Date of Report (Date of earliest event reported) | October 29, 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: October 29, 2012 | HEARTLAND FINANCIAL USA, INC. | ||
By: | /s/ John K. Schmidt | ||
Executive Vice President, COO & CFO |
CONTACT: | FOR IMMEDIATE RELEASE |
John K. Schmidt | October 29, 2012 |
Chief Operating Officer | |
Chief Financial Officer | |
(563) 589-1994 | |
jschmidt@htlf.com |
§ | Net income of $13.6 million or $0.75 per diluted common share |
§ | Net interest margin of 3.84% |
§ | Provision for loan and lease losses decreased $3.5 million over the second quarter 2012 |
§ | Gains on sale of loans increased $1.1 million or 8% over record second quarter 2012 |
§ | Deposit growth of $168.1 million since June 30, 2012 |
§ | Nonperforming assets decreased $6.4 million since June 30, 2012 |
§ | Acquisition of three banking offices from Liberty Bank, FSB completed on July 13, 2012 |
§ | Merger agreement with First Shares, Inc. announced on August 2, 2012 |
§ | Stock purchase agreement with Heritage Bank, N.A. announced on October 11, 2012 |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income (in millions) | $ | 13.6 | $ | 7.4 | $ | 40.4 | $ | 21.8 | |||||||
Net income available to common stockholders (in millions) | 12.6 | 3.4 | 37.4 | 15.2 | |||||||||||
Diluted earnings per common share | 0.75 | 0.20 | 2.24 | 0.92 | |||||||||||
Return on average assets | 1.11 | % | 0.33 | % | 1.14 | % | 0.50 | % | |||||||
Return on average common equity | 16.79 | 4.97 | 17.44 | 7.77 | |||||||||||
Net interest margin | 3.84 | 4.14 | 4.03 | 4.18 |
“Heartland continued its streak of excellent quarterly earnings reports today, nearly doubling earnings from last year's third quarter, and reporting the second best quarterly earnings in our 31-year history.” Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc. |
As Of and For the Quarter Ended | |||||||||||||||||||
(Dollars in thousands) | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | ||||||||||||||
Mortgage Servicing Fees | $ | 1,123 | $ | 1,037 | $ | 967 | $ | 932 | $ | 908 | |||||||||
Mortgage Servicing Rights Income | 3,316 | 2,614 | 1,986 | 1,380 | 743 | ||||||||||||||
Mortgage Servicing Rights Amortization | (1,896 | ) | (1,112 | ) | (1,718 | ) | (862 | ) | (1,103 | ) | |||||||||
Total Residential Mortgage Loan Servicing Income | $ | 2,543 | $ | 2,539 | $ | 1,235 | $ | 1,450 | $ | 548 | |||||||||
Valuation Adjustment on Mortgage Servicing Rights | $ | (493 | ) | $ | (194 | ) | $ | 13 | $ | (19 | ) | $ | — | ||||||
Gains On Sale of Loans | $ | 13,750 | $ | 12,689 | $ | 8,502 | $ | 5,473 | $ | 3,183 | |||||||||
Total Residential Mortgage Loan Applications | $ | 672,382 | $ | 638,595 | $ | 549,315 | $ | 301,551 | $ | 262,952 | |||||||||
Residential Mortgage Loans Originated | $ | 488,658 | $ | 374,743 | $ | 293,724 | $ | 253,468 | $ | 143,317 | |||||||||
Residential Mortgage Loans Sold | $ | 448,704 | $ | 360,743 | $ | 243,836 | $ | 208,494 | $ | 97,591 | |||||||||
Residential Mortgage Loan Servicing Portfolio | $ | 1,963,567 | $ | 1,776,912 | $ | 1,626,129 | $ | 1,541,417 | $ | 1,467,127 |
(Dollars in thousands) | Nonperforming Loans | Other Real Estate Owned | Other Repossessed Assets | Total Nonperforming Assets | |||||||||||
June 30, 2012 | $ | 47,707 | $ | 37,941 | $ | 465 | $ | 86,113 | |||||||
Loan foreclosures | (5,553 | ) | 5,546 | 7 | — | ||||||||||
Net loan charge offs | (536 | ) | — | — | (536 | ) | |||||||||
New nonperforming loans | 6,211 | — | — | 6,211 | |||||||||||
Reduction of nonperforming loans(1) | (4,850 | ) | — | — | (4,850 | ) | |||||||||
OREO/Repossessed sales proceeds | — | (3,941 | ) | (11 | ) | (3,952 | ) | ||||||||
OREO/Repossessed assets writedowns, net | — | (3,407 | ) | (43 | ) | (3,450 | ) | ||||||||
Net activity at Citizens Finance Co. | — | — | 78 | 78 | |||||||||||
September 30, 2012 | $ | 42,979 | $ | 36,139 | $ | 496 | $ | 79,614 | |||||||
(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 | (20,192 | ) | 20,108 | 84 | — | ||||||||||
Net loan charge offs | (1,259 | ) | — | — | (1,259 | ) | |||||||||
New nonperforming loans | 15,166 | — | — | 15,166 | |||||||||||
Reduction of nonperforming loans(1) | (11,516 | ) | — | — | (11,516 | ) | |||||||||
OREO/Repossessed sales proceeds | — | (22,182 | ) | (355 | ) | (22,537 | ) | ||||||||
OREO/Repossessed assets writedowns, net | — | (6,174 | ) | (155 | ) | (6,329 | ) | ||||||||
Net activity at Citizens Finance Co. | — | — | 274 | 274 | |||||||||||
