News Column

Heartland Financial USA, Inc. Reports Second Quarter 2014 Results

July 28, 2014

Quarterly Highlights

  • Net income available to common stockholders of $10.6 million or $0.56 per diluted common share
  • Net interest margin increased 12 basis points from the prior quarter to 4.04%, the highest since second quarter 2012
  • Loan growth of $117.0 million or 13% annualized since March 31, 2014
  • Nonperforming assets decreased $7 million or 12% since March 31, 2014
  • Completed systems conversion of Morrill & Janes Bank and Trust Company

    DUBUQUE, Iowa--(BUSINESS WIRE)-- Heartland Financial USA, Inc. (NASDAQ: HTLF):

           
    QuarterSix Months
    EndedEnded
    June 30,June 30,
    2014     20132014     2013
    Net income (in millions) $ 10.8 $ 9.6 $ 17.7 $ 22.1
    Net income available to common stockholders (in millions) 10.6 9.4 17.3 21.4
    Diluted earnings per common share 0.56 0.54 0.92 1.25
     
    Return on average assets 0.73 % 0.76 % 0.60 % 0.88 %
    Return on average common equity 11.14 11.28 9.32 13.19
    Net interest margin 4.04 3.71 3.98 3.74
     
     

    “Heartland’s second quarter performance was excellent in nearly every respect. Net earnings of $10.6 million exceeded last year’s same quarter by 13 percent. Our results were fueled in part by an expanded net interest margin of 4.04 percent and solid noninterest income.”

     

    Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc.

     


    Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported net income available to common stockholders of $10.6 million, or $0.56 per diluted common share, for the quarter ended June 30, 2014, compared to $9.4 million, or $0.54 per diluted common share, for the second quarter of 2013. Return on average common equity was 11.14% and return on average assets was 0.73% for the second quarter of 2014, compared to 11.28% and 0.76%, respectively, for the same quarter in 2013.

    Positively affecting net income for the quarter as compared to the same quarter last year was a $11.9 million increase in net interest income, largely due to strong loan growth and the acquisition of Morrill & Janes Bank and Trust Company completed during the last quarter of 2013. This improvement was offset by a $4.3 million decrease in gains on sale of loans held for sale, resulting from weaker mortgage loan volumes, and a $6.7 million increase in noninterest expenses, primarily due to the added expenses at Morrill & Janes Bank and Trust Company.

    Commenting on Heartland’s second quarter results, Lynn B. Fuller, Heartland’s chairman, president and chief executive officer said, “Heartland’s second quarter performance was excellent in nearly every respect. Net earnings of $10.6 million exceeded last year’s same quarter by 13 percent. Our results were fueled in part by an expanded net interest margin of 4.04 percent and solid noninterest income.”

    Net income available to common stockholders for the first six months of 2014 was $17.3 million, or $0.92 per diluted common share, compared to $21.4 million, or $1.25 per diluted common share, recorded during the first six months of 2013. Return on average common equity was 9.32% and return on average assets was 0.60% for the first six months of 2014, compared to 13.19% and 0.88%, respectively, for the same period in 2013.

    Net Interest Margin Increases in Both Percentage and Dollars

    Net interest margin, expressed as a percentage of average earning assets, was 4.04% during the second quarter of 2014 compared to 3.92% during the first quarter of 2014 and 3.71% during the second quarter of 2013.

    Fuller said, “We are very pleased to see net interest margin increase to 4.04 percent. Our margin has increased by 22 basis points so far in 2014 and by 33 basis points over the past year.”

    Interest income increased $11.5 million or 24% to $59.3 million in the second quarter of 2014 from the $47.8 million recorded in the second quarter of 2013. After adjustment to add $2.7 million for the second quarter of 2014 and $2.4 million for the second quarter of 2013 for income taxes saved on the interest earned on nontaxable securities and loans, on a tax-equivalent basis, interest income in the second quarter of 2014 was $62.0 million compared to $50.2 million in the second quarter of 2013. The increase in interest income in the second quarter of 2014, as compared to the second quarter of 2013, was due to increases in both average earning assets and the interest rate earned on those assets. The average interest rate earned on total earning assets was 4.68% during the second quarter of 2014 compared to 4.51% during the second quarter of 2013. Average earning assets increased $859.2 million or 19% during the second quarter of 2014 compared to the second quarter of 2013, with approximately $804.8 million attributable to the Morrill & Janes Bank and Trust Company acquisition completed during the fourth quarter of 2013.

    Interest expense for the second quarter of 2014 was $8.5 million, a decrease of $411,000 or 5% from $8.9 million in the second quarter of 2013. Even though average interest bearing liabilities increased $657.5 million or 19% for the quarter ended June 30, 2014, as compared to the same quarter in 2013, the average interest rate paid on Heartland's interest bearing deposits and borrowings declined 21 basis points decreasing from 1.04% in the second quarter of 2013 to 0.83% in the second quarter of 2014. Contributing to this improvement in interest expense was a continued favorable change in the mix of deposits. Average savings balances, the lowest cost interest-bearing deposits, as a percentage of total average interest bearing deposits was 75% during the second quarter of 2014, compared to 70% for the second quarter of 2013. The average interest rate paid on savings deposits was 0.32% during the second quarter of 2014 compared to 0.30% during the second quarter of 2013 and the average interest rate paid on time deposits was 1.14% during the second quarter of 2014 compared to 1.69% during the second quarter of 2013.

    Net interest income increased $11.9 million or 31% to $50.8 million in the second quarter of 2014 from the $38.9 million recorded in the second quarter of 2013. Net interest income on a tax-equivalent basis totaled $53.5 million during the second quarter of 2014, an increase of $12.2 million or 30% from the $41.3 million recorded during the second quarter of 2013.

