Merchants Bancorp Management
Management criteria checks 3/4
Merchants Bancorp's CEO is Mike Dunlap, appointed in Jan 2018, has a tenure of 8.58 years. total yearly compensation is $2.45M, comprised of 39.8% salary and 60.2% bonuses, including company stock and options. directly owns 0.36% of the company’s shares, worth $9.31M. The average tenure of the management team and the board of directors is 1.9 years and 8.2 years respectively.
Key information
Mike Dunlap
Chief executive officer
US$2.5m
Total compensation
| CEO salary percentage | 39.76% |
| CEO tenure | 8.6yrs |
| CEO ownership | 0.4% |
| Management average tenure | 1.9yrs |
| Board average tenure | 8.2yrs |
Recent management updates
Recent updates
CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Jun 30 2026 | n/a | n/a | US$229m |
| Mar 31 2026 | n/a | n/a | US$188m |
| Dec 31 2025 | US$2m | US$975k | US$174m |
| Sep 30 2025 | n/a | n/a | US$200m |
| Jun 30 2025 | n/a | n/a | US$209m |
| Mar 31 2025 | n/a | n/a | US$248m |
| Dec 31 2024 | US$3m | US$840k | US$284m |
| Sep 30 2024 | n/a | n/a | US$268m |
| Jun 30 2024 | n/a | n/a | US$287m |
| Mar 31 2024 | n/a | n/a | US$277m |
| Dec 31 2023 | US$3m | US$800k | US$245m |
| Sep 30 2023 | n/a | n/a | US$224m |
| Jun 30 2023 | n/a | n/a | US$204m |
| Mar 31 2023 | n/a | n/a | US$196m |
| Dec 31 2022 | US$2m | US$650k | US$194m |
| Sep 30 2022 | n/a | n/a | US$195m |
| Jun 30 2022 | n/a | n/a | US$195m |
| Mar 31 2022 | n/a | n/a | US$192m |
| Dec 31 2021 | US$1m | US$620k | US$206m |
| Sep 30 2021 | n/a | n/a | US$213m |
| Jun 30 2021 | n/a | n/a | US$212m |
| Mar 31 2021 | n/a | n/a | US$203m |
| Dec 31 2020 | US$2m | US$600k | US$166m |
| Sep 30 2020 | n/a | n/a | US$136m |
| Jun 30 2020 | n/a | n/a | US$102m |
| Mar 31 2020 | n/a | n/a | US$79m |
| Dec 31 2019 | US$1m | US$550k | US$68m |
Compensation vs Market: Mike's total compensation ($USD2.45M) is below average for companies of similar size in the US market ($USD6.92M).
Compensation vs Earnings: Mike's compensation has been consistent with company performance over the past year.
CEO
Mike Dunlap (60 yo)
Mr. Michael J. Dunlap, also known as Mike, has been President of Merchants Bancorp since January 1, 2018 and serves as its Chief Executive Officer from 2026 and served as its Chief Operating Officer since...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Co-Founder & Chairman | 19.8yrs | US$2.53m | 27.23% $ 695.0m | |
| President | 8.6yrs | US$2.45m | 0.36% $ 9.3m | |
| Co-Founder | less than a year | no data | 8.22% $ 209.7m | |
| Chief Financial Officer | 1.9yrs | US$1.01m | 0.015% $ 370.0k | |
| Market President | less than a year | no data | 0.041% $ 1.0m | |
| President of Warehouse Lending | 6.8yrs | US$1.36m | 0.026% $ 651.2k | |
| President & CEO of Merchants Capital Corp | 8.6yrs | US$6.65m | 0.30% $ 7.6m | |
| Co-Founder | no data | no data | 8.22% $ 209.7m | |
| Chief Accounting Officer | 1.4yrs | no data | 0.0049% $ 125.0k | |
| Chief Administrative Officer | no data | no data | 0.056% $ 1.4m | |
| Manager SEC Reporting | no data | no data | no data | |
| Secretary & General Counsel | no data | no data | 0.047% $ 1.2m |
Experienced Management: MBIN.L's management team is not considered experienced ( 1.9 years average tenure), which suggests a new team.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Co-Founder & Chairman | 19.8yrs | US$2.53m | 27.23% $ 695.0m | |
| President | 12.3yrs | US$2.45m | 0.36% $ 9.3m | |
| Market President | 20.6yrs | no data | 0.041% $ 1.0m | |
| Independent Lead Director | 7.3yrs | US$172.57k | 0.057% $ 1.5m | |
| Independent Director | less than a year | no data | 0.00083% $ 21.2k | |
| Independent Director | 4.3yrs | US$140.07k | 0.050% $ 1.3m | |
| Independent Director | 12.8yrs | US$152.57k | 0.26% $ 6.7m | |
| Independent Director | 9.2yrs | US$150.07k | 0.028% $ 703.3k | |
| Independent Director | 4.3yrs | US$140.07k | 0.017% $ 431.5k | |
| Director | less than a year | no data | 1.78% $ 45.5m |
Experienced Board: MBIN.L's board of directors are considered experienced (8.2 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/08/06 23:34 |
| End of Day Share Price | 2026/08/06 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Merchants Bancorp is covered by 6 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Manan Gosalia | Morgan Stanley |
| Nathan Race | Piper Sandler Companies |
| Michael Rose | Raymond James & Associates |