Date of Report (Date of earliest event reported) | October 24, 2011 |
Commission File Number: | 0-24724 |
Delaware | 42-1405748 | |
(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification Number) |
1398 Central Avenue Dubuque, Iowa 52001 |
(Address of principal executive offices) |
(a) | Financial Statements of Business Acquired. |
(b) | Pro Forma Financial Information. |
(c) | Exhibits. |
Date: October 24, 2011 | HEARTLAND FINANCIAL USA, INC. | ||
By: | /s/ John K. Schmidt | ||
Executive Vice President, COO & CFO |
CONTACT: | FOR IMMEDIATE RELEASE |
John K. Schmidt | October 24, 2011 |
Chief Operating Officer | |
Chief Financial Officer | |
(563) 589-1994 | |
jschmidt@htlf.com |
§ | Net interest margin of 4.14% |
§ | Provision for loan losses at $7.7 million |
§ | Loan growth of $22.4 million since June 30, 2011 |
§ | Deposit growth of $92.9 million since June 30, 2011 |
§ | Entered SBLF and exited TARP |
§ | Repurchased Warrant from U.S. Treasury |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
Net income (in millions) | $ | 7.4 | $ | 6.9 | $ | 21.8 | $ | 17.3 | |||||||
Net income available to common stockholders (in millions) | 3.4 | 5.6 | 15.2 | 13.4 | |||||||||||
Diluted earnings per common share | 0.20 | 0.34 | 0.92 | 0.81 | |||||||||||
Return on average assets | 0.33 | % | 0.55 | % | 0.50 | % | 0.45 | % | |||||||
Return on average common equity | 4.97 | 8.76 | 7.77 | 7.32 | |||||||||||
Net interest margin | 4.14 | 4.18 | 4.18 | 4.09 |
“We are very pleased with Heartland's solid third quarter earnings of $7.4 million. Most performance measures are moving in a positive direction with growth in loans, deposits and noninterest income. We are especially gratified with the fact that our net interest margin has remained above four percent for nine consecutive quarters.” Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc. |
(Dollars in thousands) | Nonperforming Loans | Other Real Estate Owned | Other Repossessed Assets | Total Nonperforming Assets | |||||||||||
June 30, 2011 | $ | 72,590 | $ | 39,075 | $ | 188 | $ | 111,853 | |||||||
Loan foreclosures | (7,505 | ) | 7,326 | 179 | — | ||||||||||
Net loan charge offs | (4,134 | ) | — | — | (4,134 | ) | |||||||||
New nonperforming loans | 19,122 | — | — | 19,122 | |||||||||||
Reduction of nonperforming loans(1) | (3,558 | ) | — | — | (3,558 | ) | |||||||||
OREO/Repossessed sales proceeds | — | (6,459 | ) | (25 | ) | (6,484 | ) | ||||||||
OREO/Repossessed assets writedowns, net | — | (754 | ) | (32 | ) | (786 | ) | ||||||||
Net activity at Citizens Finance Co. | — | — | 88 | 88 | |||||||||||
September 30, 2011 | $ | 76,515 | $ | 39,188 | $ | 398 | $ | 116,101 | |||||||
(1) Includes principal reductions and transfers to performing status. |
(Dollars in thousands) | Nonperforming Loans | Other Real Estate Owned | Other Repossessed Assets | Total Nonperforming Assets | |||||||||||
December 31, 2010 | $ | 95,498 | $ | 32,002 | $ | 302 | $ | 127,802 | |||||||
Loan foreclosures | (27,445 | ) | 27,200 | 245 | — | ||||||||||
Net loan charge offs | (20,079 | ) | — | — | (20,079 | ) | |||||||||
New nonperforming loans | 54,042 | — | — | 54,042 | |||||||||||
Reduction of nonperforming loans(1) | (25,501 | ) | — | — | (25,501 | ) | |||||||||
OREO/Repossessed sales proceeds | — | (16,089 | ) | (170 | ) | (16,259 | ) | ||||||||
OREO/Repossessed assets writedowns, net | — | (3,925 | ) | (32 | ) | (3,957 | ) | ||||||||
Net activity at Citizens Finance Co. | — | — | 53 | 53 | |||||||||||
September 30, 2011 | $ | 76,515 | $ | 39,188 | $ | 398 | $ | 116,101 | |||||||
(1) Includes principal reductions and transfers to performing status. |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||
For the Quarter Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
Interest Income | |||||||||||||||
Interest and fees on loans and leases | $ | 37,393 | $ | 38,756 | $ | 111,839 | $ | 114,354 | |||||||
Interest on securities and other: | |||||||||||||||
Taxable | 6,826 | 8,225 | 21,820 | 26,618 | |||||||||||
Nontaxable | 3,370 | 3,282 | 10,452 | 9,178 | |||||||||||
Interest on federal funds sold | 2 | — | 3 | 1 | |||||||||||
Interest on deposits in other financial institutions | — | 1 | 1 | 13 | |||||||||||
Total Interest Income | 47,591 | 50,264 | 144,115 | 150,164 | |||||||||||
Interest Expense | |||||||||||||||
Interest on deposits | 7,028 | 9,033 | 22,729 | 29,748 | |||||||||||
Interest on short-term borrowings | 205 | 305 | 689 | 830 | |||||||||||