    Decrease in Noninterest Income; Increase in Noninterest Expenses

    Noninterest income was $20.7 million during the second quarter of 2014 compared to $23.3 million during the second quarter of 2013, a decrease of $2.5 million or 11%, primarily due to a $4.3 million decrease in gains on sale of loans held for sale and a $1.5 million decrease in securities and trading account securities gains. These decreases are related to the moderately higher interest rate environment in the second quarter of 2014, as compared to the low interest rate environment in the second quarter of 2013 that encouraged mortgage loan refinancings and rebalancing of the securities portfolio. The volume of mortgage loans sold totaled $208.4 million during the second quarter of 2014, a 53% decrease from the $445.5 million sold during the second quarter of 2013. The negative impact of these decreases was partially offset by higher service charges and fees, loan servicing income, trust fees and brokerage and insurance commissions.

    Fuller commented, “Our Heartland Mortgage unit remains an area of emphasis for Heartland. We are making diligent efforts to increase loan production while seeking efficiencies in the back office.”

    For the second quarter of 2014, noninterest expense totaled $53.9 million, an increase of $6.7 million or 14% from the same quarter of 2013, largely due to $5.2 million of expenses at the Morrill & Janes Bank and Trust Company, which was acquired during the last quarter of 2013. Excluding the effect of this acquisition, noninterest expense increased $1.5 million or 3% during the second quarter of 2014 in comparison to the second quarter of 2013.

    Heartland's effective tax rate was 27.81% for the second quarter of 2014 compared to 27.35% for the second quarter of 2013. Federal low-income housing tax credits included in Heartland's effective tax rate totaled $200,000 during both the second quarter of 2014 and 2013. Heartland's effective tax rate is also affected by the level of tax-exempt interest income which, as a percentage of pre-tax income, was 34.37% during the second quarter of 2014 compared to 33.71% during the second quarter of 2013. The tax-equivalent adjustment for this tax-exempt interest income was $2.7 million during the second quarter of 2014 compared to $2.4 million during the second quarter of 2013.

    Increase in Loans; Slight Decrease in Deposits

    Total assets were $5.91 billion at June 30, 2014, a decrease of $9.8 million since year-end 2013. Securities represented 29% of total assets at June 30, 2014, compared to 32% at year-end 2013.

    Total loans and leases held to maturity were $3.69 billion at June 30, 2014, compared to $3.50 billion at year-end 2013, an increase of $197.8 million or 11% annualized, with $117.0 million or 59% of this growth occurring in the second quarter. A majority of the year-to-date growth occurred in the commercial and commercial real estate loan portfolio, which increased $170.6 million or 14% annualized since year-end 2013, with $102.9 million or 60% of this growth occurring during the second quarter.

    Fuller stated, “An important contributor to Heartland’s solid performance is excellent loan growth of nearly $200 million during the first six months of this year. Our investments in sales technology, tools and training along with active outbound calling, are generating solid increases in organic loan growth.”

    Total deposits were $4.64 billion as of June 30, 2014, compared to $4.67 billion at year-end 2013, a decrease of $25.0 million or 1% annualized. Demand deposits totaled $1.22 billion at June 30, 2014, a decrease of $16.9 million or 3% annualized since year-end 2013. Also experiencing a decrease during the first six months, certificates of deposit totaled $863.0 million at June 30, 2014, a decrease of $29.7 million or 7% annualized. Savings deposits experienced an increase during the first six months, growing to $2.56 billion at June 30, 2014, an increase of $21.5 million or 2% annualized. With the continued decline in time deposits, Heartland has continued its positive trend in lower cost of funds.

    Fuller said, “While deposit growth has slowed this year, we continue to see a very favorable deposit mix. Demand deposits represent 26 percent of our deposits and, when combined with savings deposits, represent 81 percent of total deposits.”

    Decrease in Nonperforming Assets; Increase in Provision for Loan Losses as Result of Loan Growth

    Nonperforming loans, exclusive of those covered under the loss sharing agreements, were $29.1 million or 0.79% of total loans and leases at June 30, 2014, compared to $42.4 million or 1.21% of total loans and leases at December 31, 2013. Approximately 45%, or $13.2 million, of Heartland's nonperforming loans have individual loan balances exceeding $1.0 million, the largest of which is $3.9 million. These nonperforming loans, to an aggregate of six borrowers, are spread over five different industry classifications with 60% located in Heartland's Western and the remainder in Heartland's Midwestern markets.

    Other real estate owned was $24.4 million at June 30, 2014, compared to $29.9 million at December 31, 2013. Liquidation strategies have been identified for all the assets held in other real estate owned. Management continues to market these properties through an orderly liquidation process instead of a quick liquidation process in order to avoid discounts greater than the projected carrying costs.

    The allowance for loan and lease losses at June 30, 2014, was 1.11% of loans and leases and 140.64% of nonperforming loans compared to 1.19% of loans and leases and 98.27% of nonperforming loans at December 31, 2013. The provision for loan losses was $2.8 million for the second quarter of 2014 compared to $1.9 million for the second quarter of 2013. This increase was primarily a result of the higher loan growth experienced during the second quarter of 2014.

    Net charge-offs on loans during the second quarter of 2014 were $432,000, down $9.0 million as compared to the prior quarter and down $1.3 million as compared to the second quarter of 2013.

    “Steady and significant improvement in credit quality is an important driver of Heartland’s year-to-date performance. Over the last twelve months we’ve reduced nonperforming assets by $23 million or 30 percent, resulting in a ratio of nonperforming assets to total assets below one percent, the lowest level we've seen in nearly seven years,” Fuller concluded.

    Conference Call Details

    Heartland will host a conference call for investors at 5:00 p.m. EDT today. To participate, dial 877-407-0781 at least five minutes before start time. To listen to the live webcast, log on to www.htlf.comat least 15 minutes before start time. If you are unable to participate on the call, a replay will be available until July 27, 2015, by logging on to www.htlf.com.

    About Heartland Financial USA, Inc.

    Heartland Financial USA, Inc. is a $5.9 billion diversified financial services company providing banking, mortgage, wealth management, investment, insurance and consumer finance services to individuals and businesses. Heartland currently has 77 banking locations in 57 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas and Missouri and loan production offices in California, Nevada, Wyoming, Idaho, North Dakota, Oregon, Washington and Nebraska. Additional information about Heartland Financial USA, Inc. is available at www.htlf.com.

