CONTACT:
John K. Schmidt
Chief Operating Officer
Chief Financial Officer
(563) 589-1994
jschmidt@htlf.com
FOR IMMEDIATE RELEASE
MONDAY, APRIL 28, 2008
HEARTLAND FINANCIAL USA, INC. REPORTS FIRST QUARTER 2008 EARNINGS
Highlights
| § | Net interest margin maintained at 3.88% compared to 3.87% in fourth quarter 2007 |
| § | Net income increased $496,000 or 9% over first quarter 2007 |
| § | Diluted EPS improved to $0.38 per share compared to $0.34 for first quarter 2007 |
| § | Average earning assets increased $184.1 million or 7% over first quarter 2007 |
| § | Noninterest income grew $863,000 or 11% over first quarter 2007 |
| § | Minnesota Bank & Trust opened on April 15, 2008 |
| | | | | | | | Quarters Ended March 31, | |
| | | | | | | | | | | | 2008 | | | | 2007 | |
| Net income (in millions) | | | | | | | | | | $ | 6.3 | | | $ | 5.8 | |
| Income from continuing operations (in millions) | | | | | | | | | | | 6.3 | | | | 5.6 | |
| Diluted earnings per share | | | | | | | | | | | 0.38 | | | | 0.34 | |
| Diluted earnings per share from continuing operations | | | | | | | | | | | 0.38 | | | | 0.34 | |
| | | | | | | | | | | | | | | | | |
| Return on average assets | | | | | | | | | | | 0.77 | % | | | 0.76 | % |
| Return on average equity | | | | | | | | | | | 10.72 | | | | 11.18 | |
| Net interest margin | | | | | | | | | | | 3.88 | | | | 4.04 | |
“We are very satisfied with Heartland’s first quarter performance given the current operating environment. Net income, earnings per share and assets are all up over last year, with net interest margin maintained at the same level as the second half of 2007. Having said that, there is substantial room for improvement in the level of our nonperforming loans.”-- Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc.
Dubuque, Iowa, April 28, 2008—Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported earnings for the first quarter of 2008. Net income was $6.3 million, or $0.38 per diluted share, for the quarter ended March 31, 2008, compared to $5.8 million, or $0.34 per diluted share, earned during the first quarter of 2007, an increase of $496,000 or 9 percent. Return on average equity was 10.72 percent and return on average assets was 0.77 percent for the first quarter of 2008, compared to 11.18 percent and 0.76 percent, respectively, for the same quarter in 2007.
Lynn B. Fuller, Heartland’s chairman, president and chief executive officer stated, “We are very satisfied with Heartland’s first quarter performance given the current operating environment. Net income, earnings per share and assets are all up over last year, with net interest margin maintained at the same level as the second half of 2007. Having said that, there is substantial room for improvement in the level of our nonperforming loans.”
Income from continuing operations was $6.3 million, or $0.38 per diluted share, during the first quarter of 2008 compared to $5.6 million, or $0.34 per diluted share, during the first quarter of 2007. The sale of Rocky Mountain Bank’s branch banking office in Broadus, Montana, was completed on June 22, 2007. Included in the sale were $20.9 million of loans and $30.2 million of deposits. The results of operations of the branch are reflected on the income statement as discontinued operations for the prior periods reported.
Net Interest Margin Sustained; Net Interest Income Grows
Net interest margin, expressed as a percentage of average earning assets, was 3.88 percent during the first quarter of 2008 compared to 4.04 percent for the first quarter of 2007 and 3.87 percent for the fourth quarter of 2007. Affecting the net interest margin throughout the second half of 2007 and first three months of 2008 was the impact of foregone interest on Heartland’s nonperforming loans, which had balances of $39.1 million at March 31, 2008, compared to $31.8 million at year-end 2007. Additionally, early in the third quarter of 2007, a $20.5 million investment was made in bank owned life insurance upon which interest expense associated with the funding of this investment is reflected in net interest margin while the corresponding earnings on this investment is recorded as noninterest income.
Fuller said, “Net interest margin held steady at 3.88%, constrained primarily by the company’s nonperforming loans. We continue to exercise pricing discipline in our lending and funding practices as we focus on returning to levels above 4.00%.”
Net interest income on a tax-equivalent basis totaled $28.7 million during the first quarter of 2008, an increase of $861,000 or 3 percent from the $27.8 million recorded during the first quarter of 2007. Contributing to this increase was the $184.1 million or 7 percent growth in average earning assets during the comparable quarterly periods.
On a tax-equivalent basis, interest income in the first quarter of 2008 totaled $52.2 million compared to $53.2 million in the first quarter of 2007, a decrease of $1.0 million or 2 percent. Nearly half of the loans in Heartland’s commercial and agricultural loan portfolios are floating rate loans that reprice immediately upon a change in the national prime interest rate, thus changes in the national prime rate impact interest income more quickly than if there were more fixed rate loans. The national prime interest rate was 8.25% for the first three months of 2007. During the first three months of 2008, the national prime interest rate decreased from 7.25% on January 1, 2008, to 5.25% at March 31, 2008.
Interest expense for the first quarter of 2008 was $23.5 million compared to $25.4 million in the first quarter of 2007, a decrease of $1.9 million or 7 percent. Approximately 77 percent of Heartland’s certificate of deposit accounts will mature within the next twelve months at a weighted average rate of 4.30 percent.
Fuller commented, “Our certificate of deposit funding cost is an area where we are seeing substantial improvement in this interest rate environment. Current maturities are rolling over at rates that are approximately 75 to 100 basis points lower.”
Noninterest Income Rises; Noninterest Expense Moderates
Noninterest income increased by $863,000 or 11 percent during the first quarter of 2008 compared to the same quarter in 2007. The categories experiencing the largest increases for the comparative quarters were loan servicing income, brokerage and insurance commissions and other noninterest income. Loan servicing income increased $301,000 or 30 percent due to an increase in residential real estate loans that Heartland services, which was $604.3 million at March 31, 2007, compared to $658.1 million at March 31, 2008. Brokerage and insurance commissions increased $399,000 or 81 percent for the quarters under comparison, primarily as a result of the March 2007 acquisition of brokerage personnel and a book of business by Summit Bank & Trust and the receipt by Dubuque Bank and Trust Company’s insurance agency of its annual insurance contingency that exceeded the prior year’s payment. The initial public offering of Visa Inc. completed on March 18, 2008, provided Heartland with a $246,000 pre-tax gain, which was recorded as other noninterest income during the first quarter of 2008.
