Horizon Bancorp (IN) (HBNC) vs Northeast Bancorp (NBN)

Horizon Bancorp (IN) and Northeast Bancorp are both Banks Regional companies. Horizon Bancorp (IN) and Northeast Bancorp are of similar size ($1.1B and $1.1B). Horizon Bancorp (IN) has negative trailing earnings, so its P/E is not meaningful; Northeast Bancorp trades at 9.7×. Northeast Bancorp grew revenue faster over the last twelve months: 9.71% against −74.2%. Northeast Bancorp has the higher net margin (27.9% vs −149.0%) and the higher return on invested capital (8.97% vs −17.9%). Both pay a dividend; Horizon Bancorp (IN) yields more (3.06% vs 0.03%). Across the 17 metrics below, Northeast Bancorp leads on 12 and Horizon Bancorp (IN) on 5.

Valuation

Metric HBNC NBN Banks Regional median
P/E n/m 9.71 12.02
P/S 11.04 2.71 2.36
P/B 1.47 1.73 1.23
Price to free cash flow 11.34 n/m 10.60
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (15.13%) 10.30% 8.21%
Free cash flow yield 8.82% (6.14%) 9.23%

Profitability

Metric HBNC NBN Banks Regional median
Gross margin (13.47%) 61.42% 69.81%
Operating margin 0.00% 0.00% 0.00%
Net margin (148.95%) 27.91% 18.82%
Free cash flow margin 97.31% (16.62%) 17.97%
Return on equity (18.98%) 19.57% 10.28%
Return on assets (2.02%) 2.26% 1.13%
Return on invested capital (17.93%) 8.97% 8.45%

Growth

Metric HBNC NBN Banks Regional median
Revenue growth (TTM) (74.21%) 9.71% 6.37%
EPS growth (last fiscal year) (493.75%) 26.39% 18.85%
Revenue growth, 5-year CAGR (16.35%) 20.73% 12.65%
Net income growth, 5-year CAGR 0.00% 8.49% 9.81%

Health

Metric HBNC NBN Banks Regional median
Debt to equity 0.22 1.42 0.17
Current ratio 0.92 1.35 0.93
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric HBNC NBN Banks Regional median
Dividend yield 3.06% 0.03% 2.49%
Payout ratio — 0.00 0.29

Size

Metric HBNC NBN Banks Regional median
Market cap 1.07b 1.07b 934.85m

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