MERCHANTS BANCORP, DEF 14A filed on 4/4/2025
Proxy Statement (definitive)
v3.25.1
Cover
 12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Merchants Bancorp
Entity Central Index Key 0001629019
v3.25.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Pay Versus Performance Table

 

                   Value of initial fixed $100
investment based on:		         
Year  Summary
Compensation
table total for
CEO (1)
   Compensation
actually paid
to CEO		   Average
summary
compensation
table total for
non-CEO
NEOs (2)		   Average
compensation
actually paid
to non-CEO
NEOs		   Total
shareholder
return		   Peer group
total
shareholder
return (3)		   Net income   Return
on
average
equity		 
(a)  (b)   (c)   (d)   (e)   (f)   (g)   (h)   (i) 
2024 (4)  $2,939,929   $3,603,163   $3,698,051   $3,936,291   $294   $147   $320,386,000    16.86%
2023 (5)  $2,839,538   $4,982,645   $2,768,869   $3,191,500   $340   $109   $279,234,000    17.63%
2022 (6)  $1,908,889   $2,317,600   $3,038,319   $3,227,061   $192   $99   $219,721,000    17.21%
2021 (7)  $1,549,064   $2,159,020   $4,922,427   $5,895,969   $246   $120   $227,104,000    22.07%
2020 (8)  $1,578,683   $1,842,387   $2,984,136   $3,225,454   $143   $87   $180,533,000    25.09%

 

(1)Our Chief Executive Officer for each of 2024, 2023, 2022, 2021, and 2020 was Mr. Petrie.
(2)Our Non-Chief Executive Officers for 2024 were Messrs. Dunlap, Dury, Macke, Schroeter, and Sievers. Our Non-Chief Executive Officers for 2023 and 2022 were Messrs. Dunlap, Dury, Macke, and Schroeter. Our Non-Chief Executive Officers for 2021 were Messrs. Dunlap and Dury.
(3)The peer group used was the Nasdaq Bank Index.
(4)The compensation actually paid for Principal Executive Officer and our Non-Principal Executive Officers in 2024 includes portions of equity awards from 2023, 2022, and 2021 that vested that year.
(5)The compensation actually paid for Principal Executive Officer and our Non-Principal Executive Officers in 2023 includes portions of equity awards from 2022, 2021, and 2020 that vested that year.
(6)The compensation actually paid for Principal Executive Officer and our Non-Principal Executive Officers in 2022 includes portions of equity awards from 2021, 2020, and 2019 that vested that year.
(7)The compensation actually paid for Principal Executive Officer and our Non-Principal Executive Officers in 2021 includes portions of equity awards from 2020, 2019, and 2018 that vested that year.
(8)The Compensation actually paid for Principal Executive Officer and our Non-Principal Executive Officers in 2020 includes portions of equity awards from 2019, 2018, and 2017 that vested that year.

The following table reconciles the Summary Compensation Table to the Pay Versus Performance Table above.

 

Reconciliation:  CEO   Non-CEO Executive Officers
(Averages)		 
Year  2024   2023   2022   2021   2020   2024   2023   2022   2021   2020 
Summary Compensation Table Total Compensation  $2,939,929   $2,839,538   $1,908,889   $1,549,064   $1,578,683   $3,698,051   $2,768,869   $3,038,319   $4,922,427   $2,984,136 
Less: Grant Date Value of Stock Awards in Fiscal Year  $(978,531)  $(954,001)  $(858,507)  $(728,014)  $(656,264)  $(299,731)  $(320,659)  $(289,006)  $(400,405)  $(319,391)
Add: Changes in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Year and Fiscal Year  $1,641,765   $3,097,108   $1,267,218   $1,337,970   $919,968   $537,971   $743,291   $477,747   $1,373,946   $560,709 
Compensation Actually Paid  $3,603,163   $4,982,645   $2,317,600   $2,159,020   $1,842,387   $3,936,291   $3,191,500   $3,227,061   $5,895,969   $3,225,454 
        
Company Selected Measure Name Return on average equity        
Named Executive Officers, Footnote (1)Our Chief Executive Officer for each of 2024, 2023, 2022, 2021, and 2020 was Mr. Petrie.(2)Our Non-Chief Executive Officers for 2024 were Messrs. Dunlap, Dury, Macke, Schroeter, and Sievers. Our Non-Chief Executive Officers for 2023 and 2022 were Messrs. Dunlap, Dury, Macke, and Schroeter. Our Non-Chief Executive Officers for 2021 were Messrs. Dunlap and Dury.        
Peer Group Issuers, Footnote (3)The peer group used was the Nasdaq Bank Index.        
PEO Total Compensation Amount $ 2,939,929 $ 2,839,538 $ 1,908,889 $ 1,549,064 $ 1,578,683
PEO Actually Paid Compensation Amount $ 3,603,163 4,982,645 2,317,600 2,159,020 1,842,387
Adjustment To PEO Compensation, Footnote

The following table reconciles the Summary Compensation Table to the Pay Versus Performance Table above.

