellIndependent Director$91,000
Jennifer L. DiMottaIndependent Director$96,000
Jerry L. McDanielIndependent Director$102,500
R. Dean BinghamIndependent Director$108,000
Richard T. RamosIndependent Director$101,000
Robert F. SchultzIndependent Director$113,000
Sherina EdwardsFormer director (through FY2025)$24,000
Travis J. FranklinIndependent Director$93,000
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Dividend-equivalent accruals2026-03-31—1,517—~34,6376 insiders, 7 accrual rows
Jeffrey G. LudwigDirector2026-03-31A9091917,316CommonForm 4 ↗
Jeremy JamesonEVP - Chief Credit Officer2026-03-31A7511914,307CommonForm 4 ↗
Travis J. FranklinDirector2026-03-31A537.882212,000Derivative, Class A CommonForm 4 ↗
Gerald J. CarlsonDirector2026-03-31A672.342215,000Derivative, Class A CommonForm 4 ↗
Richard T. RamosDirector2026-03-31A705.282316,200Derivative, Class A CommonForm 4 ↗
Jeremy JamesonEVP - Chief Credit Officer2026-03-31A1,3111924,975CommonForm 4 ↗
Jerry L. McDanielDirector2026-03-31A544.012312,496Derivative, Class A CommonForm 4 ↗
R. Dean BinghamDirector2026-03-31A448.122310,293Derivative, Class A CommonForm 4 ↗
Jeffrey G. LudwigDirector2026-03-31A1,3121924,994CommonForm 4 ↗
Robert F. SchultzDirector2026-03-31A1,611.712337,021Derivative, Class A CommonForm 4 ↗
Daniel CaseyCROF2026-05-01D204265,384CommonForm 4 ↗
Jeremy JamesonEVP - Chief Credit Officer2026-05-05D1,9822753,673CommonForm 4 ↗
Travis J. FranklinDirector2026-05-05A9,40026248,988CommonForm 4 ↗
Claire Ann StackEVP - Chief Financial Officer2026-05-12A6,35728175,008CommonForm 4 ↗
Dividend-equivalent accruals2026-06-30—1,281—~35,0255 insiders, 6 accrual rows
Robert F. SchultzDirector2026-06-30A1,450.553145,170Derivative, Class A CommonForm 4 ↗
Jerry L. McDanielDirector2026-06-30A1,4453144,997CommonForm 4 ↗
R. Dean BinghamDirector2026-06-30A1,4453144,997Derivative, Class A CommonForm 4 ↗
R. Dean BinghamDirector2026-06-30A393.12710,437Derivative, Class A CommonForm 4 ↗
Travis J. FranklinDirector2026-06-30A1,870.583158,250Derivative, Class A CommonForm 4 ↗
Jeffrey C. SmithDirector2026-06-30A1,4453144,997Derivative, Class A CommonForm 4 ↗
Jeremy JamesonEVP - Chief Credit Officer2026-06-30A12121CommonForm 4 ↗
Robert F. SchultzDirector2026-06-30A1,413.912737,539Derivative, Class A CommonForm 4 ↗
Jerry L. McDanielDirector2026-06-30A477.212612,407Derivative, Class A CommonForm 4 ↗
Gerald J. CarlsonDirector2026-06-30A1,926.783160,000Derivative, Class A CommonForm 4 ↗
Jeffrey M. McDonnellDirector2026-06-30A1,4453144,997CommonForm 4 ↗
Jennifer L. DiMottaDirector2026-06-30A1,4453144,997CommonForm 4 ↗
Daniel CaseyCROF2026-06-30A421218,656CommonForm 4 ↗
Richard T. RamosDirector2026-06-30A618.682716,426Derivative, Class A CommonForm 4 ↗
Richard T. RamosDirector2026-06-30A1,4453144,997CommonForm 4 ↗
Jeffrey G. LudwigDirector2026-07-28D8,38300Derivative, Class A CommonForm 4 ↗
Jeffrey G. LudwigDirector2026-07-28D8,38334285,023CommonForm 4 ↗
Jeffrey G. LudwigDirector2026-07-28A8,38329239,670CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-08-04D58352,003CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-08-05D50341,712CommonForm 4 ↗
Dividend-equivalent accruals2026-08-11—1,198——1 insider, 1 accrual row
Kyle Owen MooneySVP - Chief Operating Officer2026-08-11D1,1983440,145CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-08-11A1,1982934,251CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-08-18D4893316,215CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-09-08D2,40000Derivative, Class A CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-09-08D2,4003379,992CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-09-08A2,4002868,232CommonForm 4 ↗
Dividend-equivalent accruals2026-09-30—1,153—~38,2296 insiders, 7 accrual rows
Richard T. RamosDirector2026-09-30A513.583317,143Derivative, Class A CommonForm 4 ↗
Jerry L. McDanielDirector2026-09-30A396.153313,223Derivative, Class A CommonForm 4 ↗
Daniel CaseyCROF2026-09-30A3562810,050CommonForm 4 ↗
Travis J. FranklinDirector2026-09-30A4123213,250Derivative, Class A CommonForm 4 ↗
Gerald J. CarlsonDirector2026-09-30A466.423215,000Derivative, Class A CommonForm 4 ↗
R. Dean BinghamDirector2026-09-30A340.613311,370Derivative, Class A CommonForm 4 ↗
Robert F. SchultzDirector2026-09-30A1,188.073339,658Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 68 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Gerald J. CarlsonDirector2026-03-31A146.57$23$3,367Derivative, Class A CommonForm 4 ↗
