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) January 30, 2023

Heartland Financial USA, Inc.

Commission File Number: 001-15393

(Exact name of Registrant as specified in its charter)

Delaware	42-1405748
(State or other jurisdiction of incorporation)	(I.R.S. Employer Identification Number)

1800 Larimer Street
Suite 1800
Denver,	Colorado	80202

(Address of principal executive offices, including zip code)

(303) 285-9200

(Registrant's telephone number, including area code)

1398 Central Avenue
Dubuque,	Iowa	52001

(Former address)

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 January 30, 2023, Heartland Financial USA, Inc. ("HTLF") issued a press release announcing its earnings for the quarter ended December 31, 2022. A copy of the press release is attached as Exhibit 99.1 and is incorporated by reference in this Item 2.02. The information furnished in Item 2.02 and in Exhibit 99.1 shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Item 7.01 Regulation FD Disclosure.

For the benefit of its investors, HTLF is also furnishing an Investor Presentation attached as Exhibit 99.2 and incorporated herein by reference in this Item 7.01. The information furnished in this Item 7.01 and Exhibit 99.2 shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1     Press Release dated January 30, 2023.

99.2     Investor Presentation dated January 30, 2023.

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: January 30, 2023	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	January 30, 2023
Executive Vice President
Chief Financial Officer
(563) 589-1994
bmckeag@htlf.com

HEARTLAND FINANCIAL USA, INC. ("HTLF") REPORTS ANNUAL EARNINGS AND FOURTH QUARTER RESULTS AS OF DECEMBER 31, 2022

Highlights

§	Quarterly net income available to common stockholders of $58.6 million or $1.37 per diluted common share
§	Annual net income available to common stockholders of $204.1 million or $4.79 per diluted common share
§	Quarterly loan growth of $504.8 million or 5%
§	Annual loan growth of $1.47 billion or 15%. Excluding decreases in Paycheck Protection Program ("PPP") loans, annual loan growth was $1.66 billion or 17%.
§	Total revenue growth during the quarter of $10.1 million or 5% and $37.0 million or 5% during the year
§	Nonperforming assets to total assets declined to 0.33% and 30-89 day loan delinquencies fell to 0.04% of total loans for the fourth quarter
§	Net loan recoveries for the quarter of $1.7 million
§	Completed the consolidation of two bank charters during the fourth quarter for a total five charter consolidations completed in 2022

	Quarter Ended December 31,						Year Ended December 31,
	2022			2021			2022			2021
Net income available to common stockholders (in millions)	$	58.6		$	47.6		$	204.1		$	211.9
Diluted earnings per common share	1.37			1.12			4.79			5.00
Return on average assets	1.21		%	1.03		%	1.08		%	1.19		%
Return on average common equity	15.02			9.15			11.74			10.49
Return on average tangible common equity (non-GAAP)(1)	25.19			13.47			18.56			15.59
Net interest margin	3.61			3.08			3.32			3.29
Net interest margin, fully tax-equivalent (non-GAAP)(1)	3.65			3.12			3.37			3.33
Efficiency ratio, fully-tax equivalent (non-GAAP)(1)	54.33			63.86			57.74			59.48
(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 delivered strong fourth quarter and full year results while executing our strategic plans for driving organic growth, improving customer experience and consolidating charters. We continue to demonstrate strong momentum, passing $20 billion in total assets and delivering a record $726.5 million in total revenue for 2022."

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

Denver, Monday, January 30, 2023-Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported the following results for the quarter ended December 31, 2022 compared to the quarter ended December 31, 2021:

•Net income available to common stockholders of $58.6 million compared to $47.6 million, an increase of $11.1 million or 23%.

•Earnings per diluted common share of $1.37 compared to $1.12, an increase of $0.25 or 22%.

•Net interest income of $165.2 million compared to $137.2 million, an increase of $28.0 million or 20%.

•Return on average assets of 1.21% compared to 1.03%.

•Return on average common equity of 15.02% compared to 9.15%.

•Return on average tangible common equity (non-GAAP) of 25.19% compared to 13.47%.

HTLF reported the following results for the year ended December 31, 2022 compared to the year ended December 31, 2021:

•Net income available to common stockholders of $204.1 million compared to $211.9 million, a decrease of $7.7 million or 4%.

•Earnings per diluted common share of $4.79 compared to $5.00, a decrease of $0.21 or 4%.

•Net interest income of $598.2 million compared to $560.6 million, an increase of $37.7 million or 7%.

•Return on average assets of 1.08% compared to 1.19%.

•Return on average common equity of 11.74% compared to 10.49%.

•Return on average tangible common equity (non-GAAP) of 18.56% compared to 15.59%.

Commenting on HTLF's 2022 results, Bruce K. Lee, HTLF’s president and chief executive officer, said, "HTLF delivered strong fourth quarter and full year results while executing our strategic plans for driving organic growth, improving customer experience and consolidating charters. We continue to demonstrate strong momentum, passing $20 billion in total assets and delivering a record $726.5 million in total revenue for 2022."

Charter Consolidation Update

During the fourth quarter of 2022, the charters of Arizona Bank & Trust and Illinois Bank & Trust were consolidated into HTLF Bank. Citywide Banks, Premier Valley Bank, Minnesota Bank & Trust, Arizona Bank & Trust and Illinois Bank & Trust are now operating as divisions of HTLF Bank. The remaining six charters are expected to be consolidated by the end of 2023. Charter consolidation follows a template that retains the current brands, local leadership and local decision making.

Consolidation restructuring costs are projected to be $19-$20 million with approximately $10 million of expenses remaining to be incurred through 2023. Charter consolidation is designed to eliminate redundancies and improve HTLF’s operating efficiency and capacity to support ongoing product and service enhancements, as well as current and future growth. HTLF realized some operating efficiency and financial benefits in the third and fourth quarters of 2022 with the completion of five charter consolidations, and total benefits are estimated to be approximately $20.0 million annually after the project is completed.

Effective December 31, 2022, the address of HTLF's headquarters was changed to Denver, Colorado, which is where HTLF Bank is headquartered.

Net Interest Income and Net Interest Margin

Net interest margin, expressed as a percentage of average earning assets, was 3.61% (3.65% on a fully tax-equivalent basis, non-GAAP) during the fourth quarter of 2022, compared to 3.08% (3.12% on a fully tax-equivalent basis, non-GAAP) during the fourth quarter of 2021.

Total interest income and average earning asset changes for the fourth quarter of 2022 compared to the fourth quarter of 2021 were:

•Total interest income was $204.7 million, which was an increase of $60.7 million or 42% from $144.0 million and primarily attributable to higher yields and an increase in average earning assets.

•Total interest income on a tax-equivalent basis was $206.9 million, which was an increase of $60.8 million or 42% from $146.0 million.

•Average earning assets increased $493.9 million or 3% to $18.18 billion compared to $17.68 billion, which was primarily attributable to loan growth.

•The average rate on earning assets increased 124 basis points to 4.52% compared to 3.28%, which was primarily due to recent increases in market interest rates and a shift in earning asset mix. Total average securities were 39% of total average earning assets compared to 44%.

Total interest expense and average interest bearing liability changes for the fourth quarter of 2022 compared to the fourth quarter of 2021 were:

•Total interest expense was $39.5 million, an increase of $32.6 million from $6.8 million, which was attributable to an increase in the average interest rate paid and an increase in average interest bearing liabilities.

•The average interest rate paid on HTLF's interest bearing liabilities increased to 1.31% compared to 0.27%, which was primarily due to recent increases in market interest rates.

•Average interest bearing deposits increased $1.65 billion or 17% to $11.31 billion from $9.66 billion which was primarily attributable to deposit growth. Total average interest bearing deposits were 65% of total average deposits compared to 59%.

•The average interest rate paid on HTLF's interest bearing deposits increased 100 basis points to 1.13% compared to 0.13%.

•Average borrowings increased $121.4 million to $670.2 million from $548.9 million. The average interest rate paid on HTLF's borrowings was 4.30% compared to 2.66%.

Net interest income increased for the fourth quarter of 2022 compared to the fourth quarter of 2021:

•Net interest income totaled $165.2 million compared to $137.2 million, which was an increase of $28.0 million or 20%.

•Net interest income on a tax-equivalent basis (non-GAAP) totaled $167.4 million compared to $139.2 million, which was an increase of $28.2 million or 20%.

Noninterest Income and Noninterest Expense

Total noninterest income was $30.0 million during the fourth quarter of 2022 compared to $32.7 million during the fourth quarter of 2021, a decrease of $2.8 million or 8%. Significant changes by noninterest income category for the fourth quarter of 2022 compared to the fourth quarter of 2021 were:

•Service charges and fees increased $2.1 million or 14% to $17.4 million from $15.3 million, which was primarily attributable to an increase in credit card revenue. Credit card revenue increased $1.3 million or 24% to $6.5 million compared to $5.2 million.

•Net securities losses totaled $153,000 compared to net securities gains of $1.6 million, which was a decrease of $1.7 million.

•Net gains of sales of loans held for sale decreased $3.3 million to $888,000 compared to $4.2 million, primarily due to a decrease of loans sold to the secondary market.

Total noninterest expense for the fourth quarter of 2022 was $117.2 million compared to $115.4 million for the same quarter of 2021, which was an increase of $1.8 million or 2%. Significant changes within the noninterest expense category for the fourth quarter of 2022 compared to the fourth quarter of 2021 were:

•Salaries and employee benefits totaled $61.6 million compared to $63.0 million, which was a decrease of $1.4 million or 2% and included lower salary expense due to a reduction of full-time equivalent employees which was partially offset by higher incentive compensation expense.

•Net losses on sales/valuation of assets totaled $2.4 million compared to $214,000, which was an increase of $2.2 million. HTLF recorded losses primarily associated with franchise optimization activities in the fourth quarter of 2022.

•Acquisition, integration and restructuring costs totaled $2.4 million compared to $2.0 million, an increase of $453,000 or 23% due to the progression of the charter consolidation project.

•Partnership investment in tax credit projects increased $698,000 or 27% to $3.2 million compared to $2.5 million. The expense is dependent upon the number and timing of tax credit projects placed into service.

•Occupancy expense decreased $377,000 or 5% to $6.9 million compared to $7.3 million, and furniture and equipment decreased $345,000 or 10% to $3.0 million from $3.4 million. These decreases are primarily attributable to the reduction in branch locations. Branch locations totaled 119 at December 31, 2022 compared to 130 at December 31, 2021.

•Other noninterest expenses totaled $15.4 million compared to $14.6 million, which was an increase of $801,000 or 5%. Credit card processing expense, which is driven by volume, totaled $4.1 million compared to $3.3 million, an increase of $794,000 or 24%.

HTLF's effective tax rate was 18.68% for the fourth quarter of 2022 compared to 17.16% for the fourth quarter of 2021. The following items impacted HTLF's fourth quarter 2022 and 2021 tax calculations:

•Solar energy tax credits of $2.5 million in each quarterly calculation.

•Federal low-income housing tax credits of $263,000 and $135,000.

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

•Historic rehabilitation tax credits of $842,000 and $272,000.

•Tax-exempt interest income as a percentage of pre-tax income of 11.80% compared to 9.86%.

•Tax benefits of $165,000 and $491,000 related to the release of valuation allowances on deferred tax assets.

For the years ended December 31, 2022 and 2021, HTLF's effective tax rate was 20.76% and 20.10%, respectively.

Total Assets, Total Loans and Total Deposits

Total assets were $20.24 billion at December 31, 2022, an increase of $969.7 million or 5% from $19.27 billion at year-end 2021. Securities represented 35% and 40% of total assets at December 31, 2022, and December 31, 2021, respectively.

Total loans held to maturity were $11.43 billion at December 31, 2022, compared to $10.92 billion at September 30, 2022 and $9.95 billion at December 31, 2021. Excluding total PPP loans, loans increased $507.3 million or 5% during the fourth quarter of 2022 and $1.66 billion or 17% since year-end 2021.

