|
| |
| CONTACT: | FOR IMMEDIATE RELEASE |
| Bryan R. McKeag | October 27, 2014 |
| Executive Vice President | |
| Chief Financial Officer | |
| (563) 589-1994 | |
| bmckeag@htlf.com | |
HEARTLAND FINANCIAL USA, INC. REPORTS THIRD QUARTER 2014 RESULTS
Quarterly Highlights
|
| |
| § | Net income available to common stockholders of $11.8 million or $0.63 per diluted common share |
| § | Return on average common equity of 11.86% |
| § | Net interest margin at 3.96% |
| § | Loan growth of $103.6 million or 11% annualized since June 30, 2014 |
| § | Ratio of nonperforming assets to total assets of 0.85%, the lowest since 2007 |
| § | Announced name change for Riverside Community Bank to Illinois Bank & Trust and plans to merge Galena State Bank & Trust Co. into Illinois Bank & Trust |
| § | Announced merger agreement with Community Banc-Corp of Sheboygan, Inc. |
|
| | | | | | | | | | | | | | | |
| | Quarter Ended September 30, | | Nine Months Ended September 30, |
| | 2014 | | 2013 | | 2014 | | 2013 |
| Net income (in millions) | $ | 12.0 |
| | $ | 6.8 |
| | $ | 29.6 |
| | $ | 28.9 |
|
| Net income available to common stockholders (in millions) | 11.8 |
| | 6.5 |
| | 29.0 |
| | 28.0 |
|
| Diluted earnings per common share | 0.63 |
| | 0.38 |
| | 1.55 |
| | 1.63 |
|
| | | | | | | | |
| Return on average assets | 0.79 | % | | 0.53 | % | | 0.67 | % | | 0.76 | % |
| Return on average common equity | 11.86 |
| | 8.38 |
| | 10.21 |
| | 11.63 |
|
| Net interest margin | 3.96 |
| | 3.81 |
| | 3.97 |
| | 3.77 |
|
|
| | | | |
“Heartland reported an excellent third quarter, with net income available to common stockholders of $11.8 million, an 80 percent increase over earnings of $6.5 million in the third quarter last year.”
Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc. |
Dubuque, Iowa, Monday, October 27, 2014-Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported net income available to common stockholders of $11.8 million, or $0.63 per diluted common share, for the quarter ended September 30, 2014, compared to $6.5 million, or $0.38 per diluted common share, for the third quarter of 2013. Return on average common equity was 11.86% and return on average assets was 0.79% for the third quarter of 2014, compared to 8.38% and 0.53%, respectively, for the same quarter in 2013.
Positively affecting net income for the quarter as compared to the same quarter last year was a $11.6 million increase in net interest income, largely due to strong loan growth and the acquisition of Morrill & Janes Bank and Trust Company completed during the last quarter of 2013. This improvement was partially offset by a $7.4 million increase in noninterest expenses, primarily due to the added expenses at Morrill & Janes Bank and Trust Company.
Commenting on Heartland’s third quarter results, Lynn B. Fuller, Heartland’s chairman, president and chief executive officer said, “Heartland reported an excellent third quarter, with net income available to common stockholders of $11.8 million, an 80 percent increase over earnings of $6.5 million in the third quarter last year.”
Net income available to common stockholders for the first nine months of 2014 was $29.0 million, or $1.55 per diluted common share, compared to $28.0 million, or $1.63 per diluted common share, recorded during the first nine months of 2013. Return on average common equity was 10.21% and return on average assets was 0.67% for the first nine months of 2014, compared to 11.63% and 0.76%, respectively, for the same period in 2013.
Subsequent to the quarter-end, Heartland entered into a merger agreement with Community Banc-Corp of Sheboygan, Inc., the parent company of Community Bank & Trust in Sheboygan, Wisconsin. Under the agreement, Heartland will acquire Community Banc-Corp in an all stock transaction expected to close during the first quarter of 2015. Simultaneous with the closing, Community Bank & Trust will be merged into Heartland's Wisconsin Bank & Trust subsidiary. Community Bank & Trust had total assets of $525 million as of September 30, 2014. Upon completion of this merger, Wisconsin will become Heartland's third state with banking assets greater than $1 billion.
Net Interest Margin Increases in Dollars; Net Interest Margin As Percentage Remains Steady
Net interest margin, expressed as a percentage of average earning assets, was 3.96% during the third quarter of 2014 compared to 4.04% during the second quarter of 2014 and 3.81% during the third quarter of 2013.
Fuller said, “Heartland’s net interest margin of 3.96 percent for the quarter was 15 basis points higher than the 3.81 percent reported for the same quarter last year, reflecting solid loan growth and a decline in our cost of funds.”
Interest income increased $11.7 million or 24% to $60.1 million in the third quarter of 2014 from the $48.4 million recorded in the third quarter of 2013. After adjustment to add $2.6 million for the third quarter of 2014 and $2.4 million for the third quarter of 2013 for income taxes saved on the interest earned on nontaxable securities and loans, on a tax-equivalent basis, interest income in the third quarter of 2014 was $62.7 million compared to $50.8 million in the third quarter of 2013. The increase in interest income in the third quarter of 2014, as compared to the third quarter of 2013, was primarily due to an increase in average earning assets combined with a small increase in the interest rate earned on those assets. The average interest rate earned on total earning assets was 4.59% during the third quarter of 2014 compared to 4.58% during the third quarter of 2013. Average earning assets increased $1.03 billion or 23% during the third quarter of 2014 compared to the third quarter of 2013, with approximately $810.7 million attributable to the Morrill & Janes Bank and Trust Company acquisition completed during the fourth quarter of 2013.
Interest expense for the third quarter of 2014 was $8.6 million, an increase of $100,000 or 1% from $8.5 million in the third quarter of 2013. Even though average interest bearing liabilities increased $686.3 million or 20% for the quarter ended September 30, 2014, as compared to the same quarter in 2013, the average interest rate paid on Heartland's interest bearing deposits and borrowings declined 16 basis points decreasing from 0.99% in the third quarter of 2013 to 0.83% in the third quarter of 2014. Contributing to this improvement in interest expense was a continued favorable change in the mix of deposits. Average savings balances, the lowest cost interest-bearing deposits, as a percentage of total average interest bearing deposits were 75% during the third quarter of 2014, compared to 71% for the third quarter of 2013. The average interest rate paid on savings deposits was 0.31% during the third quarter of 2014 compared to 0.30% during the third quarter of 2013 and the average interest rate paid on time deposits was 1.22% during the third quarter of 2014 compared to 1.59% during the third quarter of 2013.
Net interest income increased $11.6 million or 29% to $51.5 million in the third quarter of 2014 from the $39.9 million recorded in the third quarter of 2013. Net interest income on a tax-equivalent basis totaled $54.1 million during the
third quarter of 2014, an increase of $11.8 million or 28% from the $42.3 million recorded during the third quarter of 2013.
Noninterest Income Remains Steady; Noninterest Expenses Increase
Noninterest income of $20.2 million during the third quarter of 2014 was consistent with the $20.4 million recorded during the third quarter of 2013.
For the third quarter of 2014, noninterest expense totaled $54.2 million, an increase of $7.4 million or 16% from the same quarter of 2013, partially due to $4.9 million of expenses at the Morrill & Janes Bank and Trust Company, which was acquired during the last quarter of 2013. Included in the 2014 third quarter noninterest expenses were $1.4 million in costs associated with partnership investments in a commercial and a residential real estate project, both of which qualify for historic rehabilitation tax credits. These credits are included as a reduction to income tax expense as further described below. The net result of these transactions positively impacted net income and negatively impacted the efficiency ratio. Excluding the effect of the acquisition and the costs associated with tax credit investments, noninterest expenses increased $1.1 million or 2% during the third quarter of 2014 in comparison to the third quarter of 2013.