Jeffrey G. LudwigDirector2026-03-31A9091917,316CommonForm 4 ↗
Jeremy JamesonEVP - Chief Credit Officer2026-03-31A7511914,307CommonForm 4 ↗
Travis J. FranklinDirector2026-03-31A537.882212,000Derivative, Class A CommonForm 4 ↗
Robert F. SchultzDirector2026-03-31A7.6222170Derivative, Class A CommonForm 4 ↗
Gerald J. CarlsonDirector2026-03-31A672.342215,000Derivative, Class A CommonForm 4 ↗
Richard T. RamosDirector2026-03-31A705.282316,200Derivative, Class A CommonForm 4 ↗
Jeremy JamesonEVP - Chief Credit Officer2026-03-31A1,3111924,975CommonForm 4 ↗
Travis J. FranklinDirector2026-03-31A128.52232,952Derivative, Class A CommonForm 4 ↗
Jeffrey C. SmithDirector2026-03-31A300.16236,895Derivative, Class A CommonForm 4 ↗
Jerry L. McDanielDirector2026-03-31A544.012312,496Derivative, Class A CommonForm 4 ↗
Jennifer L. DiMottaDirector2026-03-31A227.16235,218Derivative, Class A CommonForm 4 ↗
R. Dean BinghamDirector2026-03-31A448.122310,293Derivative, Class A CommonForm 4 ↗
Jeffrey G. LudwigDirector2026-03-31A1,3121924,994CommonForm 4 ↗
Robert F. SchultzDirector2026-03-31A1,611.712337,021Derivative, Class A CommonForm 4 ↗
Jeffrey C. SmithDirector2026-03-31A319.36227,125Derivative, Class A CommonForm 4 ↗
Jeffrey M. McDonnellDirector2026-03-31A387.91238,910Derivative, Class A CommonForm 4 ↗
Daniel CaseyCROF2026-05-01D204265,384CommonForm 4 ↗
Jeremy JamesonEVP - Chief Credit Officer2026-05-05D1,9822753,673CommonForm 4 ↗
Travis J. FranklinDirector2026-05-05A9,40026248,988CommonForm 4 ↗
Claire Ann StackEVP - Chief Financial Officer2026-05-12A6,35728175,008CommonForm 4 ↗
Travis J. FranklinDirector2026-06-30A119.22273,165Derivative, Class A CommonForm 4 ↗
Gerald J. CarlsonDirector2026-06-30A136.68273,629Derivative, Class A CommonForm 4 ↗
Robert F. SchultzDirector2026-06-30A1,450.553145,170Derivative, Class A CommonForm 4 ↗
Jerry L. McDanielDirector2026-06-30A1,4453144,997CommonForm 4 ↗
R. Dean BinghamDirector2026-06-30A1,4453144,997Derivative, Class A CommonForm 4 ↗
R. Dean BinghamDirector2026-06-30A393.12710,437Derivative, Class A CommonForm 4 ↗
Jennifer L. DiMottaDirector2026-06-30A199.27275,291Derivative, Class A CommonForm 4 ↗
Travis J. FranklinDirector2026-06-30A1,870.583158,250Derivative, Class A CommonForm 4 ↗
Jeffrey C. SmithDirector2026-06-30A218.77316,813Derivative, Class A CommonForm 4 ↗
Jeffrey C. SmithDirector2026-06-30A1,4453144,997Derivative, Class A CommonForm 4 ↗
Jeremy JamesonEVP - Chief Credit Officer2026-06-30A12121CommonForm 4 ↗
Robert F. SchultzDirector2026-06-30A1,413.912737,539Derivative, Class A CommonForm 4 ↗
Jerry L. McDanielDirector2026-06-30A477.212612,407Derivative, Class A CommonForm 4 ↗
Gerald J. CarlsonDirector2026-06-30A1,926.783160,000Derivative, Class A CommonForm 4 ↗
Jeffrey M. McDonnellDirector2026-06-30A340.29279,035Derivative, Class A CommonForm 4 ↗
Jeffrey M. McDonnellDirector2026-06-30A1,4453144,997CommonForm 4 ↗
Jennifer L. DiMottaDirector2026-06-30A1,4453144,997CommonForm 4 ↗
Daniel CaseyCROF2026-06-30A421218,656CommonForm 4 ↗
Richard T. RamosDirector2026-06-30A618.682716,426Derivative, Class A CommonForm 4 ↗
Richard T. RamosDirector2026-06-30A1,4453144,997CommonForm 4 ↗
Jeffrey C. SmithDirector2026-06-30A267.16277,093Derivative, Class A CommonForm 4 ↗
Jeffrey G. LudwigDirector2026-07-28D8,38300Derivative, Class A CommonForm 4 ↗
Jeffrey G. LudwigDirector2026-07-28D8,38334285,023CommonForm 4 ↗
Jeffrey G. LudwigDirector2026-07-28A8,38329239,670CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-08-04D58352,003CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-08-05D50341,712CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-08-11D1,19800Derivative, Class A CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-08-11D1,1983440,145CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-08-11A1,1982934,251CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-08-18D4893316,215CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-09-08D2,40000Derivative, Class A CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-09-08D2,4003379,992CommonForm 4 ↗
Kyle Owen MooneySVP - Chief Operating Officer2026-09-08A2,4002868,232CommonForm 4 ↗
Travis J. FranklinDirector2026-09-30A117.46333,921Derivative, Class A CommonForm 4 ↗
Richard T. RamosDirector2026-09-30A513.583317,143Derivative, Class A CommonForm 4 ↗
Jeffrey C. SmithDirector2026-09-30A211.83326,812Derivative, Class A CommonForm 4 ↗