Significant changes by loan category at December 31, 2022 compared to September 30, 2022 included:

•Commercial and business lending, which includes commercial and industrial PPP, and owner occupied commercial real estate loans, increased $162.6 million or 3% to $5.74 billion at December 31, 2022, compared to $5.58 billion at September 30, 2022.

•PPP loans originated in 2020 ("PPP I") loans decreased $423,000 or 23%. PPP loans originated in 2021 ("PPP II") decreased $2.1 million or 18%.

•Excluding total PPP loans, commercial and business lending increased $165.0 million or 3% to $5.73 billion from $5.56 billion.

•Commercial real estate lending, which includes non-owner occupied commercial real estate and construction loans, increased $191.5 million or 6% to $3.41 billion from $3.22 billion.

•Agricultural and agricultural real estate loans totaled $920.5 million compared to $781.4 million, an increase of $139.2 million or 18%.

•Consumer loans increased $11.2 million or 2% to $506.7 million from $495.5 million.

Significant changes by loan category at December 31, 2022 compared to December 31, 2021 included:

•Commercial and business lending, which includes commercial and industrial PPP, and owner occupied commercial real estate loans, increased $655.4 million or 13% to $5.74 billion at December 31, 2022, compared to $5.09 billion at December 31, 2021.

•PPP I loans decreased $25.7 million or 95%. PPP II loans decreased $163.2 million or 94%.

•Excluding total PPP loans, commercial and business lending increased $844.3 million or 17% to $5.73 billion from $4.89 billion.

•Commercial real estate lending, which includes non-owner occupied commercial real estate and construction loans, increased $540.3 million or 19% to $3.41 billion from $2.87 billion.

•Agricultural and agricultural real estate loans totaled $920.5 million, an increase of $166.8 million or 22% from $753.8 million.

•Consumer loans increased $87.2 million or 21% to $506.7 million from $419.5 million.

Total deposits were $17.51 billion as of December 31, 2022, $17.27 billion as of September 30, 2022 and $16.42 billion at December 31, 2021. Significant deposit changes by category at December 31, 2022 compared to September 30, 2022 included:

•Demand deposits decreased $382.2 million or 6% to $5.70 billion compared to $6.08 billion.

•Savings deposits decreased $66.1 million or 1% to $9.99 billion from $10.06 billion.

•Time deposits increased $694.2 million or 62% to $1.82 billion from $1.12 billion.

Significant deposit changes by category at December 31, 2022 compared to December 31, 2021 included:

•Demand deposits decreased $794.0 million or 12% to $5.70 billion compared to $6.50 billion.

•Savings deposits increased $1.10 billion or 12% to $9.99 billion from $8.90 billion. The increase was primarily attributable in an increase of $855.6 million in wholesale funding deposits, which totaled $1.09 billion at December 31, 2022 compared to $235.0 million at December 31, 2021.

•Time deposits increased $793.3 million or 77% to $1.82 billion from $1.02 billion.

The increase in time deposits for both the fourth quarter of 2022 and for the year ended December 31, 2022, was primarily attributable to an increase in wholesale funding time deposits, which totaled $965.7 million at December 31, 2022, compared to $150.0 million at September 30, 2022, and $0 at December 31, 2021.

Provision and Allowance

Provision and Allowance for Credit Losses for Loans

Provision for credit losses for loans for the fourth quarter of 2022 was $2.1 million, which was an increase of $8.9 million from $6.8 million of provision benefit recorded in the fourth quarter of 2021. The provision expense for the fourth quarter of 2022 was impacted by strong quarterly loan growth, net recoveries of $1.7 million, and healthy current credit performance. Management utilized a macroeconomic outlook in the estimation of the allowance for credit losses that anticipates a moderate recession developing within the next twelve months. The provision benefit recorded in the fourth quarter of 2021 reflected an improving credit environment and macroeconomic outlook.

HTLF's allowance for credit losses for loans totaled $109.5 million at December 31, 2022, compared to $110.1 million at December 31, 2021. The following items have impacted HTLF's allowance for credit losses for loans for the year ended December 31, 2022:

•Provision expense for the year ended December 31, 2022, totaled $10.6 million.

•Net charge offs of $11.2 million were recorded for the year or 0.11% of average loans.

Provision and Allowance for Credit Losses for Unfunded Commitments

HTLF's allowance for unfunded commitments totaled $20.2 million and $15.5 million at December 31, 2022 and December 31, 2021. The following impacted HTLF's allowance for credit losses for unfunded commitments during 2022:

•Provision expense for the year ended December 31, 2022, totaled $4.7 million.

•Unfunded commitments increased $899.5 million or 23% to $4.73 billion at December 31, 2022 compared to $3.83 billion at December 31, 2021.

Total Provision and Allowance for Lending Related Credit Losses

The total provision expense for lending related credit losses was $3.4 million for the fourth quarter of 2022 compared to provision benefit of $5.3 million for the fourth quarter of 2021. The total allowance for lending related credit losses was $129.7 million at December 31, 2022, which was 1.13% of total loans as of December 31, 2022, compared to $125.6 million or 1.26% of total loans as of December 31, 2021.

Nonperforming Assets

Nonperforming assets decreased $5.0 million or 7% to $66.9 million, which was 0.33% of total assets at December 31, 2022, compared to $71.9 million or 0.37% of total assets at December 31, 2021. Nonperforming loans were $58.5 million or 0.51% of total loans at December 31, 2022, compared to $69.9 million or 0.70% of total loans at December 31, 2020. At December 31, 2022, loans delinquent 30-89 days were 0.04% of total loans compared to 0.07% of total loans at December 31, 2021.

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.

•Annualized ratio of core expenses to average assets adjusts noninterest expenses to exclude specific items noted in the reconciliation. Management includes this measure as it is considered to be a critical metric to analyze and evaluate controllable expenses related to primary business operations.

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 via webcast, please visit https://ir.htlf.com/news-and-events/event-calendar/default.aspx 10 minutes prior to the call. A replay will be available until January 29, 2024, by logging on to www.htlf.com.

About HTLF

Heartland Financial USA, Inc., operating under the brand name HTLF, is a bank holding company with assets of $20.24 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, wealth management, investments and residential mortgage. 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, 2021, 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, pandemics, persistent inflation, supply chain issues, labor shortages, 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, rising interest rates 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 December 31,				For the Year Ended December 31,
	2022		2021		2022		2021
Interest Income
Interest and fees on loans	$	143,970	$	107,721	$	477,970	$	444,137
Interest on securities:
Taxable	53,178		30,637		169,544		125,010
Nontaxable	6,132		5,595		24,006		19,268
Interest on federal funds sold	11		—		11		1
Interest on deposits with other banks and short-term investments	1,410		86		3,125		344
Total Interest Income	204,701		144,039		674,656		588,760
Interest Expense
Interest on deposits	32,215		3,168		56,880		14,797
Interest on short-term borrowings	2,223		123		2,717		471
Interest on other borrowings	5,043		3,554		16,823		12,932
Total Interest Expense	39,481		6,845		76,420		28,200
Net Interest Income	165,220		137,194		598,236		560,560
Provision (benefit) for credit losses	3,387		(5,313)		15,370		(17,575)
Net Interest Income After Provision for Credit Losses	161,833		142,507		582,866		578,135
Noninterest Income
Service charges and fees	17,432		15,349		68,031		59,703
Loan servicing income	790		781		2,741		3,276
Trust fees	5,440		6,380		22,570		24,417
Brokerage and insurance commissions	629		962		2,986		3,546
Securities gains (losses), net	(153)		1,563		(425)		5,910
Unrealized gain (loss) on equity securities, net	(7)		(27)		(622)		58
Net gains on sale of loans held for sale	888		4,151		9,032		20,605
Valuation adjustment on servicing rights	—		502		1,658		1,088
Income on bank owned life insurance	600		1,056		2,341		3,762
Other noninterest income	4,356		2,013		19,952		6,570
Total Noninterest Income	29,975		32,730		128,264		128,935
Noninterest Expense
Salaries and employee benefits	61,611		63,031		254,478		240,114
Occupancy	6,905		7,282		28,155		29,965
Furniture and equipment	3,019		3,364		12,499		13,323
Professional fees	18,186		17,631		65,606		64,600
Advertising	1,829		2,218		6,221		7,257
Core deposit and customer relationship intangibles amortization	1,841		2,169		7,834		9,395
Other real estate and loan collection expenses, net	373		363		950		990
(Gain) loss on sales/valuations of assets, net	2,388		214		(1,047)		588
Acquisition, integration and restructuring costs	2,442		1,989		7,586		5,331
Partnership investment in tax credit projects	3,247		2,549		5,040		6,303
Other noninterest expenses	15,377		14,576		56,055		53,946
Total Noninterest Expense	117,218		115,386		443,377		431,812
Income Before Income Taxes	74,590		59,851		267,753		275,258
Income taxes	13,936		10,271		55,573		55,335
Net Income	60,654		49,580		212,180		219,923
Preferred dividends	(2,012)		(2,012)		(8,050)		(8,050)
Net Income Available to Common Stockholders	$	58,642	$	47,568	$	204,130	$	211,873
Earnings per common share-diluted	$	1.37	$	1.12	$	4.79	$	5.00
Weighted average shares outstanding-diluted	42,699,752		42,479,442		42,630,703		42,410,611

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	12/31/2022		9/30/2022		6/30/2022		3/31/2022		12/31/2021
Interest Income
Interest and fees on loans	$	143,970	$	122,913	$	108,718	$	102,369	$	107,721
Interest on securities:
Taxable	53,178		45,648		38,098		32,620		30,637
Nontaxable	6,132		6,164		5,508		6,202		5,595
Interest on federal funds sold	11		—		—		—		—
Interest on deposits with other banks and short-term investments	1,410		1,081		563		71		86
Total Interest Income	204,701		175,806		152,887		141,262		144,039
Interest Expense
Interest on deposits	32,215		15,158		6,530		2,977		3,168
Interest on short-term borrowings	2,223		360		88		46		123
Interest on other borrowings	5,043		4,412		3,808		3,560		3,554
Total Interest Expense	39,481		19,930		10,426		6,583		6,845
Net Interest Income	165,220		155,876		142,461		134,679		137,194
Provision (benefit) for credit losses	3,387		5,492		3,246		3,245		(5,313)
Net Interest Income After Provision for Credit Losses	161,833		150,384		139,215		131,434		142,507
Noninterest Income
Service charges and fees	17,432		17,282		18,066		15,251		15,349
Loan servicing income	790		831		834		286		781
Trust fees	5,440		5,372		5,679		6,079		6,380
Brokerage and insurance commissions	629		649		839		869		962
Securities gains (losses), net	(153)		(1,055)		(2,089)		2,872		1,563
Unrealized gain (loss) on equity securities, net	(7)		(211)		(121)		(283)		(27)
Net gains on sale of loans held for sale	888		1,832		2,901		3,411		4,151
Valuation adjustment on servicing rights	—		—		—		1,658		502
Income on bank owned life insurance	600		694		523		524		1,056
Other noninterest income	4,356		3,787		7,907		3,902		2,013
Total Noninterest Income	29,975		29,181		34,539		34,569		32,730
Noninterest Expense
Salaries and employee benefits	61,611		62,661		64,032		66,174		63,031
Occupancy	6,905		6,794		7,094		7,362		7,282
Furniture and equipment	3,019		2,928		3,033		3,519		3,364
Professional fees	18,186		16,277		15,987		15,156		17,631
Advertising	1,829		1,554		1,283		1,555		2,218
Core deposit and customer relationship intangibles amortization	1,841		1,856		2,083		2,054		2,169
Other real estate and loan collection expenses, net	373		304		78		195		363
(Gain) loss on sales/valuations of assets, net	2,388		(251)		(3,230)		46		214
Acquisition, integration and restructuring costs	2,442		2,156		2,412		576		1,989
Partnership investment in tax credit projects	3,247		979		737		77		2,549
Other noninterest expenses	15,377		13,625		12,970		14,083		14,576
Total Noninterest Expense	117,218		108,883		106,479		110,797		115,386
Income Before Income Taxes	74,590		70,682		67,275		55,206		59,851
Income taxes	13,936		14,118		15,402		12,117		10,271
Net Income	60,654		56,564		51,873		43,089		49,580
Preferred dividends	(2,012)		(2,013)		(2,012)		(2,013)		(2,012)
Net Income Available to Common Stockholders	$	58,642	$	54,551	$	49,861	$	41,076	$	47,568
Earnings per common share-diluted	$	1.37	$	1.28	$	1.17	$	0.97	$	1.12
Weighted average shares outstanding-diluted	42,699,752		42,643,940		42,565,391		42,540,953		42,479,442

