HBNC vs HFWA vs FFIN vs SBCF

For growth investors, First Financial Bankshares, Inc.

(FFIN) is the stronger pick with 11. 7% revenue growth year-over-year, versus -71. 0% for Horizon Bancorp, Inc. (HBNC). Heritage Financial Corporation (HFWA) offers the better valuation at 14. 8x trailing P/E (14. 1x forward), making it the more compelling value choice. Analysts rate Horizon Bancorp, Inc. (HBNC) a "Buy" — based on 9 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Heritage Financial Corporation (HFWA) is the cheapest at 14.

8x versus Seacoast Banking Corporation of Florida at 20. 3x. On forward P/E, Horizon Bancorp, Inc. is actually cheaper at 9. 4x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Heritage Financial Corporation wins at 1. 62x versus Seacoast Banking Corporation of Florida's 6. 84x — a reasonable growth-adjusted valuation.

Over the past 5 years, Horizon Bancorp, Inc.

(HBNC) delivered a total return of +27. 7%, compared to -25. 9% for First Financial Bankshares, Inc. (FFIN). Over 10 years, the gap is even starker: FFIN returned +136. 4% versus HFWA's +114. 1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), First Financial Bankshares, Inc.

(FFIN) is the lower-risk stock at 0. 78β versus Seacoast Banking Corporation of Florida's 1. 10β — meaning SBCF is approximately 40% more volatile than FFIN relative to the S&P 500. On balance sheet safety, First Financial Bankshares, Inc. (FFIN) carries a lower debt/equity ratio of 1% versus 59% for Horizon Bancorp, Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), First Financial Bankshares, Inc.

(FFIN) is pulling ahead at 11. 7% versus -71. 0% for Horizon Bancorp, Inc. (HBNC). On earnings-per-share growth, the picture is similar: Heritage Financial Corporation grew EPS 58. 1% year-over-year, compared to -493. 8% for Horizon Bancorp, Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

First Financial Bankshares, Inc.

(FFIN) is the more profitable company, earning 30. 7% net margin versus -145. 9% for Horizon Bancorp, Inc. — meaning it keeps 30. 7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: FFIN leads at 37. 5% versus -193. 4% for HBNC. At the gross margin level — before operating expenses — HFWA leads at 72. 4%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Heritage Financial Corporation (HFWA) is the more undervalued stock at a PEG of 1. 62x versus Seacoast Banking Corporation of Florida's 6. 84x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, Horizon Bancorp, Inc. (HBNC) trades at 9. 4x forward P/E versus 16. 5x for First Financial Bankshares, Inc. — 7. 1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for FFIN: 16. 6% to $39. 25.

All stocks in this comparison pay dividends.

Heritage Financial Corporation (HFWA) offers the highest yield at 3. 3%, versus 2. 1% for Horizon Bancorp, Inc. (HBNC).

For long-horizon retirement investors, First Financial Bankshares, Inc.

(FFIN) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 78), 2. 2% yield, +136. 4% 10Y return). Both have compounded well over 10 years (FFIN: +136. 4%, SBCF: +115. 4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: HBNC is a small-cap quality compounder stock; HFWA is a small-cap deep-value stock; FFIN is a small-cap quality compounder stock; SBCF is a small-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.