Heartland's effective tax rate was 19.58% for the third quarter of 2014 compared to 17.97% for the third quarter of 2013. Included in Heartland's income taxes for the third quarter of 2014 were federal historic rehabilitation tax credits totaling $1.8 million associated with Heartland's ownership interest in qualifying real estate projects. Federal low-income housing tax credits included in Heartland's income taxes totaled $166,000 during the third quarter of 2014 compared to $200,000 during the third quarter of 2013. 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 32.59% during the third quarter of 2014 compared to 53.31% during the third quarter of 2013. The tax-equivalent adjustment for this tax-exempt interest income was $2.6 million during the third quarter of 2014 compared to $2.4 million during the third quarter of 2013.
Increase in Loans and Deposits
Total assets were $5.93 billion at September 30, 2014, an increase of $11.1 million since year-end 2013. Securities represented 28% of total assets at September 30, 2014, compared to 32% at year-end 2013.
Total loans and leases held to maturity were $3.80 billion at September 30, 2014, compared to $3.50 billion at year-end 2013, an increase of $301.4 million or 11% annualized, with $103.6 million of this growth occurring in the third quarter, $117.0 million in the second quarter and $80.8 million during the first quarter. A majority of the year-to-date growth occurred in the commercial and commercial real estate loan portfolio, which increased $229.7 million or 12% annualized since year-end 2013, with $59.0 million of this growth occurring during the third quarter, $102.9 million during the second quarter and $67.8 million during the first quarter.
Fuller commented, “For the quarter, loans increased by $104 million, growing at an annualized rate of 11 percent. Over the last five quarters, Heartland has experienced organic loan growth of $549 million. Considering our peers have been reporting significantly lower loan growth, we are very gratified by our results. With loan growth as our top priority, we are very pleased with both the quality and quantity of loan growth and commend our commercial and business banking teams for these excellent results.”
Total deposits were $4.73 billion as of September 30, 2014, compared to $4.67 billion at year-end 2013, an increase of $60.2 million or 2% annualized. Demand deposits totaled $1.27 billion at September 30, 2014, an increase of $35.9 million or 4% annualized since year-end 2013. Also increasing during the first nine months of 2014, savings deposits grew to $2.60 billion, an increase of $64.6 million or 3% annualized. Certificates of deposit totaled $852.4 million at September 30, 2014, a decrease of $40.2 million or 6% annualized.
“We continue to see growth in no-cost checking and low-cost savings and money market deposits. The favorable shift in deposit mix continues with these non-time categories now representing 82 percent of total deposits,” Fuller added.
Decrease in Nonperforming Assets; Decrease in Provision for Loan Losses
Nonperforming loans, exclusive of those covered under the loss sharing agreements, were $30.1 million or 0.79% of total loans and leases at September 30, 2014, compared to $42.4 million or 1.21% of total loans and leases at December 31, 2013. Approximately 34%, or $10.1 million, of Heartland's nonperforming loans have individual loan balances exceeding $1.0 million, the largest of which is $3.8 million. These nonperforming loans, to an aggregate of four
borrowers, are spread over three different industry classifications with 66% located in Heartland's Western markets and the remainder in the Midwest.
Other real estate owned was $20.5 million at September 30, 2014, compared to $29.9 million at December 31, 2013. Liquidation strategies have been identified for all the assets held in other real estate owned. Management continues to market these properties through an orderly liquidation process instead of a quick liquidation process in order to avoid discounts greater than the projected carrying costs.
The allowance for loan and lease losses at September 30, 2014, was 1.10% of loans and leases and 138.40% of nonperforming loans compared to 1.19% of loans and leases and 98.27% of nonperforming loans at December 31, 2013. The provision for loan losses was $2.6 million for the third quarter of 2014 compared to $5.1 million for the third quarter of 2013.
Net charge-offs on loans during the third quarter of 2014 were $1.7 million compared to $1.5 million during the third quarter of 2013.
“We are also very pleased with the steady improvement in our level of nonperforming assets over the past year. Since last year’s third quarter, we have seen a decline of nearly $30 million in nonperforming assets. Over the last twelve months we’ve reduced nonperforming assets by 78 basis points, falling to .85 percent of total assets and approaching the lowest level we’ve seen in nearly seven years,” Fuller concluded.
Conference Call Details
Heartland will host a conference call for investors at 5:00 p.m. EDT today. To participate, dial 877-407-0781 at least five minutes before start time. To listen to the live webcast, log on to www.htlf.com at least 15 minutes before start time. If you are unable to participate on the call, a replay will be available until October 26, 2015, by logging on to www.htlf.com.
About Heartland Financial USA, Inc.
Heartland Financial USA, Inc. is a $5.9 billion diversified financial services company providing banking, mortgage, wealth management, investment, insurance and consumer finance services to individuals and businesses. Heartland currently has 77 banking locations in 57 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas and Missouri and loan production offices in California, Nevada, Wyoming, Idaho, North Dakota, Oregon, Washington and Nebraska. 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 Heartland and its management, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Heartland's financial condition, results of operations, plans, objectives, future performance and business. Although these forward-looking statements are based upon the beliefs, expectations and assumptions of Heartland's management, there are a number of factors, 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 are detailed in the risk factors included in Heartland's Annual Report on Form 10-K filed with the Securities and Exchange Commission, include, among others: (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 potential impact of acquisitions, (viii) the loss of key executives or employees; (ix) changes in consumer spending; (x) unexpected outcomes of existing or new litigation involving the Company; and (xi) changes in accounting policies and practices. All statements in this release, including forward-looking statements, speak only as of the date they are made, and Heartland undertakes no obligation to update any statement in light of new information or future events.
