EX-99.1 2 exhibit991042610.htm HTLF_1Q_2010 exhibit991042610.htm
                                            



CONTACT:                                                                                                  FOR IMMEDIATE RELEASE
John K. Schmidt                                                                                                April 26, 2010
Chief Operating Officer
Chief Financial Officer
(563) 589-1994
jschmidt@htlf.com


HEARTLAND FINANCIAL USA, INC. REPORTS FIRST QUARTER 2010 EARNINGS

First Quarter 2010 Highlights
 
 
§  
Net income of $5.3 million for the quarter
§  
Net interest margin of 4.14% for the quarter
§  
Net interest income increased $3.6 million or 12% over the first quarter of 2009
§  
Nonperforming assets decreased during the quarter to $107.1 million
§  
Allowance for loan and lease losses increased to 1.96% of total loans and leases
§  
Total loans increased $38.1 million or 2% since year-end 2009
§  
Noninterest income decreased during the quarter as residential mortgage loan refinance activity slowed


     
Quarter Ended
March 31,
          
     
2010
      
2009
                  
Net income (in millions)
  
$
5.3
    
$
6.1
                  
Net income available to common stockholders (in millions)
    
 
4.0
      
 
4.8
                  
Diluted earnings per common share
    
0.24
      
0.29
                  
                                 
Return on average assets
    
0.41
%
    
0.53
%
                
Return on average common equity
    
6.83
      
8.26
                  
Net interest margin
    
4.14
      
3.94
                  




“Heartland’s first quarter earnings were driven by excellent net interest margin of 4.14 percent and stabilization in the level of nonperforming loans. This was our best quarter of the last four, and what we hope will be the beginning of an improving trend.”
      - Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc.


MORE
 
 
 
 

Dubuque, Iowa, April 26, 2010—Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported net income of $5.3 million for the quarter ended March 31, 2010, compared to net income of $6.1 million for the first quarter of 2009.  Net income available to common stockholders was $4.0 million, or $0.24 per diluted common share, for the quarter ended March 31, 2010, compared to $4.8 million, or $0.29 per diluted common share, for the first quarter of 2009. Return on average common equity was 6.83 percent and return on average assets was 0.41 percent for the first quarter of 2010, compared to 8.26 percent and 0.53 percent, respectively, for the same quarter in 2009.

Although earnings for the first quarter of 2010 continued to be negatively affected by a larger loan loss provision than in the first quarter of 2009, the provision for loan losses declined from the fourth quarter of 2009 and profitability for the first quarter of 2010 increased over the previous three quarters. Decreases in the income associated with residential mortgage loan activity and gains on the sales of securities during the first quarter of 2010 compared to the first quarter of 2009 were mitigated by growth in net interest income.

Lynn B. Fuller, Heartland’s chairman, president and chief executive officer said, “Heartland’s first quarter earnings were driven by excellent net interest margin of 4.14 percent and stabilization in the level of nonperforming loans. This was our best quarter of the last four, and what we hope will be the beginning of an improving trend.”

Net Interest Margin Improves; Net Interest Income Grows

Net interest margin, expressed as a percentage of average earning assets, was 4.14 percent during the first quarter of 2010 compared to 3.94 percent for the first quarter of 2009 and 4.04 percent for the fourth quarter of 2009. Management is committed to maintaining margin near the 4.00 percent level and will not compete for loans or deposits strictly for the sake of growth.

Fuller said, “Net interest margin showed exceptional improvement, increasing to 4.14 percent, twenty basis points ahead of one year ago. It is truly remarkable that we have been able to manage our margin above the 4 percent level for three consecutive quarters while reducing risk on our balance sheet at the same time.  We continue to focus on disciplined pricing on both sides of the balance sheet.”

Net interest income on a tax-equivalent basis totaled $35.8 million during the first quarter of 2010, an increase of $3.7 million or 12 percent from the $32.1 million recorded during the first quarter of 2009.  This increase occurred as Heartland’s interest bearing liabilities repriced downward more quickly than its interest earning assets. Also contributing to this increase was a continued change in the composition of interest bearing liabilities as the percentage of average time deposits, which are typically the highest cost deposits, decreased from 44 percent of total average deposits during the first quarter of 2009 to 33 percent during the first quarter of 2010.

On a tax-equivalent basis, interest income in the first quarter of 2010 was consistent with the interest income earned in the first quarter of 2009 at $50.8 million. The $200.5 million or 6 percent growth in average earning assets during the first quarter of 2010 compared to the same quarter in 2009 was equally offset by the impact of a decrease in the average interest rate earned on these assets. The composition of average earning assets continued to change as the percentage of loans, which are typically the highest yielding asset, to total average earning assets was 67 percent during the first quarter of 2010 compared to 72 percent during the first quarter of 2009. Nearly half of Heartland’s commercial and agricultural loan portfolios consist of floating rate loans that reprice immediately upon a change in the national prime interest rate, thus changes in the national prime rate impact interest income more quickly than if there were more fixed rate loans. The national prime interest rate was 3.25 percent during both three month periods. A large portion of Heartland’s floating rate loans that reprice immediately with a change in national prime have interest rate floors that are currently in effect. Additionally, Heartland has one $50.0 million derivative transaction on the loan portfolio that is at its floor interest rate and will expire on September 21, 2010.

Interest expense for the first quarter of 2010 was $15.0 million, a decrease of $3.7 million or 20 percent from $18.7 million in the first quarter of 2009, and a decrease of $1.4 million or 9 percent from $16.4 million in the fourth quarter of 2009. Interest rates paid on Heartland’s deposits and borrowings were significantly lower during the first quarter of 2010 compared to the first and fourth quarters of 2009 and we anticipate further improvements in interest expense during the second quarter of 2010. Despite an increase in average interest bearing liabilities of $244.4 million or 8 percent for the quarter ended March 31, 2010, as compared to the same quarter in 2009, the average interest rates paid on Heartland’s deposits and borrowings declined 68 basis points from 2.60 percent in 2009 to 1.92 percent in 2010. Approximately 31 percent of Heartland’s certificate of deposit accounts will mature within the next six months at a weighted average rate of 1.71 percent.

