Date of Report (Date of earliest event reported) | January 28, 2013 |
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: January 28, 2013 | HEARTLAND FINANCIAL USA, INC. | ||
By: | /s/ John K. Schmidt | ||
Executive Vice President, COO & CFO |
CONTACT: | FOR IMMEDIATE RELEASE |
John K. Schmidt | January 28, 2013 |
Chief Operating Officer | |
Chief Financial Officer | |
(563) 589-1994 | |
jschmidt@htlf.com |
§ | Net income of $8.9 million or $0.50 per diluted common share |
§ | Net interest margin of 3.81% |
§ | Deposit growth of $342.6 million since September 30, 2012 |
§ | Merger with First Shares, Inc. completed on November 16, 2012 |
§ | Acquisition of Heritage Bank, N.A. completed on December 7, 2012 |
§ | Special cash dividend of $0.10 per share paid on December 28, 2012 |
Quarter Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income (in millions) | $ | 8.9 | $ | 6.2 | $ | 49.3 | $ | 28.0 | |||||||
Net income available to common stockholders (in millions) | 8.4 | 5.2 | 45.8 | 20.4 | |||||||||||
Diluted earnings per common share | 0.50 | 0.31 | 2.73 | 1.23 | |||||||||||
Return on average assets | 0.71 | % | 0.49 | % | 1.03 | % | 0.50 | % | |||||||
Return on average common equity | 10.59 | 7.77 | 15.59 | 7.77 | |||||||||||
Net interest margin | 3.81 | 4.08 | 3.98 | 4.16 |
“We are delighted to report that 2012 was an extraordinary year for Heartland by nearly every measure. Net income increased by 76 percent over 2011, with earnings per share growing by 122 percent.” Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc. |
As Of and For the Quarter Ended | |||||||||||||||||||
(Dollars in thousands) | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | ||||||||||||||
Mortgage Servicing Fees | $ | 1,304 | $ | 1,123 | $ | 1,037 | $ | 967 | $ | 932 | |||||||||
Mortgage Servicing Rights Income | 3,535 | 3,316 | 2,614 | 1,986 | 1,380 | ||||||||||||||
Mortgage Servicing Rights Amortization | (1,871 | ) | (1,896 | ) | (1,112 | ) | (1,718 | ) | (862 | ) | |||||||||
Total Residential Mortgage Loan Servicing Income | $ | 2,968 | $ | 2,543 | $ | 2,539 | $ | 1,235 | $ | 1,450 | |||||||||
Valuation Adjustment on Mortgage Servicing Rights | $ | 197 | $ | (493 | ) | $ | (194 | ) | $ | 13 | $ | (19 | ) | ||||||
Gains On Sale of Loans | $ | 14,257 | $ | 13,750 | $ | 12,689 | $ | 8,502 | $ | 5,473 | |||||||||
Total Residential Mortgage Loan Applications | $ | 645,603 | $ | 672,382 | $ | 638,595 | $ | 549,315 | $ | 301,551 | |||||||||
Residential Mortgage Loans Originated | $ | 490,525 | $ | 488,658 | $ | 374,743 | $ | 293,724 | $ | 253,468 | |||||||||
Residential Mortgage Loans Sold | $ | 478,280 | $ | 448,704 | $ | 360,743 | $ | 243,836 | $ | 208,494 | |||||||||
Residential Mortgage Loan Servicing Portfolio | $ | 2,199,486 | $ | 1,963,567 | $ | 1,776,912 | $ | 1,626,129 | $ | 1,541,417 |
(Dollars in thousands) | Nonperforming Loans | Other Real Estate Owned | Other Repossessed Assets | Total Nonperforming Assets | |||||||||||
September 30, 2012 | $ | 42,979 | $ | 36,139 | $ | 496 | $ | 79,614 | |||||||
Loan foreclosures | (8,750 | ) | 8,643 | 107 | — | ||||||||||
Net loan charge offs | (5,036 | ) | — | — | (5,036 | ) | |||||||||
New nonperforming loans | 18,273 | — | — | 18,273 | |||||||||||
Reduction of nonperforming loans(1) | (3,051 | ) | — | — | (3,051 | ) | |||||||||
OREO/Repossessed sales proceeds | — | (7,827 | ) | (9 | ) | (7,836 | ) | ||||||||
OREO/Repossessed assets writedowns, net | — | (1,133 | ) | (1 | ) | (1,134 | ) | ||||||||
Net activity at Citizens Finance Co. | — | — | (51 | ) | (51 | ) | |||||||||
December 31, 2012 | $ | 44,415 | $ | 35,822 | $ | 542 | $ | 80,779 | |||||||
(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 | (28,942 | ) | 28,751 | 191 | — | ||||||||||
Net loan charge offs | (6,295 | ) | — | — | (6,295 | ) | |||||||||
New nonperforming loans | 33,439 | — | — | 33,439 | |||||||||||
Reduction of nonperforming loans(1) | (14,567 | ) | — | — | (14,567 | ) | |||||||||
OREO/Repossessed sales proceeds | — | (30,009 | ) | (364 | ) | (30,373 | ) | ||||||||
OREO/Repossessed assets writedowns, net | — | (7,307 | ) | (156 | ) | (7,463 | ) | ||||||||
Net activity at Citizens Finance Co. | — | — | 223 | 223 | |||||||||||
December 31, 2012 | $ | 44,415 | $ | 35,822 | $ | 542 | $ | 80,779 | |||||||
(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 December 31, | For the Twelve Months Ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Interest Income | ||||||||||||||||