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	As of
	12/31/2022		9/30/2022		6/30/2022		3/31/2022		12/31/2021
Assets
Cash and due from banks	$	309,045	$	250,394	$	221,077	$	198,559	$	163,895
Interest bearing deposits with other banks and other short-term investments	54,042		149,466		163,717		406,343		271,704
Cash and cash equivalents	363,087		399,860		384,794		604,902		435,599
Time deposits in other financial institutions	1,740		1,740		1,855		2,894		2,894
Securities:
Carried at fair value	6,147,144		6,060,331		7,106,218		7,025,243		7,530,374
Held to maturity, at cost	829,403		830,247		81,939		81,785		84,709
Other investments, at cost	74,567		80,286		85,899		82,751		82,567
Loans held for sale	5,277		9,570		18,803		22,685		21,640
Loans:
Held to maturity	11,428,352		10,923,532		10,678,218		10,177,385		9,954,572
Allowance for credit losses	(109,483)		(105,715)		(101,353)		(100,522)		(110,088)
Loans, net	11,318,869		10,817,817		10,576,865		10,076,863		9,844,484
Premises, furniture and equipment, net	197,330		203,585		206,818		213,752		215,827
Goodwill	576,005		576,005		576,005		576,005		576,005
Core deposit and customer relationship intangibles, net	25,154		26,995		28,851		30,934		32,988
Servicing rights, net	7,840		8,379		8,288		8,102		6,890
Cash surrender value on life insurance	193,403		193,184		192,474		192,267		191,722
Other real estate, net	8,401		8,030		4,528		1,422		1,927
Other assets	496,008		466,921		385,062		311,274		246,923
Total Assets	$	20,244,228	$	19,682,950	$	19,658,399	$	19,230,879	$	19,274,549
Liabilities and Equity
Liabilities
Deposits:
Demand	$	5,701,340	$	6,083,563	$	6,087,304	$	6,376,249	$	6,495,326
Savings	9,994,391		10,060,523		10,059,678		9,236,427		8,897,909
Time	1,817,278		1,123,035		1,078,568		1,054,008		1,024,020
Total deposits	17,513,009		17,267,121		17,225,550		16,666,684		16,417,255
Short-term borrowings	376,117		147,000		97,749		107,372		131,597
Other borrowings	371,753		371,446		372,538		372,290		372,072
Accrued expenses and other liabilities	248,294		241,425		188,494		152,676		171,447
Total Liabilities	18,509,173		18,026,992		17,884,331		17,299,022		17,092,371
Stockholders' Equity
Preferred equity	110,705		110,705		110,705		110,705		110,705
Common stock	42,467		42,444		42,439		42,370		42,275
Capital surplus	1,080,964		1,079,277		1,076,766		1,073,048		1,071,956
Retained earnings	1,120,925		1,074,168		1,031,076		992,655		962,994
Accumulated other comprehensive income/(loss)	(620,006)		(650,636)		(486,918)		(286,921)		(5,752)
Total Equity	1,735,055		1,655,958		1,774,068		1,931,857		2,182,178
Total Liabilities and Equity	$	20,244,228	$	19,682,950	$	19,658,399	$	19,230,879	$	19,274,549

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	12/31/2022			9/30/2022			6/30/2022			3/31/2022			12/31/2021
Average Balances
Assets	$	19,913,849		$	19,775,341		$	19,559,091		$	19,229,872		$	19,151,691
Loans, net of unearned	11,117,513			10,783,135			10,477,368			10,043,594			9,886,027
Deposits	17,319,218			17,282,289			17,044,479			16,459,378			16,265,476
Earning assets	18,175,838			18,157,795			17,987,734			17,757,067			17,681,917
Interest bearing liabilities	11,980,032			11,723,026			11,575,319			10,453,400			10,207,255
Common equity	1,548,739			1,674,306			1,731,393			2,003,424			2,061,973
Total stockholders' equity	1,659,444			1,785,011			1,842,098			2,114,129			2,172,678
Tangible common equity (non-GAAP)(1)	946,688			1,070,399			1,125,543			1,395,488			1,451,950
Key Performance Ratios
Annualized return on average assets	1.21		%	1.13		%	1.06		%	0.91		%	1.03		%
Annualized return on average common equity (GAAP)	15.02			12.93			11.55			8.32			9.15
Annualized return on average tangible common equity (non-GAAP)(1)	25.19			20.76			18.35			12.41			13.47
Annualized ratio of net charge-offs (recoveries) to average loans	(0.06)			0.00			0.03			0.49			0.03
Annualized net interest margin (GAAP)	3.61			3.41			3.18			3.08			3.08
Annualized net interest margin, fully tax-equivalent (non-GAAP)(1)	3.65			3.45			3.22			3.12			3.12
Efficiency ratio, fully tax-equivalent (non-GAAP)(1)	54.33			55.26			57.66			64.65			63.86
Annualized ratio of total noninterest expenses to average assets (GAAP)	2.34			2.18			2.18			2.34			2.39
Annualized ratio of core expenses to average assets (non-GAAP)(1)	2.14			2.09			2.14			2.28			2.25

