Date of Report (Date of earliest event reported) | July 30, 2012 |
Commission File Number: | 001-15393 |
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) |
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)) |
(a) | Financial Statements of Business Acquired. |
(b) | Pro Forma Financial Information. |
(c) | Exhibits. |
Date: July 30, 2012 | HEARTLAND FINANCIAL USA, INC. | ||
By: | /s/ John K. Schmidt | ||
Executive Vice President, COO & CFO |
CONTACT: | FOR IMMEDIATE RELEASE |
John K. Schmidt | July 30, 2012 |
Chief Operating Officer | |
Chief Financial Officer | |
(563) 589-1994 | |
jschmidt@htlf.com |
§ | Record net income of $14.0 million or $0.77 per diluted common share |
§ | Net interest margin of 4.05% |
§ | Gains on sale of loans increased $4.2 million or 49% over the first quarter 2012 |
§ | Growth in loans held to maturity of $97.2 million since March 31, 2012 |
§ | Deposit growth of $59.1 million since March 31, 2012 |
§ | Nonperforming assets not covered under loss share agreements decreased $6.3 million since March 31, 2012 |
Quarter Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income (in millions) | $ | 14.0 | $ | 10.2 | $ | 26.8 | $ | 14.4 | |||||||
Net income available to common stockholders (in millions) | 12.9 | 8.9 | 24.8 | 11.8 | |||||||||||
Diluted earnings per common share | 0.77 | 0.54 | 1.48 | 0.71 | |||||||||||
Return on average assets | 1.20 | % | 0.89 | % | 1.16 | % | 0.59 | % | |||||||
Return on average common equity | 18.28 | 13.69 | 17.78 | 9.28 | |||||||||||
Net interest margin | 4.05 | 4.23 | 4.14 | 4.21 |
“Heartland set another earnings record in the second quarter, reporting net income of $14.0 million, a 37 percent increase over last year's second quarter. Year-to-date net income of $26.8 million is nearly double our earnings in the first half of 2011.” Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc. |
As Of and For the Quarter Ended | |||||||||||||||||||
(Dollars in thousands) | 06/30/2012 | 03/31/2012 | 12/31/2011 | 09/30/2011 | 06/30/2011 | ||||||||||||||
Mortgage Servicing Fees | $ | 1,037 | $ | 967 | $ | 932 | $ | 908 | $ | 892 | |||||||||
Mortgage Servicing Rights Income | 2,614 | 1,986 | 1,380 | 743 | 616 | ||||||||||||||
Mortgage Servicing Rights Amortization | (1,112 | ) | (1,718 | ) | (862 | ) | (1,103 | ) | (808 | ) | |||||||||
Total Residential Mortgage Loan Servicing Income | $ | 2,539 | $ | 1,235 | $ | 1,450 | $ | 548 | $ | 700 | |||||||||
Valuation Adjustment on Mortgage Servicing Rights | $ | (194 | ) | $ | 13 | $ | (19 | ) | $ | — | $ | — | |||||||
Gains On Sale of Loans | $ | 12,689 | $ | 8,502 | $ | 5,473 | $ | 3,183 | $ | 1,308 | |||||||||
Residential Mortgage Loans Originated | $ | 374,743 | $ | 293,724 | $ | 253,468 | $ | 143,317 | $ | 111,575 | |||||||||
Residential Mortgage Loans Sold | $ | 360,743 | $ | 243,836 | $ | 208,494 | $ | 97,591 | $ | 65,812 | |||||||||
Residential Mortgage Loan Servicing Portfolio | $ | 1,776,912 | $ | 1,626,129 | $ | 1,541,417 | $ | 1,467,127 | $ | 1,446,527 |
(Dollars in thousands) | Nonperforming Loans | Other Real Estate Owned | Other Repossessed Assets | Total Nonperforming Assets | |||||||||||
March 31, 2012 | $ | 53,129 | $ | 38,934 | $ | 710 | $ | 92,773 | |||||||
Loan foreclosures | (5,853 | ) | 5,840 | 13 | — | ||||||||||
Net loan charge offs | (923 | ) | — | — | (923 | ) | |||||||||
New nonperforming loans | 5,600 | — | — | 5,600 | |||||||||||
Reduction of nonperforming loans(1) | (4,246 | ) | — | — | (4,246 | ) | |||||||||
OREO/Repossessed sales proceeds | — | (6,175 | ) | (279 | ) | (6,454 | ) | ||||||||
OREO/Repossessed assets writedowns, net | — | (658 | ) | (104 | ) | (762 | ) | ||||||||
Net activity at Citizens Finance Co. | — | — | 125 | 125 | |||||||||||
June 30, 2012 | $ | 47,707 | $ | 37,941 | $ | 465 | $ | 86,113 | |||||||
(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, 2011 | $ | 60,780 | $ | 44,387 | $ | 648 | $ | 105,815 | |||||||
Loan foreclosures | (14,639 | ) | 14,562 | 77 | — | ||||||||||
Net loan charge offs | (723 | ) | — | — | (723 | ) | |||||||||
New nonperforming loans | 8,955 | — | — | 8,955 | |||||||||||
Reduction of nonperforming loans(1) | (6,666 | ) | — | — | (6,666 | ) | |||||||||
OREO/Repossessed sales proceeds | — | (18,241 | ) | (344 | ) | (18,585 | ) | ||||||||
OREO/Repossessed assets writedowns, net | — | (2,767 | ) | (112 | ) | (2,879 | ) | ||||||||
Net activity at Citizens Finance Co. | — | — | 196 | 196 | |||||||||||
June 30, 2012 | $ | 47,707 | $ | 37,941 | $ | 465 | $ | 86,113 | |||||||