Interest and fees on loans and leases | $ | 39,510 | $ | 37,764 | $ | 156,499 | $ | 149,603 | ||||||||
Interest on securities: | ||||||||||||||||
Taxable | 5,079 | 7,518 | 22,129 | 34,095 | ||||||||||||
Nontaxable | 2,912 | 2,340 | 10,698 | 8,035 | ||||||||||||
Interest on federal funds sold | 3 | — | 4 | 3 | ||||||||||||
Interest on deposits in other financial institutions | 3 | — | 8 | 1 | ||||||||||||
Total Interest Income | 47,507 | 47,622 | 189,338 | 191,737 | ||||||||||||
Interest Expense | ||||||||||||||||
Interest on deposits | 5,347 | 6,495 | 22,230 | 29,224 | ||||||||||||
Interest on short-term borrowings | 166 | 204 | 818 | 893 | ||||||||||||
Interest on other borrowings | 4,020 | 4,086 | 16,134 | 16,226 | ||||||||||||
Total Interest Expense | 9,533 | 10,785 | 39,182 | 46,343 | ||||||||||||
Net Interest Income | 37,974 | 36,837 | 150,156 | 145,394 | ||||||||||||
Provision for loan and lease losses | 3,350 | 7,784 | 8,202 | 29,365 | ||||||||||||
Net Interest Income After Provision for Loan and Lease Losses | 34,624 | 29,053 | 141,954 | 116,029 | ||||||||||||
Noninterest Income | ||||||||||||||||
Service charges and fees | 4,002 | 3,686 | 15,242 | 14,303 | ||||||||||||
Loan servicing income | 3,468 | 2,004 | 11,300 | 5,932 | ||||||||||||
Trust fees | 2,538 | 2,337 | 10,478 | 9,856 | ||||||||||||
Brokerage and insurance commissions | 945 | 889 | 3,702 | 3,511 | ||||||||||||
Securities gains (losses), net | (108 | ) | 4,174 | 13,998 | 13,104 | |||||||||||
Gain (loss) on trading account securities | 164 | (125 | ) | 47 | 89 | |||||||||||
Impairment loss on securities | — | — | (981 | ) | — | |||||||||||
Gains on sale of loans | 14,257 | 5,473 | 49,198 | 11,366 | ||||||||||||
Valuation adjustment on mortgage servicing rights | 197 | (19 | ) | (477 | ) | (19 | ) | |||||||||
Income on bank owned life insurance | 311 | 407 | 1,442 | 1,349 | ||||||||||||
Other noninterest income | 1,456 | 212 | 4,713 | 86 | ||||||||||||
Total Noninterest Income | 27,230 | 19,038 | 108,662 | 59,577 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Salaries and employee benefits | 29,283 | 22,135 | 105,727 | 75,537 | ||||||||||||
Occupancy | 3,017 | 2,368 | 10,629 | 9,363 | ||||||||||||
Furniture and equipment | 1,822 | 1,475 | 6,326 | 5,636 | ||||||||||||
Professional fees | 4,400 | 3,385 | 15,338 | 12,567 | ||||||||||||
FDIC insurance assessments | 810 | 848 | 3,292 | 3,777 | ||||||||||||
Advertising | 1,736 | 1,138 | 5,294 | 4,292 | ||||||||||||
Intangible assets amortization | 163 | 141 | 562 | 572 | ||||||||||||
Net loss on repossessed assets | 1,983 | 4,255 | 9,969 | 9,807 | ||||||||||||
Other noninterest expenses | 6,120 | 4,458 | 20,955 | 15,745 | ||||||||||||
Total Noninterest Expense | 49,334 | 40,203 | 178,092 | 137,296 | ||||||||||||
Income Before Income Taxes | 12,520 | 7,888 | 72,524 | 38,310 | ||||||||||||
Income taxes | 3,613 | 1,671 | 23,255 | 10,302 | ||||||||||||
Net Income | 8,907 | 6,217 | 49,269 | 28,008 | ||||||||||||
Net (income) loss attributable to noncontrolling interest, net of tax | (82 | ) | 31 | (59 | ) | 36 | ||||||||||
Net Income Attributable to Heartland | 8,825 | 6,248 | 49,210 | 28,044 | ||||||||||||
Preferred dividends and discount | (409 | ) | (1,021 | ) | (3,400 | ) | (7,640 | ) | ||||||||
Net Income Available to Common Stockholders | $ | 8,416 | $ | 5,227 | $ | 45,810 | $ | 20,404 | ||||||||
Earnings per common share-diluted | $ | 0.50 | $ | 0.31 | $ | 2.73 | $ | 1.23 | ||||||||
Weighted average shares outstanding-diluted | 16,812,947 | 16,599,741 | 16,768,602 | 16,575,506 |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | |||||||||||||||
Interest Income | |||||||||||||||||||
Interest and fees on loans and leases | $ | 39,510 | $ | 39,208 | $ | 39,382 | $ | 38,399 | $ | 37,764 | |||||||||
Interest on securities: | |||||||||||||||||||
Taxable | 5,079 | 4,452 | 5,026 | 7,572 | 7,518 | ||||||||||||||
Nontaxable | 2,912 | 2,896 | 2,619 | 2,271 | 2,340 | ||||||||||||||
Interest on federal funds sold | 3 | — | 1 | — | — | ||||||||||||||
Interest on deposits in other financial institutions | 3 | 3 | 2 | — | — | ||||||||||||||
Total Interest Income | 47,507 | 46,559 | 47,030 | 48,242 | 47,622 | ||||||||||||||
Interest Expense | |||||||||||||||||||
Interest on deposits | 5,347 | 5,504 | 5,604 | 5,775 | 6,495 | ||||||||||||||
Interest on short-term borrowings | 166 | 215 | 224 | 213 | 204 | ||||||||||||||
Interest on other borrowings | 4,020 | 4,028 | 4,025 | 4,061 | 4,086 | ||||||||||||||