September 30, 2012 | $ | 42,979 | $ | 36,139 | $ | 496 | $ | 79,614 | |||||||
(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, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Interest Income | ||||||||||||||||
Interest and fees on loans and leases | $ | 39,208 | $ | 37,393 | $ | 116,989 | $ | 111,839 | ||||||||
Interest on securities: | ||||||||||||||||
Taxable | 4,452 | 8,051 | 17,050 | 26,577 | ||||||||||||
Nontaxable | 2,896 | 2,145 | 7,786 | 5,695 | ||||||||||||
Interest on federal funds sold | — | 2 | 1 | 3 | ||||||||||||
Interest on deposits in other financial institutions | 3 | — | 5 | 1 | ||||||||||||
Total Interest Income | 46,559 | 47,591 | 141,831 | 144,115 | ||||||||||||
Interest Expense | ||||||||||||||||
Interest on deposits | 5,504 | 7,028 | 16,883 | 22,729 | ||||||||||||
Interest on short-term borrowings | 215 | 205 | 652 | 689 | ||||||||||||
Interest on other borrowings | 4,028 | 4,123 | 12,114 | 12,140 | ||||||||||||
Total Interest Expense | 9,747 | 11,356 | 29,649 | 35,558 | ||||||||||||
Net Interest Income | 36,812 | 36,235 | 112,182 | 108,557 | ||||||||||||
Provision for loan and lease losses | (502 | ) | 7,727 | 4,852 | 21,581 | |||||||||||
Net Interest Income After Provision for Loan and Lease Losses | 37,314 | 28,508 | 107,330 | 86,976 | ||||||||||||
Noninterest Income | ||||||||||||||||
Service charges and fees | 3,944 | 3,657 | 11,240 | 10,617 | ||||||||||||
Loan servicing income | 3,016 | 1,081 | 7,832 | 3,928 | ||||||||||||
Trust fees | 2,667 | 2,384 | 7,940 | 7,519 | ||||||||||||
Brokerage and insurance commissions | 908 | 918 | 2,757 | 2,622 | ||||||||||||
Securities gains, net | 5,212 | 2,085 | 14,106 | 8,930 | ||||||||||||
Gain (loss) on trading account securities | (163 | ) | (83 | ) | (117 | ) | 214 | |||||||||
Impairment loss on securities | — | — | (981 | ) | — | |||||||||||
Gains on sale of loans | 13,750 | 3,183 | 34,941 | 5,893 | ||||||||||||
Valuation adjustment on mortgage servicing rights | (493 | ) | — | (674 | ) | — | ||||||||||
Income on bank owned life insurance | 382 | 208 | 1,131 | 942 | ||||||||||||
Other noninterest income | 543 | (171 | ) | 3,257 | (126 | ) | ||||||||||
Total Noninterest Income | 29,766 | 13,262 | 81,432 | 40,539 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Salaries and employee benefits | 27,064 | 17,736 | 76,444 | 53,402 | ||||||||||||
Occupancy | 2,596 | 2,396 | 7,612 | 6,995 | ||||||||||||
Furniture and equipment | 1,541 | 1,392 | 4,504 | 4,161 | ||||||||||||
Professional fees | 4,217 | 3,110 | 10,938 | 9,182 | ||||||||||||
FDIC insurance assessments | 811 | 798 | 2,482 | 2,929 | ||||||||||||
Advertising | 1,183 | 1,191 | 3,558 | 3,154 | ||||||||||||
Intangible assets amortization | 146 | 141 | 399 | 431 | ||||||||||||
Net loss on repossessed assets | 3,775 | 1,409 | 7,986 | 5,552 | ||||||||||||
Other noninterest expenses | 5,826 | 3,690 | 14,835 | 11,287 | ||||||||||||
Total Noninterest Expense | 47,159 | 31,863 | 128,758 | 97,093 | ||||||||||||
Income Before Income Taxes | 19,921 | 9,907 | 60,004 | 30,422 | ||||||||||||
Income taxes | 6,338 | 2,549 | 19,642 | 8,631 | ||||||||||||
Net Income | 13,583 | 7,358 | 40,362 | 21,791 | ||||||||||||
Net (income) loss attributable to noncontrolling interest, net of tax | 4 | (20 | ) | 23 | 5 | |||||||||||
Net Income Attributable to Heartland | 13,587 | 7,338 | 40,385 | 21,796 | ||||||||||||
Preferred dividends and discount | (949 | ) | (3,947 | ) | (2,991 | ) | (6,619 | ) | ||||||||
Net Income Available to Common Stockholders | $ | 12,638 | $ | 3,391 | $ | 37,394 | $ | 15,177 | ||||||||
Earnings per common share-diluted | $ | 0.75 | $ | 0.20 | $ | 2.24 | $ | 0.92 | ||||||||
Weighted average shares outstanding-diluted | 16,745,968 | 16,585,021 | 16,729,637 | 16,569,376 |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | |||||||||||||||
Interest Income | |||||||||||||||||||
Interest and fees on loans and leases | $ | 39,208 | $ | 39,382 | $ | 38,399 | $ | 37,764 | $ | 37,393 | |||||||||
Interest on securities: | |||||||||||||||||||
Taxable | 4,452 | 5,026 | 7,572 | 7,518 | 8,051 | ||||||||||||||
Nontaxable | 2,896 | 2,619 | 2,271 | 2,340 | 2,145 | ||||||||||||||
Interest on federal funds sold | — | 1 | — | — | 2 | ||||||||||||||
Interest on deposits in other financial institutions | 3 | 2 | — | — | — | ||||||||||||||
Total Interest Income | 46,559 | 47,030 | 48,242 | 47,622 | 47,591 | ||||||||||||||
Interest Expense | |||||||||||||||||||
Interest on deposits | 5,504 | 5,604 | 5,775 | 6,495 | 7,028 | ||||||||||||||
