How Petrie was paid
$2.5M in total for 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.
Named executive officers
| Executive | Salary | Bonus | Stock | Incentive | Other | Total |
|---|---|---|---|---|---|---|
| Michael F. PetrieChairman of the Board and Chief Executive Officer | $1,000,000 | $750,000 | $750,006 | $100 | $34,589 | $2,534,695 |
| Michael J. DunlapPresident and Chief Operating Officer and President and CEO of Merchants Bank | $975,000 | $731,250 | $731,260 | $100 | $14,500 | $2,452,110 |
| Michael R. DuryPresident and Chief Executive Officer of Merchants Capital | $330,000 | — | $6,303,158 | — | $14,500 | $6,647,758 |
| Martin A. SchroeterPresident – Warehouse Lending | $450,000 | $900,000 | — | — | $14,500 | $1,364,500 |
| Sean A. SieversExecutive Vice President and Chief Financial Officer | $625,000 | $234,375 | $234,393 | — | $14,500 | $1,108,268 |
What changed and why
- $2.5MChief executive officer total compensation decreased to $2,534,695 in 2025 from $2,939,929 in 2024.
- $950KChief executive officer base salary increased from $950,000 to $1,000,000 for fiscal year 2025.
- 87%Shareholders approved executive compensation with 87% support at the prior annual meeting.
- The company utilized Aon as a compensation consultant to adjust peer group parameters.
- Time-based restricted stock units granted to the chief executive officer vest over a three-year period.
About this page
Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.