-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LCy6iiUfy1N4fJyO7FTTVl+li/Yg3HxTrSosiSDJ6mQ3hoy0DTv34HozGAHKrk9M 3fqoWKS9zj3qIcHy27eupw== 0000920112-07-000002.txt : 20070129 0000920112-07-000002.hdr.sgml : 20070129 20070129094305 ACCESSION NUMBER: 0000920112-07-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20070129 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070129 DATE AS OF CHANGE: 20070129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEARTLAND FINANCIAL USA INC CENTRAL INDEX KEY: 0000920112 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 421405748 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15393 FILM NUMBER: 07559036 BUSINESS ADDRESS: STREET 1: 1398 CENTRAL AVE CITY: DUBUQUE STATE: IA ZIP: 52001 BUSINESS PHONE: 5635892000 MAIL ADDRESS: STREET 1: 1398 CENTRAL AVE CITY: DUBUQUE STATE: IA ZIP: 52001 8-K 1 form8k012907.htm FORM 8K FILED 012907 form 8K filed 012907

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

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 communications 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))

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


Item 2.02 Results of Operations and Financial Condition
 
On January 29, 2007 Heartland Financial USA, Inc. (the "Company") issued a press release announcing its earnings for the quarter ended December 31, 2006.  A copy of the Company’s press release is attached hereto as Exhibit 99.

Item 9.01 Financial Statements and Exhibits
 
(a)     FINANCIAL STATEMENTS OF BUSINESS ACQUIRED.

    NONE.
 
(b)     PRO FORMA FINANCIAL INFORMATION.
                                   
    NONE.
 
(c)     EXHIBITS.
 
    99. PRESS RELEASE DATED JANUARY 29, 2007.
 
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.
 
 
 
 
 
 
Date:  January 29, 2007
By:  
/s/  John K. Schmidt
 
John K. Schmidt
 
Executive Vice President, COO and CFO
EX-99 2 ex99012907.htm EXHIBIT 99 FILED 012907 exhibit 99 filed 012907
 
                                        

 
 
AT THE COMPANY: AT FINANCIAL RELATIONS BOARD:
John K. Schmidt Leslie Loyet
Chief Operating Officer General Inquiries
Chief Financial Officer (312) 640-6672
(563) 589-1994 lloyet@frbir.com
jschmidt@htlf.com  
 
 
FOR IMMEDIATE RELEASE
MONDAY, JANUARY 29, 2007
 
 
HEARTLAND FINANCIAL USA, INC. REPORTS FOURTH QUARTER 2006 EARNINGS
 

 
Fourth Quarter 2006 Highlights
 
§  
Net income increased by 31% over fourth quarter 2005
§  
Net interest margin improved by 2 basis points compared to fourth quarter 2005
§  
Average earning assets increased 11% over fourth quarter 2005
§  
Summit Bank & Trust opened on November 1, 2006
§  
Sale of ULTEA, Inc. completed



     
Quarter Ended
December 31,
      
Year Ended
December 31,
  
     
2006
      
2005
      
2006
      
2005
  
Net income (in millions)
  
$
7.5
    
$
5.8
    
$
25.1
    
$
22.7
  
Diluted earnings per share
    
0.45
      
0.34
      
1.50
      
1.36
  
                                 
Return on average assets
    
0.98
%
    
0.82
%
    
0.86
%
    
0.84
%
Return on average equity
    
14.62
      
12.35
      
12.86
      
12.55
  
Net interest margin
    
4.06
      
4.04
      
4.18
      
4.04
  


“We are extremely pleased with Heartland’s strong showing for the fourth quarter and full year 2006. The company achieved its dual goals of expanding the franchise while returning double digit growth in earnings.”-- Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc.
 
 
Dubuque, Iowa, January 29, 2007—Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported increased earnings for the fourth quarter of 2006. Net income for the quarter ended December 31, 2006, was $7.5 million, or $0.45 per diluted share, compared to net income of $5.8 million, or $0.34 per diluted share, for the fourth quarter of 2005, an increase of $1.8 million or 31 percent. Return on average equity was 14.62 percent and return on average assets was 0.98 percent for the fourth quarter of 2006, compared to 12.35 percent and 0.82 percent, respectively, for the same quarter in 2005.

Lynn B. Fuller, Heartland’s chairman, president and chief executive officer stated, “We are extremely pleased with Heartland’s strong showing for the fourth quarter and full year 2006. The company achieved its dual goals of expanding the franchise while returning double digit growth in earnings.”

Net income for the year 2006 was $25.1 million, or $1.50 per diluted share, an increase of $2.4 million or 10 percent from the net income of $22.7 million, or $1.36 per diluted share, recorded for the year 2005. Return on average equity was 12.86 percent and return on average assets was 0.86 percent for the year 2006, compared to 12.55 percent and 0.84 percent, respectively, for the year 2005. During the first quarter of 2006, a pre-tax judgment of $2.4 million against Heartland and Wisconsin Community Bank was recorded as noninterest expense, while a $286,000 award under a counterclaim was recorded as a loan loss recovery. The net after tax effect to net income for this one-time event was $1.3 million. Exclusive of this expense, Heartland’s net income for the year 2006 was $26.4 million, or $1.58 per diluted share, an increase of $3.7 million or 16 percent over the year 2005. Because of the non-recurring nature of this expense, Heartland believes that this pro-forma presentation is important for investors to understand Heartland’s financial performance for the year 2006.

The sale of ULTEA Inc., Heartland’s fleet leasing subsidiary, to ALD Automotive was completed on December 22, 2006. All outstanding litigation related to the transaction was also settled at closing. Total assets of ULTEA at closing were $50.3 million. The attached financial statements reflect the results of operations of ULTEA on the income statement as discontinued operations for both the current and prior periods. During the fourth quarter of 2006, income from operations of this discontinued subsidiary included the $20,000 pre-tax gain recorded as a result of the sale. Since negotiations were underway and the sale of ULTEA was highly probable at the end of the third quarter of 2006, the assets and liabilities of ULTEA were classified as assets and liabilities of discontinued operations held for sale on the balance sheet at September 30, 2006.