Robert F. SchultzDirector2026-09-30A5.2932170Derivative, Class A CommonForm 4 ↗
Jeffrey C. SmithDirector2026-09-30A238.22337,952Derivative, Class A CommonForm 4 ↗
Jerry L. McDanielDirector2026-09-30A396.153313,223Derivative, Class A CommonForm 4 ↗
Jeffrey M. McDonnellDirector2026-09-30A282.48339,429Derivative, Class A CommonForm 4 ↗
Daniel CaseyCROF2026-09-30A3562810,050CommonForm 4 ↗
Travis J. FranklinDirector2026-09-30A4123213,250Derivative, Class A CommonForm 4 ↗
Gerald J. CarlsonDirector2026-09-30A466.423215,000Derivative, Class A CommonForm 4 ↗
Gerald J. CarlsonDirector2026-09-30A132.51334,423Derivative, Class A CommonForm 4 ↗
Jennifer L. DiMottaDirector2026-09-30A165.42335,522Derivative, Class A CommonForm 4 ↗
R. Dean BinghamDirector2026-09-30A340.613311,370Derivative, Class A CommonForm 4 ↗
Robert F. SchultzDirector2026-09-30A1,188.073339,658Derivative, Class A CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Jeffrey LudwigRSU2025-11-03——38,410—$562,322
Jeremy JamesonRSU2025-11-03——23,310—341,258
Daniel CaseyRSU2025-11-03——10,760—157,526
Eric LemkeRSU2025-11-03——14,940—218,721
Jeffrey MeffordRSU2025-11-03——23,310—341,258
Jeremy JamesonRSU2025-05-05——27,278—500,005
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jeffrey Ludwig$562,322$0$00.0%
Jeremy Jameson841,263000.0%
Daniel Casey157,526000.0%
Eric Lemke218,721000.0%
Jeffrey Mefford341,258000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jeffrey LudwigRSU2,308—$48,860
Jeremy JamesonRSU3,395—71,872
Daniel CaseyRSU4,042—85,569
Eric LemkeRSU14,940—316,279
Jeffrey MeffordRSU23,310—493,472
Jeffrey LudwigRSU15,082—319,285
Eric LemkeRSU5,865—124,162
Jeffrey MeffordRSU4,320—91,454
Daniel CaseyRSU3,160—66,897
Jeffrey MeffordOption7,28328.43—
Jeffrey LudwigRSU38,410—813,139
Jeffrey LudwigRSU11,685—247,371
Daniel CaseyRSU10,760—227,789
Jeffrey MeffordRSU9,150—193,705
Jeffrey MeffordRSU1,286—27,224
Daniel CaseyRSU1,250—26,462
Eric LemkeRSU846—17,909
Jeremy JamesonRSU23,310—493,472
Jeffrey LudwigOption13,07328.43—
Eric LemkeOption4,79328.43—
Jeremy JamesonRSU27,278—577,475
Jeffrey MeffordRSU6,510—137,816
Eric LemkeRSU4,375—92,618
Jeremy JamesonRSU1,740—36,835
05

Incentive-plan design — the Compensation Discussion & Analysis

We structure our executive compensation program to align our NEOs compensation with both our short-term and long-term business objectives and the creation of shareholder value.

CEO STI target (% of salary)65%
CEO LTI target (% of salary)—
Independent consultantPearl Meyer & Partners, LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-0415,365,734534,594181,77596.64%Passed
20252025-08-0413,411,1271,593,405354,18189.38%Passed
20242024-05-0614,134,614471,176267,97796.77%Passed
20222022-05-0214,625,087727,627364,67395.26%Passed
20212021-05-0314,947,845684,79350,95895.31%Passed
20202020-05-0414,820,704469,428585,81493.35%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-0496.64%a
20252025-08-0489.38%b
20242024-05-0696.77%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)1 : 1
CEO total compensation$1,532,241
Median employee compensation—
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Jeffrey C. SmithIndependent · Board Chair · Compensation$114,000$45,000$0$0$0$159,000
Robert F. SchultzIndependent68,00045,000000113,000
R. Dean BinghamIndependent · Nominating and Corporate Governance63,00045,000000108,000
Gerald J. CarlsonIndependent · Audit (Chair)60,00045,000000105,000
Jerry L. McDanielIndependent · Audit · Nominating and Corporate Governance (Chair)57,50045,000000102,500
Richard T. RamosIndependent · Audit · Compensation (Chair)56,00045,000000101,000
Jennifer L. DiMottaIndependent · Compensation · Nominating and Corporate Governance51,00045,00000096,000
Travis J. FranklinIndependent · Nominating and Corporate Governance48,00045,00000093,000
Jeffrey M. McDonnellIndependent · Audit46,00045,00000091,000
Sherina EdwardsIndependent · Departed during FY24,000000024,000
James F. DeutschIndependent · Compensation · Newly elected000000
Jeffrey G. LudwigEmployee director000—00
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer$45,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)85,000
Stock ownership guideline$200,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$587,500
Equity awards (grant-date value)$405,000
All other compensation$0
Total cost of the board$992,500

