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Bank First vs Farmers & Merchants Bancorp: BFC and FMCB compared
Bank First is the larger company: $65.3M of revenue in its latest quarter (Q3 2026) against $64.6M for Farmers & Merchants Bancorp (Q3 2026). Bank First is growing faster (+48% against +4% a year earlier). Bank First is more profitable, with an operating margin of 45.8% against 42.2%.
Where the money goes: BFC and FMCB
Bank First (BFC) · Q3 2026
Bank First, Q3 2026: revenue $65.3M (+48% year over year), operating margin 45.8%, net earnings $23.8M, operating cash flow $28.6M. The chart follows the revenue to costs, profit and cash.
Farmers & Merchants Bancorp (FMCB) · Q3 2026
Farmers & Merchants Bancorp, Q3 2026: revenue $64.6M (+4% year over year), operating margin 42.2%, net earnings $25.1M, operating cash flow $40.4M. The chart follows the revenue to costs, profit and cash.
| Bank First (BFC) | Farmers & Merchants Bancorp (FMCB) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $65.3M | $64.6M |
| Revenue growth, Y/Y | +48% | +4% |
| Operating margin | 45.8% | 42.2% |
| Net earnings | $23.8M | $25.1M |
| Net margin | 36.4% | 38.8% |
| Operating cash flow | $28.6M | $40.4M |
| Free cash flow | $26.0M | $39.2M |
Where the revenue comes from
Bank First
- Net interest income: $55.2M (85%)
- Noninterest income: $10.1M (15%)
Farmers & Merchants Bancorp
- Net interest income: $58.3M (90%)
- Noninterest income: $6.3M (10%)
Questions
Which is bigger, Bank First or Farmers & Merchants Bancorp?
Bank First is the larger company: $65.3M of revenue in its latest quarter (Q3 2026) against $64.6M for Farmers & Merchants Bancorp (Q3 2026).
Is Bank First or Farmers & Merchants Bancorp growing faster?
Bank First is growing faster (+48% against +4% a year earlier).
Which is more profitable, Bank First or Farmers & Merchants Bancorp?
Bank First is more profitable, with an operating margin of 45.8% against 42.2%.
More: Bank First earnings · how Bank First makes money · Farmers & Merchants Bancorp earnings · how Farmers & Merchants Bancorp makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.