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First Merchants vs NBT Bancorp: FRME and NBTB compared
First Merchants is the larger company: $199M of revenue in its latest quarter (Q3 2026) against $195M for NBT Bancorp (Q3 2026). First Merchants is growing faster (+20% against +5% a year earlier). First Merchants is more profitable, with an operating margin of 39.9% against 39.0%.
Where the money goes: FRME and NBTB
First Merchants (FRME) · Q3 2026
First Merchants, Q3 2026: revenue $199M (+20% year over year), operating margin 39.9%, net earnings $68.3M, operating cash flow $78.4M. The chart follows the revenue to costs, profit and cash.
NBT Bancorp (NBTB) · Q3 2026
NBT Bancorp, Q3 2026: revenue $195M (+5% year over year), operating margin 39.0%, net earnings $58.0M, operating cash flow $76.3M. The chart follows the revenue to costs, profit and cash.
| First Merchants (FRME) | NBT Bancorp (NBTB) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $199M | $195M |
| Revenue growth, Y/Y | +20% | +5% |
| Operating margin | 39.9% | 39.0% |
| Net earnings | $68.3M | $58.0M |
| Net margin | 34.3% | 29.8% |
| Operating cash flow | $78.4M | $76.3M |
| Free cash flow | — | $74.4M |
| Market value | — | $2.6B |
| P/E | — | 12.0× |
| Analysts’ mean target | — | $57.17 |
Where the revenue comes from
First Merchants
- Net interest income: $161M (81%)
- Noninterest income: $38.0M (19%)
NBT Bancorp
- Net interest income: $142M (73%)
- Noninterest income: $52.9M (27%)
Questions
Which is bigger, First Merchants or NBT Bancorp?
First Merchants is the larger company: $199M of revenue in its latest quarter (Q3 2026) against $195M for NBT Bancorp (Q3 2026).
Is First Merchants or NBT Bancorp growing faster?
First Merchants is growing faster (+20% against +5% a year earlier).
Which is more profitable, First Merchants or NBT Bancorp?
First Merchants is more profitable, with an operating margin of 39.9% against 39.0%.
More: First Merchants earnings · how First Merchants makes money · NBT Bancorp earnings · how NBT Bancorp makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.