	For the Quarter Ended December 31,						For the Year Ended December 31,
	2022			2021			2022			2021
Average Balances
Assets	$	19,913,849		$	19,151,691		$	19,621,839		$	18,508,273
Loans, net of unearned	11,117,513			9,886,027			10,608,831			9,957,290
Deposits	17,319,218			16,265,476			17,029,398			15,679,773
Earning assets	18,175,838			17,681,917			18,021,134			17,025,088
Interest bearing liabilities	11,980,032			10,207,255			11,437,921			9,969,820
Common equity	1,548,739			2,061,973			1,738,041			2,020,200
Total stockholders' equity	1,659,444			2,172,678			1,848,746			2,130,905
Tangible common equity (non-GAAP)(1)	946,688			1,451,950			1,133,124			1,406,641
Key Performance Ratios
Annualized return on average assets	1.21		%	1.03		%	1.08		%	1.19		%
Annualized return on average common equity (GAAP)	15.02			9.15			11.74			10.49
Annualized return on average tangible common equity (non-GAAP)(1)	25.19			13.47			18.56			15.59
Annualized ratio of net charge-offs (recoveries) to average loans	(0.06)			0.03			0.11			0.04
Annualized net interest margin (GAAP)	3.61			3.08			3.32			3.29
Annualized net interest margin, fully tax-equivalent (non-GAAP)(1)	3.65			3.12			3.37			3.33
Efficiency ratio, fully tax-equivalent(1)	54.33			63.86			57.74			59.48
Annualized ratio of total noninterest expenses to average assets (GAAP)	2.34			2.39			2.26			2.33
Annualized ratio of core expenses to average assets (non-GAAP)(1)	2.14			2.25			2.16			2.22
(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
	12/31/2022			9/30/2022			6/30/2022			3/31/2022			12/31/2021
Common Share Data
Book value per common share	$	38.25		$	36.41		$	39.19		$	42.98		$	49.00
Tangible book value per common share (non-GAAP)(1)	$	24.09		$	22.20		$	24.94		$	28.66		$	34.59
ASC 320 effect on book value per common share	$	(14.58)		$	(15.31)		$	(11.43)		$	(6.74)		$	(0.10)
Common shares outstanding, net of treasury stock	42,467,394			42,444,106			42,439,439			42,369,908			42,275,264
Tangible common equity ratio (non-GAAP)(1)	5.21		%	4.94		%	5.56		%	6.52		%	7.84		%
Other Selected Trend Information
Effective tax rate	18.68		%	19.97		%	22.89		%	21.95		%	17.16		%
Full time equivalent employees	2,002			2,020			2,087			2,208			2,249
Loans Held to Maturity
Commercial and industrial	$	3,464,414		$	3,278,703		$	3,059,519		$	2,814,513		$	2,645,085
Paycheck Protection Program ("PPP")	11,025			13,506			23,031			74,065			199,883
Owner occupied commercial real estate	2,265,307			2,285,973			2,282,833			2,266,076			2,240,334
Commercial and business lending	5,740,746			5,578,182			5,365,383			5,154,654			5,085,302
Non-owner occupied commercial real estate	2,330,940			2,219,542			2,321,718			2,161,761			2,010,591
Real estate construction	1,076,082			996,017			845,045			842,483			856,119
Commercial real estate lending	3,407,022			3,215,559			3,166,763			3,004,244			2,866,710
Total commercial lending	9,147,768			8,793,741			8,532,146			8,158,898			7,952,012
Agricultural and agricultural real estate	920,510			781,354			836,703			766,443			753,753
Residential mortgage	853,361			852,928			845,270			825,242			829,283
Consumer	506,713			495,509			464,099			426,802			419,524
Total loans held to maturity	$	11,428,352		$	10,923,532		$	10,678,218		$	10,177,385		$	9,954,572
Total unfunded loan commitments	$	4,729,677		$	4,664,379		$	4,458,874		$	4,130,316		$	3,830,219
(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
	12/31/2022			9/30/2022			6/30/2022			3/31/2022			12/31/2021
Allowance for Credit Losses-Loans
Balance, beginning of period	$	105,715		$	101,353		$	100,522		$	110,088		$	117,533
Provision (benefit) for credit losses	2,075			4,388			1,545			2,628			(6,808)
Charge-offs	(2,668)			(938)			(1,473)			(13,217)			(1,953)
Recoveries	4,361			912			759			1,023			1,316
Balance, end of period	$	109,483		$	105,715		$	101,353		$	100,522		$	110,088
Allowance for Unfunded Commitments
Balance, beginning of period	$	18,884		$	17,780		$	16,079		$	15,462		$	13,967
Provision for credit losses	1,312			1,104			1,701			617			1,495
Balance, end of period	$	20,196		$	18,884		$	17,780		$	16,079		$	15,462
Allowance for lending related credit losses	$	129,679		$	124,599		$	119,133		$	116,601		$	125,550
Provision for Credit Losses
Provision (benefit) for credit losses-loans	$	2,075		$	4,388		$	1,545		$	2,628		$	(6,808)
Provision for credit losses-unfunded commitments	1,312			1,104			1,701			617			1,495
Total provision (benefit) for credit losses	$	3,387		$	5,492		$	3,246		$	3,245		$	(5,313)
Asset Quality
Nonaccrual loans	$	58,231		$	64,560		$	62,909		$	64,174		$	69,369
Loans past due ninety days or more	273			678			95			246			550
Other real estate owned	8,401			8,030			4,528			1,422			1,927
Other repossessed assets	26			—			—			34			43
Total nonperforming assets	$	66,931		$	73,268		$	67,532		$	65,876		$	71,889
Performing troubled debt restructured loans	$	8,279		$	8,047		$	1,350		$	882		$	817
Nonperforming Assets Activity
Balance, beginning of period	$	73,268		$	67,532		$	65,876		$	71,889		$	88,146
Net loan (charge offs) recoveries	1,693			(26)			(714)			(12,194)			(637)
New nonperforming loans	1,439			8,388			8,590			15,832			5,886
Reduction of nonperforming loans(1)	(8,875)			(2,015)			(5,244)			(8,448)			(18,429)
OREO/Repossessed assets sales proceeds	(594)			(611)			(976)			(1,203)			(3,077)
Balance, end of period	$	66,931		$	73,268		$	67,532		$	65,876		$	71,889
Asset Quality Ratios
Ratio of nonperforming loans to total loans	0.51		%	0.60		%	0.59		%	0.63		%	0.70		%
Ratio of nonperforming loans and performing trouble debt restructured loans to total loans	0.58			0.67			0.60			0.64			0.71
Ratio of nonperforming assets to total assets	0.33			0.37			0.34			0.34			0.37
Annualized ratio of net loan charge-offs (recoveries) to average loans	(0.06)			0.00			0.03			0.49			0.03
Allowance for loan credit losses as a percent of loans	0.96			0.97			0.95			0.99			1.11
Allowance for lending related credit losses as a percent of loans	1.13			1.14			1.12			1.15			1.26
Allowance for loan credit losses as a percent of nonperforming loans	187.14			162.05			160.87			156.04			157.45
Loans delinquent 30-89 days as a percent of total loans	0.04			0.10			0.06			0.10			0.07
(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
	December 31, 2022							September 30, 2022							December 31, 2021
	Average Balance			Interest		Rate		Average Balance			Interest		Rate		Average Balance			Interest		Rate
Earning Assets
Securities:
Taxable	$	6,122,313		$	53,178	3.45	%	$	6,303,278		$	45,648	2.87	%	$	6,730,511		$	30,637	1.81	%
Nontaxable(1)	890,368			7,762		3.46		951,232			7,802		3.25		964,712			7,082		2.91
Total securities	7,012,681			60,940		3.45		7,254,510			53,450		2.92		7,695,223			37,719		1.94
Interest on deposits with other banks and other short-term investments	151,405			1,410		3.69		222,170			1,081		1.93		218,809			86		0.16
Federal funds sold	739			11		5.91		11			—		—		—			—		—
Loans:(2)
Commercial and industrial(1)	3,346,843			45,290		5.37		3,182,134			37,526		4.68		2,614,685			26,465		4.02
PPP loans	12,252			397		12.86		17,859			363		8.06		302,829			8,106		10.62
Owner occupied commercial real estate	2,277,055			26,194		4.56		2,272,666			23,601		4.12		2,166,768			22,007		4.03
Non-owner occupied commercial real estate	2,286,298			29,273		5.08		2,258,424			25,895		4.55		1,996,186			21,744		4.32
Real estate construction	1,050,802			16,585		6.26		914,520			12,382		5.37		837,716			9,390		4.45
Agricultural and agricultural real estate	785,647			10,159		5.13		799,823			8,966		4.45		697,521			7,089		4.03
Residential mortgage	858,767			9,168		4.24		858,119			8,665		4.01		853,208			8,615		4.01
Consumer	499,849			7,426		5.89		479,590			6,028		4.99		417,114			4,793		4.56
Less: allowance for credit losses-loans	(106,500)			—		—		(102,031)			—		—		(118,142)			—		—
Net loans	11,011,013			144,492		5.21		10,681,104			123,426		4.58		9,767,885			108,209		4.40
Total earning assets	18,175,838			206,853		4.52	%	18,157,795			177,957		3.89	%	17,681,917			146,014		3.28	%
Nonearning Assets	1,738,011							1,617,546							1,469,774
Total Assets	$	19,913,849						$	19,775,341						$	19,151,691
Interest Bearing Liabilities
Savings	$	9,987,692		$	25,950	1.03	%	$	10,059,652		$	12,907	0.51	%	$	8,609,596		$	2,160	0.10	%
Time deposits	1,322,094			6,265		1.88		1,156,908			2,251		0.77		1,048,785			1,008		0.38
Short-term borrowings	298,804			2,223		2.95		134,974			360		1.06		176,956			123		0.28
Other borrowings	371,442			5,043		5.39		371,492			4,412		4.71		371,918			3,554		3.79
Total interest bearing liabilities	11,980,032			39,481		1.31	%	11,723,026			19,930		0.67	%	10,207,255			6,845		0.27	%
Noninterest Bearing Liabilities
Noninterest bearing deposits	6,009,432							6,065,729							6,607,095
Accrued interest and other liabilities	264,941							201,575							164,663
Total noninterest bearing liabilities	6,274,373							6,267,304							6,771,758
Equity	1,659,444							1,785,011							2,172,678
Total Liabilities and Equity	$	19,913,849						$	19,775,341						$	19,151,691
Net interest income, fully tax-equivalent (non-GAAP)(1)(3)				$	167,372						$	158,027						$	139,169
Net interest spread(1)						3.21	%						3.22	%						3.01	%
Net interest income, fully tax-equivalent (non-GAAP) to total earning assets(1)(3)						3.65	%						3.45	%						3.12	%
Interest bearing liabilities to earning assets	65.91		%					64.56		%					57.73		%
(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 Year Ended
	December 31, 2022							December 31, 2021
	Average Balance			Interest		Rate		Average Balance			Interest		Rate
Earning Assets
Securities:
Taxable	$	6,335,586		$	169,544	2.68	%	$	6,135,732		$	125,010	2.04	%
Nontaxable(1)	965,474			30,387		3.15		799,283			24,390		3.05
Total securities	7,301,060			199,931		2.74		6,935,015			149,400		2.15
Interest bearing deposits with other banks and other short-term investments	216,786			3,125		1.44		254,630			344		0.14
Federal funds sold	192			11		5.73		3,457			1		0.03
Loans:(2)
Commercial and industrial(1)	3,070,890			140,310		4.57		2,543,514			111,473		4.38
PPP loans	50,464			6,884		13.64		734,139			40,627		5.53
Owner occupied commercial real estate	2,272,088			93,936		4.13		1,950,014			81,717		4.19
Non-owner occupied commercial real estate	2,196,922			99,202		4.52		1,969,910			87,728		4.45
Real estate construction	923,316			48,258		5.23		824,055			37,891		4.60
Agricultural and agricultural real estate	778,526			34,064		4.38		681,493			29,822		4.38
Residential mortgage	852,541			34,276		4.02		846,573			36,768		4.34
Consumer	464,084			23,058		4.97		407,592			20,201		4.96
Less: allowance for credit losses-loans	(105,735)			—		—		(125,304)			—		—
Net loans	10,503,096			479,988		4.57		9,831,986			446,227		4.54
Total earning assets	18,021,134			683,055		3.79	%	17,025,088			595,972		3.50	%
Nonearning Assets	1,600,705							1,483,185
Total Assets	$	19,621,839						$	18,508,273
Interest Bearing Liabilities
Savings	$	9,737,100		$	46,623	0.48	%	$	8,311,825		$	9,063	0.11	%
Time deposits	1,160,538			10,257		0.88		1,137,097			5,734		0.50
Short-term borrowings	168,404			2,717		1.61		181,165			471		0.26
Other borrowings	371,879			16,823		4.52		339,733			12,932		3.81
Total interest bearing liabilities	11,437,921			76,420		0.67	%	9,969,820			28,200		0.28	%
Noninterest Bearing Liabilities
Noninterest bearing deposits	6,131,760							6,230,851
Accrued interest and other liabilities	203,412							176,697
Total noninterest bearing liabilities	6,335,172							6,407,548
Equity	1,848,746							2,130,905
Total Liabilities and Equity	$	19,621,839						$	18,508,273
Net interest income, fully tax-equivalent (non-GAAP)(1)(3)				$	606,635						$	567,772
Net interest spread(1)						3.12	%						3.22	%
Net interest income, fully tax-equivalent (non-GAAP) to total earning assets(1)(3)						3.37	%						3.33	%
Interest bearing liabilities to earning assets	63.47		%					58.56		%
(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.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	12/31/2022			9/30/2022			6/30/2022			3/31/2022			12/31/2021
Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP)
Net income available to common stockholders (GAAP)	$	58,642		$	54,551		$	49,861		$	41,076		$	47,568
Plus core deposit and customer relationship intangibles amortization, net of tax(1)	1,455			1,466			1,645			1,623			1,713
Net income available to common stockholders excluding intangible amortization (non-GAAP)	$	60,097		$	56,017		$	51,506		$	42,699		$	49,281
Average common equity (GAAP)	$	1,548,739		$	1,674,306		$	1,731,393		$	2,003,424		$	2,061,973
Less average goodwill	576,005			576,005			576,005			576,005			576,005
Less average core deposit and customer relationship intangibles, net	26,046			27,902			29,845			31,931			34,018
Average tangible common equity (non-GAAP)	$	946,688		$	1,070,399		$	1,125,543		$	1,395,488		$	1,451,950
Annualized return on average common equity (GAAP)	15.02		%	12.93		%	11.55		%	8.32		%	9.15		%
Annualized return on average tangible common equity (non-GAAP)	25.19		%	20.76		%	18.35		%	12.41		%	13.47		%
Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)
Net Interest Income (GAAP)	$	165,220		$	155,876		$	142,461		$	134,679		$	137,194
Plus tax-equivalent adjustment(1)	2,152			2,151			1,977			2,119			1,975
Net interest income, fully tax-equivalent (non-GAAP)	$	167,372		$	158,027		$	144,438		$	136,798		$	139,169
Average earning assets	$	18,175,838		$	18,157,795		$	17,987,734		$	17,757,067		$	17,681,917
Annualized net interest margin (GAAP)	3.61		%	3.41		%	3.18		%	3.08		%	3.08		%
Annualized net interest margin, fully tax-equivalent (non-GAAP)	3.65			3.45			3.22			3.12			3.12
Net purchase accounting discount amortization on loans included in annualized net interest margin	0.03			0.03			0.07			0.05			0.05
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)
Common equity (GAAP)	$	1,624,350		$	1,545,253		$	1,663,363		$	1,821,152		$	2,071,473
Less goodwill	576,005			576,005			576,005			576,005			576,005
Less core deposit and customer relationship intangibles, net	25,154			26,995			28,851			30,934			32,988
Tangible common equity (non-GAAP)	$	1,023,191		$	942,253		$	1,058,507		$	1,214,213		$	1,462,480
Common shares outstanding, net of treasury stock	42,467,394			42,444,106			42,439,439			42,369,908			42,275,264
Common equity (book value) per share (GAAP)	$	38.25		$	36.41		$	39.19		$	42.98		$	49.00
Tangible book value per common share (non-GAAP)	$	24.09		$	22.20		$	24.94		$	28.66		$	34.59
Reconciliation of Tangible Common Equity Ratio (non-GAAP)
Tangible common equity (non-GAAP)	$	1,023,191		$	942,253		$	1,058,507		$	1,214,213		$	1,462,480
Total assets (GAAP)	$	20,244,228		$	19,682,950		$	19,658,399		$	19,230,879		$	19,274,549
Less goodwill	576,005			576,005			576,005			576,005			576,005
Less core deposit and customer relationship intangibles, net	25,154			26,995			28,851			30,934			32,988
Total tangible assets (non-GAAP)	$	19,643,069		$	19,079,950		$	19,053,543		$	18,623,940		$	18,665,556
Tangible common equity ratio (non-GAAP)	5.21		%	4.94		%	5.56		%	6.52		%	7.84		%
(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
	12/31/2022			9/30/2022			6/30/2022			3/31/2022			12/31/2021
Net interest income (GAAP)	$	165,220		$	155,876		$	142,461		$	134,679		$	137,194
Tax-equivalent adjustment(1)	2,152			2,151			1,977			2,119			1,975
Fully tax-equivalent net interest income	167,372			158,027			144,438			136,798			139,169
Noninterest income	29,975			29,181			34,539			34,569			32,730
Securities (gains)/losses, net	153			1,055			2,089			(2,872)			(1,563)
Unrealized (gain) loss on equity securities, net	7			211			121			283			27
Valuation adjustment on servicing rights	—			—			—			(1,658)			(502)
Adjusted revenue (non-GAAP)	$	197,507		$	188,474		$	181,187		$	167,120		$	169,861
Total noninterest expenses (GAAP)	$	117,218		$	108,883		$	106,479		$	110,797		$	115,386
Less:
Core deposit and customer relationship intangibles amortization	1,841			1,856			2,083			2,054			2,169
Partnership investment in tax credit projects	3,247			979			737			77			2,549
(Gain) loss on sales/valuation of assets, net	2,388			(251)			(3,230)			46			214
Acquisition, integration and restructuring costs	2,442			2,156			2,412			576			1,989
Core expenses (non-GAAP)	$	107,300		$	104,143		$	104,477		$	108,044		$	108,465
Efficiency ratio, fully tax-equivalent (non-GAAP)	54.33		%	55.26		%	57.66		%	64.65		%	63.86		%
Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non-GAAP)
Total noninterest expenses (GAAP)	$	117,218		$	108,883		$	106,479		$	110,797		$	115,386
Core expenses (non-GAAP)	107,300			104,143			104,477			108,044			108,465
Average assets	$	19,913,849		$	19,775,341		$	19,559,091		$	19,229,872		$	19,151,691
Total noninterest expenses to average assets (GAAP)	2.34		%	2.18		%	2.18		%	2.34		%	2.39		%
Core expenses to average assets (non-GAAP)	2.14		%	2.09		%	2.14		%	2.28		%	2.25		%
Acquisition, integration and restructuring costs
Salaries and employee benefits	$	424		$	365		$	275		$	340		$	—
Occupancy	—			—			—			—			—
Furniture and equipment	—			—			—			—			—
Professional fees	1,587			1,480			1,779			236			1,989
Advertising	95			131			156			—			—
(Gain) loss on sales/valuations of assets, net	—			—			—			—			—
Other noninterest expenses	336			180			202			—			—
Total acquisition, integration and restructuring costs	$	2,442		$	2,156		$	2,412		$	576		$	1,989
After tax impact on diluted earnings per share(1)	$	0.05		$	0.04		$	0.04		$	0.01		$	0.05
(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 December 31,						For the Year Ended December 31,
	2022			2021			2022			2021
Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP)
Net income available to common stockholders (GAAP)	$	58,642		$	47,568		$	204,130		$	211,873
Plus core deposit and customer relationship intangibles amortization, net of tax(1)	1,455			1,713			6,189			7,422
Net income available to common stockholders excluding intangible amortization (non-GAAP)	$	60,097		$	49,281		$	210,319		$	219,295
Average common equity (GAAP)	$	1,548,739		$	2,061,973		$	1,738,041		$	2,020,200
Less average goodwill	576,005			576,005			576,005			576,005
Less average core deposit and customer relationship intangibles, net	26,046			34,018			28,912			37,554
Average tangible common equity (non-GAAP)	$	946,688		$	1,451,950		$	1,133,124		$	1,406,641
Annualized return on average common equity (GAAP)	15.02		%	9.15		%	11.74		%	10.49		%
Annualized return on average tangible common equity (non-GAAP)	25.19		%	13.47		%	18.56		%	15.59		%
Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)
Net Interest Income (GAAP)	$	165,220		$	137,194		$	598,236		$	560,560
Plus tax-equivalent adjustment(1)	2,152			1,975			8,399			7,212
Net interest income, fully tax-equivalent (non-GAAP)	$	167,372		$	139,169		$	606,635		$	567,772
Average earning assets	$	18,175,838		$	17,681,917		$	18,021,134		$	17,025,088
Annualized net interest margin (GAAP)	3.61		%	3.08		%	3.32		%	3.29		%
Annualized net interest margin, fully tax-equivalent (non-GAAP)	3.65			3.12			3.37			3.33
Net purchase accounting discount amortization on loans included in annualized net interest margin	0.03			0.05			0.04			0.09
(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 December 31,						For the Year Ended December 31,
Reconciliation of Efficiency Ratio (non-GAAP)	2022			2021			2022			2021
Net interest income (GAAP)	$	165,220		$	137,194		$	598,236		$	560,560
Tax-equivalent adjustment(1)	2,152			1,975			8,399			7,212
Fully tax-equivalent net interest income	167,372			139,169			606,635			567,772
Noninterest income	29,975			32,730			128,264			128,935
Securities (gains)/losses, net	153			(1,563)			425			(5,910)
Unrealized (gain) loss on equity securities, net	7			27			622			(58)
Valuation adjustment on servicing rights	—			(502)			(1,658)			(1,088)
Adjusted revenue (non-GAAP)	$	197,507		$	169,861		$	734,288		$	689,651
Total noninterest expenses (GAAP)	$	117,218		$	115,386		$	443,377		$	431,812
Less:
Core deposit and customer relationship intangibles amortization	1,841			2,169			7,834			9,395
Partnership investment in tax credit projects	3,247			2,549			5,040			6,303
(Gain) loss on sales/valuations of assets, net	2,388			214			(1,047)			588
Acquisition, integration and restructuring costs	2,442			1,989			7,586			5,331
Core expenses (non-GAAP)	$	107,300		$	108,465		$	423,964		$	410,195
Efficiency ratio, fully tax-equivalent (non-GAAP)	54.33		%	63.86		%	57.74		%	59.48		%
Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non-GAAP)
Total noninterest expenses (GAAP)	$	117,218		$	115,386		$	443,377		$	431,812
Core expenses (non-GAAP)	107,300			108,465			423,964			410,195
Average assets	$	19,913,849		$	19,151,691		$	19,621,839		$	18,508,273
Total noninterest expenses to average assets (GAAP)	2.34		%	2.39		%	2.26		%	2.33		%
Core expenses to average assets (non-GAAP)	2.14		%	2.25		%	2.16		%	2.22		%
Acquisition, integration and restructuring costs
Salaries and employee benefits	$	424		$	—		$	1,404		$	578
Occupancy	—			—			—			10
Furniture and equipment	—			—			—			655
Professional fees	1,587			1,989			5,082			2,867
Advertising	95			—			382			173
(Gain)/loss on sales/valuations of assets, net	—			—			—			39
Other noninterest expenses	336			—			718			1,009
Total acquisition, integration and restructuring costs	$	2,442		$	1,989		$	7,586		$	5,331
After tax impact on diluted earnings per share(1)	$	0.05		$	0.05		$	0.14		$	0.13
(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