(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 June 30, | For the Six Months Ended June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Interest Income | ||||||||||||||||
Interest and fees on loans and leases | $ | 39,382 | $ | 37,480 | $ | 77,781 | $ | 74,446 | ||||||||
Interest on securities: | ||||||||||||||||
Taxable | 5,026 | 9,305 | 12,598 | 18,526 | ||||||||||||
Nontaxable | 2,619 | 1,796 | 4,890 | 3,550 | ||||||||||||
Interest on federal funds sold | 1 | — | 1 | 1 | ||||||||||||
Interest on deposits in other financial institutions | 2 | 1 | 2 | 1 | ||||||||||||
Total Interest Income | 47,030 | 48,582 | 95,272 | 96,524 | ||||||||||||
Interest Expense | ||||||||||||||||
Interest on deposits | 5,604 | 7,675 | 11,379 | 15,701 | ||||||||||||
Interest on short-term borrowings | 224 | 225 | 437 | 484 | ||||||||||||
Interest on other borrowings | 4,025 | 4,081 | 8,086 | 8,017 | ||||||||||||
Total Interest Expense | 9,853 | 11,981 | 19,902 | 24,202 | ||||||||||||
Net Interest Income | 37,177 | 36,601 | 75,370 | 72,322 | ||||||||||||
Provision for loan and lease losses | 3,000 | 3,845 | 5,354 | 13,854 | ||||||||||||
Net Interest Income After Provision for Loan and Lease Losses | 34,177 | 32,756 | 70,016 | 58,468 | ||||||||||||
Noninterest Income | ||||||||||||||||
Service charges and fees | 3,712 | 3,599 | 7,296 | 6,960 | ||||||||||||
Loan servicing income | 3,056 | 1,298 | 4,816 | 2,847 | ||||||||||||
Trust fees | 2,660 | 2,656 | 5,273 | 5,135 | ||||||||||||
Brokerage and insurance commissions | 939 | 856 | 1,849 | 1,704 | ||||||||||||
Securities gains, net | 4,951 | 4,756 | 8,894 | 6,845 | ||||||||||||
Gain on trading account securities | 49 | 81 | 46 | 297 | ||||||||||||
Impairment loss on securities | — | — | (981 | ) | — | |||||||||||
Gains on sale of loans | 12,689 | 1,308 | 21,191 | 2,710 | ||||||||||||
Valuation adjustment on mortgage servicing rights | (194 | ) | — | (181 | ) | — | ||||||||||
Income on bank owned life insurance | 267 | 331 | 749 | 734 | ||||||||||||
Other noninterest income | 149 | (216 | ) | 2,714 | 45 | |||||||||||
Total Noninterest Income | 28,278 | 14,669 | 51,666 | 27,277 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Salaries and employee benefits | 25,384 | 17,480 | 49,380 | 35,666 | ||||||||||||
Occupancy | 2,534 | 2,213 | 5,016 | 4,599 | ||||||||||||
Furniture and equipment | 1,517 | 1,360 | 2,963 | 2,769 | ||||||||||||
Professional fees | 3,961 | 3,053 | 6,721 | 6,072 | ||||||||||||
FDIC insurance assessments | 807 | 786 | 1,671 | 2,131 | ||||||||||||
Advertising | 1,304 | 1,113 | 2,375 | 1,963 | ||||||||||||
Intangible assets amortization | 122 | 144 | 253 | 290 | ||||||||||||
Net loss on repossessed assets | 1,307 | 2,511 | 4,211 | 4,143 | ||||||||||||
Other noninterest expenses | 4,523 | 3,683 | 9,009 | 7,597 | ||||||||||||
Total Noninterest Expense | 41,459 | 32,343 | 81,599 | 65,230 | ||||||||||||
Income Before Income Taxes | 20,996 | 15,082 | 40,083 | 20,515 | ||||||||||||
Income taxes | 7,032 | 4,870 | 13,304 | 6,082 | ||||||||||||
Net Income | 13,964 | 10,212 | 26,779 | 14,433 | ||||||||||||
Net (income) loss attributable to noncontrolling interest, net of tax | (7 | ) | 9 | 19 | 25 | |||||||||||
Net Income Attributable to Heartland | 13,957 | 10,221 | 26,798 | 14,458 | ||||||||||||
Preferred dividends and discount | (1,021 | ) | (1,336 | ) | (2,042 | ) | (2,672 | ) | ||||||||
Net Income Available to Common Stockholders | $ | 12,936 | $ | 8,885 | $ | 24,756 | $ | 11,786 | ||||||||
Earnings per common share-diluted | $ | 0.77 | $ | 0.54 | $ | 1.48 | $ | 0.71 | ||||||||
Weighted average shares outstanding-diluted | 16,717,846 | 16,568,701 | 16,722,005 | 16,561,212 |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | 6/30/2011 | |||||||||||||||
Interest Income | |||||||||||||||||||
Interest and fees on loans and leases | $ | 39,382 | $ | 38,399 | $ | 37,764 | $ | 37,393 | $ | 37,480 | |||||||||
Interest on securities: | |||||||||||||||||||
Taxable | 5,026 | 7,572 | 7,518 | 8,051 | 9,305 | ||||||||||||||
Nontaxable | 2,619 | 2,271 | 2,340 | 2,145 | 1,796 | ||||||||||||||
Interest on federal funds sold | 1 | — | — | 2 | 1 | ||||||||||||||
Interest on deposits in other financial institutions | 2 | — | — | — | — | ||||||||||||||
Total Interest Income | 47,030 | 48,242 | 47,622 | 47,591 | 48,582 | ||||||||||||||
Interest Expense | |||||||||||||||||||
Interest on deposits | 5,604 | 5,775 | 6,495 | 7,028 | 7,675 | ||||||||||||||
Interest on short-term borrowings | 224 | 213 | 204 | 205 | 225 | ||||||||||||||
Interest on other borrowings | 4,025 | 4,061 | 4,086 | 4,123 | 4,081 | ||||||||||||||
Total Interest Expense | 9,853 | 10,049 | 10,785 | 11,356 | 11,981 | ||||||||||||||