Referring to the ULTEA sale, Fuller said, "This event represents Heartland’s commitment to focus resources on our core banking and consumer finance businesses and was an important step in our plan to maximize shareholder value by divesting of non-strategic holdings.”

Net interest margin, expressed as a percentage of average earning assets, was 4.06 percent during the fourth quarter of 2006 compared to 4.04 percent for the fourth quarter of 2005 and 4.17 percent for the third quarter of 2006. Heartland’s continued expansion into the Western states of New Mexico, Montana, Arizona and Colorado, where net interest margins tend to be higher than those earned in the Midwestern states, has been a contributing factor to the improvement and maintenance of the net interest margin. Net interest income on a tax-equivalent basis totaled $28.2 million during the fourth quarter of 2006, an increase of $2.8 million or 11 percent from the $25.4 million recorded during the fourth quarter of 2005. For the year 2006, net interest income on a tax-equivalent basis was $109.9 million, an increase of $12.6 million or 13 percent from the $97.3 million recorded during 2005. Contributing to these increases was a $263.8 million or 11 percent growth in average earning assets when comparing the fourth quarter of 2006 to the same quarter in 2005 and the $220.5 million or 9 percent growth in average earning assets when comparing the year 2006 to the year 2005. The percentage of average loans to total average assets increased from 69 percent during 2005 to 70 percent during 2006.

Fuller added, “Throughout 2006, we were successful at maintaining our net interest margin above our internal benchmark of 4.00 percent. Like most other banks, however, Heartland is facing pressure on both sides of the balance sheet. A continued inverted yield curve will make it a challenge to maintain our margin at the 4.00 percent level and we anticipate it will dip below this threshold. The key to continued margins at this threshold will be loan and demand deposit growth.”

On a tax-equivalent basis, interest income in the fourth quarter of 2006 totaled $52.9 million compared to $42.4 million in the fourth quarter of 2005, an increase of $10.5 million or 25 percent. For the year 2006, interest income on a tax-equivalent basis increased $39.4 million or 25 percent over the year 2005. More than half of the loans in Heartland’s commercial and agricultural loan portfolios are floating rate loans, thus changes in the national prime rate have an immediate impact on interest income. Interest expense for the fourth quarter of 2006 was $24.7 million compared to $17.0 million in the fourth quarter of 2005, an increase of $7.7 million or 45 percent. On a full-year comparative basis, interest expense increased $26.7 million or 45 percent. As rates moved upward during the first half of 2006 and continued at those levels during the remainder of the year, Heartland experienced some movement in deposit balances from lower yielding accounts into higher yielding money market and certificate of deposit accounts. Approximately 67 percent of Heartland’s certificate of deposit accounts will mature within the next twelve months at a weighted average rate of 4.64 percent.

Noninterest income increased by $1.0 million or 16 percent during the fourth quarter of 2006 compared to the same quarter in 2005. The categories experiencing the largest increases were service charges and fees, loan servicing income, trust fees and brokerage commissions. For the year 2006, noninterest income increased $3.6 million or 14 percent over the year 2005. Recorded in other noninterest income during the third quarter of 2005 was the forgiveness of $500,000 in debt as Heartland fulfilled the job creation requirements of its Community Development Block Grant Loan Agreement with the City of Dubuque. Exclusive of this one-time income item, noninterest income increased $4.1 million or 16 percent during the years under comparison. In addition to the aforementioned categories, securities gains were a contributor to this improvement.

For the fourth quarter of 2006, noninterest expense increased $2.2 million or 11 percent in comparison with the same period in 2005. The largest component of noninterest expense, salaries and employee benefits, increased $1.0 million or 8 percent during the fourth quarter of 2006 in comparison to the fourth quarter of 2005. This growth in salaries and employee benefits had stabilized during the fourth quarter of 2006 as fewer growth initiatives were underway. Additionally, the increase in salaries and employee benefits expense was less than had been experienced during previous quarters of the year due to an accrual adjustment for employer contributions to Heartland’s retirement plan to reflect staffing changes that had occurred during the year. For the year 2006, noninterest expense increased $13.8 million or 17 percent when compared to the year 2005. Again, the largest contributor to this increase was salaries and employee benefits, which grew by $6.1 million or 13 percent during this one-year comparative period. This growth in salaries and employee benefits expense was primarily the result of additional staffing at Heartland’s operations center to provide support services to the growing number of bank subsidiaries, the addition of branches at New Mexico Bank & Trust and Arizona Bank & Trust, the acquisition of the Bank of the Southwest, and the formation of Summit Bank & Trust, which began operations in October 2005 as a loan production office under the Rocky Mountain Bank umbrella. Total full-time equivalent employees increased to 959 at December 31, 2006, from 909 at December 31, 2005. Salaries and employee benefits expense is anticipated to experience a more significant increase during the first quarter of 2007 as merit increases for all salaried employees are made on January 1 of each year. The $2.4 million judgment against Heartland and a bank subsidiary recorded during the first quarter of 2006 was also a major factor in the increase in noninterest expense for the one-year comparative period. Exclusive of the judgment, noninterest expense increased $11.4 million or 14 percent in comparison to the year 2005. Costs associated with the expansion efforts have also contributed to increases in occupancy, advertising and other noninterest expense during both the fourth-quarter and the one-year comparative periods.

Fuller commented, “Heartland continues to focus on growth opportunities in the western United States. In the fourth quarter, we celebrated the opening of Summit Bank & Trust, our most recent de novo bank, located in the Denver suburb of Broomfield, Colorado. Our westward expansion activity continues to gather momentum as we step closer toward our goal of an equal distribution of assets between our Midwest and Western banks. At year end, the ratio of our assets stood at 58 percent in our Midwestern markets and 42 percent in our Western markets. This compares with 38 percent of our assets in the West just one year ago. Presently, we have new branch office locations under development or construction in Thornton, Colorado; Santa Fe, New Mexico; Gilbert, Arizona and Madison, Wisconsin.”