Interest on other borrowings | 4,123 | 4,213 | 12,140 | 12,380 | |||||||||||
Total Interest Expense | 11,356 | 13,551 | 35,558 | 42,958 | |||||||||||
Net Interest Income | 36,235 | 36,713 | 108,557 | 107,206 | |||||||||||
Provision for loan and lease losses | 7,727 | 4,799 | 21,581 | 23,648 | |||||||||||
Net Interest Income After Provision for Loan and Lease Losses | 28,508 | 31,914 | 86,976 | 83,558 | |||||||||||
Noninterest Income | |||||||||||||||
Service charges and fees | 3,657 | 3,665 | 10,617 | 10,363 | |||||||||||
Loan servicing income | 1,081 | 1,862 | 3,928 | 4,909 | |||||||||||
Trust fees | 2,384 | 2,267 | 7,519 | 6,778 | |||||||||||
Brokerage and insurance commissions | 918 | 739 | 2,622 | 2,236 | |||||||||||
Securities gains, net | 2,085 | 2,158 | 8,930 | 4,664 | |||||||||||
Gain (loss) on trading account securities | (83 | ) | 18 | 214 | (198 | ) | |||||||||
Gains on sale of loans | 3,183 | 2,394 | 5,893 | 4,275 | |||||||||||
Valuation adjustment on mortgage servicing rights | — | (1,239 | ) | — | (1,239 | ) | |||||||||
Income on bank owned life insurance | 208 | 396 | 942 | 1,003 | |||||||||||
Other noninterest income | (171 | ) | 349 | (126 | ) | 1,245 | |||||||||
Total Noninterest Income | 13,262 | 12,609 | 40,539 | 34,036 | |||||||||||
Noninterest Expense | |||||||||||||||
Salaries and employee benefits | 17,736 | 15,502 | 53,402 | 46,499 | |||||||||||
Occupancy | 2,396 | 2,287 | 6,995 | 6,782 | |||||||||||
Furniture and equipment | 1,392 | 1,515 | 4,161 | 4,561 | |||||||||||
Professional fees | 3,110 | 2,621 | 9,182 | 7,381 | |||||||||||
FDIC insurance assessments | 798 | 1,331 | 2,929 | 4,135 | |||||||||||
Advertising | 1,191 | 906 | 3,154 | 2,772 | |||||||||||
Intangible assets amortization | 141 | 149 | 431 | 445 | |||||||||||
Goodwill impairment charge | — | 1,639 | — | 1,639 | |||||||||||
Net loss on repossessed assets | 1,409 | 4,219 | 5,552 | 7,919 | |||||||||||
Other noninterest expenses | 3,690 | 3,277 | 11,287 | 9,789 | |||||||||||
Total Noninterest Expense | 31,863 | 33,446 | 97,093 | 91,922 | |||||||||||
Income Before Income Taxes | 9,907 | 11,077 | 30,422 | 25,672 | |||||||||||
Income taxes | 2,549 | 4,187 | 8,631 | 8,382 | |||||||||||
Net Income | 7,358 | 6,890 | 21,791 | 17,290 | |||||||||||
Net income (loss) attributable to noncontrolling interest, net of tax | (20 | ) | 30 | 5 | 80 | ||||||||||
Net Income Attributable to Heartland | 7,338 | 6,920 | 21,796 | 17,370 | |||||||||||
Preferred dividends and discount | (3,947 | ) | (1,336 | ) | (6,619 | ) | (4,008 | ) | |||||||
Net Income Available to Common Stockholders | $ | 3,391 | $ | 5,584 | $ | 15,177 | $ | 13,362 | |||||||
Earnings per common share-diluted | $ | 0.20 | $ | 0.34 | $ | 0.92 | $ | 0.81 | |||||||
Weighted average shares outstanding-diluted | 16,585,021 | 16,465,650 | 16,569,376 | 16,453,670 |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | |||||||||||||||
Interest Income | |||||||||||||||||||
Interest and fees on loans and leases | $ | 37,393 | $ | 37,480 | $ | 36,966 | $ | 37,440 | $ | 38,756 | |||||||||
Interest on securities and other: | |||||||||||||||||||
Taxable | 6,826 | 7,583 | 7,411 | 7,889 | 8,225 | ||||||||||||||
Nontaxable | 3,370 | 3,518 | 3,564 | 3,438 | 3,282 | ||||||||||||||
Interest on federal funds sold | 2 | 1 | — | — | — | ||||||||||||||
Interest on deposits in other financial institutions | — | — | 1 | 1 | 1 | ||||||||||||||
Total Interest Income | 47,591 | 48,582 | 47,942 | 48,768 | 50,264 | ||||||||||||||
Interest Expense | |||||||||||||||||||
Interest on deposits | 7,028 | 7,675 | 8,026 | 8,524 | 9,033 | ||||||||||||||
Interest on short-term borrowings | 205 | 225 | 259 | 330 | 305 | ||||||||||||||
Interest on other borrowings | 4,123 | 4,081 | 3,936 | 4,068 | 4,213 | ||||||||||||||
Total Interest Expense | 11,356 | 11,981 | 12,221 | 12,922 | 13,551 | ||||||||||||||
Net Interest Income | 36,235 | 36,601 | 35,721 | 35,846 | 36,713 | ||||||||||||||
Provision for loan and lease losses | 7,727 | 3,845 | 10,009 | 8,860 | 4,799 | ||||||||||||||
Net Interest Income After Provision for Loan and Lease Losses | 28,508 | 32,756 | 25,712 | 26,986 | 31,914 | ||||||||||||||
Noninterest Income | |||||||||||||||||||
Service charges and fees | 3,657 | 3,599 | 3,361 | 3,537 | 3,665 | ||||||||||||||
Loan servicing income | 1,081 | 1,298 | 1,549 | 2,323 | 1,862 | ||||||||||||||
Trust fees | 2,384 | 2,656 | 2,479 | 2,428 | 2,267 | ||||||||||||||