EX-99.2

4th Quarter 2022 Financials

2 Safe Harbor Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding. This investor presentation (including any information incorporated herein by reference) and future oral and written statements of HTLF 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 HTLF'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 HTLF's operations or performance, and may be based upon beliefs, expectations and assumptions of HTLF's management. These forward-looking statements are generally identified by the use of the words such as "believe", "expect", "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 investor presentation, , and future oral and written statements of HTLF and its management. Although HTLF may make these statements based on management’s experience, beliefs, expectations, assumptions and best estimate of future events, the ability of HTLF 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 HTLF 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 HTLF’s Annual Report on Form 10-K for the year ended December 31, 2021, include, among others: • Coronavirus Disease 2019 ("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 economic, political and competitive forces impacting our business; • 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 HTLF'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 HTLF’s customers and the economies where they operate. Additionally, all statements in this investor presentation, including forward-looking statements speak only as of the date they are made. HTLF does not undertake and specifically disclaims any obligation to publicly release the results of any revisions which may be made to 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 HTLF’s financial results, is included in HTLF's filings with the SEC.

3 $1.37 EPS available to common shareholders Total Assets over $20B 15.6% CAGR over the past five years Charter Consolidation Progress completed the consolidation of two bank charters during the 4Q22 4Q 2022 Highlights $505M Loan Growth 5% loan growth for the quarter 18% annualized 3.65% NIM fully tax equivalent (non-GAAP) 20 bps increase from the prior quarter $195M Total Revenue quarterly growth of more than $10 million Successful Shareholder Resolution agreement reached with 13D group, including its dissolution Headquarters moved to Denver move was effective December 31, 2022 0.33% NPAs 30-89 day delinquencies 0.04% of total loans 54.33% Efficiency Ratio fully tax equivalent (non-GAAP)

57.74% Efficiency Ratio fully tax equivalent (non-GAAP) 4 $4.79 EPS available to common shareholders 18.56% ROATCE (non-GAAP) $1.09 Dividends Paid to Shareholders 13.5% growth over 2021 FY 2022 Highlights $1.5B Loan Growth inclusive of $200M of PPP loan run-off 3.37% NIM fully tax equivalent (non-GAAP) $727M Total Revenue 6% growth over 2021 Charter Consolidation Progress completed five charter consolidations in 2022 11 bps Net Charge-Offs

Company Overview – NASDAQ: HTLF Fiscal 4Q 2022 Financial Highlights ▪ Headquartered in Denver, Colorado ▪ Holding company established in 1981; NASDAQ member since 2003 ▪ HTLF conducts banking business through 11 local bank brands ▪ Commercial focused bank supported by a significant Consumer network and Wealth Management solutions ▪ 119 full-service branches located across 12 states in the Midwest, Southwest and Western regions of the country ▪ $4.8B in Assets Under Management ▪ $2.0B in market capitalization Dollars in millions As of 4Q22 Balance Sheet Total Assets $20,244 Total Loans Held for Investment $11,428 Total Deposits $17,513 Loan / Deposit Ratio 65.3 % Tangible Common Equity 1 $1,023 Total Common Equity $1,624 Capital Total Common Equity / Total Assets 8.02 % Tang. Common Equity / Tang. Assets 1 5.21 % Tier 1 Leverage Ratio 9.13 % CET1 Ratio 11.07 % Tier 1 Capital Ratio 11.81 % Total RBC Ratio 14.76 % QTD YTD Profitability Net Interest Margin, fully tax-equivalent 1 3.65 % 3.37 % Cost of Interest Bearing Deposits 1.13 % 0.52 % Return on Avg. Assets 1.21 % 1.08 % Return on Avg. Tangible Common Equity 1 25.19 % 18.56 % Efficiency Ratio FTE 1 54.33 % 57.74 % Asset Quality NPAs / Assets 0.33 % Net charge offs (recoveries)/ Avg. Loans (0.06) % 0.11 % 5 Company Overview 1. See appendix for reconciliation of non-GAAP financial measures

As of 4Q22 Asset 5Y CAGR 15.6 % Gross Loans 5Y CAGR 12.2 % Deposits 5Y CAGR 16.5 % 5Y Average ROATCE, non-GAAP 1 15.6 % EPS (TTM) 5Y CAGR 12.6 % Dividend 5Y CAGR 16.4 % Revenue/FTE 5Y CAGR 2 10.6 % 6 1. See appendix for reconciliation of non-GAAP financial measures 2. Revenue/FTE is measured based on the quarterly data. A Steadfast Commitment to Growth 5 year lookback

$0.51 $0.59 $0.68 $0.80 $0.96 $1.09 2017 2018 2019 2020 2021 2022 $2.65 $3.52 $4.14 $3.57 $5.00 $4.79 2017 2018 2019 2020 2021 2022 7 HTLF Diluted EPS and Common Dividends Diluted EPS Common Dividends

Driving organic growth through Strategic Customer Acquisition and Retention in our core banking markets and leveraging our growing commercial expertise 8 Strategic Focus Enhancing our Customer Experience through technology investment, digital adoption and process improvements Ongoing Efficiency Improvements to Operate Effectively includes consolidating charters, focusing on strategic initiatives to enhance growth in targeted businesses and geographies, while leveraging improved technology Continuing to invest in our culture and Attracting and Retaining Talent enable us to best serve our customers and communities Guiding our growth through Prudent Risk Management and Credit Discipline with a conservative balance sheet and geographic diversification Goal: Driving Long-Term EPS Growth

9 Expanding Middle Market Services Continue build out of middle market banking services through talent additions and vertical expertise to enhance our capabilities and support our local bank brands ▪ Healthcare ▪ Professional Business Services ▪ Franchise Finance ▪ Commercial Real Estate ▪ Specialty Manufacturing & Distribution ▪ Non-Profits ▪ Industry Research ▪ Trade Finance ▪ Agriculture Inputs ▪ Production Ag ▪ Beverage ▪ Manufacturer ▪ Logistics ▪ Swaps ▪ Syndications ▪ International Trade Services Local Divisional Banks Providing Commercial / Small Business / Consumer Solutions Focusing on commercial banker adds/upgrades to growth markets across the footprint California Food & Agribusiness division added during 3Q 2021 Added dedicated Capital Markets specialists over last 12 months

10 New Commercial Relationships B al an ce S he et - M ill io ns N um ber of N ew R elationships $333.6 $294.9 $328.1 $245.4 $296.0 $63.0 $62.1 $36.6 $48.1 $228.9 302 323 322 353 303 Loan balances ($M) Deposit Balances ($M) New Commercial Relationships 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1,301 New commercial relationships $376M New deposits $1.2B Loans funded Over the past 12 months Note: 4Q22 includes new $130 million depositor Note: New relationship count and loan/deposit balances as of initial quarter of funding.