Noninterest Income Decreases; Noninterest Expense Grows Modestly

Noninterest income was $10.6 million during the first quarter of 2010 compared to $12.8 million during the first quarter of 2009, a decrease of $2.2 million or 17 percent, primarily due to decreases in loan servicing income, securities gains and gains on sale of loans. A portion of the decreases in these noninterest income categories was offset by a $317,000 or 11 percent increase in service charges and fees and a $484,000 or 29 percent increase in trust fees. Loan servicing income decreased $1.4 million or 49 percent. Included in loan servicing income is mortgage servicing rights income, which was $694,000 during the first quarter of 2010 compared to $3.1 million during the first quarter of 2009, and amortization of mortgage servicing rights, which was $603,000 during the first quarter of 2010 compared to $1.4 million during the first quarter of 2009. These components of loan servicing income decreased during the first quarter of 2010 as the volume of mortgage loans originated and sold into the secondary market returned to more normal levels. Also included in loan servicing income are the fees collected for the servicing of mortgage loans for others, which was $722,000 during the first quarter of 2010 compared to $466,000 during the first quarter of 2009. The portfolio of mortgage loans serviced for others by Heartland totaled $1.18 billion at March 31, 2010, compared to $868.6 million at March 31, 2009. Securities gains totaled $1.5 million during the first quarter of 2010 compared to $3.0 million during the first quarter of 2009. There was a higher volume of securities sales during the first quarter of 2009 as securities designed to outperform in a declining rate environment were sold and replaced with securities that are expected to outperform as rates rise. Gains on sale of loans totaled $798,000 during the first quarter of 2010 compared to $1.8 million during the first quarter of 2009. As long-term mortgage loan rates fell below 5.00 percent during the first quarter of 2009, refinancing activity significantly increased on 15- and 30-year, fixed-rate mortgage loans which Heartland normally elects to sell into the secondary market and retain the servicing.

Fuller stated, “Consistent with our industry, noninterest income decreased from last year’s quarter due to lower mortgage banking revenue and reduced securities gains. We see opportunity in residential mortgage lending and are channeling resources to build this line of business at all of our banks.”

For the first quarter of 2010, noninterest expense totaled $28.9 million, an increase of $615,000 or 2 percent from the $28.3 million recorded during the same quarter in 2009. The largest component of noninterest expense, salaries and employee benefits, decreased $1.0 million or 6 percent during the first quarter of 2010 compared to the first quarter of 2009. Total full-time equivalent employees were 1,015 at March 31, 2010, compared to 1,049 at March 31, 2009. The noninterest expense category to experience a significant increase during the quarters under comparison was net loss on repossessed assets, which totaled $2.1 million during the first quarter of 2010 compared to $620,000 during the first quarter of 2009. A majority of the increased loss in the first quarter of 2010 resulted from valuation adjustments due to continued reductions in real estate values, particularly in our Phoenix, Arizona and Bozeman, Montana markets.

Heartland’s effective tax rate was 28.87 percent for the first quarter of 2010 compared to 31.72 percent for the first quarter of 2009. Heartland’s effective tax rate is affected by the level of tax-exempt interest income which, as a percentage of pre-tax income, was 28.37 percent during the first quarter of 2010 compared to 21.70 percent during the first quarter of 2009. The tax-equivalent adjustment for this tax-exempt interest income was $1.1 million during the first quarter of 2010 compared to $1.0 million during the first quarter of 2009.

Loan Demand Picks Up in the Midwest; Deposit Growth Continues

At March 31, 2010, total assets had experienced a slight decrease of $14.7 million or 1 percent annualized since year-end 2009. Securities represented 31 percent of total assets at March 31, 2010, compared to 29 percent of total assets at December 31, 2009.

Total loans and leases, exclusive of those covered by the FDIC loss share agreements, were $2.37 billion at March 31, 2010, compared to $2.33 billion at year-end 2009, an increase of $38.1 million or 7 percent annualized. The loan category experiencing the majority of this growth was commercial and commercial real estate loans, which totaled $1.71 billion at March 31, 2010, an increase of $40.6 million or 10 percent annualized since year-end 2009. This growth occurred at Dubuque Bank and Trust Company and Wisconsin Community Bank.

Total deposits were $3.04 billion at March 31, 2010, compared to $3.05 billion at year-end 2009, a decrease of $13.0 million or 2 percent annualized. The Heartland banks experiencing an increase in deposits during the first quarter of 2010 were New Mexico Bank & Trust with an increase of $18.6 million, Arizona Bank & Trust with an increase of $28.0 million and Minnesota Bank & Trust with an increase of $5.3 million. Dubuque Bank and Trust experienced a $57.6 million decrease in total deposits as one large depositor shifted a large portion of its deposits into retail repurchase agreements with the bank. We continued to improve the composition of our deposits in the first quarter of 2010, as demand deposits increased $29.2 million or 25 percent annualized since year-end 2009 and savings deposit balances increased $17.5 million or 5 percent annualized since year-end 2009. Conversely, time deposits, exclusive of brokered deposits, experienced a decrease of $55.2 million or 22 percent annualized since year-end 2009. At March 31, 2010, brokered time deposits totaled $37.3 million or 1 percent of total deposits compared to $41.8 million or 1 percent of total deposits at year-end 2009.

“Heartland continues to attract deposits at a significant rate, growing by nearly 9 percent since last March,” Fuller added. “We have maintained our focus on attracting non-maturity deposits and are pleased to see annual increases of 19 percent in demand deposits and 33 percent in savings deposits over the first quarter of last year. Simultaneously, we’ve seen brokered deposits and certificate accounts decrease by 16 percent and 18 percent, respectively.”
 
Nonperforming Assets Decrease; Allowance for Loan Losses Increase

The allowance for loan and lease losses at March 31, 2010, was 1.96 percent of loans and leases and 59.21 percent of nonperforming loans compared to 1.80 percent of loans and leases and 53.56 percent of nonperforming loans at December 31, 2009, and 1.58 percent of loans and leases and 55.52 percent of nonperforming loans at March 31, 2009. The first quarter of 2010 provision for loan losses was $8.9 million compared to $10.8 million for the fourth quarter of 2009 and $6.7 million for the first quarter of 2009. Additions to the allowance for loan and lease losses during the first quarter of 2010 were driven by a variety of factors including the continuation of depressed economic conditions, downgrades in internal risk ratings and reductions in appraised values, primarily in Heartland’s Western markets of Arizona and Montana.

