Independent Bank Corp. (IBCP) vs Shore Bancshares Inc (SHBI)

Independent Bank Corp. and Shore Bancshares Inc are both Banks Regional companies. Independent Bank Corp. and Shore Bancshares Inc are of similar size ($790.7M and $764.9M). Independent Bank Corp. trades at the lower P/E: 10.3× against 11.6×. Shore Bancshares Inc grew revenue faster over the last twelve months: 2.79% against 0.86%. Independent Bank Corp. has the higher net margin (22.3% vs 19.2%) and the lower return on invested capital (10.0% vs 12.2%). Both pay a dividend; Shore Bancshares Inc yields more (4.34% vs 4.05%). Across the 20 metrics below, Shore Bancshares Inc leads on 14 and Independent Bank Corp. on 6.

Valuation

Metric IBCP SHBI Banks Regional median
P/E 10.30 11.62 12.15
P/S 2.30 2.23 2.37
P/B 1.40 1.25 1.21
Price to free cash flow 19.36 8.91 10.80
EV/EBITDA n/m n/m —
EV/Sales 2.30 1.74 2.27
Earnings yield 9.71% 8.60% 8.11%
Free cash flow yield 5.16% 11.22% 8.98%

Profitability

Metric IBCP SHBI Banks Regional median
Gross margin 73.96% 68.57% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 22.32% 19.15% 18.66%
Free cash flow margin 11.86% 24.99% 21.18%
Return on equity 14.38% 11.21% 10.64%
Return on assets 1.29% 1.09% 1.13%
Return on invested capital 10.04% 12.23% 8.33%

Growth

Metric IBCP SHBI Banks Regional median
Revenue growth (TTM) 0.86% 2.79% 6.61%
EPS growth (last fiscal year) 3.48% 34.85% —
Revenue growth, 5-year CAGR 7.41% 37.23% 12.30%
Net income growth, 5-year CAGR 4.07% 30.49% 9.71%

Health

Metric IBCP SHBI Banks Regional median
Debt to equity 0.32 0.14 0.22
Current ratio 0.95 0.95 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric IBCP SHBI Banks Regional median
Dividend yield 4.05% 4.34% 3.75%
Payout ratio 0.32 0.33 0.27

Size

Metric IBCP SHBI Banks Regional median
Market cap 790.74m 764.89m 921.07m

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