-FINANCIAL TABLES FOLLOW-
###
|
| | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| For the Quarter Ended
September 30, | | For the Nine Months Ended
September 30, |
| 2014 | | 2013 | | 2014 |
| 2013 |
| Interest Income | | | | |
|
|
|
| Interest and fees on loans and leases | $ | 49,311 |
| | $ | 40,154 |
| | $ | 143,796 |
|
| $ | 119,707 |
|
| Interest on securities: |
| |
| |
|
|
|
| Taxable | 7,547 |
| | 4,803 |
| | 22,755 |
|
| 14,174 |
|
| Nontaxable | 3,249 |
| | 3,443 |
| | 10,079 |
|
| 10,001 |
|
| Interest on federal funds sold | 1 |
| | — |
| | 1 |
|
| — |
|
| Interest on deposits in other financial institutions | 6 |
| | 3 |
| | 20 |
|
| 9 |
|
| Total Interest Income | 60,114 |
| | 48,403 |
| | 176,651 |
|
| 143,891 |
|
| Interest Expense |
| |
| |
|
|
|
| Interest on deposits | 4,655 |
| | 4,769 |
| | 14,010 |
|
| 14,911 |
|
| Interest on short-term borrowings | 227 |
| | 131 |
| | 655 |
|
| 387 |
|
| Interest on other borrowings | 3,741 |
| | 3,623 |
| | 11,084 |
|
| 11,122 |
|
| Total Interest Expense | 8,623 |
| | 8,523 |
| | 25,749 |
|
| 26,420 |
|
| Net Interest Income | 51,491 |
| | 39,880 |
| | 150,902 |
|
| 117,471 |
|
| Provision for loan and lease losses | 2,553 |
| | 5,149 |
| | 11,635 |
|
| 7,648 |
|
| Net Interest Income After Provision for Loan and Lease Losses | 48,938 |
| | 34,731 |
| | 139,267 |
|
| 109,823 |
|
| Noninterest Income | | |
| |
|
|
|
| Service charges and fees | 4,857 |
| | 4,487 |
| | 15,007 |
|
| 12,775 |
|
| Loan servicing income | 1,319 |
| | 598 |
| | 4,223 |
|
| 865 |
|
| Trust fees | 3,194 |
| | 2,918 |
| | 9,747 |
|
| 8,764 |
|
| Brokerage and insurance commissions | 1,044 |
| | 1,277 |
| | 3,325 |
|
| 3,315 |
|
| Securities gains, net | 825 |
| | 1,118 |
| | 2,460 |
|
| 6,612 |
|
| Gain (loss) on trading account securities | — |
| | 263 |
| | (38 | ) |
| 839 |
|
| Gains on sale of loans held for sale | 8,384 |
| | 8,637 |
| | 23,559 |
|
| 34,842 |
|
| Loss on sales/valuations of repossessed assets, net | (444 | ) | | (339 | ) | | (1,365 | ) |
| (2,440 | ) |
| Valuation adjustment on mortgage servicing rights | — |
| | — |
| | — |
|
| 496 |
|
| Income on bank owned life insurance | 371 |
| | 409 |
| | 1,073 |
|
| 1,129 |
|
| Other noninterest income | 612 |
| | 1,011 |
| | 1,635 |
|
| 2,407 |
|
| Total Noninterest Income | 20,162 |
| | 20,379 |
| | 59,626 |
|
| 69,604 |
|
| Noninterest Expense |
| |
| |
|
|
|
| Salaries and employee benefits | 33,546 |
| | 28,847 |
| | 98,428 |
|
| 88,103 |
|
| Occupancy | 3,807 |
| | 3,387 |
| | 11,841 |
|
| 9,796 |
|
| Furniture and equipment | 2,033 |
| | 1,917 |
| | 6,008 |
|
| 6,033 |
|
| Professional fees | 4,429 |
| | 4,486 |
| | 13,169 |
|
| 12,262 |
|
| FDIC insurance assessments | 888 |
| | 745 |
| | 2,848 |
|
| 2,508 |
|
| Advertising | 1,383 |
| | 1,360 |
| | 4,082 |
|
| 3,836 |
|
| Intangible assets amortization | 521 |
| | 196 |
| | 1,736 |
|
| 594 |
|
| Other real estate and loan collection expenses | 215 |
| | 730 |
| | 1,785 |
|
| 2,446 |
|
| Other noninterest expenses | 7,389 |
| | 5,140 |
| | 20,590 |
|
| 14,642 |
|
| Total Noninterest Expense | 54,211 |
| | 46,808 |
| | 160,487 |
|
| 140,220 |
|
| Income Before Income Taxes | 14,889 |
| | 8,302 |
| | 38,406 |
|
| 39,207 |
|
| Income taxes | 2,916 |
| | 1,492 |
| | 8,769 |
|
| 10,289 |
|
| Net Income | 11,973 |
| | 6,810 |
| | 29,637 |
|
| 28,918 |
|
| Net income attributable to noncontrolling interest, net of tax | — |
| | — |
| | — |
|
| (64 | ) |
| Net Income Attributable to Heartland | 11,973 |
| | 6,810 |
| | 29,637 |
|
| 28,854 |
|
| Preferred dividends and discount | (205 | ) | | (276 | ) | | (613 | ) |
| (889 | ) |
| Net Income Available to Common Stockholders | $ | 11,768 |
| | $ | 6,534 |
| | $ | 29,024 |
|
| $ | 27,965 |
|
| Earnings per common share-diluted | $ | 0.63 |
| | $ | 0.38 |
| | $ | 1.55 |
|
| $ | 1.63 |
|
| Weighted average shares outstanding-diluted | 18,752,748 |
| | 17,221,154 |
| | 18,742,950 |
|
| 17,183,219 |
|
|
| | | | | | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| For the Quarter Ended |
| 9/30/2014 |
| 6/30/2014 |
| 3/31/2014 |
| 12/31/2013 |
| 9/30/2013 |
| Interest Income |
|
|
|
|
|
|
|
|
|
| Interest and fees on loans and leases | $ | 49,311 |
|
| $ | 48,101 |
|
| $ | 46,384 |
|
| $ | 44,995 |
|
| $ | 40,154 |
|
| Interest on securities: |
|
|
|
|
|
|
|
|
|
| Taxable | 7,547 |
|
| 7,447 |
|
| 7,761 |
|
| 7,327 |
|
| 4,803 |
|
| Nontaxable | 3,249 |
|
| 3,708 |
|
| 3,122 |
|
| 3,294 |
|
| 3,443 |
|
| Interest on federal funds sold | 1 |
|
| — |
|
| — |
|
| 1 |
|
| — |
|
| Interest on deposits in other financial institutions | 6 |
|
| 7 |
|
| 7 |
|
| 3 |
|
| 3 |
|
| Total Interest Income | 60,114 |
|
| 59,263 |
|
| 57,274 |
|
| 55,620 |
|
| 48,403 |
|
| Interest Expense |
|
|
|
|
|
|
|
|
|
| Interest on deposits | 4,655 |
|
| 4,577 |
|
| 4,778 |
|
| 5,057 |
|
| 4,769 |
|
| Interest on short-term borrowings | 227 |
|
| 202 |
|
| 226 |
|
| 421 |
|
| 131 |
|
| Interest on other borrowings | 3,741 |
|
| 3,685 |
|
| 3,658 |
|
| 3,785 |
|
| 3,623 |
|
| Total Interest Expense | 8,623 |
|
| 8,464 |
|
| 8,662 |
|
| 9,263 |
|
| 8,523 |
|
| Net Interest Income | 51,491 |
|
| 50,799 |
|
| 48,612 |
|
| 46,357 |
|
| 39,880 |
|
| Provision for loan and lease losses | 2,553 |
|
| 2,751 |
|
| 6,331 |
|
| 2,049 |
|
| 5,149 |
|
| Net Interest Income After Provision for Loan and Lease Losses | 48,938 |
|
| 48,048 |
|
| 42,281 |
|
| 44,308 |
|
| 34,731 |
|
| Noninterest Income | | | | | | | | | |
| Service charges and fees | 4,857 |
|
| 5,254 |
|
| 4,896 |
|
| 4,885 |
|
| 4,487 |
|
| Loan servicing income | 1,319 |
|
| 1,393 |
|
| 1,511 |
|
| 783 |
|
| 598 |
|
| Trust fees | 3,194 |
|
| 3,343 |
|
| 3,210 |
|
| 2,944 |
|
| 2,918 |
|
| Brokerage and insurance commissions | 1,044 |
|
| 1,158 |
|
| 1,123 |
|
| 1,246 |
|
| 1,277 |
|
| Securities gains, net | 825 |
|
| 854 |
|
| 781 |
|
| 509 |
|
| 1,118 |
|
| Gain (loss) on trading account securities | — |
|
| — |
|
| (38 | ) |
| 582 |
|
| 263 |
|
| Gains on sale of loans held for sale | 8,384 |
|
| 8,796 |
|
| 6,379 |
|
| 5,353 |
|
| 8,637 |
|
| Loss on sales/valuations of repossessed assets, net | (444 | ) |
| (798 | ) |
| (123 | ) |
| (359 | ) |
| (339 | ) |
| Valuation adjustment on mortgage servicing rights | — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Income on bank owned life insurance | 371 |
|
| 339 |
|
| 363 |
|
| 426 |
|
| 409 |
|
| Other noninterest income | 612 |
|
| 398 |
|
| 625 |
|
| 846 |
|
| 1,011 |
|
| Total Noninterest Income | 20,162 |
|
| 20,737 |
|
| 18,727 |
|
| 17,215 |
|
| 20,379 |
|
| Noninterest Expense | | | | | | | | | |
| Salaries and employee benefits | 33,546 |
|
| 32,563 |
|
| 32,319 |
|
| 30,121 |
|
| 28,847 |
|
| Occupancy | 3,807 |
|
| 3,984 |
|
| 4,050 |
|
| 3,663 |
|
| 3,387 |
|
| Furniture and equipment | 2,033 |
|
| 2,085 |
|
| 1,890 |
|
| 2,007 |
|
| 1,917 |
|
| Professional fees | 4,429 |
|
| 4,214 |
|
| 4,526 |
|
| 5,270 |
|
| 4,486 |
|
| FDIC insurance assessments | 888 |
|
| 980 |
|
| 980 |
|
| 1,036 |
|
| 745 |
|
| Advertising | 1,383 |
|
| 1,511 |
|
| 1,188 |
|
| 1,458 |
|
| 1,360 |
|
| Intangible assets amortization | 521 |
|
| 591 |
|
| 624 |
|
| 469 |
|
| 196 |
|
| Other real estate and loan collection expenses | 215 |
|
| 518 |
|
| 1,052 |
|
| 1,999 |
|
| 730 |
|
| Other noninterest expenses | 7,389 |
|
| 7,415 |
|
| 5,786 |
|
| 7,519 |
|
| 5,140 |
|
| Total Noninterest Expense | 54,211 |
|
| 53,861 |
|
| 52,415 |
|
| 53,542 |
|
| 46,808 |
|
| Income Before Income Taxes | 14,889 |
|
| 14,924 |
|
| 8,593 |
|
| 7,981 |
|
| 8,302 |
|
| Income taxes | 2,916 |
|
| 4,150 |
|
| 1,703 |
|
| 46 |
|
| 1,492 |
|
| Net Income | 11,973 |
|
| 10,774 |
|
| 6,890 |
|
| 7,935 |
|
| 6,810 |
|
| Net income attributable to noncontrolling interest, net of tax | — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Net Income Attributable to Heartland | 11,973 |
|
| 10,774 |
|
| 6,890 |
|
| 7,935 |
|
| 6,810 |
|
| Preferred dividends and discount | (205 | ) |
| (204 | ) |
| (204 | ) |
| (204 | ) |
| (276 | ) |
| Net Income Available to Common Stockholders | $ | 11,768 |
|
| $ | 10,570 |
|
| $ | 6,686 |
|
| $ | 7,731 |
|
| $ | 6,534 |
|
| Earnings per common share-diluted | $ | 0.63 |
|
| $ | 0.56 |
|
| $ | 0.36 |
|
| $ | 0.42 |
|
| $ | 0.38 |
|
| Weighted average shares outstanding-diluted | 18,752,748 |
|
| 18,746,735 |
|
| 18,724,936 |
|
| 18,360,470 |
|
| 17,221,154 |
|
|
| | | | | | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| As Of |
| 9/30/2014 |
| 6/30/2014 |
| 3/31/2014 |
| 12/31/2013 |
| 9/30/2013 |
| Assets |
|
|
|
|
|
|
|
|
|
| Cash and due from banks | $ | 63,400 |
|
| $ | 98,613 |
|
| $ | 84,744 |
|
| $ | 118,441 |
|
| $ | 160,225 |
|
| Federal funds sold and other short-term investments | 4,436 |
| | 4,047 |
| | 3,884 |
| | 6,829 |
| | 4,783 |
|
| Cash and cash equivalents | 67,836 |
| | 102,660 |
| | 88,628 |
| | 125,270 |
| | 165,008 |
|
| Time deposits in other financial institutions | 2,605 |
| | 3,105 |
| | 3,355 |
| | 3,355 |
| | 3,605 |
|
| Securities: | | | | | | | | | |
| Trading, at fair value | — |
| | — |
| | — |
| | 1,801 |
| | 1,219 |
|
| Available for sale, at fair value | 1,369,703 |
| | 1,412,809 |
| | 1,400,756 |
| | 1,633,902 |
| | 1,374,180 |
|
| Held to maturity, at cost | 255,312 |
| | 257,217 |
| | 257,927 |
| | 237,498 |
| | 53,841 |
|
| Other investments, at cost | 20,514 |
| | 20,932 |
| | 18,755 |
| | 21,843 |
| | 17,430 |
|
| Loans held for sale | 93,054 |
|
| 87,173 |
|
| 54,862 |
|
| 46,665 |
|
| 61,326 |
|
| Loans and leases: |
|
|
|
|
|
|
|
|
|
| Held to maturity | 3,798,305 |
|
| 3,694,734 |
|
| 3,577,776 |
|
| 3,496,952 |
|
| 2,901,706 |
|
| Loans covered by loss share agreements | 3,850 |
|
| 4,379 |
|
| 5,466 |
|
| 5,749 |
|
| 5,876 |
|
| Allowance for loan and lease losses | (41,698 | ) |
| (40,892 | ) |
| (38,573 | ) |
| (41,685 | ) |
| (41,311 | ) |
| Loans and leases, net | 3,760,457 |
|
| 3,658,221 |
|
| 3,544,669 |
|
| 3,461,016 |
|
| 2,866,271 |
|
| Premises, furniture and equipment, net | 132,240 |
|
| 133,127 |
|
| 135,054 |
|
| 135,714 |
|
| 129,029 |
|
| Other real estate, net | 20,475 |
| | 24,395 |
| | 28,083 |
| | 29,852 |
| | 33,018 |
|
| Goodwill | 35,583 |
|
| 35,583 |
|
| 35,583 |
|
| 35,583 |
|
| 30,627 |
|
| Other intangible assets, net | 33,399 |
|
| 32,732 |
|
| 32,690 |
|
| 32,959 |
|
| 23,435 |
|
| Cash surrender value on life insurance | 82,224 |
|
| 81,840 |
|
| 81,486 |
|
| 81,110 |
|
| 79,238 |
|
| FDIC indemnification asset | 83 |
|
| 124 |
|
| 190 |
|
| 249 |
|
| 795 |
|
| Other assets | 61,324 |
|
| 64,000 |
|
| 65,064 |
|
| 76,899 |
|
| 73,708 |
|
| Total Assets | $ | 5,934,809 |
|
| $ | 5,913,918 |
|
| $ | 5,747,102 |
|
| $ | 5,923,716 |
|
| $ | 4,912,730 |
|
| Liabilities and Equity |
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
|
| Demand | $ | 1,274,439 |
|
| $ | 1,221,703 |
|
| $ | 1,195,457 |
|
| $ | 1,238,581 |
|
| $ | 1,073,688 |
|
| Savings | 2,599,850 |
|
| 2,556,784 |
|
| 2,582,166 |
|
| 2,535,242 |
|
| 2,043,397 |
|
| Time | 852,430 |
|
| 862,995 |
|
| 885,741 |
|
| 892,676 |
|
| 807,913 |
|
| Total deposits | 4,726,719 |
|
| 4,641,482 |
|
| 4,663,364 |
|
| 4,666,499 |
|
| 3,924,998 |
|
| Short-term borrowings | 348,305 |
|
| 420,494 |
|
| 256,250 |
|
| 408,756 |
|
| 224,048 |
|
| Other borrowings | 334,513 |
|
| 329,715 |
|
| 334,916 |
|
| 350,109 |
|
| 322,538 |
|
| Accrued expenses and other liabilities | 41,873 |
|
| 49,806 |
|
| 35,237 |
|
| 58,892 |
|
| 44,543 |
|
| Total Liabilities | 5,451,410 |
|
| 5,441,497 |
|
| 5,289,767 |
|
| 5,484,256 |
|
| 4,516,127 |
|
| Stockholders' Equity |
|
|
|
|
|
|
|
|
|
| Preferred equity | 81,698 |
|
| 81,698 |
|
| 81,698 |
|
| 81,698 |
|
| 81,698 |
|
| Common stock | 18,477 |
| | 18,468 |
| | 18,455 |
| | 18,399 |
| | 16,953 |
|
| Capital surplus | 94,393 |
| | 93,334 |
| | 92,199 |
| | 91,632 |
| | 52,641 |
|
| Retained earnings | 288,555 |
| | 278,632 |
| | 269,908 |
| | 265,067 |
| | 259,172 |
|
| Accumulated other comprehensive income (loss) | 276 |
| | 289 |
| | (4,903 | ) | | (17,336 | ) | | (13,819 | ) |
| Treasury stock at cost | — |
| | — |
| | (22 | ) | | — |
| | (42 | ) |
| Total Heartland Stockholders' Equity | 483,399 |
|
| 472,421 |
|
| 457,335 |
|
| 439,460 |
|
| 396,603 |
|
| Noncontrolling interest | — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Total Equity | 483,399 |
|
| 472,421 |
|
| 457,335 |
|
| 439,460 |
|
| 396,603 |
|
| Total Liabilities and Equity | $ | 5,934,809 |
|
| $ | 5,913,918 |
|
| $ | 5,747,102 |
|
| $ | 5,923,716 |
|
| $ | 4,912,730 |
|
|
| | | | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| | | For the Quarter Ended
September 30, | | For the Nine Months Ended
September 30, |
| 2014 | | 2013 | | 2014 | | 2013 |
| Average Balances | | | | | | | | |
| Assets | | $ | 5,882,792 |
| | $ | 4,901,972 |
| | $ | 5,818,160 |
| | $ | 4,907,436 |
|
| Loans and leases, net of unearned | | 3,812,218 |
| | 2,937,508 |
| | 3,692,718 |
| | 2,906,970 |
|
| Deposits | | 4,710,177 |
| | 3,861,624 |
| | 4,670,070 |
| | 3,845,120 |
|
| Earning assets | | 5,426,336 |
| | 4,396,140 |
| | 5,342,481 |
| | 4,420,699 |
|
| Interest bearing liabilities | | 4,099,526 |
| | 3,413,205 |
| | 4,093,520 |
| | 3,418,956 |
|
| Common stockholders' equity | | 393,740 |
| | 309,472 |
| | 380,165 |
| | 321,511 |
|
| Total stockholders' equity | | 475,438 |
| | 391,170 |
| | 461,863 |
| | 404,417 |
|
| Tangible common stockholders' equity | | 348,423 |
| | 276,511 |
| | 334,131 |
| | 288,349 |
|
| |
| |
| |
| |
|
| Earnings Performance Ratios | |
| |
| |
| |
|
| Annualized return on average assets | | 0.79 | % | | 0.53 | % | | 0.67 | % | | 0.76 | % |
| Annualized return on average common equity | | 11.86 | % | | 8.38 | % | | 10.21 | % | | 11.63 | % |
| Annualized return on average common tangible equity | | 13.40 | % | | 9.38 | % | | 11.61 | % | | 12.97 | % |
Annualized net interest margin(1) | | 3.96 | % | | 3.81 | % | | 3.97 | % | | 3.77 | % |
Efficiency ratio, fully taxable equivalent(2) | | 72.67 | % | | 75.35 | % | | 73.10 | % | | 73.51 | % |
| |
| (1) Computed on a tax equivalent basis using an effective tax rate of 35%. |
| (2) Efficiency ratio, fully taxable equivalent, is noninterest expense, divided by the sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains (losses), loss on sales/valuations of repossessed assets, net, and intangible assets amortization. This efficiency ratio is presented on a taxable equivalent basis, which adjusts net interest income for the tax-favored status of certain loans and investment securities. Management believes this measure to be the preferred industry measurement of net interest income as it enhances the comparability of net interest income arising from taxable and tax-exempt sources, and it excludes certain specific revenue items (such as investment securities gains (losses), net, and loss on sales/valuations of repossessed assets, net). This is a non-GAAP measure. |
|
| | | | | | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| | For the Quarter Ended |
| | 9/30/2014 |
| 6/30/2014 |
| 3/31/2014 |
| 12/31/2013 |
| 9/30/2013 |
| Average Balances |
|
|
|
|
|
|
|
|
|
| Assets | $ | 5,882,792 |
|
| $ | 5,800,104 |
|
| $ | 5,770,350 |
|
| $ | 5,604,487 |
|
| $ | 4,901,972 |
|
| Loans and leases, net of unearned | 3,812,218 |
|
| 3,692,159 |
|
| 3,571,127 |
|
| 3,341,252 |
|
| 2,937,508 |
|
| Deposits | 4,710,177 |
|
| 4,665,993 |
|
| 4,633,192 |
|
| 4,512,170 |
|
| 3,861,624 |
|
| Earning assets | 5,426,336 |
|
| 5,321,149 |
|
| 5,278,331 |
|
| 5,061,822 |
|
| 4,396,140 |
|
| Interest bearing liabilities | 4,099,526 |
|
| 4,091,233 |
|
| 4,089,691 |
|
| 3,921,951 |
|
| 3,413,205 |
|
| Common stockholders' equity | 393,740 |
|
| 380,561 |
|
| 365,889 |
|
| 349,056 |
|
| 309,472 |
|
| Total stockholders' equity | 475,438 |
|
| 462,259 |
|
| 447,587 |
|
| 430,754 |
|
| 391,170 |
|
| Tangible common stockholders' equity | 348,423 |
|
| 334,747 |
|
| 318,898 |
|
| 308,802 |
|
| 276,511 |
|
|
|
|
|
|
|
|
|
|
|
| Earnings Performance Ratios |
|
|
|
|
|
|
|
|
|
| Annualized return on average assets | 0.79 | % |
| 0.73 | % |
| 0.47 | % |
| 0.55 | % |
| 0.53 | % |
| Annualized return on average common equity | 11.86 | % |
| 11.14 | % |
| 7.41 | % |
| 8.79 | % |
| 8.38 | % |
| Annualized return on average common tangible equity | 13.40 | % |
| 12.66 | % |
| 8.50 | % |
| 9.93 | % |
| 9.38 | % |
Annualized net interest margin(1) | 3.96 | % |
| 4.04 | % |
| 3.92 | % |
| 3.82 | % |
| 3.81 | % |
Efficiency ratio, fully taxable equivalent(2) | 72.67 | % |
| 71.75 | % |
| 75.00 | % |
| 80.61 | % |
| 75.35 | % |
| |
| (1) Computed on a tax equivalent basis using an effective tax rate of 35%. |
| (2) Efficiency ratio, fully taxable equivalent, is noninterest expense, divided by the sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains (losses), loss on sales/valuations of repossessed assets, net, and intangible assets amortization. This efficiency ratio is presented on a taxable equivalent basis, which adjusts net interest income for the tax-favored status of certain loans and investment securities. Management believes this measure to be the preferred industry measurement of net interest income as it enhances the comparability of net interest income arising from taxable and tax-exempt sources, and it excludes certain specific revenue items (such as investment securities gains (losses), net, and loss on sales/valuations of repossessed assets, net). This is a non-GAAP measure. |
|
| | | | | | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND FULL TIME EQUIVALENT EMPLOYEE DATA |
| As of and for the Quarter Ended |
| 9/30/2014 |
| 6/30/2014 |
| 3/31/2014 |
| 12/31/2013 |
| 9/30/2013 |
| Common Share Data |
|
|
|
|
|
|
|
|
|
| Book value per common share | $ | 21.74 |
|
| $ | 21.16 |
|
| $ | 20.36 |
|
| $ | 19.44 |
|
| $ | 18.58 |
|
Tangible book value per common share(1) | $ | 19.30 |
|
| $ | 18.69 |
|
| $ | 17.86 |
|
| $ | 16.90 |
|
| $ | 16.64 |
|
| ASC 320 effect on book value per common share | $ | 0.10 |
|
| $ | 0.13 |
|
| $ | (0.16 | ) |
| $ | (0.82 | ) |
| $ | (0.66 | ) |
| Common shares outstanding, net of treasury stock | 18,477,463 |
|
| 18,467,646 |
|
| 18,454,048 |
|
| 18,399,156 |
|
| 16,951,053 |
|
Tangible capital ratio(2) | 6.06 | % |
| 5.88 | % |
| 5.78 | % |
| 5.29 | % |
| 5.78 | % |
| | | | | | | | | | |
| Loan and Lease Data |
|
|
|
|
|
|
|
|
|
| Loans held to maturity: |
|
|
|
|
|
|
|
|
|
| Commercial and commercial real estate | $ | 2,709,544 |
|
| $ | 2,650,517 |
|
| $ | 2,547,625 |
|
| $ | 2,479,880 |
|
| $ | 2,042,995 |
|
| Residential mortgage | 360,309 |
|
| 341,697 |
|
| 365,162 |
|
| 349,349 |
|
| 269,501 |
|
| Agricultural and agricultural real estate | 404,423 |
|
| 389,918 |
|
| 370,348 |
|
| 376,735 |
|
| 324,339 |
|
| Consumer | 326,148 |
|
| 315,234 |
|
| 297,978 |
|
| 294,145 |
|
| 268,112 |
|
| Unearned discount and deferred loan fees | (2,119 | ) |
| (2,632 | ) |
| (3,337 | ) |
| (3,157 | ) |
| (3,241 | ) |
| Total loans and leases held to maturity | $ | 3,798,305 |
|
| $ | 3,694,734 |
|
| $ | 3,577,776 |
|
| $ | 3,496,952 |
|
| $ | 2,901,706 |
|
| | | | | | | | | | |
| Loans covered under loss share agreements: |
|
|
|
|
|
|
|
|
|
| Commercial and commercial real estate | $ | 1,188 |
|
| $ | 1,208 |
|
| $ | 2,292 |
|
| $ | 2,314 |
|
| $ | 2,402 |
|
| Residential mortgage | 1,762 |
|
| 1,995 |
|
| 2,062 |
|
| 2,280 |
|
| 2,433 |
|
| Agricultural and agricultural real estate | 573 |
|
| 567 |
|
| 502 |
|
| 543 |
|
| 446 |
|
| Consumer | 327 |
|
| 609 |
|
| 610 |
|
| 612 |
|
| 595 |
|
| Total loans and leases covered under loss share agreements | $ | 3,850 |
|
| $ | 4,379 |
|
| $ | 5,466 |
|
| $ | 5,749 |
|
| $ | 5,876 |
|
|
|
|
|
|
|
|
|
|
|
| Other Selected Trend Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Effective tax rate | 19.59 | % |
| 27.81 | % |
| 19.82 | % |
| 0.57 | % |
| 17.98 | % |
| Average full time equivalent employees | 1,650 |
|
| 1,655 |
|
| 1,678 |
|
| 1,662 |
|
| 1,616 |
|
| Trust assets under management | $ | 1,820,612 |
|
| $ | 1,859,643 |
|
| $ | 1,736,308 |
|
| $ | 1,621,970 |
|
| $ | 1,535,092 |
|
| Total Residential Mortgage Loan Applications | $ | 445,039 |
|
| $ | 460,533 |
|
| $ | 316,829 |
|
| $ | 293,115 |
|
| $ | 416,128 |
|
| Residential Mortgage Loans Originated | $ | 312,428 |
|
| $ | 277,895 |
|
| $ | 175,249 |
|
| $ | 232,150 |
|
| $ | 349,012 |
|
| Residential Mortgage Loans Sold | $ | 283,677 |
|
| $ | 208,429 |
|
| $ | 149,993 |
|
| $ | 214,334 |
|
| $ | 336,780 |
|
| Residential Mortgage Loan Servicing Portfolio | $ | 3,362,717 |
|
| $ | 3,198,510 |
|
| $ | 3,107,589 |
|
| $ | 3,045,893 |
|
| $ | 2,887,667 |
|
| | | | | | | | | | |
| (1) Total common stockholders' equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by common shares outstanding, net of treasury. This is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. |
| (2) Total common stockholders' equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by total assets less intangible assets (excluding mortgage servicing rights). This is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. |
|
| | | | | | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| | As of and for the Quarter Ended |
| | 9/30/2014 |
| 6/30/2014 |
| 3/31/2014 |
| 12/31/2013 |
| 9/30/2013 |
| Allowance for Loan and Lease Losses |
|
|
|
|
|
|
|
|
|
| Balance, beginning of period | $ | 40,892 |
|
| $ | 38,573 |
|
| $ | 41,685 |
|
| $ | 41,311 |
|
| $ | 37,623 |
|
| Provision for loan and lease losses | 2,553 |
|
| 2,751 |
|
| 6,331 |
|
| 2,049 |
|
| 5,149 |
|
| Charge-offs on loans not covered by loss share agreements | (2,649 | ) |
| (1,392 | ) |
| (10,617 | ) |
| (3,197 | ) |
| (2,454 | ) |
| Charge-offs on loans covered by loss share agreements | — |
|
| (8 | ) |
| (41 | ) |
| — |
|
| (59 | ) |
| Recoveries | 894 |
|
| 913 |
|
| 1,215 |
|
| 1,522 |
|
| 1,052 |
|
| Recoveries on loans covered by loss share agreements | 8 |
|
| 55 |
|
| — |
|
| — |
|
| — |
|
| Balance, end of period | $ | 41,698 |
|
| $ | 40,892 |
|
| $ | 38,573 |
|
| $ | 41,685 |
|
| $ | 41,311 |
|
| | | | | | | | | | |
| Asset Quality |
|
|
|
|
|
|
|
|
|
| Not covered under loss share agreements: |
|
|
|
|
|
|
|
|
|
| Nonaccrual loans | $ | 30,130 |
|
| $ | 29,076 |
|
| $ | 31,928 |
|
| $ | 42,394 |
|
| $ | 47,088 |
|
| Loans and leases past due ninety days or more as to interest or principal payments | — |
|
| — |
|
| — |
|
| 24 |
|
| — |
|
| Other real estate owned | 19,873 |
|
| 23,761 |
|
| 28,033 |
|
| 29,794 |
|
| 32,753 |
|
| Other repossessed assets | 506 |
|
| 414 |
|
| 397 |
|
| 397 |
|
| 469 |
|
| Total nonperforming assets not covered under loss share agreements | $ | 50,509 |
|
| $ | 53,251 |
|
| $ | 60,358 |
|
| $ | 72,609 |
|
| $ | 80,310 |
|
| | | | | | | | | | |
| Covered under loss share agreements: |
|
|
|
|
|
|
|
|
|
| Nonaccrual loans | $ | 297 |
|
| $ | 297 |
|
| $ | 820 |
|
| $ | 783 |
|
| $ | 805 |
|
| Other real estate owned | 602 |
|
| 634 |
|
| 50 |
|
| 58 |
|
| 265 |
|
| Other repossessed assets | — |
| | — |
| | — |
| | — |
| | 4 |
|
| Total nonperforming assets covered under loss share agreements | $ | 899 |
|
| $ | 931 |
|
| $ | 870 |
|
| $ | 841 |
|
| $ | 1,074 |
|
| | | | | | | | | | |
| Performing troubled debt restructured loans | $ | 11,994 |
|
| $ | 12,076 |
|
| $ | 12,548 |
|
| $ | 19,353 |
|
| $ | 19,371 |
|
| | | | | | | | | | |
| Nonperforming Assets Activity |
|
|
|
|
|
|
|
|
|
| Balance, beginning of period | $ | 54,182 |
|
| $ | 61,228 |
|
| $ | 73,450 |
|
| $ | 81,384 |
|
| $ | 76,946 |
|
| Net loan charge offs | (1,747 | ) |
| (432 | ) |
| (9,443 | ) |
| (1,675 | ) |
| (1,461 | ) |
| New nonperforming loans | 5,911 |
|
| 4,264 |
|
| 5,328 |
|
| 6,981 |
|
| 16,070 |
|
Reduction of nonperforming loans(1) | (2,679 | ) |
| (4,145 | ) |
| (3,303 | ) |
| (4,951 | ) |
| (5,653 | ) |
| OREO/Repossessed assets sales proceeds | (4,313 | ) |
| (5,878 | ) |
| (4,731 | ) |
| (6,907 | ) |
| (3,444 | ) |
| OREO/Repossessed assets writedowns, net | (38 | ) |
| (902 | ) |
| (80 | ) |
| (1,387 | ) |
| (1,048 | ) |
| Net activity at Citizens Finance Co. | 92 |
|
| 47 |
|
| 7 |
|
| 5 |
|
| (26 | ) |
| Balance, end of period | $ | 51,408 |
|
| $ | 54,182 |
|
| $ | 61,228 |
|
| $ | 73,450 |
|
| $ | 81,384 |
|
| |
| Asset Quality Ratios Excluding Assets Covered Under Loss Share Agreements | | | | | | | | | |
| Ratio of nonperforming loans and leases to total loans and leases | 0.79 | % |
| 0.79 | % |
| 0.89 | % |
| 1.21 | % |
| 1.62 | % |
| Ratio of nonperforming assets to total assets | 0.85 | % |
| 0.90 | % |
| 1.06 | % |
| 1.23 | % |
| 1.63 | % |
| Annualized ratio of net loan charge-offs to average loans and leases | 0.18 | % |
| 0.05 | % |
| 1.07 | % |
| 0.20 | % |
| 0.20 | % |
| Allowance for loan and lease losses as a percent of loans and leases | 1.10 | % |
| 1.11 | % |
| 1.08 | % |
| 1.19 | % |
| 1.42 | % |
| Allowance for loan and lease losses as a percent of nonperforming loans and leases | 138.40 | % |
| 140.64 | % |
| 120.81 | % |
| 98.27 | % |
| 87.73 | % |
| Loans delinquent 30-89 days as a percent of total loans | 0.32 | % |
| 0.25 | % |
| 0.31 | % |
| 0.32 | % |
| 0.53 | % |
| | | | | | | | | | |
| (1) Includes principal reductions and transfers to performing status |
|
| | | | | | | | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS |
| For the Quarter Ended |
| September 30, 2014 |
| September 30, 2013 |
| Average |
|
|
|
|
| Average |
|
|
|
|
| Balance |
| Interest |
| Rate |
| Balance |
| Interest |
| Rate |
| Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
| Securities: |
|
|
|
|
|
|
|
|
|
|
|
| Taxable | $ | 1,279,612 |
|
| $ | 7,547 |
|
| 2.34 | % |
| $ | 1,086,302 |
|
| $ | 4,803 |
|
| 1.75 | % |
Nontaxable(1) | 367,791 |
|
| 4,997 |
|
| 5.39 |
|
| 401,083 |
|
| 5,297 |
|
| 5.24 |
|
| Total securities | 1,647,403 |
|
| 12,544 |
|
| 3.02 |
|
| 1,487,385 |
|
| 10,100 |
|
| 2.69 |
|
| Interest bearing deposits | 8,098 |
|
| 6 |
|
| 0.29 |
|
| 9,054 |
|
| 3 |
|
| 0.13 |
|
| Federal funds sold | 344 |
|
| 1 |
|
| 1.15 |
|
| 237 |
|
| — |
|
| — |
|
Loans and leases:(2) |
|
|
|
|
|
|
|
|
|
|
|
Commercial and commercial real estate(1) | 2,656,438 |
|
| 32,249 |
|
| 4.82 |
|
| 2,020,895 |
|
| 25,461 |
|
| 5.00 |
|
| Residential mortgage | 435,965 |
|
| 4,589 |
|
| 4.18 |
|
| 327,185 |
|
| 3,423 |
|
| 4.15 |
|
Agricultural and agricultural real estate(1) | 398,571 |
|
| 5,030 |
|
| 5.01 |
|
| 327,266 |
|
| 4,274 |
|
| 5.18 |
|
| Consumer | 321,244 |
|
| 6,704 |
|
| 8.28 |
|
| 262,162 |
|
| 6,144 |
|
| 9.30 |
|
| Fees on loans |
|
| 1,603 |
|
| — |
|
|
|
| 1,377 |
|
| — |
|
| Less: allowance for loan and lease losses | (41,727 | ) |
| — |
|
| — |
|
| (38,044 | ) |
| — |
|
| — |
|
| Net loans and leases | 3,770,491 |
|
| 50,175 |
|
| 5.28 |
|
| 2,899,464 |
|
| 40,679 |
|
| 5.57 |
|
| Total earning assets | 5,426,336 |
|
| 62,726 |
|
| 4.59 | % |
| 4,396,140 |
|
| 50,782 |
|
| 4.58 | % |
| Nonearning Assets | 456,456 |
|
|
|
|
|
| 505,832 |
|
|
|
|
|
| Total Assets | $ | 5,882,792 |
|
|
|
|
|
| $ | 4,901,972 |
|
|
|
|
|
| Interest Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
| Savings | $ | 2,592,630 |
|
| $ | 2,032 |
|
| 0.31 | % |
| $ | 1,985,496 |
|
| $ | 1,495 |
|
| 0.30 | % |
| Time, $100,000 and over | 320,849 |
|
| 924 |
|
| 1.14 |
|
| 301,633 |
|
| 1,056 |
|
| 1.39 |
|
| Other time deposits | 534,544 |
|
| 1,699 |
|
| 1.26 |
|
| 517,826 |
|
| 2,218 |
|
| 1.70 |
|
| Short-term borrowings | 316,874 |
|
| 227 |
|
| 0.28 |
|
| 277,041 |
|
| 131 |
|
| 0.19 |
|
| Other borrowings | 334,629 |
|
| 3,741 |
|
| 4.44 |
|
| 331,209 |
|
| 3,623 |
|
| 4.34 |
|
| Total interest bearing liabilities | 4,099,526 |
|
| 8,623 |
|
| 0.83 | % |
| 3,413,205 |
|
| 8,523 |
|
| 0.99 | % |
| Noninterest Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
| Noninterest bearing deposits | 1,262,154 |
|
|
|
|
|
| 1,056,669 |
|
|
|
|
|
| Accrued interest and other liabilities | 45,674 |
|
|
|
|
|
| 40,928 |
|
|
|
|
|
| Total noninterest bearing liabilities | 1,307,828 |
|
|
|
|
|
| 1,097,597 |
|
|
|
|
|
| Stockholders' Equity | 475,438 |
|
|
|
|
|
| 391,170 |
|
|
|
|
|
| Total Liabilities and Stockholders' Equity | $ | 5,882,792 |
|
|
|
|
|
| $ | 4,901,972 |
|
|
|
|
|
Net interest income(1) |
|
| $ | 54,103 |
|
|
|
|
|
| $ | 42,259 |
|
|
|
Net interest spread(1) |
|
|
|