Nonperforming loans, exclusive of those covered under the loss sharing agreements, were $78.3 million or 3.30 percent of total loans and leases at March 31, 2010, compared to $78.1 million or 3.35 percent of total loans and leases at December 31, 2009, and $67.1 million or 2.85 percent of total loans and leases at March 31, 2009. Approximately 62 percent, or $48.3 million, of Heartland’s nonperforming loans are to 19 borrowers, with $17.4 million originated by Rocky Mountain Bank, $13.2 million originated by Summit Bank & Trust, $7.5 million originated by Wisconsin Community Bank, $5.7 million originated by Arizona Bank & Trust, $2.8 million originated by New Mexico Bank & Trust and $1.6 million originated by Dubuque Bank and Trust. The portion of Heartland’s nonperforming loans covered by government guarantees was $5.8 million at March 31, 2010.

Other real estate owned, exclusive of assets covered under the loss sharing agreements, was $28.3 million at March 31, 2010, compared to $30.2 million at December 31, 2009, and $29.3 million at March 31, 2009. Liquidation strategies have been identified for all the assets held in other real estate owned. Management plans to market these properties through an orderly liquidation process instead of a quick liquidation process that would likely result in discounts greater than the projected carrying costs.

Net charge-offs during the first quarter of 2010 were $4.4 million compared to $5.0 million during the first quarter of 2009. A large portion of the net charge-offs was related to commercial real estate development loans and residential lot loans.

“We are encouraged that the level of nonperforming assets has decreased from the previous two quarters. We are continuing to actively work with stressed borrowers to find solutions to their debt problems and are diligently marketing our repossessed real estate. Unfortunately, there are no assurances that continued economic stress won’t result in further deterioration.  We are cautiously optimistic, however, that the worst is behind us,” Fuller said.
 
Conference Call Details

Heartland will host a conference call for investors at 5:00 p.m. EDT today. To participate, dial   877-941-8632 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 until July 25, 2010, by dialing 800-406-7325, pass code 4283848, or by logging onto www.htlf.com.

About Heartland Financial USA, Inc.

Heartland Financial USA, Inc. is a $4.0 billion diversified financial services company providing banking, mortgage, wealth management, investment, insurance and consumer finance services to individuals and businesses. Heartland currently has 61 banking locations in 42 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado and Minnesota. 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 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. 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.

-FINANCIAL TABLES FOLLOW-

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HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
       
For the Quarter Ended
March 31,
                     
2010
      
2009
  
Interest Income
                                
Interest and fees on loans and leases
                  
$
37,328
    
$
39,483
  
Interest on securities and other:
                                
Taxable
                    
9,455
      
8,421
  
Nontaxable
                    
2,849
      
1,883
  
Interest on federal funds sold
                    
-
      
1
  
Interest on deposits in other financial institutions
                    
5
      
1
  
Total Interest Income
                    
49,637
      
49,789
  
Interest Expense
                                
Interest on deposits
                    
10,760
      
14,122
  
Interest on short-term borrowings
                    
234
      
212
  
Interest on other borrowings
                    
3,959
      
4,378
  
Total Interest Expense
                    
14,953
      
18,712
  
Net Interest Income
                    
34,684
      
31,077
  
Provision for loan and lease losses
                    
8,894
      
6,665
  
Net Interest Income After Provision for Loan and Lease Losses
                    
25,790
      
24,412
  
Noninterest Income
                                
Service charges and fees
                    
3,204
      
2,887
  
Loan servicing income
                    
1,427
      
2,786
  
Trust fees
                    
2,181
      
1,697
  
Brokerage and insurance commissions
                    
712
      
881
  
Securities gains, net
                    
1,456
      
2,965
  
Gain (loss) on trading account securities
                    
48
      
(286
)
Gains on sale of loans
                    
798
      
1,808
  
Income on bank owned life insurance
                    
314
      
130
  
Other noninterest income
                    
453
      
(106
)
Total Noninterest Income
                    
10,593
      
12,762
  
Noninterest Expense
                                
Salaries and employee benefits
                    
15,423
      
16,433
  
Occupancy
                    
2,294
      
2,375
  
Furniture and equipment
                    
1,447
      
1,647
  
Professional fees
                    
2,211
      
2,170
  
FDIC insurance assessments
                    
1,420
      
1,047
  
Advertising
                    
814
      
583
  
Intangible assets amortization
                    
151
      
235
  
Net loss on repossessed assets
                    
2,064
      
620
  
Other noninterest expenses
                    
3,077
      
3,176
  
Total Noninterest Expense
                    
28,901
      
28,286
  
Income Before Income Taxes
                    
7,482
      
8,888
  
Income taxes
                    
2,160
      
2,819
  
Net Income
                    
5,322
      
6,069
  
Net income attributable to noncontrolling interest, net of tax
                    
25
      
59
  
Net Income Attributable to Heartland
                    
5,347
      
6,128
  
Preferred dividends and discount
                    
(1,336
)
    
(1,336
)
Net Income Available to Common Stockholders
                  
$
4,011
    
$
4,792
  
                                 
Earnings per common share-diluted
                  
$
0.24
    
$
0.29
  
Weighted average shares outstanding-diluted
                    
16,435,844
      
16,296,839
  



###

 
 
 
 
 


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
   
For  the Quarter Ended
     
3/31/2010
      
12/31/2009
      
9/30/2009
      
6/30/2009
      
3/31/2009
  
Interest Income
                                        
Interest and fees on loans and leases
  
$
37,328
    
$
38,191
    
$
38,790
    
$
38,423
    
$
39,483
  
Interest on securities and other:
                                        
