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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE
In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), we provide the following disclosure regarding executive “compensation actually paid” ​(“CAP”) and certain Company performance for the fiscal years listed below. You should refer to our CD&A for a complete description of how executive compensation relates to Company performance and how the Compensation Committee makes its decisions.
The Pay Versus Performance table below summarizes the compensation values both previously reported in our Summary Compensation Table and as required to be adjusted by the rules adopted by the SEC pursuant to the Dodd-Frank Act for the 2024, 2023, 2022, 2021 and 2020 calendar years.
Year
​ ​
Summary
Compensation
Table Total
for CEO(1)
​ ​
Compensation
Actually Paid
to CEO(2)
​ ​
Average
Summary
Compensation
Table Total
for Non-CEO
NEOs(1)
​ ​
Average
Compensation
Actually Paid
to Non-CEO
NEOs(2)
​ ​
Value of Initial Fixed $100
Invested Based on:
​ ​
Midland
Net Income
(in millions)(5)
​ ​
Company-
Selected
Measure
​
​
Midland
Total
Shareholder
Return(3)
​ ​
Peer Group
Total
Shareholder
Return(4)
​ ​
Midland
Adjusted
Earnings
Per Share
(EPS)(5)(6)
​
2024
​ ​ ​ $ 1,466,243 ​ ​ ​ ​ $ 1,219,797 ​ ​ ​ ​ $ 718,492 ​ ​ ​ ​ $ 626,447 ​ ​ ​ ​ $ 108.65 ​ ​ ​ ​ $ 123.79 ​ ​ ​ ​ $ 38.04 ​ ​ ​ ​ $ 1.32 ​ ​
2023
​ ​ ​ $ 1,633,785 ​ ​ ​ ​ $ 1,733,495 ​ ​ ​ ​ $ 754,918 ​ ​ ​ ​ $ 803,689 ​ ​ ​ ​ $ 116.50 ​ ​ ​ ​ $ 107.99 ​ ​ ​ ​ $ 61.16 ​ ​ ​ ​ $ 2.78 ​ ​
2022
​ ​ ​ $ 1,777,733 ​ ​ ​ ​ $ 1,851,719 ​ ​ ​ ​ $ 825,247 ​ ​ ​ ​ $ 857,590 ​ ​ ​ ​ $ 106.74 ​ ​ ​ ​ $ 107.95 ​ ​ ​ ​ $ 100.24 ​ ​ ​ ​ $ 4.01 ​ ​
2021
​ ​ ​ $ 1,581,174 ​ ​ ​ ​ $ 1,806,916 ​ ​ ​ ​ $ 805,976 ​ ​ ​ ​ $ 903,099 ​ ​ ​ ​ $ 95.30 ​ ​ ​ ​ $ 119.79 ​ ​ ​ ​ $ 81.32 ​ ​ ​ ​ $ 3.65 ​ ​
2020
​ ​ ​ $ 1,027,328 ​ ​ ​ ​ $ 756,598 ​ ​ ​ ​ $ 547,076 ​ ​ ​ ​ $ 431,468 ​ ​ ​ ​ $ 65.66 ​ ​ ​ ​ $ 89.23 ​ ​ ​ ​ $ 22.54 ​ ​ ​ ​ $ 1.70 ​ ​
​
(1)
Mr. Ludwig served as Midland’s CEO for 2020 through 2024. Messrs. Mefford, Tucker, and Lemke served as non-CEO NEOs for 2020 through 2024. Mr. Stewart was an NEO for 2020 through 2022. Mr. Casey was an NEO in 2023 and 2024. The dollar amounts reported are from the “Total” column of the Summary Compensation Table for the CEO and the average of such column for non-CEO NEOs for each reported fiscal year.
​
(2)
The dollar amounts reported represent CAP, as calculated in accordance with SEC rules. For additional information with respect to the calculation of CAP for 2024, see the section titled “Calculation of Compensation Actually Paid” below.
​
(3)
Reflects the cumulative total shareholder return (“TSR”) of Midland, as provided by S&P Cap IQ, as of the last day of each reported fiscal year, based on an initial fixed investment of $100 on December 31, 2019.
​
(4)
Reflects the cumulative total shareholder return of the S&P Small Cap 600 Banks Index, as of the last day of each reported fiscal year, based on an initial fixed investment of $100 on December 31, 2019. The S&P Small Cap 600 Banks Index is the peer group used in Midland’s Annual Report on Form 10-K for the years ended December 31, 2024 and 2023.
