Banner Corporation (BANR) vs Merchants Bancorp (MBIN)

Banner Corporation and Merchants Bancorp are both Banks Regional companies. Banner Corporation and Merchants Bancorp are of similar size ($2.5B and $2.4B). Merchants Bancorp trades at the lower P/E: 10.5× against 11.3×. Banner Corporation grew revenue faster over the last twelve months: 2.71% against −3.25%. Banner Corporation has the higher net margin (23.6% vs 16.9%) and the higher return on invested capital (7.66% vs 3.17%). Both pay a dividend; Banner Corporation yields more (4.38% vs 0.92%). Across the 19 metrics below, Banner Corporation leads on 13 and Merchants Bancorp on 6.

Valuation

Metric BANR MBIN Banks Regional median
P/E 11.32 10.46 12.15
P/S 2.65 1.76 2.37
P/B 1.17 1.30 1.21
Price to free cash flow 8.00 n/m 10.80
EV/EBITDA n/m n/m —
EV/Sales 2.74 4.69 2.27
Earnings yield 8.84% 9.56% 8.11%
Free cash flow yield 12.50% (32.58%) 8.98%

Profitability

Metric BANR MBIN Banks Regional median
Gross margin 76.83% 52.63% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 23.55% 16.86% 18.66%
Free cash flow margin 33.17% (57.50%) 21.18%
Return on equity 10.78% 13.16% 10.64%
Return on assets 1.26% 1.13% 1.13%
Return on invested capital 7.66% 3.17% 8.33%

Growth

Metric BANR MBIN Banks Regional median
Revenue growth (TTM) 2.71% (3.25%) 6.61%
EPS growth (last fiscal year) 15.57% (40.00%) —
Revenue growth, 5-year CAGR 7.28% 27.18% 12.30%
Net income growth, 5-year CAGR 11.00% 0.89% 9.71%

Health

Metric BANR MBIN Banks Regional median
Debt to equity 0.26 1.79 0.22
Current ratio 0.88 1.21 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric BANR MBIN Banks Regional median
Dividend yield 4.38% 0.92% 3.75%
Payout ratio 0.32 0.06 0.27

Size

Metric BANR MBIN Banks Regional median
Market cap 2.52b 2.40b 921.07m

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