    Safe Harbor Statement

    This release, and future oral and written statements of Heartland and its management, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Heartland's financial condition, results of operations, plans, objectives, future performance and business. Although these forward-looking statements are based upon the beliefs, expectations and assumptions of Heartland's management, there are a number of factors, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which are detailed in the risk factors included in Heartland's Annual Report on Form 10-K filed with the Securities and Exchange Commission, include, among others: (i) the strength of the local and national economy; (ii) the economic impact of past and any future terrorist threats and attacks and any acts of war, (iii) changes in state and federal laws, regulations and governmental policies concerning the Company's general business; (iv) changes in interest rates and prepayment rates of the Company's assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the potential impact of acquisitions, (viii) the loss of key executives or employees; (ix) changes in consumer spending; (x) unexpected outcomes of existing or new litigation involving the Company; and (xi) changes in accounting policies and practices. All statements in this release, including forward-looking statements, speak only as of the date they are made, and Heartland undertakes no obligation to update any statement in light of new information or future events.

     
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
        For the Quarter Ended     For the Six Months Ended
    June 30,June 30,
          2014     2013     2014     2013
    Interest Income        
    Interest and fees on loans and leases $ 48,101 $ 39,726 $ 94,485 $ 79,553
    Interest on securities:
    Taxable 7,447 4,712 15,208 9,371
    Nontaxable 3,708 3,360 6,830 6,558
    Interest on federal funds sold — — — —
    Interest on deposits in other financial institutions 7   2   14   6  
    Total Interest Income59,263   47,800   116,537   95,488  
    Interest Expense
    Interest on deposits 4,577 5,066 9,355 10,142
    Interest on short-term borrowings 202 108 428 256
    Interest on other borrowings 3,685   3,702   7,343   7,499  
    Total Interest Expense8,464   8,876   17,126   17,897  
    Net Interest Income50,79938,92499,41177,591
    Provision for loan and lease losses 2,751   1,862   9,082   2,499  
    Net Interest Income After Provision for Loan and Lease Losses48,048   37,062   90,329   75,092  
    Noninterest Income
    Service charges and fees 5,254 4,280 10,150 8,288
    Loan servicing income 1,393 141 2,904 267
    Trust fees 3,343 2,942 6,553 5,846
    Brokerage and insurance commissions 1,158 1,087 2,281 2,038
    Securities gains, net 854 2,067 1,635 5,494
    Gain (loss) on trading account securities — 262 (38 ) 576
    Gains on sale of loans held for sale 8,796 13,048 15,175 26,205
    Loss on sales/valuations of repossessed assets, net (798 ) (1,600 ) (921 ) (2,101 )
    Valuation adjustment on mortgage servicing rights — — — 496
    Income on bank owned life insurance 339 315 702 720
    Other noninterest income 398   716   1,023   1,396  
    Total Noninterest Income20,737   23,258   39,464   49,225  
    Noninterest Expense
    Salaries and employee benefits 32,563 29,516 64,882 59,256
    Occupancy 3,984 3,224 8,034 6,409
    Furniture and equipment 2,085 2,065 3,975 4,116
    Professional fees 4,214 4,233 8,740 7,776
    FDIC insurance assessments 980 861 1,960 1,763
    Advertising 1,511 1,248 2,699 2,476
    Intangible assets amortization 591 198 1,215 398
    Other real estate and loan collection expenses 518 877 1,570 1,716
    Other noninterest expenses 7,415   4,944   13,201   9,502  
    Total Noninterest Expense53,861   47,166   106,276   93,412  
    Income Before Income Taxes14,92413,15423,51730,905
    Income taxes 4,150   3,598   5,853   8,797  
    Net Income10,7749,55617,66422,108
    Net income attributable to noncontrolling interest, net of tax —   —   —   (64 )
    Net Income Attributable to Heartland10,7749,55617,66422,044
    Preferred dividends and discount (204 ) (205 ) (408 ) (613 )
    Net Income Available to Common Stockholders$10,570   $9,351   $17,256   $21,431  
    Earnings per common share-diluted$0.56$0.54$0.92$1.25
    Weighted average shares outstanding-diluted18,746,73517,203,92418,739,06717,193,446
     
     
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
        For the Quarter Ended
          6/30/2014     3/31/2014     12/31/2013     9/30/2013     6/30/2013
    Interest Income                
    Interest and fees on loans and leases $ 48,101 $ 46,384 $ 44,995 $ 40,154 $ 39,726
    Interest on securities:
    Taxable 7,447 7,761 7,327 4,803 4,712
    Nontaxable 3,708 3,122 3,294 3,443 3,360
    Interest on federal funds sold — — 1 — —
    Interest on deposits in other financial institutions 7   7   3   3   2  
    Total Interest Income59,263   57,274   55,620   48,403   47,800  
    Interest Expense
    Interest on deposits 4,577 4,778 5,057 4,769 5,066
    Interest on short-term borrowings 202 226 421 131 108
    Interest on other borrowings 3,685   3,658   3,785   3,623   3,702  
    Total Interest Expense8,464   8,662   9,263   8,523   8,876  
    Net Interest Income50,79948,61246,35739,88038,924
    Provision for loan and lease losses 2,751   6,331   2,049   5,149   1,862  
    Net Interest Income After Provision for Loan and Lease Losses48,048   42,281   44,308   34,731   37,062  
    Noninterest Income
    Service charges and fees 5,254 4,896 4,885 4,487 4,280
    Loan servicing income 1,393 1,511 783 598 141
    Trust fees 3,343 3,210 2,944 2,918 2,942
    Brokerage and insurance commissions 1,158 1,123 1,246 1,277 1,087
    Securities gains, net 854 781 509 1,118 2,067
    Gain (loss) on trading account securities — (38 ) 582 263 262
    Gains on sale of loans held for sale 8,796 6,379 5,353 8,637 13,048
    Loss on sales/valuations of repossessed assets, net (798 ) (123 ) (359 ) (339 ) (1,600 )
    Valuation adjustment on mortgage servicing rights — — — — —
    Income on bank owned life insurance 339 363 426 409 315
    Other noninterest income 398   625   846   1,011   716  
    Total Noninterest Income20,737   18,727   17,215   20,379   23,258  
    Noninterest Expense
    Salaries and employee benefits 32,563 32,319 30,121 28,847 29,516
    Occupancy 3,984 4,050 3,663 3,387 3,224
    Furniture and equipment 2,085 1,890 2,007 1,917 2,065
    Professional fees 4,214 4,526 5,270 4,486 4,233
    FDIC insurance assessments 980 980 1,036 745 861
    Advertising 1,511 1,188 1,458 1,360 1,248
    Intangible assets amortization 591 624 469 196 198
    Other real estate and loan collection expenses 518 1,052 1,999 730 877
    Other noninterest expenses 7,415   5,786   7,519   5,140   4,944  
    Total Noninterest Expense53,861   52,415   53,542   46,808   47,166  
    Income Before Income Taxes14,9248,5937,9818,30213,154
    Income taxes 4,150   1,703   46   1,492   3,598  
    Net Income10,7746,8907,9356,8109,556
    Net income attributable to noncontrolling interest, net of tax —   —   —   —   —  
    Net Income Attributable to Heartland10,7746,8907,9356,8109,556
    Preferred dividends and discount (204 ) (204 ) (204 ) (276 ) (205 )
    Net Income Available to Common Stockholders$10,570   $6,686   $7,731   $6,534   $9,351  
    Earnings per common share-diluted$0.56$0.36$0.42$0.38$0.54
    Weighted average shares outstanding-diluted18,746,73518,724,93618,360,47017,221,15417,203,924
     