Total Interest Expense | 9,533 | 9,747 | 9,853 | 10,049 | 10,785 | ||||||||||||||
Net Interest Income | 37,974 | 36,812 | 37,177 | 38,193 | 36,837 | ||||||||||||||
Provision for loan and lease losses | 3,350 | (502 | ) | 3,000 | 2,354 | 7,784 | |||||||||||||
Net Interest Income After Provision for Loan and Lease Losses | 34,624 | 37,314 | 34,177 | 35,839 | 29,053 | ||||||||||||||
Noninterest Income | |||||||||||||||||||
Service charges and fees | 4,002 | 3,944 | 3,712 | 3,584 | 3,686 | ||||||||||||||
Loan servicing income | 3,468 | 3,016 | 3,056 | 1,760 | 2,004 | ||||||||||||||
Trust fees | 2,538 | 2,667 | 2,660 | 2,613 | 2,337 | ||||||||||||||
Brokerage and insurance commissions | 945 | 908 | 939 | 910 | 889 | ||||||||||||||
Securities gains (losses), net | (108 | ) | 5,212 | 4,951 | 3,943 | 4,174 | |||||||||||||
Gain (loss) on trading account securities | 164 | (163 | ) | 49 | (3 | ) | (125 | ) | |||||||||||
Impairment loss on securities | — | — | — | (981 | ) | — | |||||||||||||
Gains on sale of loans | 14,257 | 13,750 | 12,689 | 8,502 | 5,473 | ||||||||||||||
Valuation adjustment on mortgage servicing rights | 197 | (493 | ) | (194 | ) | 13 | (19 | ) | |||||||||||
Income on bank owned life insurance | 311 | 382 | 267 | 482 | 407 | ||||||||||||||
Other noninterest income | 1,456 | 543 | 149 | 2,565 | 212 | ||||||||||||||
Total Noninterest Income | 27,230 | 29,766 | 28,278 | 23,388 | 19,038 | ||||||||||||||
Noninterest Expense | |||||||||||||||||||
Salaries and employee benefits | 29,283 | 27,064 | 25,384 | 23,996 | 22,135 | ||||||||||||||
Occupancy | 3,017 | 2,596 | 2,534 | 2,482 | 2,368 | ||||||||||||||
Furniture and equipment | 1,822 | 1,541 | 1,517 | 1,446 | 1,475 | ||||||||||||||
Professional fees | 4,400 | 4,217 | 3,961 | 2,760 | 3,385 | ||||||||||||||
FDIC insurance assessments | 810 | 811 | 807 | 864 | 848 | ||||||||||||||
Advertising | 1,736 | 1,183 | 1,304 | 1,071 | 1,138 | ||||||||||||||
Intangible assets amortization | 163 | 146 | 122 | 131 | 141 | ||||||||||||||
Net loss on repossessed assets | 1,983 | 3,775 | 1,307 | 2,904 | 4,255 | ||||||||||||||
Other noninterest expenses | 6,120 | 5,826 | 4,523 | 4,486 | 4,458 | ||||||||||||||
Total Noninterest Expense | 49,334 | 47,159 | 41,459 | 40,140 | 40,203 | ||||||||||||||
Income Before Income Taxes | 12,520 | 19,921 | 20,996 | 19,087 | 7,888 | ||||||||||||||
Income taxes | 3,613 | 6,338 | 7,032 | 6,272 | 1,671 | ||||||||||||||
Net Income | 8,907 | 13,583 | 13,964 | 12,815 | 6,217 | ||||||||||||||
Net (income) loss attributable to noncontrolling interest, net of tax | (82 | ) | 4 | (7 | ) | 26 | 31 | ||||||||||||
Net Income Attributable to Heartland | 8,825 | 13,587 | 13,957 | 12,841 | 6,248 | ||||||||||||||
Preferred dividends and discount | (409 | ) | (949 | ) | (1,021 | ) | (1,021 | ) | (1,021 | ) | |||||||||
Net Income Available to Common Stockholders | $ | 8,416 | $ | 12,638 | $ | 12,936 | $ | 11,820 | $ | 5,227 | |||||||||
Earnings per common share-diluted | $ | 0.50 | $ | 0.75 | $ | 0.77 | $ | 0.71 | $ | 0.31 | |||||||||
Weighted average shares outstanding-diluted | 16,812,947 | 16,745,968 | 16,717,846 | 16,729,925 | 16,599,741 |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
As Of | |||||||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 168,054 | $ | 191,126 | $ | 82,831 | $ | 150,122 | $ | 129,834 | |||||||||
Securities | 1,561,957 | 1,332,082 | 1,331,088 | 1,221,909 | 1,326,592 | ||||||||||||||
Loans held for sale | 96,165 | 99,429 | 73,284 | 103,460 | 53,528 | ||||||||||||||
Loans and leases: | |||||||||||||||||||
Held to maturity | 2,821,549 | 2,647,959 | 2,629,597 | 2,532,419 | 2,481,284 | ||||||||||||||
Loans covered by loss share agreements | 7,253 | 8,511 | 9,567 | 11,360 | 13,347 | ||||||||||||||
Allowance for loan and lease losses | (38,715 | ) | (40,401 | ) | (41,439 | ) | (39,362 | ) | (36,808 | ) | |||||||||
Loans and leases, net | 2,790,087 | 2,616,069 | 2,597,725 | 2,504,417 | 2,457,823 | ||||||||||||||
Premises, furniture and equipment, net | 128,294 | 120,334 | 114,823 | 111,946 | 110,206 | ||||||||||||||
Goodwill | 30,627 | 26,590 | 25,909 | 25,909 | 25,909 | ||||||||||||||
Other intangible assets, net | 18,486 | 15,612 | 14,295 | 13,109 | 12,960 | ||||||||||||||
Cash surrender value on life insurance | 75,480 | 72,853 | 72,448 | 72,159 | 67,084 | ||||||||||||||
Other real estate, net | 35,822 | 36,139 | 37,941 | 38,934 | 44,387 | ||||||||||||||