Net Interest Income | 37,177 | 38,193 | 36,837 | 36,235 | 36,601 | ||||||||||||||
Provision for loan and lease losses | 3,000 | 2,354 | 7,784 | 7,727 | 3,845 | ||||||||||||||
Net Interest Income After Provision for Loan and Lease Losses | 34,177 | 35,839 | 29,053 | 28,508 | 32,756 | ||||||||||||||
Noninterest Income | |||||||||||||||||||
Service charges and fees | 3,712 | 3,584 | 3,686 | 3,657 | 3,599 | ||||||||||||||
Loan servicing income | 3,056 | 1,760 | 2,004 | 1,081 | 1,298 | ||||||||||||||
Trust fees | 2,660 | 2,613 | 2,337 | 2,384 | 2,656 | ||||||||||||||
Brokerage and insurance commissions | 939 | 910 | 889 | 918 | 856 | ||||||||||||||
Securities gains, net | 4,951 | 3,943 | 4,174 | 2,085 | 4,756 | ||||||||||||||
Gain (loss) on trading account securities | 49 | (3 | ) | (125 | ) | (83 | ) | 81 | |||||||||||
Impairment loss on securities | — | (981 | ) | — | — | — | |||||||||||||
Gains on sale of loans | 12,689 | 8,502 | 5,473 | 3,183 | 1,308 | ||||||||||||||
Valuation adjustment on mortgage servicing rights | (194 | ) | 13 | (19 | ) | — | — | ||||||||||||
Income on bank owned life insurance | 267 | 482 | 407 | 208 | 331 | ||||||||||||||
Other noninterest income | 149 | 2,565 | 212 | (171 | ) | (216 | ) | ||||||||||||
Total Noninterest Income | 28,278 | 23,388 | 19,038 | 13,262 | 14,669 | ||||||||||||||
Noninterest Expense | |||||||||||||||||||
Salaries and employee benefits | 25,384 | 23,996 | 22,135 | 17,736 | 17,480 | ||||||||||||||
Occupancy | 2,534 | 2,482 | 2,368 | 2,396 | 2,213 | ||||||||||||||
Furniture and equipment | 1,517 | 1,446 | 1,475 | 1,392 | 1,360 | ||||||||||||||
Professional fees | 3,961 | 2,760 | 3,385 | 3,110 | 3,053 | ||||||||||||||
FDIC insurance assessments | 807 | 864 | 848 | 798 | 786 | ||||||||||||||
Advertising | 1,304 | 1,071 | 1,138 | 1,191 | 1,113 | ||||||||||||||
Intangible assets amortization | 122 | 131 | 141 | 141 | 144 | ||||||||||||||
Net loss on repossessed assets | 1,307 | 2,904 | 4,255 | 1,409 | 2,511 | ||||||||||||||
Other noninterest expenses | 4,523 | 4,486 | 4,458 | 3,690 | 3,683 | ||||||||||||||
Total Noninterest Expense | 41,459 | 40,140 | 40,203 | 31,863 | 32,343 | ||||||||||||||
Income Before Income Taxes | 20,996 | 19,087 | 7,888 | 9,907 | 15,082 | ||||||||||||||
Income taxes | 7,032 | 6,272 | 1,671 | 2,549 | 4,870 | ||||||||||||||
Net Income | 13,964 | 12,815 | 6,217 | 7,358 | 10,212 | ||||||||||||||
Net (income) loss attributable to noncontrolling interest, net of tax | (7 | ) | 26 | 31 | (20 | ) | 9 | ||||||||||||
Net Income Attributable to Heartland | 13,957 | 12,841 | 6,248 | 7,338 | 10,221 | ||||||||||||||
Preferred dividends and discount | (1,021 | ) | (1,021 | ) | (1,021 | ) | (3,947 | ) | (1,336 | ) | |||||||||
Net Income Available to Common Stockholders | $ | 12,936 | $ | 11,820 | $ | 5,227 | $ | 3,391 | $ | 8,885 | |||||||||
Earnings per common share-diluted | $ | 0.77 | $ | 0.71 | $ | 0.31 | $ | 0.20 | $ | 0.54 | |||||||||
Weighted average shares outstanding-diluted | 16,717,846 | 16,729,925 | 16,599,741 | 16,585,021 | 16,568,701 |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
As Of | |||||||||||||||||||
6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | 6/30/2011 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 82,831 | $ | 150,122 | $ | 129,834 | $ | 81,605 | $ | 148,388 | |||||||||
Securities | 1,331,088 | 1,221,909 | 1,326,592 | 1,323,464 | 1,193,480 | ||||||||||||||
Loans held for sale | 73,284 | 103,460 | 53,528 | 36,529 | 15,770 | ||||||||||||||
Loans and leases: | |||||||||||||||||||
Held to maturity | 2,629,597 | 2,532,419 | 2,481,284 | 2,374,186 | 2,351,785 | ||||||||||||||
Loans covered by loss share agreements | 9,567 | 11,360 | 13,347 | 14,766 | 16,190 | ||||||||||||||
Allowance for loan and lease losses | (41,439 | ) | (39,362 | ) | (36,808 | ) | (44,195 | ) | (40,602 | ) | |||||||||
Loans and leases, net | 2,597,725 | 2,504,417 | 2,457,823 | 2,344,757 | 2,327,373 | ||||||||||||||
Premises, furniture and equipment, net | 114,823 | 111,946 | 110,206 | 110,127 | 118,828 | ||||||||||||||
Goodwill | 25,909 | 25,909 | 25,909 | 25,909 | 25,909 | ||||||||||||||
Other intangible assets, net | 14,295 | 13,109 | 12,960 | 12,601 | 13,103 | ||||||||||||||
Cash surrender value on life insurance | 72,448 | 72,159 | 67,084 | 66,654 | 66,425 | ||||||||||||||
Other real estate, net | 37,941 | 38,934 | 44,387 | 39,188 | 39,075 | ||||||||||||||
FDIC indemnification asset | 1,148 | 1,270 | 1,343 | 992 | 1,035 | ||||||||||||||
Other assets | 76,192 | 69,616 | 75,392 | 70,853 | 61,231 | ||||||||||||||