Interest on short-term borrowings | 215 | 224 | 213 | 204 | 205 | ||||||||||||||
Interest on other borrowings | 4,028 | 4,025 | 4,061 | 4,086 | 4,123 | ||||||||||||||
Total Interest Expense | 9,747 | 9,853 | 10,049 | 10,785 | 11,356 | ||||||||||||||
Net Interest Income | 36,812 | 37,177 | 38,193 | 36,837 | 36,235 | ||||||||||||||
Provision for loan and lease losses | (502 | ) | 3,000 | 2,354 | 7,784 | 7,727 | |||||||||||||
Net Interest Income After Provision for Loan and Lease Losses | 37,314 | 34,177 | 35,839 | 29,053 | 28,508 | ||||||||||||||
Noninterest Income | |||||||||||||||||||
Service charges and fees | 3,944 | 3,712 | 3,584 | 3,686 | 3,657 | ||||||||||||||
Loan servicing income | 3,016 | 3,056 | 1,760 | 2,004 | 1,081 | ||||||||||||||
Trust fees | 2,667 | 2,660 | 2,613 | 2,337 | 2,384 | ||||||||||||||
Brokerage and insurance commissions | 908 | 939 | 910 | 889 | 918 | ||||||||||||||
Securities gains, net | 5,212 | 4,951 | 3,943 | 4,174 | 2,085 | ||||||||||||||
Gain (loss) on trading account securities | (163 | ) | 49 | (3 | ) | (125 | ) | (83 | ) | ||||||||||
Impairment loss on securities | — | — | (981 | ) | — | — | |||||||||||||
Gains on sale of loans | 13,750 | 12,689 | 8,502 | 5,473 | 3,183 | ||||||||||||||
Valuation adjustment on mortgage servicing rights | (493 | ) | (194 | ) | 13 | (19 | ) | — | |||||||||||
Income on bank owned life insurance | 382 | 267 | 482 | 407 | 208 | ||||||||||||||
Other noninterest income | 543 | 149 | 2,565 | 212 | (171 | ) | |||||||||||||
Total Noninterest Income | 29,766 | 28,278 | 23,388 | 19,038 | 13,262 | ||||||||||||||
Noninterest Expense | |||||||||||||||||||
Salaries and employee benefits | 27,064 | 25,384 | 23,996 | 22,135 | 17,736 | ||||||||||||||
Occupancy | 2,596 | 2,534 | 2,482 | 2,368 | 2,396 | ||||||||||||||
Furniture and equipment | 1,541 | 1,517 | 1,446 | 1,475 | 1,392 | ||||||||||||||
Professional fees | 4,217 | 3,961 | 2,760 | 3,385 | 3,110 | ||||||||||||||
FDIC insurance assessments | 811 | 807 | 864 | 848 | 798 | ||||||||||||||
Advertising | 1,183 | 1,304 | 1,071 | 1,138 | 1,191 | ||||||||||||||
Intangible assets amortization | 146 | 122 | 131 | 141 | 141 | ||||||||||||||
Net loss on repossessed assets | 3,775 | 1,307 | 2,904 | 4,255 | 1,409 | ||||||||||||||
Other noninterest expenses | 5,826 | 4,523 | 4,486 | 4,458 | 3,690 | ||||||||||||||
Total Noninterest Expense | 47,159 | 41,459 | 40,140 | 40,203 | 31,863 | ||||||||||||||
Income Before Income Taxes | 19,921 | 20,996 | 19,087 | 7,888 | 9,907 | ||||||||||||||
Income taxes | 6,338 | 7,032 | 6,272 | 1,671 | 2,549 | ||||||||||||||
Net Income | 13,583 | 13,964 | 12,815 | 6,217 | 7,358 | ||||||||||||||
Net (income) loss attributable to noncontrolling interest, net of tax | 4 | (7 | ) | 26 | 31 | (20 | ) | ||||||||||||
Net Income Attributable to Heartland | 13,587 | 13,957 | 12,841 | 6,248 | 7,338 | ||||||||||||||
Preferred dividends and discount | (949 | ) | (1,021 | ) | (1,021 | ) | (1,021 | ) | (3,947 | ) | |||||||||
Net Income Available to Common Stockholders | $ | 12,638 | $ | 12,936 | $ | 11,820 | $ | 5,227 | $ | 3,391 | |||||||||
Earnings per common share-diluted | $ | 0.75 | $ | 0.77 | $ | 0.71 | $ | 0.31 | $ | 0.20 | |||||||||
Weighted average shares outstanding-diluted | 16,745,968 | 16,717,846 | 16,729,925 | 16,599,741 | 16,585,021 |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
As Of | |||||||||||||||||||
9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 191,126 | $ | 82,831 | $ | 150,122 | $ | 129,834 | $ | 81,605 | |||||||||
Securities | 1,332,082 | 1,331,088 | 1,221,909 | 1,326,592 | 1,323,464 | ||||||||||||||
Loans held for sale | 99,429 | 73,284 | 103,460 | 53,528 | 36,529 | ||||||||||||||
Loans and leases: | |||||||||||||||||||
Held to maturity | 2,647,959 | 2,629,597 | 2,532,419 | 2,481,284 | 2,374,186 | ||||||||||||||
Loans covered by loss share agreements | 8,511 | 9,567 | 11,360 | 13,347 | 14,766 | ||||||||||||||
Allowance for loan and lease losses | (40,401 | ) | (41,439 | ) | (39,362 | ) | (36,808 | ) | (44,195 | ) | |||||||||
Loans and leases, net | 2,616,069 | 2,597,725 | 2,504,417 | 2,457,823 | 2,344,757 | ||||||||||||||
Premises, furniture and equipment, net | 120,334 | 114,823 | 111,946 | 110,206 | 110,127 | ||||||||||||||
Goodwill | 26,590 | 25,909 | 25,909 | 25,909 | 25,909 | ||||||||||||||
Other intangible assets, net | 15,612 | 14,295 | 13,109 | 12,960 | 12,601 | ||||||||||||||
Cash surrender value on life insurance | 72,853 | 72,448 | 72,159 | 67,084 | 66,654 | ||||||||||||||