Heartland’s effective tax rate was 36.93 percent for the fourth quarter of 2006 compared to 27.84 percent during the fourth quarter of 2005. On a full-year comparative basis, Heartland’s effective tax rate was 33.26 percent during 2006 and 30.87 percent during 2005. Changes in the amount of tax-exempt income and tax credits have contributed to the variations in our effective tax rates during the periods. Tax-exempt interest income as a percentage of pre-tax income was 14.11 percent during the fourth quarter of 2006 compared to 20.77 percent during the same quarter of 2005. For the years ended on December 31, 2006 and 2005, tax-exempt income as a percentage of pre-tax income was 17.71 percent and 18.83 percent, respectively. Income taxes recorded during 2005 included low-income housing and historic rehabilitation tax credits totaling $436,000. During 2006, these credits had decreased to approximately $225,000 for the year. Additionally, during the fourth quarter of 2006, a tax provision was recorded to reflect taxes associated with the disposition of goodwill and life insurance policies at ULTEA due to the sale of that subsidiary that had not been previously recorded, as these items were appropriately treated as permanent tax differences in prior periods.

At December 31, 2006, total assets exceeded $3.0 billion, an increase of $239.9 million or 9 percent since year-end 2005. Total loans and leases were $2.1 billion at December 31, 2006, an increase of $194.8 million or 10 percent since year-end 2005. The May 15, 2006, acquisition of Bank of the Southwest by Arizona Bank & Trust accounted for $50.9 million or 26 percent of this growth. The Heartland subsidiary banks experiencing notable loan growth since year-end 2005 were New Mexico Bank & Trust, Arizona Bank & Trust and Rocky Mountain Bank. The commercial and commercial real estate loan category grew by $179.7 million or 14 percent. Exclusive of the $21.0 million in commercial and commercial real estate loans acquired in the Bank of the Southwest acquisition, this loan category increased by $158.7 million or 12 percent.

Total deposits at December 31, 2006, were $2.3 billion, an increase of $193.5 million or 9 percent since year-end 2005. The acquisition of Bank of the Southwest accounted for $44.4 million or 23 percent of this growth. All of Heartland’s subsidiary banks except for First Community Bank and Galena State Bank experienced growth in deposits since year-end 2005 with 70 percent of the growth occurring in our banks located in the West. Demand deposits experienced an $18.8 million or 5 percent increase with the Bank of the Southwest acquisition contributing $17.0 million in demand deposit balances at closing. Savings deposit balances increased by $68.6 million or 9 percent. At closing, the Bank of the Southwest accounted for $17.4 million in savings deposit balances. Brokered time deposits decreased $45.0 million or 31 percent while other time deposit balances increased $151.1 million or 17 percent since year-end 2005. The Bank of the Southwest acquisition contributed $10.0 million in other time deposit balances. Of particular note is that we were able to replace a large portion of the maturing brokered time deposits with deposits from our local markets. As interest rates moved upward during the first half of the year and remained at those levels, many deposit customers shifted a portion of their lower yielding deposit balances into higher yielding money market and certificate of deposit accounts. The Heartland bank subsidiaries have priced these products competitively to retain existing deposit customers, as well as to attract new customers.

The allowance for loan and lease losses at December 31, 2006, was 1.40 percent of loans and 356 percent of nonperforming loans, compared to 1.42 percent of loans and 185 percent of nonperforming loans at December 31, 2005. The provision for loan losses decreased $2.3 million or 107 percent during the fourth quarter of 2006 compared to the same quarter of 2005 and $2.6 million or 41 percent during the year 2006 compared to the year 2005. Nonperforming loans were $8.4 million or 0.39 percent of total loans and leases at December 31, 2006, compared to $15.0 million or 0.77 percent of total loans and leases at December 31, 2005. Compared to September 30, 2006, loans past due ninety days or more had improved significantly at December 31, 2006, as a workout plan on one large credit was completed during the fourth quarter. Additionally, workout plans were completed on a few of the other large credits that had been on nonaccrual since year-end 2005. The positive resolution on a significant portion of our nonperforming and nonaccrual loans, along with a $1.2 million or 34 percent decline in net charge offs during 2006 compared to 2005, contributed to the reduction in the provision for loan losses during 2006. Management believes that losses on Heartland’s nonperforming loans will not be significant due to the net realizable value of collateral, borrower guarantees and other factors. Additionally, any probable losses have been specifically provided for in the allowance for loan and lease losses.

According to Fuller, “Our overall credit quality is the best we have seen in recent memory. The company’s asset quality ratios reflect healthy economies in our markets and diligent management of our loan portfolios.”

Conference Call Details

Heartland will host a conference call for investors at 3:00 p.m. CDT today. To participate, dial 800-218-0713 at least five minutes before start time or log onto www.htlf.com. If you are unable to participate on the call, a replay will be available through February 5, 2007, by dialing 800-405-2236, code 11080934, or by logging onto www.htlf.com.

About Heartland Financial USA:
 
Heartland Financial USA, Inc. is a $3.0 billion diversified financial services company providing banking, mortgage, wealth management, insurance and consumer finance services to individuals and businesses. The Company currently has 55 banking locations in 37 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana and Colorado.

Additional information about Heartland Financial USA, Inc. is available at www.htlf.com.

Safe Harbor Statement

This release may contain, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as believe, expect, anticipate, plan, intend, estimate, may, will, would, could, should or similar expressions. Additionally, all statements in this release, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (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 or threats thereof, (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 loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected results of acquisitions; (x) unexpected outcomes of existing or new litigation involving the Company; and (xi) changes in accounting policies and practices. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including other factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.