     
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
        As Of
          6/30/2014     3/31/2014     12/31/2013     9/30/2013     6/30/2013
    Assets                
    Cash and due from banks $ 98,613 $ 84,744 $ 118,441 $ 160,225 $ 105,127
    Federal funds sold and other short-term investments 4,047   3,884   6,829   4,783   6,970  
    Cash and cash equivalents 102,660 88,628 125,270 165,008 112,097
    Time deposits in other financial institutions 3,105 3,355 3,355 3,605 3,605
    Securities:
    Trading, at fair value — — 1,801 1,219 956
    Available for sale, at fair value 1,412,809 1,400,756 1,633,902 1,374,180 1,507,026
    Held to maturity, at cost 257,217 257,927 237,498 53,841 55,199
    Other investments, at cost 20,932 18,755 21,843 17,430 15,392
    Loans held for sale 87,173 54,862 46,665 61,326 88,541
    Loans and leases:
    Held to maturity 3,694,734 3,577,776 3,496,952 2,901,706 2,832,377
    Loans covered by loss share agreements 4,379 5,466 5,749 5,876 6,275
    Allowance for loan and lease losses (40,892 ) (38,573 ) (41,685 ) (41,311 ) (37,623 )
    Loans and leases, net 3,658,221 3,544,669 3,461,016 2,866,271 2,801,029
    Premises, furniture and equipment, net 133,127 135,054 135,714 129,029 129,938
    Other real estate, net 24,395 28,083 29,852 33,018 34,763
    Goodwill 35,583 35,583 35,583 30,627 30,627
    Other intangible assets, net 32,732 32,690 32,959 23,435 22,056
    Cash surrender value on life insurance 81,840 81,486 81,110 79,238 75,992
    FDIC indemnification asset 124 190 249 795 282
    Other assets 64,000   65,064   76,899   73,708   82,253  
    Total Assets$5,913,918   $5,747,102   $5,923,716   $4,912,730   $4,959,756  
    Liabilities and Equity
    Liabilities
    Deposits:
    Demand $ 1,221,703 $ 1,195,457 $ 1,238,581 $ 1,073,688 $ 1,029,784
    Savings 2,556,784 2,582,166 2,535,242 2,043,397 1,978,962
    Time 862,995   885,741   892,676   807,913   832,388  
    Total deposits 4,641,482 4,663,364 4,666,499 3,924,998 3,841,134
    Short-term borrowings 420,494 256,250 408,756 224,048 339,181
    Other borrowings 329,715 334,916 350,109 322,538 336,332
    Accrued expenses and other liabilities 49,806   35,237   58,892   44,543   47,974  
    Total Liabilities5,441,4975,289,7675,484,2564,516,1274,564,621
    Stockholders' Equity
    Preferred equity 81,698 81,698 81,698 81,698 81,698
    Common stock 18,468 18,455 18,399 16,953 16,947
    Capital surplus 93,334 92,199 91,632 52,641 52,710
    Retained earnings 278,632 269,908 265,067 259,172 254,332
    Accumulated other comprehensive income (loss) 289 (4,903 ) (17,336 ) (13,819 ) (10,200 )
    Treasury stock at cost —   (22 ) —   (42 ) (352 )
    Total Heartland Stockholders' Equity472,421457,335439,460396,603395,135
    Noncontrolling interest —   —   —   —   —  
    Total Equity472,421   457,335   439,460   396,603   395,135  
    Total Liabilities and Equity$5,913,918   $5,747,102   $5,923,716   $4,912,730   $4,959,756  
     
     
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
        For the Quarter Ended     For the Six Months Ended
    June 30,June 30,
          2014     2013     2014     2013
    Average Balances        
    Assets $ 5,800,104 $ 4,932,852 $ 5,785,309 $ 4,911,556

    Loans and leases, net of unearned

    3,692,159 2,905,778 3,631,977 2,891,449
    Deposits 4,665,993 3,871,945 4,649,683 3,836,731
    Earning assets 5,321,149 4,461,923 5,299,857 4,433,182
    Interest bearing liabilities 4,091,233 3,433,686 4,090,466 3,423,221
    Common stockholders' equity 380,561 332,386 373,265 327,629
    Total stockholders' equity 462,259 414,976 454,963 411,150
    Tangible common stockholders' equity 334,747 299,225 326,866 294,366
     
