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Mercantile Bank vs Lakeland Financial: MBWM and LKFN compared
Mercantile Bank is the larger company: $73.2M of revenue in its latest quarter (Q3 2026) against $73.0M for Lakeland Financial (Q3 2026). Mercantile Bank is growing faster (+17% against +6% a year earlier). Lakeland Financial is more profitable, with an operating margin of 48.9% against 39.5%.
Where the money goes: MBWM and LKFN
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.
Lakeland Financial (LKFN) · Q3 2026
Lakeland Financial, Q3 2026: revenue $73.0M (+6% year over year), operating margin 48.9%, net earnings $28.9M, operating cash flow $41.7M. The chart follows the revenue to costs, profit and cash.
| Mercantile Bank (MBWM) | Lakeland Financial (LKFN) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $73.2M | $73.0M |
| Revenue growth, Y/Y | +17% | +6% |
| Operating margin | 39.5% | 48.9% |
| Net earnings | $24.1M | $28.9M |
| Net margin | 32.9% | 39.5% |
| Operating cash flow | $47.1M | $41.7M |
| Free cash flow | — | $40.1M |
| Market value | $999M | $1.4B |
| P/E | 10.3× | 12.8× |
| Analysts’ mean target | $64.17 | $66.00 |
Where the revenue comes from
Mercantile Bank
- Net interest income: $60.9M (83%)
- Noninterest income: $12.3M (17%)
Lakeland Financial
- Net interest income: $60.7M (83%)
- Noninterest income: $12.3M (17%)
Questions
Which is bigger, Mercantile Bank or Lakeland Financial?
Mercantile Bank is the larger company: $73.2M of revenue in its latest quarter (Q3 2026) against $73.0M for Lakeland Financial (Q3 2026).
Is Mercantile Bank or Lakeland Financial growing faster?
Mercantile Bank is growing faster (+17% against +6% a year earlier).
Which is more profitable, Mercantile Bank or Lakeland Financial?
Lakeland Financial is more profitable, with an operating margin of 48.9% against 39.5%.
More: Mercantile Bank earnings · how Mercantile Bank makes money · Lakeland Financial earnings · how Lakeland Financial makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 30, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.