Independent Bank Corp. (IBCP) vs South Plains Financial, Inc. (SPFI)

Independent Bank Corp. and South Plains Financial, Inc. are both Banks Regional companies. Independent Bank Corp. and South Plains Financial, Inc. are of similar size ($807.8M and $802.2M). Independent Bank Corp. trades at the lower P/E: 10.6× against 10.9×. South Plains Financial, Inc. grew revenue faster over the last twelve months: 10.3% against 3.49%. Independent Bank Corp. has the higher net margin (21.6% vs 21.2%) and the higher return on invested capital (0.00% vs 0.00%). Both pay a dividend; Independent Bank Corp. yields more (3.08% vs 1.66%). Across the 18 metrics below, Independent Bank Corp. leads on 9 and South Plains Financial, Inc. on 9.

Valuation

Metric IBCP SPFI Banks Regional median
P/E 10.58 10.93 12.02
P/S 2.42 2.47 2.36
P/B 1.40 1.30 1.23
Price to free cash flow 21.14 9.65 10.60
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 9.45% 9.15% 8.21%
Free cash flow yield 4.73% 10.36% 9.23%

Profitability

Metric IBCP SPFI Banks Regional median
Gross margin 75.45% 72.58% 69.81%
Operating margin 0.00% 0.00% 0.00%
Net margin 21.63% 21.23% 18.82%
Free cash flow margin 0.00% 25.54% 17.97%
Return on equity 13.50% 12.64% 10.28%
Return on assets 1.23% 1.41% 1.13%
Return on invested capital 0.00% 0.00% 8.45%

Growth

Metric IBCP SPFI Banks Regional median
Revenue growth (TTM) 3.49% 10.25% 6.37%
EPS growth (last fiscal year) 3.48% 17.81% 18.85%
Revenue growth, 5-year CAGR 7.41% 4.36% 12.65%
Net income growth, 5-year CAGR 4.07% 5.21% 9.81%

Health

Metric IBCP SPFI Banks Regional median
Debt to equity 0.00 0.10 0.17
Current ratio 0.00 0.97 0.93
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric IBCP SPFI Banks Regional median
Dividend yield 3.08% 1.66% 2.49%
Payout ratio 0.33 0.19 0.29

Size

Metric IBCP SPFI Banks Regional median
Market cap 802.22m 807.80m 934.85m

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