    Earnings Performance Ratios
    Annualized return on average assets 0.73 % 0.76 % 0.60 % 0.88 %
    Annualized return on average common equity 11.14 % 11.28 % 9.32 % 13.19 %
    Annualized return on average common tangible equity 12.66 % 12.53 % 10.65 % 14.68 %
    Annualized net interest margin(1) 4.04 % 3.71 % 3.98 % 3.74 %
    Efficiency ratio, fully taxable equivalent(2) 71.75 % 73.27 % 73.32 % 72.62 %
     
    (1) Computed on a tax equivalent basis using an effective tax rate of 35%.
    (2) Efficiency ratio, fully taxable equivalent, is noninterest expense, divided by the sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains (losses), loss on sales/valuations of repossessed assets, net, and intangible assets amortization. This efficiency ratio is presented on a taxable equivalent basis, which adjusts net interest income for the tax-favored status of certain loans and investment securities. Management believes this measure to be the preferred industry measurement of net interest income as it enhances the comparability of net interest income arising from taxable and tax-exempt sources, and it excludes certain specific revenue items (such as investment securities gains (losses), net, and loss on sales/valuations of repossessed assets, net). This is a non-GAAP measure.
     
     
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
        For the Quarter Ended
          6/30/2014     3/31/2014     12/31/2013     9/30/2013     6/30/2013
    Average Balances                
    Assets $ 5,800,104 $ 5,770,350 $ 5,604,487 $ 4,901,972 $ 4,932,852
    Loans and leases, net of unearned 3,692,159 3,571,127 3,341,252 2,937,508 2,905,778
    Deposits 4,665,993 4,633,192 4,512,170 3,861,624 3,871,945
    Earning assets 5,321,149 5,278,331 5,061,822 4,396,140 4,461,923
    Interest bearing liabilities 4,091,233 4,089,691 3,921,951 3,413,205 3,433,686
    Common stockholders' equity 380,561 365,889 349,056 309,472 332,386
    Total stockholders' equity 462,259 447,587 430,754 391,170 414,976
    Tangible common stockholders' equity 334,747 318,898 308,802 276,511 299,225
     
    Earnings Performance Ratios
    Annualized return on average assets 0.73 % 0.47 % 0.55 % 0.53 % 0.76 %
    Annualized return on average common equity 11.14 % 7.41 % 8.79 % 8.38 % 11.28 %
    Annualized return on average common tangible equity 12.66 % 8.50 % 9.93 % 9.38 % 12.53 %
    Annualized net interest margin(1) 4.04 % 3.92 % 3.82 % 3.81 % 3.71 %
    Efficiency ratio, fully taxable equivalent(2) 71.75 % 75.00 % 80.61 % 75.35 % 73.27 %
     
    (1) Computed on a tax equivalent basis using an effective tax rate of 35%.
    (2) Efficiency ratio, fully taxable equivalent, is noninterest expense, divided by the sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains (losses), loss on sales/valuations of repossessed assets, net, and intangible assets amortization. This efficiency ratio is presented on a taxable equivalent basis, which adjusts net interest income for the tax-favored status of certain loans and investment securities. Management believes this measure to be the preferred industry measurement of net interest income as it enhances the comparability of net interest income arising from taxable and tax-exempt sources, and it excludes certain specific revenue items (such as investment securities gains (losses), net, and loss on sales/valuations of repossessed assets, net). This is a non-GAAP measure.
     
     
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND FULL TIME EQUIVALENT EMPLOYEE DATA
        As of and for the Quarter Ended
          6/30/2014     3/31/2014     12/31/2013     9/30/2013     6/30/2013
    Common Share Data                
    Book value per common share $ 21.16 $ 20.36 $ 19.44 $ 18.58 $ 18.51
    Tangible book value per common share(1) $ 18.69 $ 17.86 $ 16.90 $ 16.64 $ 16.56
    ASC 320 effect on book value per common share $ 0.13 $ (0.16 ) $ (0.82 ) $ (0.66 ) $ (0.44 )
    Common shares outstanding, net of treasury stock 18,467,646 18,454,048 18,399,156 16,951,053 16,934,161
    Tangible capital ratio(2) 5.88 % 5.78 % 5.29 % 5.78 % 5.69 %
     
    Loan and Lease Data
    Loans held to maturity:
    Commercial and commercial real estate $ 2,650,517 $ 2,547,625 $ 2,479,880 $ 2,042,995 $ 2,004,883
    Residential mortgage 341,697 365,162 349,349 269,501 248,604
    Agricultural and agricultural real estate 389,918 370,348 376,735 324,339 327,490
    Consumer 315,234 297,978 294,145 268,112 254,825
    Unearned discount and deferred loan fees (2,632 ) (3,337 ) (3,157 ) (3,241 ) (3,425 )
    Total loans and leases held to maturity$3,694,734   $3,577,776   $3,496,952   $2,901,706   $2,832,377  
     
    Loans covered under loss share agreements:
    Commercial and commercial real estate $ 1,208 $ 2,292 $ 2,314 $ 2,402 $ 2,519
    Residential mortgage 1,995 2,062 2,280 2,433 2,493
    Agricultural and agricultural real estate 567 502 543 446 441
    Consumer 609   610   612   595   822  
    Total loans and leases covered under loss share agreements$4,379   $5,466   $5,749   $5,876   $6,275  
     
    Other Selected Trend Information
    Effective tax rate 27.81 % 19.82 % 0.57 % 17.98 % 27.35 %
    Average full time equivalent employees 1,655 1,678 1,662 1,616 1,542
    Trust assets under management $ 1,859,643 $ 1,736,308 $ 1,621,970 $ 1,535,092 $ 1,577,903
    Total Residential Mortgage Loan Applications $ 460,533 $ 316,829 $ 293,115 $ 416,128 $ 653,461
    Residential Mortgage Loans Originated $ 277,895 $ 175,249 $ 232,150 $ 349,012 $ 470,813
    Residential Mortgage Loans Sold $ 208,429 $ 149,993 $ 214,334 $ 336,780 $ 445,452
    Residential Mortgage Loan Servicing Portfolio $ 3,198,510 $ 3,107,589 $ 3,045,893 $ 2,887,667 $ 2,679,283
     
    (1) Total common stockholders' equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by common shares outstanding, net of treasury. This is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength.
    (2) Total common stockholders' equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by total assets less intangible assets (excluding mortgage servicing rights). This is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength.
     