FDIC indemnification asset | 749 | 1,238 | 1,148 | 1,270 | 1,343 | ||||||||||||||
Other assets | 78,840 | 81,725 | 76,192 | 69,616 | 75,392 | ||||||||||||||
Total Assets | $ | 4,984,561 | $ | 4,593,197 | $ | 4,427,684 | $ | 4,312,851 | $ | 4,305,058 | |||||||||
Liabilities and Equity | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand | $ | 974,232 | $ | 877,790 | $ | 799,548 | $ | 771,421 | $ | 737,323 | |||||||||
Savings | 2,004,438 | 1,809,776 | 1,734,155 | 1,731,399 | 1,678,154 | ||||||||||||||
Brokered time deposits | 55,521 | 56,627 | 51,575 | 41,475 | 41,225 | ||||||||||||||
Other time deposits | 811,469 | 758,843 | 749,629 | 731,464 | 753,411 | ||||||||||||||
Total deposits | 3,845,660 | 3,503,036 | 3,334,907 | 3,275,759 | 3,210,113 | ||||||||||||||
Short-term borrowings | 224,626 | 245,308 | 249,485 | 229,533 | 270,081 | ||||||||||||||
Other borrowings | 389,025 | 377,536 | 377,543 | 377,362 | 372,820 | ||||||||||||||
Accrued expenses and other liabilities | 121,293 | 72,571 | 90,755 | 64,154 | 99,151 | ||||||||||||||
Total Liabilities | 4,580,604 | 4,198,451 | 4,052,690 | 3,946,808 | 3,952,165 | ||||||||||||||
Equity | |||||||||||||||||||
Preferred equity | 81,698 | 81,698 | 81,698 | 81,698 | 81,698 | ||||||||||||||
Common equity | 319,525 | 310,396 | 290,640 | 281,696 | 268,520 | ||||||||||||||
Total Heartland Stockholders' Equity | 401,223 | 392,094 | 372,338 | 363,394 | 350,218 | ||||||||||||||
Noncontrolling interest | 2,734 | 2,652 | 2,656 | 2,649 | 2,675 | ||||||||||||||
Total Equity | 403,957 | 394,746 | 374,994 | 366,043 | 352,893 | ||||||||||||||
Total Liabilities and Equity | $ | 4,984,561 | $ | 4,593,197 | $ | 4,427,684 | $ | 4,312,851 | $ | 4,305,058 | |||||||||
Common Share Data | |||||||||||||||||||
Book value per common share | $ | 18.99 | $ | 18.81 | $ | 17.65 | $ | 17.09 | $ | 16.29 | |||||||||
ASC 320 effect on book value per common share | $ | 1.21 | $ | 1.46 | $ | 0.98 | $ | 1.09 | $ | 0.97 | |||||||||
Common shares outstanding, net of treasury stock | 16,827,835 | 16,505,241 | 16,467,889 | 16,486,539 | 16,484,790 | ||||||||||||||
Tangible Capital Ratio(1) | 5.78 | % | 6.18 | % | 5.98 | % | 5.93 | % | 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). 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 Twelve Months Ended | |||||||||||||||
12/31/2012 | 12/31/2011 | 12/31/2012 | 12/31/2011 | |||||||||||||
Average Balances | ||||||||||||||||
Assets | $ | 4,739,887 | $ | 4,197,916 | $ | 4,463,665 | $ | 4,071,811 | ||||||||
Loans and leases, net of unearned | 2,803,361 | 2,487,778 | 2,696,452 | 2,418,864 | ||||||||||||
Deposits | 3,674,507 | 3,215,793 | 3,396,488 | 3,114,080 | ||||||||||||
Earning assets | 4,171,475 | 3,749,612 | 3,962,268 | 3,639,926 | ||||||||||||
Interest bearing liabilities | 3,330,270 | 3,066,704 | 3,197,249 | 3,021,430 | ||||||||||||
Common stockholders' equity | 316,073 | 267,025 | 293,917 | 262,504 | ||||||||||||
Total stockholders' equity | 400,442 | 351,538 | 378,278 | 344,878 | ||||||||||||
Tangible common stockholders' equity | 288,359 | 239,394 | 266,423 | 234,630 | ||||||||||||
Earnings Performance Ratios | ||||||||||||||||
Annualized return on average assets | 0.71 | % | 0.49 | % | 1.03 | % | 0.50 | % | ||||||||
Annualized return on average common equity | 10.59 | % | 7.77 | % | 15.59 | % | 7.77 | % | ||||||||
Annualized return on average common tangible equity | 11.61 | % | 8.66 | % | 17.19 | % | 8.70 | % | ||||||||
Annualized net interest margin(1) | 3.81 | % | 4.08 | % | 3.98 | % | 4.16 | % | ||||||||
Efficiency ratio(2) | 73.28 | % | 75.29 | % | 70.61 | % | 69.41 | % | ||||||||
(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 | |||||||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | |||||||||||||||
Average Balances | |||||||||||||||||||
Assets | $ | 4,739,887 | $ | 4,532,302 | $ | 4,350,916 | $ | 4,225,815 | $ | 4,197,916 | |||||||||
Loans and leases, net of unearned | 2,803,361 | 2,727,806 | 2,675,694 | 2,577,429 | 2,487,778 | ||||||||||||||
Deposits | 3,674,507 | 3,415,810 | 3,291,293 | 3,201,073 | 3,215,793 | ||||||||||||||
Earning assets | 4,171,475 | 4,019,601 | 3,870,360 | 3,784,709 | 3,749,612 | ||||||||||||||
Interest bearing liabilities | 3,330,270 | 3,235,440 | 3,140,063 | 3,081,340 | 3,066,704 | ||||||||||||||
Common stockholders' equity | 316,073 | 299,408 | 284,610 | 275,275 | 267,025 | ||||||||||||||
Total stockholders' equity | 400,442 | 383,763 | 368,960 | 359,644 | 351,538 | ||||||||||||||