Total Assets | $ | 4,427,684 | $ | 4,312,851 | $ | 4,305,058 | $ | 4,112,679 | $ | 4,010,617 | |||||||||
Liabilities and Equity | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand | $ | 799,548 | $ | 771,421 | $ | 737,323 | $ | 692,893 | $ | 649,523 | |||||||||
Savings | 1,734,155 | 1,731,399 | 1,678,154 | 1,654,417 | 1,557,053 | ||||||||||||||
Brokered time deposits | 51,575 | 41,475 | 41,225 | 44,225 | 39,225 | ||||||||||||||
Other time deposits | 749,629 | 731,464 | 753,411 | 782,079 | 834,884 | ||||||||||||||
Total deposits | 3,334,907 | 3,275,759 | 3,210,113 | 3,173,614 | 3,080,685 | ||||||||||||||
Short-term borrowings | 249,485 | 229,533 | 270,081 | 173,199 | 168,021 | ||||||||||||||
Other borrowings | 377,543 | 377,362 | 372,820 | 375,976 | 379,718 | ||||||||||||||
Accrued expenses and other liabilities | 90,755 | 64,154 | 99,151 | 36,667 | 36,643 | ||||||||||||||
Total Liabilities | 4,052,690 | 3,946,808 | 3,952,165 | 3,759,456 | 3,665,067 | ||||||||||||||
Equity | |||||||||||||||||||
Preferred equity | 81,698 | 81,698 | 81,698 | 81,698 | 79,113 | ||||||||||||||
Common equity | 290,640 | 281,696 | 268,520 | 268,819 | 263,769 | ||||||||||||||
Total Heartland Stockholders' Equity | 372,338 | 363,394 | 350,218 | 350,517 | 342,882 | ||||||||||||||
Noncontrolling interest | 2,656 | 2,649 | 2,675 | 2,706 | 2,668 | ||||||||||||||
Total Equity | 374,994 | 366,043 | 352,893 | 353,223 | 345,550 | ||||||||||||||
Total Liabilities and Equity | $ | 4,427,684 | $ | 4,312,851 | $ | 4,305,058 | $ | 4,112,679 | $ | 4,010,617 | |||||||||
Common Share Data | |||||||||||||||||||
Book value per common share | $ | 17.65 | $ | 17.09 | $ | 16.29 | $ | 16.33 | $ | 16.04 | |||||||||
ASC 320 effect on book value per common share | $ | 0.98 | $ | 1.09 | $ | 0.97 | $ | 1.22 | $ | 0.86 | |||||||||
Common shares outstanding, net of treasury stock | 16,467,889 | 16,486,539 | 16,484,790 | 16,459,338 | 16,442,437 | ||||||||||||||
Tangible Capital Ratio(1) | 5.98 | % | 5.93 | % | 5.63 | % | 5.90 | % | 5.92 | % | |||||||||
(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). This is a non-GAAP financial measure. |
HEARTLAND FINANCIAL USA, INC. | ||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | ||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | ||||||||||||||||
For the Quarter Ended | For the Six Months Ended | |||||||||||||||
6/30/2012 | 6/30/2011 | 6/30/2012 | 6/30/2011 | |||||||||||||
Average Balances | ||||||||||||||||
Assets | $ | 4,350,916 | $ | 4,014,290 | $ | 4,289,341 | $ | 4,012,077 | ||||||||
Loans and leases, net of unearned | 2,675,694 | 2,388,088 | 2,626,562 | 2,393,872 | ||||||||||||
Deposits | 3,291,293 | 3,059,360 | 3,246,183 | 3,064,057 | ||||||||||||
Earning assets | 3,870,359 | 3,600,095 | 3,827,534 | 3,591,989 | ||||||||||||
Interest bearing liabilities | 3,140,063 | 3,004,928 | 3,110,702 | 3,007,779 | ||||||||||||
Common stockholders' equity | 284,610 | 260,334 | 279,943 | 256,084 | ||||||||||||
Total stockholders' equity | 368,960 | 341,797 | 364,302 | 337,407 | ||||||||||||
Tangible common stockholders' equity | 257,212 | 232,381 | 252,477 | 228,059 | ||||||||||||
Earnings Performance Ratios | ||||||||||||||||
Annualized return on average assets | 1.20 | % | 0.89 | % | 1.16 | % | 0.59 | % | ||||||||
Annualized return on average common equity | 18.28 | % | 13.69 | % | 17.78 | % | 9.28 | % | ||||||||
Annualized return on average common tangible equity | 20.23 | % | 15.34 | % | 19.72 | % | 10.42 | % | ||||||||
Annualized net interest margin(1) | 4.05 | % | 4.23 | % | 4.14 | % | 4.21 | % | ||||||||
Efficiency ratio(2) | 66.56 | % | 67.53 | % | 67.12 | % | 68.35 | % | ||||||||
(1) Computed on a tax equivalent basis 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. This is a non-GAAP financial measure. |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | 6/30/2011 | |||||||||||||||
Average Balances | |||||||||||||||||||
Assets | $ | 4,350,916 | $ | 4,225,815 | $ | 4,197,916 | $ | 4,063,330 | $ | 4,014,290 | |||||||||
Loans and leases, net of unearned | 2,675,694 | 2,577,429 | 2,487,778 | 2,399,047 | 2,388,088 | ||||||||||||||
Deposits | 3,291,293 | 3,201,073 | 3,215,793 | 3,110,978 | 3,059,360 | ||||||||||||||
Earning assets | 3,870,359 | 3,784,709 | 3,749,612 | 3,624,559 | 3,600,095 | ||||||||||||||
Interest bearing liabilities | 3,140,063 | 3,081,340 | 3,066,704 | 3,002,868 | 3,004,928 | ||||||||||||||
Common stockholders' equity | 284,610 | 275,275 | 267,025 | 270,696 | 260,334 | ||||||||||||||
Total stockholders' equity | 368,960 | 359,644 | 351,538 | 353,003 | 341,797 | ||||||||||||||