-FINANCIAL TABLES FOLLOW-



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
   
For the Quarters Ended
  
For the Years Ended
     
12/31/2006
 
 
 
12/31/2005
 
 
 
12/31/2006
 
 
 
12/31/2005
  
Interest Income
                                
Interest and fees on loans and leases
  
$
45,242
    
$
36,139
    
$
168,496
    
$
133,244
  
Interest on securities and other:
                                
Taxable
    
5,128
      
3,469
      
17,593
      
13,896
  
Nontaxable
    
1,445
      
1,469
      
5,783
      
5,512
  
Interest on federal funds sold
    
221
      
327
      
645
      
475
  
Interest on deposits in other financial institutions
    
6
      
68
      
22
      
277
  
Total Interest Income
    
52,042
      
41,472
      
192,539
      
153,404
  
Interest Expense
                                
Interest on deposits
    
18,298
      
12,473
      
63,293
      
43,383
  
Interest on short-term borrowings
    
2,939
      
1,598
      
9,866
      
5,373
  
Interest on other borrowings
    
3,508
      
2,906
      
13,051
      
10,706
  
Total Interest Expense
    
24,745
      
16,977
      
86,210
      
59,462
  
Net Interest Income
    
27,297
      
24,495
      
106,329
      
93,942
  
Provision for loan and lease losses
    
(157
)
    
2,171
      
3,886
      
6,533
  
Net Interest Income After Provision for Loan and Lease Losses
    
27,454
      
22,324
      
102,443
      
87,409
  
Noninterest Income
                                
Service charges and fees
    
2,740
      
2,339
      
11,199
      
9,323
  
Loan servicing income
    
1,091
      
886
      
4,279
      
3,093
  
Trust fees
    
1,926
      
1,742
      
7,258
      
6,530
  
Brokerage commissions
    
383
      
193
      
1,266
      
856
  
Insurance commissions
    
149
      
150
      
605
      
545
  
Securities gains, net
    
125
      
105
      
553
      
198
  
Gain (loss) on trading account securities
    
80
      
-
      
141
      
(11
)
Impairment loss on equity securities
    
-
      
-
      
(76
)
    
-
  
Gains on sale of loans
    
611
      
600
      
2,289
      
2,572
  
Valuation adjustment on mortgage servicing rights
    
-
      
33
      
-
      
39
  
Income on bank owned life insurance
    
382
      
308
      
1,151
      
1,022
  
Other noninterest income
    
(5
 )     
97
      
422
      
1,307
  
Total Noninterest Income
    
7,482
      
6,453
      
29,087
      
25,474
  
Noninterest Expense
                                
Salaries and employee benefits
    
12,607
      
11,622
      
51,321
      
45,247
  
Occupancy
    
1,928
      
1,370
      
7,320
      
5,913
  
Furniture and equipment
    
1,745
      
1,673
      
6,763
      
6,199
  
Outside services
    
2,456
      
2,382
      
9,414
      
8,312
  
Advertising
    
1,055
      
877
      
4,293
      
3,240
  
Other intangibles amortization
    
261
      
253
      
987
      
1,014
  
Other noninterest expenses
    
3,116
      
2,759
      
14,423
      
10,845
  
Total Noninterest Expense
    
23,168
      
20,936
      
94,521
      
80,770
  
Income Before Income Taxes
    
11,768
      
7,841
      
37,009
      
32,113
  
Income taxes
    
4,052
      
2,170
      
11,989
      
9,859
  
Income From Continuing Operations
    
7,716
      
5,671
      
25,020
      
22,254
  
Discontinued Operations
                                
Income from operations of discontinued subsidiary
    
175
      
147
      
602
      
763
  
Income taxes
    
358
      
54
      
520
      
291
  
Income (Loss) From Discontinued Operations
    
(183
) 
    
93
      
82
      
472
  
Net Income
  
$
7,533
    
$
5,764
    
$
25,102
    
$
22,726
  
Earnings per common share-basic
  
$
.46
    
$
.35
    
$
1.52
    
$
1.38
  
Earnings per common share-diluted
  
$
.45
    
$
.34
    
$
1.50
    
$
1.36
  
Earnings per common share from continuing operations- basic
  
$
.47
    
$
.35
    
$
1.52
    
$
1.36
  
Earnings per common share from continuing operations- diluted
  
$
.46
    
$
.34
    
$
1.50
    
$
1.33
  
Weighted average shares outstanding-basic
    
16,531,998
      
16,367,210
      
16,507,960
      
16,415,182
  
Weighted average shares outstanding-diluted
    
16,784,656
      
16,659,995
      
16,734,989
      
16,702,146
  



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
   
For the Quarters Ended
   
12/31/2006
9/30/2006
6/30/2006
3/31/2006
12/31/2005
Interest Income
            
Interest and fees on loans and leases
  
$                     45,242
$                        44,191
$                        41,283
$                     37,780
$                        36,139
Interest on securities and other:
            
Taxable
  
5,128
4,591
3,991
3,883
3,469
Nontaxable
  
1,445
1,441
1,469
1,428
1,469
Interest on federal funds sold
  
221
123
127
174
327
Interest on deposits in other financial institutions
  
6
4
7
5
68
Total Interest Income
  
52,042
50,350
46,877
43,270
41,472
Interest Expense
            
Interest on deposits
  
18,298
17,056
14,852
13,087
12,473
Interest on short-term borrowings
  
2,939
2,721
2,331
1,875
1,598
Interest on other borrowings
  
3,508
3,348
3,151
3,044
2,906
Total Interest Expense
  
24,745
23,125
20,334
18,006
16,977
Net Interest Income
  
27,297
27,225
26,543
25,264
24,495
Provision for loan and lease losses
  
(157)
1,381
1,487
1,175
2,171
Net Interest Income After Provision for Loan and Lease Losses
  