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Midland States Bancorp, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Midland States Bancorp, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1First Busey Corporation2025Van Dukeman$918,789$1,939,686$0$1,109,080$4,030,080
2FB Financial Corporation2025Christopher Holmes787,5191,650,03901,263,2283,766,403
3Enterprise Financial Services Corp2025James Lally930,3681,307,773328,0461,005,6533,620,031
4Northwest Bancshares, Inc.2025Louis Torchio904,034999,99201,369,1003,396,755
5Tompkins Financial Corporation2025Stephen Romaine890,000629,7690594,0003,221,209
6Park National Corporation2025David Trautman770,833900,0360758,0002,977,449
7Origin Bancorp, Inc.2025Drake Mills835,8001,002,9840733,0632,640,828
8Lakeland Financial Corporation2025David Findlay739,6541,304,5820393,1282,473,892
9S&T Bancorp, Inc.2025Christopher McComish806,077888,7990620,2992,398,854
10First Merchants Corporation2025Mark Hardwick826,538787,2900657,9242,398,488
11Sandy Spring Bancorp, Inc.2023Daniel Schrider875,000787,5010386,4882,090,265
12German American Bancorp, Inc.2025D. Neil Dauby770,000517,4640602,5252,068,536
13First Commonwealth Financial Corp2025T. Michael Price700,000515,7460745,0632,000,604
14Horizon Bancorp, Inc.2025Thomas Prame685,000569,9730601,0881,965,115
15City Holding Company2025Charles Hageboeck699,000404,8670796,8601,922,194
16QCR Holdings, Inc.2025Todd Gipple430,760490,3890558,1461,713,726
17Community Trust Bancorp, Inc.2025Mark Gooch721,962137,0900740,4001,639,760
18First Bancorp2025Richard Moore550,000774,3810224,3811,639,497
19Independent Bank Corporation (MI)2025William Kessel644,225446,6940391,3071,558,390
20Midland States Bancorp, Inc.2025Jeffrey Ludwig749,800562,3220194,9561,532,241
21Peoples Bancorp Inc.2025Tyler Wilcox700,000259,1950416,8001,500,327

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Midland States Bancorp, Inc.40%RSU 100not disclosedPearl Meyer & Partners, LLC
City Holding Companynot disclosedPSU 60 · RSU 40Yes — Total Shareholder Return (TSR)McLagan
Community Trust Bancorp, Inc.75%not disclosedNoPearl Meyer
Enterprise Financial Services Corp119%PSU 60 · Options 20 · RSU 20Yes — TSRWillis Towers Watson
FB Financial Corporationnot disclosednot disclosedNoFW Cook
First Bancorp108.8%RSU 100not disclosedMeridien Compensation Partners
First Busey Corporationnot disclosedPSU 50 · RSU 50Yes — Total Stockholder Return (TSR)Pearl Meyer
First Commonwealth Financial Corp163.75%PSU 50 · RSU 50Yes — TSR Relative to PeersMeridian Compensation Partners, LLC
First Merchants Corporation99%RSU 100not disclosedAon
German American Bancorp, Inc.67%RSU 100NoBCG
Horizon Bancorp, Inc.not disclosednot disclosedNoPearl Meyer
Independent Bank Corporation (MI)70%RSU 50 · PSU 50Yes — Total Shareholder Return (TSR) relative to Peer GroupMeridian Compensation Partners, LLC
Lakeland Financial Corporation106%PSU 60 · RSU 40NoPearl Meyer & Partners
Northwest Bancshares, Inc.190%PSU 50 · RSU 50Yes — Relative Total Shareholder Return (TSR)Pearl Meyer
Origin Bancorp, Inc.109.6%not disclosedNoMeridian Compensation Partners, LLC
Park National Corporationnot disclosedPRSU 100NoPay Governance
Peoples Bancorp Inc.60%Restricted Common Shares 100NoPay Governance
QCR Holdings, Inc.not disclosedRSU 100not disclosedFrederic W. Cook & Co., Inc.
S&T Bancorp, Inc.119%RSU 50 · PRSU 50NoAon
Sandy Spring Bancorp, Inc.not disclosedPRSU 50 · RSU 50NoMeridian Compensation Partners, LLC
Tompkins Financial Corporation120%PSU 50 · RSU 50NoAON Human Capital Solutions, a division of Aon, plc

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Midland States Bancorp, Inc. in fiscal 2025?
As disclosed, Jeffrey Ludwig (President and Chief Executive Officer) was the highest-paid executive at Midland States Bancorp, Inc. in fiscal 2025, with total compensation of $1,532,241.
How does Midland States Bancorp, Inc.'s chief executive pay compare to its disclosed peer group?
As disclosed, Jeffrey Ludwig's total compensation ranked at the 5th percentile of Midland States Bancorp, Inc.'s disclosed peer group.
What is Midland States Bancorp, Inc.'s CEO-to-median employee pay ratio?
As disclosed, Midland States Bancorp, Inc.'s CEO-to-median employee pay ratio was 1:1.
How did shareholders vote on Midland States Bancorp, Inc.'s executive compensation?
As disclosed, 96.64% of shareholders supported Midland States Bancorp, Inc.'s executive compensation in the latest say-on-pay vote.
How much does Midland States Bancorp, Inc. spend in total on board compensation for fiscal 2025?