Other real estate, net | 36,139 | 37,941 | 38,934 | 44,387 | 39,188 | ||||||||||||||
FDIC indemnification asset | 1,238 | 1,148 | 1,270 | 1,343 | 992 | ||||||||||||||
Other assets | 81,725 | 76,192 | 69,616 | 75,392 | 70,853 | ||||||||||||||
Total Assets | $ | 4,593,197 | $ | 4,427,684 | $ | 4,312,851 | $ | 4,305,058 | $ | 4,112,679 | |||||||||
Liabilities and Equity | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand | $ | 877,790 | $ | 799,548 | $ | 771,421 | $ | 737,323 | $ | 692,893 | |||||||||
Savings | 1,809,776 | 1,734,155 | 1,731,399 | 1,678,154 | 1,654,417 | ||||||||||||||
Brokered time deposits | 56,627 | 51,575 | 41,475 | 41,225 | 44,225 | ||||||||||||||
Other time deposits | 758,843 | 749,629 | 731,464 | 753,411 | 782,079 | ||||||||||||||
Total deposits | 3,503,036 | 3,334,907 | 3,275,759 | 3,210,113 | 3,173,614 | ||||||||||||||
Short-term borrowings | 245,308 | 249,485 | 229,533 | 270,081 | 173,199 | ||||||||||||||
Other borrowings | 377,536 | 377,543 | 377,362 | 372,820 | 375,976 | ||||||||||||||
Accrued expenses and other liabilities | 72,571 | 90,755 | 64,154 | 99,151 | 36,667 | ||||||||||||||
Total Liabilities | 4,198,451 | 4,052,690 | 3,946,808 | 3,952,165 | 3,759,456 | ||||||||||||||
Equity | |||||||||||||||||||
Preferred equity | 81,698 | 81,698 | 81,698 | 81,698 | 81,698 | ||||||||||||||
Common equity | 310,396 | 290,640 | 281,696 | 268,520 | 268,819 | ||||||||||||||
Total Heartland Stockholders' Equity | 392,094 | 372,338 | 363,394 | 350,218 | 350,517 | ||||||||||||||
Noncontrolling interest | 2,652 | 2,656 | 2,649 | 2,675 | 2,706 | ||||||||||||||
Total Equity | 394,746 | 374,994 | 366,043 | 352,893 | 353,223 | ||||||||||||||
Total Liabilities and Equity | $ | 4,593,197 | $ | 4,427,684 | $ | 4,312,851 | $ | 4,305,058 | $ | 4,112,679 | |||||||||
Common Share Data | |||||||||||||||||||
Book value per common share | $ | 18.81 | $ | 17.65 | $ | 17.09 | $ | 16.29 | $ | 16.33 | |||||||||
ASC 320 effect on book value per common share | $ | 1.46 | $ | 0.98 | $ | 1.09 | $ | 0.97 | $ | 1.22 | |||||||||
Common shares outstanding, net of treasury stock | 16,505,241 | 16,467,889 | 16,486,539 | 16,484,790 | 16,459,338 | ||||||||||||||
Tangible Capital Ratio(1) | 6.18 | % | 5.98 | % | 5.93 | % | 5.63 | % | 5.90 | % | |||||||||
(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 Nine Months Ended | |||||||||||||||
9/30/2012 | 9/30/2011 | 9/30/2012 | 9/30/2011 | |||||||||||||
Average Balances | ||||||||||||||||
Assets | $ | 4,532,302 | $ | 4,063,330 | $ | 4,370,919 | $ | 4,034,215 | ||||||||
Loans and leases, net of unearned | 2,727,806 | 2,399,047 | 2,660,556 | 2,398,561 | ||||||||||||
Deposits | 3,415,810 | 3,110,978 | 3,303,138 | 3,083,548 | ||||||||||||
Earning assets | 4,019,601 | 3,624,559 | 3,892,024 | 3,607,348 | ||||||||||||
Interest bearing liabilities | 3,235,440 | 3,002,868 | 3,152,584 | 3,009,841 | ||||||||||||
Common stockholders' equity | 299,408 | 270,696 | 286,479 | 261,296 | ||||||||||||
Total stockholders' equity | 383,763 | 353,003 | 370,837 | 343,048 | ||||||||||||
Tangible common stockholders' equity | 272,078 | 242,886 | 259,060 | 233,341 | ||||||||||||
Earnings Performance Ratios | ||||||||||||||||
Annualized return on average assets | 1.11 | % | 0.33 | % | 1.14 | % | 0.50 | % | ||||||||
Annualized return on average common equity | 16.79 | % | 4.97 | % | 17.44 | % | 7.77 | % | ||||||||
Annualized return on average common tangible equity | 18.48 | % | 5.54 | % | 19.28 | % | 8.70 | % | ||||||||
Annualized net interest margin(1) | 3.84 | % | 4.14 | % | 4.03 | % | 4.18 | % | ||||||||
Efficiency ratio(2) | 74.47 | % | 65.07 | % | 69.64 | % | 67.24 | % | ||||||||
(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 | |||||||||||||||||||
9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | |||||||||||||||
Average Balances | |||||||||||||||||||
Assets | $ | 4,532,302 | $ | 4,350,916 | $ | 4,225,815 | $ | 4,197,916 | $ | 4,063,330 | |||||||||
Loans and leases, net of unearned | 2,727,806 | 2,675,694 | 2,577,429 | 2,487,778 | 2,399,047 | ||||||||||||||
Deposits | 3,415,810 | 3,291,293 | 3,201,073 | 3,215,793 | 3,110,978 | ||||||||||||||
Earning assets | 4,019,601 | 3,870,359 | 3,784,709 | 3,749,612 | 3,624,559 | ||||||||||||||
Interest bearing liabilities | 3,235,440 | 3,140,063 | 3,081,340 | 3,066,704 | 3,002,868 | ||||||||||||||
Common stockholders' equity | 299,408 | 284,610 | 275,275 | 267,025 | 270,696 | ||||||||||||||
Total stockholders' equity | 383,763 | 368,960 | 359,644 | 351,538 | 353,003 | ||||||||||||||