Taxable
    
9,455
      
10,513
      
10,809
      
10,039
      
8,421
  
Nontaxable
    
2,849
      
2,456
      
2,231
      
2,025
      
1,883
  
Interest on federal funds sold
    
-
      
1
      
-
      
-
      
1
  
Interest on deposits in other  financial institutions
    
5
      
9
      
17
      
-
      
1
  
Total Interest Income
    
49,637
      
51,170
      
51,847
      
50,487
      
49,789
  
Interest Expense
                                        
Interest on deposits
    
10,760
      
12,000
      
13,046
      
13,576
      
14,122
  
Interest on short-term borrowings
    
234
      
194
      
154
      
173
      
212
  
Interest on other borrowings
    
3,959
      
4,250
      
4,065
      
4,360
      
4,378
  
Total Interest Expense
    
14,953
      
16,444
      
17,265
      
18,109
      
18,712
  
Net Interest Income
    
34,684
      
34,726
      
34,582
      
32,378
      
31,077
  
Provision for loan and lease losses
    
8,894
      
10,775
      
11,896
      
10,041
      
6,665
  
Net Interest Income After Provision for Loan and Lease Losses
    
25,790
      
23,951
      
22,686
      
22,337
      
24,412
  
Noninterest Income
                                        
Service charges and fees
    
3,204
      
3,257
      
3,288
      
3,109
      
2,887
  
Loan servicing income
    
1,427
      
1,813
      
1,756
      
3,311
      
2,786
  
Trust fees
    
2,181
      
2,156
      
1,949
      
1,971
      
1,697
  
Brokerage and insurance commissions
    
712
      
697
      
824
      
715
      
881
  
Securities gains, net
    
1,456
      
2,186
      
1,291
      
2,206
      
2,965
  
Gain (loss) on trading account securities
    
48
      
(61
 )    
210
      
348
      
(286
)
Impairment loss on securities
    
-
      
(40
 )    
-
      
-
      
-
  
Gains on sale of loans
    
798
      
1,168
      
877
      
2,231
      
1,808
  
Income on bank owned life insurance
    
314
      
362
      
297
      
213
      
130
  
Gain on acquisition
    
-
      
298
      
998
      
-
      
-
  
Other noninterest income
    
453
      
1,534
      
418
      
560
      
(106
 )
Total Noninterest Income
    
10,593
      
13,370
      
11,908
      
14,664
      
12,762
  
Noninterest Expense
                                        
Salaries and employee benefits
    
15,423
      
14,419
      
14,661
      
14,952
      
16,433
  
Occupancy
    
2,294
      
2,220
      
2,221
      
2,176
      
2,375
  
Furniture and equipment
    
1,447
      
1,638
      
1,594
      
1,695
      
1,647
  
Professional fees
    
2,211
      
2,100
      
2,706
      
2,151
      
2,170
  
FDIC insurance assessments
    
1,420
      
1,320
      
1,393
      
2,818
      
1,047
  
Advertising
    
814
      
1,065
      
740
      
949
      
583
  
Goodwill impairment charge
    
-
      
12,659
      
-
      
-
      
-
  
Intangible assets amortization
    
151
      
198
      
199
      
234
      
235
  
Net loss on repossessed assets
    
2,064
      
4,015
      
3,680
      
2,532
      
620
  
Other noninterest expenses
    
3,077
      
3,800
      
3,129
      
2,970
      
3,176
  
Total Noninterest Expense
    
28,901
      
43,434
      
30,323
      
30,477
      
28,286
  
Income (Loss) Before Income Taxes
    
7,482
      
(6,113
)
    
4,271
      
6,524
      
8,888
  
Income taxes
    
2,160
      
1,762
      
803
      
1,812
      
2,819
  
Net Income (Loss)
    
5,322
      
(7,875
)
    
3,468
      
4,712
      
6,069
  
Net income available to noncontrolling interest, net  of tax
    
25
      
41
      
44
      
44
      
59
  
Net Income (Loss) Attributable to Heartland
    
5,347
      
(7,834
)
    
3,512
      
4,756
      
6,128
  
Preferred dividends and discount
    
(1,336
)
    
(1,336
)
    
(1,336
)
    
(1,336
)
    
(1,336
)
Net Income (Loss) Available to Common Stockholders
  
$
4,011
    
$
(9,170
)
  
$
2,176
    
$
3,420
    
$
4,792
  
                                         
Earnings (loss) per common share-diluted
  
$
0.24
    
$
(0.56
)
  
$
0.13
    
$
0.21
    
$
0.29
  
Weighted average shares outstanding-diluted
    
16,435,844
      
16,345,095
      
16,340,092
      
16,323,724
      
16,296,839
  


###

 
 
 
 


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
   
As Of
     
3/31/2010
      
12/31/2009
      
9/30/2009
      
6/30/2009
      
3/31/2009
  
Assets
                                        
Cash and cash equivalents
  
$
78,010
    
$
182,410
    
$
82,508
    
$
39,961
    
$
87,261
  
Securities
    
1,234,339
      
1,175,217
      
1,105,744
      
1,061,211
      
1,006,172
  
Loans held for sale
    
16,002
      
17,310
      
19,923
      
24,339
      
18,263
  
Loans and leases:
                                        
  Held to maturity
    
2,369,233
      
2,331,142
      
2,367,871
      
2,375,027
      
2,356,391
  
  Loans covered by loss share agreements
    
27,968
      
31,860
      
36,175
      
-
      
-
  
  Allowance for loan and lease losses
    
(46,350
)
    
(41,848
)
    
(42,260
)
    
(37,234
)
    
(37,277
)
Loans and leases, net
    
2,350,851
      
2,321,154
      
2,361,786
      
2,337,793
      
2,319,114
  
Premises, furniture and equipment, net
    
121,033
      
118,835
      
117,140
      
117,914
      
119,569
  
Goodwill
    
27,548
      
27,548
      
40,207
      
40,207
      
40,207
  
Other intangible assets, net
    
12,320
      
12,380
      
12,101
      
11,591
      
9,606
  
Cash surrender value on life insurance
    
61,525
      
55,516
      
55,141
      
54,817
      
54,581
  
Other real estate, net
    
28,652
      
30,568
      
33,342
      
29,311
      
29,317
  
FDIC indemnification asset
    
2,357
      
5,532
      
4,393
      
-
      
-
  
Other assets
    
65,604
      
66,521
      
47,328
      
49,587
      
46,010
  
Total Assets
  
$
3,998,241
    
$
4,012,991
    
$
3,879,613
    
$
3,766,731
    
$
3,730,100
  
                                         
Liabilities and Equity
                                        
Liabilities
                                        
Deposits:
                                        