As disclosed, Midland States Bancorp, Inc. reported total board compensation of $992,500 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jeffrey LudwigDEF 14A2026-03-230001104659-26-033298Section “Summary Compensation Table” · page 29. As printed: 1,532,241. Filing ↗machine: r1 · c35 · span 487815–487824
2Section 01, Jeremy JamesonDEF 14A2026-03-230001104659-26-033298Section “Summary Compensation Table” · page 29. As printed: 1,427,826. Filing ↗machine: r7 · c35 · span 512998–513007
3Section 01, Jeffrey MeffordDEF 14A2026-03-230001104659-26-033298Section “Summary Compensation Table” · page 29. As printed: 1,015,835. Filing ↗machine: r4 · c35 · span 499916–499925
4Section 01, Eric LemkeDEF 14A2026-03-230001104659-26-033298Section “Summary Compensation Table” · page 29. As printed: 742,205. Filing ↗machine: r8 · c35 · span 517301–517308
5Section 01, Daniel CaseyDEF 14A2026-03-230001104659-26-033298Section “Summary Compensation Table” · page 29. As printed: 564,269. Filing ↗machine: r11 · c35 · span 529492–529499
6Section 03, Jeffrey Ludwig RSUDEF 14A1900-01-010001104659-26-033298Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 578104–578111
7Section 03, Jeremy Jameson RSUDEF 14A1900-01-010001104659-26-033298Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 592391–592398
8Section 03, Daniel Casey RSUDEF 14A1900-01-010001104659-26-033298Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 609979–609986
9Section 03, Eric Lemke RSUDEF 14A1900-01-010001104659-26-033298Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 602786–602793
10Section 03, Jeffrey Mefford RSUDEF 14A1900-01-010001104659-26-033298Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 585223–585230
11Section 03, Jeremy Jameson RSUDEF 14A1900-01-010001104659-26-033298Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 595673–595680
12Section 07, pay ratioDEF 14A2026-03-230001104659-26-033298Section “CEO Pay Ratio”. As printed: 1 : 1. Filing ↗machine: t1 · r1 · c1 · span 75706–75707
13Section 08, Jeffrey C. SmithDEF 14A2026-03-230001104659-26-033298Section “Director Compensation”. As printed: 159,000. Filing ↗machine: t3 · r11 · c17 · span 221978–221985
14Section 08, Robert F. SchultzDEF 14A2026-03-230001104659-26-033298Section “Director Compensation”. As printed: 113,000. Filing ↗machine: t3 · r10 · c17 · span 219870–219877
15Section 08, R. Dean BinghamDEF 14A2026-03-230001104659-26-033298Section “Director Compensation”. As printed: 108,000. Filing ↗machine: t3 · r1 · c17 · span 200830–200837
16Section 08, Gerald J. CarlsonDEF 14A2026-03-230001104659-26-033298Section “Director Compensation”. As printed: 105,000. Filing ↗machine: t3 · r2 · c17 · span 202913–202920
17Section 08, Jerry L. McDanielDEF 14A2026-03-230001104659-26-033298Section “Director Compensation”. As printed: 102,500. Filing ↗machine: t3 · r7 · c17 · span 213595–213602
18Section 08, Richard T. RamosDEF 14A2026-03-230001104659-26-033298Section “Director Compensation”. As printed: 101,000. Filing ↗machine: t3 · r9 · c17 · span 217787–217794
19Section 08, Jennifer L. DiMottaDEF 14A2026-03-230001104659-26-033298Section “Director Compensation”. As printed: 96,000. Filing ↗machine: t3 · r4 · c17 · span 207203–207209
20Section 08, Travis J. FranklinDEF 14A2026-03-230001104659-26-033298Section “Director Compensation”. As printed: 93,000. Filing ↗machine: t3 · r6 · c17 · span 211488–211494
21Section 08, Jeffrey M. McDonnellDEF 14A2026-03-230001104659-26-033298Section “Director Compensation”. As printed: 91,000. Filing ↗machine: t3 · r8 · c17 · span 215681–215687
22Section 08, Sherina EdwardsDEF 14A2026-03-230001104659-26-033298Section “Director Compensation”. As printed: 24,000. Filing ↗machine: t3 · r5 · c5 · span 208401–208407
23Section 08, James F. DeutschDEF 14A2026-03-230001104659-26-033298Section “Director Compensation”. As printed: 0. Filing ↗machine: t3 · r3 · c17 · span 205118–205125
24Section 08, Jeffrey G. LudwigDEF 14A2026-03-230001104659-26-033298Section “Director Compensation”. As printed: 0. Filing ↗
25Section 02, Gerald J. Carlson 2026-03-31Form 42026-04-020001466026-26-000034Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Jeffrey G. Ludwig 2026-03-31Form 42026-04-020001466026-26-000030Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Jeremy Jameson 2026-03-31Form 42026-04-020001466026-26-000031Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Travis J. Franklin 2026-03-31Form 42026-04-020001466026-26-000032Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Robert F. Schultz 2026-03-31Form 42026-04-020001466026-26-000033Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Gerald J. Carlson 2026-03-31Form 42026-04-020001466026-26-000034Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Richard T. Ramos 2026-03-31Form 42026-04-020001466026-26-000035Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Jeremy Jameson 2026-03-31Form 42026-04-060001466026-26-000042Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Travis J. Franklin 2026-03-31Form 42026-04-020001466026-26-000032Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Jeffrey C. Smith 2026-03-31Form 42026-04-020001466026-26-000036Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Jerry L. McDaniel 2026-03-31Form 42026-04-020001466026-26-000038Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Jennifer L. DiMotta 2026-03-31Form 42026-04-020001466026-26-000039Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, R. Dean Bingham 2026-03-31Form 