Brokerage and insurance commissions | 918 | 856 | 848 | 948 | 739 | ||||||||||||||
Securities gains, net | 2,085 | 4,756 | 2,089 | 2,170 | 2,158 | ||||||||||||||
Gain (loss) on trading account securities | (83 | ) | 81 | 216 | 107 | 18 | |||||||||||||
Gains on sale of loans | 3,183 | 1,308 | 1,402 | 3,813 | 2,394 | ||||||||||||||
Valuation adjustment on mortgage servicing rights | — | — | — | 1,239 | (1,239 | ) | |||||||||||||
Income on bank owned life insurance | 208 | 331 | 403 | 463 | 396 | ||||||||||||||
Other noninterest income | (171 | ) | (216 | ) | 261 | 1,265 | 349 | ||||||||||||
Total Noninterest Income | 13,262 | 14,669 | 12,608 | 18,293 | 12,609 | ||||||||||||||
Noninterest Expense | |||||||||||||||||||
Salaries and employee benefits | 17,736 | 17,480 | 18,186 | 16,892 | 15,502 | ||||||||||||||
Occupancy | 2,396 | 2,213 | 2,386 | 2,339 | 2,287 | ||||||||||||||
Furniture and equipment | 1,392 | 1,360 | 1,409 | 1,543 | 1,515 | ||||||||||||||
Professional fees | 3,110 | 3,053 | 3,019 | 3,065 | 2,621 | ||||||||||||||
FDIC insurance assessments | 798 | 786 | 1,345 | 1,306 | 1,331 | ||||||||||||||
Advertising | 1,191 | 1,113 | 850 | 1,058 | 906 | ||||||||||||||
Intangible assets amortization | 141 | 144 | 146 | 146 | 149 | ||||||||||||||
Goodwill impairment charge | — | — | — | — | 1,639 | ||||||||||||||
Net loss on repossessed assets | 1,409 | 2,511 | 1,632 | 7,345 | 4,219 | ||||||||||||||
Other noninterest expenses | 3,690 | 3,683 | 3,914 | 3,623 | 3,277 | ||||||||||||||
Total Noninterest Expense | 31,863 | 32,343 | 32,887 | 37,317 | 33,446 | ||||||||||||||
Income Before Income Taxes | 9,907 | 15,082 | 5,433 | 7,962 | 11,077 | ||||||||||||||
Income taxes | 2,549 | 4,870 | 1,212 | 1,464 | 4,187 | ||||||||||||||
Net Income | 7,358 | 10,212 | 4,221 | 6,498 | 6,890 | ||||||||||||||
Net income (loss) attributable to noncontrolling interest, net of tax | (20 | ) | 9 | 16 | 35 | 30 | |||||||||||||
Net Income Attributable to Heartland | 7,338 | 10,221 | 4,237 | 6,533 | 6,920 | ||||||||||||||
Preferred dividends and discount | (3,947 | ) | (1,336 | ) | (1,336 | ) | (1,336 | ) | (1,336 | ) | |||||||||
Net Income Available to Common Stockholders | $ | 3,391 | $ | 8,885 | $ | 2,901 | $ | 5,197 | $ | 5,584 | |||||||||
Earnings per common share-diluted | $ | 0.20 | $ | 0.54 | $ | 0.18 | $ | 0.31 | $ | 0.34 | |||||||||
Weighted average shares outstanding-diluted | 16,585,021 | 16,568,701 | 16,557,353 | 16,515,657 | 16,465,650 |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
As Of | |||||||||||||||||||
9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 81,605 | $ | 148,388 | $ | 86,278 | $ | 62,572 | $ | 141,702 | |||||||||
Securities | 1,323,464 | 1,193,480 | 1,244,447 | 1,264,564 | 1,211,297 | ||||||||||||||
Loans held for sale | 36,529 | 15,770 | 8,317 | 23,904 | 41,047 | ||||||||||||||
Loans and leases: | |||||||||||||||||||
Held to maturity | 2,374,186 | 2,351,785 | 2,360,604 | 2,343,987 | 2,361,567 | ||||||||||||||
Loans covered by loss share agreements | 14,766 | 16,190 | 19,201 | 20,800 | 23,557 | ||||||||||||||
Allowance for loan and lease losses | (44,195 | ) | (40,602 | ) | (43,271 | ) | (42,693 | ) | (44,732 | ) | |||||||||
Loans and leases, net | 2,344,757 | 2,327,373 | 2,336,534 | 2,322,094 | 2,340,392 | ||||||||||||||
Premises, furniture and equipment, net | 110,127 | 118,828 | 119,954 | 121,012 | 121,940 | ||||||||||||||
Goodwill | 25,909 | 25,909 | 25,909 | 25,909 | 25,909 | ||||||||||||||
Other intangible assets, net | 12,601 | 13,103 | 13,440 | 13,466 | 11,510 | ||||||||||||||
Cash surrender value on life insurance | 66,654 | 66,425 | 66,073 | 61,981 | 62,038 | ||||||||||||||
Other real estate, net | 39,188 | 39,075 | 35,007 | 32,002 | 32,408 | ||||||||||||||
FDIC indemnification asset | 992 | 1,035 | 1,396 | 2,294 | 1,939 | ||||||||||||||
Other assets | 70,853 | 61,231 | 66,019 | 69,657 | 73,002 | ||||||||||||||
Total Assets | $ | 4,112,679 | $ | 4,010,617 | $ | 4,003,374 | $ | 3,999,455 | $ | 4,063,184 | |||||||||
Liabilities and Equity | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand | $ | 692,893 | $ | 649,523 | $ | 637,452 | $ | 580,589 | $ | 581,957 | |||||||||
Savings | 1,654,417 | 1,557,053 | 1,569,993 | 1,558,998 | 1,572,891 | ||||||||||||||
Brokered time deposits | 44,225 | 39,225 | 39,225 | 37,285 | 37,285 | ||||||||||||||
Other time deposits | 782,079 | 834,884 | 835,704 | 857,176 | 881,510 | ||||||||||||||
