COMP <GO>

HBNC vs CCNE // PIOTROSKI F-SCORE QUALITY

Horizon Bancorp Inc. (NASDAQ) VS. CNB Financial Corporation (NASDAQ) • 15-METRIC TALLY: HBNC 4 — CCNE 2

▲ PIOTROSKI F-SCORE QUALITY LEADER: CCNE

LAST: $20.99 (+1.45%) • MKT CAP: $1.08B

piotroski-score

3/9

LAST: $35.61 (+0.56%) • MKT CAP: $1.05B

piotroski-score

4/9

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (HBNC VS. CCNE) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	HBNC	CCNE	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	-21.90%	7.60%	-29.50	CCNE	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	6.89%	5.56%	+1.33	HBNC	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	2.74%	1.72%	+1.02	HBNC	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality ACTIVE	3/9	4/9	-1.00	CCNE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	63.9	63.5	+0.39	HBNC	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	14.9x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.08B	$1.05B	$22.9M	HBNC	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	HBNC REV	CCNE REV	HBNC GROSS %	CCNE GROSS %	HBNC FCF	CCNE FCF
FY 2025	$0	$0	—	—	$74.3M	$58.7M
FY 2024	$0	$0	—	—	$1.3M	$55.2M
FY 2023	$0	$0	—	—	$88.9M	$47.0M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

HBNC // BETA —

CCNE // BETA —