27,454
25,844
25,056
24,089
22,324
Noninterest Income
            
Service charges and fees
  
2,740
3,120
2,738
2,601
2,339
Loan servicing income
  
1,091
1,150
1,058
980
886
Trust fees
  
1,926
1,774
1,741
1,817
1,742
Brokerage commissions
  
383
271
369
243
193
Insurance commissions
  
149
179
141
136
150
Securities gains, net
  
125
67
229
132
105
Gain (loss) on trading account securities
  
80
53
(25)
33
-
Impairment loss on equity securities
  
-
(76)
-
-
-
Gains on sale of loans
  
611
551
577
550
600
Valuation adjustment on mortgage servicing rights
  
-
-
-
-
33
Income on bank owned life insurance
  
382
250
230
289
308
Other noninterest income
  
(5)
199
91
137
97
Total Noninterest Income
  
7,482
7,538
7,149
6,918
6,453
Noninterest Expense
            
Salaries and employee benefits
  
12,607
13,125
12,781
12,808
11,622
Occupancy
  
1,928
1,834
1,793
1,765
1,370
Furniture and equipment
  
1,745
1,601
1,728
1,689
1,673
Outside services
  
2,456
2,273
2,565
2,120
2,314
Advertising
  
1,055
1,099
1,020
1,119
945
Other intangibles amortization
  
261
260
238
228
253
Other noninterest expenses
  
3,116
3,106
3,040
5,161
2,759
Total Noninterest Expense
  
23,168
23,298
23,165
24,890
20,936
Income Before Income Taxes
  
11,768
10,084
9,040
6,117
7,841
Income taxes
  
4,052
3,304
2,886
1,747
2,170
Income From Continuing Operations
  
7,716
6,780
6,154
4,370
5,671
Discontinued Operations
            
Income from operations of discontinued subsidiary
  
175
151
110
166
147
Income taxes
  
358
57
42
63
54
Income (Loss) From Discontinued Operations
 
(183)
94
68
103
93
Net Income
  
$                     7,533
$                        6,874
$                        6,222
$                     4,473
$                        5,764
Earnings per common share-basic
  
$                          .46
$                             .42
$                             .38
$                          .27
$                            .35
Earnings per common share-diluted
  
$                          .45
$                             .41
$                             .37
$                          .27
$                            .34
Earnings per common share from continuing  operations-basic
  
$                          .47
$                             .41
$                             .37
$                          .27
$                            .35
Earnings per common share from continuing  operations-diluted
 
$                          .46
$                             .40
$                             .37
$                          .26
$                            .34
Weighted average shares outstanding-basic
 
16,531,998
16,521,527
16,540,587
16,430,504
16,367,210
Weighted average shares outstanding-diluted
 
16,784,656
16,775,749
16,798,654
16,638,458
16,659,995




HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
   
As Of
   
12/31/2006
9/30/2006
6/30/2006
3/31/2006
12/31/2005
Assets
            
Cash and cash equivalents
  
$                49,143
$               45,483
$               47,385
$           48,355
$               81,021
Securities
  
617,040
593,103
526,784
520,062
527,767
Loans held for sale
  
50,381
42,561
44,686
38,885
40,745
Loans and leases:
            
Held to maturity  
  
2,147,845
2,122,156
2,077,393
1,990,852
1,953,066
Allowance for loan and lease losses
  
(29,981)
(30,684)
(29,941)
(28,674)
(27,791)
Loans and leases, net
  
2,117,864
2,091,472
2,047,452
1,962,178
1,925,275
Assets under operating lease
  
-
-
39,852
39,634
40,644
Premises, furniture and equipment, net
  
108,567
106,937
105,146
102,462
92,769
Goodwill
  
39,817
39,817
40,531
35,398
35,398
Other intangible assets, net
  
9,010
9,198
9,327
8,958
9,159
Cash surrender value on life insurance
  
33,371
32,962
33,386
33,124
32,804
Assets of discontinued operations held for sale
  
-
51,122
-
-
-
Other assets
  
33,049
40,934
40,762
33,705
32,750
Total Assets
  
$         3,058,242
$        3,053,589
$       2,935,311
$    2,822,761
$       2,818,332
             
Liabilities and Stockholders’ Equity
            
Liabilities
            
Deposits:
            
Demand
  
$              371,465
$             367,133
$            378,211
$         334,940
$           352,707
Savings
  
822,915
813,573
799,884
 778,960
754,360
Brokered time deposits
  
100,572
147,669
155,079
115,416
145,534
Other time deposits
  
1,016,705
962,809
920,055
902,539
865,577
Total deposits
  
2,311,657
2,291,184
2,253,229
2,131,855
2,118,178
Short-term borrowings
  
275,694
239,531
229,723
232,506
255,623
Other borrowings
  
224,523
243,987
225,650
232,025
220,871
Liabilities of discontinued operations held for sale
  
-
47,424
-
-
-
Accrued expenses and other liabilities
  
36,657
29,480
35,251
36,243
35,848
Total Liabilities
  
2,848,531
2,851,606
2,743,853
2,632,629
2,630,520
Stockholders’ Equity
  
209,711
201,983
191,458
190,132
187,812
Total Liabilities and Stockholders’ Equity
  
$           3,058,242
$         3,053,589
$        2,935,311
$     2,822,761
$       2,818,332
             
Common Share Data
            
Book value per common share
  
$                    12.65
$                  12.22
$                  11.59
$              11.49
$                11.46
FAS 115 effect on book value per common share
  
$                      0.05
$                    0.01
$                 (0.30)
$             (0.13)
$               (0.06)
Common shares outstanding, net of treasury stock
  
16,572,080
16,530,266
16,520,820
16,547,079
16,390,416
             
Tangible Capital Ratio(1)
  
5.46%
5.18%
5.02%
5.36%
5.28%

(1) Total stockholders’ equity less intangible assets (excluding mortgage servicing rights) divided by total assets less intangible assets (excluding mortgage servicing rights).
 
HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
         
     
For the Quarters Ended
For the Years Ended
     
12/31/2006
 12/31/2005
12/31/2006
12/31/2005
             
Average Balances
            
Assets
    
$             3,051,995
$            2,782,541
$          2,929,702
$           2,708,496
Loans and leases, net of unearned
 
 
2,175,636
1,963,686
2,094,645
1,891,382
Deposits
 
 
2,302,466
2,101,318
2,207,323
2,044,290
Earning assets
 
 
2,754,509
2,490,747
2,628,207
2,407,722
Interest bearing liabilities
 
 
2,422,513
2,173,596
2,312,047
2,126,611
Stockholders’ equity
 
 
204,438
185,229
195,124
181,036
 
 
 
 
 
 
 
Earnings Performance Ratios
 
 
 
 
 
 
Annualized return on average assets
 
 
0.98%
0.82%
0.86%
0.84%
Annualized return on average equity
 
 
14.62
12.35
12.86
12.55
Annualized net interest margin(1)
 
 
4.06
4.04
4.18
4.04
Efficiency ratio(2)
 
 
65.16
65.97
68.26
65.91


(1) Tax equivalent basis is calculated using an effective tax rate of 35%
(2) Noninterest expense divided by the sum of net interest income and noninterest income less net security gains