​
(5)
The Company has restated the consolidated financial statements (i) as of and for the year ended December 31, 2023 and (ii) for the year ended December 31, 2022, to correct certain errors, as presented in the audited financial statements as of and for the year ended December 31, 2024 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on July 1, 2025. The Net Income and Adjusted EPS metrics in this table have been revised for those years. While the Company's financial statements for the years ended December 31, 2021 and 2020 were also affected by these errors, the Company is not required to restate those financial statements, and accordingly the data for those years remains as previously reported.
​
(6)
Adjusted earnings per share (“Adjusted EPS”) is the Company-Selected Measure and is a non-GAAP financial measure. As calculated from Midland’s audited financial statements, Adjusted EPS equals our earnings, as adjusted for certain items, including loss on sales of investment securities, net, and gain on repurchase of subordinated debt.
​
Calculation of Compensation Actually Paid
To calculate the amount of CAP to our CEO and non-CEO NEOs for 2024 in the table above according to SEC rules, the following adjustments were made to the amounts reported in the “Total” column of the Summary Compensation Table for 2024.
​ ​ ​
2024
​
​ ​ ​
CEO
​ ​
Average Non-
CEO NEOs
​
Total Compensation from Summary Compensation Table
​ ​ ​ $ 1,466,243 ​ ​ ​ ​ $ 718,492 ​ ​
Adjustments for Pension ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Adjustment Summary Compensation Table Pension
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Amount added for current year service cost
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Amount added for prior service cost impacting current year
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Total Adjustments for Pension
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Adjustments for Equity Awards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Adjustment for grant date values in the Summary Compensation Table
​ ​ ​ $ (562,276) ​ ​ ​ ​ $ (227,594) ​ ​
Year-end fair value of unvested awards granted in the current year
​ ​ ​ $ 490,684 ​ ​ ​ ​ $ 198,616 ​ ​
Year-over-year difference of year-end fair values for unvested awards granted in prior years
​ ​ ​ $ (143,416) ​ ​ ​ ​ $ (55,166) ​ ​
Fair values at vest date for awards granted and vested in current year
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years
​ ​ ​ $ (83,619) ​ ​ ​ ​ $ (29,319) ​ ​
Forfeitures during current year equal to prior year-end fair value
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Dividends or dividend equivalents not otherwise included in total compensation
​ ​ ​ $ 52,181 ​ ​ ​ ​ $ 21,419 ​ ​
Total Adjustments for Equity Awards
​ ​ ​ $ (246,446) ​ ​ ​ ​ $ (92,044) ​ ​
Compensation Actually Paid (as calculated)
​ ​ ​ $ 1,219,797 ​ ​ ​ ​ $ 626,447 ​ ​
       