     
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
        As of and for the Quarter Ended
          6/30/2014     3/31/2014     12/31/2013     9/30/2013     6/30/2013
    Allowance for Loan and Lease Losses                
    Balance, beginning of period $ 38,573 $ 41,685 $ 41,311 $ 37,623 $ 37,528
    Provision for loan and lease losses 2,751 6,331 2,049 5,149 1,862
    Charge-offs on loans not covered by loss share agreements (1,392 ) (10,617 ) (3,197 ) (2,454 ) (2,742 )
    Charge-offs on loans covered by loss share agreements (8 ) (41 ) — (59 ) (31 )
    Recoveries 913 1,215 1,522 1,052 1,006
    Recoveries on loans covered by loss share agreements 55   —   —   —   —  
    Balance, end of period$40,892   $38,573   $41,685   $41,311   $37,623  
     
    Asset Quality
    Not covered under loss share agreements:
    Nonaccrual loans $ 29,076 $ 31,928 $ 42,394 $ 47,088 $ 41,003
    Loans and leases past due ninety days or more as to interest or principal payments — — 24 — 6
    Other real estate owned 23,761 28,033 29,794 32,753 33,709
    Other repossessed assets 414   397   397   469   603  
    Total nonperforming assets not covered under loss share agreements$53,251   $60,358   $72,609   $80,310   $75,321  
     
    Covered under loss share agreements:
    Nonaccrual loans $ 297 $ 820 $ 783 $ 805 $ 571
    Other real estate owned 634 50 58 265 1,054
    Other repossessed assets —   —   —   4   —  
    Total nonperforming assets covered under loss share agreements$931   $870   $841   $1,074   $1,625  
     
    Performing troubled debt restructured loans $ 12,076 $ 12,548 $ 19,353 $ 19,371 $ 32,661
     
    Nonperforming Assets Activity
    Balance, beginning of period $ 61,228 $ 73,450 $ 81,384 $ 76,946 $ 71,209
    Net loan charge offs (432 ) (9,443 ) (1,675 ) (1,461 ) (1,767 )
    New nonperforming loans 4,264 5,328 6,981 16,070 18,471
    Reduction of nonperforming loans(1) (4,145 ) (3,303 ) (4,951 ) (5,653 ) (2,634 )
    OREO/Repossessed assets sales proceeds (5,878 ) (4,731 ) (6,907 ) (3,444 ) (5,953 )
    OREO/Repossessed assets writedowns, net (902 ) (80 ) (1,387 ) (1,048 ) (2,284 )
    Net activity at Citizens Finance Co. 47   7   5   (26 ) (96 )
    Balance, end of period$54,182   $61,228   $73,450   $81,384   $76,946  
     
    Asset Quality Ratios Excluding Assets Covered Under Loss Share Agreements
    Ratio of nonperforming loans and leases to total loans and leases 0.79 % 0.89 % 1.21 % 1.62 % 1.45 %
    Ratio of nonperforming assets to total assets 0.90 % 1.06 % 1.23 % 1.63 % 1.52 %
    Annualized ratio of net loan charge-offs to average loans and leases 0.05 % 1.07 % 0.20 % 0.20 % 0.24 %
    Allowance for loan and lease losses as a percent of loans and leases 1.11 % 1.08 % 1.19 % 1.42 % 1.33 %
    Allowance for loan and lease losses as a percent of nonperforming loans and leases 140.64 % 120.81 % 98.27 % 87.73 % 91.74 %
    Loans delinquent 30-89 days as a percent of total loans 0.25 % 0.31 % 0.32 % 0.53 % 0.46 %
     
    (1) Includes principal reductions and transfers to performing status
     
     
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS
        For the Quarter Ended
    June 30, 2014     June 30, 2013
    Average         Average        
          Balance     Interest     Rate     Balance     Interest     Rate
    Earning Assets
    Securities:
    Taxable $ 1,287,411 $ 7,447 2.32 % $ 1,191,838 $ 4,712 1.59 %
    Nontaxable(1) 374,093   5,705   6.12   392,298   5,169   5.28  
    Total securities 1,661,504   13,152   3.17   1,584,136   9,881   2.50  
    Interest bearing deposits 7,236 7 0.39 9,607 2 0.08
    Federal funds sold 202   —   —   160   —   —  
    Loans and leases:
    Commercial and commercial real estate(1) 2,584,110 31,418 4.88 1,998,000 25,266 5.07
    Residential mortgage 428,160 4,617 4.33 334,706 3,473 4.16
    Agricultural and agricultural real estate(1) 371,191 4,742 5.12 322,438 4,204 5.23
    Consumer 308,698 6,484 8.42 250,634 5,926 9.48
    Fees on loans 1,604 — 1,436 —
    Less: allowance for loan and lease losses (39,952 ) —   —   (37,758 ) —   —  
    Net loans and leases 3,652,207   48,865   5.37   2,868,020   40,305   5.64  
    Total earning assets5,321,149   62,024   4.68%4,461,923   50,188   4.51%
    Nonearning Assets 478,955   470,929  
    Total Assets$5,800,104   $4,932,852  
    Interest Bearing Liabilities
    Savings $ 2,585,831 $ 2,090 0.32 % $ 2,011,051 $ 1,509 0.30 %
    Time, $100,000 and over 328,950 842 1.03 313,760 1,169 1.49
    Other time deposits 543,326 1,645 1.21 528,775 2,388 1.81
    Short-term borrowings 300,936 202 0.27 243,665 108 0.18
    Other borrowings 332,190   3,685   4.45   336,435   3,702   4.41  
    Total interest bearing liabilities4,091,233   8,464   0.83%3,433,686   8,876   1.04%
    Noninterest Bearing Liabilities
    Noninterest bearing deposits 1,207,886 1,018,359
    Accrued interest and other liabilities 38,726   65,831  
    Total noninterest bearing liabilities1,246,612   1,084,190  
    Stockholders' Equity462,259   414,976  
    Total Liabilities and Stockholders' Equity$5,800,104   $4,932,852  
    Net interest income(1)$53,560   $41,312  
    Net interest spread(1)3.85%3.47%
    Net interest income to total earning assets(1)4.04%3.71%
    Interest bearing liabilities to earning assets 76.89 % 76.96 %
     
