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Side-by-side financial comparison of FARMERS & MERCHANTS BANCORP INC (FMAO) and INDEPENDENT BANK CORP (INDB), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
INDEPENDENT BANK CORP is the larger business by last-quarter revenue ($212.5M vs $27.8M, roughly 7.7× FARMERS & MERCHANTS BANCORP INC). INDEPENDENT BANK CORP runs the higher net margin — 35.3% vs 35.5%, a 0.2% gap on every dollar of revenue. On growth, INDEPENDENT BANK CORP posted the faster year-over-year revenue change (46.9% vs 21.6%). INDEPENDENT BANK CORP produced more free cash flow last quarter ($75.5M vs $13.2M). Over the past eight quarters, INDEPENDENT BANK CORP's revenue compounded faster (24.3% CAGR vs 17.5%).
Rainier Bancorporation was the Seattle-based parent corporation of Rainier National Bank, a Washington state bank with branches throughout the state. Rainier traced its roots back to the National Bank of Commerce, which was founded by Richard Holyoke in 1889. The name Rainier National Bank was adopted in 1974. Rainier Bancorp expanded into Alaska with the purchase of Anchorage's People's Bank & Trust in 1983 and into Oregon with the purchase of Gresham's Mount Hood Security Bank in 1986, expa...
Independent Bank is a bank headquartered in Grand Rapids, Michigan. The bank has 62 branches, all of which are in Michigan.
FMAO vs INDB — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $27.8M | $212.5M |
| Net Profit | $9.8M | $75.3M |
| Gross Margin | — | — |
| Operating Margin | 46.2% | — |
| Net Margin | 35.3% | 35.5% |
| Revenue YoY | 21.6% | 46.9% |
| Net Profit YoY | 16.8% | 50.6% |
| EPS (diluted) | $0.72 | $1.51 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $27.8M | $212.5M | ||
| Q3 25 | $26.9M | $203.3M | ||
| Q2 25 | $25.7M | $147.5M | ||
| Q1 25 | $23.9M | $145.5M | ||
| Q4 24 | $22.8M | $144.7M | ||
| Q3 24 | $21.6M | $141.7M | ||
| Q2 24 | $21.4M | $137.9M | ||
| Q1 24 | $20.1M | $137.4M |
| Q4 25 | $9.8M | $75.3M | ||
| Q3 25 | $8.9M | $34.3M | ||
| Q2 25 | $7.7M | $51.1M | ||
| Q1 25 | $7.0M | $44.4M | ||
| Q4 24 | $8.4M | $50.0M | ||
| Q3 24 | $6.5M | $42.9M | ||
| Q2 24 | $5.7M | $51.3M | ||
| Q1 24 | $5.4M | $47.8M |
| Q4 25 | 46.2% | — | ||
| Q3 25 | 41.8% | 21.8% | ||
| Q2 25 | 37.7% | 44.6% | ||
| Q1 25 | 36.6% | 39.3% | ||
| Q4 24 | 46.1% | — | ||
| Q3 24 | 37.6% | 39.0% | ||
| Q2 24 | 33.5% | 48.1% | ||
| Q1 24 | 33.7% | 45.5% |
| Q4 25 | 35.3% | 35.5% | ||
| Q3 25 | 32.9% | 16.8% | ||
| Q2 25 | 30.0% | 34.6% | ||
| Q1 25 | 29.1% | 30.5% | ||
| Q4 24 | 36.7% | 34.6% | ||
| Q3 24 | 30.2% | 30.3% | ||
| Q2 24 | 26.6% | 37.2% | ||
| Q1 24 | 26.6% | 34.8% |
| Q4 25 | $0.72 | $1.51 | ||
| Q3 25 | $0.64 | $0.69 | ||
| Q2 25 | $0.56 | $1.20 | ||
| Q1 25 | $0.51 | $1.04 | ||
| Q4 24 | $0.61 | $1.18 | ||
| Q3 24 | $0.48 | $1.01 | ||
| Q2 24 | $0.42 | $1.21 | ||
| Q1 24 | $0.39 | $1.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $370.9M | $3.6B |
| Total Assets | $3.4B | $24.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $370.9M | $3.6B | ||
| Q3 25 | $361.8M | $3.5B | ||
| Q2 25 | $350.8M | $3.1B | ||
| Q1 25 | $344.6M | $3.0B | ||
| Q4 24 | $335.2M | $3.0B | ||
| Q3 24 | $335.4M | $3.0B | ||
| Q2 24 | $322.7M | $2.9B | ||
| Q1 24 | $317.7M | $2.9B |
| Q4 25 | $3.4B | $24.9B | ||
| Q3 25 | $3.4B | $25.0B | ||
| Q2 25 | $3.3B | $20.0B | ||
| Q1 25 | $3.4B | $19.9B | ||
| Q4 24 | $3.4B | $19.4B | ||
| Q3 24 | $3.4B | $19.4B | ||
| Q2 24 | $3.3B | $19.4B | ||
| Q1 24 | $3.3B | $19.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $13.4M | $78.9M |
| Free Cash FlowOCF − Capex | $13.2M | $75.5M |
| FCF MarginFCF / Revenue | 47.7% | 35.5% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.7% | 1.6% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.37× | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $35.0M | $239.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $13.4M | $78.9M | ||
| Q3 25 | $11.2M | $52.2M | ||
| Q2 25 | $1.1M | $106.7M | ||
| Q1 25 | $11.0M | $13.3M | ||
| Q4 24 | $2.6M | $42.9M | ||
| Q3 24 | $18.7M | $70.2M | ||
| Q2 24 | $9.7M | $65.6M | ||
| Q1 24 | $1.5M | $51.1M |
| Q4 25 | $13.2M | $75.5M | ||
| Q3 25 | $10.7M | $49.7M | ||
| Q2 25 | $385.0K | $102.5M | ||
| Q1 25 | $10.6M | $11.3M | ||
| Q4 24 | $1.9M | $36.5M | ||
| Q3 24 | $18.3M | $64.4M | ||
| Q2 24 | $9.2M | $61.9M | ||
| Q1 24 | $1.3M | $46.7M |
| Q4 25 | 47.7% | 35.5% | ||
| Q3 25 | 39.9% | 24.4% | ||
| Q2 25 | 1.5% | 69.5% | ||
| Q1 25 | 44.4% | 7.8% | ||
| Q4 24 | 8.2% | 25.2% | ||
| Q3 24 | 84.8% | 45.4% | ||
| Q2 24 | 42.8% | 44.9% | ||
| Q1 24 | 6.3% | 34.0% |
| Q4 25 | 0.7% | 1.6% | ||
| Q3 25 | 1.8% | 1.2% | ||
| Q2 25 | 2.8% | 2.9% | ||
| Q1 25 | 1.6% | 1.4% | ||
| Q4 24 | 3.2% | 4.4% | ||
| Q3 24 | 1.7% | 4.1% | ||
| Q2 24 | 2.6% | 2.7% | ||
| Q1 24 | 1.1% | 3.2% |
| Q4 25 | 1.37× | 1.05× | ||
| Q3 25 | 1.26× | 1.52× | ||
| Q2 25 | 0.14× | 2.09× | ||
| Q1 25 | 1.58× | 0.30× | ||
| Q4 24 | 0.31× | 0.86× | ||
| Q3 24 | 2.86× | 1.64× | ||
| Q2 24 | 1.71× | 1.28× | ||
| Q1 24 | 0.28× | 1.07× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