Tangible common stockholders' equity | 272,078 | 257,212 | 247,744 | 239,384 | 242,886 | ||||||||||||||
Earnings Performance Ratios | |||||||||||||||||||
Annualized return on average assets | 1.11 | % | 1.20 | % | 1.12 | % | 0.49 | % | 0.33 | % | |||||||||
Annualized return on average common equity | 16.79 | % | 18.28 | % | 17.27 | % | 7.77 | % | 4.97 | % | |||||||||
Annualized return on average common tangible equity | 18.48 | % | 20.23 | % | 19.19 | % | 8.66 | % | 5.54 | % | |||||||||
Annualized net interest margin (1) | 3.84 | % | 4.05 | % | 4.23 | % | 4.08 | % | 4.14 | % | |||||||||
Efficiency ratio (2) | 74.47 | % | 66.56 | % | 67.71 | % | 75.29 | % | 65.07 | % | |||||||||
(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 | |||||||||||||||||||
9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | |||||||||||||||
Loan and Lease Data | |||||||||||||||||||
Loans held to maturity: | |||||||||||||||||||
Commercial and commercial real estate | $ | 1,902,383 | $ | 1,903,996 | $ | 1,842,566 | $ | 1,809,450 | $ | 1,725,586 | |||||||||
Residential mortgage | 228,972 | 220,084 | 202,883 | 194,436 | 179,628 | ||||||||||||||
Agricultural and agricultural real estate | 283,697 | 279,285 | 270,687 | 262,975 | 256,857 | ||||||||||||||
Consumer | 236,619 | 230,594 | 222,387 | 220,099 | 217,007 | ||||||||||||||
Direct financing leases, net | 205 | 290 | 323 | 450 | 604 | ||||||||||||||
Unearned discount and deferred loan fees | (3,917 | ) | (4,652 | ) | (6,427 | ) | (6,126 | ) | (5,496 | ) | |||||||||
Total loans and leases held to maturity | $ | 2,647,959 | $ | 2,629,597 | $ | 2,532,419 | $ | 2,481,284 | $ | 2,374,186 | |||||||||
Loans covered under loss share agreements: | |||||||||||||||||||
Commercial and commercial real estate | $ | 3,772 | $ | 4,497 | $ | 5,730 | $ | 6,380 | $ | 6,788 | |||||||||
Residential mortgage | 3,099 | 3,309 | 3,734 | 4,158 | 4,410 | ||||||||||||||
Agricultural and agricultural real estate | 863 | 858 | 934 | 1,659 | 2,139 | ||||||||||||||
Consumer | 777 | 903 | 962 | 1,150 | 1,429 | ||||||||||||||
Total loans and leases covered under loss share agreements | $ | 8,511 | $ | 9,567 | $ | 11,360 | $ | 13,347 | $ | 14,766 | |||||||||
Asset Quality | |||||||||||||||||||
Not covered under loss share agreements: | |||||||||||||||||||
Nonaccrual loans | $ | 40,743 | $ | 44,845 | $ | 49,940 | $ | 57,435 | $ | 72,629 | |||||||||
Loans and leases past due ninety days or more as to interest or principal payments | — | — | — | — | — | ||||||||||||||
Other real estate owned | 35,994 | 37,709 | 38,693 | 43,506 | 38,640 | ||||||||||||||
Other repossessed assets | 496 | 465 | 710 | 648 | 398 | ||||||||||||||
Total nonperforming assets not covered under loss share agreements | $ | 77,233 | $ | 83,019 | $ | 89,343 | $ | 101,589 | $ | 111,667 | |||||||||
Performing troubled debt restructured loans | $ | 22,385 | $ | 24,715 | $ | 21,379 | $ | 25,704 | $ | 24,853 | |||||||||
Covered under loss share agreements: | |||||||||||||||||||
Nonaccrual loans | $ | 2,236 | $ | 2,862 | $ | 3,189 | $ | 3,345 | $ | 3,886 | |||||||||
Other real estate owned | 145 | 232 | 241 | 881 | 548 | ||||||||||||||
Total nonperforming assets covered under loss share agreements | $ | 2,381 | $ | 3,094 | $ | 3,430 | $ | 4,226 | $ | 4,434 | |||||||||
Allowance for Loan and Lease Losses | |||||||||||||||||||
Balance, beginning of period | $ | 41,439 | $ | 39,362 | $ | 36,808 | $ | 44,195 | $ | 40,602 | |||||||||
Provision for loan and lease losses | (502 | ) | 3,000 | 2,354 | 7,784 | 7,727 | |||||||||||||
Charge-offs on loans not covered by loss share agreements | (2,785 | ) | (2,219 | ) | (1,608 | ) | (15,616 | ) | (5,985 | ) | |||||||||
Charge-offs on loans covered by loss share agreements | (265 | ) | (35 | ) | — | (5 | ) | (168 | ) | ||||||||||
Recoveries | 2,514 | 1,331 | 1,808 | 450 | 2,019 | ||||||||||||||
Balance, end of period | $ | 40,401 | $ | 41,439 | $ | 39,362 | $ | 36,808 | $ | 44,195 | |||||||||
Asset Quality Ratios Excluding Assets Covered Under Loss Share Agreements | |||||||||||||||||||
Ratio of nonperforming loans and leases to total loans and leases | 1.54 | % | 1.71 | % | 1.97 | % | 2.31 | % | 3.06 | % | |||||||||
Ratio of nonperforming assets to total assets | 1.68 | % | 1.87 | % | 2.07 | % | 2.39 | % | 2.72 | % | |||||||||
Annualized ratio of net loan charge-offs to average loans and leases | 0.08 | % | 0.14 | % | (0.03 | )% | 2.42 | % | 0.66 | % | |||||||||
