Which has grown faster, HBNC or MBWM?

Over the past five years, MBWM grew revenue faster — HBNC at a -17.66% CAGR versus MBWM at 14.13%.

Does HBNC or MBWM pay a bigger dividend?

HBNC yields 3.33% and MBWM yields 2.63% based on trailing dividends and the latest price.

Is HBNC or MBWM more profitable?

MBWM runs the higher net margin — HBNC at -150.89% versus MBWM at 24.79%.

How have HBNC and MBWM total returns compared?

Over the past 10 years, HBNC delivered 7.82% and MBWM delivered 12.20% annualized total return. Past performance doesn't predict future results.

Horizon Bancorp, Inc. (HBNC) vs Mercantile Bank Corporation (MBWM)

A side-by-side comparison of Horizon Bancorp, Inc. and Mercantile Bank Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of October 6, 2026. Differences are shown without an overall score or investment verdict.

HBNC

Horizon Bancorp, Inc.

$996M

$19.41Financial ServicesDelayed quote: Oct 6, 2026, 12:55 PM EDT

MBWM

Mercantile Bank Corporation

$1.02B

$59.13Financial ServicesDelayed quote: Oct 6, 2026, 12:55 PM EDT

Total return — HBNC vs MBWM

growth of $100 · dividends reinvested · last 10y

HBNC +114.3% (+7.9%/yr)MBWM +214.6% (+12.1%/yr)MBWM compounded faster over this window

HBNC MBWM

HBNC vs MBWM: by the numbers

•MBWM is the larger company ($1.02B vs $996M market cap).
•MBWM is profitable (24.79% net margin) while HBNC runs a net loss (-150.89%).
•MBWM grew revenue faster over the past five years (14.13% vs -17.66% CAGR).
•HBNC pays the higher dividend yield (3.33% vs 2.63%).

Metrics side by side

Valuation

Metric	HBNC	MBWM
P/E ratio	N/A	10.41
Forward P/E	9.12	10.67
PEG ratio	N/A	0.69
P/S ratio	10.44	2.66
P/B ratio	1.37	1.35

Profitability

Metric	HBNC	MBWM
Operating margin	-197.96%	28.78%
Net margin	-150.89%	24.79%
ROE	-19.83%	12.61%

Horizon Bancorp, Inc.: Gross margin is not shown for a lender or insurer: its revenue is interest, premiums and fees rather than the sale of goods, so there is no cost of goods sold to measure it against.

Mercantile Bank Corporation: Gross margin is not shown for a lender or insurer: its revenue is interest, premiums and fees rather than the sale of goods, so there is no cost of goods sold to measure it against.

Dividends

Metric	HBNC	MBWM
Dividend yield	3.33%	2.63%
Payout ratio	N/A	27.46%

Growth (annualized)

Metric	HBNC	MBWM
Revenue CAGR (5Y)	-17.66%	14.13%
EPS CAGR (5Y)	N/A	15.04%
Total return CAGR (5Y)	5.42%	16.02%

Frequently asked

Which has grown faster, HBNC or MBWM?: Over the past five years, MBWM grew revenue faster — HBNC at a -17.66% CAGR versus MBWM at 14.13%.
Does HBNC or MBWM pay a bigger dividend?: HBNC yields 3.33% and MBWM yields 2.63% based on trailing dividends and the latest price.
Is HBNC or MBWM more profitable?: MBWM runs the higher net margin — HBNC at -150.89% versus MBWM at 24.79%.
How have HBNC and MBWM total returns compared?: Over the past 10 years, HBNC delivered 7.82% and MBWM delivered 12.20% annualized total return. Past performance doesn't predict future results.

Go deeper

Full HBNC analysis Full MBWM analysis Interactive comparison tool

Dig into the metrics

Mercantile Bank P/E ratio Horizon Bancorp dividend yield Mercantile Bank dividend yield Horizon Bancorp ROE Mercantile Bank ROE Horizon Bancorp operating margin Mercantile Bank operating margin Horizon Bancorp revenue growth Mercantile Bank revenue growth

Horizon Bancorp & Mercantile Bank appear in these rankings

Highest Dividend Yield Stocks Lowest P/E Ratio Stocks

Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified October 6, 2026.