Filing Flows › Comparisons › FHB vs MBIN
First Hawaiian vs Merchants Bancorp: FHB and MBIN compared
First Hawaiian is the larger company: $230M of revenue in its latest quarter (Q3 2026) against $225M for Merchants Bancorp (Q3 2026). Merchants Bancorp is growing faster (+32% against +2% a year earlier). Merchants Bancorp is more profitable, with an operating margin of 59.3% against 21.7%.
Where the money goes: FHB and MBIN
First Hawaiian (FHB) · Q3 2026
First Hawaiian, Q3 2026: revenue $230M (+2% year over year), operating margin 21.7%, net earnings $63.7M, operating cash flow $107M. The chart follows the revenue to costs, profit and cash.
Merchants Bancorp (MBIN) · Q3 2026
Merchants Bancorp, Q3 2026: revenue $225M (+32% year over year), operating margin 59.3%, net earnings $105M, operating cash flow $618M. The chart follows the revenue to costs, profit and cash.
| First Hawaiian (FHB) | Merchants Bancorp (MBIN) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $230M | $225M |
| Revenue growth, Y/Y | +2% | +32% |
| Operating margin | 21.7% | 59.3% |
| Net earnings | $63.7M | $105M |
| Net margin | 27.7% | 46.8% |
| Operating cash flow | $107M | $618M |
| Free cash flow | $102M | $617M |
| Market value | $3.0B | $2.3B |
| P/E | 11.0× | 7.1× |
| Analysts’ mean target | $29.00 | $67.00 |
Where the revenue comes from
Merchants Bancorp
- Net interest income: $144M (64%)
- Noninterest income: $80.8M (36%)
Questions
Which is bigger, First Hawaiian or Merchants Bancorp?
First Hawaiian is the larger company: $230M of revenue in its latest quarter (Q3 2026) against $225M for Merchants Bancorp (Q3 2026).
Is First Hawaiian or Merchants Bancorp growing faster?
Merchants Bancorp is growing faster (+32% against +2% a year earlier).
Which is more profitable, First Hawaiian or Merchants Bancorp?
Merchants Bancorp is more profitable, with an operating margin of 59.3% against 21.7%.
More: First Hawaiian earnings · how First Hawaiian makes money · Merchants Bancorp earnings · how Merchants Bancorp makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 2, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.