  Demand
  
$
489,807
    
$
460,645
    
$
451,645
    
$
436,985
    
$
409,921
  
  Savings
    
1,571,881
      
1,554,358
      
1,386,059
      
1,259,861
      
1,185,756
  
  Brokered time deposits
    
37,285
      
41,791
      
43,473
      
45,322
      
44,631
  
  Other time deposits
    
938,438
      
993,595
      
1,063,237
      
1,085,335
      
1,148,413
  
Total deposits
    
3,037,411
      
3,050,389
      
2,944,414
      
2,827,503
      
2,788,721
  
Short-term borrowings
    
190,732
      
162,349
      
111,346
      
132,301
      
117,766
  
Other borrowings
    
426,039
      
451,429
      
457,444
      
457,508
      
477,640
  
Accrued expenses and other liabilities
    
28,226
      
33,767
      
38,044
      
31,459
      
30,496
  
Total Liabilities
    
3,682,408
      
3,697,934
      
3,551,248
      
3,448,771
      
3,414,623
  
                                         
Equity
                                        
  Preferred equity
    
77,539
      
77,224
      
76,909
      
76,594
      
76,279
  
  Common equity
    
235,543
      
235,057
      
248,583
      
238,449
      
236,237
  
Total Heartland Stockholders’ Equity
    
313,082
      
312,281
      
325,492
      
315,043
      
312,516
  
  Noncontrolling interest
    
2,751
      
2,776
      
2,873
      
2,917
      
2,961
  
Total Equity
    
315,833
      
315,057
      
328,365
      
317,960
      
315,477
  
Total Liabilities and Equity
  
$
3,998,241
    
$
4,012,991
    
$
3,879,613
    
$
3,766,731
    
$
3,730,100
  
                                         
Common Share Data
                                        
Book value per common share
  
$
14.40
    
$
14.38
    
$
15.23
    
$
14.62
    
$
14.50
  
FAS 115 effect on book value per common share
  
$
0.28
    
$
0.38
    
$
0.62
    
$
(0.02
)
  
$
0.10
  
Common shares outstanding, net of treasury stock
    
16,357,874
      
16,346,362
      
16,321,953
      
16,310,825
      
16,294,828
  
                                         
Tangible Capital Ratio(1)
    
5.17
%
    
5.14
%
    
5.35
%
    
5.24
%
    
5.23
%

(1) Total common stockholders’ equity less goodwill and 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 Quarter Ended
     
3/31/2010
      
12/31/2009
      
9/30/2009
      
6/30/2009
      
3/31/2009
  
Average Balances
                                        
Assets
  
$
3,984,794
    
$
3,975,107
    
$
3,853,658
    
$
3,763,003
    
$
3,659,204
  
Loans and leases, net of unearned
    
2,384,490
      
2,410,459
      
2,430,161
      
2,384,568
      
2,423,605
  
Deposits
    
3,024,827
      
3,013,644
      
2,912,325
      
2,790,322
      
2,674,320
  
Earning assets
    
3,510,015
      
3,525,624
      
3,496,607
      
3,420,233
      
3,309,556
  
Interest bearing liabilities
    
3,163,161
      
3,127,792
      
3,041,502
      
2,984,903
      
2,918,763
  
Common stockholders’ equity
    
238,028
      
246,505
      
243,542
      
238,878
      
235,200
  
Total stockholders’ equity
    
318,027
      
326,254
      
323,040
      
318,077
      
313,968
  
Tangible common stockholders’ equity
    
207,695
      
203,573
      
200,370
      
195,483
      
191,577
  
                                         
Earnings Performance Ratios
                                        
Annualized return on average assets
    
0.41
%
    
(0.92
)%
    
0.22
%
    
0.36
%
    
0.53
%
Annualized return on average common equity
    
6.83
      
(14.76
)
    
3.54
      
5.74
      
8.26
  
Annualized return on average common tangible equity
    
7.83
      
(17.87
)
    
4.31
      
7.02
      
10.14
  
Annualized net interest margin(1)
    
4.14
      
4.04
      
4.06
      
3.92
      
3.94
  
Efficiency ratio(2)
    
64.27
      
92.19
      
65.55
      
66.40
      
67.48
  
 
(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
As of and For
As of and For
 
the Qtr. Ended
the Qtr. Ended
the Qtr. Ended
the Qtr. Ended
the Qtr. Ended
 
3/31/2010
12/31/2009
9/30/2009
6/30/2009
3/31/2009
Loan and Lease Data
                                        
Loans held to maturity:
                                        
Commercial and commercial real estate
  
$
1,710,669
    
$
1,670,108
    
$
1,694,589
    
$
1,701,933
    
$
1,673,882
  
Residential mortgage
    
175,065
      
175,059
      
184,292
      
187,016
      
190,179
  
Agricultural and agricultural real estate
    
258,239
      
256,780
      
257,738
      
255,340
      
259,320
  
Consumer
    
228,311
      
231,709
      
233,259
      
231,986
      
232,507
  
Direct financing leases, net
    
1,951
      
2,326
      
2,882
      
3,615
      
4,989
  
Unearned discount and deferred loan fees
    
(5,002
)
    
(4,840
)
    
(4,889
)
    
(4,863
)
    
(4,486
)
Total loans and leases held to maturity
  
$
2,369,233
    
$
2,331,142
    
$
2,367,871
    
$
2,375,027
    
$
2,356,391
  
Loans covered under loss share agreements:
                                        