Tangible common stockholders' equity | 257,212 | 247,744 | 239,384 | 242,886 | 232,381 | ||||||||||||||
Earnings Performance Ratios | |||||||||||||||||||
Annualized return on average assets | 1.20 | % | 1.12 | % | 0.49 | % | 0.33 | % | 0.89 | % | |||||||||
Annualized return on average common equity | 18.28 | % | 17.27 | % | 7.77 | % | 4.97 | % | 13.69 | % | |||||||||
Annualized return on average common tangible equity | 20.23 | % | 19.19 | % | 8.66 | % | 5.54 | % | 15.34 | % | |||||||||
Annualized net interest margin (1) | 4.05 | % | 4.23 | % | 4.08 | % | 4.14 | % | 4.23 | % | |||||||||
Efficiency ratio (2) | 66.56 | % | 67.71 | % | 75.29 | % | 65.07 | % | 67.53 | % | |||||||||
(1) Computed on a tax equivalent basis 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. This is a non-GAAP financial measure. |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
As of and for the Quarter Ended | |||||||||||||||||||
6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | 6/30/2011 | |||||||||||||||
Loan and Lease Data | |||||||||||||||||||
Loans held to maturity: | |||||||||||||||||||
Commercial and commercial real estate | $ | 1,903,996 | $ | 1,842,566 | $ | 1,809,450 | $ | 1,725,586 | $ | 1,709,955 | |||||||||
Residential mortgage | 220,084 | 202,883 | 194,436 | 179,628 | 173,808 | ||||||||||||||
Agricultural and agricultural real estate | 279,285 | 270,687 | 262,975 | 256,857 | 255,257 | ||||||||||||||
Consumer | 230,594 | 222,387 | 220,099 | 217,007 | 217,263 | ||||||||||||||
Direct financing leases, net | 290 | 323 | 450 | 604 | 667 | ||||||||||||||
Unearned discount and deferred loan fees | (4,652 | ) | (6,427 | ) | (6,126 | ) | (5,496 | ) | (5,165 | ) | |||||||||
Total loans and leases held to maturity | $ | 2,629,597 | $ | 2,532,419 | $ | 2,481,284 | $ | 2,374,186 | $ | 2,351,785 | |||||||||
Loans covered under loss share agreements: | |||||||||||||||||||
Commercial and commercial real estate | $ | 4,497 | $ | 5,730 | $ | 6,380 | $ | 6,788 | $ | 7,315 | |||||||||
Residential mortgage | 3,309 | 3,734 | 4,158 | 4,410 | 4,747 | ||||||||||||||
Agricultural and agricultural real estate | 858 | 934 | 1,659 | 2,139 | 2,298 | ||||||||||||||
Consumer | 903 | 962 | 1,150 | 1,429 | 1,830 | ||||||||||||||
Total loans and leases covered under loss share agreements | $ | 9,567 | $ | 11,360 | $ | 13,347 | $ | 14,766 | $ | 16,190 | |||||||||
Asset Quality | |||||||||||||||||||
Not covered under loss share agreements: | |||||||||||||||||||
Nonaccrual loans | $ | 44,845 | $ | 49,940 | $ | 57,435 | $ | 72,629 | $ | 68,110 | |||||||||
Loans and leases past due ninety days or more as to interest or principal payments | — | — | — | — | — | ||||||||||||||
Other real estate owned | 37,709 | 38,693 | 43,506 | 38,640 | 38,642 | ||||||||||||||
Other repossessed assets | 465 | 710 | 648 | 398 | 188 | ||||||||||||||
Total nonperforming assets not covered under loss share agreements | $ | 83,019 | $ | 89,343 | $ | 101,589 | $ | 111,667 | $ | 106,940 | |||||||||
Performing troubled debt restructured loans | 24,715 | 21,379 | 25,704 | 24,853 | 31,246 | ||||||||||||||
Covered under loss share agreements: | |||||||||||||||||||
Nonaccrual loans | $ | 2,862 | $ | 3,189 | $ | 3,345 | $ | 3,886 | $ | 4,480 | |||||||||
Other real estate owned | 232 | 241 | 881 | 548 | 433 | ||||||||||||||
Total nonperforming assets covered under loss share agreements | $ | 3,094 | $ | 3,430 | $ | 4,226 | $ | 4,434 | $ | 4,913 | |||||||||
Allowance for Loan and Lease Losses | |||||||||||||||||||
Balance, beginning of period | $ | 39,362 | $ | 36,808 | $ | 44,195 | $ | 40,602 | $ | 43,271 | |||||||||
Provision for loan and lease losses | 3,000 | 2,354 | 7,784 | 7,727 | 3,845 | ||||||||||||||
Charge-offs on loans not covered by loss share agreements | (2,219 | ) | (1,608 | ) | (15,616 | ) | (5,985 | ) | (8,076 | ) | |||||||||
Charge-offs on loans covered by loss share agreements | (35 | ) | — | (5 | ) | (168 | ) | (107 | ) | ||||||||||
Recoveries | 1,331 | 1,808 | 450 | 2,019 | 1,669 | ||||||||||||||
Balance, end of period | $ | 41,439 | $ | 39,362 | $ | 36,808 | $ | 44,195 | $ | 40,602 | |||||||||
Asset Quality Ratios Excluding Assets Covered Under Loss Share Agreements | |||||||||||||||||||
Ratio of nonperforming loans and leases to total loans and leases | 1.71 | % | 1.97 | % | 2.31 | % | 3.06 | % | 2.90 | % | |||||||||
Ratio of nonperforming assets to total assets | 1.87 | % | 2.07 | % | 2.39 | % | 2.72 | % | 2.67 | % | |||||||||
Annualized ratio of net loan charge-offs to average loans and leases | 0.14 | % | (0.03 | )% | 2.42 | % | 0.66 | % | 1.08 | % | |||||||||