11 Improving Customer Experiences Customer Engagement Process Improvement Data Analytics ▪ Upgraded online functionality ▪ New website design ▪ Commercial customer portal improvements ▪ Real time person-to-person payments ▪ Optimizing client onboarding ▪ Workflow automation ▪ Treasury management efficiency ▪ Connecting customer experience KPIs to business line strategy ▪ Upgraded customer householding ▪ Expanded core integration ▪ Internal consolidation of data teams ▪ Including customer experience results in commercial CRM Note: Coalition Greenwich is a division of CRISIL, an S&P Global Company, and is a leading global provider of strategic benchmarking, analytics and insights to the financial services industry. Six of our brands have been named 2022 Customer Experience Leaders in the US Commercial Small Business Banking or US Commercial Middle Market Banking categories within Coalition Greenwich's Core Banking Syndicated Study

Note: 2022 Forbes Media LLC, used with permission AMONG THE HIGHEST PURCHASE VOLUME GROWTH FOR VISA® COMMERCIAL CARD ISSUERS Seven Consecutive Years 2015 - 2021 Over $1 billion of annual commercial purchasing in 2022 Forbes Best Banks in America 2013 | 2017 | 2018 | 2019 2020 | 2021 | 2022 Ranked #28 in 2022 HTLF Excellence Recognition 12

▪ Consolidate 11 existing bank charters into HTLF Bank, based in Denver, Colorado ▪ Banks maintain their current brands with local leadership and decision making ▪ Local bank directors will continue to be valuable contributors and advisors, focused on: ▪ Growth and profitability strategies ▪ Community involvement and investment ▪ Customer and prospect development ▪ Operations and administrative functions remain largely in Dubuque, Iowa HTLF Branch Count 142 130 119 12/31/20 12/31/21 12/31/22 Charter Consolidation Initiative ▪ On track to complete by early 4Q2023 ▪ Five bank consolidations completed ▪ Total projected restructuring costs of $19-20 million ▪ $9.3 million expensed since project initiation ▪ ~$10 million remaining expense to complete over next 4 quarters ▪ Benefits from consolidation expected to reach $20 million annually ▪ Aligning our core expenses to 2.10% of average assets or lower 13 Franchise Optimization Initiatives Branch Optimization

62.50% 56.65% 59.48% 57.74% 54.33% 2019 2020 2021 2022 4Q 2022 1. Non-Core Expenses include: restructuring costs, tax credits, CDI Amortization, and sale of assets 2. See appendix for reconciliation of non-GAAP financial measures Efficiency Ratio2 Trend Leveraging Core Costs and Growth 14 2.90% 2.51% 2.33% 2.26% 2.34%2.84% 2.34% 2.22% 2.16% 2.14%$12.0 $19.6 $19.9 Core Expenses Non-Core Expenses Average Assets ($B) 2019 2020 2021 2022 4Q 2022 Operating Efficiency Improving by Leveraging Core Costs and Growth 1

Non-Performing Assets Non-Performing Loans Net Charge-offs Loan Delinquencies 30-89 days $87,578 $94,970 $71,889 $66,931 0.66% 0.53% 0.37% 0.33% NPAs ($000) NPAs / Assets (%) 2019 2020 2021 2022 $80,653 $88,106 $69,919 $58,504 0.96% 0.88% 0.70% 0.51% NPLs ($000) NPLs / Gross Loans (%) 2019 2020 2021 2022 $8,225 $28,918 $3,812 $11,241 0.11% 0.32% 0.04% 0.11% NCOs ($000) NCOs / Avg Loans (%) 2019 2020 2021 2022 $27,823 $22,881 $7,362 $4,766 0.33% 0.23% 0.07% 0.04% Delinquencies Delinquencies / Total Loans (%) 2019 2020 2021 2022 15 Summary Asset Quality 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

Financial Summary 16

Return on Average Assets (%) Return on Average Tangible Common Equity (%)1 Pre-Provision Net Revenue ($M)2 Revenue / FTE ($000) 1.24 0.93 1.19 1.08 1.21 2019 2020 2021 2022 4Q 2022 $274.1 $322.4 $316.7 $349.4 $386.8 2019 2020 2021 2022 4Q 2022 200.8 241.1 257.7 283.1 2019 2020 2021 2022 17 1. See appendix for reconciliation of non-GAAP financial measures 2. Pre-Provision Net Revenue is defined as Net Interest Income + Non-interest Income - Non Interest Expense 3. 4Q22 Revenue / FTE has been annualized 15.73 12.28 15.59 18.56 25.19 2019 2020 2021 2022 4Q 2022 Profitability Summary Improving Revenue & Return Metrics 3

4.04% 3.69% 3.33% 3.37% 3.86% 3.57% 3.24% 3.33% 0.18% 0.12% 0.09% 0.04% 2019 2020 2021 2022 3.12% 3.12% 3.22% 3.45% 3.65% 3.07% 3.07% 3.15% 3.42% 3.62% 0.05% 0.05% 0.07% 0.03% 0.03% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 n Core Business n Purchase Accounting 181. On a fully tax equivalent basis; See appendix for reconciliation of non-GAAP financial measures Net Interest Margin Breakdown Quarterly - NIM1Annualized - NIM1

Non Interest Income Breakdown 80% 81% 82% 82% 20% 19% 18% 18% Net Interest Income Non Interest Income excluding Security Gains 2019 2020 2021 2022 Retail Services Revenue 37% Commercial Services Revenue 44% Loan Sales & Servicing 9% Other 10% 19 Operating Revenue Composition

$32.8 $33.5 $41.3 $57.1 $12.4 $13.5 $14.6 $15.9 $5.2 $5.7 $7.0 $6.2 $12.8 $13.2 $18.4 $23.5 $2.4 $1.1 $1.4 $11.5 2019 2020 2021 2022 $11.7 $13.5 $16.2 $13.8 $13.6 $3.8 $3.8 $4.0 $4.1 $4.0 $1.8 $1.7 $1.5 $1.7 $1.3 $5.2 $5.0 $5.8 $6.2 $6.5 $0.9 $3.0 $4.9 $1.8 $1.8 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 n Service Charges n Retirement Plan Services n Card Solutions n Swaps / Syndications 20Note: Dollars in millions Commercial Non Interest Revenues Middle Market Expansion

1. Durbin Amendment became effective 7/1/19 2. Private Client includes: Wealth Management, Brokerage, & Insurance Fees Note: Dollars in millions $44.9 $38.6 $47.9 $48.1 $16.2 $14.1 $18.0 $20.9 $10.8 $6.6 $8.9 $7.9 $17.9 $17.9 $21.0 $19.3 2019 2020 2021 2022 YTD $11.9 $11.8 $13.4 $11.2 $11.7 $4.4 $4.5 $6.2 $5.1 $5.1 $2.0 $2.0 $2.0 $2.0 $1.9 $5.5 $5.3 $5.2 $4.1 $4.7 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 n Service Charges n Debit Interchange n Private Client2 21 Consumer Non Interest Revenues Diversified Revenue Mix 1

Total Assets ($B) Total Deposits ($B) Loans Held to Maturity ($B) Loans / Deposits (%) 13.2 17.9 19.3 20.2 2019 2020 2021 2022 11.0 15.0 16.4 17.5 9.9 13.7 15.4 15.7 Non-Time Time 2019 2020 2021 2022 8.4 10.0 10.0 11.4 8.4 9.1 9.8 11.4 Core Loans PPP Loans 2019 2020 2021 2022 75.8 66.9 60.6 65.3 2019 2020 2021 2022 22 Balance Sheet Summary Conservative Approach

$6.0 $8.7 $9.7 $9.6 $3.9 $5.0 $5.4 $5.0 $0.0 $0.0 $0.2 $1.1 Commercial Core Consumer Core Wholesale Dep. 2019 2020 2021 4Q 2022 Deposit Composition Cost of Funds (%) Customer Non-Time Breakdown ($B) 0.96% 0.39% 0.16% 0.52% 0.64% 0.25% 0.09% 0.33% IB Dep. Total Dep. 2019 2020 2021 2022 YTD 61% 39% 64% 36% 63% 35% 61% 32% 23 Deposit Summary Attractive Core Deposit Mix Non Interest Bearing 32% Interest Bearing Checking 26% Savings 9% Money Market 16% Time < $100K 2% Time > $100K 3% Wholesale Deposits 6% Brokered CDs 6% 7% 2% Deposit Type Portfolio ($000) Avg. COF 4Q Beta 4Q Beta YTD Non Interest Bearing $5,701,340 0.00 % Interest Bearing Checking $4,527,282 0.75 % Savings $1,535,111 0.20 % Money Market $2,841,354 0.86 % Total Core Non-Time $14,605,088 0.41 % 14.2 % 9.3 % Time < $100K $324,285 1.35 % Time > $100K $527,254 0.64 % Total Core Time $851,539 0.98 % 15.6 % 15.7 % Total Core Deposits $15,456,627 0.44 % 14.1 % 9.6 % Wholesale Deposits $1,090,644 3.76 % Brokered CDs $965,739 3.95 % Total Non Core Deposits $2,056,383 3.81 % 97.0 % 98.8 % Total Deposits $17,513,009 0.74 % 23.2 % 17.4 % 4Q2022 Deposit Breakdown Note: Beta is defined as the change in deposit cost of funds rate divided by the change in Fed Funds rate - over the same time period

Loan Composition by Product Type Loans by Bank Division Loan Held to Maturity ($M)Operating Line Utilization Rates C&I 32% CRE-OO 20% CRE-NOO 20% RESI 7% AG 8% CONS 4% CONST 9% Yield on Loans: 5.21%1 TX 14% CO 14% NM 8% IA 10% IL 9% AZ 12% WI 9% KS/MO 5% CA 8% MN 6% MT 4% 30% 31% 33% 33% 35% 47% 44% 42% 36% 46% C&I Loans Ag 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 $9,955 $10,177 $10,678 $10,924 $11,428 $9,755 $10,103 $10,655 $10,910 $11,417$200 HTM Loans ex PPP PPP 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 24 1. Based on average loans QTD as of December 31, 2022 and includes AFS loans and nonaccrual loans; includes purchase accounting of 0.03% Diversified Loan Portfolio Across both Product and Footprint

0.84 1.16 1.15 1.12 1.14 1.13 1.62 1.63 1.47 1.39 1.29 0.84 0.99 1.31 1.30 1.21 1.19 1.11 0.99 0.95 0.97 0.96 0.17 0.16 0.14 0.14 0.14 0.15 0.16 0.17 0.17 0.17 0.15 0.19 0.12 Allowance for Credit Allowance for Unfunded Adjustment to ex. PPP 4Q 2019 1/1/2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 $15,462 $4,734 $20,196 Balance: December 31, 2021 Provision for credit losses Balance: December 31, 2022 Allowance as a % of Loans Allowance for Credit Losses ($000) Allowance for Unfunded Commits ($000) $110,088 $10,636 $(18,296) $7,055 $109,483 Balance: December 31, 2021 Provision for credit losses Charge-offs Recoveries Balance: December 31, 2022 25 Allowance for Credit Related Losses CECL Adoption

TCE/TA (%) 1 Tier 1 Leverage Ratio (%) CET1 and Tier 1 Capital Ratio (%) Total Risk Based Capital Ratio (%) 8.52 7.81 7.84 5.21 8.53 7.39 7.87 8.37 TCE/TA Adjusted TCE/TA 2019 2020 2021 4Q 2022 10.10 9.02 8.57 9.13 5.00 2019 2020 2021 4Q 2022 12.31 11.85 12.39 11.81 10.88 10.92 11.53 11.07 Common Equity Tier Ratio Tier 1 Capital Ratio 2019 2020 2021 4Q 2022 13.75 14.71 15.90 14.76 2019 2020 2021 4Q 2022 CET1 Tier 1 26 1. See appendix for reconciliation of non-GAAP financial measures 2. Adjusted TCE/TA is calculated excluding AOCI Note: Lines depict well capitalized bank levels Consolidated Capital Ratios Exceeding Well Capitalized Levels 5.00 6.50 8.00 10.00 2

