Hanmi Financial Corporation (HAFC) vs Horizon Bancorp (IN) (HBNC)

Hanmi Financial Corporation and Horizon Bancorp (IN) are both Banks Regional companies. Hanmi Financial Corporation and Horizon Bancorp (IN) are of similar size ($986.8M and $943.7M). Horizon Bancorp (IN) has negative trailing earnings, so its P/E is not meaningful; Hanmi Financial Corporation trades at 10.7×. Hanmi Financial Corporation grew revenue faster over the last twelve months: 4.20% against −74.2%. Hanmi Financial Corporation has the higher net margin (19.8% vs −149.0%) and the higher return on invested capital (11.3% vs −17.9%). Both pay a dividend; Hanmi Financial Corporation yields more (6.78% vs 5.37%). Across the 19 metrics below, Hanmi Financial Corporation leads on 17 and Horizon Bancorp (IN) on 2.

Valuation

Metric HAFC HBNC Banks Regional median
P/E 10.74 n/m 12.15
P/S 2.10 10.20 2.37
P/B 1.17 1.36 1.21
Price to free cash flow 4.51 10.49 10.80
EV/EBITDA n/m n/m —
EV/Sales 1.82 9.56 2.27
Earnings yield 9.31% (16.36%) 8.11%
Free cash flow yield 22.18% 9.54% 8.98%

Profitability

Metric HAFC HBNC Banks Regional median
Gross margin 63.45% (13.47%) 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 19.80% (148.95%) 18.66%
Free cash flow margin 46.60% 97.31% 21.18%
Return on equity 11.33% (18.98%) 10.64%
Return on assets 1.13% (2.02%) 1.13%
Return on invested capital 11.28% (17.93%) 8.33%

Growth

Metric HAFC HBNC Banks Regional median
Revenue growth (TTM) 4.20% (74.21%) 6.61%
EPS growth (last fiscal year) 22.44% (493.75%) —
Revenue growth, 5-year CAGR 10.75% (16.35%) 12.30%
Net income growth, 5-year CAGR 12.51% 0.00% 9.71%

Health

Metric HAFC HBNC Banks Regional median
Debt to equity 0.25 0.22 0.22
Current ratio 0.98 0.92 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric HAFC HBNC Banks Regional median
Dividend yield 6.78% 5.37% 3.75%
Payout ratio 0.31 0.34 0.27

Size

Metric HAFC HBNC Banks Regional median
Market cap 943.74m 986.84m 921.07m

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