Allowance for loan and lease losses as a percent of loans and leases | 1.58 | % | 1.55 | % | 1.48 | % | 1.86 | % | 1.73 | % | |||||||||
Allowance for loan and lease losses as a percent of nonperforming loans and leases | 92.40 | % | 78.82 | % | 64.09 | % | 60.85 | % | 59.61 | % |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||||
June 30, 2012 | June 30, 2011 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Earning Assets | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | $ | 954,684 | $ | 5,026 | 2.12 | % | $ | 1,081,753 | $ | 9,305 | 3.45 | % | |||||||||
Nontaxable(1) | 272,561 | 4,029 | 5.95 | 167,630 | 2,763 | 6.61 | |||||||||||||||
Total securities | 1,227,245 | 9,055 | 2.97 | 1,249,383 | 12,068 | 3.87 | |||||||||||||||
Interest bearing deposits | 6,587 | 1 | 0.06 | 4,402 | — | — | |||||||||||||||
Federal funds sold | 1,433 | 2 | 0.56 | 1,104 | 1 | 0.36 | |||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial and commercial real estate(1) | 1,881,836 | 25,199 | 5.39 | 1,728,649 | 25,222 | 5.85 | |||||||||||||||
Residential mortgage | 290,702 | 3,322 | 4.60 | 186,034 | 2,483 | 5.35 | |||||||||||||||
Agricultural and agricultural real estate(1) | 276,557 | 3,929 | 5.71 | 256,962 | 4,059 | 6.34 | |||||||||||||||
Consumer | 226,295 | 5,793 | 10.30 | 215,723 | 5,004 | 9.30 | |||||||||||||||
Direct financing leases, net | 304 | 4 | 5.29 | 720 | 10 | 5.57 | |||||||||||||||
Fees on loans | — | 1,510 | — | — | 1,116 | — | |||||||||||||||
Less: allowance for loan and lease losses | (40,599 | ) | — | — | (42,882 | ) | — | — | |||||||||||||
Net loans and leases | 2,635,095 | 39,757 | 6.07 | 2,345,206 | 37,894 | 6.48 | |||||||||||||||
Total earning assets | 3,870,360 | 48,815 | 5.07 | % | 3,600,095 | 49,963 | 5.57 | % | |||||||||||||
Nonearning Assets | 480,556 | 414,195 | |||||||||||||||||||
Total Assets | $ | 4,350,916 | $ | 48,815 | $ | 4,014,290 | $ | 49,963 | |||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||
Savings | $ | 1,726,357 | $ | 1,718 | 0.40 | % | $ | 1,553,450 | $ | 2,406 | 0.62 | % | |||||||||
Time, $100,000 and over | 255,701 | 1,195 | 1.88 | 266,036 | 1,546 | 2.33 | |||||||||||||||
Other time deposits | 520,140 | 2,691 | 2.08 | 606,384 | 3,723 | 2.46 | |||||||||||||||
Short-term borrowings | 260,523 | 224 | 0.35 | 201,246 | 225 | 0.45 | |||||||||||||||
Other borrowings | 377,342 | 4,025 | 4.29 | 377,812 | 4,081 | 4.33 | |||||||||||||||
Total interest bearing liabilities | 3,140,063 | 9,853 | 1.26 | 3,004,928 | 11,981 | 1.60 | |||||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 789,095 | 633,490 | |||||||||||||||||||
Accrued interest and other liabilities | 52,798 | 34,075 | |||||||||||||||||||
Total noninterest bearing liabilities | 841,893 | 667,565 | |||||||||||||||||||
Stockholders' Equity | 368,960 | 341,797 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 4,350,916 | $ | 4,014,290 | |||||||||||||||||
Net interest income(1) | $ | 38,962 | $ | 37,982 | |||||||||||||||||
Net interest spread(1) | 3.81 | % | 3.97 | % | |||||||||||||||||
Net interest income to total earning assets(1) | 4.05 | % | 4.23 | % | |||||||||||||||||
Interest bearing liabilities to earning assets | 81.13 | % | 83.47 | % | |||||||||||||||||
(1) Computed on a tax equivalent basis using an effective tax rate of 35% |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||||||||
For the Six Months Ended | |||||||||||||||||||||
June 30, 2012 | June 30, 2011 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Earning Assets | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | $ | 987,956 | $ | 12,598 | 2.56 | % | $ | 1,071,347 | $ | 18,526 | 3.49 | % | |||||||||
Nontaxable(1) | 245,922 | 7,523 | 6.15 | 164,536 | 5,462 | 6.69 | |||||||||||||||
Total securities | 1,233,878 | 20,121 | 3.28 | 1,235,883 | 23,988 | 3.91 | |||||||||||||||
Interest bearing deposits | 5,205 | 1 | 0.04 | 4,392 | 1 | 0.05 | |||||||||||||||
Federal funds sold | 790 | 2 | 0.51 | 718 | 1 | 0.28 | |||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial and commercial real estate(1) | 1,854,595 | 50,189 | 5.44 | 1,737,703 | 50,179 | 5.82 | |||||||||||||||
Residential mortgage | 277,649 | 6,438 | 4.66 | 185,667 | 4,893 | 5.31 | |||||||||||||||
Agricultural and agricultural real estate(1) | 271,660 | 7,862 | 5.82 | 254,980 | 7,899 | 6.25 | |||||||||||||||
Consumer | 222,316 | 11,170 | 10.10 | 214,695 | 9,854 | 9.26 | |||||||||||||||
Direct financing leases, net | 342 | 9 | 5.29 | 827 | 23 | 5.61 | |||||||||||||||
Fees on loans | — | 2,905 | — | — | 2,370 | — | |||||||||||||||
Less: allowance for loan and lease losses | (38,901 | ) | — | — | (42,876 | ) | — | — | |||||||||||||