Allowance for loan and lease losses as a percent of loans and leases | 1.53 | % | 1.58 | % | 1.55 | % | 1.48 | % | 1.86 | % | |||||||||
Allowance for loan and lease losses as a percent of nonperforming loans and leases | 99.16 | % | 92.40 | % | 78.82 | % | 64.09 | % | 60.85 | % |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||||
September 30, 2012 | September 30, 2011 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Earning Assets | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | $ | 1,008,820 | $ | 4,452 | 1.76 | % | $ | 1,060,502 | $ | 8,051 | 3.01 | % | |||||||||
Nontaxable(1) | 316,409 | 4,455 | 5.60 | 204,239 | 3,300 | 6.41 | |||||||||||||||
Total securities | 1,325,229 | 8,907 | 2.67 | 1,264,741 | 11,351 | 3.56 | |||||||||||||||
Interest bearing deposits | 6,631 | 3 | 0.18 | 1,896 | 2 | 0.42 | |||||||||||||||
Federal funds sold | 220 | — | — | 217 | — | — | |||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial and commercial real estate(1) | 1,906,912 | 25,207 | 5.26 | 1,727,100 | 24,980 | 5.74 | |||||||||||||||
Residential mortgage | 301,166 | 3,324 | 4.39 | 195,847 | 2,649 | 5.37 | |||||||||||||||
Agricultural and agricultural real estate(1) | 285,018 | 3,940 | 5.50 | 257,934 | 3,821 | 5.88 | |||||||||||||||
Consumer | 234,494 | 5,798 | 9.84 | 217,534 | 5,325 | 9.71 | |||||||||||||||
Direct financing leases, net | 216 | 3 | 5.53 | 632 | 8 | 5.02 | |||||||||||||||
Fees on loans | — | 1,334 | — | — | 1,009 | — | |||||||||||||||
Less: allowance for loan and lease losses | (40,285 | ) | — | — | (41,342 | ) | — | — | |||||||||||||
Net loans and leases | 2,687,521 | 39,606 | 5.86 | 2,357,705 | 37,792 | 6.36 | |||||||||||||||
Total earning assets | 4,019,601 | 48,516 | 4.80 | % | 3,624,559 | 49,145 | 5.38 | % | |||||||||||||
Nonearning Assets | 512,701 | 438,768 | |||||||||||||||||||
Total Assets | $ | 4,532,302 | $ | 48,516 | $ | 4,063,327 | $ | 49,145 | |||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||
Savings | $ | 1,745,324 | $ | 1,683 | 0.38 | % | $ | 1,588,958 | $ | 2,165 | 0.54 | % | |||||||||
Time, $100,000 and over | 290,236 | 1,179 | 1.62 | 269,069 | 1,436 | 2.12 | |||||||||||||||
Other time deposits | 533,177 | 2,642 | 1.97 | 585,589 | 3,427 | 2.32 | |||||||||||||||
Short-term borrowings | 289,213 | 215 | 0.30 | 181,794 | 205 | 0.45 | |||||||||||||||
Other borrowings | 377,490 | 4,028 | 4.24 | 377,458 | 4,123 | 4.33 | |||||||||||||||
Total interest bearing liabilities | 3,235,440 | 9,747 | 1.20 | 3,002,868 | 11,356 | 1.50 | |||||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 847,073 | 667,362 | |||||||||||||||||||
Accrued interest and other liabilities | 66,026 | 40,094 | |||||||||||||||||||
Total noninterest bearing liabilities | 913,099 | 707,456 | |||||||||||||||||||
Stockholders' Equity | 383,763 | 353,003 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 4,532,302 | $ | 4,063,327 | |||||||||||||||||
Net interest income(1) | $ | 38,769 | $ | 37,789 | |||||||||||||||||
Net interest spread(1) | 3.60 | % | 3.88 | % | |||||||||||||||||
Net interest income to total earning assets(1) | 3.84 | % | 4.14 | % | |||||||||||||||||
Interest bearing liabilities to earning assets | 80.49 | % | 82.85 | % | |||||||||||||||||
(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 Nine Months Ended | |||||||||||||||||||||
September 30, 2012 | September 30, 2011 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Earning Assets | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | $ | 994,961 | $ | 17,050 | 2.29 | % | $ | 1,068,776 | $ | 26,577 | 3.32 | % | |||||||||
Nontaxable(1) | 269,589 | 11,978 | 5.93 | 178,317 | 8,762 | 6.57 | |||||||||||||||
Total securities | 1,264,550 | 29,028 | 3.07 | 1,247,093 | 35,339 | 3.79 | |||||||||||||||
Interest bearing deposits | 5,684 | 5 | 0.12 | 3,559 | 3 | 0.11 | |||||||||||||||
Federal funds sold | 599 | 1 | 0.22 | 551 | 1 | 0.24 | |||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial and commercial real estate(1) | 1,872,161 | 75,396 | 5.38 | 1,736,296 | 75,159 | 5.79 | |||||||||||||||
Residential mortgage | 285,545 | 9,762 | 4.57 | 189,310 | 7,542 | 5.33 | |||||||||||||||
Agricultural and agricultural real estate(1) | 276,145 | 11,802 | 5.71 | 256,284 | 11,720 | 6.11 | |||||||||||||||
Consumer | 226,405 | 16,968 | 10.01 | 215,908 | 15,179 | 9.40 | |||||||||||||||
Direct financing leases, net | 300 | 12 | 5.34 | 763 | 31 | 5.43 | |||||||||||||||
Fees on loans | — | 4,239 | — | — | 3,379 | — | |||||||||||||||
Less: allowance for loan and lease losses | (39,365 | ) | — | — | (42,416 | ) | — | — | |||||||||||||