42026-04-020001466026-26-000040Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Jeffrey G. Ludwig 2026-03-31Form 42026-04-060001466026-26-000043Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Robert F. Schultz 2026-03-31Form 42026-04-020001466026-26-000033Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Jeffrey C. Smith 2026-03-31Form 42026-04-020001466026-26-000036Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Jeffrey M. McDonnell 2026-03-31Form 42026-04-020001466026-26-000037Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Daniel Casey 2026-05-01Form 42026-05-040001466026-26-000051Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Jeremy Jameson 2026-05-05Form 42026-05-060001466026-26-000052Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Travis J. Franklin 2026-05-05Form 42026-05-060001466026-26-000053Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Claire Ann Stack 2026-05-12Form 42026-05-120001466026-26-000054Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Travis J. Franklin 2026-06-30Form 42026-07-010001466026-26-000062Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Gerald J. Carlson 2026-06-30Form 42026-07-010001466026-26-000058Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Robert F. Schultz 2026-06-30Form 42026-07-010001466026-26-000055Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Jerry L. McDaniel 2026-06-30Form 42026-07-010001466026-26-000057Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, R. Dean Bingham 2026-06-30Form 42026-07-010001466026-26-000060Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, R. Dean Bingham 2026-06-30Form 42026-07-010001466026-26-000060Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Jennifer L. DiMotta 2026-06-30Form 42026-07-010001466026-26-000061Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Travis J. Franklin 2026-06-30Form 42026-07-010001466026-26-000062Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Jeffrey C. Smith 2026-06-30Form 42026-07-010001466026-26-000063Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Jeffrey C. Smith 2026-06-30Form 42026-07-010001466026-26-000063Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Jeremy Jameson 2026-06-30Form 42026-07-020001466026-26-000065Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Robert F. Schultz 2026-06-30Form 42026-07-010001466026-26-000055Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Jerry L. McDaniel 2026-06-30Form 42026-07-010001466026-26-000057Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Gerald J. Carlson 2026-06-30Form 42026-07-010001466026-26-000058Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Jeffrey M. McDonnell 2026-06-30Form 42026-07-010001466026-26-000059Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Jeffrey M. McDonnell 2026-06-30Form 42026-07-010001466026-26-000059Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Jennifer L. DiMotta 2026-06-30Form 42026-07-010001466026-26-000061Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Daniel Casey 2026-06-30Form 42026-07-020001466026-26-000064Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Richard T. Ramos 2026-06-30Form 42026-07-010001466026-26-000056Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Richard T. Ramos 2026-06-30Form 42026-07-010001466026-26-000056Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Jeffrey C. Smith 2026-06-30Form 42026-07-010001466026-26-000063Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Jeffrey G. Ludwig 2026-07-28Form 42026-07-290001466026-26-000072Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Jeffrey G. Ludwig 2026-07-28Form 42026-07-290001466026-26-000072Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Jeffrey G. Ludwig 2026-07-28Form 42026-07-290001466026-26-000072Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Kyle Owen Mooney 2026-08-04Form 42026-08-170001466026-26-000079Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Kyle Owen Mooney 2026-08-05Form 42026-08-170001466026-26-000079Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Kyle Owen Mooney 2026-08-11Form 42026-08-170001466026-26-000079Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, Kyle Owen Mooney 2026-08-11Form 42026-08-170001466026-26-000079Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, Kyle Owen Mooney 2026-08-11Form 42026-08-170001466026-26-000079Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, Kyle Owen Mooney 2026-08-18Form 42026-08-180001466026-26-000081Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, Kyle Owen Mooney 2026-09-08Form 42026-09-090001466026-26-000082Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, Kyle Owen Mooney 2026-09-08Form 42026-09-090001466026-26-000082Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, Kyle Owen Mooney 2026-09-08Form 42026-09-090001466026-26-000082Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, Travis J. Franklin 2026-09-30Form 42026-10-010001466026-26-000091Insider equity transaction reported since the proxy statement. Filing ↗
80Section 02, Richard T. Ramos 2026-09-30Form 42026-10-010001466026-26-000085Insider equity transaction reported since the proxy statement. Filing ↗
81Section 02, Jeffrey C. Smith 2026-09-30Form 42026-10-010001466026-26-000088Insider equity transaction reported since the proxy statement. Filing ↗
82Section 02, Robert F. Schultz 2026-09-30Form 42026-10-010001466026-26-000083Insider equity transaction reported since the proxy statement. Filing ↗
