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Mercantile Bank vs Independent Bank: MBWM and IBCP compared
Mercantile Bank is the larger company: $73.2M of revenue in its latest quarter (Q3 2026) against $71.1M for Independent Bank (Q3 2026). Independent Bank is growing faster (+24% against +17% a year earlier). Mercantile Bank is more profitable, with an operating margin of 39.5% against 30.3%.
Where the money goes: MBWM and IBCP
Mercantile Bank (MBWM) · Q3 2026
Mercantile Bank, Q3 2026: revenue $73.2M (+17% year over year), operating margin 39.5%, net earnings $24.1M, operating cash flow $47.1M. The chart follows the revenue to costs, profit and cash.
Independent Bank (IBCP) · Q3 2026
Independent Bank, Q3 2026: revenue $71.1M (+24% year over year), operating margin 30.3%, net earnings $17.9M, operating cash flow $25.2M. The chart follows the revenue to costs, profit and cash.
| Mercantile Bank (MBWM) | Independent Bank (IBCP) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $73.2M | $71.1M |
| Revenue growth, Y/Y | +17% | +24% |
| Operating margin | 39.5% | 30.3% |
| Net earnings | $24.1M | $17.9M |
| Net margin | 32.9% | 25.1% |
| Operating cash flow | $47.1M | $25.2M |
| Free cash flow | — | $22.1M |
| Market value | $999M | $790M |
| P/E | 10.3× | 10.4× |
| Analysts’ mean target | $64.17 | $41.20 |
Where the revenue comes from
Mercantile Bank
- Net interest income: $60.9M (83%)
- Noninterest income: $12.3M (17%)
Questions
Which is bigger, Mercantile Bank or Independent Bank?
Mercantile Bank is the larger company: $73.2M of revenue in its latest quarter (Q3 2026) against $71.1M for Independent Bank (Q3 2026).
Is Mercantile Bank or Independent Bank growing faster?
Independent Bank is growing faster (+24% against +17% a year earlier).
Which is more profitable, Mercantile Bank or Independent Bank?
Mercantile Bank is more profitable, with an operating margin of 39.5% against 30.3%.
More: Mercantile Bank earnings · how Mercantile Bank makes money · Independent Bank earnings · how Independent Bank makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.