Commercial and commercial real estate
  
$
13,241
    
$
15,068
    
$
17,109
    
$
-
    
$
-
  
Residential mortgage
    
8,064
      
8,984
      
10,201
      
-
      
-
  
Agricultural and agricultural real estate
    
2,806
      
3,626
      
4,117
      
-
      
-
  
Consumer
    
3,857
      
4,182
      
4,748
      
-
      
-
  
Total loans and leases covered underloss share agreements
  
$
27,968
    
$
31,860
    
$
36,175
    
$
-
    
$
-
  
                                         
Asset Quality
                                        
Not covered under loss share agreements:
                                        
Nonaccrual loans
  
$
78,239
    
$
78,118
    
$
78,940
    
$
71,116
    
$
67,140
  
Loans and leases past due ninety days or more as to interest or principal payments
    
47
      
17
      
5,063
      
54
      
-
  
Other real estate owned
    
28,290
      
30,205
      
32,643
      
29,311
      
29,317
  
Other repossessed assets
    
528
      
501
      
565
      
1,477
      
1,501
  
Total nonperforming assets not covered under loss share agreements
  
$
107,104
    
$
108,841
    
$
117,211
    
$
101,958
    
$
97,958
  
                                         
Covered under loss share agreements:
                                        
Nonaccrual loans
  
$
4,621
    
$
4,170
    
$
4,102
    
$
-
    
$
-
  
Loans and leases past due ninety days or more as to interest or principal payments
    
-
      
-
      
-
      
-
      
-
  
Other real estate owned
    
362
      
363
      
599
      
-
      
-
  
Other repossessed assets
    
-
      
-
      
-
      
-
      
-
  
Total nonperforming assets covered under loss share agreements
  
$
4,983
    
$
4,533
    
$
4,701
    
$
-
    
$
-
  
                                         
Allowance for Loan and Lease Losses
                                        
Balance, beginning of period
  
$
41,848
    
$
42,260
    
$
37,234
    
$
37,277
    
$
35,651
  
Provision for loan and lease losses
    
8,894
      
10,775
      
11,896
      
10,041
      
6,665
  
Charge offs on loans not covered by loss share agreements
    
(4,505
)
    
(10,115
)
    
(7,465)
      
(10,406
)
    
(5,635)
  
Charge offs on loans covered by loss share agreements
    
(264
)
    
(1,344
)
    
-
      
-
      
-
  
Recoveries
    
377
      
272
      
595
      
322
      
596
  
Balance, end of period
  
$
46,350
    
$
41,848
    
$
42,260
    
$
37,234
    
$
37,277
  
                                         
Asset Quality Ratios Excluding Assets Covered Under Loss Share Agreements
                                        
Ratio of nonperforming loans and leases to total loans and leases
    
3.30
%
    
3.35
%
    
3.55
%
    
3.00
%
    
2.85
%
Ratio of nonperforming assets to total assets
    
2.68
%
    
2.71
%
    
3.02
%
    
2.71
%
    
2.63
%
Annualized ratio of net loan charge-offs to average loans and leases
    
0.75
%
    
1.84
%
    
1.12
%
    
1.70
%
    
0.84
%
Allowance for loan and lease losses as a percent of loans and leases
    
1.96
%
    
1.80
%
    
1.78
%
    
1.57
%
    
1.58
%
Allowance for loan and lease losses as a percent of nonperforming loans and leases
    
59.21
%
    
53.56
%
    
50.31
%
    
52.32
%
    
55.52
%

 
 
 
 
HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
     
For the Quarter Ended
  
     
March 31, 2010
      
March 31, 2009
  
     
Average
                    
Average
                
     
Balance
      
Interest
    
Rate
      
Balance
      
Interest
    
Rate
  
Earning Assets
                                            
Securities:
                                            
Taxable
  
$
926,161
    
$
9,455
    
4.14
%
  
$
759,985
    
$
8,421
    
4.49
%
Nontaxable(1)
    
239,587
      
3,807
    
6.44
%
    
160,147
      
2,720
    
6.89
%
Total securities
    
1,165,748
      
13,262
    
4.61
%
    
920,132
      
11,141
    
4.91
%
Interest bearing deposits
    
2,848
      
5
    
0.71
%
    
634
      
1
    
0.64
%
Federal funds sold
    
617
      
-
    
-
%
    
785
      
1
    
0.52
%
Loans and leases:
                                            
Commercial and commercial real estate(1)
    
1,695,161
      
24,821
    
5.94
%
    
1,693,796
      
26,142
    
6.26
%
Residential mortgage
    
196,770
      
2,720
    
5.61
%
    
236,878
      
3,449
    
5.90
%
Agricultural and agricultural real estate(1)
    
258,770
      
3,984
    
6.24
%
    
256,059
      
4,092
    
6.48
%
Consumer
    
231,660
      
4,974
    
8.71
%
    
231,328
      
4,973
    
8.72
%
Direct financing leases, net
    
2,129
      
32
    
6.10
%
    
5,544
      
68
    
4.97
%
Fees on loans
    
-
      
986
    
-
      
-
      
966
    
-
  
Less: allowance for loan and lease losses
    
(43,688
)
    
-
    
-
      
(35,600
)
    
 
-
    
 
-
  
Net loans and leases
    
2,340,802
      
37,517
    
6.50
%
    
2,388,005
      
39,690
    
6.74
%
Total earning assets
    
3,510,015
      
50,784
    
5.87
%
    
3,309,556
      
50,833
    
6.23
%
Nonearning Assets
    
474,779
      
-
            
349,648
      
-
        
Total Assets
  
$
3,984,794
    
$
50,784
          
$
3,659,204
    
$
50,833
        
Interest Bearing Liabilities
                                            
Interest bearing deposits
                                            
Savings
  
$
1,549,140
    
$
4,136
    
1.08
%
  
$
1,116,314
    
$
4,524
    
1.64
%
Time, $100,000 and over
    
324,888
      
2,070
    
2.58
%
    
394,948
      
3,238
    
3.32
%
Other time deposits
    
683,859
      
4,554
    
2.70
%
    
769,443
      
6,360
    
3.35
%
Short-term borrowings
    
169,237
      
234
    
0.56
%
    
170,826
      
212
    
0.50
%
Other borrowings
    
436,037
      
3,959
    
3.68
%
    
467,232
      
4,378
    
3.80
%
Total interest bearing liabilities
    
3,163,161
      
14,953
    
1.92
%
    
2,918,763
      
18,712
    
2.60
%
Noninterest Bearing Liabilities
                                            
Noninterest bearing deposits
    
466,940
                    
393,615
                
Accrued interest and other liabilities
    
36,666
                    
32,858
                
Total noninterest bearing liabilities
    
503,606
                    
426,473
                
Stockholders’ Equity
    
318,027
                    
313,968
                
Total Liabilities and Stockholders’ Equity
  
 
$
3,984,794
                  
 
$
3,959,204
                
Net interest income(1)
          