Fuller stated, “Noninterest income is the subject of ongoing emphasis for Heartland. To supplement the continued revenue growth from our Wealth Management Group and Investment Services unit, we are carefully evaluating the pricing of every service line to assure a fair return to the banks that is in line with our costs and competitive forces.”
For the first quarter of 2008, noninterest expense increased $1.4 million or 6 percent from the same period in 2007. The largest component of noninterest expense, salaries and employee benefits, increased $624,000 or 4 percent during the first quarter of 2008 compared to the first quarter of 2007, primarily due to the expansion of Summit Bank & Trust, the formation of Minnesota Bank & Trust and additional staffing at Heartland’s operations center to provide support services to the growing number of bank subsidiaries. Total full-time equivalent employees increased to 995 at March 31, 2008, from 982 at March 31, 2007. Occupancy expenses increased $417,000 or 22 percent for the first quarter of 2008 compared to the same quarter in 2007, primarily as a result of branch expansions completed throughout 2007. The other noninterest expense category to experience a significant increase during the quarters under comparison was outside services, which increased $241,000 or 11 percent. Nearly all this increase was attributable to additional FDIC assessments as a majority of the FDIC credits at Heartland’s bank subsidiaries were utilized during 2007.
Commenting on Heartland’s expansion efforts, Fuller said, “In addition to the opening of Minnesota Bank & Trust, our plan for 2008 anticipates a slower pace, with the addition of only two or three new locations. Currently, 25 percent of our banking locations have been open less than three years. We recognize that bringing these offices up to speed offers a significant opportunity for earnings growth.”
Referring to the de novo bank now open in Minnesota, Fuller added, “Minnesota Bank & Trust, the tenth independent charter in the Heartland network, is now open for business in Edina, Minnesota. The new bank specializes in services for business and affluent individuals in the market. We believe now is an excellent time to open a new bank in the Twin Cities and are looking forward to the bank’s grand opening in May.”
Heartland’s effective tax rate was 27.86 percent for the first quarter of 2008 compared to 30.95 percent for the first quarter of 2007. The decrease in Heartland’s effective tax rate during the first quarter of 2008 resulted primarily from $170,000 in federal rehabilitation tax credits associated with Dubuque Bank and Trust Company’s ownership interest in a limited liability company that owns a certified historic structure and also from $163,000 of additional non-taxable income associated with the increase in the cash surrender value on life insurance policies. Heartland’s effective tax rate is also affected by the level of tax-exempt interest income which, as a percentage of pre-tax income, was 20.17 percent during the first quarter of 2008 compared to 21.09 percent during the same quarter of 2007. The tax-equivalent adjustment for this tax-exempt interest income was $943,000 during the first quarter of 2008 compared to $929,000 during the same quarter in 2007.
Loan Growth Slows; Solid Growth in Deposits
At March 31, 2008, total assets had increased $36.4 million or 4 percent annualized since year-end 2007. Total loans and leases were $2.27 billion at March 31, 2008, compared to $2.28 billion at year-end 2007, a decrease of $8.5 million or 1 percent annualized. Aside from the payoff of one commercial real estate loan totaling $24.3 million, growth in loans totaled $15.8 million or 3 percent annualized since year-end 2007. A majority of this increase was in agricultural and agricultural real estate loans, which totaled $238.2 million at March 31, 2008, an increase of $12.5 million or 22 percent annualized since year-end 2007. Nearly all this growth occurred at Dubuque Bank and Trust Company.
Total deposits grew to $2.42 billion at March 31, 2008, an increase of $44.6 million or 8 percent annualized since year-end 2007. Growth in deposits was weighted more heavily in Heartland’s Western markets. Demand deposits experienced a decrease of $3.8 million or 4 percent annualized since year-end 2007. Savings deposit balances experienced an increase of $8.0 million or 4 percent annualized since year-end 2007 and time deposits, exclusive of brokered deposits, experienced an increase of $19.9 million or 7 percent annualized since year-end 2007. At March 31, 2008, brokered time deposits totaled $89.4 million or 4 percent of total deposits compared to $69.0 million or 3 percent of total deposits at year-end 2007.
Increase in Nonperforming Loans
The allowance for loan and lease losses at March 31, 2008, was 1.48 percent of loans and 86 percent of nonperforming loans, compared to 1.45 percent of loans and 104 percent of nonperforming loans at December 31, 2007. Additions to the allowance for loan and lease losses were primarily driven by the continued softening of the economy and reduced real estate values, particularly in the Phoenix market. Nonperforming loans were $39.1 million or 1.72 percent of total loans and leases at March 31, 2008, compared to $31.8 million or 1.40 percent of total loans and leases at December 31, 2007. The majority of the $7.3 million increase in nonperforming loans from December 31, 2007, resulted from one large credit originated by Arizona Bank & Trust. Slightly over 61 percent, or $23.7 million, of Heartland’s nonperforming loans are to 6 borrowers, with $8.9 million originated by Wisconsin Community Bank and $13.4 million originated by Arizona Bank & Trust. Net charge-offs during the first quarter of 2008 were $1.1 million compared to $362,000 during the first quarter of 2007. Management monitors the loan portfolio of each bank subsidiary and, at this point, does not believe that the increase in nonperforming loans is any indication of a systemic problem but is more likely a result of the continuing shift in the economy in some of Heartland’s markets.
With all of the recent attention given to subprime lending, Heartland believes it is important to note that its bank subsidiaries have not been active in the origination of subprime loans. Consistent with Heartland’s community banking model, which includes meeting the legitimate credit needs within the communities served, the bank subsidiaries may make loans to borrowers possessing subprime characteristics if there are mitigating factors present that will reduce the potential default risk of the loan. Loans past due more than thirty days in Heartland’s residential real estate loan portfolio, including serviced loans, were 1.05 percent of the total loan balances at March 31, 2008, and loans in foreclosure on residential real estate loans, including those sold, totaled 22 at March 31, 2008.