Total deposits | 3,173,614 | 3,080,685 | 3,082,374 | 3,034,048 | 3,073,643 | ||||||||||||||
Short-term borrowings | 173,199 | 168,021 | 194,934 | 235,864 | 196,533 | ||||||||||||||
Other borrowings | 375,976 | 379,718 | 365,281 | 362,527 | 413,448 | ||||||||||||||
Accrued expenses and other liabilities | 36,667 | 36,643 | 28,393 | 35,232 | 43,234 | ||||||||||||||
Total Liabilities | 3,759,456 | 3,665,067 | 3,670,982 | 3,667,671 | 3,726,858 | ||||||||||||||
Equity | |||||||||||||||||||
Preferred equity | 81,698 | 79,113 | 78,798 | 78,483 | 78,168 | ||||||||||||||
Common equity | 268,819 | 263,769 | 250,918 | 250,608 | 255,430 | ||||||||||||||
Total Heartland Stockholders' Equity | 350,517 | 342,882 | 329,716 | 329,091 | 333,598 | ||||||||||||||
Noncontrolling interest | 2,706 | 2,668 | 2,676 | 2,693 | 2,728 | ||||||||||||||
Total Equity | 353,223 | 345,550 | 332,392 | 331,784 | 336,326 | ||||||||||||||
Total Liabilities and Equity | $ | 4,112,679 | $ | 4,010,617 | $ | 4,003,374 | $ | 3,999,455 | $ | 4,063,184 | |||||||||
Common Share Data | |||||||||||||||||||
Book value per common share | $ | 16.33 | $ | 16.04 | $ | 15.28 | $ | 15.26 | $ | 15.58 | |||||||||
ASC 320 effect on book value per common share | $ | 1.22 | $ | 0.86 | $ | 0.49 | $ | 0.60 | $ | 1.25 | |||||||||
Common shares outstanding, net of treasury stock | 16,459,338 | 16,442,437 | 16,418,228 | 16,425,055 | 16,392,091 | ||||||||||||||
Tangible Capital Ratio (1) | 5.90 | % | 5.92 | % | 5.61 | % | 5.60 | % | 5.63 | % | |||||||||
(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 | For the Nine Months Ended | ||||||||||||||||||
9/30/2011 | 9/30/2010 | 9/30/2011 | 9/30/2010 | ||||||||||||||||
Average Balances | |||||||||||||||||||
Assets | 4,063,327 | 4,012,107 | 4,034,215 | 4,010,084 | |||||||||||||||
Loans and leases, net of unearned | 2,399,047 | 2,427,141 | 2,398,561 | 2,416,330 | |||||||||||||||
Deposits | 3,110,978 | 3,018,928 | 3,083,548 | 3,028,173 | |||||||||||||||
Earning assets | 3,624,559 | 3,602,953 | 3,607,348 | 3,581,675 | |||||||||||||||
Interest bearing liabilities | 3,002,868 | 3,084,742 | 3,009,841 | 3,137,922 | |||||||||||||||
Common stockholders' equity | 270,696 | 252,781 | 261,296 | 244,208 | |||||||||||||||
Total stockholders' equity | 353,003 | 333,346 | 343,048 | 324,494 | |||||||||||||||
Tangible common stockholders' equity | 242,886 | 222,771 | 233,341 | 214,035 | |||||||||||||||
Earnings Performance Ratios | |||||||||||||||||||
Annualized return on average assets | 0.33 | % | 0.55 | % | 0.50 | % | 0.45 | % | |||||||||||
Annualized return on average common equity | 4.97 | % | 8.76 | % | 7.77 | % | 7.32 | % | |||||||||||
Annualized return on average common tangible equity | 5.54 | % | 9.94 | % | 8.70 | % | 8.35 | % | |||||||||||
Annualized net interest margin(1) | 4.14 | % | 4.18 | % | 4.18 | % | 4.14 | % | |||||||||||
Efficiency ratio(2) | 65.07 | % | 69.05 | % | 67.24 | % | 65.54 | % | |||||||||||
(1) Tax equivalent basis is calculated 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 Quarter Ended | |||||||||||||||||||
9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | |||||||||||||||
Average Balances | |||||||||||||||||||
Assets | $ | 4,063,327 | $ | 4,014,290 | $ | 4,009,863 | $ | 4,091,276 | $ | 4,012,107 | |||||||||
Loans and leases, net of unearned | 2,399,047 | 2,388,088 | 2,399,656 | 2,414,799 | 2,427,141 | ||||||||||||||
Deposits | 3,110,978 | 3,059,360 | 3,068,753 | 3,075,193 | 3,018,928 | ||||||||||||||
Earning assets | 3,624,559 | 3,600,095 | 3,583,883 | 3,637,735 | 3,602,953 | ||||||||||||||
Interest bearing liabilities | 3,002,868 | 3,004,928 | 3,010,629 | 3,095,791 | 3,084,742 | ||||||||||||||
Common stockholders' equity | 270,696 | 260,334 | 251,833 | 255,940 | 252,781 | ||||||||||||||
Total stockholders' equity | 353,003 | 341,797 | 333,016 | 336,827 | 333,346 | ||||||||||||||
Tangible common stockholders' equity | 242,886 | 232,381 | 223,736 | 227,696 | 222,771 | ||||||||||||||
Earnings Performance Ratios | |||||||||||||||||||
Annualized return on average assets | 0.33 | % | 0.89 | % | 0.29 | % | 0.50 | % | 0.55 | % | |||||||||
Annualized return on average common equity | 4.97 | % | 13.69 | % | 4.67 | % | 8.06 | % | 8.76 | % | |||||||||
Annualized return on average common tangible equity | 5.54 | % | 15.34 | % | 5.26 | % | 9.06 | % | 9.94 | % | |||||||||
Annualized net interest margin (1) | 4.14 | % | 4.23 | % | 4.19 | % | 4.05 | % | 4.18 | % | |||||||||