Reconciliation:  CEO   Non-CEO Executive Officers
(Averages)		 
Year  2024   2023   2022   2021   2020   2024   2023   2022   2021   2020 
Summary Compensation Table Total Compensation  $2,939,929   $2,839,538   $1,908,889   $1,549,064   $1,578,683   $3,698,051   $2,768,869   $3,038,319   $4,922,427   $2,984,136 
Less: Grant Date Value of Stock Awards in Fiscal Year  $(978,531)  $(954,001)  $(858,507)  $(728,014)  $(656,264)  $(299,731)  $(320,659)  $(289,006)  $(400,405)  $(319,391)
Add: Changes in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Year and Fiscal Year  $1,641,765   $3,097,108   $1,267,218   $1,337,970   $919,968   $537,971   $743,291   $477,747   $1,373,946   $560,709 
Compensation Actually Paid  $3,603,163   $4,982,645   $2,317,600   $2,159,020   $1,842,387   $3,936,291   $3,191,500   $3,227,061   $5,895,969   $3,225,454 
        
Non-PEO NEO Average Total Compensation Amount $ 3,698,051 2,768,869 3,038,319 4,922,427 2,984,136
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,936,291 3,191,500 3,227,061 5,895,969 3,225,454
Adjustment to Non-PEO NEO Compensation Footnote

The following table reconciles the Summary Compensation Table to the Pay Versus Performance Table above.

Reconciliation:  CEO   Non-CEO Executive Officers
(Averages)		 
Year  2024   2023   2022   2021   2020   2024   2023   2022   2021   2020 
Summary Compensation Table Total Compensation  $2,939,929   $2,839,538   $1,908,889   $1,549,064   $1,578,683   $3,698,051   $2,768,869   $3,038,319   $4,922,427   $2,984,136 
Less: Grant Date Value of Stock Awards in Fiscal Year  $(978,531)  $(954,001)  $(858,507)  $(728,014)  $(656,264)  $(299,731)  $(320,659)  $(289,006)  $(400,405)  $(319,391)
Add: Changes in Fair Value of Outstanding and Unvested Stock Awards Granted in Prior Year and Fiscal Year  $1,641,765   $3,097,108   $1,267,218   $1,337,970   $919,968   $537,971   $743,291   $477,747   $1,373,946   $560,709 
Compensation Actually Paid  $3,603,163   $4,982,645   $2,317,600   $2,159,020   $1,842,387   $3,936,291   $3,191,500   $3,227,061   $5,895,969   $3,225,454 
        
Compensation Actually Paid vs. Total Shareholder Return

CAP and Cumulative TSR / Cumulative TSR of the Peer Group

        
Compensation Actually Paid vs. Net Income

CAP and the Company’s Net Income

 

        
Compensation Actually Paid vs. Company Selected Measure

CAP and Return on Average Equity

 

        
Total Shareholder Return Vs Peer Group

CAP and Cumulative TSR / Cumulative TSR of the Peer Group

        
Tabular List, Table

The most important financial performance measures we used in 2024 to set the compensation for our Principal Executive Officer and our Non-Principal Executive Officers were total revenue, earnings per common share, and return on average equity.

        
Total Shareholder Return Amount $ 294 340 192 246 143
Peer Group Total Shareholder Return Amount 147 109 99 120 87
Net Income (Loss) $ 320,386,000 $ 279,234,000 $ 219,721,000 $ 227,104,000 $ 180,533,000
Company Selected Measure Amount 16.86 17.63 17.21 22.07 25.09
PEO Name Mr. Petrie.        
Measure:: 1          
Pay vs Performance Disclosure          
Name revenue        
Measure:: 2          
Pay vs Performance Disclosure          
Name earnings per common share        
Measure:: 3          
Pay vs Performance Disclosure          
Name return on average equity        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (978,531) $ (954,001) $ (858,507) $ (728,014) $ (656,264)
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 1,641,765 3,097,108 1,267,218 1,337,970 919,968
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 (299,731) (320,659) (289,006) (400,405) (319,391)
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 $ 537,971 $ 743,291 $ 477,747 $ 1,373,946 $ 560,709
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true