8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 of 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 25, 2021

Heartland Financial USA, Inc.

(Exact name of Registrant as specified in its charter)

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)

(563) 589-2100

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $1.00 per share	HTLF	Nasdaq Stock Market
Depositary Shares (each representing 1/400th interest in a share of 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E)	HTLFP	Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On October 25, 2021, Heartland Financial USA, Inc. ("HTLF") issued a press release announcing its earnings and an investor presentation with supplemental information for the quarter ended September 30, 2021. A copy of the press release and slide presentation are furnished as Exhibit 99.1 and Exhibit 99.2, respectively.

The information furnished in Item 2.02 of this Current Report on Form 8-K and Exhibits 99.1 and 99.2 attached hereto shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended, and shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

Item 8.01 Other Events

HTLF continues to explore strategies to improve operational efficiency, including evaluating the consolidation of the charters of its 11 bank subsidiaries.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1     Press Release dated October 25, 2021.

99.2     Investor Presentation dated October 25, 2021.

104     Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 25, 2021	HEARTLAND FINANCIAL USA, INC.
	By:	/s/ Bryan R. McKeag
		Bryan R. McKeag
		Executive Vice President
		Chief Financial Officer

EX-99.1

CONTACT:	FOR IMMEDIATE RELEASE
Bryan R. McKeag	October 25, 2021
Executive Vice President
Chief Financial Officer
(563) 589-1994
BMcKeag@htlf.com

HEARTLAND FINANCIAL USA, INC. ("HTLF") REPORTS QUARTERLY AND YEAR TO DATE RESULTS AS OF SEPTEMBER 30, 2021

Highlights and Developments

§	Quarterly net income available to common stockholders of $53.9 million compared to $45.5 million for the third quarter of 2020, an increase of $8.4 million or 18%
§	Year to date net income available to common stockholders of $164.3 million compared to $95.7 million for the nine months ended September 30, 2020, an increase of $68.6 million or 72%
§	Quarterly loan growth of $262.8 million or 11% annualized, exclusive of Paycheck Protection Program ("PPP") loans
§	Net recoveries on previously charged off loans of $1.3 million, nonperforming assets to total assets declined to 0.46%, and 30-89 day loan delinquencies fell to 0.12% of total loans for the third quarter of 2021
§	PPP loan forgiveness received of $419.9 million during the third quarter of 2021
§	Completed offering of $150.0 million of subordinated notes with net proceeds totaling $147.6 million and fixed-to-floating interest rate set at 2.75% for the first five years
§	Announced an 8% increase in the regular quarterly dividend to $0.27 per common share

	Quarter Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Net income available to common stockholders (in millions)	$	53.9		$	45.5		$	164.3		$	95.7
Diluted earnings per common share	1.27			1.23			3.88			2.59
Return on average assets	1.19		%	1.26		%	1.25		%	0.92		%
Return on average common equity	10.32			10.90			10.95			7.90
Return on average tangible common equity (non-GAAP)(1)	15.14			16.11			16.34			12.10
Net interest margin	3.30			3.51			3.37			3.70
Net interest margin, fully tax-equivalent (non-GAAP)(1)	3.34			3.55			3.41			3.74
Efficiency ratio, fully-tax equivalent (non-GAAP)(1)	60.38			54.67			58.05			57.28

(1) Refer to "Non-GAAP Measures" in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to the financial tables for reconciliations to the most directly comparable GAAP measures.

"HTLF had another solid quarter driven by our strong balance sheet and excellent credit metrics. We were pleased with the trajectory of non-PPP loan growth, our record low level of loan delinquencies and the net recoveries on previously charged-off loans for the quarter. We are also continuing to explore ways to improve operational efficiency, including evaluating the consolidation of our 11 bank charters."

Bruce K. Lee, president and chief executive officer, HTLF

Dubuque, Iowa, Monday, October 25, 2021-Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported the following results for the quarter ended September 30, 2021 compared to the quarter ended September 30, 2020:

•Net income available to common stockholders of $53.9 million compared to $45.5 million, an increase of $8.4 million or 18%.

•Earnings per diluted common share of $1.27 compared to $1.23, an increase of $0.04 or 3%.

•Net interest income of $142.5 million compared to $122.5 million, an increase of $20.0 million or 16%.

•Return on average common equity was 10.32% and return on average assets was 1.19% compared to 10.90% and 1.26%.

•Return on average tangible common equity (non-GAAP) was 15.14% compared to 16.11%.

HTLF reported the following results for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020:

•Net income available to common stockholders of $164.3 million compared to $95.7 million, an increase of $68.6 million or 72%.

•Earnings per diluted common share of $3.88 compared to $2.59, an increase of $1.29 or 50%.

•Net interest income of $423.4 million compared to $359.2 million, an increase of $64.2 million or 18%.

•Return on average common equity was 10.95% and return on average assets was 1.25% compared to 7.90% and 0.92%.

•Return on average tangible common equity (non-GAAP) was 16.34% compared to 12.10%.

"HTLF had another solid quarter driven by our strong balance sheet and excellent credit metrics. We were pleased with the trajectory of non-PPP loan growth, our record low level of loan delinquencies and the net recoveries on previously charged-off loans for the quarter. We are also continuing to explore ways to improve operational efficiency, including evaluating the consolidation of our 11 bank charters," said Bruce K. Lee, president and chief executive officer of HTLF.

Net Interest Income and Net Interest Margin

Net interest margin, expressed as a percentage of average earning assets, was 3.30% (3.34% on a fully tax-equivalent basis, non-GAAP) during the third quarter of 2021, compared to 3.37% (3.41% on a fully tax-equivalent basis, non-GAAP) during the second quarter of 2021 and 3.51% (3.55% on a fully tax-equivalent basis, non-GAAP) during the third quarter of 2020.

Total interest income and average earning asset changes for the third quarter of 2021 compared to the third quarter of 2020 were:

•Total interest income was $149.2 million, which was an increase of $18.2 million or 14% from $131.0 million and primarily attributable to an increase in average earning assets partially offset by lower yields.

•Total interest income on a tax-equivalent basis (non-GAAP) was $150.9 million, which was an increase of $18.5 million or 14% from $132.4 million.

•Average earning assets increased $3.26 billion or 23% to $17.12 billion compared to $13.87 billion, which was primarily attributable to recent acquisitions and loan growth, including PPP loans.

•The average rate on earning assets decreased 30 basis points to 3.50% compared to 3.80%, which was primarily due to recent decreases in market interest rates and a shift in earning asset mix. Total average securities were 41% of total average earning assets compared to 33%.

Total interest expense and average interest bearing liability changes for the third quarter of 2021 compared to the third quarter of 2020 were:

•Total interest expense was $6.6 million, a decrease of $1.8 million or 22% from $8.5 million, based on a decrease in the average interest rate paid, which was partially offset by an increase in average interest bearing liabilities.

•The average interest rate paid on interest bearing liabilities decreased to 0.27% compared to 0.40%, which was primarily due to recent decreases in market interest rates.

•Average interest bearing deposits increased $1.70 billion or 22% to $9.46 billion from $7.76 billion which was primarily attributable to recent acquisitions and deposit growth.

•The average interest rate paid on interest bearing deposits decreased 11 basis points to 0.14% compared to 0.25%.

•Average borrowings decreased $140.5 million or 25% to $419.9 million from $560.4 million, which was primarily attributable to reduced advances from the PPP lending fund used to fund PPP loans to borrowers. Average advances from the PPP lending fund totaled $2.9 million compared to $158.3 million. The average interest rate paid on borrowings was 3.02% compared to 2.49%.

Net interest income increased for the third quarter of 2021 compared to the third quarter of 2020:

•Net interest income totaled $142.5 million compared to $122.5 million, which was an increase of $20.0 million or 16%.

•Net interest income on a tax-equivalent basis (non-GAAP) totaled $144.3 million compared to $123.9 million, which was an increase of $20.4 million or 16%.

Noninterest Income and Noninterest Expense

Total noninterest income was $32.7 million during the third quarter of 2021 compared to $31.2 million during the third quarter of 2020, an increase of $1.5 million or 5%. Significant changes within the noninterest income category for the third quarter of 2021 compared to the third quarter of 2020 were:

•Service charges and fees increased $3.8 million or 32% to $15.6 million from $11.7 million. The increase was primarily attributable to acquisitions completed in the fourth quarter of 2020.

•Trust fees increased $864,000 or 16% to $6.2 million from $5.4 million. The increase was primarily attributable to an increase in market value of trust assets under management.

•Net gains on sales of loans held for sale totaled $5.3 million compared to $8.9 million, which was a decrease of $3.6 million or 41% and was primarily attributable to a decrease of loans sold to the secondary market.

Total noninterest expense was $110.6 million during the third quarter of 2021 compared to $90.4 million during the third quarter of 2020, which was an increase of $20.2 million or 22%. Significant changes within the noninterest expense category for the third quarter of 2021 compared to the third quarter of 2020 were:

•Salaries and employee benefits totaled $60.7 million compared to $51.0 million, which was an increase of $9.7 million or 19%. The increase was primarily attributable to higher salary and health care expenses as a result of more full time equivalent employees and normalized health care usage. Full-time equivalent employees increased 336 to 2,163 compared to 1,827 which was primarily attributable to the acquisitions completed in the fourth quarter of 2020 and the addition of specialized commercial and agribusiness lending teams during the third quarter of 2021.

•Professional fees increased $4.4 million or 35% to $17.2 million compared to $12.8 million. The increase was primarily attributable to the utilization of external resources to support automation and technology projects, higher cloud based computing expenses and acquisitions completed in the fourth quarter of 2020.

•Other noninterest expenses increased $5.3 million or 54% to $15.1 million compared to $9.8 million. The following items impacted the third quarter of 2021 compared to the third quarter of 2020:

•Travel and staff and customer entertainment expenses increased $860,000 to $1.2 million from $310,000. Travel and customer events were limited in the third quarter of 2020 due to the pandemic.

•Credit card processing and rebate expenses increased $1.8 million or 126% to $3.3 million from $1.4 million, which was primarily attributable to increased volume.

•Fraud losses increased $458,000 or 99% to $919,000 from $461,000. The increase was primarily attributable to check fraud and wire fraud transactions given the heightened fraud environment.

The remainder of the increase was primarily attributable to acquisitions completed in the fourth quarter of 2020.

The effective tax rate was 19.15% for the third quarter of 2021 compared to 22.20% for the third quarter of 2020. The following items impacted the third quarter 2021 and 2020 tax calculations:

•Solar energy tax credits of $2.1 million compared to $965,000.

•Federal low-income housing tax credits of $135,000 compared to $195,000.

•New markets tax credits of $75,000 in each quarterly calculation.

•Historic rehabilitation tax credits of $327,000 compared to $0.

•Tax-exempt interest income as a percentage of pre-tax income of 9.32% compared to 8.48%.

Total Assets, Total Loans and Total Deposits

Total assets were $19.00 billion at September 30, 2021, an increase of $1.09 billion or 6% from $17.91 billion at year-end 2020. Securities represented 40% and 35% of total assets at September 30, 2021, and December 31, 2020, respectively.

Total loans held to maturity were $9.85 billion at September 30, 2021, $10.01 billion at June 30, 2021, and $10.02 billion at December 31, 2020. Excluding total PPP loans, loans increased $262.8 million or 11% annualized during the third quarter of 2021 and $380.4 million or 6% annualized since year-end 2020.

Significant changes by loan category at September 30, 2021 compared to June 30, 2021 included:

•Commercial and business lending, which includes commercial and industrial, PPP and owner occupied commercial real estate loans, decreased $205.4 million or 4% to $5.08 billion compared to $5.29 billion.

•PPP loans originated in 2020 ("PPP I") decreased $299.9 million or 80%. PPP loans originated in 2021 ("PPP II") decreased $120.0 million or 26%.

•Excluding total PPP loans, commercial and business lending increased $214.6 million or 5% to $4.67 billion from $4.46 billion.

•Commercial real estate lending, which includes non-owner occupied commercial real estate and construction loans, decreased $7.2 million or less than 1% to $2.83 billion compared to $2.84 billion.

•Residential mortgage loans increased $39.5 million or 5% to $840.4 million from $800.9 million.

•Consumer loans increased $10.9 million or 3% to $412.6 million from $401.6 million.

Significant changes by loan category at September 30, 2021 compared to December 31, 2020, included:

•Commercial and business lending, which includes commercial and industrial, PPP and owner occupied commercial real estate loans, decreased $186.1 million or 4%, to $5.08 billion compared to $5.27 billion.

•PPP I loans decreased $883.5 million or 92%. PPP II loans totaled $335.0 million.

•Excluding total PPP loans, commercial and business lending increased $362.4 million or 8% to $4.67 billion from $4.31 billion.

•Commercial real estate lending, which includes non-owner occupied commercial real estate and construction loans, increased $49.8 million or 2% to $2.83 billion compared to $2.78 billion.

•Agriculture and agricultural real estate loans decreased $29.9 million or 4% to $684.7 million compared to $714.5 million.

Total deposits were $16.02 billion as of September 30, 2021, $15.62 billion as of June 30, 2021 and $14.98 billion at year-end 2020. Significant deposit changes by category at September 30, 2021 compared to June 30, 2021 included:

•Demand deposits increased $238.4 million or 4% to $6.54 billion compared to $6.30 billion.

•Savings deposits increased $227.0 million or 3% to $8.42 billion from $8.19 billion.

•Time deposits decreased $58.3 million or 5% to $1.07 billion from $1.13 billion.

Significant deposit changes by category at September 30, 2021 compared to December 31, 2020 included:

•Demand deposits increased $848.9 million or 15% to $6.54 billion compared to $5.69 billion.

•Savings deposits increased $396.5 million or 5% to $8.42 billion from $8.02 billion.

•Time deposits decreased $203.1 million or 16% to $1.07 billion from $1.27 billion.

Growth in demand deposits during the third quarter and first nine months of 2021 was positively impacted by payments related to federal government stimulus programs and other COVID-19 relief programs.

Provision and Allowance

Provision and Allowance for Credit Losses for Loans

Provision benefit for credit losses for loans for the third quarter of 2021 was $4.4 million, which was a decrease of $9.2 million from provision expense of $4.7 million recorded in the third quarter of 2020. The provision benefit for the third quarter of 2021 was impacted by several factors, including:

•decrease in nonperforming loans of $2.1 million to $83.2 or 0.84% of total loans compared to $85.4 million or 0.85% of total loans at June 30, 2021,

•nonpass loans declined to 9.15% of total loans compared to 10.37% of total loans at June 30, 2021,

•loans delinquent 30-89 days as a percent of total loans fell to 0.12% compared to 0.17% at June 30, 2021,

•net recoveries of $1.3 million, and

•stable macroeconomic factors compared to the second quarter of 2021.

The allowance for credit losses for loans totaled $117.5 million and $131.6 million at September 30, 2021, and December 31, 2020, respectively. The following items have impacted the allowance for credit losses for loans for the nine months ended September 30, 2021:

•Provision benefit for the nine months ended September 30, 2021, totaled $10.9 million.

•Net charge offs of $3.2 million were recorded for the first nine months of 2021.

Provision and Allowance for Credit Losses for Unfunded Commitments

The allowance for unfunded commitments totaled $14.0 million at September 30, 2021, which was a decrease of $1.3 million from $15.3 million at December 31, 2020. Unfunded commitments increased $336.5 million to $3.58 billion at September 30, 2021 compared to $3.25 billion at December 31, 2020.

Total Provision and Allowance for Lending Related Credit Losses

The total provision benefit for lending related credit losses was $4.5 million for the third quarter of 2021 compared to provision expense of $1.7 million for the third quarter of 2020. The total allowance for lending related credit losses was $131.5 million at September 30, 2021, which was 1.33% of total loans as of September 30, 2021, compared to $146.9 million or 1.47% of total loans as of December 31, 2020. Excluding PPP loans, the allowance for lending related credit losses as a percentage of total loans was 1.39% and 1.62% as of September 30, 2021, and December 31, 2020, respectively.

Nonperforming Assets

Nonperforming assets decreased $6.8 million or 7% to $88.1 million or 0.46% of total assets at September 30, 2021, compared to $95.0 million or 0.53% of total assets at December 31, 2020. Nonperforming loans were $83.2 million or 0.84% of total loans at September 30, 2021, compared to $88.1 million or 0.88% of total loans at December 31, 2020. At September 30, 2021, loans delinquent 30-89 days were 0.12% of total loans compared to 0.23% of total loans at December 31, 2020.

Non-GAAP Financial Measures

This earnings release contains references to financial measures which are not defined by generally accepted accounting principles ("GAAP"). Management believes the non-GAAP measures are helpful for investors to analyze and evaluate the company's financial condition and operating results. However, these non-GAAP measures have inherent limitations and should not be considered a substitute for operating results determined in accordance with GAAP. Additionally, because non-GAAP measures are not standardized, it may not be possible to compare the non-GAAP measures in this earnings release with other companies' non-GAAP measures. Reconciliations of each non-GAAP measure to the most directly comparable GAAP measure may be found in the financial tables in this earnings release.

Below are the non-GAAP measures included in this earnings release, management's reason for including each measure and the method of calculating each measure:

•Annualized net interest margin, fully tax-equivalent, adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources.

•Efficiency ratio, fully tax equivalent, expresses noninterest expenses as a percentage of fully tax-equivalent net interest income and noninterest income. This efficiency ratio is presented on a tax-equivalent basis which adjusts net interest income and noninterest expenses for the tax favored status of certain loans, securities, and tax credit projects. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results as it enhances the comparability of income and expenses arising from taxable and nontaxable sources and excludes specific items as noted in reconciliation contained in this earnings release.

•Net interest income, fully tax equivalent, is net income adjusted for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources.

•Tangible book value per common share is total common equity less goodwill and core deposit and customer relationship intangibles, net, divided by common shares outstanding, net of treasury. This measure is included as it is considered to be a critical metric to analyze and evaluate use of equity, financial condition and capital strength.

•Tangible common equity ratio is total common equity less goodwill and core deposit and customer relationship intangibles, net, divided by total assets less goodwill and core deposit and customer relationship intangibles, net. This measure is included as it is considered to be a critical metric to analyze and evaluate financial condition and capital strength.

•Annualized return on average tangible common equity is net income excluding intangible amortization calculated as (1) net income excluding tax-effected core deposit and customer relationship intangibles amortization, divided by (2) average common equity less goodwill and core deposit and customer relationship intangibles, net. This measure is included as it is considered to be a critical metric to analyze and evaluate use of equity, financial condition and capital strength.

Conference Call Details

HTLF will host a conference call for shareholders, analysts and other interested parties at 5:00 p.m. EDT today. To join, please register in advance of the conference using the link provided below. Upon registering, participant dial-in numbers, Direct Event passcode and unique registrant ID will be provided. Direct Event online registration can be found at: http://www.directeventreg.com/registration/event/1492767. In the 10 minutes prior to the call start time, participants need to use the conference access information provided in the email received at the point of registering. A replay will be available until October 24, 2022, by logging on to www.htlf.com.

About HTLF

Heartland Financial USA, Inc., operating under the brand name HTLF, is a financial services company with assets of $19.00 billion. HTLF has banks serving communities in Arizona, California, Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, New Mexico, Texas and Wisconsin. HTLF is committed to its core commercial business, supported by a strong retail operation, and provides a diversified line of financial services including treasury management, residential mortgage, wealth management, investment and insurance. Additional information is available at www.htlf.com.

Safe Harbor Statement

This release (including any information incorporated herein by reference), and future oral and written statements of the company and its management, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, financial condition, results of operations, plans, objectives and future performance of HTLF.

Any statements about the company's expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Forward-looking statements may include information about possible or assumed future results of the company's operations or performance. These forward-looking statements are generally identified by the use of the words such as "believe", "expect", "intent", "anticipate", "plan", "intend", "estimate", "project", "may", "will", "would", "could", "should", "may", "view", "opportunity", "potential", or similar or negative expressions of these words or phrases that are used in this release, and future oral and written statements of the company and its management. Although the company may make these statements based on management’s experience, beliefs, expectations, assumptions and best estimate of future events, the ability of the company to predict results or the actual effect or outcomes of plans or strategies is inherently uncertain, and there may be events or factors that management has not anticipated. Therefore, the accuracy and achievement of such forward-looking statements and estimates are subject to a number of risks, many of which are

beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which the company currently believes could have a material effect on its operations and future prospects, are detailed below and in the risk factors in HTLF's reports filed with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section under Item 1A of Part I of the company’s Annual Report on Form 10-K for the year ended December 31, 2020, include, among others:

•COVID-19 Pandemic Risks, including risks related to the ongoing COVID-19 pandemic and measures enacted by the U.S. federal and state governments and adopted by private businesses in response to the COVID-19 pandemic;

•Economic and Market Conditions Risks, including risks related to changes in the U.S. economy in general and in the local economies in which HTLF conducts its operations and future civil unrest, natural disasters, terrorist threats or acts of war;

•Credit Risks, including risks of increasing credit losses due to deterioration in the financial condition of HTLF's borrowers, changes in asset and collateral values and climate and other borrower industry risks which may impact the provision for credit losses and net charge-offs;

•Liquidity and Interest Rate Risks, including the impact of capital market conditions and changes in monetary policy on our borrowings and net interest income;

•Operational Risks, including processing, information systems, cybersecurity, vendor, business interruption, and fraud risks;

•Strategic and External Risks, including competitive forces impacting our business and strategic acquisition risks;

•Legal, Compliance and Reputational Risks, including regulatory and litigation risks; and

•Risks of Owning Stock in HTLF, including stock price volatility and dilution as a result of future equity offerings and acquisitions.

There can be no assurance that other factors not currently anticipated by HTLF will not materially and adversely affect the company’s business, financial condition and results of operations. In addition, many of these risks and uncertainties are currently amplified by and may continue to be amplified by the COVID-19 pandemic and the impact of varying governmental responses that affect the company’s customers and the economies where they operate. Additionally, all statements in this release, including forward-looking statements speak only as of the date they are made. The company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions which may be made to or correct or update any forward-looking statement to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events or to otherwise update any statement in light of new information or future events. Further information concerning HTLF and its business, including additional factors that could materially affect the company’s financial results, is included in the company’s filings with the SEC.

-FINANCIAL TABLES FOLLOW-

###

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,
	2021		2020		2021		2020
Interest Income
Interest and fees on loans	$	112,062	$	102,657	$	336,416	$	316,076
Interest on securities:
Taxable	32,384		25,016		94,373		70,109
Nontaxable	4,609		3,222		13,673		8,749
Interest on federal funds sold	—		—		1		—
Interest on deposits with other banks and short-term investments	132		72		258		847
Total Interest Income	149,187		130,967		444,721		395,781
Interest Expense
Interest on deposits	3,444		4,962		11,629		25,678
Interest on short-term borrowings	98		78		348		435
Interest on other borrowings	3,102		3,430		9,378		10,514
Total Interest Expense	6,644		8,470		21,355		36,627
Net Interest Income	142,543		122,497		423,366		359,154
Provision (benefit) for credit losses	(4,534)		1,678		(12,262)		49,994
Net Interest Income After Provision for Credit Losses	147,077		120,819		435,628		309,160
Noninterest Income
Service charges and fees	15,551		11,749		44,354		34,742
Loan servicing income	784		638		2,495		1,980
Trust fees	6,221		5,357		18,037		15,356
Brokerage and insurance commissions	866		649		2,584		1,977
Securities gains/(losses), net	1,535		1,300		4,347		4,964
Unrealized gain/ (loss) on equity securities, net	112		155		85		604
Net gains on sale of loans held for sale	5,281		8,894		16,454		21,411
Valuation adjustment on servicing rights	195		(120)		586		(1,676)
Income on bank owned life insurance	940		868		2,706		2,533
Other noninterest income	1,239		1,726		4,557		5,779
Total Noninterest Income	32,724		31,216		96,205		87,670
Noninterest Expense
Salaries and employee benefits	60,689		50,978		177,083		151,053
Occupancy	7,366		6,732		22,683		19,705
Furniture and equipment	3,365		2,500		9,959		8,601
Professional fees	17,242		12,802		46,969		38,951
Advertising	1,921		928		5,039		4,128
Core deposit and customer relationship intangibles amortization	2,295		2,492		7,226		8,169
Other real estate and loan collection expenses, net	78		335		627		872
(Gain)/loss on sales/valuations of assets, net	(3)		1,763		374		2,480
Acquisition, integration and restructuring costs	204		1,146		3,342		3,195
Partnership investment in tax credit projects	2,374		927		3,754		1,902
Other noninterest expenses	15,096		9,793		39,370		32,638
Total Noninterest Expense	110,627		90,396		316,426		271,694
Income Before Income Taxes	69,174		61,639		215,407		125,136
Income taxes	13,250		13,681		45,064		27,007
Net Income	55,924		47,958		170,343		98,129
Preferred dividends	(2,013)		(2,437)		(6,038)		(2,437)
Net Income Available to Common Stockholders	$	53,911	$	45,521	$	164,305	$	95,692
Earnings per common share-diluted	$	1.27	$	1.23	$	3.88	$	2.59
Weighted average shares outstanding-diluted	42,415,993		36,995,572		42,381,313		36,955,970

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	9/30/2021		6/30/2021		3/31/2021		12/31/2020		9/30/2020
Interest Income
Interest and fees on loans	$	112,062	$	111,915	$	112,439	$	108,865	$	102,657
Interest on securities:
Taxable	32,384		31,546		30,443		28,154		25,016
Nontaxable	4,609		4,561		4,503		3,735		3,222
Interest on federal funds sold	—		—		1		—		—
Interest on deposits with other banks and short-term investments	132		60		66		77		72
Total Interest Income	149,187		148,082		147,452		140,831		130,967
Interest Expense
Interest on deposits	3,444		3,790		4,395		4,609		4,962
Interest on short-term borrowings	98		98		152		175		78
Interest on other borrowings	3,102		2,976		3,300		3,472		3,430
Total Interest Expense	6,644		6,864		7,847		8,256		8,470
Net Interest Income	142,543		141,218		139,605		132,575		122,497
Provision (benefit) for credit losses	(4,534)		(7,080)		(648)		17,072		1,678
Net Interest Income After Provision for Credit Losses	147,077		148,298		140,253		115,503		120,819
Noninterest Income
Service charges and fees	15,551		15,132		13,671		12,725		11,749
Loan servicing income	784		873		838		997		638
Trust fees	6,221		6,039		5,777		5,506		5,357
Brokerage and insurance commissions	866		865		853		779		649
Securities gains/(losses), net	1,535		2,842		(30)		2,829		1,300
Unrealized gain/ (loss) on equity securities, net	112		83		(110)		36		155
Net gains on sale of loans held for sale	5,281		4,753		6,420		7,104		8,894
Valuation adjustment on servicing rights	195		(526)		917		(102)		(120)
Income on bank owned life insurance	940		937		829		1,021		868
Other noninterest income	1,239		2,166		1,152		1,726		1,726
Total Noninterest Income	32,724		33,164		30,317		32,621		31,216
Noninterest Expense
Salaries and employee benefits	60,689		57,332		59,062		51,615		50,978
Occupancy	7,366		7,399		7,918		6,849		6,732
Furniture and equipment	3,365		3,501		3,093		3,913		2,500
Professional fees	17,242		16,237		13,490		15,117		12,802
Advertising	1,921		1,649		1,469		1,107		928
Core deposit and customer relationship intangibles amortization	2,295		2,415		2,516		2,501		2,492
Other real estate and loan collection expenses, net	78		414		135		468		335
(Gain)/loss on sales/valuations of assets, net	(3)		183		194		2,621		1,763
Acquisition, integration and restructuring costs	204		210		2,928		2,186		1,146
Partnership investment in tax credit projects	2,374		1,345		35		1,899		927
Other noninterest expenses	15,096		12,691		11,583		10,993		9,793
Total Noninterest Expense	110,627		103,376		102,423		99,269		90,396
Income Before Income Taxes	69,174		78,086		68,147		48,855		61,639
Income taxes	13,250		16,481		15,333		9,046		13,681
Net Income	55,924		61,605		52,814		39,809		47,958
Preferred dividends	(2,013)		(2,012)		(2,013)		(2,014)		(2,437)
Net Income Available to Common Stockholders	$	53,911	$	59,593	$	50,801	$	37,795	$	45,521
Earnings per common share-diluted	$	1.27	$	1.41	$	1.20	$	0.98	$	1.23
Weighted average shares outstanding-diluted	42,415,993		42,359,873		42,335,747		38,534,082		36,995,572

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	As of
	9/30/2021		6/30/2021		3/31/2021		12/31/2020		9/30/2020
Assets
Cash and due from banks	$	192,247	$	208,702	$	198,177	$	219,243	$	175,284
Interest bearing deposits with other banks and short-term investments	135,158		240,426		269,685		118,660		156,371
Cash and cash equivalents	327,405		449,128		467,862		337,903		331,655
Time deposits in other financial institutions	3,138		3,138		3,138		3,129		3,129
Securities:
Carried at fair value	7,449,936		6,543,978		6,370,495		6,127,975		4,950,698
Held to maturity, at cost, less allowance for credit losses	85,354		85,439		85,293		88,839		88,700
Other investments, at cost	83,332		76,809		74,935		75,253		35,940
Loans held for sale	37,078		33,248		43,037		57,949		65,969
Loans:
Held to maturity	9,854,907		10,012,014		10,050,456		10,023,051		9,099,646
Allowance for credit losses	(117,533)		(120,726)		(130,172)		(131,606)		(103,377)
Loans, net	9,737,374		9,891,288		9,920,284		9,891,445		8,996,269
Premises, furniture and equipment, net	221,996		226,358		225,047		226,094		200,028
Goodwill	576,005		576,005		576,005		576,005		446,345
Core deposit and customer relationship intangibles, net	35,157		37,452		39,867		42,383		40,520
Servicing rights, net	6,351		6,201		6,953		6,052		5,752
Cash surrender value on life insurance	190,576		189,619		188,521		187,664		173,111
Other real estate, net	4,744		6,314		6,236		6,624		5,050
Other assets	237,779		246,029		236,754		281,024		269,498
Total Assets	$	18,996,225	$	18,371,006	$	18,244,427	$	17,908,339	$	15,612,664
Liabilities and Equity
Liabilities
Deposits:
Demand	$	6,537,722	$	6,299,289	$	6,175,946	$	5,688,810	$	5,022,567
Savings	8,416,204		8,189,223		8,179,251		8,019,704		6,742,151
Time	1,068,317		1,126,606		1,203,854		1,271,391		1,002,392
Total deposits	16,022,243		15,615,118		15,559,051		14,979,905		12,767,110
Short-term borrowings	265,620		152,563		140,597		167,872		306,706
Other borrowings	371,765		271,244		349,514		457,042		524,045
Accrued expenses and other liabilities	164,345		172,295		139,058		224,289		203,199
Total Liabilities	16,823,973		16,211,220		16,188,220		15,829,108		13,801,060
Stockholders' Equity
Preferred equity	110,705		110,705		110,705		110,705		110,705
Common stock	42,250		42,245		42,174		42,094		36,885
Capital surplus	1,068,913		1,066,765		1,063,497		1,062,083		847,377
Retained earnings	926,834		883,484		833,171		791,630		761,211
Accumulated other comprehensive income	23,550		56,587		6,660		72,719		55,426
Total Equity	2,172,252		2,159,786		2,056,207		2,079,231		1,811,604
Total Liabilities and Equity	$	18,996,225	$	18,371,006	$	18,244,427	$	17,908,339	$	15,612,664

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA AND FULL TIME EQUIVALENT EMPLOYEE DATA
	For the Quarter Ended
	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020
Average Balances
Assets	$	18,608,775		$	18,293,756		$	17,964,723		$	16,401,152		$	15,167,225
Loans, net of unearned	9,920,047			10,072,071			9,952,152			9,366,430			9,220,666
Deposits	15,817,778			15,576,345			15,044,561			13,518,020			12,650,822
Earning assets	17,123,824			16,819,978			16,460,124			15,042,079			13,868,360
Interest bearing liabilities	9,881,350			9,871,302			9,917,159			9,053,855			8,320,123
Common equity	2,072,593			1,980,904			1,963,674			1,769,575			1,661,381
Total stockholders' equity	2,183,298			2,091,609			2,074,379			1,880,280			1,772,086
Tangible common equity (non-GAAP)(1)	1,460,309			1,366,285			1,346,270			1,238,691			1,172,891
Key Performance Ratios
Annualized return on average assets	1.19		%	1.35		%	1.19		%	0.97		%	1.26		%
Annualized return on average common equity (GAAP)	10.32			12.07			10.49			8.50			10.90
Annualized return on average tangible common equity (non-GAAP)(1)	15.14			18.05			15.90			12.77			16.11
Annualized ratio of net charge-offs/(recoveries) to average loans	(0.05)			0.12			0.06			0.01			0.92
Annualized net interest margin (GAAP)	3.30			3.37			3.44			3.51			3.51
Annualized net interest margin, fully tax-equivalent (non-GAAP)(1)	3.34			3.41			3.48			3.55			3.55
Efficiency ratio, fully tax-equivalent (non-GAAP)(1)	60.38			57.11			56.61			54.93			54.67

	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
	2021			2020			2021			2020
Average Balances
Assets	$	18,608,775		$	15,167,225		$	18,291,444		$	14,239,151
Loans, net of unearned	9,920,047			9,220,666			9,981,306			8,925,016
Deposits	15,817,778			12,650,822			15,482,394			11,972,615
Earning assets	17,123,824			13,868,360			16,803,740			12,957,661
Interest bearing liabilities	9,881,350			8,320,123			9,889,806			8,106,721
Common equity	2,072,593			1,661,381			2,006,123			1,618,811
Total stockholders' equity	2,183,298			1,772,086			2,116,828			1,658,006
Tangible common stockholders' equity	1,460,309			1,172,891			1,391,373			1,127,642
Key Performance Ratios
Annualized return on average assets	1.19		%	1.26		%	1.25		%	0.92		%
Annualized return on average common equity (GAAP)	10.32			10.90			10.95			7.90
Annualized return on average tangible common equity (non-GAAP)(1)	15.14			16.11			16.34			12.10
Annualized ratio of net charge-offs/(recoveries) to average loans	(0.05)			0.92			0.04			0.43
Annualized net interest margin (GAAP)	3.30			3.51			3.37			3.70
Annualized net interest margin, fully tax-equivalent (non-GAAP)(1)	3.34			3.55			3.41			3.74
Efficiency ratio, fully tax-equivalent (non-GAAP)(1)	60.38			54.67			58.05			57.28
(1) Refer to "Non-GAAP Measures" in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.

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
	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020
Common Share Data
Book value per common share	$	48.79		$	48.50		$	46.13		$	46.77		$	46.11
Tangible book value per common share (non-GAAP)(1)	$	34.33		$	33.98		$	31.53		$	32.07		$	32.91
Common shares outstanding, net of treasury stock	42,250,092			42,245,452			42,173,675			42,093,862			36,885,390
Tangible common equity ratio (non-GAAP)(1)	7.89		%	8.08		%	7.54		%	7.81		%	8.03		%
Other Selected Trend Information
Effective tax rate	19.15		%	21.11		%	22.50		%	18.52		%	22.20		%
Full time equivalent employees	2,163			2,091			2,131			2,013			1,827
Loans Held to Maturity
Commercial and industrial	$	2,538,369		$	2,518,908		$	2,421,260		$	2,534,799		$	2,303,646
Paycheck Protection Program ("PPP")	409,247			829,175			1,155,328			957,785			1,128,035
Owner occupied commercial real estate	2,135,227			1,940,134			1,837,559			1,776,406			1,494,902
Commercial and business lending	5,082,843			5,288,217			5,414,147			5,268,990			4,926,583
Non-owner occupied commercial real estate	2,020,487			1,987,369			1,967,183			1,921,481			1,659,683
Real estate construction	814,001			854,295			796,027			863,220			917,765
Commercial real estate lending	2,834,488			2,841,664			2,763,210			2,784,701			2,577,448
Total commercial lending	7,917,331			8,129,881			8,177,357			8,053,691			7,504,031
Agricultural and agricultural real estate	684,670			679,608			683,969			714,526			508,058
Residential mortgage	840,356			800,884			786,994			840,442			701,899
Consumer	412,550			401,641			402,136			414,392			385,658
Total loans held to maturity	$	9,854,907		$	10,012,014		$	10,050,456		$	10,023,051		$	9,099,646
Total unfunded loan commitments	$	3,583,417		$	3,433,062		$	3,306,042		$	3,246,953		$	2,980,484
(1) Refer to "Non-GAAP Measures" in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	As of and for the Quarter Ended
	9/30/2021		6/30/2021		3/31/2021		12/31/2020		9/30/2020
Allowance for Credit Losses-Loans
Balance, beginning of period	$	120,726	$	130,172	$	131,606	$	103,377	$	119,937
Allowance for acquired purchased credit deteriorated loans	—		—		—		12,313		—
Provision (benefit) for credit losses	(4,448)		(6,466)		16		16,132		4,741
Charge-offs	(1,167)		(3,497)		(2,126)		(1,104)		(21,753)
Recoveries	2,422		517		676		888		452
Balance, end of period	$	117,533	$	120,726	$	130,172	$	131,606	$	103,377
Allowance for Unfunded Commitments
Balance, beginning of period	$	14,002	$	14,619	$	15,280	$	14,330	$	17,392
Provision (benefit) for credit losses	(35)		(617)		(661)		950		(3,062)
Balance, end of period	$	13,967	$	14,002	$	14,619	$	15,280	$	14,330
Allowance for lending related credit losses	$	131,500	$	134,728	$	144,791	$	146,886	$	117,707
Provision for Credit Losses
Provision (benefit) for credit losses-loans	$	(4,448)	$	(6,466)	$	16	$	6,572	$	4,741
Provision for credit losses-acquired loans	—		—		—		9,560		—
Provision (benefit) for credit losses-unfunded commitments	(35)		(617)		(661)		(1,372)		(3,062)
Provision for credit losses-acquired unfunded commitments	—		—		—		2,322		—
Provision (benefit) for credit losses-held to maturity securities	(51)		3		(3)		(10)		(1)
Total provision (benefit) for credit losses	$	(4,534)	$	(7,080)	$	(648)	$	17,072	$	1,678

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	As of and for the Quarter Ended
	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020
Asset Quality
Nonaccrual loans	$	82,375		$	85,268		$	91,718		$	87,386		$	79,040
Loans past due ninety days or more	861			97			171			720			1,681
Other real estate owned	4,744			6,314			6,236			6,624			5,050
Other repossessed assets	166			50			239			240			130
Total nonperforming assets	$	88,146		$	91,729		$	98,364		$	94,970		$	85,901
Performing troubled debt restructured loans	$	1,817		$	2,122		$	2,394		$	2,370		$	11,818
Nonperforming Assets Activity
Balance, beginning of period	$	91,729		$	98,364		$	94,970		$	85,901		$	98,537
Net loan (charge offs)/recoveries	1,255			(2,980)			(1,450)			(216)			(21,301)
New nonperforming loans	6,908			7,989			14,936			8,664			11,834
Acquired nonperforming assets	—			—			—			12,781			—
Reduction of nonperforming loans(1)	(8,581)			(10,948)			(8,884)			(10,811)			(1,994)
Net OREO/repossessed assets sales proceeds and losses	(3,165)			(696)			(1,208)			(1,349)			(1,175)
Balance, end of period	$	88,146		$	91,729		$	98,364		$	94,970		$	85,901
Asset Quality Ratios
Ratio of nonperforming loans to total loans	0.84		%	0.85		%	0.91		%	0.88		%	0.89		%
Ratio of nonperforming loans and performing trouble debt restructured loans to total loans	0.86			0.87			0.94			0.90			1.02
Ratio of nonperforming assets to total assets	0.46			0.50			0.54			0.53			0.55
Annualized ratio of net loan charge-offs/(recoveries) to average loans	(0.05)			0.12			0.06			0.01			0.92
Allowance for loan credit losses as a percent of loans	1.19			1.21			1.30			1.31			1.14
Allowance for lending related credit losses as a percent of loans	1.33			1.35			1.44			1.47			1.29
Allowance for loan credit losses as a percent of nonperforming loans	141.20			141.42			141.66			149.37			128.07
Loans delinquent 30-89 days as a percent of total loans	0.12			0.17			0.16			0.23			0.17
(1) Includes principal reductions, transfers to performing status and transfers to OREO.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
	For the Quarter Ended
	September 30, 2021							June 30, 2021							September 30, 2020
	Average Balance			Interest		Rate		Average Balance			Interest		Rate		Average Balance			Interest		Rate
Earning Assets
Securities:
Taxable	$	6,244,097		$	32,384	2.06	%	$	5,862,683		$	31,546	2.16	%	$	4,125,700		$	25,016	2.41	%
Nontaxable(1)	759,073			5,835		3.05		740,601			5,773		3.13		429,710			4,078		3.78
Total securities	7,003,170			38,219		2.17		6,603,284			37,319		2.27		4,555,410			29,094		2.54
Interest on deposits with other banks and short-term investments	322,430			132		0.16		271,891			60		0.09		215,361			72		0.13
Federal funds sold	—			—		—		—			—		—		—			—		—
Loans:(2)
Commercial and industrial(1)	2,588,270			28,224		4.33		2,469,742			28,562		4.64		2,331,467			27,777		4.74
PPP loans	602,675			11,186		7.36		1,047,559			11,186		4.28		1,128,488			7,462		2.63
Owner occupied commercial real estate	1,990,538			20,048		4.00		1,858,891			20,097		4.34		1,463,538			17,359		4.72
Non-owner occupied commercial real estate	1,964,609			22,129		4.47		1,980,374			21,734		4.40		1,589,073			18,860		4.72
Real estate construction	835,976			9,591		4.55		815,738			9,212		4.53		1,023,490			11,628		4.52
Agricultural and agricultural real estate	674,510			7,415		4.36		672,560			7,267		4.33		514,442			5,968		4.62
Residential mortgage	855,734			9,068		4.20		827,291			9,255		4.49		774,850			8,915		4.58
Consumer	407,735			4,889		4.76		399,916			5,152		5.17		395,318			5,222		5.26
Less: allowance for credit losses-loans	(121,823)			—		—		(127,268)			—		—		(123,077)			—		—
Net loans	9,798,224			112,550		4.56		9,944,803			112,465		4.54		9,097,589			103,191		4.51
Total earning assets	17,123,824			150,901		3.50	%	16,819,978			149,844		3.57	%	13,868,360			132,357		3.80	%
Nonearning Assets	1,484,951							1,473,778							1,298,865
Total Assets	$	18,608,775						$	18,293,756						$	15,167,225
Interest Bearing Liabilities
Savings	$	8,364,326		$	2,240	0.11	%	$	8,234,151		$	2,233	0.11	%	$	6,723,962		$	1,940	0.11	%
Time deposits	1,097,126			1,204		0.44		1,171,266			1,557		0.53		1,035,715			3,022		1.16
Short-term borrowings	139,001			98		0.28		169,822			98		0.23		128,451			78		0.24
Other borrowings	280,897			3,102		4.38		296,063			2,976		4.03		431,995			3,430		3.16
Total interest bearing liabilities	9,881,350			6,644		0.27	%	9,871,302			6,864		0.28	%	8,320,123			8,470		0.40	%
Noninterest Bearing Liabilities
Noninterest bearing deposits	6,356,326							6,170,928							4,891,145
Accrued interest and other liabilities	187,801							159,917							183,871
Total noninterest bearing liabilities	6,544,127							6,330,845							5,075,016
Equity	2,183,298							2,091,609							1,772,086
Total Liabilities and Equity	$	18,608,775						$	18,293,756						$	15,167,225
Net interest income, fully tax-equivalent (non-GAAP)(1)(3)				$	144,257						$	142,980						$	123,887
Net interest spread(1)						3.23	%						3.29	%						3.40	%
Net interest income, fully tax-equivalent (non-GAAP)(1)(3) to total earning assets						3.34	%						3.41	%						3.55	%
Interest bearing liabilities to earning assets	57.71		%					58.69		%					59.99		%
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
(2) Nonaccrual loans and loans held for sale are included in the average loans outstanding.
(3) Refer to "Non-GAAP Measures" in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
	For the Nine Months Ended
	September 30, 2021							September 30, 2020
	Average Balance			Interest		Rate		Average Balance			Interest		Rate
Earning Assets
Securities:
Taxable	$	5,935,295		$	94,373	2.13	%	$	3,546,471		$	70,109	2.64	%
Nontaxable(1)	743,534			17,308		3.11		384,026			11,074		3.85
Total securities	6,678,829			111,681		2.24	%	3,930,497			81,183		2.76	%
Interest bearing deposits with other banks and other short-term investments	266,701			258		0.13		202,390			847		0.56
Federal funds sold	4,622			1		0.03		—			—		—
Loans:(2)
Commercial and industrial(1)	2,519,608			85,008		4.51	%	2,463,546			90,990		4.93	%
PPP loans	879,489			32,521		4.94		683,262			13,479		2.64
Owner occupied commercial real estate	1,876,929			59,710		4.25		1,440,981			53,610		4.97
Non-owner occupied commercial real estate	1,961,016			65,984		4.50		1,534,293			57,445		5.00
Real estate construction	819,452			28,501		4.65		1,056,493			37,062		4.69
Agricultural and agricultural real estate	676,091			22,733		4.50		533,290			19,178		4.80
Residential mortgage	844,337			28,153		4.46		796,497			28,922		4.85
Consumer	404,384			15,408		5.09		416,654			17,002		5.45
Less: allowance for credit losses-loans	(127,718)			—		—		(100,242)			—		—
Net loans	9,853,588			338,018		4.59		8,824,774			317,688		4.81
Total earning assets	16,803,740			449,958		3.58	%	12,957,661			399,718		4.12	%
Nonearning Assets	1,487,704							1,281,490
Total Assets	$	18,291,444						$	14,239,151
Interest Bearing Liabilities
Savings	$	8,211,478		$	6,903	0.11	%	$	6,564,582		$	14,394	0.29	%
Time deposits	1,166,858			4,726		0.54		1,092,698			11,284		1.38
Short-term borrowings	182,583			348		0.25		117,526			435		0.49
Other borrowings	328,887			9,378		3.81		331,915			10,514		4.23
Total interest bearing liabilities	9,889,806			21,355		0.29	%	8,106,721			36,627		0.60	%
Noninterest Bearing Liabilities
Noninterest bearing deposits	6,104,058							4,315,335
Accrued interest and other liabilities	180,752							159,089
Total noninterest bearing liabilities	6,284,810							4,474,424
Stockholders' Equity	2,116,828							1,658,006
Total Liabilities and Stockholders' Equity	$	18,291,444						$	14,239,151
Net interest income, fully tax-equivalent (non-GAAP)(1)(3)				$	428,603						$	363,091
Net interest spread(1)						3.29	%						3.52	%
Net interest income, fully tax-equivalent (non-GAAP)(1)(3) to total earning assets						3.41	%						3.74	%
Interest bearing liabilities to earning assets	58.85		%					62.56		%
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
(2) Nonaccrual loans and loans held for sale are included in the average loans outstanding.
(3) Refer to "Non-GAAP Measures" in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.

HEARTLAND FINANCIAL USA, INC.
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited)
DOLLARS IN THOUSANDS
	As of and For the Quarter Ended
	9/30/2021		6/30/2021		3/31/2021		12/31/2020		9/30/2020
Total Assets
Arizona Bank & Trust	$	1,808,943	$	1,645,816	$	1,614,740	$	1,529,800	$	1,039,253
Bank of Blue Valley	1,460,751		1,419,003		1,425,434		1,376,080		1,424,261
Citywide Banks	2,685,554		2,611,842		2,632,199		2,628,963		2,639,516
Dubuque Bank and Trust Company	1,968,612		1,990,040		1,932,234		1,853,078		1,838,260
First Bank & Trust	2,855,671		2,882,969		2,991,053		3,171,961		1,289,187
Illinois Bank & Trust	1,680,558		1,671,240		1,584,561		1,525,503		1,500,012
Minnesota Bank & Trust	872,291		955,638		995,692		1,000,168		1,007,548
New Mexico Bank & Trust	2,586,951		2,494,257		2,356,918		2,032,637		2,002,663
Premier Valley Bank	1,198,540		1,126,807		1,062,607		1,076,615		1,042,437
Rocky Mountain Bank	718,956		646,821		620,800		616,157		617,169
Wisconsin Bank & Trust	1,209,954		1,252,096		1,264,009		1,267,488		1,262,069
Total Deposits
Arizona Bank & Trust	$	1,617,732	$	1,450,248	$	1,453,888	$	1,357,158	$	886,174
Bank of Blue Valley	1,192,868		1,168,617		1,178,114		1,138,264		1,142,910
Citywide Banks	2,282,703		2,174,237		2,231,320		2,181,511		2,163,051
Dubuque Bank and Trust Company	1,705,753		1,471,564		1,565,782		1,456,908		1,591,561
First Bank & Trust	2,367,353		2,361,391		2,427,920		2,622,716		936,366
Illinois Bank & Trust	1,509,847		1,512,106		1,426,426		1,338,677		1,307,513
Minnesota Bank & Trust	734,292		762,549		813,693		789,555		804,045
New Mexico Bank & Trust	2,206,099		2,195,838		2,077,304		1,749,963		1,747,527
Premier Valley Bank	988,579		963,459		896,715		836,984		855,913
Rocky Mountain Bank	602,155		568,961		549,894		538,012		533,429
Wisconsin Bank & Trust	1,048,367		1,093,119		1,067,735		1,057,369		1,011,843

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA AND FULL TIME EQUIVALENT EMPLOYEE DATA
	For the Quarter Ended
	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020
Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP)
Net income available to common stockholders (GAAP)	$	53,911		$	59,593		$	50,801		$	37,795		$	45,521
Plus core deposit and customer relationship intangibles amortization, net of tax(1)	1,814			1,907			1,988			1,975			1,969
Net income available to common stockholders excluding intangible amortization (non-GAAP)	$	55,725		$	61,500		$	52,789		$	39,770		$	47,490
Average common equity (GAAP)	$	2,072,593		$	1,980,904		$	1,963,674		$	1,769,575		$	1,661,381
Less average goodwill	576,005			576,005			576,005			488,151			446,345
Less average core deposit and customer relationship intangibles, net	36,279			38,614			41,399			42,733			42,145
Average tangible common equity (non-GAAP)	$	1,460,309		$	1,366,285		$	1,346,270		$	1,238,691		$	1,172,891
Annualized return on average common equity (GAAP)	10.32		%	12.07		%	10.49		%	8.50		%	10.90		%
Annualized return on average tangible common equity (non-GAAP)	15.14		%	18.05		%	15.90		%	12.77		%	16.11		%
Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)
Net Interest Income (GAAP)	$	142,543		$	141,218		$	139,605		$	132,575		$	122,497
Plus tax-equivalent adjustment(1)	1,714			1,762			1,761			1,529			1,390
Net interest income, fully tax-equivalent (non-GAAP)	$	144,257		$	142,980		$	141,366		$	134,104		$	123,887
Average earning assets	$	17,123,824		$	16,819,978		$	16,460,124		$	15,042,079		$	13,868,360
Annualized net interest margin (GAAP)	3.30		%	3.37		%	3.44		%	3.51		%	3.51		%
Annualized net interest margin, fully tax-equivalent (non-GAAP)	3.34			3.41			3.48			3.55			3.55
Net purchase accounting discount amortization on loans included in annualized net interest margin	0.08			0.09			0.12			0.10			0.10

Reconciliation of Tangible Book Value Per Common Share (non-GAAP)
Common equity (GAAP)	$	2,061,547		$	2,049,081		$	1,945,502		$	1,968,526		$	1,700,899
Less goodwill	576,005			576,005			576,005			576,005			446,345
Less core deposit and customer relationship intangibles, net	35,157			37,452			39,867			42,383			40,520
Tangible common equity (non-GAAP)	$	1,450,385		$	1,435,624		$	1,329,630		$	1,350,138		$	1,214,034
Common shares outstanding, net of treasury stock	42,250,092			42,245,452			42,173,675			42,093,862			36,885,390
Common equity (book value) per share (GAAP)	$	48.79		$	48.50		$	46.13		$	46.77		$	46.11
Tangible book value per common share (non-GAAP)	$	34.33		$	33.98		$	31.53		$	32.07		$	32.91
Reconciliation of Tangible Common Equity Ratio (non-GAAP)
Tangible common equity (non-GAAP)	$	1,450,385		$	1,435,624		$	1,329,630		$	1,350,138		$	1,214,034
Total assets (GAAP)	$	18,996,225		$	18,371,006		$	18,244,427		$	17,908,339		$	15,612,664
Less goodwill	576,005			576,005			576,005			576,005			446,345
Less core deposit and customer relationship intangibles, net	35,157			37,452			39,867			42,383			40,520
Total tangible assets (non-GAAP)	$	18,385,063		$	17,757,549		$	17,628,555		$	17,289,951		$	15,125,799
Tangible common equity ratio (non-GAAP)	7.89		%	8.08		%	7.54		%	7.81		%	8.03		%
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
Reconciliation of Efficiency Ratio (non-GAAP)	For the Quarter Ended
	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020
Net interest income (GAAP)	$	142,543		$	141,218		$	139,605		$	132,575		$	122,497
Tax-equivalent adjustment(1)	1,714			1,762			1,761			1,529			1,390
Fully tax-equivalent net interest income	144,257			142,980			141,366			134,104			123,887
Noninterest income	32,724			33,164			30,317			32,621			31,216
Securities (gains)/losses, net	(1,535)			(2,842)			30			(2,829)			(1,300)
Unrealized (gain)/loss on equity securities, net	(112)			(83)			110			(36)			(155)
Valuation adjustment on servicing rights	(195)			526			(917)			102			120
Adjusted revenue (non-GAAP)	$	175,139		$	173,745		$	170,906		$	163,962		$	153,768
Total noninterest expenses (GAAP)	$	110,627		$	103,376		$	102,423		$	99,269		$	90,396
Less:
Core deposit and customer relationship intangibles amortization	2,295			2,415			2,516			2,501			2,492
Partnership investment in tax credit projects	2,374			1,345			35			1,899			927
(Gain)/loss on sales/valuation of assets, net	(3)			183			194			2,621			1,763
Acquisition, integration and restructuring costs	204			210			2,928			2,186			1,146
Adjusted noninterest expenses (non-GAAP)	$	105,757		$	99,223		$	96,750		$	90,062		$	84,068
Efficiency ratio, fully tax-equivalent (non-GAAP)	60.38		%	57.11		%	56.61		%	54.93		%	54.67		%
Acquisition, integration and restructuring costs
Salaries and employee benefits	$	—		$	44		$	534		$	232		$	—
Occupancy	—			1			9			—			—
Furniture and equipment	7			41			607			423			496
Professional fees	145			63			670			1,422			476
Advertising	11			6			156			42			8
(Gain)/loss on sales/valuations of assets, net	39			—			—			—			—
Other noninterest expenses	2			55			952			67			166
Total acquisition, integration and restructuring costs	$	204		$	210		$	2,928		$	2,186		$	1,146
After tax impact on diluted earnings per common share(1)	$	—		$	—		$	0.05		$	0.04		$	0.02
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

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,
	2021			2020			2021			2020
Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP)
Net income available to common stockholders (GAAP)	$	53,911		$	45,521		$	164,305		$	95,692
Plus core deposit and customer relationship intangibles amortization, net of tax(1)	1,814			1,969			5,709			6,454
Net income available to common stockholders excluding intangible amortization (non-GAAP)	$	55,725		$	47,490		$	170,014		$	102,146
Average common equity (GAAP)	$	2,072,593		$	1,661,381		$	2,006,123		$	1,618,811
Less average goodwill	576,005			446,345			576,005			446,345
Less average core deposit and customer relationship intangibles, net	36,279			42,145			38,745			44,824
Average tangible common equity (non-GAAP)	$	1,460,309		$	1,172,891		$	1,391,373		$	1,127,642
Annualized return on average common equity (GAAP)	10.32		%	10.90		%	10.95		%	7.90		%
Annualized return on average tangible common equity (non-GAAP)	15.14		%	16.11		%	16.34		%	12.10		%
Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)
Net Interest Income (GAAP)	$	142,543		$	122,497		$	423,366		$	359,154
Plus tax-equivalent adjustment(1)	1,714			1,390			5,237			3,937
Net interest income, fully tax-equivalent (non-GAAP)	$	144,257		$	123,887		$	428,603		$	363,091
Average earning assets	$	17,123,824		$	13,868,360		$	16,803,740		$	12,957,661
Annualized net interest margin (GAAP)	3.30		%	3.51		%	3.37		%	3.70		%
Annualized net interest margin, fully tax-equivalent (non-GAAP)	3.34			3.55			3.41			3.74
Purchase accounting discount amortization on loans included in annualized net interest margin	0.08			0.10			0.10			0.12
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
Reconciliation of Efficiency Ratio (non-GAAP)	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
	2021			2020			2021			2020
Net interest income (GAAP)	$	142,543		$	122,497		$	423,366		$	359,154
Tax-equivalent adjustment(1)	1,714			1,390			5,237			3,937
Fully tax-equivalent net interest income	144,257			123,887			428,603			363,091
Noninterest income	32,724			31,216			96,205			87,670
Securities gains, net	(1,535)			(1,300)			(4,347)			(4,964)
Unrealized (gain)/loss on equity securities, net	(112)			(155)			(85)			(604)
Valuation adjustment on servicing rights	(195)			120			(586)			1,676
Adjusted revenue (non-GAAP)	$	175,139		$	153,768		$	519,790		$	446,869
Total noninterest expenses (GAAP)	$	110,627		$	90,396		$	316,426		$	271,694
Less:
Core deposit and customer relationship intangibles amortization	2,295			2,492			7,226			8,169
Partnership investment in tax credit projects	2,374			927			3,754			1,902
Loss on sales/valuation of assets, net	(3)			1,763			374			2,480
Acquisition, integration and restructuring costs	204			1,146			3,342			3,195
Adjusted noninterest expenses (non-GAAP)	$	105,757		$	84,068		$	301,730		$	255,948
Efficiency ratio, fully tax-equivalent (non-GAAP)	60.38		%	54.67		%	58.05		%	57.28		%
Acquisition, integration and restructuring costs
Salaries and employee benefits	$	—		$	—		$	578		$	166
Occupancy	—			—			10			—
Furniture and equipment	7			496			655			535
Professional fees	145			476			878			1,977
Advertising	11			8			173			101
(Gain)/loss on sales/valuations of assets, net	39			—			39			—
Other noninterest expenses	2			166			1,009			416
Total acquisition, integration and restructuring costs	$	204		$	1,146		$	3,342		$	3,195
After tax impact on diluted earnings per common share(1)	$	—		$	0.02		$	0.06		$	0.07
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA AND FULL TIME EQUIVALENT EMPLOYEE DATA
	As of and For the Quarter Ended
	9/30/2021			6/30/2021			3/31/2021			12/31/2020			9/30/2020
PPP I loan balances	$	74,255		$	374,174		$	739,562		$	957,785		$	1,128,035
Average PPP I loan balances	174,930			597,703			841,262			1,064,863			1,128,488
PPP I fee income	$	3,886		$	7,313		$	7,464		$	9,109		$	4,542
PPP I interest income	403			1,445			2,087			2,697			2,920
Total PPP I interest income	$	4,289		$	8,758		$	9,551		$	11,806		$	7,462
PPP II loan balances	$	334,992		$	455,001		$	415,766		$	—		$	—
Average PPP II loan balances	427,745			449,856			151,255			—			—
PPP II fee income	$	5,784		$	1,263		$	223		$	—		$	—
PPP II interest income	1,113			1,165			375			—			—
Total PPP II interest income	$	6,897		$	2,428		$	598		$	—		$	—
Selected ratios excluding total PPP loans and total PPP interest income
Annualized net interest margin (GAAP)	3.15		%	3.31		%	3.39		%	3.44		%	3.59		%
Annualized net interest margin, fully tax-equivalent (non-GAAP)(1)	3.20			3.35			3.44			3.48			3.64
Ratio of nonperforming loans to total loans	0.88			0.93			1.03			0.97			1.01
Ratio of nonperforming loans and performing trouble debt restructured loans to total loans	0.90			0.95			1.06			1.00			1.16
Ratio of nonperforming assets to total assets	0.47			0.52			0.58			0.56			0.59
Annualized ratio of net loan charge-offs/(recoveries) to average loans	(0.05)			0.13			0.07			0.01			1.05
Allowance for loan credit losses as a percent of loans	1.24			1.31			1.46			1.45			1.30
Allowance for lending related credit losses as a percent of loans	1.39			1.47			1.63			1.62			1.48
Loans delinquent 30-89 days as a percent of total loans	0.12			0.18			0.18			0.25			0.19
After tax impact of total PPP interest income on diluted earnings per common share(1)	$	0.21		$	0.21		$	0.19		$	0.24		$	0.16

	As of and For the Nine Months Ended
	September 30, 2021			September 30, 2020
Average PPP I loan balances	$	535,524		$	683,262
Average PPP II loan balances	343,965			—
PPP I and II fee income	$	25,933		$	8,197
PPP I and II interest income	6,588			5,282
Total PPP I and II interest income	$	32,521		$	13,479
Selected ratios excluding total PPP loans and total PPP interest income
Annualized net interest margin (GAAP)	3.28		%	3.76		%
Annualized net interest margin, fully tax-equivalent (non-GAAP)(1)	3.33			3.80
Annualized ratio of net loan charge-offs to average loans	0.05			0.47
After tax impact of total PPP interest income on diluted earnings per common share(1)	$	0.61		$	0.29
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

EX-99.2

3rd Quarter 2021 Financials

Safe Harbor 2 This release (including any information incorporated herein by reference), and future oral and written statements of the company and its management, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, financial condition, results of operations, plans, objectives and future performance of HTLF. Any statements about the company's expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward- looking. Forward-looking statements may include information about possible or assumed future results of the company's operations or performance. These forward- looking statements are generally identified by the use of the words such as "believe", "expect", "intent", "anticipate", "plan", "intend", "estimate", "project", "may", "will", "would", "could", "should", "may", "view", "opportunity", "potential", or similar or negative expressions of these words or phrases that are used in this release, and future oral and written statements of the company and its management. Although the company may make these statements based on management’s experience, beliefs, expectations, assumptions and best estimate of future events, the ability of the company to predict results or the actual effect or outcomes of plans or strategies is inherently uncertain, and there may be events or factors that management has not anticipated. Therefore, the accuracy and achievement of such forward-looking statements and estimates are subject to a number of risks, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which the company currently believes could have a material effect on its operations and future prospects, are detailed below and in the risk factors in HTLF's reports filed with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section under Item 1A of Part I of the company’s Annual Report on Form 10-K for the year ended December 31, 2020, include, among others: • COVID-19 Pandemic Risks, including risks related to the ongoing COVID-19 pandemic and measures enacted by the U.S. federal and state governments and adopted by private businesses in response to the COVID-19 pandemic; • Economic and Market Conditions Risks, including risks related to changes in the U.S. economy in general and in the local economies in which HTLF conducts its operations and future civil unrest, natural disasters, terrorist threats or acts of war; • Credit Risks, including risks of increasing credit losses due to deterioration in the financial condition of HTLF's borrowers, changes in asset and collateral values and climate and other borrower industry risks which may impact the provision for credit losses and net charge-offs; • Liquidity and Interest Rate Risks, including the impact of capital market conditions and changes in monetary policy on our borrowings and net interest income; • Operational Risks, including processing, information systems, cybersecurity, vendor, business interruption, and fraud risks; • Strategic and External Risks, including competitive forces impacting our business and strategic acquisition risks; • Legal, Compliance and Reputational Risks, including regulatory and litigation risks; and • Risks of Owning Stock in HTLF, including stock price volatility and dilution as a result of future equity offerings and acquisitions. There can be no assurance that other factors not currently anticipated by HTLF will not materially and adversely affect the company’s business, financial condition and results of operations. In addition, many of these risks and uncertainties are currently amplified by and may continue to be amplified by the COVID-19 pandemic and the impact of varying governmental responses that affect the company’s customers and the economies where they operate. Additionally, all statements in this release, including forward-looking statements speak only as of the date they are made. The company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions which may be made to or correct or update any forward-looking statement to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events or to otherwise update any statement in light of new information or future events. Further information concerning HTLF and its business, including additional factors that could materially affect the company’s financial results, is included in the company’s filings with the SEC.

3 Corporate Profile

As of 3Q21 Total Assets $18,996 Total Loans Held for Investment $9,855 Total Deposits $16,022 Loan / Deposit Ratio 61.51% Tangible Common Equity 1 $1,450 Total Common Equity $2,062 Total Common Equity / Total Assets 10.85% Tang. Common Equity / Tang. Assets 1 7.89% Tier 1 Leverage Ratio 8.60% CET1 Ratio 11.40% Tier 1 Capital Ratio 12.28% Total RBC Ratio 16.01% QTD YTD Net Interest Margin, fully tax-equivalent 1 3.34% 3.41% Cost of Interest Bearing Deposits 0.14% 0.17% Return on Avg. Assets 1.19% 1.25% Return on Avg. Tangible Common Equity 1 15.14% 16.34% Efficiency Ratio FTE 1 60.38% 58.05% NPAs / Assets 0.46% N/A NCOs / Avg. Loans -0.05% 0.04% Asset Quality Profitability Capital Balance Sheet Dollars in millions 4 Company Overview – NASDAQ: HTLF Fiscal 3Q 2021 Financial Highlights • Headquartered in Dubuque, IA • Holding company established in 1981; NASDAQ member since 2003 • Company conducts community banking business through 11 independently chartered banks • 131 full-service branches located across 12 states in the Midwest, Southwest and Western regions of the country • Level or increased dividends to common shareholders since inception • $2.0B in Market Capitalization • 5.3% Beneficial ownership by the Board and executive officers (as of 1/31/21) Company Overview (1) See Appendix for reconciliation of non-GAAP financial measures to most directly comparable GAAP financial measures

Strength. Insight. Growth.  It’s what we bring to our customers, communities, employees and shareholders  Strong corporate leadership and innovative thinking have uniquely positioned us  Our business model and diverse geographic footprint reduce risk and drive organic growth  Complemented by strategic M&A and talent acquisition 5 We see growth everywhere Values and Guiding Principles  Integrity – Always do the right thing. Be honest and open.  Accountability – Keep your promises, follow through and follow up.  Community – Engage your community and your team. Unlock the potential around you.  Excellence – Exceed expectations – every customer, every time.

Commercial-focused local banking with the scale to compete at any level $19 billion corporate strength and sophistication  Unique business model powers our banks with technology, efficiency and strength  We’re investing in talent, developing products and implementing technology to enhance the services we provide 11 locally managed banks  Decision making is local and focused on customers and relationships  Committed to our core commercial business supported by strong retail and wealth management 6 Powered by HTLF

7 Corporate Structure Subsidiary Banks by Region (1) Source: S&P Global Market Intelligence, Population change at the MSA/County level of covered markets Bank of Blue Valley – KS/MO Illinois Bank & Trust - IL Minnesota Bank & Trust - MN HTLF Midwest • Total Assets: $1,680,558 • Total Deposits: $1,509,847 • No. of Branch Offices: 9 • Total Assets: $872,291 • Total Deposits: $734,292 • No. of Branch Offices: 2 • Total Assets: $1,460,751 • Total Deposits: $1,192,868 • No. of Branch Offices: 10 Rocky Mountain Bank - MT Citywide Banks - CO Premier Valley Bank - CA HTLF West/Southwest • Total Assets: $2,685,554 • Total Deposits: $2,282,703 • No. of Branch Offices: 21 • Total Assets: $1,198,540 • Total Deposits: $988,579 • No. of Branch Offices: 6 • Total Assets: $718,956 • Total Deposits: $602,155 • No. of Branch Offices: 9 Dubuque Bank & Trust - IA Wisconsin Bank & Trust - WI • Total Assets: $1,209,954 • Total Deposits: $1,048,367 • No. of Branch Offices: 12 • Total Assets: $1,968,612 • Total Deposits: $1,705,753 • No. of Branch Offices: 7 First Bank & Trust - TX New Mexico Bank & Trust - NM Arizona Bank & Trust - AZ • Total Assets: $2,586,951 • Total Deposits: $2,206,099 • No. of Branch Offices: 24 • Total Assets: $1,808,943 • Total Deposits: $1,617,732 • No. of Branch Offices: 9 • Total Assets: $2,855,671 • Total Deposits: $2,367,353 • No. of Branch Offices: 22 Regional Summary HTLF West/Southwest HTLF Midwest Total Assets: $11,854,615 $7,192,166 Total Deposits: $10,064,621 $6,191,127 No. of Branch Offices: 91 40 Projected 5yr Population Change1: 5.8% 2.8%

8 HTLF West/Southwest Major MSA Coverage (1) Source: S&P Global Market Intelligence 2021 5yr Projected Actual Pop. Pop. Growth Phoenix-Mesa-Chandler, AZ 5,081,979 6.91% Denver-Aurora-Lakewood, CO 3,030,346 7.04% Fresno, CA 1,012,748 3.16% Albuquerque, NM 921,720 1.32% Greeley, CO 335,248 8.41% Boulder, CO 331,157 5.95% Lubbock, TX 326,189 6.17% San Luis Obispo-Paso Robles, CA 281,626 1.99% Amarillo, TX 268,405 4.50% Midland, TX 188,932 8.76% Billings, MT 183,686 4.21% Abilene, TX 173,430 4.38% Odessa, TX 170,583 8.11% Madera, CA 158,255 2.13% Santa Fe, NM 151,093 1.61% Bozeman, MT 118,976 7.72% Kalispell, MT 106,417 6.25% 5.93% Other MSAs in Region 411,008 2.13% Notable West/Southwest MSAs > 100K Population1 Weighted Avg Proj Growth MSAs > 100K Highlighted MSAs denote HTLF has Top 10 market rank for deposits1 Highlighted MSAs denote HTLF has Top 5 market rank for deposits1

2021 5yr Projected Actual Pop. Pop. Growth Minneapolis-St. Paul-Bloomington, MN-WI 3,689,879 4.00% Kansas City, MO-KS 2,181,681 2.82% Milwaukee-Waukesha, WI 1,575,503 0.60% Des Moines-West Des Moines, IA 713,503 4.59% Madison, WI 673,428 3.28% Rockford, IL 334,060 -1.35% Green Bay, WI 325,375 2.21% Sheboygan, WI 115,386 0.41% Dubuque, IA 97,638 1.86% 2.87% Other MSAs in Region 67,282 -0.26% Notable Midwest MSAs > 100K Population1 Weighted Avg Proj Growth MSAs > 100K 9 HTLF Midwest Major MSA Coverage Highlighted MSAs denote HTLF has Top 10 market rank for deposits1 Highlighted MSAs denote HTLF has Top 5 market rank for deposits1 (1) Source: S&P Global Market Intelligence

10 HTLF Excellence Recognition Note: 2021 Forbes Media LLC, used with permission AMONG THE HIGHEST PURCHASE VOLUME GROWTH FOR VISA® COMMERCIAL CARD ISSUERS 2015 | 2016 | 2017 2018 | 2019 | 2020 FORBES BEST BANK IN AMERICA 2013 | 2017 | 2018 2019 | 2020 | 2021

11 A Steadfast Commitment to Growth | 3-year lookback (1) See Appendix for reconciliation of non-GAAP financial measures to most directly comparable GAAP financial measures As of September 30, 2021 Asset CAGR 18.8% Average ROATCE, non-GAAP 1 14.6% EPS CAGR 17.1% Dividend CAGR 21.3% TBV/Sh CAGR 12.2%

 Broad footprint enhances profitable growth strategies and diversifies risk ‒ Expands opportunities for new client acquisition – both organic and through M&A ‒ Credit exposure is not geographically concentrated – spread over 12 state footprint ‒ HTLF projected 5yr MSA growth rate of 4.5% exceeds National Average of 2.9%1  HTLF West/Southwest – 5.8%  HTLF Midwest – 2.8%  Focus on gaining significant presence within each market ‒ Top 10 deposit share in 26 of the 39 MSAs in which we operate2 ‒ Top 5 deposit share in 12 of those MSAs2 ‒ Enhances Talent Acquisition and Branch Optimization  Local Banking Model emphasizes responsiveness to clients and communities ‒ Local leadership facilitates development and retention of new client deposit/loan relationships ‒ Ensures engagement in the communities we serve  Central support functions provide efficiencies and sophistication ‒ Centralized “back-office” operations and support functions maximize operating efficiency ‒ Centralized risk management functions support strong corporate-wide oversight ‒ Financial strength to invest in sophisticated system-wide technology platforms and tools 12 Key Factors Driving Business Strategy (1) Source: S&P Global Market Intelligence (2) Deposit information as of June 30, 2021

13 Retirement Product Enhancements Online Banking Product Enhancements Deposit Account Opening & Consumer LOS Implementation Options Document Management Consumer Loan Origination Account Opening & Maintenance Enterprise Tools and Data Acquire and Fulfill Sell and Market Service and Maintain Enterprise Customer Portal Master Data Mgmt. / House-Holding Knowledge Repository Service Case Management Treasury Mgmt. Account Analysis CUSTOMER EXPERIENCE OMNI-CHANNEL PHASED IMPLEMENTATIONS Video / Interactive Banker Wealth Small Account Solutions HTLF’s focus in 2021/2022 will be to “Do a Few Things Very Well First” with particular emphasis on Improved Customer Experiences, Growing “Best” Customer Relationships, and Driving Operational Efficiencies. Voice of the Customer Surveys Data Analytics / Data Driven Sales Chat & ChatbotsCore Data Integration -- Phase I Complete -- Work In Process       HTLF Digital Strategy 

14 HTLF M&A Focus | Strategically Building our Banks (1) Deposits, in millions, assumed at closing (2) At deal completion Blue Valley Ban Corp was trading at 1.61 P/TBV, while HTLF was trading at 1.60 P/TBV • Bank M&A – A Core Competency (13 successfully completed in last 7 years) ‒ Focused on In-Footprint Transactions ‒ Deal Size “Sweet Spot” is Increasing Modestly – Targets of $1 to $3 Billion in Assets ‒ Must Meet Conservatively Modeled Financial Benchmarks ‒ Accretive to EPS immediately after conversion ‒ Demonstrate an IRR > 15% ‒ Conservative tangible book value per share dilution earn-back periods • Talent Acquisition – Expanding Specialized Industry Group & adding Local Bankers ‒ In market bank teams ‒ Adjacent new market banking teams ‒ California based Agri-finance team (22 FTEs) added 3Q 2021 ‒ 13 Commercial bankers added in Mid-West growth markets 3Q 2021 Last 5 Transactions Date Announced Date Closed Deal Value ($M) Deal PxTBV HTLF PxTBV Organization Assets ($M) Johnson Financial Group, Inc. (4 Branches) 6/9/2020 12/04/2020 N/A N/A N/A $4161 AIM Bancshares, Inc. 2/11/2020 12/04/2020 $280.4 2.02x 1.69x $1,973 Rockford Bank and Trust Co. 8/13/2019 11/30/2019 $59.2 1.35x 1.57x $485 Blue Valley Ban Corp.2 1/16/2019 5/10/2019 $93.9 1.88x 1.91x $728 FirstBank Lubbock Bancshares, Inc. 12/12/2017 5/18/2018 $185.6 2.22x 2.12x $930 Announced

15 HTLF Asset and Earnings Growth $84.8 $111.3 $95.7 $117.0 $149.1 $133.5 $164.3 $0 $50 $100 $150 $200 2018 2019 2020 2021 YTD N et In co m e -M ill io ns YTD comparison Net Income Available to Common Shareholders $9.8 $19.0 $0 $5 $10 $15 $20 Assets -B illions Assets On pace to double Assets/Earnings in 3-4 years 3-year Asset CAGR of 18.8%

16 HTLF Diluted EPS and Common Dividends 3-year EPS CAGR of 17.1% 3-year Common Dividend CAGR of 21.3% Note: Board approved a $0.02 increase to common dividend in October to $0.27/share $3.52 $4.14 $3.57 $3.88 $0.59 $0.68 $0.80 $0.69 2018 2019 2020 2021 YTD $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 Diluted EPS Dividends

Efficiency Ratio1 Trend 17 Operating Efficiency | Improving by Leveraging Core Costs and Growth 2.54% 2.33% 1.88% 1.75% 0.62% 0.61% 0.53% 0.52% 0.11% 0.12% 0.06% 0.05% 3.27% 3.06% 2.47% 2.32% $10.8 $18.3 $6.0 $9.0 $12.0 $15.0 $18.0 $21.0 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 2018 2019 2020 2021 YTD Avg Assets in Billions Ex pe ns e as % o f A vg A ss et s Core Expenses Professional Services & Software Costs Non-Core Expense (M&A, Tax Credits, Restructuring) Average Assets Leveraging Core Costs and Growth 62.59% 62.50% 56.65% 58.05% 50.0% 55.0% 60.0% 65.0% 70.0% 2018 2019 2020 2021 YTD Ef fic ie nc y Ra tio (1) See Appendix for reconciliation of non-GAAP financial measures to most directly comparable GAAP financial measures

18 Financial Summary

19 Total Assets ($B) Total Deposits ($B)1 Loans Held to Maturity ($B) Loans / Deposits (%) Summary Balance Sheet Items (1) Includes deposits held for sale in 2018 of $0.106B 11.4 13.2 17.9 19.0 2018 2019 2020 3Q21 8.4 9.9 13.7 15.0 9.4 11.0 15.0 16.0 2018 2019 2020 3Q21 Non-Time Time 78.8 75.8 66.9 61.5 2018 2019 2020 3Q21 7.4 8.4 9.1 9.4 7.4 8.4 10.0 9.9 2018 2019 2020 3Q21 Core Loans PPP Loans

20 Summary Profitability Items (1) See Appendix for reconciliation of non-GAAP financial measures to most directly comparable GAAP financial measures (2) Pre-Provision Net Revenue FTE (non-GAAP measure) is defined as Net Interest Income FTE + Noninterest Income – Noninterest Expense 1.09 1.24 0.93 1.19 2018 2019 2020 2021 YTD 15.72 15.73 12.28 16.34 2018 2019 2020 2021 YTD Return on Average Assets (%) Return on Average Tangible Common Equity (%)1 Pre-Provision Net Revenue FTE ($M)2 Total Revenues FTE ($M)1 125.4 156.7 179.1 175.5 205.7 246.5 208.4 2018 2019 2020 2021 YTD YTD PPNR PPNR 420.2 438.7 497.2 428.6 109.2 116.2 120.3 96.2 529.3 554.9 617.5 524.8 2018 2019 2020 2021 YTD NII FTE Non-Int Inc

21 Net Interest Margin (non-GAAP) Breakdown1 QuarterlyAnnual (1) On a fully tax equivalent basis; See Appendix for reconciliation of non-GAAP financial measures to most directly comparable GAAP financial measures Note: Assets of divested consumer finance company sold in early Q1 2019 3.97% 3.86% 3.57% 3.31% 0.22% 0.18% 0.12% 0.10% 0.13% 3.45% 3.45% 3.36% 3.32% 3.26% 0.10% 0.10% 0.12% 0.09% 0.08% 4.32% 4.04% 3.69% 3.41% 3.55% 3.55% 3.48% 3.41% 3.34% 3.00% 3.10% 3.20% 3.30% 3.40% 3.50% 3.60% 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 2018 2019 2020 2021 YTD 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Core Business Purchase Accounting Citizens

22 Noninterest income exclusive of security gains Non-Interest Income Breakdown Year to date, as of September 30, 2021 Net Interest Income before provision 82% Non-Interest Income 18% Retail Services Revenue 39% Commercial Services Revenue 32% Loan Sales & Servicing 21% Other Non-Interest Income 8%

23 Commercial Services Revenues Trends Note: Dollars in millions $11.1 $12.4 $13.5 $10.8 $9.5 $12.8 $13.2 $13.1 $4.6 $5.2 $5.7 $5.2 $3.4 $3.5 $3.4 $3.5 $3.9 $3.4 $3.6 $3.8 $4.3 $5.0 $1.5 $1.6 $1.6 $1.7 $1.8 $25.2 $30.4 $32.4 $29.0 $8.2 $8.7 $8.9 $9.5 $10.7 $0.0 $4.0 $8.0 $12.0 $16.0 $0.0 $10.0 $20.0 $30.0 $40.0 2018 2019 2020 2021 YTD 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 CML Service Charges CML Card Solutions Retirement Plan Services QuarterlyAnnual

24 Consumer Services Revenues Trends (1) Durbin Amendment became effective 7/1/19 Note: Dollars in millions $15.4 $16.2 $14.1 $13.6 $12.7 $10.8 1 $6.6 $6.9 $18.3 $17.9 $17.9 $15.4 $3.3 $3.7 $4.0 $5.1 $4.5 $1.7 $1.9 $2.4 $2.3 $2.2 $4.5 $4.7 $5.0 $5.2 $5.3 $46.4 $44.9 $38.6 $36.0 $9.5 $10.3 $11.4 $12.6 $12.0 $0.0 $3.0 $6.0 $9.0 $12.0 $15.0 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 2018 2019 2020 2021YTD 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Consumer Service Charges Debit Interchange Private Client - Includes: Wealth Management, Brokerage, & Insurance Fees QuarterlyAnnual

8.08 8.52 7.81 7.89 2018 2019 2020 3Q21 9.73 10.10 9.02 8.60 2018 2019 2020 3Q21 10.66 10.88 10.92 11.40 12.16 12.31 11.85 12.28 2018 2019 2020 3Q21 Common Equity Tier 1 Ratio Tier 1 Capital Ratio 13.72 13.75 14.71 16.01 2018 2019 2020 3Q21 25 Consolidated Capital Ratios Tier 1 CET1 10.0 8.0 6.5 (1) See Appendix for reconciliation of non-GAAP financial measures to most directly comparable GAAP financial measures Note: Lines depict well capitalized bank levels 5.0 TCE/TA (%) 1 Tier 1 Leverage Ratio (%) CET1 and Tier 1 Capital Ratio (%) Total Risk Based Capital Ratio (%)

26 Loan Portfolio and Asset Quality

29% 30% 28% 28% 30% 58% 56% 44% 47% 45% 3Q20 4Q20 1Q21 2Q21 3Q21 C&I Loans Ag 27 Loan Composition by Product Type Loans by Geography Loan Held to Maturity ($M) Diversified Loan Portfolio (1) Based on average loans QTD as of September 30, 2021 and includes AFS loans and nonaccrual loans; includes purchase accounting accretion of 0.08% TX 15% CO 15% NM 13% IA 10% IL 8% AZ 9% WI 7% KS/MO 7% CA 7% MN 5% MT 4% C&I 25% CRE-OO 22% CRE- NOO 21% RESI 9% AG 7% CONS 4% CONST 8% PPP 4% Yield on Loans: 4.56%1 $7,972 $9,065 $8,895 $9,183 $9,446 $1,128 $958 $1,155 $829 $409$9,100 $10,023 $10,050 $10,012 $9,855 3Q20 4Q20 1Q21 2Q21 3Q21 HTM Loans ex PPP PPP Operating Line Utilization Rates

• C&I portfolio represents 25% of total loans • Non-Accrual rate of 0.77% • Average loan size of $409 thousand • Well Diversified by industry type and geography 28 Commercial & Industrial (ex PPP) Portfolio Overview $2,304 $2,535 $2,421 $2,519 $2,538 3Q20 4Q20 1Q21 2Q21 3Q21 IA 15% NM 12% CO 12% AZ 11% TX 10% IL 10% KS/MO 7% CA 7% WI 7% MN 6% MT 3% Manufacturing 13% Construction Trade 13% Wholesale Trade 10% Real Estate Rental 10% Educational Services 9% Health Care 7% Retail Trade 7% Finance 5% Warehousing 4% All Other 22% C&I Portfolio Detail C&I Loans Outstanding ($M) Portfolio Highlights Geographic Distribution

• CRE portfolio represents 43% of total loans • Non-Accrual rate of 0.79% however excluding lodging rate is 0.38% • Average loan size of $973 thousand • Well Diversified by property type and geography 29 Total CRE Portfolio Overview $1,495 $1,776 $1,838 $1,940 $2,135 $1,660 $1,921 $1,967 $1,987 $2,020 $3,155 $3,698 $3,805 $3,927 $4,155 3Q20 4Q20 1Q21 2Q21 3Q21 Owner Occupied Nonowner Occupied CO 19% NM 15% TX 12% AZ 9% CA 9% KS/MO 8% IL 8% IA 6% WI 6% MN 5% MT 3% Office 19% Industrial / Manufacturing 17% Retail 15% Health Services 11% Warehousing 11% Hotel / Hospitality 10% Multi-family 6% Food and Beverage 4% Educational 2% Other RE Investments 5% Total CRE Portfolio Detail Total CRE Loans Outstanding ($M) Portfolio Highlights Geographic Distribution

• Ag portfolio represents 7% of total loans • Non-Accrual rate of 2.33% • Average loan size of $234 thousand • Crop ins. is required on exposures >$500,000 • Increase in 4Q20 due to AIM acquisition 30 Agriculture Portfolio Overview $508 $715 $684 $680 $685 3Q20 4Q20 1Q21 2Q21 3Q21 Beef Production 38% Corn and Soybeans 21% Cotton Farming 15% Dairy Cattle and Milk Production 13% Wheat Farming 5% Hog and Pig Farming 2%Other 6% TX 28% WI 20% IA 16% NM 16% MT 9% KS/MO 4% Other HTLF Markets 7% Portfolio HighlightsAgriculture Portfolio Detail Geographic Distribution Agriculture Loans Outstanding ($M)

Portfolio HighlightsConstruction Portfolio Detail • Construction portfolio represents 8% of total loans • Non-Accrual rate of 0.06% • Average loan size of $532 thousand • Well Diversified by property type and geography Geographic Distribution Construction Loans Outstanding ($M) 31 Construction Portfolio Overview $918 $863 $796 $854 $814 3Q20 4Q20 1Q21 2Q21 3Q21 TX 21% CO 18% NM 14% IA 8% AZ 8% KS/MO 7% MN 6% CA 5% MT 5% IL 4% WI 4% Multi-Family 24% 1-4 Family 20% Land Only 12% Office 9% Mini- Warehousing 7% Land Development 7% Hotel 6% Healthcare 6% Industrial 3% Retail 3% All Other 3%

$27,659 $19,270 $11,813 $4,500 $613 $13,138 $18,939 $13,247 $27,659 $19,270 $24,951 $23,439 $13,860 3Q20 4Q20 1Q21 2Q21 3Q21 PPP1 PPP2 CO 16% AZ 12% IL 12% MN 11% NM 10% KS/MO 9% WI 9% CA 7% IA 6% TX 6% MT 2% • Originated nearly 8,000 PPP Loans totaling approximately $1.63 billon • Average Loan size of $204,000 • Over 73% of PPP Loan balances forgiven as of 9/30/21 32 PPP Portfolio Overview (1) Excludes AIM PPP originated loans prior to conversion, February 25, 2021 Geographic Distribution of Originations1 PPP Remaining Deferred Fees ($000) Portfolio Highlights PPP Loans Outstanding Principal Amounts ($M) $1,156 $977 $751 $379 $75 $429 $474 $348 $1,156 $977 $1,180 $853 $423 3Q20 4Q20 1Q21 2Q21 3Q21 PPP1 PPP2

33 Comments: • Payment modifications are predominantly for 90-day periods • Commercial modifications represent greater than 90% of all modifications COVID Related Loan Modifications (1) Balances of Loans Modified are as of September 30, 2021 (2) Total Loans used for base of calculation are as of September 30, 2021, excluding PPP Loans Note: Dollars in thousands Loan Category Total Loans (ex PPP) $ Total Deferrals $ % Still in Original Deferral % Returned to Contractual Pmts % Additional Deferrals Granted % Commercial $7,508,084 $905,129 12% $22,238 2% $865,392 96% $17,500 2% Agriculture $684,670 $26,150 4% $715 3% $25,435 97% $0 0% Residential $840,356 $49,335 6% $0 0% $49,335 100% $0 0% Consumer $412,550 $5,137 1% $23 0% $5,114 100% $0 0% Total $9,445,660 $985,751 10% $22,975 2% $945,276 96% $17,500 2% Significant Commercial Segments Total Loans (ex PPP) $ Total Deferrals $ % Still in Original Deferral % Returned to Contractual Pmts % Additional Deferrals Granted % Lodging $519,567 $305,564 59% $10,269 3% $277,794 91% $17,500 6% Retail Trade $438,442 $15,388 4% $603 4% $14,785 96% $0 0% Retail Properties $394,430 $99,341 25% $5,000 5% $94,341 95% $0 0% Restaurant & Bars $234,840 $80,826 34% $1,608 2% $79,218 98% $0 0%

34 Allowance for Credit Related Losses Allowance as a % of Loans Allowance for Credit Losses ($000) Allowance for Unfunded Commits ($000) 0.84 0.99 1.16 1.30 1.14 1.31 1.30 1.21 1.19 0.17 0.19 0.19 0.15 0.16 0.14 0.14 0.14 0.20 0.19 0.15 0.19 0.12 0.06 0.84 1.16 1.35 1.69 1.48 1.62 1.63 1.47 1.39 4Q19 1/1/2020 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Allowance for Credit Allowance for Unfunded Adjustment to ex. PPP CECL Adoption

35 Summary Asset Quality Note: CECL adopted January 1, 2020 Note: Non-performing loans defined as nonaccrual loans + loans 90 days past due; non-performing assets defined as nonperforming loans + other real estate owned + other repossessed assets 72,669 80,653 88,106 83,236 0.98 0.96 0.88 0.84 0.00 1.00 2.00 3.00 40,000 60,000 80,000 100,000 2018 2019 2020 3Q21 NPLs ($000) NPLs / Gross Loans (%) 15,924 27,823 22,881 11,713 0.21 0.33 0.23 0.12 0.00 0.50 1.00 1.50 0 10,000 20,000 30,000 2018 2019 2020 3Q21 Delinquencies Delinquencies / Total Loans (%) 79,281 87,578 94,970 88,146 0.69 0.66 0.53 0.46 0.00 1.00 2.00 3.00 50,000 70,000 90,000 110,000 2018 2019 2020 3Q21 NPAs ($000) NPAs / Assets (%) 17,736 8,225 28,918 3,175 0.25 0.11 0.32 0.04 0.00 0.50 1.00 1.50 0 10,000 20,000 30,000 2018 2019 2020 YTD NCOs ($000) NCOs / Avg Loans (%) Non-Performing Assets Non-Performing Loans Net Charge-offs Loan Delinquencies 30-89 days

36 Liquidity, Investments, Funding and Capital

Deposit Composition Cost of Interest-Bearing Deposits (%) Customer Non-Time Breakdown ($M) 37 Deposit Mix Non Interest Bearing 40.8% Interest Bearing Checking 24.9%Savings 10.1% Money Market 17.5% Time < $100K 2.9% Time > $100K 3.8% Portfolio ($000) Portfolio (%) Non Interest Bearing $6,537,722 40.8% Interest Bearing Checking $3,991,591 24.9% Savings $1,618,009 10.1% Money Market $2,806,604 17.5% Total Non-Time $14,953,926 93.3% Time < $100K $464,049 2.9% Time > $100K $604,268 3.8% Brokered CDs $0 0.0% Total Time $1,068,317 6.7% Total Deposits $16,022,243 100.0% 0.61 0.96 0.39 0.17 0.39 0.64 0.25 0.10 2018 2019 2020 3Q 2021 YTD Cost of Interest Bearing Deposits Cost of Total Deposits 5,234 5,991 8,725 9,845 3,138 3,860 4,984 5,109 63% 61% 64% 66%37% 39% 36% 34% 2018 2019 2020 3Q21 Commercial Deposits Retail Deposits

38  97.2% of Municipal holdings are rated A or better  63.8% of Non-Agency MBS are rated AAA  ABS portfolio consists of the following  73.7% of Government/FFELP Student Loan Securities  19.7% of SBA Guaranteed Securities  97.5% of the non-agency CMBS are short, senior, “Bridge to HUD” securities that carry 20-30% Credit Enhancement, 70-90% LTVs, floating rate coupons, and are very short (1-2 year lives) High Performing Securities Portfolio Portfolio Detail ($000) Investment Portfolio 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Average Book Value ($in millions) $4,555 $5,502 $6,424 $6,603 $7,003 Book Yield 2.54% 2.38% 2.28% 2.27% 2.17% Modified Duration 5.64 5.52 5.94 5.37 5.31 US Trsy/Agy 0.5% Municipal 24.7% MBS - Agy 31.5% MBS - Non-Agy 21.4% CMBS - Agy 1.7% CMBS - Non-Agy 7.4% ABS 11.4% Other Investments 1.4% Sector Amortized Cost Basis Unrealized G/L Allowance for Credit Loss US Treasury 997$ 16$ -$ US Agency 35,453 (420) - Municipal 1,876,326 32,493 - MBS - Agency 2,387,792 (16,528) - MBS - Non-Agency 1,619,636 8,267 - CMBS - Agency 128,609 (748) - CMBS - Non-Agency 560,445 1,222 - ABS 868,215 9,431 - Corporate Bonds 3,234 60 - Equities with a readily determinable value 20,790 - - Other securities 83,332 - - Total 7,584,829$ 33,793$ -$

Outstanding Debt Amount Outstanding Mat. Date Current Rate1 Subsidiary Trust Preferred Securities $147.1 Various 2.46% Subordinated Notes (non-callable) $222.2 Various 3.76% Subtotal of debt $369.3 3.24% Preferred Stock $110.7 7.00% 39 Average monthly cash flow from Investments for the next 12 months: $70 - 75 million Capital Instruments ($M) Conservative Liquidity Profile Liquidity Metrics (1) Refers to weighted average rate of capital instruments FY 2018 FY 2019 FY2020 FY2021 Loans / Deposits 78.84% 75.77% 66.91% 61.51% Investments / Assets 23.80% 26.01% 35.13% 40.11% Total Borrowings / Assets 4.40% 3.47% 3.49% 3.36% Additional Sources of Bank Funding ($M)Holding Company Detail ($M) Type Amount Outstanding Available FHLB Advances $40.9 $1,154.6 Federal Funds Purchased $2.3 $426.5 Securities Sold Under Agreement to Repurchase $126.3 $0.0 Federal Reserve Discount Window $90.0 $1,014.6 Other Borrowings $8.6 $0.0 Total $268.1 $2,595.7 Type Amount Outstanding Available Cash & Due from Banks N/A $230.8 Revolving Credit Line with Unaffiliated Bank $0.0 $75.0 Subordinated Debt $222.2 $0.0 Trust Preferred $147.1 $0.0 Preferred Stock $110.7 $0.0 Total $480.0 $305.8

40 HTLF Investor Summary Attractive footprint MSA’s enhance growth opportunity Consistent earnings performance, utilizing leverage to drive efficiency Disciplined and proven acquirer Large granular low-cost core deposit base Solid credit metrics through many credit cycles Geographic and portfolio diversification reduces credit risk Low risk liquidity profile with healthy capital levels

