COMP <GO>

MBWM vs HBNC // PIOTROSKI F-SCORE QUALITY

Mercantile Bank Corporation (NASDAQ) VS. Horizon Bancorp Inc. (NASDAQ) • 15-METRIC TALLY: MBWM 2 — HBNC 4

▲ PIOTROSKI F-SCORE QUALITY LEADER: MBWM

LAST: $60.65 (+0.53%) • MKT CAP: $1.05B

piotroski-score

4/9

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

piotroski-score

3/9

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

INSTITUTIONAL METRIC	MBWM	HBNC	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	12.20%	-21.90%	+34.10	MBWM	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	1.71%	6.89%	-5.18	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	2.28%	2.74%	-0.46	HBNC	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality ACTIVE	4/9	3/9	+1.00	MBWM	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	56.9	67.2	-10.30	HBNC	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	11.0x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.05B	$1.08B	-$29.2M	HBNC	/market-cap <GO>

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

FISCAL YEAR	MBWM REV	HBNC REV	MBWM GROSS %	HBNC GROSS %	MBWM FCF	HBNC FCF
FY 2025	$0	$0	—	—	$18.0M	$74.3M
FY 2024	$0	$0	—	—	$101.1M	$1.3M
FY 2023	$0	$0	—	—	$66.6M	$88.9M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

MBWM // BETA —

HBNC // BETA —