FY2025 SEC EDGAR DEF 14A #93 of 136 in industry

Merchants Bancorp CEO pay ratio

The CEO earned $2.5M in FY2025 against median worker pay of $109,081 · Depository Institutions.

Depository Institutions peers All rankings
State
IN
Filing date
2026-04-10
Industry
Depository Institutions
Industry rank
#93/136

Data updated August 2026

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CEO-to-worker pay ratio
23:1
Below Average (Scale: 0–1000:1)
CEO pay
$2.5M
Median worker
$109,081

Answer first

Merchants Bancorp's FY2025 CEO total of $2.5M ranks #1119 of 1,423 complete filings; its 23:1 pay ratio ranks #1191. Dollar rank is not ratio rank.

According to the same FY2025 complete-filing cohort used on the rankings boards (CEO total, median worker, and ratio all present). Median worker pay is $109,081. Industry placement uses the FY2025 SIC-60 peer cohort (# 93 of 136, 32nd percentile - below the industry median pay ratio). Figures come from Section 953(b) Dodd-Frank DEF 14A disclosures - not estimates. View all Depository Institutions companies.

Dollar rank
#1119
$2.5M of 1,423 FY2025
Ratio rank
#1191
23:1 of 1,423
Industry pct
32nd
below the industry median pay ratio

How Merchants Bancorp ranks nationally

Merchants Bancorp CEO pay vs. every FY2025 complete filing

Total CEO compensation, the full national distribution, this company marked

$2,508,863 21st percentile higher than 21% of 1,423 companies

$0–$2,500,000: 304 companies (21%). Below this entry. $2,500,000–$5,000,000: 182 companies (13%). This entry sits in this band. $5,000,000–$7,500,000: 208 companies (15%). Above this entry. $7,500,000–$10,000,000: 192 companies (13%). Above this entry. $10,000,000–$12,500,000: 139 companies (10%). Above this entry. $12,500,000–$15,000,000: 91 companies (6%). Above this entry. $15,000,000–$17,500,000: 88 companies (6%). Above this entry. $17,500,000–$20,000,000: 54 companies (4%). Above this entry. $20,000,000–$22,500,000: 24 companies (2%). Above this entry. $22,500,000–$25,000,000: 34 companies (2%). Above this entry. $25,000,000–$27,500,000: 24 companies (2%). Above this entry. $27,500,000–$30,000,000: 16 companies (1%). Above this entry. $30,000,000–$32,500,000: 10 companies (1%). Above this entry. $32,500,000–$35,000,000: 7 companies (0%). Above this entry. $35,000,000–$37,500,000: 9 companies (1%). Above this entry. $37,500,000–$40,000,000: 6 companies (0%). Above this entry. $40,000,000–$42,500,000: 1 companies (0%). Above this entry. $42,500,000–$45,000,000: 1 companies (0%). Above this entry. $45,000,000–$47,500,000: 6 companies (0%). Above this entry. $47,500,000–$50,000,000: 27 companies (2%). Above this entry. This company $0 $50M+ every complete-filing company, bucketed by value

Each bar is a $2500K-wide band; taller bars hold more companies. The dashed line + filled bar mark this entry. Hover or tap any bar for its full count, share, and where it sits relative to this entry.

Source SEC DEF 14A Section 953(b) disclosures, PlainCEOPay extract · FY2025

Merchants Bancorp vs. Depository Institutions peers

CEO total pay ($2.5M) against pay ratio (23:1) for Merchants Bancorp (marked) and its 5 closest same-industry peers, against the Depository Institutions industry median on both axes.

Pay + gap both highContained pay, wide gapHigh pay, contained gapBelow peer norms on both1027554.41745566.224635783181589.83899601.621.0:126.6:132.3:137.9:143.5:1CEO total payPay ratio (CEO : median worker)Merchants Bancorp, CEO total pay: 2508863 · Pay ratio (CEO : median worker): 23:1Merchants BancorpCarter Bankshares, Inc., CEO total pay: 1360519 · Pay ratio (CEO : median worker): 23:1Carter Bankshares, Inc.Red River Bancshares Inc, CEO total pay: 1158102 · Pay ratio (CEO : median worker): 22:1Red River Bancshares IncRBB Bancorp, CEO total pay: 1488190 · Pay ratio (CEO : median worker): 22:1RBB BancorpFS Bancorp, Inc., CEO total pay: 1442575 · Pay ratio (CEO : median worker): 24:1FS Bancorp, Inc.Esquire Financial Holdings, Inc., CEO total pay: 3769054 · Pay ratio (CEO : median worker): 22:1Esquire Financial Holdings, Inc.
Merchants Bancorp vs. Depository Institutions peers, plotted against the industry's $3.0M median CEO total and 43:1 median pay ratio.

Ratio bands among Depository Institutions peers

Exclusive CEO-to-median-worker bands across 124 complete latest-FY filings in SIC 60. Segments sum to the peer set, not this company's compensation pillar.