Company Selected Measure Name Adjusted Earnings Per Share        
Named Executive Officers, Footnote
(1)
Mr. Ludwig served as Midland’s CEO for 2020 through 2024. Messrs. Mefford, Tucker, and Lemke served as non-CEO NEOs for 2020 through 2024. Mr. Stewart was an NEO for 2020 through 2022. Mr. Casey was an NEO in 2023 and 2024. The dollar amounts reported are from the “Total” column of the Summary Compensation Table for the CEO and the average of such column for non-CEO NEOs for each reported fiscal year.
       
Peer Group Issuers, Footnote
(4)
Reflects the cumulative total shareholder return of the S&P Small Cap 600 Banks Index, as of the last day of each reported fiscal year, based on an initial fixed investment of $100 on December 31, 2019. The S&P Small Cap 600 Banks Index is the peer group used in Midland’s Annual Report on Form 10-K for the years ended December 31, 2024 and 2023.
       
PEO Total Compensation Amount $ 1,466,243 $ 1,633,785 $ 1,777,733 $ 1,581,174 $ 1,027,328
PEO Actually Paid Compensation Amount $ 1,219,797 1,733,495 1,851,719 1,806,916 756,598
Adjustment To PEO Compensation, Footnote
Calculation of Compensation Actually Paid
To calculate the amount of CAP to our CEO and non-CEO NEOs for 2024 in the table above according to SEC rules, the following adjustments were made to the amounts reported in the “Total” column of the Summary Compensation Table for 2024.
​ ​ ​
2024
​
​ ​ ​
CEO
​ ​
Average Non-
CEO NEOs
​
Total Compensation from Summary Compensation Table
​ ​ ​ $ 1,466,243 ​ ​ ​ ​ $ 718,492 ​ ​
Adjustments for Pension ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Adjustment Summary Compensation Table Pension
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Amount added for current year service cost
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Amount added for prior service cost impacting current year
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Total Adjustments for Pension
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Adjustments for Equity Awards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Adjustment for grant date values in the Summary Compensation Table
​ ​ ​ $ (562,276) ​ ​ ​ ​ $ (227,594) ​ ​
Year-end fair value of unvested awards granted in the current year
​ ​ ​ $ 490,684 ​ ​ ​ ​ $ 198,616 ​ ​
Year-over-year difference of year-end fair values for unvested awards granted in prior years
​ ​ ​ $ (143,416) ​ ​ ​ ​ $ (55,166) ​ ​
Fair values at vest date for awards granted and vested in current year
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years
​ ​ ​ $ (83,619) ​ ​ ​ ​ $ (29,319) ​ ​
Forfeitures during current year equal to prior year-end fair value
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Dividends or dividend equivalents not otherwise included in total compensation
​ ​ ​ $ 52,181 ​ ​ ​ ​ $ 21,419 ​ ​
Total Adjustments for Equity Awards
​ ​ ​ $ (246,446) ​ ​ ​ ​ $ (92,044) ​ ​
Compensation Actually Paid (as calculated)
​ ​ ​ $ 1,219,797 ​ ​ ​ ​ $ 626,447 ​ ​
       
Non-PEO NEO Average Total Compensation Amount $ 718,492 754,918 825,247 805,976 547,076
Non-PEO NEO Average Compensation Actually Paid Amount $ 626,447 803,689 857,590 903,099 431,468
Adjustment to Non-PEO NEO Compensation Footnote
Calculation of Compensation Actually Paid
To calculate the amount of CAP to our CEO and non-CEO NEOs for 2024 in the table above according to SEC rules, the following adjustments were made to the amounts reported in the “Total” column of the Summary Compensation Table for 2024.
​ ​ ​
2024
​
​ ​ ​
CEO
​ ​
Average Non-
CEO NEOs
​
Total Compensation from Summary Compensation Table
​ ​ ​ $ 1,466,243 ​ ​ ​ ​ $ 718,492 ​ ​
Adjustments for Pension ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Adjustment Summary Compensation Table Pension
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Amount added for current year service cost
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Amount added for prior service cost impacting current year
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Total Adjustments for Pension
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Adjustments for Equity Awards ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Adjustment for grant date values in the Summary Compensation Table
​ ​ ​ $ (562,276) ​ ​ ​ ​ $ (227,594) ​ ​
Year-end fair value of unvested awards granted in the current year
​ ​ ​ $ 490,684 ​ ​ ​ ​ $ 198,616 ​ ​
Year-over-year difference of year-end fair values for unvested awards granted in prior years
​ ​ ​ $ (143,416) ​ ​ ​ ​ $ (55,166) ​ ​
Fair values at vest date for awards granted and vested in current year
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years
​ ​ ​ $ (83,619) ​ ​ ​ ​ $ (29,319) ​ ​
Forfeitures during current year equal to prior year-end fair value
​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
Dividends or dividend equivalents not otherwise included in total compensation
​ ​ ​ $ 52,181 ​ ​ ​ ​ $ 21,419 ​ ​
Total Adjustments for Equity Awards
​ ​ ​ $ (246,446) ​ ​ ​ ​ $ (92,044) ​ ​
Compensation Actually Paid (as calculated)
​ ​ ​ $ 1,219,797 ​ ​ ​ ​ $ 626,447 ​ ​
       