Efficiency ratio (2) | 65.07 | % | 67.53 | % | 69.17 | % | 70.09 | % | 69.05 | % | |||||||||
(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 the Quarter Ended | |||||||||||||||||||
9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | |||||||||||||||
Loan and Lease Data | |||||||||||||||||||
Loans held to maturity: | |||||||||||||||||||
Commercial and commercial real estate | $ | 1,725,586 | $ | 1,709,955 | $ | 1,727,530 | $ | 1,718,993 | $ | 1,714,592 | |||||||||
Residential mortgage | 179,628 | 173,808 | 169,513 | 163,726 | 170,543 | ||||||||||||||
Agricultural and agricultural real estate | 256,857 | 255,257 | 253,189 | 250,943 | 260,393 | ||||||||||||||
Consumer | 217,007 | 217,263 | 214,682 | 214,515 | 219,731 | ||||||||||||||
Direct financing leases, net | 604 | 667 | 876 | 981 | 1,233 | ||||||||||||||
Unearned discount and deferred loan fees | (5,496 | ) | (5,165 | ) | (5,186 | ) | (5,171 | ) | (4,925 | ) | |||||||||
Total loans and leases held to maturity | $ | 2,374,186 | $ | 2,351,785 | $ | 2,360,604 | $ | 2,343,987 | $ | 2,361,567 | |||||||||
Loans covered under loss share agreements: | |||||||||||||||||||
Commercial and commercial real estate | $ | 6,788 | $ | 7,315 | $ | 9,368 | $ | 10,056 | $ | 11,703 | |||||||||
Residential mortgage | 4,410 | 4,747 | 5,291 | 5,792 | 6,545 | ||||||||||||||
Agricultural and agricultural real estate | 2,139 | 2,298 | 2,628 | 2,723 | 2,807 | ||||||||||||||
Consumer | 1,429 | 1,830 | 1,914 | 2,229 | 2,502 | ||||||||||||||
Total loans and leases covered under loss share agreements | $ | 14,766 | $ | 16,190 | $ | 19,201 | $ | 20,800 | $ | 23,557 | |||||||||
Asset Quality | |||||||||||||||||||
Not covered under loss share agreements: | |||||||||||||||||||
Nonaccrual loans | $ | 72,629 | $ | 68,110 | $ | 87,970 | $ | 90,512 | $ | 85,190 | |||||||||
Loans and leases past due ninety days or more as to interest or principal payments | — | — | 3,038 | 85 | — | ||||||||||||||
Other real estate owned | 38,640 | 38,642 | 34,532 | 31,731 | 32,129 | ||||||||||||||
Other repossessed assets | 398 | 188 | 223 | 302 | 492 | ||||||||||||||
Total nonperforming assets not covered under loss share agreements | $ | 111,667 | $ | 106,940 | $ | 125,763 | $ | 122,630 | $ | 117,811 | |||||||||
Covered under loss share agreements: | |||||||||||||||||||
Nonaccrual loans | $ | 3,886 | $ | 4,480 | $ | 4,564 | $ | 4,901 | $ | 5,330 | |||||||||
Loans and leases past due ninety days or more as to interest or principal payments | — | — | — | — | — | ||||||||||||||
Other real estate owned | 548 | 433 | 475 | 271 | 279 | ||||||||||||||
Other repossessed assets | — | — | — | — | — | ||||||||||||||
Total nonperforming assets covered under loss share agreements | $ | 4,434 | $ | 4,913 | $ | 5,039 | $ | 5,172 | $ | 5,609 | |||||||||
Allowance for Loan and Lease Losses | |||||||||||||||||||
Balance, beginning of period | $ | 40,602 | $ | 43,271 | $ | 42,693 | $ | 44,732 | $ | 48,314 | |||||||||
Provision for loan and lease losses | 7,727 | 3,845 | 10,009 | 8,860 | 4,799 | ||||||||||||||
Charge-offs on loans not covered by loss share agreements | (5,985 | ) | (8,076 | ) | (9,785 | ) | (11,133 | ) | (8,735 | ) | |||||||||
Charge-offs on loans covered by loss share agreements | (168 | ) | (107 | ) | (238 | ) | (445 | ) | (43 | ) | |||||||||
Recoveries | 2,019 | 1,669 | 592 | 679 | 397 | ||||||||||||||
Balance, end of period | $ | 44,195 | $ | 40,602 | $ | 43,271 | $ | 42,693 | $ | 44,732 | |||||||||
Asset Quality Ratios Excluding Assets Covered Under Loss Share Agreements | |||||||||||||||||||
Ratio of nonperforming loans and leases to total loans and leases | 3.06 | % | 2.90 | % | 3.86 | % | 3.87 | % | 3.61 | % | |||||||||
Ratio of nonperforming assets to total assets | 2.72 | % | 2.67 | % | 3.14 | % | 3.07 | % | 2.90 | % | |||||||||
Annualized ratio of net loan charge-offs to average loans and leases | 0.66 | % | 1.08 | % | 1.59 | % | 1.79 | % | 1.37 | % | |||||||||
Allowance for loan and lease losses as a percent of loans and leases | 1.86 | % | 1.73 | % | 1.83 | % | 1.82 | % | 1.89 | % | |||||||||
Allowance for loan and lease losses as a percent of nonperforming loans and leases | 60.85 | % | 59.61 | % | 47.55 | % | 47.12 | % | 52.51 | % |
HEARTLAND FINANCIAL USA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) DOLLARS IN THOUSANDS | |||||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||||
