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Merchants Bancorp Executive Compensation (FY25)

MBIN · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): May 21, 2026
149 figures on this page: 145 cited to the filing that reported them, 4 calculated from figures it prints. See the citations
Michael Petrie, Chairman of the Board and Chief Executive Officer, received $2,534,695 in total compensation for fiscal 2025, and Petrie's total moved 13.8% lower from the $2,939,929 reported for fiscal 2024. The disclosed chief executive pay ratio for fiscal 2025 is 23:1, against median employee compensation of $109,081. For fiscal 2025, shareholders backed the say-on-pay proposal with 95.2% of votes cast for or against in favor at the meeting held May 21, 2026. Companies named in the disclosed peer group include Atlantic Union Bankshares Corp., Banner Corp., Customers Bancorp Inc., CVB Financial Corp. and Dime Community Bancshares Inc., among others.
Chief executive, fiscal 2025
◇
Michael Petrie
Latest say-on-pay support
=
May 21, 2026
Chief executive pay ratio
◇
To the median employee
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 — Michael Petrie: $2,939,929 → $2,534,695 (13.8% lower)
CEO pay ratio: 25:1 → 23:1 (8.0% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Merchants Bancorp's chief executive and what were they paid?
Michael Petrie, Chairman of the Board and Chief Executive Officer, received $2,534,695 in total compensation for fiscal 2025. Petrie's total moved 13.8% lower from the $2,939,929 reported for fiscal 2024.
What was Merchants Bancorp's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 95.2% of votes cast for or against in favor at the meeting held May 21, 2026.
Which companies are in Merchants Bancorp's peer group?
Companies named in the disclosed peer group include Atlantic Union Bankshares Corp., Banner Corp., Customers Bancorp Inc., CVB Financial Corp. and Dime Community Bancshares Inc., among others.
What is Merchants Bancorp's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 23:1, against median employee compensation of $109,081.

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
Michael Dury
President and Chief Executive Officer of Merchants Capital
◇◇◇—◇—◇◇
Michael Petrie
Chairman and Chief Executive Officer
◇—◇◇——◇◇
Michael Dunlap
President and Chief Operating Officer
◇—◇—◇—◇◇
Martin Schroeter
President Warehouse Lending
◇◇——◇—◇◇
John Macke
Chief Financial Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Dury
President and Chief Executive Officer of Merchants Capital
◇◇◇—◇—◇◇
Michael Petrie
Chairman of the Board and Chief Executive Officer
◇—◇—◇—◇◇
Michael Dunlap
President and Chief Operating Officer of the Company and President and Chief Executive Officer of Merchants Bank
◇—◇—◇—◇◇
Martin Schroeter
President Warehouse Lending
◇◇——◇—◇◇
Sean Sievers
Executive Vice President and Chief Financial Officer
◇◇◇—◇—◇◇
John Macke
Executive Vice President and Chief Financial Officer
◇———◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael Dury
President and Chief Executive Officer of Merchants Capital
◇◇——◇—◇◇
Michael Petrie
Chairman of the Board and Chief Executive Officer
◇◇◇—◇—◇◇
Michael Dunlap
President and Chief Operating Officer of the Company and President and Chief Executive Officer of Merchants Bank
◇◇◇—◇—◇◇
Martin Schroeter
President – Warehouse Lending
◇———◇—◇◇
Sean Sievers
Executive Vice President and Chief Financial 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
Michael F. PetrieRSU◇——◇——◇
Michael J. DunlapRSU◇——◇——◇
Sean A. SieversRSU◇——◇——◇
Fiscal 2023, 2024 are included in the PDF.
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
Michael DunlapRSU◇◇——
Michael DuryRSU◇◇——
Sean SieversRSU◇◇——
Michael PetrieRSU◇◇——
Martin SchroeterRSU◇◇——
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
Andrew A. Juster
◇◇————◇
David N. Shane
◇◇————◇
Patrick D. O'Brien
◇◇————◇
Anne E. Sellers
◇◇————◇
Thomas W. Dinwiddie
◇◇————◇
Sue Anne Gilroy
◇◇————◇
Tamika D. Catchings
◇◇————◇
Randall D. Rogers, Jr, Michael S. Curless, Scott A. Evans, Michael F. Petrie, Mark E. Shaffer, Michael J. Dunlap and Julia L. Kaercher 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.
Earlier years are included in the PDF.
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◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Atlantic Union Bankshares Corp. AUB
  • Banner Corp. BANR
  • Customers Bancorp Inc. CUBI
  • CVB Financial Corp. CVBF
  • Dime Community Bancshares Inc. DCOM
  • Eastern Bankshares Inc. EBC
  • First Financial Bancorp FFBC
  • First Interstate BancSystem FIBK
  • First Merchants Corp. FRME
  • Independent Bank Corp. INDB
  • Lakeland Financial Corp. LKFN
  • NBT Bancorp Inc. NBTB
  • Provident Financial Services PFS
  • QCR Holdings Inc QCRH
  • Texas Capital Bancshares Inc. TCBI
  • Trustmark Corp. TRMK
  • United Bankshares Inc. UBSI
  • WaFd Inc. WAFD
  • Walker & Dunlop Inc. WD
  • WesBanco Inc. WSBC
  • WSFS Financial Corp. WSFS

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 21, 2026=◇◇◇
2024May 15, 2025=◇◇◇
2023May 16, 2024=◇◇◇
2022May 18, 2023=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Merchants Bancorp disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Merchants 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.
149 figures on this page: 145 cited to the filing that reported them, 4 calculated from figures it prints.
145 cited to the filing
4 calculated from the filing

Documents cited

  1. 0001104659-26-065139
  2. 0001104659-26-042047
    Chief Executive Officer Pay Ratio · DIRECTOR COMPENSATION · DIRECTOR COMPENSATION & · Grants of Plan-Based Awards · and 2 more sections
  3. 0001104659-25-049413
  4. 0001104659-25-032188
    Summary Compensation Table
  5. 0001104659-24-062587
  6. 0001104659-24-044254
    Summary Compensation Table
  7. 0001104659-23-062253
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Merchants Bancorp executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/MBIN (accessed 2026).
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Banking rankings

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

Peers Merchants Bancorp discloses

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

Atlantic Union Bankshares Corp.Banner Corp.Customers Bancorp Inc.CVB Financial Corp.Dime Community Bancshares Inc.Eastern Bankshares Inc.First Financial BancorpFirst Interstate BancSystemFirst Merchants Corp.Independent Bank Corp.Lakeland Financial Corp.NBT Bancorp Inc.Provident Financial ServicesQCR Holdings IncTexas Capital Bancshares Inc.Trustmark Corp.United Bankshares Inc.WaFd Inc.Walker & Dunlop Inc.WesBanco Inc.WSFS Financial Corp.

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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