First National Corp. (FXNC) vs Hawthorn Bancshares, Inc. (HWBK)

First National Corp. and Hawthorn Bancshares, Inc. are both Banks Regional companies. First National Corp. and Hawthorn Bancshares, Inc. are of similar size ($267.9M and $264.4M). Hawthorn Bancshares, Inc. trades at the lower P/E: 10.0× against 12.2×. First National Corp. grew revenue faster over the last twelve months: 7.66% against 5.28%. Hawthorn Bancshares, Inc. has the higher net margin (22.0% vs 18.4%) and the lower return on invested capital (8.53% vs 37.4%). Both pay a dividend; First National Corp. yields more (3.11% vs 2.86%). Across the 20 metrics below, First National Corp. leads on 11 and Hawthorn Bancshares, Inc. on 9.

Valuation

Metric FXNC HWBK Banks Regional median
P/E 12.19 9.96 12.15
P/S 2.26 2.28 2.37
P/B 1.37 1.44 1.21
Price to free cash flow 9.51 8.81 10.80
EV/EBITDA n/m n/m —
EV/Sales 1.00 2.68 2.27
Earnings yield 8.20% 10.04% 8.11%
Free cash flow yield 10.52% 11.35% 8.98%

Profitability

Metric FXNC HWBK Banks Regional median
Gross margin 79.28% 73.76% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 18.43% 22.03% 18.66%
Free cash flow margin 23.75% 25.93% 21.18%
Return on equity 11.81% 14.95% 10.64%
Return on assets 1.05% 1.39% 1.13%
Return on invested capital 37.41% 8.53% 8.33%

Growth

Metric FXNC HWBK Banks Regional median
Revenue growth (TTM) 7.66% 5.28% 6.61%
EPS growth (last fiscal year) 96.00% 31.42% —
Revenue growth, 5-year CAGR 23.17% 7.51% 12.30%
Net income growth, 5-year CAGR 14.85% 10.74% 9.71%

Health

Metric FXNC HWBK Banks Regional median
Debt to equity 0.09 0.43 0.22
Current ratio 0.88 0.97 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric FXNC HWBK Banks Regional median
Dividend yield 3.11% 2.86% 3.75%
Payout ratio 0.22 0.30 0.27

Size

Metric FXNC HWBK Banks Regional median
Market cap 267.93m 264.36m 921.07m

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