Compensation Actually Paid vs. Total Shareholder Return
Relationship between CAP and Cumulative TSR / Cumulative TSR of the Peer Group
[MISSING IMAGE: bc_captsr-4c.jpg]
       
Compensation Actually Paid vs. Net Income
Relationship between CAP and Midland’s Net Income
[MISSING IMAGE: bc_netincome-4c.jpg]
       
Compensation Actually Paid vs. Company Selected Measure
Relationship between CAP and Adjusted EPS
[MISSING IMAGE: bc_adjusted-4c.jpg]
       
Total Shareholder Return Vs Peer Group
Relationship between CAP and Cumulative TSR / Cumulative TSR of the Peer Group
[MISSING IMAGE: bc_captsr-4c.jpg]
       
Tabular List, Table
Financial Performance Measures
As described in greater detail in the CD&A, a substantial portion our NEOs’ compensation is directly linked to the achievement of financial and operational metrics, as well as other strategic goals with rigorous targets that align with the Company’s business strategy, compensation philosophy, shareholder interests and, most importantly, our long-term goals. In addition to the Pay Versus Performance table above, the following is a tabular list of the most important financial measures we use to link CAP to our NEOs to Midland performance. The Company-Selected Measure is denoted with an asterisk.
List of Performance Measures
​
Financial
​
Adjusted EPS*
Adjusted PTPP Income
Adjusted Revenue
       
Total Shareholder Return Amount $ 108.65 116.5 106.74 95.3 65.66
Peer Group Total Shareholder Return Amount 123.79 107.99 107.95 119.79 89.23
Net Income (Loss) $ 38,040,000.00 $ 61,160,000 $ 100,240,000 $ 81,320,000 $ 22,540,000
Company Selected Measure Amount | $ / shares 1.32 2.78 4.01 3.65 1.7
PEO Name Mr. Ludwig        
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted EPS        
Non-GAAP Measure Description
(5)
The Company has restated the consolidated financial statements (i) as of and for the year ended December 31, 2023 and (ii) for the year ended December 31, 2022, to correct certain errors, as presented in the audited financial statements as of and for the year ended December 31, 2024 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on July 1, 2025. The Net Income and Adjusted EPS metrics in this table have been revised for those years. While the Company's financial statements for the years ended December 31, 2021 and 2020 were also affected by these errors, the Company is not required to restate those financial statements, and accordingly the data for those years remains as previously reported.
​
(6)
Adjusted earnings per share (“Adjusted EPS”) is the Company-Selected Measure and is a non-GAAP financial measure. As calculated from Midland’s audited financial statements, Adjusted EPS equals our earnings, as adjusted for certain items, including loss on sales of investment securities, net, and gain on repurchase of subordinated debt.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted PTPP Income        
Measure:: 3          
Pay vs Performance Disclosure          
Name Adjusted Revenue        
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
PEO | Aggregate Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
PEO | Pension Adjustments Prior Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
PEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (246,446)        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (562,276)        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 490,684        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (143,416)        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (83,619)        
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 52,181        
PEO | Total Net Adjustments For Pension [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
PEO | Adjustments For Equity Awards Forfeitures During Current Year Equal to Prior Year-End Fair Value [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
Non-PEO NEO | Aggregate Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
Non-PEO NEO | Pension Adjustments Prior Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (92,044)        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (227,594)        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 198,616        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (55,166)        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (29,319)        
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 21,419        
Non-PEO NEO | Total Net Adjustments For Pension [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
Non-PEO NEO | Adjustments For Equity Awards Forfeitures During Current Year Equal to Prior Year-End Fair Value [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount