Date of Report (Date of earliest event reported) | January 26, 2015 |
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 26, 2015 | HEARTLAND FINANCIAL USA, INC. | ||
By: | /s/ Bryan R. McKeag | ||
Executive Vice President, Chief Financial Officer |
CONTACT: | FOR IMMEDIATE RELEASE |
Bryan R. McKeag | January 26, 2015 |
Executive Vice President | |
Chief Financial Officer | |
(563) 589-1994 | |
bmckeag@htlf.com |
§ | Net income available to common stockholders of $12.1 million or $0.64 per diluted common share |
§ | Return on average common equity of 11.77% |
§ | Return on average tangible common equity of 13.22% |
§ | Net interest margin at 3.94% |
§ | Loan growth of $78.4 million or 8% annualized since September 30, 2014 |
§ | Ratio of nonperforming assets to total assets of 0.73%, the lowest since 2007 |
§ | Completed private offering of $75.0 million Subordinated Notes |
§ | Completed acquisition of Community Banc-Corp of Sheboygan, Inc. on January 16, 2015 |
§ | Completed merger of Galena State Bank & Trust Co. into Illinois Bank & Trust effective January 23, 2015 |
Quarter Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income (in millions) | $ | 12.3 | $ | 7.9 | $ | 41.9 | $ | 36.9 | |||||||
Net income available to common stockholders (in millions) | 12.1 | 7.7 | 41.1 | 35.7 | |||||||||||
Diluted earnings per common share | 0.64 | 0.42 | 2.19 | 2.04 | |||||||||||
Return on average assets | 0.80 | % | 0.55 | % | 0.70 | % | 0.70 | % | |||||||
Return on average common equity | 11.77 | 8.79 | 10.62 | 10.87 | |||||||||||
Return on average tangible common equity | 13.22 | 9.93 | 12.04 | 12.06 | |||||||||||
Net interest margin | 3.94 | 3.82 | 3.96 | 3.78 |
“I am pleased to report an excellent fourth quarter and an excellent year for Heartland in 2014. Net income increased by 15 percent over 2013, making this Heartland’s second best year in its 33-year history.” Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc. |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||
For the Quarter Ended December 31, | For the Year Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Interest Income | |||||||||||||||
Interest and fees on loans and leases | $ | 50,226 | $ | 44,995 | $ | 194,022 | $ | 164,702 | |||||||
Interest on securities: | |||||||||||||||
Taxable | 6,972 | 7,327 | 29,727 | 21,501 | |||||||||||
Nontaxable | 3,190 | 3,294 | 13,269 | 13,295 | |||||||||||
Interest on federal funds sold | — | 1 | 1 | 1 | |||||||||||
Interest on deposits in other financial institutions | 3 | 3 | 23 | 12 | |||||||||||
Total Interest Income | 60,391 | 55,620 | 237,042 | 199,511 | |||||||||||
Interest Expense | |||||||||||||||
Interest on deposits | 4,144 | 5,057 | 18,154 | 19,968 | |||||||||||
Interest on short-term borrowings | 222 | 421 | 877 | 808 | |||||||||||
Interest on other borrowings | 3,854 | 3,785 | 14,938 | 14,907 | |||||||||||
Total Interest Expense | 8,220 | 9,263 | 33,969 | 35,683 | |||||||||||
Net Interest Income | 52,171 | 46,357 | 203,073 | 163,828 | |||||||||||
Provision for loan and lease losses | 2,866 | 2,049 | 14,501 | 9,697 | |||||||||||
Net Interest Income After Provision for Loan and Lease Losses | 49,305 | 44,308 | 188,572 | 154,131 | |||||||||||
Noninterest Income | |||||||||||||||
Service charges and fees | 5,078 | 4,885 | 20,085 | 17,660 | |||||||||||
Loan servicing income | 1,360 | 783 | 5,583 | 1,648 | |||||||||||
Trust fees | 3,350 | 2,944 | 13,097 | 11,708 | |||||||||||
Brokerage and insurance commissions | 1,115 | 1,246 | 4,440 | 4,561 | |||||||||||
Securities gains, net | 1,208 | 509 | 3,668 | 7,121 | |||||||||||
Gain (loss) on trading account securities | — | 582 | (38 | ) | 1,421 | ||||||||||
Gains on sale of loans held for sale | 7,778 | 5,353 | 31,337 | 40,195 | |||||||||||
Valuation adjustment on mortgage servicing rights | — | — | — | 496 | |||||||||||
Income on bank owned life insurance | 399 | 426 | 1,472 | 1,555 | |||||||||||
Other noninterest income | 945 | 846 | 2,580 | 3,253 | |||||||||||
Total Noninterest Income | 21,233 | 17,574 | 82,224 | 89,618 | |||||||||||
Noninterest Expense | |||||||||||||||
Salaries and employee benefits | 31,415 | 30,121 | 129,843 | 118,224 | |||||||||||
Occupancy | 3,905 | 3,663 | 15,746 | 13,459 | |||||||||||
Furniture and equipment | 2,097 | 2,007 | 8,105 | 8,040 | |||||||||||
Professional fees | 5,072 | 5,270 | 18,241 | 17,532 | |||||||||||
FDIC insurance assessments | 960 | 1,036 | 3,808 | 3,544 | |||||||||||
Advertising | 1,442 | 1,458 | 5,524 | 5,294 | |||||||||||
Intangible assets amortization | 487 | 469 | 2,223 | 1,063 | |||||||||||
Other real estate and loan collection expenses | 524 | 1,999 | 2,309 | 4,445 | |||||||||||
Loss on sales/valuations of assets, net | 116 | 641 | 2,105 | 3,034 | |||||||||||
Other noninterest expenses | 7,930 | 7,237 | 27,896 | 21,926 | |||||||||||
Total Noninterest Expense | 53,948 | 53,901 | 215,800 | 196,561 | |||||||||||
Income Before Income Taxes | 16,590 | 7,981 | 54,996 | 47,188 | |||||||||||
Income taxes | 4,327 | 46 | 13,096 | 10,335 | |||||||||||
Net Income | 12,263 | 7,935 | 41,900 | 36,853 | |||||||||||
Net income attributable to noncontrolling interest, net of tax | — | — | — | (64 | ) | ||||||||||
Net Income Attributable to Heartland | 12,263 | 7,935 | 41,900 | 36,789 | |||||||||||
Preferred dividends and discount | (204 | ) | (204 | ) | (817 | ) | (1,093 | ) | |||||||
Net Income Available to Common Stockholders | $ | 12,059 | $ | 7,731 | $ | 41,083 | $ | 35,696 | |||||||
Earnings per common share-diluted | $ | 0.64 | $ | 0.42 | $ | 2.19 | $ | 2.04 | |||||||
Weighted average shares outstanding-diluted | 18,762,272 | 18,360,470 | 18,741,921 | 17,460,066 |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | |||||||||||||||
Interest Income | |||||||||||||||||||
Interest and fees on loans and leases | $ | 50,226 | $ | 49,311 | $ | 48,101 | $ | 46,384 | $ | 44,995 | |||||||||
Interest on securities: | |||||||||||||||||||
Taxable | 6,972 | 7,547 | 7,447 | 7,761 | 7,327 | ||||||||||||||
Nontaxable | 3,190 | 3,249 | 3,708 | 3,122 | 3,294 | ||||||||||||||
Interest on federal funds sold | — | 1 | — | — | 1 | ||||||||||||||
Interest on deposits in other financial institutions | 3 | 6 | 7 | 7 | 3 | ||||||||||||||
Total Interest Income | 60,391 | 60,114 | 59,263 | 57,274 | 55,620 | ||||||||||||||
Interest Expense | |||||||||||||||||||
Interest on deposits | 4,144 | 4,655 | 4,577 | 4,778 | 5,057 | ||||||||||||||
Interest on short-term borrowings | 222 | 227 | 202 | 226 | 421 | ||||||||||||||
Interest on other borrowings | 3,854 | 3,741 | 3,685 | 3,658 | 3,785 | ||||||||||||||
Total Interest Expense | 8,220 | 8,623 | 8,464 | 8,662 | 9,263 | ||||||||||||||
Net Interest Income | 52,171 | 51,491 | 50,799 | 48,612 | 46,357 | ||||||||||||||
Provision for loan and lease losses | 2,866 | 2,553 | 2,751 | 6,331 | 2,049 | ||||||||||||||
Net Interest Income After Provision for Loan and Lease Losses | 49,305 | 48,938 | 48,048 | 42,281 | 44,308 | ||||||||||||||
Noninterest Income | |||||||||||||||||||
Service charges and fees | 5,078 | 4,857 | 5,254 | 4,896 | 4,885 | ||||||||||||||
Loan servicing income | 1,360 | 1,319 | 1,393 | 1,511 | 783 | ||||||||||||||
Trust fees | 3,350 | 3,194 | 3,343 | 3,210 | 2,944 | ||||||||||||||
Brokerage and insurance commissions | 1,115 | 1,044 | 1,158 | 1,123 | 1,246 | ||||||||||||||
Securities gains, net | 1,208 | 825 | 854 | 781 | 509 | ||||||||||||||
Gain (loss) on trading account securities | — | — | — | (38 | ) | 582 | |||||||||||||
Gains on sale of loans held for sale | 7,778 | 8,384 | 8,796 | 6,379 | 5,353 | ||||||||||||||
Valuation adjustment on mortgage servicing rights | — | — | — | — | — | ||||||||||||||
Income on bank owned life insurance | 399 | 371 | 339 | 363 | 426 | ||||||||||||||
Other noninterest income | 945 | 612 | 398 | 625 | 846 | ||||||||||||||
Total Noninterest Income | 21,233 | 20,606 | 21,535 | 18,850 | 17,574 | ||||||||||||||
Noninterest Expense | |||||||||||||||||||
Salaries and employee benefits | 31,415 | 33,546 | 32,563 | 32,319 | 30,121 | ||||||||||||||
Occupancy | 3,905 | 3,807 | 3,984 | 4,050 | 3,663 | ||||||||||||||
Furniture and equipment | 2,097 | 2,033 | 2,085 | 1,890 | 2,007 | ||||||||||||||
Professional fees | 5,072 | 4,429 | 4,214 | 4,526 | 5,270 | ||||||||||||||
FDIC insurance assessments | 960 | 888 | 980 | 980 | 1,036 | ||||||||||||||
Advertising | 1,442 | 1,383 | 1,511 | 1,188 | 1,458 | ||||||||||||||
Intangible assets amortization | 487 | 521 | 591 | 624 | 469 | ||||||||||||||
Other real estate and loan collection expenses | 524 | 215 | 518 | 1,052 | 1,999 | ||||||||||||||
Loss on sales/valuations of assets, net | 116 | 447 | 1,379 | 163 | 641 | ||||||||||||||
Other noninterest expenses | 7,930 | 7,386 | 6,834 | 5,746 | 7,237 | ||||||||||||||
Total Noninterest Expense | 53,948 | 54,655 | 54,659 | 52,538 | 53,901 | ||||||||||||||
Income Before Income Taxes | 16,590 | 14,889 | 14,924 | 8,593 | 7,981 | ||||||||||||||
Income taxes | 4,327 | 2,916 | 4,150 | 1,703 | 46 | ||||||||||||||
Net Income | 12,263 | 11,973 | 10,774 | 6,890 | 7,935 | ||||||||||||||
Net income attributable to noncontrolling interest, net of tax | — | — | — | — | — | ||||||||||||||
Net Income Attributable to Heartland | 12,263 | 11,973 | 10,774 | 6,890 | 7,935 | ||||||||||||||
Preferred dividends and discount | (204 | ) | (205 | ) | (204 | ) | (204 | ) | (204 | ) | |||||||||
Net Income Available to Common Stockholders | $ | 12,059 | $ | 11,768 | $ | 10,570 | $ | 6,686 | $ | 7,731 | |||||||||
Earnings per common share-diluted | $ | 0.64 | $ | 0.63 | $ | 0.56 | $ | 0.36 | $ | 0.42 | |||||||||
Weighted average shares outstanding-diluted | 18,762,272 | 18,752,748 | 18,746,735 | 18,724,936 | 18,360,470 |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
As Of | |||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and due from banks | $ | 64,150 | $ | 63,400 | $ | 98,613 | $ | 84,744 | $ | 118,441 | |||||||||
Federal funds sold and other short-term investments | 9,721 | 4,436 | 4,047 | 3,884 | 6,829 | ||||||||||||||
Cash and cash equivalents | 73,871 | 67,836 | 102,660 | 88,628 | 125,270 | ||||||||||||||
Time deposits in other financial institutions | 2,605 | 2,605 | 3,105 | 3,355 | 3,355 | ||||||||||||||
Securities: | |||||||||||||||||||
Trading, at fair value | — | — | — | — | 1,801 | ||||||||||||||
Available for sale, at fair value | 1,401,868 | 1,369,703 | 1,412,809 | 1,400,756 | 1,633,902 | ||||||||||||||
Held to maturity, at cost | 284,587 | 255,312 | 257,217 | 257,927 | 237,498 | ||||||||||||||
Other investments, at cost | 20,498 | 20,514 | 20,932 | 18,755 | 21,843 | ||||||||||||||
Loans held for sale | 70,514 | 93,054 | 87,173 | 54,862 | 46,665 | ||||||||||||||
Loans and leases: | |||||||||||||||||||
Held to maturity | 3,876,745 | 3,798,305 | 3,694,734 | 3,577,776 | 3,496,952 | ||||||||||||||
Loans covered by loss share agreements | 1,258 | 3,850 | 4,379 | 5,466 | 5,749 | ||||||||||||||
Allowance for loan and lease losses | (41,449 | ) | (41,698 | ) | (40,892 | ) | (38,573 | ) | (41,685 | ) | |||||||||
Loans and leases, net | 3,836,554 | 3,760,457 | 3,658,221 | 3,544,669 | 3,461,016 | ||||||||||||||
Premises, furniture and equipment, net | 130,713 | 132,240 | 133,127 | 135,054 | 135,714 | ||||||||||||||
Other real estate, net | 19,016 | 20,475 | 24,395 | 28,083 | 29,852 | ||||||||||||||
Goodwill | 35,583 | 35,583 | 35,583 | 35,583 | 35,583 | ||||||||||||||
Other intangible assets, net | 33,932 | 33,399 | 32,732 | 32,690 | 32,959 | ||||||||||||||
Cash surrender value on life insurance | 82,638 | 82,224 | 81,840 | 81,486 | 81,110 | ||||||||||||||
FDIC indemnification asset | — | 83 | 124 | 190 | 249 | ||||||||||||||
Other assets | 59,983 | 61,324 | 64,000 | 65,064 | 76,899 | ||||||||||||||
Total Assets | $ | 6,052,362 | $ | 5,934,809 | $ | 5,913,918 | $ | 5,747,102 | $ | 5,923,716 | |||||||||
Liabilities and Equity | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand | $ | 1,295,193 | $ | 1,274,439 | $ | 1,221,703 | $ | 1,195,457 | $ | 1,238,581 | |||||||||
Savings | 2,687,493 | 2,599,850 | 2,556,784 | 2,582,166 | 2,535,242 | ||||||||||||||
Time | 785,336 | 852,430 | 862,995 | 885,741 | 892,676 | ||||||||||||||
Total deposits | 4,768,022 | 4,726,719 | 4,641,482 | 4,663,364 | 4,666,499 | ||||||||||||||
Short-term borrowings | 330,264 | 348,305 | 420,494 | 256,250 | 408,756 | ||||||||||||||
Other borrowings | 396,255 | 334,513 | 329,715 | 334,916 | 350,109 | ||||||||||||||
Accrued expenses and other liabilities | 61,504 | 41,873 | 49,806 | 35,237 | 58,892 | ||||||||||||||
Total Liabilities | 5,556,045 | 5,451,410 | 5,441,497 | 5,289,767 | 5,484,256 | ||||||||||||||
Stockholders' Equity | |||||||||||||||||||
Preferred equity | 81,698 | 81,698 | 81,698 | 81,698 | 81,698 | ||||||||||||||
Common stock | 18,511 | 18,477 | 18,468 | 18,455 | 18,399 | ||||||||||||||
Capital surplus | 95,816 | 94,393 | 93,334 | 92,199 | 91,632 | ||||||||||||||
Retained earnings | 298,764 | 288,555 | 278,632 | 269,908 | 265,067 | ||||||||||||||
Accumulated other comprehensive income (loss) | 1,528 | 276 | 289 | (4,903 | ) | (17,336 | ) | ||||||||||||
Treasury stock at cost | — | — | — | (22 | ) | — | |||||||||||||
Total Heartland Stockholders' Equity | 496,317 | 483,399 | 472,421 | 457,335 | 439,460 | ||||||||||||||
Noncontrolling interest | — | — | — | — | — | ||||||||||||||
Total Equity | 496,317 | 483,399 | 472,421 | 457,335 | 439,460 | ||||||||||||||
Total Liabilities and Equity | $ | 6,052,362 | $ | 5,934,809 | $ | 5,913,918 | $ | 5,747,102 | $ | 5,923,716 |
HEARTLAND FINANCIAL USA, INC | |||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||
For the Quarter Ended December 31, | For the Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Average Balances | |||||||||||||||||
Assets | $ | 5,974,188 | $ | 5,604,487 | $ | 5,857,488 | $ | 5,083,131 | |||||||||
Loans and leases, net of unearned | 3,899,465 | 3,341,252 | 3,744,830 | 3,016,433 | |||||||||||||
Deposits | 4,784,592 | 4,512,170 | 4,698,936 | 4,013,252 | |||||||||||||
Earning assets | 5,508,287 | 5,061,822 | 5,384,275 | 4,582,296 | |||||||||||||
Interest bearing liabilities | 4,123,478 | 3,921,951 | 4,101,071 | 3,545,737 | |||||||||||||
Common stockholders' equity | 406,664 | 349,056 | 386,844 | 328,454 | |||||||||||||
Total stockholders' equity | 488,362 | 430,754 | 468,542 | 411,056 | |||||||||||||
Tangible common stockholders' equity | 361,916 | 308,802 | 341,134 | 293,505 | |||||||||||||
Key Performance Ratios | |||||||||||||||||
Annualized return on average assets | 0.80 | % | 0.55 | % | 0.70 | % | 0.70 | % | |||||||||
Annualized return on average common equity | 11.77 | % | 8.79 | % | 10.62 | % | 10.87 | % | |||||||||
Annualized return on average common tangible equity | 13.22 | % | 9.93 | % | 12.04 | % | 12.16 | % | |||||||||
Annualized ratio of net charge-offs to average loans and leases | 0.32 | % | 0.20 | % | 0.39 | % | 0.10 | % | |||||||||
Annualized net interest margin(1) | 3.94 | % | 3.82 | % | 3.96 | % | 3.78 | % | |||||||||
Efficiency ratio, fully taxable equivalent(2) | 69.99 | % | 79.43 | % | 71.61 | % | 75.05 | % | |||||||||
(1) Computed on a tax equivalent basis using an effective tax rate of 35%. | |||||||||||||||||
(2) Refer to the "Non-GAAP Reconciliation-Efficiency Ratio" tables that follow for details of this non-GAAP measure. |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | |||||||||||||||
Average Balances | |||||||||||||||||||
Assets | $ | 5,974,188 | $ | 5,882,792 | $ | 5,800,104 | $ | 5,770,350 | $ | 5,604,487 | |||||||||
Loans and leases, net of unearned | 3,899,465 | 3,812,218 | 3,692,159 | 3,571,127 | 3,341,252 | ||||||||||||||
Deposits | 4,784,592 | 4,710,177 | 4,665,993 | 4,633,192 | 4,512,170 | ||||||||||||||
Earning assets | 5,508,287 | 5,426,336 | 5,321,149 | 5,278,331 | 5,061,822 | ||||||||||||||
Interest bearing liabilities | 4,123,478 | 4,099,526 | 4,091,233 | 4,089,691 | 3,921,951 | ||||||||||||||
Common stockholders' equity | 406,664 | 393,740 | 380,561 | 365,889 | 349,056 | ||||||||||||||
Total stockholders' equity | 488,362 | 475,438 | 462,259 | 447,587 | 430,754 | ||||||||||||||
Tangible common stockholders' equity | 361,916 | 348,423 | 334,747 | 318,898 | 308,802 | ||||||||||||||
Key Performance Ratios | |||||||||||||||||||
Annualized return on average assets | 0.80 | % | 0.79 | % | 0.73 | % | 0.47 | % | 0.55 | % | |||||||||
Annualized return on average common equity | 11.77 | % | 11.86 | % | 11.14 | % | 7.41 | % | 8.79 | % | |||||||||
Annualized return on average common tangible equity | 13.22 | % | 13.40 | % | 12.66 | % | 8.50 | % | 9.93 | % | |||||||||
Annualized ratio of net charge-offs to average loans and leases | 0.32 | % | 0.18 | % | 0.05 | % | 1.07 | % | 0.20 | % | |||||||||
Annualized net interest margin(1) | 3.94 | % | 3.96 | % | 4.04 | % | 3.92 | % | 3.82 | % | |||||||||
Efficiency ratio, fully taxable equivalent(2) | 69.99 | % | 70.76 | % | 70.97 | % | 74.94 | % | 79.43 | % | |||||||||
(1) Computed on a tax equivalent basis using an effective tax rate of 35%. | |||||||||||||||||||
(2) Refer to the "Non-GAAP Reconciliation-Efficiency Ratio" tables that follow for details of this non-GAAP measure. |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||
For the Quarter Ended December 31, | For the Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Reconciliation of Non-GAAP Measure-Efficiency Ratio | |||||||||||||||||
Net interest income | $ | 52,171 | $ | 46,357 | $ | 203,073 | $ | 163,828 | |||||||||
Taxable equivalent adjustment(1) | 2,550 | 2,416 | 10,297 | 9,465 | |||||||||||||
Fully taxable equivalent net interest income | 54,721 | 48,773 | 213,370 | 173,293 | |||||||||||||
Noninterest income | 21,233 | 17,574 | 82,224 | 89,618 | |||||||||||||
Securities gains, net | (1,208 | ) | (509 | ) | (3,668 | ) | (7,121 | ) | |||||||||
Adjusted income | $ | 74,746 | $ | 65,838 | $ | 291,926 | $ | 255,790 | |||||||||
Total noninterest expenses | $ | 53,948 | $ | 53,901 | $ | 215,800 | $ | 196,561 | |||||||||
Less: | |||||||||||||||||
Intangible assets amortization | 487 | 469 | 2,223 | 1,063 | |||||||||||||
Partnership investment in historic rehabilitation tax credits | 1,028 | 495 | 2,436 | 495 | |||||||||||||
Loss on sales/valuations of assets, net | 116 | 641 | 2,105 | 3,034 | |||||||||||||
Adjusted noninterest expenses | $ | 52,317 | $ | 52,296 | $ | 209,036 | $ | 191,969 | |||||||||
Efficiency ratio, fully taxable equivalent(2) | 69.99 | % | 79.43 | % | 71.61 | % | 75.05 | % | |||||||||
(1) Computed on a tax equivalent basis using an effective tax rate of 35%. | |||||||||||||||||
(2) Efficiency ratio, fully taxable equivalent, expresses noninterest expenses as a percentage of fully taxable equivalent net interest income and noninterest income. Noninterest income and noninterest expenses exclude items that management believes are not comparable among the periods presented. This measure should not be considered a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP measure provides supplemental useful information for proper understanding of the financial results. |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | |||||||||||||||
Reconciliation of Non-GAAP Measure-Efficiency Ratio | |||||||||||||||||||
Net interest income | $ | 52,171 | $ | 51,491 | $ | 50,799 | $ | 48,612 | $ | 46,357 | |||||||||
Taxable equivalent adjustment(1) | 2,550 | 2,613 | 2,762 | 2,372 | 2,416 | ||||||||||||||
Fully taxable equivalent net interest income | 54,721 | 54,104 | 53,561 | 50,984 | 48,773 | ||||||||||||||
Noninterest income | 21,233 | 20,606 | 21,535 | 18,850 | 17,574 | ||||||||||||||
Securities gains, net | (1,208 | ) | (825 | ) | (854 | ) | (781 | ) | (509 | ) | |||||||||
Adjusted income | $ | 74,746 | $ | 73,885 | $ | 74,242 | $ | 69,053 | $ | 65,838 | |||||||||
Total noninterest expenses | $ | 53,948 | $ | 54,655 | $ | 54,659 | $ | 52,538 | $ | 53,901 | |||||||||
Less: | |||||||||||||||||||
Intangible assets amortization | 487 | 521 | 591 | 624 | 469 | ||||||||||||||
Partnership investment in historic rehabilitation tax credits | 1,028 | 1,408 | — | — | 495 | ||||||||||||||
Loss on sales/valuation of assets, net | 116 | 447 | 1,379 | 163 | 641 | ||||||||||||||
Adjusted noninterest expenses | $ | 52,317 | $ | 52,279 | $ | 52,689 | $ | 51,751 | $ | 52,296 | |||||||||
Efficiency ratio, fully taxable equivalent(2) | 69.99 | % | 70.76 | % | 70.97 | % | 74.94 | % | 79.43 | % | |||||||||
(1) Computed on a tax equivalent basis using an effective tax rate of 35%. | |||||||||||||||||||
(2) Efficiency ratio, fully taxable equivalent, expresses noninterest expenses as a percentage of fully taxable equivalent net interest income and noninterest income. Noninterest income and noninterest expenses exclude items that management believes are not comparable among the periods presented. This measure should not be considered a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP measure provides supplemental useful information for proper understanding of the financial results. |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND FULL TIME EQUIVALENT EMPLOYEE DATA | |||||||||||||||||||
As of and for the Quarter Ended | |||||||||||||||||||
12/31/14 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | |||||||||||||||
Common Share Data | |||||||||||||||||||
Book value per common share | $ | 22.40 | $ | 21.74 | $ | 21.16 | $ | 20.36 | $ | 19.44 | |||||||||
Tangible book value per common share(1) | $ | 19.99 | $ | 19.30 | $ | 18.69 | $ | 17.86 | $ | 16.90 | |||||||||
ASC 320 effect on book value per common share | $ | 0.19 | $ | 0.10 | $ | 0.13 | $ | (0.16 | ) | $ | (0.82 | ) | |||||||
Common shares outstanding, net of treasury stock | 18,511,125 | 18,477,463 | 18,467,646 | 18,454,048 | 18,399,156 | ||||||||||||||
Tangible capital ratio(2) | 6.16 | % | 6.06 | % | 5.88 | % | 5.78 | % | 5.29 | % | |||||||||
Loan and Lease Data | |||||||||||||||||||
Loans held to maturity: | |||||||||||||||||||
Commercial and commercial real estate | $ | 2,743,140 | $ | 2,709,544 | $ | 2,650,517 | $ | 2,547,625 | $ | 2,479,880 | |||||||||
Residential mortgage | 380,341 | 360,309 | 341,697 | 365,162 | 349,349 | ||||||||||||||
Agricultural and agricultural real estate | 423,827 | 404,423 | 389,918 | 370,348 | 376,735 | ||||||||||||||
Consumer | 330,555 | 326,148 | 315,234 | 297,978 | 294,145 | ||||||||||||||
Unearned discount and deferred loan fees | (1,118 | ) | (2,119 | ) | (2,632 | ) | (3,337 | ) | (3,157 | ) | |||||||||
Total loans and leases held to maturity | $ | 3,876,745 | $ | 3,798,305 | $ | 3,694,734 | $ | 3,577,776 | $ | 3,496,952 | |||||||||
Loans covered under loss share agreements: | |||||||||||||||||||
Commercial and commercial real estate | $ | 54 | $ | 1,188 | $ | 1,208 | $ | 2,292 | $ | 2,314 | |||||||||
Residential mortgage | 1,204 | 1,762 | 1,995 | 2,062 | 2,280 | ||||||||||||||
Agricultural and agricultural real estate | — | 573 | 567 | 502 | 543 | ||||||||||||||
Consumer | — | 327 | 609 | 610 | 612 | ||||||||||||||
Total loans and leases covered under loss share agreements | $ | 1,258 | $ | 3,850 | $ | 4,379 | $ | 5,466 | $ | 5,749 | |||||||||
Other Selected Trend Information | |||||||||||||||||||
Effective tax rate | 26.08 | % | 19.59 | % | 27.81 | % | 19.82 | % | 0.57 | % | |||||||||
Full time equivalent employees | 1,631 | 1,646 | 1,658 | 1,668 | 1,676 | ||||||||||||||
Trust assets under management | $ | 1,860,546 | $ | 1,820,612 | $ | 1,859,643 | $ | 1,736,308 | $ | 1,621,970 | |||||||||
Total Residential Mortgage Loan Applications | $ | 383,845 | $ | 445,039 | $ | 460,533 | $ | 316,829 | $ | 293,115 | |||||||||
Residential Mortgage Loans Originated | $ | 293,268 | $ | 312,428 | $ | 277,895 | $ | 175,249 | $ | 232,150 | |||||||||
Residential Mortgage Loans Sold | $ | 281,250 | $ | 283,677 | $ | 208,429 | $ | 149,993 | $ | 214,334 | |||||||||
Residential Mortgage Loan Servicing Portfolio | $ | 3,498,724 | $ | 3,362,717 | $ | 3,198,510 | $ | 3,107,589 | $ | 3,045,893 | |||||||||
(1) Total common stockholders' equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by common shares outstanding, net of treasury. This is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. | |||||||||||||||||||
(2) 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 but has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
As of and for the Quarter Ended | |||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | |||||||||||||||
Allowance for Loan and Lease Losses | |||||||||||||||||||
Balance, beginning of period | $ | 41,698 | $ | 40,892 | $ | 38,573 | $ | 41,685 | $ | 41,311 | |||||||||
Provision for loan and lease losses | 2,866 | 2,553 | 2,751 | 6,331 | 2,049 | ||||||||||||||
Charge-offs on loans not covered by loss share agreements | (4,020 | ) | (2,649 | ) | (1,392 | ) | (10,617 | ) | (3,197 | ) | |||||||||
Charge-offs on loans covered by loss share agreements | — | — | (8 | ) | (41 | ) | — | ||||||||||||
Recoveries | 905 | 894 | 913 | 1,215 | 1,522 | ||||||||||||||
Recoveries on loans covered by loss share agreements | — | 8 | 55 | — | — | ||||||||||||||
Balance, end of period | $ | 41,449 | $ | 41,698 | $ | 40,892 | $ | 38,573 | $ | 41,685 | |||||||||
Asset Quality | |||||||||||||||||||
Not covered under loss share agreements: | |||||||||||||||||||
Nonaccrual loans | $ | 24,588 | $ | 30,130 | $ | 29,076 | $ | 31,928 | $ | 42,394 | |||||||||
Loans and leases past due ninety days or more as to interest or principal payments | — | — | — | — | 24 | ||||||||||||||
Other real estate owned | 19,016 | 19,873 | 23,761 | 28,033 | 29,794 | ||||||||||||||
Other repossessed assets | 445 | 506 | 414 | 397 | 397 | ||||||||||||||
Total nonperforming assets not covered under loss share agreements | $ | 44,049 | $ | 50,509 | $ | 53,251 | $ | 60,358 | $ | 72,609 | |||||||||
Covered under loss share agreements: | |||||||||||||||||||
Nonaccrual loans | $ | 278 | $ | 297 | $ | 297 | $ | 820 | $ | 783 | |||||||||
Other real estate owned | — | 602 | 634 | 50 | 58 | ||||||||||||||
Total nonperforming assets covered under loss share agreements | $ | 278 | $ | 899 | $ | 931 | $ | 870 | $ | 841 | |||||||||
Performing troubled debt restructured loans | $ | 12,133 | $ | 11,994 | $ | 12,076 | $ | 12,548 | $ | 19,353 | |||||||||
Nonperforming Assets Activity | |||||||||||||||||||
Balance, beginning of period | $ | 51,408 | $ | 54,182 | $ | 61,228 | $ | 73,450 | $ | 81,384 | |||||||||
Net loan charge offs | (3,115 | ) | (1,747 | ) | (432 | ) | (9,443 | ) | (1,675 | ) | |||||||||
New nonperforming loans | 4,825 | 5,911 | 4,264 | 5,328 | 6,981 | ||||||||||||||
Reduction of nonperforming loans(1) | (6,599 | ) | (2,679 | ) | (4,145 | ) | (3,303 | ) | (4,951 | ) | |||||||||
OREO/Repossessed assets sales proceeds | (1,509 | ) | (4,313 | ) | (5,878 | ) | (4,731 | ) | (6,907 | ) | |||||||||
OREO/Repossessed assets writedowns, net | (588 | ) | (38 | ) | (902 | ) | (80 | ) | (1,387 | ) | |||||||||
Net activity at Citizens Finance Co. | (95 | ) | 92 | 47 | 7 | 5 | |||||||||||||
Balance, end of period | $ | 44,327 | $ | 51,408 | $ | 54,182 | $ | 61,228 | $ | 73,450 | |||||||||
Asset Quality Ratios Excluding Assets Covered Under Loss Share Agreements | |||||||||||||||||||
Ratio of nonperforming loans and leases to total loans and leases | 0.63 | % | 0.79 | % | 0.79 | % | 0.89 | % | 1.21 | % | |||||||||
Ratio of nonperforming assets to total assets | 0.73 | % | 0.85 | % | 0.90 | % | 1.06 | % | 1.23 | % | |||||||||
Annualized ratio of net loan charge-offs to average loans and leases | 0.32 | % | 0.18 | % | 0.05 | % | 1.07 | % | 0.20 | % | |||||||||
Allowance for loan and lease losses as a percent of loans and leases | 1.07 | % | 1.10 | % | 1.11 | % | 1.08 | % | 1.19 | % | |||||||||
Allowance for loan and lease losses as a percent of nonperforming loans and leases | 168.58 | % | 138.40 | % | 140.64 | % | 120.81 | % | 98.27 | % | |||||||||
Loans delinquent 30-89 days as a percent of total loans | 0.21 | % | 0.32 | % | 0.25 | % | 0.31 | % | 0.32 | % | |||||||||
(1) Includes principal reductions and transfers to performing status |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Earning Assets | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | $ | 1,278,709 | $ | 6,972 | 2.16 | % | $ | 1,354,055 | $ | 7,327 | 2.15 | % | |||||||||
Nontaxable(1) | 362,832 | 4,908 | 5.37 | 395,449 | 5,063 | 5.08 | |||||||||||||||
Total securities | 1,641,541 | 11,880 | 2.87 | 1,749,504 | 12,390 | 2.81 | |||||||||||||||
Interest bearing deposits | 8,928 | 3 | 0.13 | 9,320 | 3 | 0.13 | |||||||||||||||
Federal funds sold | 683 | — | — | 3,629 | 1 | 0.11 | |||||||||||||||
Loans and leases:(2) | |||||||||||||||||||||
Commercial and commercial real estate(1) | 2,701,006 | 32,613 | 4.79 | 2,310,060 | 28,951 | 4.97 | |||||||||||||||
Residential mortgage | 458,781 | 4,803 | 4.15 | 382,446 | 4,177 | 4.33 | |||||||||||||||
Agricultural and agricultural real estate(1) | 411,431 | 5,050 | 4.87 | 361,153 | 4,651 | 5.11 | |||||||||||||||
Consumer | 328,247 | 6,664 | 8.05 | 287,593 | 6,316 | 8.71 | |||||||||||||||
Fees on loans | — | 1,928 | — | — | 1,547 | — | |||||||||||||||
Less: allowance for loan and lease losses | (42,330 | ) | — | — | (41,883 | ) | — | — | |||||||||||||
Net loans and leases | 3,857,135 | 51,058 | 5.25 | 3,299,369 | 45,642 | 5.49 | |||||||||||||||
Total earning assets | 5,508,287 | 62,941 | 4.53 | % | 5,061,822 | 58,036 | 4.55 | % | |||||||||||||
Nonearning Assets | 465,901 | 542,665 | |||||||||||||||||||
Total Assets | $ | 5,974,188 | $ | 5,604,487 | |||||||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||
Savings | $ | 2,640,560 | $ | 1,858 | 0.28 | % | $ | 2,443,175 | $ | 2,037 | 0.33 | % | |||||||||
Time, $100,000 and over | 331,770 | 833 | 1.00 | 331,321 | 1,008 | 1.21 | |||||||||||||||
Other time deposits | 497,832 | 1,453 | 1.16 | 531,761 | 2,012 | 1.50 | |||||||||||||||
Short-term borrowings | 311,738 | 222 | 0.28 | 276,785 | 421 | 0.60 | |||||||||||||||
Other borrowings | 341,578 | 3,854 | 4.48 | 338,909 | 3,785 | 4.43 | |||||||||||||||
Total interest bearing liabilities | 4,123,478 | 8,220 | 0.79 | % | 3,921,951 | 9,263 | 0.94 | % | |||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 1,314,430 | 1,205,913 | |||||||||||||||||||
Accrued interest and other liabilities | 47,918 | 45,869 | |||||||||||||||||||
Total noninterest bearing liabilities | 1,362,348 | 1,251,782 | |||||||||||||||||||
Stockholders' Equity | 488,362 | 430,754 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 5,974,188 | $ | 5,604,487 | |||||||||||||||||
Net interest income(1) | $ | 54,721 | $ | 48,773 | |||||||||||||||||
Net interest spread(1) | 3.74 | % | 3.61 | % | |||||||||||||||||
Net interest income to total earning assets(1) | 3.94 | % | 3.82 | % | |||||||||||||||||
Interest bearing liabilities to earning assets | 74.86 | % | 77.48 | % | |||||||||||||||||
(1) Computed on a tax equivalent basis using an effective tax rate of 35% | |||||||||||||||||||||
(2) Nonaccrual loans are included in average loans outstanding. |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Earning Assets | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | $ | 1,296,991 | $ | 29,727 | 2.29 | % | $ | 1,198,777 | $ | 21,501 | 1.79 | % | |||||||||
Nontaxable(1) | 375,788 | 20,414 | 5.43 | 395,578 | 20,452 | 5.17 | |||||||||||||||
Total securities | 1,672,779 | 50,141 | 3.00 | 1,594,355 | 41,953 | 2.63 | |||||||||||||||
Interest bearing deposits | 7,678 | 23 | 0.30 | 9,242 | 12 | 0.13 | |||||||||||||||
Federal funds sold | 509 | 1 | 0.20 | 1,417 | 1 | 0.07 | |||||||||||||||
Loans and leases:(2) | |||||||||||||||||||||
Commercial and commercial real estate(1) | 2,611,150 | 126,592 | 4.85 | 2,078,594 | 105,239 | 5.06 | |||||||||||||||
Residential mortgage | 430,950 | 18,359 | 4.26 | 344,606 | 14,511 | 4.21 | |||||||||||||||
Agricultural and agricultural real estate(1) | 388,974 | 19,558 | 5.03 | 331,622 | 17,494 | 5.28 | |||||||||||||||
Consumer | 313,756 | 26,034 | 8.30 | 261,611 | 24,210 | 9.25 | |||||||||||||||
Fees on loans | 0 | 6,632 | — | 0 | 5,556 | — | |||||||||||||||
Less: allowance for loan and lease losses | (41,521 | ) | — | — | (39,151 | ) | — | — | |||||||||||||
Net loans and leases | 3,703,309 | 197,175 | 5.32 | 2,977,282 | 167,010 | 5.61 | |||||||||||||||
Total earning assets | 5,384,275 | 247,340 | 4.59 | % | 4,582,296 | 208,976 | 4.56 | % | |||||||||||||
Nonearning Assets | 473,213 | 500,835 | |||||||||||||||||||
Total Assets | $ | 5,857,488 | $ | 5,083,131 | |||||||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||
Savings | 2,589,649 | 8,042 | 0.31 | % | 2,101,295 | 6,674 | 0.32 | % | |||||||||||||
Time, $100,000 and over | 330,428 | 3,474 | 1.05 | 315,623 | 4,403 | 1.40 | |||||||||||||||
Other time deposits | 535,483 | 6,638 | 1.24 | 532,157 | 8,891 | 1.67 | |||||||||||||||
Short-term borrowings | 308,942 | 877 | 0.28 | 257,084 | 808 | 0.31 | |||||||||||||||
Other borrowings | 336,569 | 14,938 | 4.44 | 339,578 | 14,907 | 4.39 | |||||||||||||||
Total interest bearing liabilities | 4,101,071 | 33,969 | 0.83 | % | 3,545,737 | 35,683 | 1.01 | % | |||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 1,243,376 | 1,064,177 | |||||||||||||||||||
Accrued interest and other liabilities | 44,499 | 62,161 | |||||||||||||||||||
Total noninterest bearing liabilities | 1,287,875 | 1,126,338 | |||||||||||||||||||
Stockholders' Equity | 468,542 | 411,056 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 5,857,488 | $ | 5,083,131 | |||||||||||||||||
Net interest income(1) | $ | 213,371 | $ | 173,293 | |||||||||||||||||
Net interest spread(1) | 3.76 | % | 3.55 | % | |||||||||||||||||
Net interest income to total earning assets(1) | 3.96 | % | 3.78 | % | |||||||||||||||||
Interest bearing liabilities to earning assets | 76.17 | % | 77.38 | % | |||||||||||||||||
(1) Computed on a tax equivalent basis using an effective tax rate of 35% | |||||||||||||||||||||
(2) Nonaccrual loans are included in the average loans outstanding. |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited) | |||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||
As of and For the Quarter Ended | |||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | |||||||||||
Total Assets | |||||||||||||||
Dubuque Bank and Trust Company | $ | 1,508,573 | $ | 1,389,241 | $ | 1,393,391 | $ | 1,346,025 | $ | 1,540,049 | |||||
New Mexico Bank & Trust | 1,142,580 | 1,069,722 | 1,050,117 | 1,020,381 | 1,032,441 | ||||||||||
Morrill & Janes Bank and Trust Company | 898,161 | 867,346 | 837,148 | 859,998 | 890,984 | ||||||||||
Wisconsin Bank & Trust | 650,658 | 664,630 | 658,773 | 631,501 | 643,430 | ||||||||||
Illinois Bank & Trust | 486,919 | 505,492 | 506,150 | 490,147 | 443,114 | ||||||||||
Arizona Bank & Trust | 470,997 | 471,661 | 467,966 | 472,141 | 450,320 | ||||||||||
Rocky Mountain Bank | 468,671 | 480,345 | 472,079 | 456,201 | 467,443 | ||||||||||
Galena State Bank & Trust Co. | 291,623 | 293,442 | 297,298 | 281,981 | 290,457 | ||||||||||
Minnesota Bank & Trust | 167,808 | 165,580 | 165,250 | 157,965 | 170,517 | ||||||||||
Summit Bank & Trust | 134,145 | 137,774 | 135,721 | 116,154 | 113,719 | ||||||||||
Total Deposits | |||||||||||||||
Dubuque Bank and Trust Company | $ | 1,211,896 | $ | 1,055,036 | $ | 1,001,798 | $ | 1,066,711 | $ | 1,116,154 | |||||
New Mexico Bank & Trust | 860,465 | 828,637 | 814,523 | 790,172 | 765,572 | ||||||||||
Morrill & Janes Bank and Trust Company | 703,016 | 686,833 | 680,176 | 673,325 | 692,038 | ||||||||||
Wisconsin Bank & Trust | 554,722 | 564,674 | 558,654 | 544,323 | 531,371 | ||||||||||
Illinois Bank & Trust | 366,752 | 401,888 | 392,053 | 403,643 | 353,046 | ||||||||||
Arizona Bank & Trust | 351,635 | 390,167 | 382,011 | 381,121 | 368,059 | ||||||||||
Rocky Mountain Bank | 395,609 | 395,728 | 384,856 | 379,017 | 380,011 | ||||||||||
Galena State Bank & Trust Co. | 233,605 | 252,704 | 257,029 | 244,682 | 244,505 | ||||||||||
Minnesota Bank & Trust | 150,146 | 148,453 | 148,260 | 142,750 | 154,812 | ||||||||||
Summit Bank & Trust | 111,859 | 118,896 | 118,275 | 104,598 | 101,447 | ||||||||||
Net Income (Loss) | |||||||||||||||
Dubuque Bank and Trust Company | $ | 5,184 | $ | 4,480 | $ | 4,135 | $ | 2,381 | $ | 5,009 | |||||
New Mexico Bank & Trust | 2,015 | 3,201 | 2,855 | 2,199 | 1,575 | ||||||||||
Morrill & Janes Bank and Trust Company | 2,157 | 1,626 | 1,711 | 1,301 | 1,145 | ||||||||||
Wisconsin Bank & Trust | 1,737 | 1,077 | 1,299 | 1,068 | 1,850 | ||||||||||
Illinois Bank & Trust | 701 | 814 | 393 | 527 | 433 | ||||||||||
Arizona Bank & Trust | 1,159 | 551 | 1,243 | 837 | 125 | ||||||||||
Rocky Mountain Bank | 1,684 | 1,448 | 388 | 1,049 | 576 | ||||||||||
Galena State Bank & Trust Co. | 1,020 | 724 | 1,072 | 802 | 403 | ||||||||||
Minnesota Bank & Trust | 395 | 106 | 59 | 122 | (31 | ) | |||||||||
Summit Bank & Trust | (491 | ) | (65 | ) | (82 | ) | (434 | ) | 44 | ||||||
Return on Average Assets | |||||||||||||||