Fuller concluded, “Like most banks of all sizes, we are disappointed in the growth we have seen in our nonperforming loans. Nevertheless, our nonperformers continue to be comprised of a relatively few larger credits in two of our subsidiary banks. We are focusing a great deal of time and talent on collecting nonperforming loans to unlock the earnings potential as those dollars are converted back into earning assets.”
Conference Call Details
Heartland will host a conference call for investors at 4:00 p.m. EDT today. To participate, dial 800-219-6110 at least five minutes before start time, or log onto www.htlf.com. If you are unable to participate on the call, a replay will be available through May 5, 2008, by dialing 800-405-2236, passcode 11112227, or by logging onto www.htlf.com.
About Heartland Financial USA, Inc.:
Heartland Financial USA, Inc. is a $3.3 billion diversified financial services company providing banking, mortgage, wealth management, insurance and consumer finance services to individuals and businesses. The Company currently has 60 banking locations in 41 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado and Minnesota. Additional information about Heartland Financial USA, Inc. is available at www.htlf.com.
Safe Harbor Statement
This release, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Heartland’s financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as believe, expect, anticipate, plan, intend, estimate, may, will, would, could, should or similar expressions. Additionally, all statements in this release, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, among others, the following: (i) the strength of the local and national economy; (ii) the economic impact of past and any future terrorist threats and attacks and any acts of war, (iii) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business; (iv) changes in interest rates and prepayment rates of the Company’s assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected results of acquisitions; (x) unexpected outcomes of existing or new litigation involving the Company; and (xi) changes in accounting policies and practices. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including other factors that could materially affect the Company’s financial results, is included in the Risk Factors section of its Annual Report on Form 10-K and in its other filings with the Securities and Exchange Commission.
-FINANCIAL TABLES FOLLOW-
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| | | | | For the Quarters Ended |
| | | | | | | | | | | | 3/31/2008 | | | | 3/31/2007 | |
| Interest Income | | | | | | | | | | | | | | | | |
| Interest and fees on loans and leases | | | | | | | | | | $ | 42,899 | | | $ | 45,558 | |
| Interest on securities and other: | | | | | | | | | | | | | | | | |
Taxable | | | | | | | | | | | 6,615 | | | | 5,297 | |
Nontaxable | | | | | | | | | | | 1,647 | | | | 1,458 | |
| Interest on federal funds sold | | | | | | | | | | | 131 | | | | - | |
| Interest on deposits in other financial institutions | | | | | | | | | | | 5 | | | | 10 | |
Total Interest Income | | | | | | | | | | | 51,297 | | | | 52,323 | |
| Interest Expense | | | | | | | | | | | | | | | | |
| Interest on deposits | | | | | | | | | | | 17,096 | | | | 18,298 | |
| Interest on short-term borrowings | | | | | | | | | | | 2,186 | | | | 3,811 | |
| Interest on other borrowings | | | | | | | | | | | 4,277 | | | | 3,323 | |
Total Interest Expense | | | | | | | | | | | 23,559 | | | | 25,432 | |
Net Interest Income | | | | | | | | | | | 27,738 | | | | 26,891 | |
| Provision for loan and lease losses | | | | | | | | | | | 1,761 | | | | 1,926 | |
Net Interest Income After Provision for Loan and Lease Losses | | | | | | | | | | | 25,977 | | | | 24,965 | |
| Noninterest Income | | | | | | | | | | | | | | | | |
| Service charges and fees | | | | | | | | | | | 2,615 | | | | 2,571 | |
| Loan servicing income | | | | | | | | | | | 1,296 | | | | 995 | |
| Trust fees | | | | | | | | | | | 2,021 | | | | 2,121 | |
| Brokerage and insurance commissions | | | | | | | | | | | 892 | | | | 493 | |
| Securities gains, net | | | | | | | | | | | 362 | | | | 125 | |
| Gain (loss) on trading account securities | | | | | | | | | | | (207 | ) | | | 41 | |
| Impairment loss on equity securities | | | | | | | | | | | (86 | ) | | | - | |
| Gains on sale of loans | | | | | | | | | | | 504 | | | | 591 | |
| Income on bank owned life insurance | | | | | | | | | | | 463 | | | | 300 | |
| Other noninterest income | | | | | | | | | | | 614 | | | | 374 | |
Total Noninterest Income | | | | | | | | | | | 8,474 | | | | 7,611 | |
| Noninterest Expense | | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | | | | | | | | | | 14,793 | | | | 14,169 | |
| Occupancy | | | | | | | | | | | 2,344 | | | | 1,927 | |
| Furniture and equipment | | | | | | | | | | | 1,768 | | | | 1,676 | |
| Outside services | | | | | | | | | | | 2,510 | | | | 2,269 | |
| Advertising | | | | | | | | | | | 795 | | | | 769 | |
| Other intangibles amortization | | | | | | | | | | | 236 | | | | 219 | |
| Other noninterest expenses | | | | | | | | | | | 3,318 | | | | 3,367 | |
Total Noninterest Expense | | | | | | | | | | | 25,764 | | | | 24,396 | |
Income Before Income Taxes | | | | | | | | | | | 8,687 | | | | 8,180 | |
| Income taxes | | | | | | | | | | | 2,420 | | | | 2,532 | |
Income From Continuing Operations | | | | | | | | | | | 6,267 | | | | 5,648 | |
| Discontinued Operations | | | | | | | | | | | | | | | | |
Income from operations of discontinued operations | | | | | | | | | | | - | | | | 191 | |
Income taxes | | | | | | | | | | | - | | | | 68 | |
Income From Discontinued Operations | | | | | | | | | | | - | | | | 123 | |
Net Income | | | | | | | | | | $ | 6,267 | | | $ | 5,771 | |
| Earnings per common share-basic | | | | | | | | | | $ | 0.38 | | | $ | 0.35 | |
| Earnings per common share-diluted | | | | | | | | | | $ | 0.38 | | | $ | 0.34 | |
| Earnings per common share from continuing operations-basic | | | | | | | | | | $ | 0.38 | | | $ | 0.34 | |
| Earnings per common share from continuing operations-diluted | | | | | | | | | | $ | 0.38 | | | $ | 0.34 | |
| Weighted average shares outstanding-basic | | | | | | | | | | | 16,378,394 | | | | 16,542,876 | |
| Weighted average shares outstanding-diluted | | | | | | | | | | | 16,465,985 | | | | 16,760,688 | |
| | | | | | | | | | | | | | | | | |
| |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| | | For the Quarters Ended |
| | | 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 |
| Interest Income | | | | | | |
| Interest and fees on loans and leases | | $ 42,899 | $ 46,083 | $ 47,406 | $ 47,748 | $ 45,558 |
| Interest on securities and other: | | | | | | |
| Taxable | | 6,615 | 5,927 | 5,446 | 5,267 | 5,297 |
| Nontaxable | | 1,647 | 1,665 | 1,513 | 1,443 | 1,458 |
| Interest on federal funds sold | | 131 | 77 | 310 | - | - |
| Interest on deposits in other financial institutions | | 5 | 13 | 2 | 8 | 10 |
| Total Interest Income | | 51,297 | 53,765 | 54,677 | 54,466 | 52,323 |
| Interest Expense | | | | | | |
| Interest on deposits | | 17,096 | 19,540 | 20,477 | 19,550 | 18,298 |
| Interest on short-term borrowings | | 2,186 | 2,748 | 2,764 | 3,970 | 3,811 |
| Interest on other borrowings | | 4,277 | 3,971 | 4,199 | 3,240 | 3,323 |
| Total Interest Expense | | 23,559 | 26,259 | 27,440 | 26,760 | 25,432 |
| Net Interest Income | | 27,738 | 27,506 | 27,237 | 27,706 | 26,891 |
| Provision for loan and lease losses | | 1,761 | 3,304 | 575 | 4,268 | 1,926 |
| Net Interest Income After Provision for Loan and Lease Losses | | 25,977 | 24,202 | 26,662 | 23,438 | 24,965 |
| Noninterest Income | | | | | | |
| Service charges and fees | | 2,615 | 2,821 | 2,861 | 2,855 | 2,571 |
| Loan servicing income | | 1,296 | 1,273 | 1,068 | 1,040 | 995 |
| Trust fees | | 2,021 | 1,788 | 2,089 | 2,055 | 2,121 |
| Brokerage and insurance commissions | | 892 | 939 | 820 | 845 | 493 |
| Securities gains, net | | 362 | 38 | 31 | 147 | 125 |
| Gain (loss) on trading account securities | | (207) | (185) | (7) | 46 | 41 |
| Impairment loss on equity securities | | (86) | - | - | - | - |
| Gains on sale of loans | | 504 | 1,527 | 604 | 856 | 591 |
| Income on bank owned life insurance | | 463 | 565 | 595 | 317 | 300 |
| Other noninterest income | | 614 | (676) | (145) | (68) | 374 |
| Total Noninterest Income | | 8,474 | 8,090 | 7,916 | 8,093 | 7,611 |
| Noninterest Expense | | | | | | |
| Salaries and employee benefits | | 14,793 | 11,888 | 14,301 | 14,210 | 14,169 |
| Occupancy | | 2,344 | 1,961 | 2,004 | 2,010 | 1,927 |
| Furniture and equipment | | 1,768 | 1,848 | 1,669 | 1,779 | 1,676 |
| Outside services | | 2,510 | 2,544 | 2,374 | 2,368 | 2,269 |
| Advertising | | 795 | 948 | 886 | 1,039 | 769 |
| Other intangibles amortization | | 236 | 240 | 241 | 192 | 219 |
| Other noninterest expenses | | 3,318 | 4,105 | 3,272 | 3,331 | 3,367 |
| Total Noninterest Expense | | 25,764 | 23,534 | 24,747 | 24,929 | 24,396 |
| Income Before Income Taxes | | 8,687 | 8,758 | 9,831 | 6,602 | 8,180 |
| Income taxes | | 2,420 | 2,006 | 2,906 | 1,965 | 2,532 |
| Income From Continuing Operations | | 6,267 | 6,752 | 6,925 | 4,637 | 5,648 |
| Discontinued Operations | | | | | | |
| Income from operations of discontinued operations | | - | - | - | 2,565 | 191 |
| Income taxes | | - | - | - | 1,017 | 68 |
| Income From Discontinued Operations | | - | - | - | 1,548 | 123 |
| Net Income | | $ 6,267 | $ 6,752 | $ 6,925 | $ 6,185 | $ 5,771 |
| Earnings per common share-basic | | $ 0.38 | $ 0.41 | $ 0.42 | $ 0.38 | $ 0.35 |
| Earnings per common share-diluted | | $ 0.38 | $ 0.41 | $ 0.42 | $ 0.37 | $ 0.34 |
| Earnings per common share from continuingoperations-basic | | $ 0.38 | $ 0.41 | $ 0.42 | $ 0.28 | $ 0.34 |
| Earnings per common share from continuingoperations-diluted | | $ 0.38 | $ 0.41 | $ 0.42 | $ 0.28 | $ 0.34 |
| Weighted average shares outstanding-basic | | 16,378,394 | 16,481,854 | 16,447,270 | 16,451,031 | 16,542,876 |
| Weighted average shares outstanding-diluted | | 16,465,985 | 16,574,540 | 16,543,635 | 16,644,286 | 16,760,688 |
| | | | | | | |
| |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| | | As Of |
| | | 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 |
| Assets | | | | | | |
| Cash and cash equivalents | | $ 50,141 | $ 46,832 | $ 31,591 | $ 35,721 | $ 62,232 |
| Securities | | 734,690 | 689,949 | 648,337 | 590,194 | 587,803 |
| Loans held for sale | | 11,222 | 12,679 | 16,267 | 22,346 | 42,644 |
| Loans and leases: | | | | | | |
| Held to maturity | | 2,271,663 | 2,280,167 | 2,274,119 | 2,298,256 | 2,224,097 |
| Allowance for loan and lease losses | | (33,695) | (32,993) | (31,438) | (32,738) | (31,545) |
| Loans and leases, net | | 2,237,968 | 2,247,174 | 2,242,681 | 2,265,518 | 2,192,552 |
| Premises, furniture and equipment, net | | 119,542 | 120,285 | 119,461 | 115,885 | 112,951 |
| Goodwill | | 40,207 | 40,207 | 40,207 | 40,207 | 40,207 |
| Other intangible assets, net | | 8,416 | 8,369 | 8,378 | 8,530 | 8,997 |
| Cash surrender value on life insurance | | 56,018 | 55,532 | 54,936 | 33,810 | 33,698 |
| Assets of discontinued operations held for sale | | - | - | - | - | 20,947 |
| Other assets | | 42,276 | 43,099 | 40,597 | 42,205 | 34,329 |
| Total Assets | | $ 3,300,480 | $ 3,264,126 | $ 3,202,455 | $ 3,154,416 | $ 3,136,360 |
| | | | | | | |
| Liabilities and Stockholders’ Equity | | | | | | |
| Liabilities | | | | | | |
| Deposits: | | | | | | |
| Demand | | $ 377,709 | $ 381,499 | $ 367,617 | $ 368,234 | $ 360,744 |
| Savings | | 863,067 | 855,036 | 850,845 | 804,949 | 825,600 |
| Brokered time deposits | | 89,439 | 68,984 | 116,082 | 119,958 | 118,151 |
| Other time deposits | | 1,090,724 | 1,070,780 | 1,086,732 | 1,075,024 | 1,045,330 |
| Total deposits | | 2,420,939 | 2,376,299 | 2,421,276 | 2,368,165 | 2,349,825 |
| Short-term borrowings | | 226,106 | 354,146 | 256,822 | 274,141 | 304,342 |
| Other borrowings | | 380,479 | 263,607 | 268,716 | 268,758 | 210,804 |
| Liabilities of discontinued operations held for sale | | - | - | - | - | 32,086 |
| Accrued expenses and other liabilities | | 37,103 | 39,474 | 33,366 | 31,709 | 27,453 |
| Total Liabilities | | 3,064,627 | 3,033,526 | 2,980,180 | 2,942,773 | 2,924,510 |
| Stockholders’ Equity | | 235,853 | 230,600 | 222,275 | 211,643 | 211,850 |
| Total Liabilities and Stockholders’ Equity | | $ 3,300,480 | $ 3,264,126 | $ 3,202,455 | $ 3,154,416 | $ 3,136,360 |
| | | | | | | |
| Common Share Data | | | | | | |
| Book value per common share | | $ 14.46 | $ 14.04 | $ 13.48 | $ 12.88 | $ 12.85 |
| FAS 115 effect on book value per common share | | $ 0.52 | $ 0.37 | $ 0.13 | $ (0.15) | $ 0.10 |
| Common shares outstanding, net of treasury stock | | 16,312,384 | 16,427,016 | 16,492,245 | 16,437,459 | 16,484,541 |
| | | | | | | |
Tangible Capital Ratio(1) | | 5.88% | 5.78% | 5.62% | 5.35% | 5.38% |
(1) Total stockholders’ equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by total assets less intangible assets (excluding mortgage servicing rights).
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| | | For the Quarters Ended |
| | | 3/31/2008 | 12/31/2007 | 9/30/2007 | 6/30/2007 | 3/31/2007 |
| | | | | | | |
| Average Balances | | | | | | |
| Assets | | $ 3,269,534 | $ 3,211,155 | $ 3,176,715 | $ 3,158,088 | $ 3,073,337 |
| Loans and leases | | 2,284,634 | 2,283,591 | 2,287,264 | 2,302,037 | 2,214,852 |
| Deposits | | 2,338,634 | 2,409,315 | 2,415,158 | 2,348,386 | 2,270,678 |
| Earning assets | | 2,974,215 | 2,910,942 | 2,890,761 | 2,857,840 | 2,790,087 |
| Interest bearing liabilities | | 2,637,962 | 2,571,327 | 2,558,460 | 2,524,956 | 2,457,797 |
| Stockholders’ equity | | 235,144 | 225,945 | 216,038 | 211,639 | 209,338 |
| Tangible stockholders’ equity | | 194,600 | 184,871 | 174,637 | 169,641 | 167,566 |
| | | | | | | |
| Earnings Performance Ratios | | | | | | |
| Annualized return on average assets | | 0.77% | 0.83% | 0.86% | 0.79% | 0.76% |
| Annualized return on average equity | | 10.72 | 11.86 | 12.72 | 11.72 | 11.18 |
| Annualized return on average tangible equity | | 12.95 | 14.49 | 15.91 | 14.62 | 13.97 |
Annualized net interest margin(1) | | 3.88 | 3.87 | 3.87 | 4.02 | 4.04 |
Efficiency ratio(2) | | 70.02 | 64.54 | 68.58 | 68.39 | 69.13 |
(1) Tax equivalent basis is calculated using an effective tax rate of 35%
(2) Noninterest expense divided by the sum of net interest income and noninterest income less net security gains
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| | As of and For | As of and For | As of and For | As of and For |
| | the Quarter | the Year | the Quarter | the Year |
| | Ended | Ended | Ended | Ended |
| | 3/31/2008 | 12/31/2007 | 3/31/2007 | 12/31/2006 |
| Loan and Lease Data | | | | |
| Commercial and commercial real estate | $ 1,616,190 | $ 1,632,597 | $ 1,564,676 | $ 1,483,738 |
| Residential mortgage | 210,147 | 217,044 | 230,128 | 225,343 |
| Agricultural and agricultural real estate | 238,178 | 225,663 | 225,353 | 233,748 |
| Consumer | 202,348 | 199,518 | 194,538 | 194,652 |
| Direct financing leases, net | 8,386 | 9,158 | 13,273 | 14,359 |
| Unearned discount and deferred loan fees | (3,586) | (3,813) | (3,871) | (3,995) |
| Total loans and leases | $ 2,271,663 | $ 2,280,167 | $ 2,224,097 | $ 2,147,845 |
| | | | | |
| Asset Quality | | | | |
| Nonaccrual loans | $ 38,748 | $ 30,694 | $ 9,436 | $ 8,104 |
| Loans and leases past due ninety days or more as tointerest or principal payments | 378 | 1,134 | 494 | 315 |
| Other real estate owned | 2,714 | 2,195 | 1,689 | 1,575 |
| Other repossessed assets | 494 | 438 | 359 | 349 |
| Total nonperforming assets | $ 42,334 | $ 34,461 | $ 11,978 | $ 10,343 |
| | | | | |
| Allowance for Loan and Lease Losses | | | | |
| Balance, beginning of period | $ 32,993 | $ 29,981 | $ 29,981 | $ 27,791 |
| Provision for loan and lease losses from continuingoperations | 1,761 | 10,073 | 1,926 | 3,883 |
| Provision for loan and lease losses from discontinuedoperations | - | - | - | (5) |
| Loans charged off | (1,315) | (8,564) | (726) | (3,989) |
| Recoveries | 256 | 1,641 | 364 | 1,733 |
| Additions related to acquired bank | - | - | - | 591 |
| Reductions related to discontinued operations | - | (138) | - | (23) |
| Balance, end of period | $ 33,695 | $ 32,993 | $ 31,545 | $ 29,981 |
| | | | | |
| Asset Quality Ratios | | | | |
| Ratio of nonperforming loans and leases to total loans and leases | 1.72% | 1.40% | 0.45% | 0.39% |
| Ratio of nonperforming assets to total assets | 1.28 | 1.06 | 0.38 | 0.34 |
| Ratio of net loan chargeoffs to average loans and leases | 0.05 | 0.30 | 0.02 | 0.11 |
| Allowance for loan and lease losses as a percent of loans and leases | 1.48 | 1.45 | 1.38 | 1.40 |
| Allowance for loan and lease losses as a percent of nonperforming loans and leases | 86.12 | 103.66 | 317.67 | 356.11 |
HEARTLAND FINANCIAL USA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) DOLLARS IN THOUSANDS |
| | | | For the Quarters Ended | |
| | | | 3/31/2008 | | | | 3/31/2007 | |
| | | | Average | | | | | | | | | | | Average | | | | | | | | |
| | | | Balance | | | | Interest | | | Rate | | | | Balance | | | | Interest | | | Rate | |
| Earning Assets | | | | | | | | | | | | | | | | | | | | | | |
| Securities: | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | $ | 556,859 | | | $ | 6,615 | | | 4.78 | % | | $ | 474,390 | | | $ | 5,297 | | | 4.53 | % |
Nontaxable(1) | | | 145,942 | | | | 2,421 | | | 6.67 | | | | 131,068 | | | | 2,215 | | | 6.85 | |
Total securities | | | 702,801 | | | | 9,036 | | | 5.17 | | | | 605,458 | | | | 7,512 | | | 5.03 | |
| Interest bearing deposits | | | 432 | | | | 5 | | | 4.66 | | | | 481 | | | | 10 | | | 8.43 | |
| Federal funds sold | | | 19,006 | | | | 131 | | | 2.77 | | | | - | | | | - | | | - | |
| Loans and leases: | | | | | | | | | | | | | | | | | | | | | | |
Commercial and commercial real estate(1) | | | 1,623,511 | | | | 28,597 | | | 7.08 | | | | 1,543,366 | | | | 30,566 | | | 8.03 | |
Residential mortgage | | | 224,902 | | | | 3,701 | | | 6.62 | | | | 242,946 | | | | 4,122 | | | 6.88 | |
Agricultural and agricultural real estate(1) | | | 228,964 | | | | 4,324 | | | 7.60 | | | | 221,634 | | | | 4,430 | | | 8.11 | |
Consumer | | | 198,469 | | | | 4,931 | | | 9.99 | | | | 193,179 | | | | 4,985 | | | 10.47 | |
Direct financing leases, net | | | 8,788 | | | | 133 | | | 6.09 | | | | 13,727 | | | | 200 | | | 5.91 | |
Fees on loans | | | - | | | | 1,382 | | | - | | | | - | | | | 1,427 | | | - | |
Less: allowance for loan and lease losses | | | (32,658 | ) | | | - | | | - | | | | (30,704 | ) | | | - | | | - | |
Net loans and leases | | | 2,251,976 | | | | 43,068 | | | 7.69 | | | | 2,184,148 | | | | 45,730 | | | 8.49 | |
Total earning assets | | | 2,974,215 | | | $ | 52,240 | | | 7.06 | % | | | 2,790,087 | | | $ | 53,252 | | | 7.74 | % |
| Nonearning Assets | | | 295,319 | | | | | | | | | | | 283,250 | | | | | | | | |
| Total Assets | | $ | 3,269,534 | | | | | | | | | | $ | 3,073,337 | | | | | | | | |
| Interest Bearing Liabilities | | | | | | | | | | | | | | | | | | | | | | |
| Interest bearing deposits | | | | | | | | | | | | | | | | | | | | | | |
Savings | | $ | 827,988 | | | $ | 4,035 | | | 1.96 | % | | $ | 803,973 | | | $ | 5,433 | | | 2.74 | % |
Time, $100,000 and over | | | 308,760 | | | | 3,547 | | | 4.62 | | | | 251,360 | | | | 2,990 | | | 4.82 | |
Other time deposits | | | 845,308 | | | | 9,514 | | | 4.53 | | | | 868,229 | | | | 9,875 | | | 4.61 | |
| Short-term borrowings | | | 301,616 | | | | 2,186 | | | 2.91 | | | | 314,026 | | | | 3,811 | | | 4.92 | |
| Other borrowings | | | 354,290 | | | | 4,277 | | | 4.86 | | | | 220,209 | | | | 3,323 | | | 6.12 | |
Total interest bearing liabilities | | | 2,637,962 | | | | 23,559 | | | 3.59 | | | | 2,457,797 | | | | 25,432 | | | 4.20 | |
| Noninterest Bearing Liabilities | | | | | | | | | | | | | | | | | | | | | | |
| Noninterest bearing deposits | | | 356,578 | | | | | | | | | | | 347,116 | | | | | | | | |
| Accrued interest and other liabilities | | | 39,850 | | | | | | | | | | | 59,086 | | | | | | | | |
Total noninterest bearing liabilities | | | 396,428 | | | | | | | | | | | 406,202 | | | | | | | | |
| Stockholders’ Equity | | | 235,144 | | | | | | | | | | | 209,338 | | | | | | | | |
| Total Liabilities and Stockholders’ Equity | | $ | 3,269,534 | | | | | | | | | | $ | 3,073,337 | | | | | | | | |
Net interest income(1) | | | | | | $ | 28,681 | | | | | | | | | | $ | 27,820 | | | | |
Net interest spread(1) | | | | | | | | | | 3.47 | % | | | | | | | | | | 3.54 | % |
Net interest income to total earning assets(1) | | | | | | | | | | 3.88 | % | | | | | | | | | | 4.04 | % |
| Interest bearing liabilities to earning assets | | | 88.69 | % | | | | | | | | | | 88.09 | % | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
(1) Tax equivalent basis is calculated using an effective tax rate of 35%. |
HEARTLAND FINANCIAL USA, INC. SELECTED FINANCIAL DATA – SUBSIDIARY BANKS (Unaudited) DOLLARS IN THOUSANDS |
| | | As of and For the Quarter Ended 3/31/2008 | | | As of and For the Year Ended 12/31/2007 | | | As of and For the Quarter Ended 3/31/2007 | | | As of and For the Year Ended 12/31/2006 | |
| Total Assets | | | | | | | | | | | | |
| Dubuque Bank and Trust Company | $ | 973,201 | | $ | 976,489 | | $ | 876,288 | | $ | 843,282 | |
| New Mexico Bank & Trust | | 669,783 | | | 672,863 | | | 649,075 | | | 638,712 | |
| Rocky Mountain Bank | | 446,084 | | | 427,437 | | | 447,067 | | | 438,972 | |
| Wisconsin Community Bank | | 404,517 | | | 399,532 | | | 415,873 | | | 413,108 | |
| Riverside Community Bank | | 235,361 | | | 225,206 | | | 199,584 | | | 199,483 | |
| Galena State Bank & Trust Co. | | 220,519 | | | 215,698 | | | 214,605 | | | 219,863 | |
| Arizona Bank & Trust | | 215,506 | | | 222,576 | | | 234,715 | | | 223,567 | |
| First Community Bank | | 123,429 | | | 127,305 | | | 120,513 | | | 118,010 | |
| Summit Bank & Trust | | 49,855 | | | 46,668 | | | 35,465 | | | 21,590 | |
| Total Deposits | | | | | | | | | | | | |
| Dubuque Bank and Trust Company | $ | 698,820 | | $ | 670,257 | | $ | 636,027 | | $ | 636,527 | |
| New Mexico Bank & Trust | | 473,823 | | | 459,530 | | | 461,641 | | | 437,708 | |
| Rocky Mountain Bank | | 337,577 | | | 305,933 | | | 345,618 | | | 335,053 | |
| Wisconsin Community Bank | | 312,389 | | | 321,647 | | | 339,508 | | | 336,015 | |
| Riverside Community Bank | | 191,131 | | | 187,052 | | | 164,137 | | | 162,319 | |
| Galena State Bank & Trust Co. | | 178,268 | | | 177,040 | | | 178,912 | | | 178,388 | |
| Arizona Bank & Trust | | 147,401 | | | 155,093 | | | 179,941 | | | 176,438 | |
| First Community Bank | | 100,647 | | | 103,602 | | | 98,454 | | | 95,287 | |
| Summit Bank & Trust | | 32,400 | | | 30,860 | | | 16,395 | | | 6,514 | |
| Return on Average Assets | | | | | | | | | | | | |
| Dubuque Bank and Trust Company | | 1.65 | % | | 1.34 | % | | 1.31 | % | | 1.45 | % |
| New Mexico Bank & Trust | | 1.07 | | | 1.48 | | | 1.26 | | | 1.21 | |
| Rocky Mountain Bank | | .60 | | | 1.51 | | | 0.88 | | | 1.18 | |
| Wisconsin Community Bank | | 0.88 | | | 0.62 | | | 0.67 | | | 0.53 | |
| Riverside Community Bank | | 0.34 | | | 0.55 | | | 0.50 | | | 0.64 | |
| Galena State Bank & Trust Co. | | 1.60 | | | 0.92 | | | 1.23 | | | 1.35 | |
| Arizona Bank & Trust | | (0.63 | ) | | (0.08 | ) | | 0.43 | | | 0.47 | |
| First Community Bank | | 1.27 | | | 1.30 | | | 1.39 | | | 1.01 | |
| Summit Bank & Trust | | (4.03 | ) | | (2.43 | ) | | (4.24 | ) | | (6.31 | ) |