 
HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
     
   
For the Quarters Ended
   
12/31/2006
9/30/2006
6/30/2006
3/31/2006
12/31/2005
             
Average Balances
 
 
 
 
 
 
Assets
 
$           3,051,995
$          2,985,231
$          2,883,367
$       2,798,216
$          2,782,541
Loans and leases, net of unearned
 
2,175,636
2,137,075
2,071,562
1,994,308
1,963,686
Deposits
 
2,302,466
2,257,369
2,165,673
2,103,785
2,101,318
Earning assets
 
2,754,509
2,672,820
2,578,312
2,507,189
2,490,747
Interest bearing liabilities
 
2,422,513
2,353,394
2,268,561
2,203,721
2,173,596
Stockholders’ equity
 
204,438
195,737
190,519
189,803
185,229
 
 
 
 
 
 
 
Earnings Performance Ratios
 
 
 
 
 
 
Annualized return on average assets
 
0.98%
0.91%
0.87%
0.65%
0.82%
Annualized return on average equity
 
14.62
13.93
13.10
9.56
12.35
Annualized net interest margin(1)
 
4.06
4.17
4.27
4.23
4.04
Efficiency ratio(2)
 
65.16
65.45
67.39
75.61
65.97


(1) Tax equivalent basis is calculated using an effective tax rate of 35%
(2) Noninterest expense divided by the sum of net interest income and noninterest income less net security gains



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
   
As of and For
As of and For
As of and For
   
the Year
the Year
the Year
   
Ended
Ended
Ended
   
12/31/2006
12/31/2005
12/31/2004
Loan and Lease Data
        
Commercial and commercial real estate
  
$                1,483,738
$                1,304,080
$                1,162,103
Residential mortgage
 
225,343
219,671
212,842
Agricultural and agricultural real estate
 
233,748
230,357
217,860
Consumer
 
194,652
181,019
167,109
Direct financing leases, net
 
14,359
21,586
16,284
Unearned discount and deferred loan fees
 
(3,995)
(3,647)
(3,244)
Total loans and leases
 
$             2,147,845
$             1,953,066
$              1,772,954
         
Asset Quality
        
Nonaccrual loans
  
$                      8,104
$                    14,877
$                       9,837
Loans past due ninety days or more as to interest or  principal payments
 
315
115
88
Other real estate owned
 
1,575
1,586
425
Other repossessed assets
 
349
471
313
Total nonperforming assets
  
$                   10,343
$                  17,049
$                   10,663
   
 
 
 
Allowance for Loan and Lease Losses
        
Balance, beginning of period
  
$                     27,791
$                    24,973
$                     18,490
Provision for loan and lease losses from continuing  operations
 
3,886
6,533
4,846
Provision for loan and lease losses from discontinued  operations
 
(8)
31
-
Loans charged off
 
(3,989)
(4,579)
(3,617)
Recoveries
 
1,733
1,152
1,005
Reclass for unfunded commitments to other liabilities
 
-
(319)
-
Addition related to acquired bank
 
591
-
4,249
Reduction related to discontinued operations
 
(23)
-
-
Balance, end of period
 
$                   29,981
$                  27,791
$                   24,973
 
 
 
 
 
Asset Quality Ratios
        
Ratio of nonperforming loans to total loans and leases
  
0.39%
0.77%
0.56%
Ratio of nonperforming assets to total assets
 
0.34
0.60
0.41
Ratio of net loan chargeoffs to average loans and leases
 
0.11
0.18
0.16
Allowance for loan losses as a percent of loans and  leases
 
1.40
1.42
1.41
Allowance for loan losses as a percent of nonperforming loans and leases loans and leases loans and leases
 
356.11
185.37
251.62




HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
   
For the Quarters Ended
   
12/31/2006
  
12/31/2005
   
Average Balance
  
Interest
  
Rate
  
Average Balance
  
Interest
  
Rate
Earning Assets
                                            
Securities:
                                            
Taxable
  
$
464,166
    
$
5,129
    
4.38
%
  
$
387,981
    
$
3,469
    
3.55
%
Nontaxable(1)
    
131,268
      
2,186
    
6.61
      
126,232
      
2,260
    
7.10
  
Total securities
    
595,434
      
7,315
    
4.87
      
514,213
      
5,729
    
4.42
  
Interest bearing deposits
    
790
      
6
    
3.01
      
6,956
      
68
    
3.88
  
Federal funds sold
    
13,975
      
221
    
6.27
      
33,666
      
327
    
3.85
  
Loans and leases:
                                            
Commercial and commercial real estate(1)
    
1,487,133
      
29,615
    
7.90
      
1,303,463
      
22,778
    
6.93
  
Residential mortgage
    
242,701
      
4,067
    
6.65
      
234,403
      
3,619
    
6.13
  
Agricultural and agricultural real estate(1)
    
238,175
      
4,973
    
8.28
      
230,805
      
4,104
    
7.05
  
Consumer
    
193,491
      
4,932
    
10.11
      
181,059
      
4,209
    
9.22
  
Direct financing leases, net
    
14,136
      
211
    
5.92
      
13,956
      
201
    
5.71
  
Fees on loans
    
-
      
1,609
    
-
      
-
      
1,331
    
-
  
Less: allowance for loan and lease losses
    
(31,326
)
    
-
    
-
      
(27,774
)
    