Tangible common stockholders' equity | 288,359 | 272,078 | 257,212 | 247,744 | 239,394 | ||||||||||||||
Earnings Performance Ratios | |||||||||||||||||||
Annualized return on average assets | 0.71 | % | 1.11 | % | 1.20 | % | 1.12 | % | 0.49 | % | |||||||||
Annualized return on average common equity | 10.59 | % | 16.79 | % | 18.28 | % | 17.27 | % | 7.77 | % | |||||||||
Annualized return on average common tangible equity | 11.61 | % | 18.48 | % | 20.23 | % | 19.19 | % | 8.66 | % | |||||||||
Annualized net interest margin (1) | 3.81 | % | 3.84 | % | 4.05 | % | 4.23 | % | 4.08 | % | |||||||||
Efficiency ratio (2) | 73.28 | % | 74.47 | % | 66.56 | % | 67.71 | % | 75.29 | % | |||||||||
(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 | |||||||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | |||||||||||||||
Loan and Lease Data | |||||||||||||||||||
Loans held to maturity: | |||||||||||||||||||
Commercial and commercial real estate | $ | 2,001,327 | $ | 1,902,383 | $ | 1,903,996 | $ | 1,842,566 | $ | 1,809,450 | |||||||||
Residential mortgage | 249,689 | 228,972 | 220,084 | 202,883 | 194,436 | ||||||||||||||
Agricultural and agricultural real estate | 328,311 | 283,697 | 279,285 | 270,687 | 262,975 | ||||||||||||||
Consumer | 245,678 | 236,619 | 230,594 | 222,387 | 220,099 | ||||||||||||||
Direct financing leases, net | 165 | 205 | 290 | 323 | 450 | ||||||||||||||
Unearned discount and deferred loan fees | (3,621 | ) | (3,917 | ) | (4,652 | ) | (6,427 | ) | (6,126 | ) | |||||||||
Total loans and leases held to maturity | $ | 2,821,549 | $ | 2,647,959 | $ | 2,629,597 | $ | 2,532,419 | $ | 2,481,284 | |||||||||
Loans covered under loss share agreements: | |||||||||||||||||||
Commercial and commercial real estate | $ | 3,074 | $ | 3,772 | $ | 4,497 | $ | 5,730 | $ | 6,380 | |||||||||
Residential mortgage | 2,645 | 3,099 | 3,309 | 3,734 | 4,158 | ||||||||||||||
Agricultural and agricultural real estate | 748 | 863 | 858 | 934 | 1,659 | ||||||||||||||
Consumer | 786 | 777 | 903 | 962 | 1,150 | ||||||||||||||
Total loans and leases covered under loss share agreements | $ | 7,253 | $ | 8,511 | $ | 9,567 | $ | 11,360 | $ | 13,347 | |||||||||
Asset Quality | |||||||||||||||||||
Not covered under loss share agreements: | |||||||||||||||||||
Nonaccrual loans | $ | 43,156 | $ | 40,743 | $ | 44,845 | $ | 49,940 | $ | 57,435 | |||||||||
Loans and leases past due ninety days or more as to interest or principal payments | — | — | — | — | — | ||||||||||||||
Other real estate owned | 35,470 | 35,994 | 37,709 | 38,693 | 43,506 | ||||||||||||||
Other repossessed assets | 542 | 496 | 465 | 710 | 648 | ||||||||||||||
Total nonperforming assets not covered under loss share agreements | $ | 79,168 | $ | 77,233 | $ | 83,019 | $ | 89,343 | $ | 101,589 | |||||||||
Performing troubled debt restructured loans | $ | 20,869 | $ | 22,385 | $ | 24,715 | $ | 21,379 | $ | 25,704 | |||||||||
Covered under loss share agreements: | |||||||||||||||||||
Nonaccrual loans | $ | 1,259 | $ | 2,236 | $ | 2,862 | $ | 3,189 | $ | 3,345 | |||||||||
Other real estate owned | 352 | 145 | 232 | 241 | 881 | ||||||||||||||
Total nonperforming assets covered under loss share agreements | $ | 1,611 | $ | 2,381 | $ | 3,094 | $ | 3,430 | $ | 4,226 | |||||||||
Allowance for Loan and Lease Losses | |||||||||||||||||||
Balance, beginning of period | $ | 40,401 | $ | 41,439 | $ | 39,362 | $ | 36,808 | $ | 44,195 | |||||||||
Provision for loan and lease losses | 3,350 | (502 | ) | 3,000 | 2,354 | 7,784 | |||||||||||||
Charge-offs on loans not covered by loss share agreements | (7,473 | ) | (2,785 | ) | (2,219 | ) | (1,608 | ) | (15,616 | ) | |||||||||
Charge-offs on loans covered by loss share agreements | (137 | ) | (265 | ) | (35 | ) | — | (5 | ) | ||||||||||
Recoveries | 2,574 | 2,514 | 1,331 | 1,808 | 450 | ||||||||||||||
Balance, end of period | $ | 38,715 | $ | 40,401 | $ | 41,439 | $ | 39,362 | $ | 36,808 | |||||||||
Asset Quality Ratios Excluding Assets Covered Under Loss Share Agreements | |||||||||||||||||||
Ratio of nonperforming loans and leases to total loans and leases | 1.53 | % | 1.54 | % | 1.71 | % | 1.97 | % | 2.31 | % | |||||||||
Ratio of nonperforming assets to total assets | 1.59 | % | 1.68 | % | 1.87 | % | 2.07 | % | 2.39 | % | |||||||||
Annualized ratio of net loan charge-offs to average loans and leases | 0.71 | % | 0.08 | % | 0.14 | % | (0.03 | )% | 2.42 | % | |||||||||
Allowance for loan and lease losses as a percent of loans and leases | 1.37 | % | 1.53 | % | 1.58 | % | 1.55 | % | 1.48 | % | |||||||||
Allowance for loan and lease losses as a percent of nonperforming loans and leases | 89.71 | % | 99.16 | % | 92.40 | % | 78.82 | % | 64.09 | % |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||||
December 31, 2012 | December 31, 2011 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Earning Assets | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | $ | 1,077,167 | $ | 5,079 | 1.88 | % | $ | 1,075,605 | $ | 7,518 | 2.77 | % | |||||||||
Nontaxable(1) | 325,864 | 4,481 | 5.47 | 227,757 | 3,600 | 6.27 | |||||||||||||||
Total securities | 1,403,031 | 9,560 | 2.71 | 1,303,362 | 11,118 | 3.38 | |||||||||||||||
Interest bearing deposits | 5,580 | 3 | 0.21 | 2,065 | — | — | |||||||||||||||
Federal funds sold | 428 | 3 | 2.79 | 73 | — | — | |||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial and commercial real estate(1) | 1,941,618 | 25,234 | 5.17 | 1,788,884 | 24,827 | 5.51 | |||||||||||||||
Residential mortgage | 318,583 | 3,380 | 4.22 | 225,701 | 2,630 | 4.62 | |||||||||||||||
Agricultural and agricultural real estate(1) | 301,502 | 4,094 | 5.40 | 254,555 | 3,833 | 5.97 | |||||||||||||||
Consumer | 241,470 | 5,906 | 9.73 | 218,117 | 5,347 | 9.73 | |||||||||||||||
Direct financing leases, net | 188 | 2 | 4.23 | 521 | 7 | 5.33 | |||||||||||||||
Fees on loans | 1,341 | — | 1,560 | — | |||||||||||||||||
Less: allowance for loan and lease losses | (40,925 | ) | — | (43,666 | ) | — | |||||||||||||||
Net loans and leases | 2,762,436 | 39,957 | 5.75 | 2,444,112 | 38,204 | 6.20 | |||||||||||||||
Total earning assets | 4,171,475 | 49,523 | 4.72 | % | 3,749,612 | 49,322 | 5.22 | % | |||||||||||||
Nonearning Assets | 568,412 | 448,304 | |||||||||||||||||||
Total Assets | $ | 4,739,887 | $ | 49,523 | $ | 4,197,916 | $ | 49,322 | |||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||
Savings | $ | 1,900,292 | $ | 1,672 | 0.35 | % | $ | 1,662,065 | $ | 1,972 | 0.47 | % | |||||||||
Time, $100,000 and over | 295,566 | 1,174 | 1.58 | 257,186 | 1,336 | 2.06 | |||||||||||||||
Other time deposits | 538,831 | 2,501 | 1.85 | 557,930 | 3,187 | 2.27 | |||||||||||||||
Short-term borrowings | 214,592 | 166 | 0.31 | 215,473 | 204 | 0.38 | |||||||||||||||
Other borrowings | 380,989 | 4,020 | 4.20 | 374,050 | 4,086 | 4.33 | |||||||||||||||
Total interest bearing liabilities | 3,330,270 | 9,533 | 1.14 | 3,066,704 | 10,785 | 1.40 | |||||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 939,818 | 738,612 | |||||||||||||||||||
Accrued interest and other liabilities | 69,357 | 41,062 | |||||||||||||||||||
Total noninterest bearing liabilities | 1,009,175 | 779,674 | |||||||||||||||||||
Stockholders' Equity | 400,442 | 351,538 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 4,739,887 | $ | 4,197,916 | |||||||||||||||||
Net interest income(1) | $ | 39,990 | $ | 38,537 | |||||||||||||||||
Net interest spread(1) | 3.58 | % | 3.82 | % | |||||||||||||||||
Net interest income to total earning assets(1) | 3.81 | % | 4.08 | % | |||||||||||||||||
Interest bearing liabilities to earning assets | 79.83 | % | 81.79 | % | |||||||||||||||||
(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 Year Ended | |||||||||||||||||||||
December 31, 2012 | December 31, 2011 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Earning Assets | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | $ | 1,015,624 | $ | 22,129 | 2.18 | % | $ | 1,069,747 | $ | 34,095 | 3.19 | % | |||||||||
Nontaxable(1) | 283,735 | 16,459 | 5.80 | 190,399 | 12,362 | 6.49 | |||||||||||||||
Total securities | 1,299,359 | 38,588 | 2.97 | 1,260,146 | 46,457 | 3.69 | |||||||||||||||
Interest bearing deposits | 5,658 | 8 | 0.14 | 3,179 | 3 | 0.09 | |||||||||||||||
Federal funds sold | 556 | 4 | 0.72 | 430 | 1 | 0.23 | |||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial and commercial real estate(1) | 1,889,620 | 100,630 | 5.33 | 1,747,968 | 99,986 | 5.72 | |||||||||||||||
Residential mortgage | 293,850 | 13,142 | 4.47 | 198,312 | 10,172 | 5.13 | |||||||||||||||
Agricultural and agricultural real estate(1) | 282,519 | 15,896 | 5.63 | 255,615 | 15,553 | 6.08 | |||||||||||||||
Consumer | 230,192 | 22,874 | 9.94 | 216,268 | 20,526 | 9.49 | |||||||||||||||
Direct financing leases, net | 271 | 14 | 5.17 | 701 | 38 | 5.42 | |||||||||||||||
Fees on loans | 5,580 | — | 4,939 | — | |||||||||||||||||
Less: allowance for loan and lease losses | (39,757 | ) | — | (42,693 | ) | — | |||||||||||||||