83Section 02, Jeffrey C. Smith 2026-09-30Form 42026-10-010001466026-26-000088Insider equity transaction reported since the proxy statement. Filing ↗
84Section 02, Jerry L. McDaniel 2026-09-30Form 42026-10-010001466026-26-000084Insider equity transaction reported since the proxy statement. Filing ↗
85Section 02, Jeffrey M. McDonnell 2026-09-30Form 42026-10-010001466026-26-000086Insider equity transaction reported since the proxy statement. Filing ↗
86Section 02, Daniel Casey 2026-09-30Form 42026-10-010001466026-26-000092Insider equity transaction reported since the proxy statement. Filing ↗
87Section 02, Travis J. Franklin 2026-09-30Form 42026-10-010001466026-26-000091Insider equity transaction reported since the proxy statement. Filing ↗
88Section 02, Gerald J. Carlson 2026-09-30Form 42026-10-010001466026-26-000090Insider equity transaction reported since the proxy statement. Filing ↗
89Section 02, Gerald J. Carlson 2026-09-30Form 42026-10-010001466026-26-000090Insider equity transaction reported since the proxy statement. Filing ↗
90Section 02, Jennifer L. DiMotta 2026-09-30Form 42026-10-010001466026-26-000089Insider equity transaction reported since the proxy statement. Filing ↗
91Section 02, R. Dean Bingham 2026-09-30Form 42026-10-010001466026-26-000087Insider equity transaction reported since the proxy statement. Filing ↗
92Section 02, Robert F. Schultz 2026-09-30Form 42026-10-010001466026-26-000083Insider equity transaction reported since the proxy statement. Filing ↗
93Section 06, 2026 voteForm 8-K2026-05-080001104659-26-057892Item 5.07 · say-on-pay result. As reported: 96.64% (votes for as printed: 15,365,734). Filing ↗
94Section 06, 2025 voteForm 8-K2025-08-070001104659-25-075265Item 5.07 · say-on-pay result. As reported: 89.38% (votes for as printed: 13,411,127). Filing ↗
95Section 06, 2024 voteForm 8-K2024-05-070001171843-24-002616Item 5.07 · say-on-pay result. As reported: 96.77% (votes for as printed: 14,134,614). Filing ↗
96Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
97Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
98Section 09b board cost (computed)Computed——Cash 587,500 + equity 405,000 + all other 0 = 992,500, summed across the director compensation table rows.machine: formula: Σ = 992,500
99First Busey Corporation, Section 10b CEO totalDEF 14A2026-04-130000314489-26-000021CEO total compensation as printed in First Busey Corporation's own proxy. As printed: 4,030,080. Filing ↗machine: span 687336–687345
100FB Financial Corporation, Section 10b CEO totalDEF 14A2026-04-060001649749-26-000027CEO total compensation as printed in FB Financial Corporation's own proxy. As printed: 3,766,403. Filing ↗machine: r2 · c24 · span 578306–578315
101Enterprise Financial Services Corp, Section 10b CEO totalDEF 14A2026-03-310001025835-26-000079CEO total compensation as printed in Enterprise Financial Services Corp's own proxy. As printed: 3,620,031. Filing ↗machine: span 458805–458814
102Northwest Bancshares, Inc., Section 10b CEO totalDEF 14A2026-04-090001193125-26-148973CEO total compensation as printed in Northwest Bancshares, Inc.'s own proxy. As printed: 3,396,755. Filing ↗machine: t125 · r3 · c35 · span 546597–546606
103Tompkins Financial Corporation, Section 10b CEO totalDEF 14A2026-04-060001140361-26-013350CEO total compensation as printed in Tompkins Financial Corporation's own proxy. As printed: 3,221,209. Filing ↗machine: r3 · c27 · span 696857–696866
104Park National Corporation, Section 10b CEO totalDEF 14A2026-03-100000805676-26-000025CEO total compensation as printed in Park National Corporation's own proxy. As printed: 2,977,449. Filing ↗machine: r2 · c42 · span 846742–846751
105Origin Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-130001552781-26-000112CEO total compensation as printed in Origin Bancorp, Inc.'s own proxy. As printed: 2,640,828. Filing ↗machine: t377 · r1 · c8 · span 1011378–1011387
106Lakeland Financial Corporation, Section 10b CEO totalDEF 14A2026-03-050000721994-26-000036CEO total compensation as printed in Lakeland Financial Corporation's own proxy. As printed: 2,473,892. Filing ↗machine: span 916200–916209
107S&T Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-300001193125-26-131720CEO total compensation as printed in S&T Bancorp, Inc.'s own proxy. As printed: 2,398,854. Filing ↗machine: r2 · c31 · span 570969–570978
108First Merchants Corporation, Section 10b CEO totalDEF 14A2026-04-030000712534-26-000025CEO total compensation as printed in First Merchants Corporation's own proxy. As printed: 2,398,488. Filing ↗machine: r2 · c21 · span 541256–541266
109Sandy Spring Bancorp, Inc., Section 10b CEO totalDEF 14A2024-04-100001193125-24-091479CEO total compensation as printed in Sandy Spring Bancorp, Inc.'s own proxy. As printed: 2,090,265. Filing ↗machine: r4 · c39 · span 916757–916766
110German American Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-180001104659-26-030015CEO total compensation as printed in German American Bancorp, Inc.'s own proxy. As printed: 2,068,536. Filing ↗machine: span 816342–816351
111First Commonwealth Financial Corp, Section 10b CEO totalDEF 14A2026-03-190001193125-26-115933CEO total compensation as printed in First Commonwealth Financial Corp's own proxy. As printed: 2,000,604. Filing ↗machine: r4 · c34 · span 658732–658741
112Horizon Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-200000706129-26-000033CEO total compensation as printed in Horizon Bancorp, Inc.'s own proxy. As printed: 1,965,115. Filing ↗machine: span 583985–583994