Net loans and leases | 2,587,661 | 78,573 | 6.11 | 2,350,996 | 75,218 | 6.45 | |||||||||||||||
Total earning assets | 3,827,534 | 98,697 | 5.19 | % | 3,591,989 | 99,208 | 5.57 | % | |||||||||||||
Nonearning Assets | 461,807 | 420,088 | |||||||||||||||||||
Total Assets | $ | 4,289,341 | $ | 98,697 | $ | 4,012,077 | $ | 99,208 | |||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||
Savings | $ | 1,703,004 | $ | 3,381 | 0.40 | % | $ | 1,553,372 | $ | 4,953 | 0.64 | % | |||||||||
Time, $100,000 and over | 251,548 | 2,423 | 1.94 | 268,242 | 3,156 | 2.37 | |||||||||||||||
Other time deposits | 526,647 | 5,575 | 2.13 | 610,033 | 7,592 | 2.51 | |||||||||||||||
Short-term borrowings | 253,807 | 437 | 0.35 | 205,639 | 484 | 0.47 | |||||||||||||||
Other borrowings | 375,696 | 8,086 | 4.33 | 370,493 | 8,017 | 4.36 | |||||||||||||||
Total interest bearing liabilities | 3,110,702 | 19,902 | 1.29 | 3,007,779 | 24,202 | 1.62 | |||||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 764,984 | 632,410 | |||||||||||||||||||
Accrued interest and other liabilities | 49,353 | 34,481 | |||||||||||||||||||
Total noninterest bearing liabilities | 814,337 | 666,891 | |||||||||||||||||||
Stockholders' Equity | 364,302 | 337,407 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 4,289,341 | $ | 4,012,077 | |||||||||||||||||
Net interest income(1) | $ | 78,795 | $ | 75,006 | |||||||||||||||||
Net interest spread(1) | 3.90 | % | 3.95 | % | |||||||||||||||||
Net interest income to total earning assets(1) | 4.14 | % | 4.21 | % | |||||||||||||||||
Interest bearing liabilities to earning assets | 81.27 | % | 83.74 | % | |||||||||||||||||
(1) Computed on a tax equivalent basis using an effective tax rate of 35% |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited) | |||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||
As of and For the Quarter Ended | |||||||||||||||
6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | 6/30/2011 | |||||||||||
Total Assets | |||||||||||||||
Dubuque Bank and Trust Company | $ | 1,385,409 | $ | 1,407,827 | $ | 1,382,226 | $ | 1,275,116 | $ | 1,294,654 | |||||
New Mexico Bank & Trust | 998,172 | 929,804 | 993,182 | 921,973 | 891,609 | ||||||||||
Wisconsin Bank & Trust | 497,372 | 491,741 | 524,958 | 486,319 | 453,427 | ||||||||||
Rocky Mountain Bank | 443,493 | 432,902 | 440,805 | 425,132 | 419,697 | ||||||||||
Riverside Community Bank | 360,654 | 343,232 | 325,388 | 316,945 | 322,601 | ||||||||||
Galena State Bank & Trust Co. | 309,516 | 289,740 | 290,656 | 294,299 | 296,318 | ||||||||||
Arizona Bank & Trust | 268,103 | 239,434 | 227,993 | 221,481 | 222,148 | ||||||||||
Summit Bank & Trust | 102,875 | 98,247 | 100,994 | 99,528 | 95,130 | ||||||||||
Minnesota Bank & Trust | 101,704 | 95,462 | 81,457 | 75,021 | 67,594 | ||||||||||
Total Deposits | |||||||||||||||
Dubuque Bank and Trust Company | $ | 959,273 | $ | 978,854 | $ | 938,000 | $ | 929,854 | $ | 892,526 | |||||
New Mexico Bank & Trust | 725,537 | 697,060 | 690,293 | 681,413 | 674,096 | ||||||||||
Wisconsin Bank & Trust | 415,277 | 409,994 | 429,062 | 402,957 | 371,037 | ||||||||||
Rocky Mountain Bank | 356,046 | 362,307 | 365,373 | 356,353 | 349,299 | ||||||||||
Riverside Community Bank | 305,120 | 286,529 | 264,699 | 268,432 | 271,553 | ||||||||||
Galena State Bank & Trust Co. | 257,800 | 245,780 | 243,639 | 255,006 | 257,413 | ||||||||||
Arizona Bank & Trust | 211,318 | 183,321 | 177,457 | 179,369 | 179,885 | ||||||||||
Summit Bank & Trust | 83,977 | 81,290 | 81,224 | 85,431 | 80,793 | ||||||||||
Minnesota Bank & Trust | 77,119 | 78,338 | 66,875 | 57,058 | 50,091 | ||||||||||
Net Income (Loss) | |||||||||||||||
Dubuque Bank and Trust Company | $ | 8,463 | $ | 9,604 | $ | 4,846 | $ | 5,602 | $ | 6,132 | |||||
New Mexico Bank & Trust | 1,592 | 2,216 | 2,197 | 1,509 | 2,505 | ||||||||||
Wisconsin Bank & Trust | 1,547 | 2,153 | 2,313 | 2,443 | 1,882 | ||||||||||
Rocky Mountain Bank | 2,089 | 963 | 493 | 780 | 646 | ||||||||||
Riverside Community Bank | 914 | 369 | 800 | (339 | ) | 953 | |||||||||
Galena State Bank & Trust Co. | 1,149 | 437 | 1,139 | 941 | 1,113 | ||||||||||
Arizona Bank & Trust | 981 | (215 | ) | (1,202 | ) | (960 | ) | 546 | |||||||
Summit Bank & Trust | (100 | ) | (123 | ) | (154 | ) | (160 | ) | 116 | ||||||
Minnesota Bank & Trust | 35 | (129 | ) | (157 | ) | 102 | (45 | ) | |||||||
Return on Average Assets | |||||||||||||||
Dubuque Bank and Trust Company | 2.39 | % | 2.88 | % | 1.44 | % | 1.74 | % | 1.92 | % | |||||
New Mexico Bank & Trust | 0.66 | 0.96 | 0.93 | 0.65 | 1.11 | ||||||||||