September 30, 2011 | September 30, 2010 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Earning Assets | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | $ | 971,156 | $ | 6,826 | 2.79 | % | $ | 945,261 | $ | 8,225 | 3.45 | % | |||||||||
Nontaxable(1) | 293,585 | 4,525 | 6.11 | 274,819 | 4,228 | 6.10 | |||||||||||||||
Total securities | 1,264,741 | 11,351 | 3.56 | 1,220,080 | 12,453 | 4.05 | |||||||||||||||
Interest bearing deposits | 1,896 | 2 | 0.42 | 3,584 | 1 | 0.11 | |||||||||||||||
Federal funds sold | 217 | — | — | 960 | — | — | |||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial and commercial real estate (1) | 1,727,100 | 24,980 | 5.74 | 1,733,120 | 26,195 | 6.00 | |||||||||||||||
Residential mortgage | 195,847 | 2,649 | 5.37 | 209,400 | 2,777 | 5.26 | |||||||||||||||
Agricultural and agricultural real estate (1) | 257,934 | 3,821 | 5.88 | 261,640 | 4,022 | 6.10 | |||||||||||||||
Consumer | 217,534 | 5,325 | 9.71 | 221,661 | 5,051 | 9.04 | |||||||||||||||
Direct financing leases, net | 632 | 8 | 5.02 | 1,320 | 19 | 5.71 | |||||||||||||||
Fees on loans | — | 1,009 | — | — | 1,016 | — | |||||||||||||||
Less: allowance for loan and lease losses | (41,342 | ) | — | — | (48,812 | ) | — | — | |||||||||||||
Net loans and leases | 2,357,705 | 37,792 | 6.36 | 2,378,329 | 39,080 | 6.52 | |||||||||||||||
Total earning assets | 3,624,559 | 49,145 | 5.38 | % | 3,602,953 | 51,534 | 5.67 | % | |||||||||||||
Nonearning Assets | 438,768 | 409,154 | |||||||||||||||||||
Total Assets | $ | 4,063,327 | $ | 49,145 | $ | 4,012,107 | $ | 51,534 | |||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||
Savings | $ | 1,588,958 | $ | 2,165 | 0.54 | $ | 1,546,129 | $ | 3,041 | 0.78 | |||||||||||
Time, $100,000 and over | 269,069 | 1,436 | 2.12 | 282,587 | 1,808 | 2.54 | |||||||||||||||
Other time deposits | 585,589 | 3,427 | 2.32 | 637,516 | 4,184 | 2.60 | |||||||||||||||
Short-term borrowings | 181,794 | 205 | 0.45 | 195,298 | 305 | 0.62 | |||||||||||||||
Other borrowings | 377,458 | 4,123 | 4.33 | 423,212 | 4,213 | 3.95 | |||||||||||||||
Total interest bearing liabilities | 3,002,868 | 11,356 | 1.50 | % | 3,084,742 | 13,551 | 1.74 | % | |||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 667,362 | 552,696 | |||||||||||||||||||
Accrued interest and other liabilities | 40,094 | 41,323 | |||||||||||||||||||
Total noninterest bearing liabilities | 707,456 | 594,019 | |||||||||||||||||||
Stockholders' Equity | 353,003 | 333,346 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 4,063,327 | $ | 4,012,107 | |||||||||||||||||
Net interest income (1) | $ | 37,789 | $ | 37,983 | |||||||||||||||||
Net interest spread (1) | 3.88 | % | 3.93 | % | |||||||||||||||||
Net interest income to total earning assets (1) | 4.14 | % | 4.18 | % | |||||||||||||||||
Interest bearing liabilities to earning assets | 82.85 | % | 85.62 | % | |||||||||||||||||
(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 Nine Months Ended | |||||||||||||||||||||
September 30, 2011 | September 30, 2010 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Earning Assets | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | $ | 949,952 | $ | 21,820 | 3.07 | % | $ | 950,772 | $ | 26,618 | 3.74 | % | |||||||||
Nontaxable (1) | 297,141 | 13,519 | 6.08 | 256,544 | 12,033 | 6.27 | |||||||||||||||
Total securities | 1,247,093 | 35,339 | 3.79 | 1,207,316 | 38,651 | 4.28 | |||||||||||||||
Interest bearing deposits | 3,559 | 3 | 0.11 | 3,662 | 13 | 0.47 | |||||||||||||||
Federal funds sold | 551 | 1 | 0.24 | 642 | 1 | 0.21 | |||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial and commercial real estate (1) | 1,736,296 | 75,159 | 5.79 | 1,726,399 | 76,853 | 5.95 | |||||||||||||||
Residential mortgage | 189,310 | 7,542 | 5.33 | 201,410 | 7,994 | 5.31 | |||||||||||||||
Agricultural and agricultural real estate (1) | 256,284 | 11,720 | 6.11 | 260,237 | 12,104 | 6.22 | |||||||||||||||
Consumer | 215,908 | 15,179 | 9.40 | 226,555 | 15,054 | 8.88 | |||||||||||||||
Direct financing leases, net | 763 | 31 | 5.43 | 1,729 | 76 | 5.88 | |||||||||||||||
Fees on loans | — | 3,379 | — | — | 3,084 | — | |||||||||||||||
Less: allowance for loan and lease losses | (42,416 | ) | — | — | (46,275 | ) | — | — | |||||||||||||
Net loans and leases | 2,356,145 | 113,010 | 6.41 | 2,370,055 | 115,165 | 6.50 | |||||||||||||||
Total earning assets | 3,607,348 | 148,353 | 5.50 | % | 3,581,675 | 153,830 | 5.74 | % | |||||||||||||
Nonearning Assets | 426,867 | 428,409 | |||||||||||||||||||