| Net Interest Margin | | | | | | | | | | | | |
| Dubuque Bank and Trust Company | | 3.54 | % | | 3.40 | % | | 3.42 | % | | 3.61 | % |
| New Mexico Bank & Trust | | 4.61 | | | 4.80 | | | 4.80 | | | 5.05 | |
| Rocky Mountain Bank | | 4.42 | | | 4.76 | | | 4.70 | | | 5.16 | |
| Wisconsin Community Bank | | 3.66 | | | 3.45 | | | 3.78 | | | 3.83 | |
| Riverside Community Bank | | 3.17 | | | 3.39 | | | 3.74 | | | 3.71 | |
| Galena State Bank & Trust Co. | | 3.58 | | | 3.40 | | | 3.55 | | | 3.45 | |
| Arizona Bank & Trust | | 4.09 | | | 4.56 | | | 4.91 | | | 4.92 | |
| First Community Bank | | 3.72 | | | 3.80 | | | 3.99 | | | 3.95 | |
| Summit Bank & Trust | | 3.96 | | | 5.10 | | | 7.20 | | | 6.98 | |
| Net Income (Loss) | | | | | | | | | | | | |
| Dubuque Bank and Trust Company | $ | 3,978 | | $ | 11,907 | | $ | 2,785 | | $ | 11,990 | |
| New Mexico Bank & Trust | | 1,790 | | | 8,727 | | | 1,959 | | | 6,873 | |
| Rocky Mountain Bank | | 643 | | | 6,622 | | | 954 | | | 4,840 | |
| Wisconsin Community Bank | | 874 | | | 2,355 | | | 682 | | | 2,109 | |
| Riverside Community Bank | | 193 | | | 1,055 | | | 247 | | | 1,252 | |
| Galena State Bank & Trust Co. | | 866 | | | 1,895 | | | 654 | | | 3,167 | |
| Arizona Bank & Trust | | (340 | ) | | (154 | ) | | 242 | | | 902 | |
| First Community Bank | | 394 | | | 1,476 | | | 404 | | | 1,197 | |
| Summit Bank & Trust | | (475 | ) | | (965 | ) | | (275 | ) | | (1,220 | ) |
HEARTLAND FINANCIAL USA, INC. SELECTED FINANCIAL DATA – SUBSIDIARY BANKS (Unaudited) DOLLARS IN THOUSANDS |
| | | As of 3/31/2008 | | | As of 12/31/2007 | | | As of 3/31/2007 | | | As of 12/31/2006 | |
| Total Portfolio Loans and Leases | | | | | | | | | | | | |
| Dubuque Bank and Trust Company | $ | 647,621 | | $ | 637,782 | | $ | 621,691 | | $ | 581,166 | |
| New Mexico Bank & Trust | | 444,744 | | | 455,383 | | | 420,915 | | | 410,438 | |
| Rocky Mountain Bank | | 314,005 | | | 316,776 | | | 325,698 | | | 309,943 | |
| Wisconsin Community Bank | | 287,232 | | | 285,010 | | | 282,334 | | | 272,407 | |
| Riverside Community Bank | | 153,113 | | | 146,925 | | | 139,236 | | | 137,102 | |
| Galena State Bank & Trust Co. | | 138,036 | | | 144,152 | | | 155,024 | | | 158,222 | |
| Arizona Bank & Trust | | 152,682 | | | 160,309 | | | 171,087 | | | 160,614 | |
| First Community Bank | | 77,669 | | | 84,475 | | | 79,304 | | | 81,498 | |
| Summit Bank & Trust | | 33,826 | | | 27,493 | | | 26,755 | | | 14,953 | |
| Allowance For Loan and Lease Losses | | | | | | | | | | | | |
| Dubuque Bank and Trust Company | $ | 7,948 | | $ | 7,827 | | $ | 7,507 | | $ | 7,235 | |
| New Mexico Bank & Trust | | 6,377 | | | 6,079 | | | 5,452 | | | 5,352 | |
| Rocky Mountain Bank | | 4,319 | | | 4,061 | | | 4,263 | | | 4,044 | |
| Wisconsin Community Bank | | 4,266 | | | 4,520 | | | 4,782 | | | 4,570 | |
| Riverside Community Bank | | 2,026 | | | 1,885 | | | 1,854 | | | 1,747 | |
| Galena State Bank & Trust Co. | | 1,746 | | | 1,830 | | | 2,031 | | | 2,049 | |
| Arizona Bank & Trust | | 3,736 | | | 3,605 | | | 2,456 | | | 2,133 | |
| First Community Bank | | 1,162 | | | 1,179 | | | 1,093 | | | 1,182 | |
| Summit Bank & Trust | | 453 | | | 367 | | | 334 | | | 192 | |
| Nonperforming Loans and Leases | | | | | | | | | | | | |
| Dubuque Bank and Trust Company | $ | 3,734 | | $ | 3,344 | | $ | 1,210 | | $ | 1,216 | |
| New Mexico Bank & Trust | | 3,635 | | | 1,130 | | | 1,246 | | | 2,206 | |
| Rocky Mountain Bank | | 3,253 | | | 2,099 | | | 762 | | | 822 | |
| Wisconsin Community Bank | | 12,471 | | | 12,152 | | | 2,450 | | | 1,966 | |
| Riverside Community Bank | | 2,777 | | | 2,671 | | | 969 | | | 602 | |
| Galena State Bank & Trust Co. | | 1,189 | | | 1,707 | | | 426 | | | 370 | |
| Arizona Bank & Trust | | 8,218 | | | 5,541 | | | 207 | | | 254 | |
| First Community Bank | | 1,919 | | | 1,312 | | | 452 | | | 588 | |
| Summit Bank & Trust | | 1,390 | | | 1,376 | | | - | | | - | |
| Allowance As a Percent of Total Loans and Leases | | | | | | | | | | | | |
| Dubuque Bank and Trust Company | | 1.23 | % | | 1.23 | % | | 1.21 | % | | 1.24 | % |
| New Mexico Bank & Trust | | 1.43 | | | 1.33 | | | 1.30 | | | 1.30 | |
| Rocky Mountain Bank | | 1.38 | | | 1.28 | | | 1.31 | | | 1.30 | |
| Wisconsin Community Bank | | 1.49 | | | 1.59 | | | 1.69 | | | 1.68 | |
| Riverside Community Bank | | 1.32 | | | 1.28 | | | 1.33 | | | 1.27 | |
| Galena State Bank & Trust Co. | | 1.26 | | | 1.27 | | | 1.31 | | | 1.30 | |
| Arizona Bank & Trust | | 2.45 | | | 2.25 | | | 1.44 | | | 1.33 | |
| First Community Bank | | 1.50 | | | 1.40 | | | 1.38 | | | 1.45 | |
| Summit Bank & Trust | | 1.34 | | | 1.33 | | | 1.25 | | | 1.28 | |
| | | | | | | | | | | | | |