-
    
-
  
Net loans and leases
    
2,144,310
      
45,407
    
8.40
      
1,935,912
      
36,242
    
7.43
  
Total earning assets
    
2,754,509
      
52,949
    
7.63
      
2,490,747
      
42,366
    
6.75
  
Nonearning Assets
    
297,486
      
-
    
-
      
291,794
      
-
    
-
  
Total Assets
  
$
3,051,995
    
$
52,949
    
6.88
%
  
$
2,782,541
    
$
42,366
    
6.04
%
Interest Bearing Liabilities
                                            
Interest bearing deposits
                                            
Savings
  
$
814,462
    
$
5,510
    
2.68
%
  
$
753,173
    
$
3,363
    
1.77
%
Time, $100,000 and over
    
241,303
      
2,848
    
4.68
      
223,931
      
2,007
    
3.56
  
Other time deposits
    
883,647
      
9,940
    
4.46
      
779,205
      
7,103
    
3.62
  
Short-term borrowings
    
252,004
      
2,939
    
4.63
      
194,139
      
1,598
    
3.27
  
Other borrowings
    
231,097
      
3,508
    
6.02
      
223,148
      
2,906
    
5.17
  
Total interest bearing liabilities
    
2,422,513
      
24,745
    
4.05
      
2,173,596
      
16,977
    
3.10
  
Noninterest Bearing Liabilities
                                            
Noninterest bearing deposits
    
363,054
      
-
    
-
      
345,009
      
-
    
-
  
Accrued interest and other liabilities
    
61,990
      
-
    
-
      
78,707
      
-
    
-
  
Total noninterest bearing liabilities
    
425,044
      
-
    
-
      
423,716
      
-
    
-
  
Stockholders’ Equity
    
204,438
      
-
    
-
      
185,229
      
-
    
-
  
Total Liabilities and Stockholders’ Equity
  
$
3,051,995
    
$
24,745
    
3.22
%
  
$
2,782,541
    
$
16,977
    
2.42
%
Net interest income(1)
          
$
28,204
                  
$
25,389
        
Net interest income to total earning assets(1)
                  
4.06
%
                  
4.04
%
Interest bearing liabilities to earning assets
    
87.95
%
                  
87.27
%
              
                                             
(1) Tax equivalent basis is calculated using an effective tax rate of 35%.




HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
   
For the Years Ended
   
12/31/2006
  
12/31/2005
   
Average Balance
  
Interest
  
Rate
  
Average Balance
  
Interest
  
Rate
Earning Assets
                                            
Securities:
                                            
Taxable
  
$
419,625
    
$
17,594
    
4.19
%
  
$
400,993
    
$
13,896
    
3.47
%
Nontaxable(1)
    
131,149
      
8,843
    
6.74
      
121,227
      
8,481
    
7.00
  
Total securities
    
550,774
      
26,437
    
4.80
      
522,220
      
22,377
    
4.28
  
Interest bearing deposits
    
555
      
22
    
3.96
      
6,994
      
277
    
3.96
  
Federal funds sold
    
12,034
      
645
    
5.36
      
13,785
      
475
    
3.45
  
Loans and leases:
                                          
Commercial and commercial real estate(1)
    
1,432,003
      
109,814
    
7.67
      
1,236,324
      
81,411
    
6.58
  
Residential mortgage
    
230,043
      
15,050
    
6.54
      
233,717
      
14,223
    
6.09
  
Agricultural and agricultural real estate(1)
    
230,218
      
18,476
    
8.03
      
228,949
      
15,892
    
6.94
  
Consumer
    
188,468
      
18,743
    
9.94
      
178,142
      
15,718
    
8.82
  
Direct financing leases, net
    
13,913
      
839
    
6.03
      
14,250
      
790
    
5.54
  
Fees on loans
    
-
      
6,099
    
-
      
-
      
5,576
    
-
  
Less: allowance for loan and lease losses
    
(29,801
)
    
-
    
-
      
(26,659
)
    
-
    
-
  
Net loans and leases
    
2,064,844
      
169,021
    
8.19
      
1,864,723
      
133,610
    
7.17
  
Total earning assets
    
2,628,207
      
196,125
    
7.46
      
2,407,722
      
156,739
    
6.51
  
Nonearning Assets
    
301,495
      
-
    
-
      
300,774
      
-
    
-
  
Total Assets
  
$
2,929,702
    
$
196,125
    
6.69
%
  
$
2,708,496
    
$
156,739
    
5.79
%
Interest Bearing Liabilities
                                            
Interest bearing deposits
                                            
Savings
  
$
792,875
    
$
19,167
    
2.42
%
  
$
754,086
    
$
10,991
    
1.46
%
Time, $100,000 and over
    
225,874
      
9,498
    
4.20
      
201,377
      
6,505
    
3.23
  
Other time deposits
    
837,335
      
34,628
    
4.14
      
758,448
      
25,887
    
3.41
  
Short-term borrowings
    
226,943
      
9,866
    
4.35
      
201,142
      
5,373
    
2.67
  
Other borrowings
    
229,020
      
13,051
    
5.70
      
211,558
      
10,706
    
5.06
  
Total interest bearing liabilities
    
2,312,047
      
86,210
    
3.73
      
2,126,611
      
59,462
    
2.80
  
Noninterest Bearing Liabilities
                                            
Noninterest bearing deposits
    
351,239
      
-
    
-
      
330,379
      
-
    
-
  
Accrued interest and other liabilities
    
71,292
      
-
    
-
      
70,470
      
-
    
-
  
Total noninterest bearing liabilities
    
422,531
      
-
    
-
      
400,849
      
-
    
-
  
Stockholders’ Equity
    
195,124
      
-
    
-
      
181,036
      
-
    
-
  
Total Liabilities and Stockholders’ Equity
  
$
2,929,702
    
$
86,210
    
2.94
%
  
$
2,708,496
    
$
59,462
    
2.20
%
Net interest income(1)
          
$
109,915
                  
$
97,277
        
Net interest income to total earning assets(1)
                  
4.18
%
                  
4.04
%
Interest bearing liabilities to earning assets
    
87.97
%
                  
88.32
%
              
                                             
(1) Tax equivalent basis is calculated 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 Year Ended
12/31/2006
    