▪ Projected cash flow from Investments for the next 12 months: >$1 billion ▪ 96% of Municipal holdings rated A or better ▪ Non-Agency MBS are almost exclusively front-pay, senior securities backed by first lien mortgages or reverse mortgages. ▪ 68% of ABS are senior securitizations backed by underlying SBA securities ▪ 83.5% of the non-agency CMBS are short, senior, “Bridge to HUD” securities that carry ~20% Credit Enhancement, ~80% LTVs, floating rate coupons, and are very short (1-2 year lives). Portfolio Detail ($000) Sector Amortized Cost Basis Unrealized G/L US Treasury $ 32,369 $ (670) US Agency 49,437 (6,302) Municipal 1,049,578 (170,141) MBS - Agency 2,042,092 (269,987) MBS - Non-Agency 2,327,308 (145,432) CMBS - Agency 100,518 (15,395) CMBS - Non-Agency 679,511 (20,052) ABS 428,397 (12,343) Corporate Bonds 59,205 (1,263) Equities with a readily determinable value 20,314 — Total AFS Investments $ 6,788,729 $ (641,585) Municipal 829,403 (52,846) Total HTM Investments $ 829,403 $ (52,846) Total $ 7,618,132 $ (694,431) Investment Portfolio 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Average Book Value ($ in millions) $7,695 $7,609 $7,335 $7,695 $7,013 Book Yield 1.94% 2.16% 2.46% 1.94% 3.45% Modified Duration 5.26 5.54 5.83 6.09 6.19 US Trsy/Agy 1.1% Municipal 24.8% MBS - Agy 26.8% MBS - Non-Agy 30.5% CMBS - Agy 1.3% CMBS - Non-Agy 8.9% ABS 5.6% Other Investments 1.0% 27 Investment Portfolio

Capital Instruments ($M)Liquidity Metrics Additional Sources of Bank Funding ($M)Holding Company Detail ($M) Type Amount Outstanding Available Cash & Due from Banks N/A $ 307.0 Revolving Credit Line with Unaffiliated Bank $ — 100.0 Subordinated Debt 222.6 — Trust Preferred 148.3 — Preferred Stock 110.7 — Total $ 481.6 $ 407.0 Type Amount Outstanding Available FHLB Advances $ 50.7 $ 581.2 Federal Funds Purchased — 406.0 Securities Sold Under Agreement to Repurchase 95.3 — Federal Reserve Discount Window 224.0 501.6 Other Short-term Borrowings 6.8 — Total $ 376.8 $ 1,488.8 2019 2020 2021 2022 Loans / Deposits 75.8 % 66.9 % 60.6 % 65.3 % Investments / Assets 26.0 % 35.1 % 39.9 % 34.8 % Total Borrowings / Assets 3.5 % 3.5 % 2.6 % 3.7 % Outstanding Debt Amount Outstanding Mat. Date Current Rate (%)1 Trust Preferred Securities $ 148.3 Various 7.28 % Subordinated Note (non-callable) 74.7 12/30/2024 5.75 % Subordinated Note (fixed/float)2 147.9 9/15/2031 2.75 % Subtotal of debt $ 370.9 5.17 % Preferred Stock3 $ 110.7 7.00 % 28 1. Refers to weighted average rate of capital instruments 2. Subordinated note begins to float at 3 month SOFR + 210 bps on 9/15/2026, callable on this date 3. Preferred Stock begins to float at 5 yr Treasury + 6.675% on 7/15/2025, callable on this date Conservative Liquidity Profile

29 Integrity Community Accountability Excellence Always do the right thing - be honest and open Engage your community and your team - support one another and unlock the potential around you Own the opportunity and the outcome - keep your promises, follow through and follow up Exceed expectations - every customer, every time We See Growth Everywhere Living our Core Values

Contributed $2 million to local organizations since 2021 Investing in solar energy Health & Safety of employees and customers Buy Local Program In 2021, funded over 3,000 Buy Local loans Volunteered over 2,000 hours Employee hours in 2021 Financing the development of low income housing Small Business Loans Processed 8,000 PPP loans for $1.6 billion Planted 2,000+ trees, one per FTE Facilitated by the 'One Tree Planted' organization ESG Integration Project Identify Relevant ESG Sustainability Factors & Climate Risks Assess Current and Future ESG Performance, Risks, Opportunities, and Challenges Adopt a Framework to Integrate, Operationalize, Measure & Report ESG Performance 30 Board Diversity Exceeds NASDAQ Board Diversity Objectives DEI Initiatives Established Diversity Advisory Council to oversee, advise and connect Diversity, Equity, and Inclusion (DEI) activities Published Inaugural DEI Annual Report Launched Employee Business Resource Groups Facilitated DEI Training for All Managers & Enhanced DEI Curriculum for All Employees Growth in Environmental, Social and Governance

31 Organic Growth Healthy Returns Strong Core Deposits Improving Efficiency Organic growth driven by talent additions, build out of middle market banking, and local market expertise Large granular low-cost core deposit base that supports a healthy net interest margin Charter consolidation and franchise optimization paired with leveraging new technology Long term focus on EPS growth and consistently increasing dividends Solid Credit Profile Solid credit metrics a with a well diversified portfolio reduces credit risk HTLF Investor Summary Improving Franchise Value

32 Contact Information

33 Supplementary Data

Manufacturing 15% Construction Trade 12% Wholesale Trade 11% Real Estate Rental 10% Educational Services 7% Health Care 7% Retail Trade 6% Finance 6% Warehousing 4%All Other 22% ▪ C&I portfolio represents 32% of total loans ▪ Nonaccrual rate of 0.66% ▪ Average loan size of $556 thousand ▪ Well diversified by industry type and geography C&I Portfolio Detail C&I Loans Outstanding ($M) Portfolio Highlights IA 11% CO 12% TX 12% IL 8% NM 11% AZ 14% KS/MO 7% MN 6% CA 10% WI 6% MT 3% $2,645 $2,815 $3,060 $3,279 $3,464 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 34 Commercial & Industrial (ex PPP) Portfolio Overview Loans by Bank Division

CO 22% NM 13% TX 11% AZ 8% KS/MO 7% IA 6% IL 8% CA 9% WI 6% MN 7% MT 3% Industrial / Manufacturing 16% Office 19% Retail 18% Health Services 11% Hotel / Hospitality 10% Warehousing 11% Multi-family 6% Food and Beverage 4% Educational 2% Other RE Investments 3% ▪ CRE portfolio represents 40% of total loans, nearly half of which are Owner Occupied loans ▪ Nonaccrual rate of 0.45% ▪ Average loan size of $1.1 million ▪ Well-diversified by property type and geography Total CRE Portfolio Detail Total CRE Loans Outstanding ($M) Portfolio Highlights Loans by Bank Division $4,251 $4,428 $4,605 $4,506 $4,596 $2,240 $2,266 $2,283 $2,286 $2,265 $2,011 $2,162 $2,322 $2,220 $2,331 Owner Occupied Nonowner Occupied 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 35 Total CRE Portfolio Overview

TX 22% WI 15% IA 11% NM 11% MT 8% KS/MO 7% CA 17% Other HTLF Markets 9% ▪ Ag portfolio represents 8% of total loans ▪ Nonaccrual rate of 0.68% ▪ Average loan size of $373 thousand ▪ Crop ins. is required on exposures >$500,000 ▪ Increase in Ag portfolio can be attributed to the newly integrated Food & Agribusiness division Portfolio Highlights Agriculture Loans Outstanding ($M) Beef Production 23% Corn and Soybeans 25% Dairy Cattle and Milk Production 8% Cotton Farming 10% Wheat Farming 4% Hog and Pig Farming 1% Other Farming 29% $754 $766 $837 $781 $921 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 36 Agriculture Portfolio Overview Agriculture Portfolio Detail Loans by Bank Division

Multi-Family 25% 1-4 Family 15% Land Only 9% Mini-Warehousing 13% Land Development 5% Office 8% Industrial 13% Healthcare 6% Retail 4% All Other 2% Portfolio HighlightsConstruction Portfolio Detail ▪ Construction portfolio represents 9% of total loans ▪ Nonaccrual rate of 0.22% ▪ Average loan size of $746 thousand ▪ Well diversified by property type and geography Loans by Bank Division Construction Loans Outstanding ($M) CO 23% TX 20% NM 11% KS/MO 5% IA 6% AZ 12% CA 7% IL 6% MN 2% WI 4% MT 4% $856 $842 $845 $996 $1,076 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 37 Construction Portfolio Overview

Local Bank Brands by Region1 Bank of Blue Valley – KS/MO Illinois Bank & Trust - IL Total - Midwest Midwest ▪ Total Core Deposits: $1,427,277 ▪ No. of Branch Offices: 6 ▪ Total Core Deposits: $1,023,896 ▪ No. of Branch Offices: 9 Rocky Mountain Bank - MT Citywide Banks - CO Premier Valley Bank - CA West/Southwest ▪ Total Core Deposits: $2,120,378 ▪ No. of Branch Offices: 19 ▪ Total Core Deposits: $929,725 ▪ No. of Branch Offices: 6 ▪ Total Core Deposits: $575,829 ▪ No. of Branch Offices: 9 Wisconsin Bank & Trust - WI ▪ Total Core Deposits: $1,168,578 ▪ No. of Branch Offices: 11 ▪ Total Core Deposits: $5,546,290 ▪ No. of Branch Offices: 36 New Mexico Bank & Trust - NM Total - West/Southwest ▪ Total Core Deposits: $2,304,980 ▪ No. of Branch Offices: 21 ▪ Total Core Deposits: $9,567,424 ▪ No. of Branch Offices: 83 Top 10 Metropolitan Markets (MSAs) Market Market Deposits ($000) Strategic Fit Denver-Aurora-Lakewood, CO $2,102,635 Growth Market Dubuque, IA 1,855,052 Legacy Market Leader Phoenix-Mesa-Chandler, AZ 1,779,433 Growth Market Rockford, IL 1,374,759 Legacy Market Leader Albuquerque, NM 1,313,253 Legacy Market Leader Lubbock, TX 1,212,649 Growth Market Kansas City, MO-KS 1,002,538 Growth Market Minneapolis-St. Paul-Bloomington, MN-WI 734,755 Growth Market Fresno, CA 718,218 Growth Market Madison, WI 574,843 Growth Market Dubuque Bank & Trust - IA ▪ Total Core Deposits: $1,355,514 ▪ No. of Branch Offices: 8 First Bank & Trust - TX ▪ Total Core Deposits: $2,113,511 ▪ No. of Branch Offices: 19 Minnesota Bank & Trust - MN ▪ Total Core Deposits: $571,025 ▪ No. of Branch Offices: 2 Arizona Bank & Trust - AZ ▪ Total Core Deposits: $1,523,001 ▪ No. of Branch Offices: 9 38 Geographic Footprint Note: MSA - Metropolitan Statistical Area Note: MSA deposit data generated from S&P based on the FDIC Summary of Deposits data study as of 6/30/22 1. Core Deposits at the Bank Brand level exclude suspense & clearing accounts

39 Non-GAAP Reconciliation

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 non-interest expenses as a percentage of fully tax-equivalent net interest income and non- interest income. This efficiency ratio is presented on a tax-equivalent basis which adjusts net interest income and non-interest 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 presentation. 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. Annualized ratio of core expenses to average assets adjusts noninterest expenses to exclude specific items noted in the reconciliation. Management includes this measure as it is considered to be a critical metric to analyze and evaluate controllable expenses related to primary business operations. 40 Non-GAAP Financial Measures