Dubuque Bank and Trust Company | 1.43 | % | 1.27 | % | 1.20 | % | 0.67 | % | 1.36 | % | |||||
New Mexico Bank & Trust | 0.72 | 1.20 | 1.10 | 0.88 | 0.61 | ||||||||||
Morrill & Janes Bank and Trust Company | 0.99 | 0.76 | 0.81 | 0.62 | 0.66 | ||||||||||
Wisconsin Bank & Trust | 1.05 | 0.65 | 0.82 | 0.69 | 1.16 | ||||||||||
Illinois Bank & Trust | 0.56 | 0.60 | 0.31 | 0.49 | 0.38 | ||||||||||
Arizona Bank & Trust | 0.97 | 0.47 | 1.05 | 0.74 | 0.12 | ||||||||||
Rocky Mountain Bank | 1.42 | 1.22 | 0.34 | 0.92 | 0.49 | ||||||||||
Galena State Bank & Trust Co. | 1.39 | 0.97 | 1.51 | 1.15 | 0.54 | ||||||||||
Minnesota Bank & Trust | 0.98 | 0.26 | 0.15 | 0.32 | (0.07 | ) | |||||||||
Summit Bank & Trust | (1.46 | ) | (0.19 | ) | (0.26 | ) | (1.57 | ) | 0.15 | ||||||
Net Interest Margin as a Percentage of Average Earning Assets | |||||||||||||||
Dubuque Bank and Trust Company | 3.69 | % | 3.63 | % | 3.67 | % | 3.72 | % | 3.59 | % | |||||
New Mexico Bank & Trust | 3.73 | 3.85 | 3.96 | 3.80 | 3.63 | ||||||||||
Morrill & Janes Bank and Trust Company | 3.35 | 3.51 | 3.50 | 3.17 | 2.97 | ||||||||||
Wisconsin Bank & Trust | 4.09 | 4.24 | 4.27 | 4.41 | 4.39 | ||||||||||
Illinois Bank & Trust | 3.52 | 3.40 | 3.57 | 3.45 | 3.17 | ||||||||||
Arizona Bank & Trust | 4.28 | 4.23 | 4.47 | 4.37 | 4.35 | ||||||||||
Rocky Mountain Bank | 4.74 | 4.44 | 4.36 | 4.21 | 4.22 | ||||||||||
Galena State Bank & Trust Co. | 3.76 | 3.47 | 3.79 | 3.74 | 3.47 | ||||||||||
Minnesota Bank & Trust | 4.02 | 3.84 | 3.88 | 3.79 | 3.64 | ||||||||||
Summit Bank & Trust | 3.74 | 3.81 | 3.98 | 4.03 | 3.79 |
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||||||
As of | |||||||||||||||||||
12/31/2014 | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | |||||||||||||||
Total Portfolio Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 952,114 | $ | 917,092 | $ | 908,729 | $ | 897,860 | $ | 915,377 | |||||||||
New Mexico Bank & Trust | 635,402 | 609,170 | 575,685 | 556,928 | 529,808 | ||||||||||||||
Morrill & Janes Bank and Trust Company | 440,899 | 445,100 | 429,326 | 400,243 | 384,685 | ||||||||||||||
Wisconsin Bank & Trust | 502,310 | 509,364 | 496,486 | 465,969 | 459,594 | ||||||||||||||
Illinois Bank & Trust | 246,382 | 239,362 | 233,668 | 227,920 | 186,739 | ||||||||||||||
Arizona Bank & Trust | 342,731 | 335,648 | 328,438 | 343,298 | 329,211 | ||||||||||||||
Rocky Mountain Bank | 354,455 | 356,049 | 339,479 | 317,513 | 316,702 | ||||||||||||||
Galena State Bank & Trust Co. | 183,390 | 179,840 | 181,135 | 183,012 | 183,639 | ||||||||||||||
Minnesota Bank & Trust | 110,920 | 104,061 | 105,142 | 98,818 | 101,491 | ||||||||||||||
Summit Bank & Trust | 90,515 | 88,199 | 84,040 | 72,898 | 73,150 | ||||||||||||||
Allowance For Loan and Lease Losses | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 9,403 | $ | 9,143 | $ | 9,441 | $ | 8,839 | $ | 10,303 | |||||||||
New Mexico Bank & Trust | 6,863 | 6,688 | 6,628 | 6,388 | 7,202 | ||||||||||||||
Morrill & Janes Bank and Trust Company | 2,305 | 2,077 | 1,741 | 1,137 | 406 | ||||||||||||||
Wisconsin Bank & Trust | 5,216 | 5,327 | 4,564 | 4,281 | 4,850 | ||||||||||||||
Illinois Bank & Trust | 3,203 | 3,842 | 3,335 | 2,835 | 3,121 | ||||||||||||||
Arizona Bank & Trust | 3,258 | 3,432 | 3,754 | 3,913 | 4,133 | ||||||||||||||
Rocky Mountain Bank | 3,450 | 4,048 | 4,179 | 3,965 | 4,148 | ||||||||||||||
Galena State Bank & Trust Co. | 1,531 | 1,501 | 1,553 | 1,716 | 1,916 | ||||||||||||||
Minnesota Bank & Trust | 1,116 | 1,052 | 1,071 | 1,021 | 1,091 | ||||||||||||||
Summit Bank & Trust | 1,554 | 996 | 1,099 | 1,054 | 1,334 | ||||||||||||||
Nonperforming Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 3,067 | $ | 6,151 | $ | 5,718 | $ | 7,729 | $ | 15,641 | |||||||||
New Mexico Bank & Trust | 6,416 | 5,550 | 4,781 | 5,195 | 6,880 | ||||||||||||||
Morrill & Janes Bank and Trust Company | 380 | 519 | 368 | 129 | 160 | ||||||||||||||
Wisconsin Bank & Trust | 2,967 | 3,335 | 3,617 | 4,904 | 6,165 | ||||||||||||||
Illinois Bank & Trust | 4,893 | 6,530 | 6,213 | 5,213 | 3,325 | ||||||||||||||
Arizona Bank & Trust | 2,156 | 2,732 | 2,946 | 3,200 | 4,413 | ||||||||||||||
Rocky Mountain Bank | 1,954 | 3,008 | 3,471 | 3,271 | 3,326 | ||||||||||||||
Galena State Bank & Trust Co. | 1,046 | 1,081 | 826 | 939 | 1,077 | ||||||||||||||
Minnesota Bank & Trust | — | — | — | — | — | ||||||||||||||
Summit Bank & Trust | 1,076 | 583 | 567 | 584 | 688 | ||||||||||||||
Allowance As a Percent of Total Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | 0.99 | % | 1.00 | % | 1.04 | % | 0.98 | % | 1.13 | % | |||||||||
New Mexico Bank & Trust | 1.08 | 1.10 | 1.15 | 1.15 | 1.36 | ||||||||||||||
Morrill & Janes Bank and Trust Company | 0.52 | 0.47 | 0.41 | 0.28 | 0.11 | ||||||||||||||
Wisconsin Bank & Trust | 1.04 | 1.05 | 0.92 | 0.92 | 1.06 | ||||||||||||||
Illinois Bank & Trust | 1.30 | 1.61 | 1.43 | 1.24 | 1.67 | ||||||||||||||
Arizona Bank & Trust | 0.95 | 1.02 | 1.14 | 1.14 | 1.26 | ||||||||||||||
Rocky Mountain Bank | 0.97 | 1.14 | 1.23 | 1.25 | 1.31 | ||||||||||||||
Galena State Bank & Trust Co. | 0.83 | 0.83 | 0.86 | 0.94 | 1.04 | ||||||||||||||
Minnesota Bank & Trust | 1.01 | 1.01 | 1.02 | 1.03 | 1.07 | ||||||||||||||
Summit Bank & Trust | 1.72 | 1.13 | 1.31 | 1.45 | 1.82 |
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