Amerant Bancorp Inc. (AMTB) vs Horizon Bancorp (IN) (HBNC)

Amerant Bancorp Inc. and Horizon Bancorp (IN) are both Banks Regional companies. Amerant Bancorp Inc. and Horizon Bancorp (IN) are of similar size ($1.2B and $1.1B). Horizon Bancorp (IN) has negative trailing earnings, so its P/E is not meaningful; Amerant Bancorp Inc. trades at 17.3×. Amerant Bancorp Inc. grew revenue faster over the last twelve months: −7.36% against −74.2%. Amerant Bancorp Inc. has the higher net margin (10.6% vs −149.0%) and the higher return on invested capital (4.00% vs −17.9%). Both pay a dividend; Horizon Bancorp (IN) yields more (3.06% vs 1.22%). Across the 17 metrics below, Amerant Bancorp Inc. leads on 13 and Horizon Bancorp (IN) on 4.

Valuation

Metric AMTB HBNC Banks Regional median
P/E 17.26 n/m 12.02
P/S 1.82 11.04 2.36
P/B 1.37 1.47 1.23
Price to free cash flow 7.63 11.34 10.60
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 5.79% (15.13%) 8.21%
Free cash flow yield 13.11% 8.82% 9.23%

Profitability

Metric AMTB HBNC Banks Regional median
Gross margin 66.23% (13.47%) 69.81%
Operating margin 0.00% 0.00% 0.00%
Net margin 10.63% (148.95%) 18.82%
Free cash flow margin 23.89% 97.31% 17.97%
Return on equity 7.54% (18.98%) 10.28%
Return on assets 0.65% (2.02%) 1.13%
Return on invested capital 4.00% (17.93%) 8.45%

Growth

Metric AMTB HBNC Banks Regional median
Revenue growth (TTM) (7.36%) (74.21%) 6.37%
EPS growth (last fiscal year) 386.36% (493.75%) 18.85%
Revenue growth, 5-year CAGR 15.14% (16.35%) 12.65%
Net income growth, 5-year CAGR 0.00% 0.00% 9.81%

Health

Metric AMTB HBNC Banks Regional median
Debt to equity 1.02 0.22 0.17
Current ratio 0.89 0.92 0.93
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric AMTB HBNC Banks Regional median
Dividend yield 1.22% 3.06% 2.49%
Payout ratio 0.21 — 0.29

Size

Metric AMTB HBNC Banks Regional median
Market cap 1.15b 1.07b 934.85m

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