Share-Based Payment Plan

12 Months Ended

Dec. 31, 2017

Share-Based Payment Plan

Share-Based Payment Plan

Note 19: Share‑Based Payment Plan

During 2016, the Board of Directors adopted an incentive restricted stock plan for certain executive officers of the Company, (the “2016 Plan”). Annual awards under the 2016 Plan could be earned over a three year period, subject to certain performance metrics and the participating executive officer may elect annually to receive the plan benefit in the form of Company common shares or a combination of 50% each of common shares and cash. During March 2017, the Company issued 3,200 shares pursuant to the plan. Expense recognized for the plan totaled $458,000 and $57,000 for the years ended December 31, 2017 and 2016, respectively. At December 31, 2017 and 2016, there were 66,347 and 40,949 unvested shares awarded under the plan. Unrecognized compensation cost totaled $962,000 and $286,000 at December 31, 2017 and 2016, respectively.  No additional awards will be made under the 2016 Plan.  On July 5, 2017, the Company’s shareholders approved and the Company adopted the Merchants Bancorp 2017 Equity Incentive Plan (the “2017 Plan”).  At December 31, 2017, the Company had not issued any awards under the 2017 Plan.