41 Analyst Ratings | October 2021 Coverage Rating Price Target D.A. DAVIDSON Jeff Rulis PIPER SANDLER CO Andrew Liesch KEEFE, BRUYETTE & WOODS Damon DelMonte RAYMOND JAMES David Long STEPHENS Terry McEvoy Buy $58.00 Overweight $61.00 Outperform $60.00 $58.50 Consensus Market Perform Not Established Equal Weight $55.00

42 Contact Information

43 Appendix

44 Annualized net interest margin, fully tax-equivalent, adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources.. Efficiency ratio, fully tax equivalent, expresses noninterest expenses as a percentage of fully tax-equivalent net interest income and noninterest income. This efficiency ratio is presented on a tax-equivalent basis which adjusts net interest income and noninterest expenses for the tax favored status of certain loans, securities, and tax credit projects. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results as it enhances the comparability of income and expenses arising from taxable and nontaxable sources and excludes specific items as noted in reconciliation contained in this press release. Net interest income, fully tax equivalent, is net income adjusted for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources.. Tangible book value per common share is total common equity less goodwill and core deposit and customer relationship intangibles, net, divided by common shares outstanding, net of treasury. This measure is included as it is considered to be a critical metric to analyze and evaluate use of equity, financial condition and capital strength. Tangible common equity ratio is total common equity less goodwill and core deposit and customer relationship intangibles, net, divided by total assets less goodwill and core deposit and customer relationship intangibles, net. This measure is included as it is considered to be a critical metric to analyze and evaluate financial condition and capital strength. Annualized return on average tangible common equity is net income excluding intangible amortization calculated as (1) net income excluding tax-effected core deposit and customer relationship intangibles amortization, divided by (2) average common equity less goodwill and core deposit and customer relationship intangibles, net. This measure is included as it is considered to be a critical metric to analyze and evaluate use of equity, financial condition and capital strength. Non-GAAP Financial Measures

45 Non-GAAP Reconciliations Full Yr 2020 Full Yr 2019 Full Yr 2018 Reconciliation of Tangible Book Value Per Common Share (non-GAAP) Common equity (GAAP) 1,968,526$ 1,578,137$ 1,325,175$ Less goodwill 576,005 446,345 391,668 Less core deposit and customer relationship intangibles, net 42,383 48,688 47,479 Tangible common equity (non-GAAP) 1,350,138$ 1,083,104$ 886,028$ Common shares outstanding, net of treasury stock 42,093,862 36,704,278 34,477,499 Common equity (book value) per share (GAAP) 46.77$ 43.00$ 38.44$ Tangible book value per common share (non-GAAP) 32.07$ 29.51$ 25.70$ Reconciliation of Tangible Common Equity Ratio (non-GAAP) Total assets (GAAP) 17,908,339$ 13,209,597$ 11,408,006$ Less goodwill 576,005 446,345 391,668 Less core deposit and customer relationship intangibles, net 42,383 48,688 47,479 Total tangible assets (non-GAAP) 17,289,951$ 12,714,564$ 10,968,859$ Tangible common equity ratio (non-GAAP) 7.81% 8.52% 8.08% Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP) Net Interest Income (GAAP) 491,729$ 433,729$ 413,954$ Plus tax-equivalent adjustment(1) 5,466 4,929 6,228 Net interest income, fully tax-equivalent (non-GAAP) 497,195$ 438,658$ 420,182$ Average earning assets 13,481,613$ 10,845,940$ 9,718,106$ Annualized net interest margin (GAAP) 3.65% 4.00% 4.26% Annualized net interest margin, fully tax-equivalent (non-GAAP) 3.69% 4.04% 4.32% Purchase accounting discount amortization on loans included in annualized net interest margin 0.12% 0.18% 0.22% (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

46 Non-GAAP Reconciliations (cont.) Full Yr 2020 Full Yr 2019 Full Yr 2018 Reconciliation of Efficiency Ratio (non-GAAP) Net Interest Income (GAAP) 491,729$ 433,729$ 413,954$ Plus tax-equivalent adjustment(1) 5,466 4,929 6,228 Net interest income, fully tax-equivalent (non-GAAP) 497,195 438,658 420,182 Noninterest income 120,291 116,208 109,160 Securities gains, net (7,793) (7,659) (1,085) Unrealized (gain)/loss on equity securities, net (640) (525) (212) Gain on extinguishment of debt - (375) - Valuation adjustment on servicing rights 1,778 911 46 Adjusted revenue (non-GAAP) 610,831$ 547,218$ 528,091$ Total noninterest expenses (GAAP) 370,963$ 349,161$ 353,888$ Less: Core deposit and customer relationship intangibles amortization 10,670 11,972 9,355 Partnership investment in tax credit projects 3,801 8,030 4,233 (Gain)/loss on sales/valuation of assets, net 5,101 (19,422) 2,208 Acquisition, integration and restructuring costs 5,381 6,580 7,564 Adjusted noninterest expenses (non-GAAP) 346,010$ 342,001$ 330,528$ Efficiency ratio, fully tax-equivalent (non-GAAP) 56.65% 62.50% 62.59% Reconciliation of Return on Average Tangible Common Equity (non-GAAP) Net income (GAAP) 133,487$ 149,129$ 116,959$ Plus core deposit and customer relationship intangibles amortization, net of tax(1) 8,429 9,458 7,391 Net income excluding intangible amortization (non-GAAP) 141,916$ 158,587$ 124,350$ Average common equity (GAAP) 1,656,708$ 1,473,396$ 1,177,346$ Less average goodwill 456,854 415,841 340,352 Less average core deposit and customer relationship intangibles, net 44,298 49,377 46,206 Average tangible common equity (non-GAAP) 1,155,556$ 1,008,178$ 790,788$ Annualized return on average common equity (GAAP) 8.06% 10.12% 9.93% Annualized return on average tangible common equity (non-GAAP) 12.28% 15.73% 15.72% (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

47 Non-GAAP Reconciliations (cont.) 3Q 2021 2Q 2021 1Q 2021 4Q 2020 3Q 2020 Reconciliation of Tangible Book Value Per Common Share (non-GAAP) Common equity (GAAP) 2,061,547$ 2,049,081$ 1,945,502$ 1,968,526$ 1,700,899$ Less goodwill 576,005 576,005 576,005 576,005 446,345 Less core deposit and customer relationship intangibles, net 35,157 37,452 39,867 42,383 40,520 Tangible common equity (non-GAAP) 1,450,385$ 1,435,624$ 1,329,630$ 1,350,138$ 1,214,034$ Common shares outstanding, net of treasury stock 42,250,092 42,245,452 42,173,675 42,093,862 36,885,390 Common equity (book value) per share (GAAP) 48.79$ 48.50$ 46.13$ 46.77$ 46.11$ Tangible book value per common share (non-GAAP) 34.33$ 33.98$ 31.53$ 32.07$ 32.91$ Reconciliation of Tangible Common Equity Ratio (non-GAAP) Total assets (GAAP) 18,996,225$ 18,371,006$ 18,244,427$ 17,908,339$ 15,612,664$ Less goodwill 576,005 576,005 576,005 576,005 446,345 Less core deposit and customer relationship intangibles, net 35,157 37,452 39,867 42,383 40,520 Total tangible assets (non-GAAP) 18,385,063$ 17,757,549$ 17,628,555$ 17,289,951$ 15,125,799$ Tangible common equity ratio (non-GAAP) 7.89% 8.08% 7.54% 7.81% 8.03% Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP) Net Interest Income (GAAP) 142,543$ 141,218$ 139,605$ 132,575$ 122,497$ Plus tax-equivalent adjustment(1) 1,714 1,762 1,761 1,529 1,390 Net interest income, fully tax-equivalent (non-GAAP) 144,257$ 142,980$ 141,366$ 134,104$ 123,887$ Average earning assets 17,123,824$ 16,819,978$ 16,460,124$ 15,042,079$ 13,868,360$ Annualized net interest margin (GAAP) 3.30% 3.37% 3.44% 3.51% 3.51% Annualized net interest margin, fully tax-equivalent (non-GAAP) 3.34% 3.41% 3.48% 3.55% 3.55% Purchase accounting discount amortization on loans included in annualized net interest margin 0.08% 0.09% 0.12% 0.10% 0.10% (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

48 Non-GAAP Reconciliations (cont.) 3Q 2021 2Q 2021 1Q 2021 4Q 2020 3Q 2020 Reconciliation of Efficiency Ratio (non-GAAP) Net Interest Income (GAAP) 142,543$ 141,218$ 139,605$ 132,575$ 122,497$ Plus tax-equivalent adjustment(1) 1,714 1,762 1,761 1,529 1,390 Net interest income, fully tax-equivalent (non-GAAP) 144,257 142,980 141,366 134,104 123,887 Noninterest income 32,724 33,164 30,317 32,621 31,216 Securities gains, net (1,535) (2,842) 30 (2,829) (1,300) Unrealized (gain)/loss on equity securities, net (112) (83) 110 (36) (155) Valuation adjustment on servicing rights (195) 526 (917) 102 120 Adjusted revenue (non-GAAP) 175,139$ 173,745$ 170,906$ 163,962$ 153,768$ Total noninterest expenses (GAAP) 110,627$ 103,376$ 102,423$ 99,269$ 90,396$ Less: Core deposit and customer relationship intangibles amortization 2,295 2,415 2,516 2,501 2,492 Partnership investment in tax credit projects 2,374 1,345 35 1,899 927 (Gain)/loss on sales/valuation of assets, net (3) 183 194 2,621 1,763 Acquisition, integration and restructuring costs 204 210 2,928 2,186 1,146 Adjusted noninterest expenses (non-GAAP) 105,757$ 99,223$ 96,750$ 90,062$ 84,068$ Efficiency ratio, fully tax-equivalent (non-GAAP) 60.38% 57.11% 56.61% 54.93% 54.67% Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP) Net income available to common shareholders (GAAP) 53,911$ 59,593$ 50,801$ 37,795$ 45,521$ Plus core deposit and customer relationship intangibles amortization, net of tax(1) 1,814 1,907 1,988 1,975 1,969 Net income available to common shareholders excluding intangible amortizat 55,725$ 61,500$ 52,789$ 39,770$ 47,490$ Average common equity (GAAP) 2,072,359$ 1,980,904$ 1,963,674$ 1,769,575$ 1,661,381$ Less average goodwill 576,005 576,005 576,005 488,151 446,345 Less average core deposit and customer relationship intangibles, net 36,279 38,614 41,399 42,733 42,145 Average tangible common equity (non-GAAP) 1,460,075$ 1,366,285$ 1,346,270$ 1,238,691$ 1,172,891$ Annualized return on average common equity (GAAP) 10.32% 12.07% 10.49% 8.50% 10.90% Annualized return on average tangible common equity (non-GAAP) 15.14% 18.05% 15.90% 12.77% 16.11% (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

49 Non-GAAP Reconciliations (cont.) 2021 2020 Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP) Net Interest Income (GAAP) 423,366$ 359,154$ Plus tax-equivalent adjustment(1) 5,237 3,937 Net interest income, fully tax-equivalent (non-GAAP) 428,603$ 363,091$ Average earning assets 16,803,740$ 12,957,661$ Annualized net interest margin (GAAP) 3.37% 3.70% Annualized net interest margin, fully tax-equivalent (non-GAAP) 3.41% 3.74% Purchase accounting discount amortization on loans included in annualized net interest margin 0.10% 0.12% Reconciliation of Efficiency Ratio (non-GAAP) Net Interest Income available to common shareholders (GAAP) 423,366$ 359,154$ Plus tax-equivalent adjustment(1) 5,237 3,937 Net interest income, fully tax-equivalent (non-GAAP) 428,603 363,091 Noninterest income 96,205 87,670 Securities gains, net (4,347) (4,964) Unrealized (gain)/loss on equity securities, net (85) (604) Valuation adjustment on servicing rights (586) 1,676 Adjusted revenue (non-GAAP) 519,790$ 446,869$ Total noninterest expenses (GAAP) 316,426$ 271,694$ Less: Core deposit and customer relationship intangibles amortization 7,226 8,169 Partnership investment in tax credit projects 3,754 1,902 (Gain)/loss on sales/valuation of assets, net 374 2,480 Acquisition, integration and restructuring costs 3,342 3,195 Adjusted noninterest expenses (non-GAAP) 301,730$ 255,948$ Efficiency ratio, fully tax-equivalent (non-GAAP) 58.05% 57.28% Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP) Net income available to common shareholders (GAAP) 164,305$ 95,692$ Plus core deposit and customer relationship intangibles amortization, net of tax(1) 5,709 6,454 Net income available to common shareholders excluding intangible amortization (non-GAAP) 170,014$ 102,146$ Average common equity (GAAP) 2,006,123$ 1,618,811$ Less average goodwill 576,005 446,345 Less average core deposit and customer relationship intangibles, net 38,745 44,824 Average tangible common equity (non-GAAP) 1,391,373$ 1,127,642$ Annualized return on average common equity (GAAP) 10.95% 7.90% Annualized return on average tangible common equity (non-GAAP) 16.34% 12.10% (1) Computed on a tax-equivalent basis using an effective tax rate of 21% For the Nine Months Ended September 30,

XML

Cover	Oct. 25, 2021
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 25, 2021
Entity Registrant Name	Heartland Financial USA, Inc.
Entity File Number	001-15393
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-1405748
Entity Address, Address Line One	1398 Central Avenue
Entity Address, City or Town	Dubuque,
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52001
City Area Code	563
Local Phone Number	589-2100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000920112
Common Stock, par value $1.00 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	HTLF
Security Exchange Name	NASDAQ
Depositary Shares (each representing 1/400th interest in a share of 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E)
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing 1/400th interest in a share of 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E)
Trading Symbol	HTLFP
Security Exchange Name	NASDAQ