CEO Compensation Breakdown, FY2025

A component-level pay breakdown is not reported in Merchants Bancorp's structured SEC pay-ratio disclosure. See our methodology →

Filing-year trail · Merchants Bancorp

Complete DEF 14A pay-ratio filings for this CIK across FY2023–2025. Year-over-year deltas compare adjacent filing years only; incomplete dollar rows are omitted (same completeness gate as the hero figures).

Latest ratio
23:1
FY2025
vs prior FY
-2:1
from FY2024 25:1
CEO $ YoY
-13%
$2.5M latest
Filings shown
3
FY2023–2025
Merchants Bancorp CEO total compensation, median worker pay, and pay ratio by fiscal year from SEC EDGAR DEF 14A.
FY CEO pay Δ pay Median worker Pay ratio Δ ratio
2023 $2.8M - $94,028 30:1 -
2024 $2.9M +2.8% $115,951 25:1 -5:1
2025 $2.5M -13% $109,081 23:1 -2:1

Source: SEC EDGAR DEF 14A pay-ratio disclosures for CIK 1629019, FY2023–2025. Adjacent-year deltas only.

Industry Comparison - Depository Institutions

This Company's Ratio
23:1
Industry Median Ratio
43:1
Industry Median CEO Pay
$3.0M
This CEO's Pay
$2.5M
Companies in Industry
136
vs. Industry Median
Below
#93 of 136 by pay ratio in this industry View all companies in Depository Institutions →

Merchants Bancorp: near-parity Item 402(u) ratio

Merchants Bancorp's FY2025 ratio 23:1 ranks #93 of 136 Depository Institutions filers (32nd percentile). the CEO earned 23× the median employee ($109,081) in FY2025.

At $109,081 median worker pay, the FLOOR stamp is near pay-parity territory under MID$ CEO total.

CEO Total Pay

$2.5M

FY2025 Summary Compensation, below median

Pay Ratio

23:1

Below typical

Merchants Bancorp in the lower Depository Institutions third

Merchants Bancorp's FY2025 ratio 23:1 ranks #93 of 136 Depository Institutions filers (32nd percentile). The structured pay-ratio disclosure reports the total without line-item components. Depository Institutions (SIC 60) median ratio is 43:1 across 136 FY2025 filers; Merchants Bancorp's $2.5M CEO total is at or below the $3.0M industry median CEO pay.

Dollar rank #1119 and ratio rank #1191 split - treat 23:1 as a disclosure, not a fairness score. Open Depository Institutions peers.

Key Data, FY2025

Total Compensation
$2.5M
Median Employee Pay
$109,081
Pay Ratio
23:1
Filing Date
2026-04-10

Company Info

CIK
1629019
Industry
Depository Institutions
SIC Code
6022
State
IN
View SEC filings →
SEC EDGAR DEF 14A for CIK 1629019, FY2025. Informational only, not investment advice. Verify on EDGAR.

Read our methodology - how this data is sourced, computed, and verified. Merchants Bancorp's FY2025 ratio 23:1 ranks #93 of 136 Depository Institutions filers (32nd percentile).

Read with Merchants Bancorp

ABS(ceo_total_comp) peers first, then a SIC pole and a stamp-branched guide - not a fixed Related strip. This page stamps FLOOR · MID$ · HIGH-MED.

Dhi Group, Inc. · MID$

ABS(ceo_total_comp) peer at $2.5M (Δ $14K heavier vs Merchants Bancorp); FLOOR · ELITE-MED vs this page's FLOOR · MID$ · HIGH-MED.
Business First Bancshares, Inc. · MID$

ABS(ceo_total_comp) peer at $2.6M (Δ $46K heavier vs Merchants Bancorp); MODEST · HIGH-MED vs this page's FLOOR · MID$ · HIGH-MED.
Titan International Inc · MID$

ABS(ceo_total_comp) peer at $2.5M (Δ $50K lighter vs Merchants Bancorp); MODEST · LOW-MED vs this page's FLOOR · MID$ · HIGH-MED.
Old Digimarc CORP · MID$

ABS(ceo_total_comp) peer at $2.4M (Δ $59K lighter vs Merchants Bancorp); FLOOR · ELITE-MED vs this page's FLOOR · MID$ · HIGH-MED.
Carter Bankshares, Inc. (SIC 60 pole)

Carter Bankshares, Inc. stamps FLOOR · LIGHT nearest in-SIC by ABS(pay_ratio) to Merchants Bancorp's FLOOR filing.
National dual ranks · #1119/#1191

Merchants Bancorp's FY2025 package sits #1119 by CEO dollars and #1191 by ratio under MID$ · FLOOR.
Ratio primer · FLOOR

Merchants Bancorp's FLOOR stamp sits in the lower Item 402(u) band - start with how the ratio is disclosed before comparing peers.
Data sourced from SEC EDGAR DEF 14A for Merchants Bancorp (CIK 1629019), FY2025. See our methodology. Aggregated by PlainCEOPay as of August 2026.

Data currency: Executive compensation from SEC EDGAR DEF 14A proxy statements through fiscal year 2025, compiled and last refreshed August 2026. See our methodology for source dates and refresh cadence. Spot a figure that looks wrong? Report a correction.