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International Bancshares vs Merchants Bancorp: IBOC and MBIN compared
International Bancshares is the larger company: $229M of revenue in its latest quarter (Q3 2026) against $225M for Merchants Bancorp (Q3 2026). Merchants Bancorp is growing faster (+32% against +5% a year earlier). International Bancshares is more profitable, with an operating margin of 63.2% against 59.3%.
Where the money goes: IBOC and MBIN
International Bancshares (IBOC) · Q3 2026
International Bancshares, Q3 2026: revenue $229M (+5% year over year), operating margin 63.2%, net earnings $114M, operating cash flow $127M. 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.
| International Bancshares (IBOC) | Merchants Bancorp (MBIN) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $229M | $225M |
| Revenue growth, Y/Y | +5% | +32% |
| Operating margin | 63.2% | 59.3% |
| Net earnings | $114M | $105M |
| Net margin | 50.0% | 46.8% |
| Operating cash flow | $127M | $618M |
| Free cash flow | $123M | $617M |
| Market value | $4.2B | $2.3B |
| P/E | 10.1× | 7.1× |
| Analysts’ mean target | $87.00 | $67.00 |
Where the revenue comes from
International Bancshares
- Net interest income: $174M (76%)
- Noninterest income: $54.4M (24%)
Merchants Bancorp
- Net interest income: $144M (64%)
- Noninterest income: $80.8M (36%)
Questions
Which is bigger, International Bancshares or Merchants Bancorp?
International Bancshares is the larger company: $229M of revenue in its latest quarter (Q3 2026) against $225M for Merchants Bancorp (Q3 2026).
Is International Bancshares or Merchants Bancorp growing faster?
Merchants Bancorp is growing faster (+32% against +5% a year earlier).
Which is more profitable, International Bancshares or Merchants Bancorp?
International Bancshares is more profitable, with an operating margin of 63.2% against 59.3%.
More: International Bancshares earnings · how International Bancshares 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 5, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.