Total Assets | $ | 4,034,215 | $ | 148,353 | $ | 4,010,084 | $ | 153,830 | |||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||
Savings | $ | 1,567,209 | $ | 7,118 | 0.61 | $ | 1,557,363 | $ | 10,930 | 0.94 | |||||||||||
Time, $100,000 and over | 268,849 | 4,592 | 2.28 | 302,643 | 5,790 | 2.56 | |||||||||||||||
Other time deposits | 602,574 | 11,019 | 2.44 | 657,019 | 13,028 | 2.65 | |||||||||||||||
Short-term borrowings | 197,691 | 689 | 0.47 | 192,357 | 830 | 0.58 | |||||||||||||||
Other borrowings | 373,518 | 12,140 | 4.35 | 428,540 | 12,380 | 3.86 | |||||||||||||||
Total interest bearing liabilities | 3,009,841 | 35,558 | 1.58 | % | 3,137,922 | 42,958 | 1.83 | % | |||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 644,916 | 511,148 | |||||||||||||||||||
Accrued interest and other liabilities | 36,410 | 36,520 | |||||||||||||||||||
Total noninterest bearing liabilities | 681,326 | 547,668 | |||||||||||||||||||
Stockholders' Equity | 343,048 | 324,494 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 4,034,215 | $ | 4,010,084 | |||||||||||||||||
Net interest income (1) | $ | 112,795 | $ | 110,872 | |||||||||||||||||
Net interest spread (1) | 3.92 | % | 3.91 | % | |||||||||||||||||
Net interest income to total earning assets (1) | 4.18 | % | 4.14 | % | |||||||||||||||||
Interest bearing liabilities to earning assets | 83.44 | % | 87.61 | % | |||||||||||||||||
(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 Quarter Ended | |||||||||||||||
9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | |||||||||||
Total Assets | |||||||||||||||
Dubuque Bank and Trust Company | $ | 1,275,116 | $ | 1,294,654 | $ | 1,270,387 | $ | 1,247,297 | $ | 1,316,652 | |||||
New Mexico Bank & Trust | 921,973 | 891,609 | 880,980 | 913,776 | 891,642 | ||||||||||
Wisconsin Community Bank | 486,319 | 453,427 | 469,305 | 474,366 | 461,822 | ||||||||||
Rocky Mountain Bank | 425,132 | 419,697 | 417,846 | 417,781 | 438,923 | ||||||||||
Riverside Community Bank | 316,945 | 322,601 | 302,057 | 290,018 | 297,272 | ||||||||||
Galena State Bank & Trust Co. | 294,299 | 296,318 | 275,807 | 278,353 | 289,558 | ||||||||||
Arizona Bank & Trust | 221,481 | 222,148 | 231,020 | 223,574 | 251,245 | ||||||||||
Summit Bank & Trust | 99,528 | 95,130 | 93,600 | 95,414 | 100,843 | ||||||||||
Minnesota Bank & Trust | 75,021 | 67,594 | 62,251 | 58,386 | 57,832 | ||||||||||
Total Deposits | |||||||||||||||
Dubuque Bank and Trust Company | $ | 929,854 | $ | 892,526 | $ | 935,424 | $ | 902,849 | $ | 918,575 | |||||
New Mexico Bank & Trust | 681,413 | 674,096 | 659,373 | 646,302 | 655,724 | ||||||||||
Wisconsin Community Bank | 402,957 | 371,037 | 374,758 | 392,432 | 363,868 | ||||||||||
Rocky Mountain Bank | 356,353 | 349,299 | 348,723 | 347,924 | 349,853 | ||||||||||
Riverside Community Bank | 268,432 | 271,553 | 245,639 | 241,184 | 242,717 | ||||||||||
Galena State Bank & Trust Co. | 255,006 | 257,413 | 239,445 | 236,647 | 250,749 | ||||||||||
Arizona Bank & Trust | 179,369 | 179,885 | 188,415 | 183,279 | 204,663 | ||||||||||
Summit Bank & Trust | 85,431 | 80,793 | 80,327 | 81,024 | 79,823 | ||||||||||
Minnesota Bank & Trust | 57,058 | 50,091 | 46,205 | 44,278 | 41,316 | ||||||||||
Net Income (Loss) | |||||||||||||||
Dubuque Bank and Trust Company | $ | 5,602 | $ | 6,132 | $ | 4,958 | $ | 3,972 | $ | 5,353 | |||||
New Mexico Bank & Trust | 1,509 | 2,505 | 958 | 3,098 | 2,972 | ||||||||||
Wisconsin Community Bank | 2,443 | 1,882 | 1,466 | 1,581 | 2,157 | ||||||||||
Rocky Mountain Bank | 780 | 646 | (630 | ) | 1,393 | (695 | ) | ||||||||
Riverside Community Bank | (339 | ) | 953 | (212 | ) | 190 | (140 | ) | |||||||
Galena State Bank & Trust Co. | 941 | 1,113 | 579 | 1,000 | 877 | ||||||||||
Arizona Bank & Trust | (960 | ) | 546 | (1,452 | ) | (231 | ) | 42 | |||||||
Summit Bank & Trust | (160 | ) | 116 | (604 | ) | (208 | ) | 201 | |||||||
Minnesota Bank & Trust | 102 | (45 | ) | (81 | ) | (178 | ) | (147 | ) | ||||||
Return on Average Assets | |||||||||||||||
Dubuque Bank and Trust Company | 1.74 | % | 1.92 | % | 1.60 | % | 1.18 | % | 1.69 | % | |||||
New Mexico Bank & Trust | 0.65 | 1.11 | 0.43 | 1.33 | 1.34 | ||||||||||
Wisconsin Community Bank | 2.05 | 1.63 | 1.26 | 1.31 | 1.85 | ||||||||||
Rocky Mountain Bank | 0.73 | 0.61 | (0.61 | ) | 1.27 | (0.63 | ) | ||||||||
Riverside Community Bank | (0.42 | ) | 1.24 | (0.28 | ) | 0.25 | (0.19 | ) | |||||||