As of and For the
Year Ended
12/31/2005
    
As of and For the
Year Ended
12/31/2004
  
Total Assets
                            
Dubuque Bank and Trust Company
          
$
843,282
  
$
833,885
  
$
750,517
  
New Mexico Bank & Trust
            
638,712
    
557,062
    
490,582
  
Wisconsin Community Bank
            
413,108
    
390,842
    
385,116
  
Rocky Mountain Bank
            
438,972
    
388,149
    
374,242
  
Galena State Bank and Trust Company
            
219,863
    
241,719
    
220,018
  
Riverside Community Bank
            
199,483
    
195,099
    
193,314
  
Arizona Bank & Trust
            
223,567
    
136,832
    
85,850
  
First Community Bank
            
118,010
    
121,337
    
116,654
  
Summit Bank & Trust
            
21,590
    
-
    
-
  
Total Deposits
                            
Dubuque Bank and Trust Company
          
$
636,527
  
$
608,687
  
$
579,895
  
New Mexico Bank & Trust
            
437,708
    
388,935
    
325,527
  
Wisconsin Community Bank
            
336,015
    
311,436
    
327,221
  
Rocky Mountain Bank
            
335,053
    
306,967
    
290,390
  
Galena State Bank and Trust Company
            
178,388
    
179,437
    
168,109
  
Riverside Community Bank
            
162,319
    
153,791
    
143,797
  
Arizona Bank & Trust
            
176,438
    
118,959
    
73,199
  
First Community Bank
            
95,287
    
95,506
    
95,529
  
Summit Bank & Trust
            
6,514
    
-
    
-
  
Return on Average Assets
                            
Dubuque Bank and Trust Company
            
1.45
%
  
1.28
%
  
1.38
%
New Mexico Bank & Trust
            
1.21
    
1.10
    
1.13
  
Wisconsin Community Bank
            
0.53
    
0.63
    
0.59
  
Rocky Mountain Bank
            
1.18
    
0.72
    
1.05
  
Galena State Bank and Trust Company
            
1.35
    
1.22
    
1.33
  
Riverside Community Bank
            
0.64
    
0.83
    
0.97
  
Arizona Bank & Trust
            
0.47
    
0.19
    
(1.35
)
First Community Bank
            
1.01
    
1.00
    
1.00
  
Summit Bank & Trust
            
(6.31
)
  
-
    
-
  
Net Interest Margin
                            
Dubuque Bank and Trust Company
            
3.61
%
  
3.48
%
  
3.58
%
New Mexico Bank & Trust
            
5.05
    
4.75
    
4.98
  
Wisconsin Community Bank
            
3.83
    
3.75
    
3.50
  
Rocky Mountain Bank
            
5.16
    
4.93
    
4.63
  
Galena State Bank and Trust Company
            
3.45
    
3.43
    
3.43
  
Riverside Community Bank
            
3.71
    
3.76
    
3.74
  
Arizona Bank & Trust
            
4.92
    
5.03
    
4.94
  
First Community Bank
            
3.95
    
3.80
    
3.72
  
Summit Bank & Trust
            
6.98
    
-
    
-
  
Net Income
                            
Dubuque Bank and Trust Company
          
$
11,990
  
$
10,156
  
$
10,427
  
New Mexico Bank & Trust
            
6,873
    
5,565
    
4,712
  
Wisconsin Community Bank
            
2,109
    
2,444
    
2,208
  
Rocky Mountain Bank
            
4,840
    
2,757
    
2,332
  
Galena State Bank and Trust Company
            
3,167
    
2,808
    
2,926
  
Riverside Community Bank
            
1,252
    
1,608
    
1,731
  
Arizona Bank & Trust
            
902
    
199
    
(822
)
First Community Bank
            
1,197
    
1,198
    
1,145
  
Summit Bank & Trust
            
(1,220
)
  
-
    
-
  



HEARTLAND FINANCIAL USA, INC.
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited)
DOLLARS IN THOUSANDS
 
   
Total
Portfolio
Loans
  
Allowance
For Loan and
Lease Losses
  
Nonperforming
Loans
  
Allowance
As a Percent Of Total Loans
As of December 31, 2006:
                        
Dubuque Bank and Trust Company
  
$
581,166
  
$
7,235
  
$
1,216
  
1.24
%
New Mexico Bank & Trust
    
410,438
    
5,352
    
2,206
  
1.30
  
Wisconsin Community Bank
    
272,407
    
4,570
    
1,966
  
1.68
  
Rocky Mountain Bank
    
309,943
    
4,044
    
822
  
1.30
  
Galena State Bank and Trust Company
    
158,222
    
2,049
    
370
  
1.30
  
Riverside Community Bank
    
137,102
    
1,747
    
602
  
1.27
  
Arizona Bank & Trust
    
160,614
    
2,133
    
254
  
1.33
  
First Community Bank
    
81,498
    
1,182
    
588
  
1.45
  
Summit Bank & Trust
    
14,953
    
192
    
-
  
1.28
  
                         
As of December 31, 2005:
                        
Dubuque Bank and Trust Company
  
$
575,293
  
$
7,376
  
$
2,745
  
1.28
%
New Mexico Bank & Trust
    
330,609
    
4,497
    
2,359
  
1.36
  
Wisconsin Community Bank
    
270,837
    
4,285
    
1,321
  
1.58
  
Rocky Mountain Bank
    
279,230
    
4,048
    
5,634
  
1.45
  
Galena State Bank and Trust Company
    
176,813
    
2,181
    
965
  
1.23
  
Riverside Community Bank
    
132,781
    
1,674
    
462
  
1.26
  
Arizona Bank & Trust
    
94,285
    
1,181
    
7
  
1.25
  
First Community Bank
    
83,506
    
1,191
    
992
  
1.43
  
Summit Bank & Trust
    
-
    
-
    
-
  
-
  
     
As of December 31, 2004:
                        
Dubuque Bank and Trust Company
  
$
525,456
  
$
6,584
  
$
2,405
  
1.25
%
New Mexico Bank & Trust
    
297,695
    
4,232
    
725
  
1.42
  
Rocky Mountain Bank
    
262,240
    
3,947
    
596
  
1.51
  
Wisconsin Community Bank
    
265,916
    
4,098
    
2,966
  
1.54
  
Galena State Bank and Trust Company
    
145,013
    
1,749
    
697
  
1.21
  
Riverside Community Bank
    
129,390
    
1,553
    
1,662
  
1.20
  
Arizona Bank & Trust
    
61,630
    
771
    
-
  
1.25
  
First Community Bank
    
76,047
    
999
    
572
  
1.31
  
Summit Bank & Trust
    
-
    
-
    
-
  
-
  
                         
                 
                         
                         
                         
                         
                         
                         
                         
                         
                         
                         
 
 
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