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First Financial vs Mercantile Bank: THFF and MBWM compared
First Financial is the larger company: $75.0M of revenue in its latest quarter (Q3 2026) against $73.2M for Mercantile Bank (Q3 2026). Mercantile Bank is growing faster (+17% against +14% a year earlier). First Financial is more profitable, with an operating margin of 45.9% against 39.5%.
Where the money goes: THFF and MBWM
First Financial (THFF) · Q3 2026
First Financial, Q3 2026: revenue $75.0M (+14% year over year), operating margin 45.9%, net earnings $27.4M, operating cash flow $36.0M. The chart follows the revenue to costs, profit and cash.
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.
| First Financial (THFF) | Mercantile Bank (MBWM) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $75.0M | $73.2M |
| Revenue growth, Y/Y | +14% | +17% |
| Operating margin | 45.9% | 39.5% |
| Net earnings | $27.4M | $24.1M |
| Net margin | 36.6% | 32.9% |
| Operating cash flow | $36.0M | $47.1M |
| Free cash flow | $34.9M | — |
| Market value | — | $999M |
| P/E | — | 10.3× |
| Analysts’ mean target | — | $64.17 |
Where the revenue comes from
First Financial
- Net interest income: $63.5M (85%)
- Noninterest income: $11.4M (15%)
Mercantile Bank
- Net interest income: $60.9M (83%)
- Noninterest income: $12.3M (17%)
Questions
Which is bigger, First Financial or Mercantile Bank?
First Financial is the larger company: $75.0M of revenue in its latest quarter (Q3 2026) against $73.2M for Mercantile Bank (Q3 2026).
Is First Financial or Mercantile Bank growing faster?
Mercantile Bank is growing faster (+17% against +14% a year earlier).
Which is more profitable, First Financial or Mercantile Bank?
First Financial is more profitable, with an operating margin of 45.9% against 39.5%.
More: First Financial earnings · how First Financial makes money · Mercantile Bank earnings · how Mercantile Bank makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.