8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report	November 16, 2004
(Date of earliest event reported)	November 16, 2004

HEARTLAND FINANCIAL, USA, INC.

(Exact name of Registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

0-24724	42-1405748
(Commission File Number)	(I.R.S. Employer Identification Number)

1398 Central Avenue, Dubuque, Iowa	52001
(Address of principal executive offices)	(Zip Code)

(563) 589-2100

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-14(c))

Item 8.01 Other Events

On or about November 16, 2004, Heartland Financial USA, Inc. (the "Company") mailed its 3rd Quarter 2004 "Investment Profile," its quarterly newsletter to shareholders.  A copy of the Company's 3rd Quarter Investment Profile Newsletter is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements, Pro Forma Financial Information and Exhibits

(a)   FINANCIAL STATEMENTS OF BUSINESS ACQUIRED.

None.

(b)   PRO FORMA FINANCIAL INFORMATION.

None.

(c)   EXHIBITS

99.1  3rd Quarter Investment Profile Newsletter

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HEARTLAND FINANCIAL USA, INC
November 16, 2004	By:	/s/ John K. Schmidt
		Executive Vice President, COO and CFO

EX-99

Volume 12, Issue 3 Third Quarter 2004 INVESTMENT PROFILE is published quarterly to keep current and potential Heartland stockholders informed of company activities and to provide an overview of the Company’s current financial performance.   Community Banking Dubuque Bank & Trust Galena State Bank First Community Bank Riverside Community Bank Wisconsin Community Bank New Mexico Bank & Trust Arizona Bank & Trust
Rocky Mountain Bank   Consumer Finance Citizens Finance   Investment Banking HTLF Capital Corp.   Vehicle Leasing and Fleet Management ULTEA   Contact John K. Schmidt (563) 589-1994 jschmidt@htlf.com Highlights §Net interest income improved by 38% over third-quarter 2003, primarily as a result of a 31% growth in average earnings assets.  Net interest margin as a percentage of average earning assets improved by 19 basis points over third-quarter 2003 and 10 basis points over second-quarter 2004. §A 24% decrease in net income to $0.24 per diluted share during third-quarter 2004 was impacted by comparisons to unusually high gains on sales of loans and a significant reversal in the valuation allowance on our mortgage servicing rights during third-quarter 2003.  Additionally, unamortized issuance costs on our redeemed trust preferred securities were expensed during third-quarter 2004.  Taken together, these items represented a $0.16 per diluted share after-tax swing in net income. §All $25.0 million of our 9.60% trust preferred securities were redeemed on September 30, 2004.  These securities were listed on the American Stock Exchange under the symbol HFT. §The acquistion of the Wealth Management Group of Colonial Trust Company was completed on August 31, 2004.  With the acquisition, total Heartland trust assets exceed $1.1 billion. §Heartland Business Bank, a branch of Wisconsin Community Bank, opened a loan production office in Rockland, Massachusetts, where we identified the talent and strategic fit to expand in the speciality lending arena. §Heartland's common stock was recently added to KLD's Domini 400 Social Index, which is the established benchmark for measuring the performance of 400 U.S. corporations that pass multiple, broad-based social screens.  Contributing factors included Heartland's strong commitment to supporting the local communities where it operates and its representation of women in senior line management.   Investor Information Heartland’s Common stock is traded on the NASDAQ National Market System under the symbol "HTLF." Heartland is its own stock transfer agent. Any correspondence may be directed to Lois K. Pearce, Corporate Secretary. Primary market makers are: §Howe Barnes Investments, Inc., 135 S. LaSalle Street, Chicago, IL 60603-4398, Phone 800-800-4693 §FTN Financial Securities Corporation, 350 Madison Avenue, 19^th Floor, New York, NY 10017, Phone 866-268-6529   Additional information about Heartland is available through our website at www.htlf.com.   Stock Value Per Share ⁽¹⁾ PE Ratio - Diluted (9/30/04):      16.090 52-Week Price Range (9/30/04):$16.73-$20.63 Closing Price (9/30/04):              $18.45 Book Value(9/30/04):                  $10.44 Price/Book Value (9/30/04):       176.72% Current Dividend:                       $0.32 Yield:                                             1.73% Shares Outstanding (9/30/04):   16,336,073 ⁽¹⁾ Restated to reflect three-for-two stock split effected in the form of a dividend on December 29, 2003.   This newsletter may contain forward-looking statements. Actual events and results may differ significantly from those described in such forward-looking statements, due to changes in the economy, interest rates or other factors. For additional information about these factors, please review our filings with the Securities and Exchange Commission. Heartland undertakes no obligation to update any statement in this newsletter in light of new information or future events.

