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First Merchants Corporation (FRME) vs NBT Bancorp Inc. (NBTB)

First Merchants Corporation and NBT Bancorp Inc. are both Banks Regional companies. First Merchants Corporation and NBT Bancorp Inc. are of similar size ($2.6B and $2.5B). NBT Bancorp Inc. trades at the lower P/E: 12.4× against 12.7×. NBT Bancorp Inc. grew revenue faster over the last twelve months: 14.5% against 3.18%. NBT Bancorp Inc. has the higher net margin (22.6% vs 16.9%) and the higher return on invested capital (9.65% vs 3.59%). Both pay a dividend; First Merchants Corporation yields more (3.69% vs 2.97%). Across the 19 metrics below, NBT Bancorp Inc. leads on 10 and First Merchants Corporation on 9.

Valuation

Metric FRME NBTB Banks Regional median
P/E 12.65 12.40 11.98
P/S 2.26 2.79 2.34
P/B 0.92 1.36 1.19
Price to free cash flow 7.83 10.76 10.63
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 7.90% 8.06% 8.23%
Free cash flow yield 12.77% 9.29% 9.08%

Profitability

Metric FRME NBTB Banks Regional median
Gross margin 63.41% 78.28% 69.55%
Operating margin 0.00% 0.00% 0.00%
Net margin 16.88% 22.58% 18.66%
Free cash flow margin 28.88% 25.90% 21.11%
Return on equity 7.37% 11.42% 10.65%
Return on assets 0.92% 1.33% 1.13%
Return on invested capital 3.59% 9.65% 8.35%

Growth

Metric FRME NBTB Banks Regional median
Revenue growth (TTM) 3.18% 14.47% 6.98%
EPS growth (last fiscal year) 13.78% 12.12% 18.88%
Revenue growth, 5-year CAGR 13.50% 12.88% 12.38%
Net income growth, 5-year CAGR 8.57% 10.15% 9.71%

Health

Metric FRME NBTB Banks Regional median
Debt to equity 0.56 0.08 0.22
Current ratio 0.95 0.87 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric FRME NBTB Banks Regional median
Dividend yield 3.69% 2.97% 2.57%
Payout ratio 0.47 0.37 0.30

Size

Metric FRME NBTB Banks Regional median
Market cap 2.48b 2.63b 913.33m

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