Net loans and leases | 2,656,695 | 158,136 | 5.95 | 2,376,171 | 151,214 | 6.36 | |||||||||||||||
Total earning assets | 3,962,268 | 196,736 | 4.97 | % | 3,639,926 | 197,675 | 5.43 | % | |||||||||||||
Nonearning Assets | 501,397 | 431,885 | |||||||||||||||||||
Total Assets | $ | 4,463,665 | $ | 196,736 | $ | 4,071,811 | $ | 197,675 | |||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||
Savings | $ | 1,763,233 | $ | 6,736 | 0.38 | % | $ | 1,589,697 | $ | 9,090 | 0.57 | % | |||||||||
Time, $100,000 and over | 272,338 | 4,776 | 1.75 | 265,664 | 5,928 | 2.23 | |||||||||||||||
Other time deposits | 531,351 | 10,718 | 2.02 | 590,767 | 14,206 | 2.40 | |||||||||||||||
Short-term borrowings | 252,849 | 818 | 0.32 | 202,183 | 893 | 0.44 | |||||||||||||||
Other borrowings | 377,478 | 16,134 | 4.27 | 373,119 | 16,226 | 4.35 | |||||||||||||||
Total interest bearing liabilities | 3,197,249 | 39,182 | 1.23 | 3,021,430 | 46,343 | 1.53 | |||||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 829,566 | 667,952 | |||||||||||||||||||
Accrued interest and other liabilities | 58,572 | 37,551 | |||||||||||||||||||
Total noninterest bearing liabilities | 888,138 | 705,503 | |||||||||||||||||||
Stockholders' Equity | 378,278 | 344,878 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 4,463,665 | $ | 4,071,811 | |||||||||||||||||
Net interest income(1) | $ | 157,554 | $ | 151,332 | |||||||||||||||||
Net interest spread(1) | 3.74 | % | 3.90 | % | |||||||||||||||||
Net interest income to total earning assets(1) | 3.98 | % | 4.16 | % | |||||||||||||||||
Interest bearing liabilities to earning assets | 80.69 | % | 83.01 | % | |||||||||||||||||
(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 | |||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | |||||||||||
Total Assets | |||||||||||||||
Dubuque Bank and Trust Company | $ | 1,476,512 | $ | 1,478,943 | $ | 1,385,409 | $ | 1,407,827 | $ | 1,382,226 | |||||
New Mexico Bank & Trust | 1,026,952 | 973,177 | 998,172 | 929,804 | 993,182 | ||||||||||
Wisconsin Bank & Trust | 691,715 | 511,580 | 497,372 | 491,741 | 524,958 | ||||||||||
Rocky Mountain Bank | 465,614 | 435,283 | 443,493 | 432,902 | 440,805 | ||||||||||
Riverside Community Bank | 450,863 | 424,044 | 360,654 | 343,232 | 325,388 | ||||||||||
Arizona Bank & Trust | 307,871 | 275,053 | 268,103 | 239,434 | 227,993 | ||||||||||
Galena State Bank & Trust Co. | 295,226 | 295,222 | 309,516 | 289,740 | 290,656 | ||||||||||
Minnesota Bank & Trust | 126,421 | 109,586 | 101,704 | 95,462 | 81,457 | ||||||||||
Summit Bank & Trust | 119,752 | 104,066 | 102,875 | 98,247 | 100,994 | ||||||||||
Total Deposits | |||||||||||||||
Dubuque Bank and Trust Company | $ | 1,150,141 | $ | 1,089,125 | $ | 959,273 | $ | 978,854 | $ | 938,000 | |||||
New Mexico Bank & Trust | 721,445 | 720,520 | 725,537 | 697,060 | 690,293 | ||||||||||
Wisconsin Bank & Trust | 549,773 | 424,146 | 415,277 | 409,994 | 429,062 | ||||||||||
Rocky Mountain Bank | 372,135 | 354,396 | 356,046 | 362,307 | 365,373 | ||||||||||
Riverside Community Bank | 344,005 | 335,899 | 305,120 | 286,529 | 264,699 | ||||||||||
Arizona Bank & Trust | 243,044 | 216,851 | 211,318 | 183,321 | 177,457 | ||||||||||
Galena State Bank & Trust Co. | 245,554 | 247,334 | 257,800 | 245,780 | 243,639 | ||||||||||
Minnesota Bank & Trust | 109,862 | 91,179 | 77,119 | 78,338 | 66,875 | ||||||||||
Summit Bank & Trust | 93,318 | 88,540 | 83,977 | 81,290 | 81,224 | ||||||||||
Net Income (Loss) | |||||||||||||||
Dubuque Bank and Trust Company | $ | 4,999 | $ | 5,485 | $ | 8,463 | $ | 9,604 | $ | 4,846 | |||||
New Mexico Bank & Trust | 1,354 | 4,395 | 1,592 | 2,216 | 2,197 | ||||||||||
Wisconsin Bank & Trust | 638 | 1,943 | 1,547 | 2,153 | 2,313 | ||||||||||
Rocky Mountain Bank | 2,029 | 1,315 | 2,089 | 963 | 493 | ||||||||||
Riverside Community Bank | 482 | 607 | 914 | 369 | 800 | ||||||||||
Arizona Bank & Trust | 1,346 | 1,534 | 981 | (215 | ) | (1,202 | ) | ||||||||
Galena State Bank & Trust Co. | 929 | 938 | 1,149 | 437 | 1,139 | ||||||||||
Minnesota Bank & Trust | 412 | (15 | ) | 35 | (129 | ) | (157 | ) | |||||||
Summit Bank & Trust | (69 | ) | (1 | ) | (100 | ) | (123 | ) | (154 | ) | |||||
Return on Average Assets | |||||||||||||||
Dubuque Bank and Trust Company | 1.34 | % | 1.50 | % | 2.39 | % | 2.88 | % | 1.44 | % | |||||
New Mexico Bank & Trust | 0.53 | 1.78 | 0.66 | 0.96 | 0.93 | ||||||||||
Wisconsin Bank & Trust | 0.44 | 1.53 | 1.27 | 1.69 | 1.83 | ||||||||||