113City Holding Company, Section 10b CEO totalDEF 14A2026-03-270000726854-26-000092CEO total compensation as printed in City Holding Company's own proxy. As printed: 1,922,194. Filing ↗machine: r5 · c21 · span 511012–511021
114QCR Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-090001171843-26-002356CEO total compensation as printed in QCR Holdings, Inc.'s own proxy. As printed: 1,713,726. Filing ↗machine: span 516480–516489
115Community Trust Bancorp, Inc., Section 10b CEO totalDEF 14A2026-03-180001140361-26-009965CEO total compensation as printed in Community Trust Bancorp, Inc.'s own proxy. As printed: 1,639,760. Filing ↗machine: t117 · r1 · c6 · span 440283–440292
116First Bancorp, Section 10b CEO totalDEF 14A2026-03-190000811589-26-000062CEO total compensation as printed in First Bancorp's own proxy. As printed: 1,639,497. Filing ↗machine: span 385715–385724
117Independent Bank Corporation (MI), Section 10b CEO totalDEF 14A2026-03-060000039311-26-000011CEO total compensation as printed in Independent Bank Corporation (MI)'s own proxy. As printed: 1,558,390. Filing ↗machine: t19 · r2 · c12 · span 361242–361252
118Midland States Bancorp, Inc. (subject), Section 10b CEO totalDEF 14A2026-03-230001104659-26-033298CEO total compensation as printed in Midland States Bancorp, Inc.'s own proxy. As printed: 1,532,241. Filing ↗machine: r1 · c35 · span 487815–487824
119Peoples Bancorp Inc., Section 10b CEO totalDEF 14A2026-03-060000318300-26-000104CEO total compensation as printed in Peoples Bancorp Inc.'s own proxy. As printed: 1,500,327. Filing ↗machine: span 1008837–1008847
120Section 10a, First Bancorp reciprocityDEF 14A—0000811589-25-000016First Bancorp's most recent proxy was read; its disclosed peer group does not include Midland States Bancorp, Inc.. Filing ↗
121Section 10a, Tompkins Financial Corporation reciprocityDEF 14A—0001140361-26-013350Tompkins Financial Corporation's most recent proxy was read; its disclosed peer group does not include Midland States Bancorp, Inc.. Filing ↗
122Section 10a, German American Bancorp, Inc. reciprocityDEF 14A—0001104659-26-030015German American Bancorp, Inc. names Midland States Bancorp, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
123Section 10a, Community Trust Bancorp, Inc. reciprocityDEF 14A—0001140361-26-009965Community Trust Bancorp, Inc. names Midland States Bancorp, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
124Section 10a, Northwest Bancshares, Inc. reciprocityDEF 14A—0001193125-26-148973Northwest Bancshares, Inc.'s most recent proxy was read; its disclosed peer group does not include Midland States Bancorp, Inc.. Filing ↗
125Section 10a, First Commonwealth Financial Corp reciprocityDEF 14A—0001193125-26-115933First Commonwealth Financial Corp names Midland States Bancorp, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
126Section 10a, S&T Bancorp, Inc. reciprocityDEF 14A—0001193125-26-131720S&T Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Midland States Bancorp, Inc.. Filing ↗
127Section 10a, QCR Holdings, Inc. reciprocityDEF 14A—0001171843-26-002356QCR Holdings, Inc. names Midland States Bancorp, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
128Section 10a, Sandy Spring Bancorp, Inc. reciprocityDEF 14A—0001193125-24-091479Sandy Spring Bancorp, Inc.'s most recent proxy was read; its disclosed peer group does not include Midland States Bancorp, Inc.. Filing ↗
129Section 10a, City Holding Company reciprocityDEF 14A—0000726854-26-000092City Holding Company names Midland States Bancorp, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
130Section 10a, Enterprise Financial Services Corp reciprocityDEF 14A—0001025835-26-000079Enterprise Financial Services Corp's most recent proxy was read; its disclosed peer group does not include Midland States Bancorp, Inc.. Filing ↗
131Section 10a, FB Financial Corporation reciprocityDEF 14A—0001649749-26-000027FB Financial Corporation's most recent proxy was read; its disclosed peer group does not include Midland States Bancorp, Inc.. Filing ↗
132Section 10a, First Busey Corporation reciprocityDEF 14A—0000314489-26-000021First Busey Corporation's most recent proxy was read; its disclosed peer group does not include Midland States Bancorp, Inc.. Filing ↗
133Section 10a, First Merchants Corporation reciprocityDEF 14A—0000712534-26-000025First Merchants Corporation's most recent proxy was read; its disclosed peer group does not include Midland States Bancorp, Inc.. Filing ↗
134Section 10a, Horizon Bancorp, Inc. reciprocityDEF 14A—0000706129-26-000033Horizon Bancorp, Inc. names Midland States Bancorp, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
135Section 10a, Lakeland Financial Corporation reciprocityDEF 14A—0000721994-26-000036Lakeland Financial Corporation names Midland States Bancorp, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
136Section 10a, Park National Corporation reciprocityDEF 14A—0000805676-26-000025Park National Corporation names Midland States Bancorp, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
137Section 10a, Peoples Bancorp Inc. reciprocityDEF 14A—0000318300-26-000104Peoples Bancorp Inc.'s most recent proxy was read; its disclosed peer group does not include Midland States Bancorp, Inc.. Filing ↗
138Section 10a, Independent Bank Corporation (MI) reciprocityDEF 14A—0000039311-26-000011Independent Bank Corporation (MI)'s most recent proxy was read; its disclosed peer group does not include Midland States Bancorp, Inc.. Filing ↗

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