Wisconsin Bank & Trust | 1.39 | 1.69 | 1.83 | 2.05 | 1.63 | ||||||||||
Rocky Mountain Bank | 1.94 | 0.89 | 0.45 | 0.73 | 0.61 | ||||||||||
Riverside Community Bank | 1.05 | 0.45 | 0.98 | (0.42 | ) | 1.24 | |||||||||
Galena State Bank & Trust Co. | 1.58 | 0.62 | 1.54 | 1.28 | 1.61 | ||||||||||
Arizona Bank & Trust | 1.56 | (0.37 | ) | (2.13 | ) | (1.72 | ) | 0.94 | |||||||
Summit Bank & Trust | (0.40 | ) | (0.50 | ) | (0.63 | ) | (0.66 | ) | 0.49 | ||||||
Minnesota Bank & Trust | 0.15 | (0.58 | ) | (0.77 | ) | 0.56 | (0.25 | ) | |||||||
Net Interest Margin as a Percentage of Average Earning Assets | |||||||||||||||
Dubuque Bank and Trust Company | 3.67 | % | 4.03 | % | 4.00 | % | 4.01 | % | 3.62 | % | |||||
New Mexico Bank & Trust | 3.69 | 4.02 | 3.85 | 4.10 | 4.33 | ||||||||||
Wisconsin Bank & Trust | 3.99 | 4.41 | 4.30 | 4.33 | 4.60 | ||||||||||
Rocky Mountain Bank | 4.68 | 4.33 | 4.06 | 4.03 | 3.85 | ||||||||||
Riverside Community Bank | 3.38 | 3.63 | 3.64 | 3.58 | 3.90 | ||||||||||
Galena State Bank and Trust Co. | 3.42 | 3.89 | 3.69 | 3.55 | 3.86 | ||||||||||
Arizona Bank & Trust | 4.19 | 4.40 | 4.06 | 4.10 | 4.52 | ||||||||||
Summit Bank & Trust | 3.89 | 4.07 | 3.41 | 3.84 | 3.33 | ||||||||||
Minnesota Bank & Trust | 4.57 | 4.75 | 4.56 | 4.82 | 4.55 |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||||||
As of | |||||||||||||||||||
6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | 6/30/2011 | |||||||||||||||
Total Portfolio Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 824,830 | $ | 796,789 | $ | 778,467 | $ | 731,356 | $ | 730,802 | |||||||||
New Mexico Bank & Trust | 500,296 | 506,424 | 508,874 | 507,416 | 506,810 | ||||||||||||||
Wisconsin Bank & Trust | 353,152 | 340,841 | 333,112 | 318,906 | 314,432 | ||||||||||||||
Rocky Mountain Bank | 280,137 | 264,964 | 256,704 | 250,728 | 247,718 | ||||||||||||||
Riverside Community Bank | 158,186 | 153,174 | 155,320 | 155,995 | 157,901 | ||||||||||||||
Galena State Bank and Trust Co. | 169,160 | 167,677 | 157,398 | 143,680 | 138,726 | ||||||||||||||
Arizona Bank & Trust | 177,953 | 150,629 | 146,346 | 137,356 | 137,853 | ||||||||||||||
Summit Bank & Trust | 67,932 | 63,658 | 62,422 | 53,402 | 52,570 | ||||||||||||||
Minnesota Bank & Trust | 80,815 | 73,413 | 58,058 | 50,545 | 43,109 | ||||||||||||||
Allowance For Loan and Lease Losses | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 9,454 | $ | 9,584 | $ | 9,365 | $ | 10,087 | $ | 10,148 | |||||||||
New Mexico Bank & Trust | 8,705 | 7,110 | 6,633 | 10,271 | 8,405 | ||||||||||||||
Wisconsin Bank & Trust | 3,695 | 3,629 | 3,458 | 3,288 | 3,637 | ||||||||||||||
Rocky Mountain Bank | 4,325 | 4,204 | 3,865 | 3,953 | 4,074 | ||||||||||||||
Riverside Community Bank | 3,114 | 3,206 | 2,834 | 4,770 | 2,702 | ||||||||||||||
Galena State Bank & Trust Co. | 1,808 | 1,854 | 1,835 | 1,956 | 2,077 | ||||||||||||||
Arizona Bank & Trust | 5,390 | 5,315 | 4,627 | 5,590 | 5,502 | ||||||||||||||
Summit Bank & Trust | 1,370 | 1,132 | 1,012 | 1,108 | 1,091 | ||||||||||||||
Minnesota Bank & Trust | 822 | 748 | 588 | 507 | 449 | ||||||||||||||
Nonperforming Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 2,508 | $ | 3,107 | $ | 3,634 | $ | 4,298 | $ | 4,910 | |||||||||
New Mexico Bank & Trust | 10,856 | 13,368 | 15,161 | 15,404 | 16,053 | ||||||||||||||
Wisconsin Bank & Trust | 7,463 | 7,482 | 8,074 | 11,871 | 10,359 | ||||||||||||||
Rocky Mountain Bank | 6,005 | 7,787 | 8,662 | 14,180 | 16,971 | ||||||||||||||
Riverside Community Bank | 5,222 | 5,458 | 6,729 | 5,870 | 5,962 | ||||||||||||||
Galena State Bank & Trust Co. | 3,778 | 3,699 | 3,853 | 5,309 | 5,182 | ||||||||||||||
Arizona Bank & Trust | 5,645 | 5,755 | 7,927 | 10,811 | 4,054 | ||||||||||||||
Summit Bank & Trust | 2,691 | 2,709 | 2,848 | 4,159 | 3,905 | ||||||||||||||
Minnesota Bank & Trust | 6 | 6 | 6 | 6 | 110 | ||||||||||||||
Allowance As a Percent of Total Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | 1.15 | % | 1.20 | % | 1.20 | % | 1.38 | % | 1.39 | % | |||||||||
New Mexico Bank & Trust | 1.74 | 1.40 | 1.30 | 2.02 | 1.66 | ||||||||||||||
Wisconsin Bank & Trust | 1.05 | 1.06 | 1.04 | 1.03 | 1.16 | ||||||||||||||
Rocky Mountain Bank | 1.54 | 1.59 | 1.51 | 1.58 | 1.64 | ||||||||||||||
Riverside Community Bank | 1.97 | 2.09 | 1.82 | 3.06 | 1.71 | ||||||||||||||
Galena State Bank & Trust Co. | 1.07 | 1.11 | 1.17 | 1.36 | 1.50 | ||||||||||||||
Arizona Bank & Trust | 3.03 | 3.53 | 3.16 | 4.07 | 3.99 | ||||||||||||||
Summit Bank & Trust | 2.02 | 1.78 | 1.62 | 2.07 | 2.08 | ||||||||||||||
Minnesota Bank & Trust | 1.02 | 1.02 | 1.01 | 1.00 | 1.04 |