Rocky Mountain Bank | 1.86 | 1.21 | 1.94 | 0.89 | 0.45 | ||||||||||
Riverside Community Bank | 0.46 | 0.57 | 1.05 | 0.45 | 0.98 | ||||||||||
Arizona Bank & Trust | 1.87 | 2.22 | 1.56 | (0.37 | ) | (2.13 | ) | ||||||||
Galena State Bank & Trust Co. | 1.25 | 1.24 | 1.58 | 0.62 | 1.54 | ||||||||||
Minnesota Bank & Trust | 1.41 | (0.06 | ) | 0.15 | (0.58 | ) | (0.77 | ) | |||||||
Summit Bank & Trust | (0.25 | ) | — | (0.40 | ) | (0.50 | ) | (0.63 | ) | ||||||
Net Interest Margin as a Percentage of Average Earning Assets | |||||||||||||||
Dubuque Bank and Trust Company | 3.57 | % | 3.61 | % | 3.67 | % | 4.03 | % | 4.00 | % | |||||
New Mexico Bank & Trust | 3.51 | 3.50 | 3.69 | 4.02 | 3.85 | ||||||||||
Wisconsin Bank & Trust | 4.16 | 4.04 | 4.38 | 4.41 | 4.30 | ||||||||||
Rocky Mountain Bank | 4.26 | 4.35 | 4.68 | 4.33 | 4.06 | ||||||||||
Riverside Community Bank | 3.02 | 2.44 | 3.38 | 3.63 | 3.64 | ||||||||||
Arizona Bank & Trust | 3.89 | 3.76 | 4.19 | 4.40 | 4.06 | ||||||||||
Galena State Bank & Trust Co. | 3.31 | 3.50 | 3.42 | 3.89 | 3.69 | ||||||||||
Minnesota Bank & Trust | 4.04 | 4.47 | 4.57 | 4.75 | 4.56 | ||||||||||
Summit Bank & Trust | 3.62 | 3.75 | 3.89 | 4.07 | 3.41 |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||||||
As of | |||||||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | |||||||||||||||
Total Portfolio Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 814,400 | $ | 827,065 | $ | 824,830 | $ | 796,789 | $ | 778,467 | |||||||||
New Mexico Bank & Trust | 497,837 | 490,102 | 500,296 | 506,424 | 508,874 | ||||||||||||||
Wisconsin Bank & Trust | 446,214 | 355,670 | 353,152 | 340,841 | 333,112 | ||||||||||||||
Rocky Mountain Bank | 278,252 | 286,138 | 280,137 | 264,964 | 256,704 | ||||||||||||||
Riverside Community Bank | 166,852 | 155,191 | 158,186 | 153,174 | 155,320 | ||||||||||||||
Arizona Bank & Trust | 189,314 | 185,186 | 177,953 | 150,629 | 146,346 | ||||||||||||||
Galena State Bank & Trust Co. | 176,109 | 172,530 | 169,160 | 167,677 | 157,398 | ||||||||||||||
Minnesota Bank & Trust | 90,729 | 85,860 | 80,815 | 73,413 | 58,058 | ||||||||||||||
Summit Bank & Trust | 77,264 | 67,909 | 67,932 | 63,658 | 62,422 | ||||||||||||||
Allowance For Loan and Lease Losses | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 9,217 | $ | 9,760 | $ | 9,454 | $ | 9,584 | $ | 9,365 | |||||||||
New Mexico Bank & Trust | 6,837 | 7,834 | 8,705 | 7,110 | 6,633 | ||||||||||||||
Wisconsin Bank & Trust | 4,164 | 3,719 | 3,695 | 3,629 | 3,458 | ||||||||||||||
Rocky Mountain Bank | 4,072 | 4,135 | 4,325 | 4,204 | 3,865 | ||||||||||||||
Riverside Community Bank | 3,240 | 3,122 | 3,114 | 3,206 | 2,834 | ||||||||||||||
Arizona Bank & Trust | 4,444 | 4,723 | 5,390 | 5,315 | 4,627 | ||||||||||||||
Galena State Bank & Trust Co. | 2,031 | 1,932 | 1,808 | 1,854 | 1,835 | ||||||||||||||
Minnesota Bank & Trust | 961 | 915 | 822 | 748 | 588 | ||||||||||||||
Summit Bank & Trust | 1,204 | 1,478 | 1,370 | 1,132 | 1,012 | ||||||||||||||
Nonperforming Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 2,783 | $ | 2,378 | $ | 2,508 | $ | 3,107 | $ | 3,634 | |||||||||
New Mexico Bank & Trust | 10,711 | 8,455 | 10,856 | 13,368 | 15,161 | ||||||||||||||
Wisconsin Bank & Trust | 5,433 | 6,673 | 7,463 | 7,482 | 8,074 | ||||||||||||||
Rocky Mountain Bank | 8,174 | 6,167 | 6,005 | 7,787 | 8,662 | ||||||||||||||
Riverside Community Bank | 3,473 | 4,685 | 5,222 | 5,458 | 6,729 | ||||||||||||||
Arizona Bank & Trust | 3,549 | 5,409 | 5,645 | 5,755 | 7,927 | ||||||||||||||
Galena State Bank & Trust Co. | 5,080 | 3,242 | 3,778 | 3,699 | 3,853 | ||||||||||||||
Minnesota Bank & Trust | 5 | 5 | 6 | 6 | 6 | ||||||||||||||
Summit Bank & Trust | 3,159 | 2,913 | 2,691 | 2,709 | 2,848 | ||||||||||||||
Allowance As a Percent of Total Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | 1.13 | % | 1.18 | % | 1.15 | % | 1.20 | % | 1.20 | % | |||||||||
New Mexico Bank & Trust | 1.37 | 1.60 | 1.74 | 1.40 | 1.30 | ||||||||||||||
Wisconsin Bank & Trust | 0.93 | 1.05 | 1.05 | 1.06 | 1.04 | ||||||||||||||
Rocky Mountain Bank | 1.46 | 1.45 | 1.54 | 1.59 | 1.51 | ||||||||||||||
Riverside Community Bank | 1.94 | 2.01 | 1.97 | 2.09 | 1.82 | ||||||||||||||
Arizona Bank & Trust | 2.35 | 2.55 | 3.03 | 3.53 | 3.16 | ||||||||||||||
Galena State Bank & Trust Co. | 1.15 | 1.12 | 1.07 | 1.11 | 1.17 | ||||||||||||||
Minnesota Bank & Trust | 1.06 | 1.07 | 1.02 | 1.02 | 1.01 | ||||||||||||||
Summit Bank & Trust | 1.56 | 2.18 | 2.02 | 1.78 | 1.62 |