Net loans and leases | 2,621,191 | 118,179 | 6.02 | 2,356,145 | 113,010 | 6.41 | |||||||||||||||
Total earning assets | 3,892,024 | 147,213 | 5.05 | % | 3,607,348 | 148,353 | 5.50 | % | |||||||||||||
Nonearning Assets | 478,895 | 426,867 | |||||||||||||||||||
Total Assets | $ | 4,370,919 | $ | 147,213 | $ | 4,034,215 | $ | 148,353 | |||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||
Savings | $ | 1,717,213 | $ | 5,064 | 0.39 | % | $ | 1,567,209 | $ | 7,118 | 0.61 | % | |||||||||
Time, $100,000 and over | 264,539 | 3,602 | 1.82 | 268,849 | 4,592 | 2.28 | |||||||||||||||
Other time deposits | 528,839 | 8,217 | 2.08 | 602,574 | 11,019 | 2.44 | |||||||||||||||
Short-term borrowings | 265,695 | 652 | 0.33 | 197,691 | 689 | 0.47 | |||||||||||||||
Other borrowings | 376,298 | 12,114 | 4.30 | 373,518 | 12,140 | 4.35 | |||||||||||||||
Total interest bearing liabilities | 3,152,584 | 29,649 | 1.26 | 3,009,841 | 35,558 | 1.58 | |||||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 792,547 | 644,916 | |||||||||||||||||||
Accrued interest and other liabilities | 54,951 | 36,410 | |||||||||||||||||||
Total noninterest bearing liabilities | 847,498 | 681,326 | |||||||||||||||||||
Stockholders' Equity | 370,837 | 343,048 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 4,370,919 | $ | 4,034,215 | |||||||||||||||||
Net interest income(1) | $ | 117,564 | $ | 112,795 | |||||||||||||||||
Net interest spread(1) | 3.79 | % | 3.92 | % | |||||||||||||||||
Net interest income to total earning assets(1) | 4.03 | % | 4.18 | % | |||||||||||||||||
Interest bearing liabilities to earning assets | 81.00 | % | 83.44 | % | |||||||||||||||||
(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 | |||||||||||||||
9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | |||||||||||
Total Assets | |||||||||||||||
Dubuque Bank and Trust Company | $ | 1,478,943 | $ | 1,385,409 | $ | 1,407,827 | $ | 1,382,226 | $ | 1,275,116 | |||||
New Mexico Bank & Trust | 973,177 | 998,172 | 929,804 | 993,182 | 921,973 | ||||||||||
Wisconsin Bank & Trust | 511,580 | 497,372 | 491,741 | 524,958 | 486,319 | ||||||||||
Rocky Mountain Bank | 435,283 | 443,493 | 432,902 | 440,805 | 425,132 | ||||||||||
Riverside Community Bank | 424,044 | 360,654 | 343,232 | 325,388 | 316,945 | ||||||||||
Galena State Bank & Trust Co. | 295,222 | 309,516 | 289,740 | 290,656 | 294,299 | ||||||||||
Arizona Bank & Trust | 275,053 | 268,103 | 239,434 | 227,993 | 221,481 | ||||||||||
Minnesota Bank & Trust | 109,586 | 101,704 | 95,462 | 81,457 | 75,021 | ||||||||||
Summit Bank & Trust | 104,066 | 102,875 | 98,247 | 100,994 | 99,528 | ||||||||||
Total Deposits | |||||||||||||||
Dubuque Bank and Trust Company | $ | 1,089,125 | $ | 959,273 | $ | 978,854 | $ | 938,000 | $ | 929,854 | |||||
New Mexico Bank & Trust | 720,520 | 725,537 | 697,060 | 690,293 | 681,413 | ||||||||||
Wisconsin Bank & Trust | 424,146 | 415,277 | 409,994 | 429,062 | 402,957 | ||||||||||
Rocky Mountain Bank | 354,396 | 356,046 | 362,307 | 365,373 | 356,353 | ||||||||||
Riverside Community Bank | 335,899 | 305,120 | 286,529 | 264,699 | 268,432 | ||||||||||
Galena State Bank & Trust Co. | 247,334 | 257,800 | 245,780 | 243,639 | 255,006 | ||||||||||
Arizona Bank & Trust | 216,851 | 211,318 | 183,321 | 177,457 | 179,369 | ||||||||||
Minnesota Bank & Trust | 91,179 | 77,119 | 78,338 | 66,875 | 57,058 | ||||||||||
Summit Bank & Trust | 88,540 | 83,977 | 81,290 | 81,224 | 85,431 | ||||||||||
Net Income (Loss) | |||||||||||||||
Dubuque Bank and Trust Company | $ | 5,485 | $ | 8,463 | $ | 9,604 | $ | 4,846 | $ | 5,602 | |||||
New Mexico Bank & Trust | 4,395 | 1,592 | 2,216 | 2,197 | 1,509 | ||||||||||
Wisconsin Bank & Trust | 1,943 | 1,547 | 2,153 | 2,313 | 2,443 | ||||||||||
Rocky Mountain Bank | 1,315 | 2,089 | 963 | 493 | 780 | ||||||||||
Riverside Community Bank | 607 | 914 | 369 | 800 | (339 | ) | |||||||||
Galena State Bank & Trust Co. | 938 | 1,149 | 437 | 1,139 | 941 | ||||||||||
Arizona Bank & Trust | 1,534 | 981 | (215 | ) | (1,202 | ) | (960 | ) | |||||||
Minnesota Bank & Trust | (15 | ) | 35 | (129 | ) | (157 | ) | 102 | |||||||
Summit Bank & Trust | (1 | ) | (100 | ) | (123 | ) | (154 | ) | (160 | ) | |||||
Return on Average Assets | |||||||||||||||
Dubuque Bank and Trust Company | 1.50 | % | 2.39 | % | 2.88 | % | 1.44 | % | 1.74 | % | |||||
New Mexico Bank & Trust | 1.78 | 0.66 | 0.96 | 0.93 | 0.65 | ||||||||||
Wisconsin Bank & Trust | 1.53 | 1.27 | 1.69 | 1.83 | 2.05 | ||||||||||