    (1) Computed on a tax equivalent basis using an effective tax rate of 35%
     
     
    HEARTLAND FINANCIAL USA, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
    DOLLARS IN THOUSANDS
        For the Six Months Ended
    June 30, 2014     June 30, 2013
    Average         Average        
          Balance     Interest     Rate     Balance     Interest     Rate
    Earning Assets
    Securities:
    Taxable $ 1,315,116 $ 15,208 2.33 % $ 1,188,223 $ 9,371 1.59 %
    Nontaxable(1) 386,438   10,508   5.48   381,644   10,089   5.33  
    Total securities 1,701,554   25,716   3.05   1,569,867   19,460   2.50  
    Interest bearing deposits 6,828 14 0.41 9,298 6 0.13
    Federal funds sold 504   —   —   893   —   —  
    Loans and leases:
    Commercial and commercial real estate(1) 2,542,457 61,730 4.90 1,990,270 50,826 5.15
    Residential mortgage 414,254 8,967 4.37 334,227 6,912 4.17
    Agricultural and agricultural real estate(1) 372,681 9,477 5.13 318,827 8,568 5.42
    Consumer 302,585 12,668 8.44 248,125 11,750 9.55
    Fees on loans 3,099 — 2,630 —
    Less: allowance for loan and lease losses (41,006 ) —   —   (38,325 ) —   —  
    Net loans and leases 3,590,971   95,941   5.39   2,853,124   80,686   5.70  
    Total earning assets5,299,857   121,671   4.63%4,433,182   100,152   4.56%
    Nonearning Assets 485,452   478,374  
    Total Assets$5,785,309   $4,911,556  
    Interest Bearing Liabilities
    Savings 2,562,256 4,152 0.33 % 1,986,381 3,142 0.32 %
    Time, $100,000 and over 334,615 1,717 1.03 314,755 2,339 1.50
    Other time deposits 555,097 3,486 1.27 539,644 4,661 1.74
    Short-term borrowings 303,489 428 0.28 236,747 256 0.22
    Other borrowings 335,009   7,342   4.42   345,694   7,499   4.37  
    Total interest bearing liabilities4,090,466   17,125   0.84%3,423,221   17,897   1.05%
    Noninterest Bearing Liabilities
    Noninterest bearing deposits 1,197,715 995,951
    Accrued interest and other liabilities 42,165   81,234  
    Total noninterest bearing liabilities1,239,880   1,077,185  
    Stockholders' Equity454,963   411,150  
    Total Liabilities and Stockholders' Equity$5,785,309   $4,911,556  
    Net interest income(1)$104,546   $82,255  
    Net interest spread(1)3.79%3.51%
    Net interest income to total earning assets(1)3.98%3.74%
    Interest bearing liabilities to earning assets 77.18 % 77.22 %
     
    (1) Computed on a tax equivalent basis using an effective tax rate of 35%
     
     
    HEARTLAND FINANCIAL USA, INC.
    SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited)
    DOLLARS IN THOUSANDS
        As of and For the Quarter Ended
          6/30/2014     3/31/2014     12/31/2013     9/30/2013     6/30/2013
    Total Assets                
    Dubuque Bank and Trust Company $ 1,393,391 $ 1,346,025 $ 1,540,049 $ 1,438,041 $ 1,512,215
    New Mexico Bank & Trust 1,050,117 1,020,381 1,032,441 999,555 1,029,360
    Morrill & Janes Bank and Trust Company 837,148 859,998 890,984 — —
    Wisconsin Bank & Trust 658,773 631,501 643,430 635,606 643,727
    Riverside Community Bank 506,150 490,147 443,114 460,224 450,915
    Rocky Mountain Bank 472,079 456,201 467,443 464,221 448,855
    Arizona Bank & Trust 467,966 472,141 450,320 415,174 393,829
    Galena State Bank & Trust Co. 297,298 281,981 290,457 296,383 290,388
    Minnesota Bank & Trust 165,250 157,965 170,517 166,324 164,714
    Summit Bank & Trust     135,721       116,154       113,719       115,547       118,049  
    Total Deposits
    Dubuque Bank and Trust Company $ 1,001,798 $ 1,066,711 $ 1,116,154 $ 1,118,225 $ 1,122,506
    New Mexico Bank & Trust 814,523 790,172 765,572 765,903 748,345
    Morrill & Janes Bank and Trust Company 680,176 673,325 692,038 — —
    Wisconsin Bank & Trust 558,654 544,323 531,371 545,163 527,762
    Riverside Community Bank 392,053 403,643 353,046 371,779 334,248
    Rocky Mountain Bank 384,856 379,017 380,011 375,949 367,707
    Arizona Bank & Trust 382,011 381,121 368,059 320,737 321,813
    Galena State Bank & Trust Co. 257,029 244,682 244,505 252,691 245,324
    Minnesota Bank & Trust 148,260 142,750 154,812 151,659 145,246
    Summit Bank & Trust     118,275       104,598       101,447       102,855       102,891  
    Net Income (Loss)
    Dubuque Bank and Trust Company $ 4,135 $ 2,381 $ 5,009 $ 2,737 $ 3,694
    New Mexico Bank & Trust 2,855 2,199 1,575 1,660 2,520
    Morrill & Janes Bank and Trust Company 1,711 1,301 1,145 — —
    Wisconsin Bank & Trust 1,299 1,068 1,850 1,990 1,534
    Riverside Community Bank 393 527 433 546 240
    Rocky Mountain Bank 388 1,049 576 916 854
    Arizona Bank & Trust 1,243 837 125 380 1,568
    Galena State Bank & Trust Co. 1,072 802 403 324 981
    Minnesota Bank & Trust 59 122 (31 ) (124 ) 196
    Summit Bank & Trust     (82 )     (434 )     44       (368 )     (242 )
    Return on Average Assets
    Dubuque Bank and Trust Company 1.20 % 0.67 % 1.36 % 0.74 % 1.00 %
    New Mexico Bank & Trust 1.10 0.88 0.61 0.66 0.99
    Morrill & Janes Bank and Trust Company 0.81 0.62 0.66 — —
    Wisconsin Bank & Trust 0.82 0.69 1.16 1.24 0.96
    Riverside Community Bank 0.31 0.49 0.38 0.46 0.21
    Rocky Mountain Bank 0.34 0.92 0.49 0.80 0.75
    Arizona Bank & Trust 1.05 0.74 0.12 0.38 1.59
    Galena State Bank & Trust Co. 1.51 1.15 0.54 0.43 1.35
    Minnesota Bank & Trust 0.15 0.32 (0.07 ) (0.32 ) 0.55
    Summit Bank & Trust     (0.26 )     (1.57 )     0.15       (1.27 )     (0.85 )
    Net Interest Margin as a Percentage of Average Earning Assets
    Dubuque Bank and Trust Company 3.67 % 3.72 % 3.59 % 3.30 % 3.23 %
    New Mexico Bank & Trust 3.96 3.80 3.63 3.58 3.53
    Morrill & Janes Bank and Trust Company 3.50 3.17 2.97 — —
    Wisconsin Bank & Trust 4.27 4.41 4.39 4.43 4.25
    Riverside Community Bank 3.57 3.45 3.17 2.82 2.89
    Rocky Mountain Bank 4.36 4.21 4.22 4.15 3.96
    Arizona Bank & Trust 4.47 4.37 4.35 4.57 4.29
    Galena State Bank & Trust Co. 3.79 3.74 3.47 3.32 3.48
    Minnesota Bank & Trust 3.88 3.79 3.64 3.50 3.30
    Summit Bank & Trust     3.98       4.03       3.79       3.76       3.57  
     