Full Yr 2022 Full Yr 2021 Full Yr 2020 Full Yr 2019 Reconciliation of Tangible Book Value Per Common Share (non-GAAP) Common stockholders' equity (GAAP) $ 1,624,350 $ 2,071,473 $ 1,968,526 $ 1,578,137 Less goodwill 576,005 576,005 576,005 446,345 Less core deposit and customer relationship intangibles, net 25,154 32,988 42,383 48,688 Tangible common stockholders' equity (non-GAAP) $ 1,023,191 $ 1,462,480 $ 1,350,138 $ 1,083,104 Common shares outstanding, net of treasury stock 42,467,394 42,275,264 42,093,862 36,704,278 Common stockholders' equity (book value) per share (GAAP) $ 38.25 $ 49.00 $ 46.77 $ 43.00 Tangible book value per common share (non-GAAP) $ 24.09 $ 34.59 $ 32.07 $ 29.51 Reconciliation of Tangible Common Equity Ratio (non-GAAP) Tangible common stockholders' equity (non-GAAP) $ 1,023,191 $ 1,462,480 $ 1,350,138 $ 1,083,104 Total assets (GAAP) $ 20,244,228 $ 19,274,549 $ 17,908,339 $ 13,209,597 Less goodwill 576,005 576,005 576,005 446,345 Less core deposit and customer relationship intangibles, net 25,154 32,988 42,383 48,688 Total tangible assets (non-GAAP) $ 19,643,069 $ 18,665,556 $ 17,289,951 $ 12,714,564 Tangible common equity ratio (non-GAAP) 5.21 % 7.84 % 7.81 % 8.52 % Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP) Net Interest Income (GAAP) $ 598,236 $ 560,560 $ 491,729 $ 433,729 Plus tax-equivalent adjustment(1) 8,399 7,212 5,466 4,929 Net interest income, fully tax-equivalent (non-GAAP) $ 606,635 $ 567,772 $ 497,195 $ 438,658 Average earning assets $ 18,021,134 $ 17,025,088 $ 13,481,613 $ 10,845,940 Annualized net interest margin (GAAP) 3.32 % 3.29 % 3.65 % 4.00 % Annualized net interest margin, fully tax-equivalent (non-GAAP) 3.37 % 3.33 % 3.69 % 4.04 % Purchase accounting discount amortization on loans included in annualized net interest margin 0.04 % 0.09 % 0.12 % 0.18 % (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. 41 Non-GAAP Reconciliations (Dollars in thousands except per share data)

Full Yr 2022 Full Yr 2021 Full Yr 2020 Full Yr 2019 Reconciliation of Non-GAAP Measure-Efficiency Ratio Net interest income (GAAP) $ 598,236 $ 560,560 $ 491,729 $ 433,729 Tax-equivalent adjustment(1) 8,399 7,212 5,466 4,929 Fully tax-equivalent net interest income 606,635 567,772 497,195 438,658 Noninterest income 128,264 128,935 120,291 116,208 Securities (gains)/losses, net 425 (5,910) (7,793) (7,659) Unrealized (gain) loss on equity securities, net 622 (58) (640) (525) Gain on extinguishment of debt — — (375) Valuation adjustment on servicing rights (1,658) (1,088) 1,778 911 Adjusted income (non-GAAP) $ 734,288 $ 689,651 $ 610,831 $ 547,218 Total noninterest expenses (GAAP) $ 443,377 $ 431,812 $ 370,963 $ 349,161 Less: Core deposit and customer relationship intangibles amortization 7,834 9,395 10,670 11,972 Partnership investment in tax credit projects 5,040 6,303 3,801 8,030 (Gain) loss on sales/valuations of assets, net (1,047) 588 5,101 (19,422) Acquisition, integration and restructuring costs 7,586 5,331 5,381 6,580 Core expenses (non-GAAP) $ 423,964 $ 410,195 $ 346,010 $ 342,001 Efficiency ratio, fully tax-equivalent (non-GAAP) 57.74 % 59.48 % 56.65 % 62.50 % Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non-GAAP) Total noninterest expenses (GAAP) $ 443,377 $ 431,812 $ 370,963 $ 349,161 Core expenses (non-GAAP) 423,964 410,195 346,010 342,001 Average assets $ 19,621,839 $ 18,508,273 $ 14,782,605 $ 12,021,917 Total noninterest expenses to average assets (GAAP) 2.26 % 2.33 % 2.51 % 2.90 % Core expenses to average assets (non-GAAP) 2.16 % 2.22 % 2.34 % 2.84 % (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. 42 Non-GAAP Reconciliations (cont.) (Dollars in thousands except per share data)

Non-GAAP Reconciliations (cont.) (Dollars in thousands except per share data) Full Yr 2022 Full Yr 2021 Full Yr 2020 Full Yr 2019 Reconciliation of Return on Average Tangible Common Equity (non-GAAP) Net income (GAAP) $ 204,130 $ 211,873 $ 133,487 $ 149,129 Plus core deposit and customer relationship intangibles amortization, net of tax(1) 6,189 7,422 8,429 9,458 Net income excluding intangible amortization (non-GAAP) $ 210,319 $ 219,295 $ 141,916 $ 158,587 Average common equity (GAAP) $ 1,738,041 $ 2,020,200 $ 1,656,708 $ 1,473,396 Less average goodwill 576,005 576,005 456,854 415,841 Less average core deposit and customer relationship intangibles, net 28,912 37,554 44,298 49,377 Average tangible common equity (non-GAAP) $ 1,133,124 $ 1,406,641 $ 1,155,556 $ 1,008,178 Annualized return on average common equity (GAAP) 11.74 % 10.49 % 8.06 % 10.12 % Annualized return on average tangible common equity (non-GAAP) 18.56 % 15.59 % 12.28 % 15.73 % (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. 43

12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Reconciliation of Tangible Book Value Per Common Share (non-GAAP) Common stockholders' equity (GAAP) $ 1,624,350 $ 1,545,253 $ 1,663,363 $ 1,821,152 $ 2,071,473 Less goodwill 576,005 576,005 576,005 576,005 576,005 Less core deposit and customer relationship intangibles, net 25,154 26,995 28,851 30,934 32,988 Tangible common stockholders' equity (non-GAAP) $ 1,023,191 $ 942,253 $ 1,058,507 $ 1,214,213 $ 1,462,480 Common shares outstanding, net of treasury stock 42,467,394 42,444,106 42,439,439 42,369,908 42,275,264 Common stockholders' equity (book value) per share (GAAP) $ 38.25 $ 36.41 $ 39.19 $ 42.98 $ 49.00 Tangible book value per common share (non-GAAP) $ 24.09 $ 22.20 $ 24.94 $ 28.66 $ 34.59 Reconciliation of Tangible Common Equity Ratio (non-GAAP) Tangible common stockholders' equity (non-GAAP) $ 1,023,191 $ 942,253 $ 1,058,507 $ 1,214,213 $ 1,462,480 Total assets (GAAP) $ 20,244,228 $ 19,682,950 $ 19,658,399 $ 19,230,879 $ 19,274,549 Less goodwill 576,005 576,005 576,005 576,005 576,005 Less core deposit and customer relationship intangibles, net 25,154 26,995 28,851 30,934 32,988 Total tangible assets (non-GAAP) $ 19,643,069 $ 19,079,950 $ 19,053,543 $ 18,623,940 $ 18,665,556 Tangible common equity ratio (non-GAAP) 5.21 % 4.94 % 5.56 % 6.52 % 7.84 % Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP) Net Interest Income (GAAP) $ 165,220 $ 155,876 $ 142,461 $ 134,679 $ 137,194 Plus tax-equivalent adjustment(1) 2,152 2,151 1,977 2,119 1,975 Net interest income, fully tax-equivalent (non-GAAP) $ 167,372 $ 158,027 $ 144,438 $ 136,798 $ 139,169 Average earning assets $18,175,838 $—$18,157,795 $—$17,987,734 $17,757,067 $17,681,917 Annualized net interest margin (GAAP) 3.61 % 3.41 % 3.18 % 3.08 % 3.08 % Annualized net interest margin, fully tax-equivalent (non-GAAP) 3.65 % 3.45 % 3.22 % 3.12 % 3.12 % Purchase accounting discount amortization on loans included in annualized net interest margin 0.03 % 0.03 % 0.07 % 0.05 % 0.05 % (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. 44 Non-GAAP Reconciliations (cont.) (Dollars in thousands except per share data)

12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Reconciliation of Non-GAAP Measure-Efficiency Ratio Net interest income (GAAP) $ 165,220 $ 155,876 $ 142,461 $ 134,679 $ 137,194 Tax-equivalent adjustment(1) 2,152 2,151 1,977 2,119 1,975 Fully tax-equivalent net interest income 167,372 158,027 144,438 136,798 139,169 Noninterest income 29,975 29,181 34,539 34,569 32,730 Securities (gains)/losses, net 153 1,055 2,089 (2,872) (1,563) Unrealized (gain) loss on equity securities, net 7 211 121 283 27 Valuation adjustment on servicing rights — — — (1,658) (502) Adjusted revenue (non-GAAP) $ 197,507 $ 188,474 $ 181,187 $ 167,120 $ 169,861 Total noninterest expenses (GAAP) $ 117,218 $ 108,883 $ 106,479 $ 110,797 $ 115,386 Less: Core deposit and customer relationship intangibles amortization 1,841 1,856 2,083 2,054 2,169 Partnership investment in tax credit projects 3,247 979 737 77 2,549 (Gain) loss on sales/valuation of assets, net 2,388 (251) (3,230) 46 214 Acquisition, integration and restructuring costs 2,442 2,156 2,412 576 1,989 Core expenses (non-GAAP) $ 107,300 $ 104,143 $ 104,477 $ 108,044 $ 108,465 Efficiency ratio, fully tax-equivalent (non-GAAP) 54.33 % 55.26 % 57.66 % 64.65 % 63.86 % Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non- GAAP) Total noninterest expenses (GAAP) $ 117,218 $ 108,883 $ 106,479 $ 110,797 $ 115,386 Core expenses (non-GAAP) 107,300 104,143 104,477 108,044 108,465 Average assets $ 19,913,849 $ 19,775,341 $ 19,559,091 $ 19,229,872 $ 19,151,691 Total noninterest expenses to average assets (GAAP) 2.34 % 2.18 % 2.18 % 2.34 % 2.39 % Core expenses to average assets (non-GAAP) 2.14 % 2.09 % 2.14 % 2.28 % 2.25 % (1) Computed on a tax-equivalent basis using an effective tax rate of 21%. 45 Non-GAAP Reconciliations (cont.) (Dollars in thousands except per share data)

46 Non-GAAP Reconciliations (cont.) (Dollars in thousands except per share data) 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP) Net income available to common stockholders (GAAP) $ 58,642 $ 54,551 $ 49,861 $ 41,076 $ 47,568 Plus core deposit and customer relationship intangibles amortization, net of tax(1) 1,455 1,466 1,645 1,623 1,713 Net income available to common stockholders excluding intangible amortization (non-GAAP) $ 60,097 $ 56,017 $ 51,506 $ 42,699 $ 49,281 Average common stockholders' equity (GAAP) $ 1,548,739 $ 1,674,306 $ 1,731,393 $ 2,003,424 $ 2,061,973 Less average goodwill 576,005 576,005 576,005 576,005 576,005 Less average core deposit and customer relationship intangibles, net 26,046 27,902 29,845 31,931 34,018 Average tangible common stockholders' equity (non-GAAP) $ 946,688 $ 1,070,399 $ 1,125,543 $ 1,395,488 $ 1,451,950 Annualized return on average common equity (GAAP) 15.02 % 12.93 % 11.55 % 8.32 % 9.15 % Annualized return on average tangible common equity (non-GAAP) 25.19 % 20.76 % 18.35 % 12.41 % 13.47 % (1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

XML

Cover	Jan. 30, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 30, 2023
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, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	(303)
Local Phone Number	285-9200
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
Entity Address, Address Line Two	Suite 1800
Entity Address, City or Town	Denver,
Entity Address, Address Line One	1800 Larimer Street
Former Address
Entity Information [Line Items]
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52001
Entity Address, City or Town	Dubuque,
Entity Address, Address Line One	1398 Central Avenue
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