Rocky Mountain Bank | 1.21 | 1.94 | 0.89 | 0.45 | 0.73 | ||||||||||
Riverside Community Bank | 0.57 | 1.05 | 0.45 | 0.98 | (0.42 | ) | |||||||||
Galena State Bank & Trust Co. | 1.24 | 1.58 | 0.62 | 1.54 | 1.28 | ||||||||||
Arizona Bank & Trust | 2.22 | 1.56 | (0.37 | ) | (2.13 | ) | (1.72 | ) | |||||||
Minnesota Bank & Trust | (0.06 | ) | 0.15 | (0.58 | ) | (0.77 | ) | 0.56 | |||||||
Summit Bank & Trust | 0.00 | (0.40 | ) | (0.50 | ) | (0.63 | ) | (0.66 | ) | ||||||
Net Interest Margin as a Percentage of Average Earning Assets | |||||||||||||||
Dubuque Bank and Trust Company | 3.61 | % | 3.67 | % | 4.03 | % | 4.00 | % | 4.01 | % | |||||
New Mexico Bank & Trust | 3.50 | 3.69 | 4.02 | 3.85 | 4.10 | ||||||||||
Wisconsin Bank & Trust | 4.04 | 4.38 | 4.41 | 4.30 | 4.33 | ||||||||||
Rocky Mountain Bank | 4.35 | 4.68 | 4.33 | 4.06 | 4.03 | ||||||||||
Riverside Community Bank | 2.44 | 3.38 | 3.63 | 3.64 | 3.58 | ||||||||||
Galena State Bank & Trust Co. | 3.50 | 3.42 | 3.89 | 3.69 | 3.55 | ||||||||||
Arizona Bank & Trust | 3.76 | 4.19 | 4.40 | 4.06 | 4.10 | ||||||||||
Minnesota Bank & Trust | 4.47 | 4.57 | 4.75 | 4.56 | 4.82 | ||||||||||
Summit Bank & Trust | 3.75 | 3.89 | 4.07 | 3.41 | 3.84 |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||||||
As of | |||||||||||||||||||
9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | 9/30/2011 | |||||||||||||||
Total Portfolio Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 827,065 | $ | 824,830 | $ | 796,789 | $ | 778,467 | $ | 731,356 | |||||||||
New Mexico Bank & Trust | 490,102 | 500,296 | 506,424 | 508,874 | 507,416 | ||||||||||||||
Wisconsin Bank & Trust | 355,670 | 353,152 | 340,841 | 333,112 | 318,906 | ||||||||||||||
Rocky Mountain Bank | 286,138 | 280,137 | 264,964 | 256,704 | 250,728 | ||||||||||||||
Riverside Community Bank | 155,191 | 158,186 | 153,174 | 155,320 | 155,995 | ||||||||||||||
Galena State Bank & Trust Co. | 172,530 | 169,160 | 167,677 | 157,398 | 143,680 | ||||||||||||||
Arizona Bank & Trust | 185,186 | 177,953 | 150,629 | 146,346 | 137,356 | ||||||||||||||
Minnesota Bank & Trust | 85,860 | 80,815 | 73,413 | 58,058 | 50,545 | ||||||||||||||
Summit Bank & Trust | 67,909 | 67,932 | 63,658 | 62,422 | 53,402 | ||||||||||||||
Allowance For Loan and Lease Losses | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 9,760 | $ | 9,454 | $ | 9,584 | $ | 9,365 | $ | 10,087 | |||||||||
New Mexico Bank & Trust | 7,834 | 8,705 | 7,110 | 6,633 | 10,271 | ||||||||||||||
Wisconsin Bank & Trust | 3,719 | 3,695 | 3,629 | 3,458 | 3,288 | ||||||||||||||
Rocky Mountain Bank | 4,135 | 4,325 | 4,204 | 3,865 | 3,953 | ||||||||||||||
Riverside Community Bank | 3,122 | 3,114 | 3,206 | 2,834 | 4,770 | ||||||||||||||
Galena State Bank & Trust Co. | 1,932 | 1,808 | 1,854 | 1,835 | 1,956 | ||||||||||||||
Arizona Bank & Trust | 4,723 | 5,390 | 5,315 | 4,627 | 5,590 | ||||||||||||||
Minnesota Bank & Trust | 915 | 822 | 748 | 588 | 507 | ||||||||||||||
Summit Bank & Trust | 1,478 | 1,370 | 1,132 | 1,012 | 1,108 | ||||||||||||||
Nonperforming Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 2,378 | $ | 2,508 | $ | 3,107 | $ | 3,634 | $ | 4,298 | |||||||||
New Mexico Bank & Trust | 8,455 | 10,856 | 13,368 | 15,161 | 15,404 | ||||||||||||||
Wisconsin Bank & Trust | 6,673 | 7,463 | 7,482 | 8,074 | 11,871 | ||||||||||||||
Rocky Mountain Bank | 6,167 | 6,005 | 7,787 | 8,662 | 14,180 | ||||||||||||||
Riverside Community Bank | 4,685 | 5,222 | 5,458 | 6,729 | 5,870 | ||||||||||||||
Galena State Bank & Trust Co. | 3,242 | 3,778 | 3,699 | 3,853 | 5,309 | ||||||||||||||
Arizona Bank & Trust | 5,409 | 5,645 | 5,755 | 7,927 | 10,811 | ||||||||||||||
Minnesota Bank & Trust | 5 | 6 | 6 | 6 | 6 | ||||||||||||||
Summit Bank & Trust | 2,913 | 2,691 | 2,709 | 2,848 | 4,159 | ||||||||||||||
Allowance As a Percent of Total Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | 1.18 | % | 1.15 | % | 1.20 | % | 1.20 | % | 1.38 | % | |||||||||
New Mexico Bank & Trust | 1.60 | 1.74 | 1.40 | 1.30 | 2.02 | ||||||||||||||
Wisconsin Bank & Trust | 1.05 | 1.05 | 1.06 | 1.04 | 1.03 | ||||||||||||||
Rocky Mountain Bank | 1.45 | 1.54 | 1.59 | 1.51 | 1.58 | ||||||||||||||
Riverside Community Bank | 2.01 | 1.97 | 2.09 | 1.82 | 3.06 | ||||||||||||||
Galena State Bank & Trust Co. | 1.12 | 1.07 | 1.11 | 1.17 | 1.36 | ||||||||||||||
Arizona Bank & Trust | 2.55 | 3.03 | 3.53 | 3.16 | 4.07 | ||||||||||||||
Minnesota Bank & Trust | 1.07 | 1.02 | 1.02 | 1.01 | 1.00 | ||||||||||||||
Summit Bank & Trust | 2.18 | 2.02 | 1.78 | 1.62 | 2.07 |