     
    HEARTLAND FINANCIAL USA, INC.
    SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited)
    DOLLARS IN THOUSANDS
        As of
          6/30/2014     3/31/2014     12/31/2013     9/30/2013     6/30/2013
    Total Portfolio Loans and Leases                
    Dubuque Bank and Trust Company $ 908,729 $ 897,860 $ 915,377 $ 828,502 $ 828,088
    New Mexico Bank & Trust 575,685 556,928 529,808 508,452 501,373
    Morrill & Janes Bank and Trust Company 429,326 400,243 384,685 — —
    Wisconsin Bank & Trust 496,486 465,969 459,594 444,174 442,184
    Riverside Community Bank 233,668 227,920 186,739 181,024 174,498
    Rocky Mountain Bank 339,479 317,513 316,702 301,224 285,900
    Arizona Bank & Trust 328,438 343,298 329,211 278,616 251,416
    Galena State Bank & Trust Co. 181,135 183,012 183,639 177,480 169,306
    Minnesota Bank & Trust 105,142 98,818 101,491 94,182 89,121
    Summit Bank & Trust     84,040       72,898       73,150       75,681       75,869  
    Allowance For Loan and Lease Losses
    Dubuque Bank and Trust Company $ 9,441 $ 8,839 $ 10,303 $ 11,040 $ 8,858
    New Mexico Bank & Trust 6,628 6,388 7,202 7,007 6,619
    Morrill & Janes Bank and Trust Company 1,741 1,137 406 — —
    Wisconsin Bank & Trust 4,564 4,281 4,850 4,554 4,420
    Riverside Community Bank 3,335 2,835 3,121 3,012 2,924
    Rocky Mountain Bank 4,179 3,965 4,148 4,451 4,404
    Arizona Bank & Trust 3,754 3,913 4,133 3,841 3,573
    Galena State Bank & Trust Co. 1,553 1,716 1,916 1,872 1,759
    Minnesota Bank & Trust 1,071 1,021 1,091 1,068 944
    Summit Bank & Trust     1,099       1,054       1,334       1,297       1,222  
    Nonperforming Loans and Leases
    Dubuque Bank and Trust Company $ 5,718 $ 7,729 $ 15,641 $ 19,803 $ 9,612
    New Mexico Bank & Trust 4,781 5,195 6,880 7,406 8,606
    Morrill & Janes Bank and Trust Company 368 129 160 — —
    Wisconsin Bank & Trust 3,617 4,904 6,165 6,825 7,921
    Riverside Community Bank 6,213 5,213 3,325 4,120 2,769
    Rocky Mountain Bank 3,471 3,271 3,326 4,076 5,997
    Arizona Bank & Trust 2,946 3,200 4,413 1,862 2,240
    Galena State Bank & Trust Co. 826 939 1,077 1,131 1,246
    Minnesota Bank & Trust — — — — 3
    Summit Bank & Trust     567       584       688       1,021       1,897  
    Allowance As a Percent of Total Loans and Leases
    Dubuque Bank and Trust Company 1.04 % 0.98 % 1.13 % 1.33 % 1.07 %
    New Mexico Bank & Trust 1.15 1.15 1.36 1.38 1.32
    Morrill & Janes Bank and Trust Company 0.41 0.28 0.11 — —
    Wisconsin Bank & Trust 0.92 0.92 1.06 1.03 1.00
    Riverside Community Bank 1.43 1.24 1.67 1.66 1.68
    Rocky Mountain Bank 1.23 1.25 1.31 1.48 1.54
    Arizona Bank & Trust 1.14 1.14 1.26 1.38 1.42
    Galena State Bank & Trust Co. 0.86 0.94 1.04 1.05 1.04
    Minnesota Bank & Trust 1.02 1.03 1.07 1.13 1.06
    Summit Bank & Trust     1.31       1.45       1.82       1.71       1.61  
     





    Heartland Financial USA, Inc.

    Bryan R. McKeag, 563-589-1994

    Executive Vice President

    Chief Financial Officer

    bmckeag@htlf.com

    Source: Heartland Financial USA, Inc.


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