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Banner Corporation (BANR) vs First Merchants Corporation (FRME)

Banner Corporation and First Merchants Corporation are both Banks Regional companies. Banner Corporation and First Merchants Corporation are of similar size ($2.6B and $2.6B). Banner Corporation trades at the lower P/E: 11.8× against 12.7×. First Merchants Corporation grew revenue faster over the last twelve months: 6.27% against 1.60%. Banner Corporation has the higher net margin (22.8% vs 17.4%) and the higher return on invested capital (8.93% vs 4.07%). Both pay a dividend; First Merchants Corporation yields more (3.55% vs 2.94%). Across the 19 metrics below, Banner Corporation leads on 11 and First Merchants Corporation on 8.

Valuation

Metric BANR FRME Banks Regional median
P/E 11.84 12.68 12.02
P/S 2.75 2.28 2.36
P/B 1.14 0.98 1.23
Price to free cash flow 10.04 8.39 10.60
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 8.45% 7.89% 8.21%
Free cash flow yield 9.96% 11.92% 9.23%

Profitability

Metric BANR FRME Banks Regional median
Gross margin 77.27% 64.40% 69.81%
Operating margin 0.00% 0.00% 0.00%
Net margin 22.81% 17.39% 18.82%
Free cash flow margin 27.41% 27.18% 17.97%
Return on equity 10.01% 7.83% 10.28%
Return on assets 1.17% 0.98% 1.13%
Return on invested capital 8.93% 4.07% 8.45%

Growth

Metric BANR FRME Banks Regional median
Revenue growth (TTM) 1.60% 6.27% 6.37%
EPS growth (last fiscal year) 15.57% 13.78% 18.85%
Revenue growth, 5-year CAGR 7.28% 13.50% 12.65%
Net income growth, 5-year CAGR 11.00% 8.57% 9.81%

Health

Metric BANR FRME Banks Regional median
Debt to equity 0.09 0.41 0.17
Current ratio 0.86 0.93 0.93
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric BANR FRME Banks Regional median
Dividend yield 2.94% 3.55% 2.49%
Payout ratio 0.35 0.45 0.29

Size

Metric BANR FRME Banks Regional median
Market cap 2.56b 2.57b 934.85m

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