$
35,831
                  
$
32,121
        
Net interest spread(1)
                  
3.95
%
                  
3.63
%
Net interest income to total earning assets(1)
                  
4.14
 
%
                  
3.94
 
%
Interest bearing liabilities to earning assets
    
90.12
 
%
                  
88.19
 
%
              
                                             
(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
    
As of and
    
As of and
    
As of and
    
As of and
  
     
For the
    
For the
    
For the
    
For the
    
For the
  
     
Qtr. Ended
    
Qtr. Ended
    
Qtr. Ended
    
Qtr. Ended
    
Qtr. Ended
  
     
3/31/2010
    
12/31/2009
    
9/30/2009
    
6/30/2009
    
3/31/2009
  
Total Assets
                                
Dubuque Bank and Trust Company
  
$
1,160,474
  
$
1,249,124
  
$
1,104,217
  
$
1,097,161
  
$
1,107,204
  
New Mexico Bank & Trust
    
849,428
    
868,295
    
785,146
    
791,019
    
762,980
  
Wisconsin Community Bank
    
456,510
    
448,106
    
433,900
    
434,362
    
427,734
  
Rocky Mountain Bank
    
454,558
    
469,723
    
468,695
    
470,220
    
481,577
  
Galena State Bank & Trust Co.
    
287,495
    
291,412
    
288,501
    
231,655
    
228,711
  
Riverside Community Bank
    
283,195
    
283,258
    
277,639
    
270,354
    
254,965
  
Arizona Bank & Trust
    
267,453
    
258,280
    
268,600
    
251,562
    
227,840
  
First Community Bank
    
119,962
    
121,492
    
121,938
    
125,069
    
123,785
  
Summit Bank & Trust
    
95,442
    
97,025
    
99,724
    
91,211
    
78,892
  
Minnesota Bank & Trust
    
54,318
    
49,330
    
39,283
    
34,547
    
30,625
  
Total Deposits
                                
Dubuque Bank and Trust Company
  
$
806,574
  
$
864,133
  
$
815,553
  
$
798,927
  
$
806,425
  
New Mexico Bank & Trust
    
608,030
    
589,468
    
563,414
    
552,650
    
535,753
  
Wisconsin Community Bank
    
355,880
    
358,994
    
338,328
    
330,327
    
336,670
  
Rocky Mountain Bank
    
363,842
    
376,487
    
364,570
    
364,159
    
375,708
  
Galena State Bank & Trust Co.
    
250,621
    
253,073
    
244,389
    
196,035
    
193,697
  
Riverside Community Bank
    
233,440
    
232,459
    
226,791
    
220,097
    
209,176
  
Arizona Bank & Trust
    
230,699
    
202,730
    
215,092
    
198,310
    
176,393
  
First Community Bank
    
98,691
    
100,328
    
99,351
    
99,772
    
100,441
  
Summit Bank & Trust
    
81,414
    
85,131
    
89,130
    
79,991
    
66,259
  
Minnesota Bank & Trust
    
39,912
    
34,616
    
24,364
    
18,477
    
15,598
  
Net Income (Loss)
                                
Dubuque Bank and Trust Company
  
$
4,921
  
$
3,751
  
$
3,863
  
$
4,144
  
$
3,787
  
New Mexico Bank & Trust
    
2,341
    
1,640
    
1,955
    
1,434
    
3,257
  
Wisconsin Community Bank
    
1,367
    
770
    
1,198
    
1,464
    
1,011
  
Rocky Mountain Bank
    
(596
)
  
(6,399
)
  
(463
)
  
204
    
724
  
Galena State Bank & Trust Co.
    
1,046
    
663
    
962
    
513
    
905
  
Riverside Community Bank
    
640
    
(55
)
  
283
    
(326
)
  
502
  
Arizona Bank & Trust
    
(2,900
)
  
(5,117
)
  
(1,227
)
  
(1,151
)
  
(2,695
)
First Community Bank
    
399
    
(225
)
  
101
    
(209
)
  
316
  
Summit Bank & Trust
    
(118
)
  
(490
)
  
(1,366
)
  
(1,169
)
  
(432
)
Minnesota Bank & Trust
    
(123
)
  
(203
)
  
(221
)
  
(225
)
  
(291
)
Return on Average Assets
                                
Dubuque Bank and Trust Company
    
1.66
%
  
1.25
%
  
1.40
%
  
1.50
%
  
1.43
%
New Mexico Bank & Trust
    
1.12
    
0.79
    
0.99
    
0.73
    
1.72
  
Wisconsin Community Bank
    
1.23
    
0.69
    
1.09
    
1.35
    
0.95
  
Rocky Mountain Bank
    
(0.53
)
  
(5.30
)
  
(0.39
)
  
0.17
    
0.61
  
Galena State Bank & Trust Co.
    
1.46
    
0.90
    
1.34
    
0.90
    
1.64
  
Riverside Community Bank
    
0.93
    
(0.08
)
  
0.41
    
(0.50
)
  
0.82
  
Arizona Bank & Trust
    
(4.62
)
  
(7.60
)
  
(1.86
)
  
(1.88
)
  
(4.94
)
First Community Bank
    
1.35
    
(0.72
)
  
0.32
    
(0.67
)
  
1.05
  
Summit Bank & Trust
    
(0.50
)
  
(1.94
)
  
(5.62
)
  
(5.59
)
  
(2.23
)
Minnesota Bank & Trust
    
(0.95
)
  
(1.95
)
  
(2.42
)
  
(2.77
)
  
(4.32
)
Net Interest Margin as a Percentage of Average Earning Assets
                                
Dubuque Bank and Trust Company
    
4.05
%
  
3.98
%
  
3.98
%
  
3.72
%
  
3.59
%
New Mexico Bank & Trust
    
4.18
    
4.23
    
4.67
    
4.38
    
4.70
  
Wisconsin Community Bank
    
3.80
    
3.91
    
3.76
    
4.12
    
3.65
  
Rocky Mountain Bank
    
3.90
    
3.68
    
3.80
    
3.82
    
4.17
  
Galena State Bank & Trust Co.
    