Financial Highlights  (Dollars in thousands, except per share data)

		For the Nine Months Ended Sept 30,				For the Years Ended December 31,
		2004		2003		2003		2002		2001
Income Statement Data
Net interest income (tax         equivalent)(1)	$	56,571	$	47,458	$	63,373	$	59,523	$	50,080
Provision for loan losses		3,400		3,176		4,183		3,553		4,258
Noninterest income		27,990		28,088		36,541		30,645		28,620
Noninterest expense		59,921		50,038		67,692		60,659		56,692
Income tax expense		5,607		6,654		8,137		7,523		5,530
Income from continuing        operations		13,659		13,995		17,719		16,590		11,129
Income (loss) on        discontinued operations		-		-		-		2,277		285
Net income		13,659		13,995		17,719		18,867		11,414

Ratios
Return on average equity		11.93%		14.43%		13.46%		16.44%		11.32%
Return on average assets		0.82		1.02		0.95		1.13		0.72
Net interest margin        (tax equivalent)(1)		3.82		3.87		3.80		4.04		3.68
Allowance as a percent of         total loans		1.41		1.44		1.37		1.37		1.33
Earnings per share - diluted (2)	$	0.86	$	0.92	$	1.16	$	1.28	$	0.79
Earnings per share from        continuing operations -        diluted(2) (3)		0.86		0.92		1.16		1.12		0.77
Adjusted earnings per share-        diluted(2)(4)		0.86		0.92		1.16		1.28		0.85
Adjusted earnings per share        from continuing operations        diluted (2)(5)		0.86		0.92		1.16		1.12		0.84
Dividends per share		0.24		0.20		0.27		0.27		0.25
Book value per share		13,659		13,995		17,719		18,867		11,414

Balance Sheet Data
Total assets	$	2,567,370	$	1,947,906	$	2,018,366	$	1,785,979	1,644,064
Total loans and leases, net of        unearned		1,737,614		1,249,096		1,322,549		1,152,069	1,078,238
Total deposits		1,982,448		1,457,165		1,492,488		1,337,985	1,205,159
Stockholders' equity		170,553		137,122		140,923		124,041	107,090

⁽¹⁾Tax-equivalent basis is calculated using an effective tax rate of 35%./ ⁽²⁾ Restated to reflect three-for-two stock split effected in the form of a divident on December 29, 2003./ ⁽³⁾ Excludes discontinued operations of our Eau Claire branch./ ⁽⁴⁾ Excludes goodwill amortization discontinued with the adoption of FAS Nos. 142 and 147./ ⁽⁵⁾ Excludes goodwill amortization discontinued with the adoption of FAS Nos. 142 and 147 and the discontinued operations of our Eau Claire branch.

Total Assets (In thousands)                                    Total Loans (In thousands)                               Total Deposits (In thousands)
[GRAPHS DEPICTING VALUES IN THE TABLE ABOVE]

Earnings Per Share from Continuing Operations - Diluted     Net Interest Margin (Tax equivalent)   Allowance as Percent of Total Loans         
[GRAPHS DEPICTING VALUES IN THE TABLE ABOVE]