Galena State Bank & Trust Co. | 1.28 | 1.61 | 0.85 | 1.39 | 1.21 | ||||||||||
Arizona Bank & Trust | (1.72 | ) | 0.94 | (2.58 | ) | (0.38 | ) | (0.06 | ) | ||||||
Summit Bank & Trust | (0.66 | ) | 0.49 | (2.59 | ) | (0.84 | ) | 0.79 | |||||||
Minnesota Bank & Trust | 0.56 | (0.25 | ) | (0.53 | ) | (1.23 | ) | (1.00 | ) | ||||||
Net Interest Margin as a Percentage of Average Earning Assets | |||||||||||||||
Dubuque Bank and Trust Company | 4.01 | % | 3.62 | % | 3.59 | % | 3.83 | % | 3.95 | % | |||||
New Mexico Bank & Trust | 4.10 | 4.33 | 4.34 | 4.00 | 4.35 | ||||||||||
Wisconsin Community Bank | 4.33 | 4.60 | 4.57 | 4.26 | 4.60 | ||||||||||
Rocky Mountain Bank | 4.03 | 3.85 | 3.91 | 3.76 | 3.81 | ||||||||||
Riverside Community Bank | 3.58 | 3.90 | 4.01 | 4.38 | 4.30 | ||||||||||
Galena State Bank and Trust Co. | 3.55 | 3.86 | 3.73 | 3.60 | 3.53 | ||||||||||
Arizona Bank & Trust | 4.10 | 4.52 | 4.25 | 3.72 | 3.77 | ||||||||||
Summit Bank & Trust | 3.84 | 3.33 | 2.99 | 2.78 | 3.22 | ||||||||||
Minnesota Bank & Trust | 4.82 | 4.55 | 4.75 | 4.07 | 3.14 |
HEARTLAND FINANCIAL USA, INC. SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited) DOLLARS IN THOUSANDS | |||||||||||||||||||
As of | |||||||||||||||||||
9/30/2011 | 6/30/2011 | 3/31/2011 | 12/31/2010 | 9/30/2010 | |||||||||||||||
Total Portfolio Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 731,356 | $ | 730,802 | $ | 748,354 | $ | 734,226 | $ | 736,776 | |||||||||
New Mexico Bank & Trust | 507,416 | 506,810 | 513,568 | 513,658 | 511,279 | ||||||||||||||
Wisconsin Community Bank | 318,906 | 314,432 | 320,841 | 320,711 | 325,543 | ||||||||||||||
Rocky Mountain Bank | 250,728 | 247,718 | 238,201 | 246,213 | 260,832 | ||||||||||||||
Riverside Community Bank | 155,995 | 157,901 | 161,238 | 162,706 | 165,539 | ||||||||||||||
Galena State Bank and Trust Co. | 143,680 | 138,726 | 136,210 | 137,153 | 131,955 | ||||||||||||||
Arizona Bank & Trust | 137,356 | 137,853 | 134,254 | 124,388 | 129,871 | ||||||||||||||
Summit Bank & Trust | 53,402 | 52,570 | 47,024 | 48,020 | 52,396 | ||||||||||||||
Minnesota Bank & Trust | 50,545 | 43,109 | 40,197 | 36,013 | 26,868 | ||||||||||||||
Allowance For Loan and Lease Losses | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 10,087 | $ | 10,148 | $ | 11,984 | $ | 12,432 | $ | 11,961 | |||||||||
New Mexico Bank & Trust | 10,271 | 8,405 | 7,277 | 7,704 | 8,297 | ||||||||||||||
Wisconsin Community Bank | 3,288 | 3,637 | 3,369 | 3,847 | 4,518 | ||||||||||||||
Rocky Mountain Bank | 3,953 | 4,074 | 4,425 | 3,779 | 5,181 | ||||||||||||||
Riverside Community Bank | 4,770 | 2,702 | 3,693 | 3,524 | 3,109 | ||||||||||||||
Galena State Bank & Trust Co. | 1,956 | 2,077 | 2,278 | 1,811 | 1,743 | ||||||||||||||
Arizona Bank & Trust | 5,590 | 5,502 | 6,018 | 5,407 | 5,915 | ||||||||||||||
Summit Bank & Trust | 1,108 | 1,091 | 1,103 | 1,271 | 1,312 | ||||||||||||||
Minnesota Bank & Trust | 507 | 449 | 636 | 565 | 270 | ||||||||||||||
Nonperforming Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 4,298 | $ | 4,910 | $ | 12,897 | $ | 7,511 | $ | 7,730 | |||||||||
New Mexico Bank & Trust | 15,404 | 16,053 | 15,979 | 20,753 | 14,651 | ||||||||||||||
Wisconsin Community Bank | 11,871 | 10,359 | 11,776 | 12,702 | 12,070 | ||||||||||||||
Rocky Mountain Bank | 14,180 | 16,971 | 18,303 | 21,406 | 29,986 | ||||||||||||||
Riverside Community Bank | 5,870 | 5,962 | 11,443 | 7,611 | 7,662 | ||||||||||||||
Galena State Bank & Trust Co. | 5,309 | 5,182 | 6,259 | 5,308 | 2,976 | ||||||||||||||
Arizona Bank & Trust | 10,811 | 4,054 | 6,959 | 8,797 | 5,758 | ||||||||||||||
Summit Bank & Trust | 4,159 | 3,905 | 4,527 | 5,965 | 3,694 | ||||||||||||||
Minnesota Bank & Trust | 6 | 110 | 2,229 | 8 | — | ||||||||||||||
Allowance As a Percent of Total Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | 1.38 | % | 1.39 | % | 1.60 | % | 1.69 | % | 1.62 | % | |||||||||
New Mexico Bank & Trust | 2.02 | 1.66 | 1.42 | 1.50 | 1.62 | ||||||||||||||
Wisconsin Community Bank | 1.03 | 1.16 | 1.05 | 1.20 | 1.39 | ||||||||||||||
Rocky Mountain Bank | 1.58 | 1.64 | 1.86 | 1.53 | 1.99 | ||||||||||||||
Riverside Community Bank | 3.06 | 1.71 | 2.29 | 2.17 | 1.88 | ||||||||||||||
Galena State Bank & Trust Co. | 1.36 | 1.50 | 1.67 | 1.32 | 1.32 | ||||||||||||||
Arizona Bank & Trust | 4.07 | 3.99 | 4.48 | 4.35 | 4.55 | ||||||||||||||
Summit Bank & Trust | 2.07 | 2.08 | 2.35 | 2.65 | 2.50 | ||||||||||||||
Minnesota Bank & Trust | 1.00 | 1.04 | 1.58 | 1.57 | 1.00 |