3.48
    
3.46
    
3.47
    
3.59
    
3.43
  
Riverside Community Bank
    
3.95
    
4.14
    
3.86
    
3.38
    
2.98
  
Arizona Bank & Trust
    
3.64
    
3.58
    
3.33
    
3.20
    
3.88
  
First Community Bank
    
3.79
    
4.24
    
4.31
    
3.60
    
3.53
  
Summit Bank & Trust
    
3.29
    
3.00
    
2.47
    
3.17
    
3.38
  
Minnesota Bank & Trust
    
3.24
    
4.16
    
3.86
    
3.94
    
3.11
  

 
 
 
 
HEARTLAND FINANCIAL USA, INC.
SELECTED FINANCIAL DATA – SUBSIDIARY BANKS (Unaudited)
DOLLARS IN THOUSANDS
     
As of
    
As of
    
As of
    
As of
    
As of
  
     
3/31/2010
    
12/31/2009
    
9/30/2009
    
6/30/2009
    
3/31/2009
  
Total Portfolio Loans and Leases
                                
Dubuque Bank and Trust Company
  
$
681,668
  
$
658,274
  
$
653,579
  
$
669,925
  
$
662,047
  
New Mexico Bank & Trust
    
509,696
    
502,497
    
513,560
    
499,597
    
480,147
  
Wisconsin Community Bank
    
314,102
    
274,487
    
289,558
    
298,817
    
295,852
  
Rocky Mountain Bank
    
281,079
    
292,914
    
302,494
    
314,523
    
312,335
  
Galena State Bank & Trust Co.
    
131,539
    
134,104
    
136,700
    
130,011
    
130,791
  
Riverside Community Bank
    
157,511
    
161,280
    
161,025
    
159,977
    
161,304
  
Arizona Bank & Trust
    
131,115
    
138,604
    
142,387
    
135,198
    
138,647
  
First Community Bank
    
66,560
    
72,113
    
73,722
    
72,676
    
74,120
  
Summit Bank & Trust
    
58,272
    
58,108
    
58,410
    
60,948
    
62,157
  
Minnesota Bank & Trust
    
24,997
    
24,472
    
22,118
    
19,977
    
14,796
  
Allowance For Loan and Lease Losses
                                
Dubuque Bank and Trust Company
  
$
10,395
  
$
10,486
  
$
10,318
  
$
9,478
  
$
9,333
  
New Mexico Bank & Trust
    
7,999
    
7,578
    
7,641
    
7,080
    
6,607
  
Wisconsin Community Bank
    
5,328
    
5,390
    
5,133
    
4,386
    
4,345
  
Rocky Mountain Bank
    
7,434
    
5,897
    
6,152
    
5,743
    
4,938
  
Galena State Bank & Trust Co.
    
1,466
    
1,989
    
1,897
    
1,711
    
1,782
  
Riverside Community Bank
    
2,425
    
2,395
    
2,475
    
2,270
    
2,215
  
Arizona Bank & Trust
    
7,056
    
3,825
    
4,380
    
2,520
    
3,933
  
First Community Bank
    
993
    
1,072
    
1,122
    
989
    
1,023
  
Summit Bank & Trust
    
994
    
926
    
930
    
922
    
1,075
  
Minnesota Bank & Trust
    
240
    
295
    
276
    
234
    
185
  
Nonperforming Loans and Leases
                                
Dubuque Bank and Trust Company
  
$
6,408
  
$
6,102
  
$
7,365
  
$
6,474
  
$
6,180
  
New Mexico Bank & Trust
    
13,995
    
14,069
    
18,693
    
10,283
    
10,094
  
Wisconsin Community Bank
    
15,773
    
14,396
    
13,276
    
12,173
    
13,075
  
Rocky Mountain Bank
    
21,558
    
18,443
    
17,286
    
18,570
    
12,854
  
Galena State Bank & Trust Co.
    
1,372
    
1,545
    
2,045
    
2,425
    
3,040
  
Riverside Community Bank
    
5,543
    
8,104
    
9,493
    
8,457
    
6,105
  
Arizona Bank & Trust
    
4,922
    
5,158
    
5,689
    
5,806
    
5,234
  
First Community Bank
    
2,512
    
2,736
    
3,866
    
2,893
    
4,291
  
Summit Bank & Trust
    
5,513
    
6,719
    
5,528
    
3,305
    
5,460
  
Minnesota Bank & Trust
    
-
    
19
    
-
    
-
    
-
  
Allowance As a Percent of Total Loans and Leases
                                
Dubuque Bank and Trust Company
    
1.52
%
  
1.59
%
  
1.58
%
  
1.41
%
  
1.41
%
New Mexico Bank & Trust
    
1.57
    
1.51
    
1.49
    
1.42
    
1.38
  
Wisconsin Community Bank
    
1.70
    
1.96
    
1.77
    
1.47
    
1.47
  
Rocky Mountain Bank
    
2.64
    
2.01
    
2.03
    
1.83
    
1.58
  
Galena State Bank & Trust Co.
    
1.11
    
1.48
    
1.39
    
1.32
    
1.36
  
Riverside Community Bank
    
1.54
    
1.48
    
1.54
    
1.42
    
1.37
  
Arizona Bank & Trust
    
5.38
    
2.76
    
3.08
    
1.86
    
2.84
  
First Community Bank
    
1.49
    
1.49
    
1.52
    
1.36
    
1.38
  
Summit Bank & Trust
    
1.71
    
1.59
    
1.59
    
1.51
    
1.73
  
Minnesota Bank & Trust
    
0.96
    
1.21
    
1.25
    
1.17
    
1.25
  



###