| 3.76 | % |
|
|
|
|
| 3.59 | % |
Net interest income to total earning assets(1) |
|
|
|
| 3.96 | % |
|
|
|
|
| 3.81 | % |
| Interest bearing liabilities to earning assets | 75.55 | % |
|
|
|
|
| 77.64 | % |
|
|
|
|
| | | | | | | | | | | | |
| (1) Computed on a tax equivalent basis using an effective tax rate of 35% |
| (2) Nonaccrual loans are included in average loans outstanding. |
|
| | | | | | | | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS |
| For the Nine Months Ended |
| September 30, 2014 |
| September 30, 2013 |
| Average |
|
|
|
|
| Average |
|
|
|
|
| Balance |
| Interest |
| Rate |
| Balance |
| Interest |
| Rate |
| Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
| Securities: |
|
|
|
|
|
|
|
|
|
|
|
| Taxable | $ | 1,303,152 |
|
| $ | 22,755 |
|
| 2.33 | % |
| $ | 1,153,876 |
|
| $ | 14,174 |
|
| 1.64 | % |
Nontaxable(1) | 380,154 |
|
| 15,506 |
|
| 5.45 |
|
| 388,195 |
|
| 15,386 |
|
| 5.30 |
|
| Total securities | 1,683,306 |
|
| 38,261 |
|
| 3.04 |
|
| 1,542,071 |
|
| 29,560 |
|
| 2.56 |
|
| Interest bearing deposits | 7,256 |
|
| 20 |
|
| 0.37 |
|
| 9,216 |
|
| 9 |
|
| 0.13 |
|
| Federal funds sold | 450 |
|
| 1 |
|
| 0.30 |
|
| 672 |
|
| — |
|
| — |
|
Loans and leases:(2) |
|
|
|
|
|
|
|
|
|
|
|
Commercial and commercial real estate(1) | 2,580,868 |
|
| 93,978 |
|
| 4.87 |
|
| 2,000,590 |
|
| 76,288 |
|
| 5.10 |
|
| Residential mortgage | 421,571 |
|
| 13,554 |
|
| 4.30 |
|
| 331,854 |
|
| 10,334 |
|
| 4.16 |
|
Agricultural and agricultural real estate(1) | 381,406 |
|
| 14,508 |
|
| 5.09 |
|
| 321,671 |
|
| 12,843 |
|
| 5.34 |
|
| Consumer | 308,873 |
|
| 19,372 |
|
| 8.39 |
|
| 252,855 |
|
| 17,894 |
|
| 9.46 |
|
| Fees on loans |
|
| 4,704 |
|
| — |
|
|
|
| 4,009 |
|
| — |
|
| Less: allowance for loan and lease losses | (41,249 | ) |
| — |
|
| — |
|
| (38,230 | ) |
| — |
|
| — |
|
| Net loans and leases | 3,651,469 |
|
| 146,116 |
|
| 5.35 |
|
| 2,868,740 |
|
| 121,368 |
|
| 5.66 |
|
| Total earning assets | 5,342,481 |
|
| 184,398 |
|
| 4.61 | % |
| 4,420,699 |
|
| 150,937 |
|
| 4.56 | % |
| Nonearning Assets | 475,679 |
|
|
|
|
|
| 486,737 |
|
|
|
|
|
| Total Assets | $ | 5,818,160 |
|
|
|
|
|
| $ | 4,907,436 |
|
|
|
|
|
| Interest Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
| Savings | 2,572,492 |
|
| 6,184 |
|
| 0.32 | % |
| 1,986,083 |
|
| 4,637 |
|
| 0.31 | % |
| Time, $100,000 and over | 329,976 |
|
| 2,641 |
|
| 1.07 |
|
| 310,333 |
|
| 3,395 |
|
| 1.46 |
|
| Other time deposits | 548,171 |
|
| 5,185 |
|
| 1.26 |
|
| 532,291 |
|
| 6,879 |
|
| 1.73 |
|
| Short-term borrowings | 308,000 |
|
| 655 |
|
| 0.28 |
|
| 250,326 |
|
| 387 |
|
| 0.21 |
|
| Other borrowings | 334,881 |
|
| 11,084 |
|
| 4.43 |
|
| 339,923 |
|
| 11,122 |
|
| 4.37 |
|
| Total interest bearing liabilities | 4,093,520 |
|
| 25,749 |
|
| 0.84 | % |
| 3,418,956 |
|
| 26,420 |
|
| 1.03 | % |
| Noninterest Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
| Noninterest bearing deposits | 1,219,431 |
|
|
|
|
|
| 1,016,413 |
|
|
|
|
|
| Accrued interest and other liabilities | 43,346 |
|
|
|
|
|
| 67,650 |
|
|
|
|
|
| Total noninterest bearing liabilities | 1,262,777 |
|
|
|
|
|
| 1,084,063 |
|
|
|
|
|
| Stockholders' Equity | 461,863 |
|
|
|
|
|
| 404,417 |
|
|
|
|
|
| Total Liabilities and Stockholders' Equity | $ | 5,818,160 |
|
|
|
|
|
| $ | 4,907,436 |
|
|
|
|
|
Net interest income(1) |
|
| $ | 158,649 |
|
|
|
|
|
| $ | 124,517 |
|
|
|
Net interest spread(1) |
|
|
|
| 3.77 | % |
|
|
|
|
| 3.53 | % |
Net interest income to total earning assets(1) |
|
|
|
| 3.97 | % |
|
|
|
|
| 3.77 | % |
| Interest bearing liabilities to earning assets | 76.62 | % |
|
|
|
|
| 77.34 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Computed on a tax equivalent basis using an effective tax rate of 35% |
| (2) Nonaccrual loans are included in the average loans outstanding. |
|
| | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited) |
| DOLLARS IN THOUSANDS |
| | As of and For the Quarter Ended |
| | 9/30/2014 | 6/30/2014 | 3/31/2014 | 12/31/2013 | 9/30/2013 |
| Total Assets |
|
|
|
|
|
| Dubuque Bank and Trust Company | $ | 1,389,241 |
| $ | 1,393,391 |
| $ | 1,346,025 |
| $ | 1,540,049 |
| $ | 1,438,041 |
|
| New Mexico Bank & Trust | 1,069,722 |
| 1,050,117 |
| 1,020,381 |
| 1,032,441 |
| 999,555 |
|
| Morrill & Janes Bank and Trust Company | 867,346 |
| 837,148 |
| 859,998 |
| 890,984 |
| — |
|
| Wisconsin Bank & Trust | 664,630 |
| 658,773 |
| 631,501 |
| 643,430 |
| 635,606 |
|
| Illinois Bank & Trust | 505,492 |
| 506,150 |
| 490,147 |
| 443,114 |
| 460,224 |
|
| Rocky Mountain Bank | 480,345 |
| 472,079 |
| 456,201 |
| 467,443 |
| 464,221 |
|
| Arizona Bank & Trust | 471,661 |
| 467,966 |
| 472,141 |
| 450,320 |
| 415,174 |
|
| Galena State Bank & Trust Co. | 293,442 |
| 297,298 |
| 281,981 |
| 290,457 |
| 296,383 |
|
| Minnesota Bank & Trust | 165,580 |
| 165,250 |
| 157,965 |
| 170,517 |
| 166,324 |
|
| Summit Bank & Trust | 137,774 |
| 135,721 |
| 116,154 |
| 113,719 |
| 115,547 |
|
| Total Deposits |
|
|
|
|
|
| Dubuque Bank and Trust Company | $ | 1,055,036 |
| $ | 1,001,798 |
| $ | 1,066,711 |
| $ | 1,116,154 |
| $ | 1,118,225 |
|
| New Mexico Bank & Trust | 828,637 |
| 814,523 |
| 790,172 |
| 765,572 |
| 765,903 |
|
| Morrill & Janes Bank and Trust Company | 686,833 |
| 680,176 |
| 673,325 |
| 692,038 |
| — |
|
| Wisconsin Bank & Trust | 564,674 |
| 558,654 |
| 544,323 |
| 531,371 |
| 545,163 |
|
| Illinois Bank & Trust | 401,888 |
| 392,053 |
| 403,643 |
| 353,046 |
| 371,779 |
|
| Rocky Mountain Bank | 395,728 |
| 384,856 |
| 379,017 |
| 380,011 |
| 375,949 |
|
| Arizona Bank & Trust | 390,167 |
| 382,011 |
| 381,121 |
| 368,059 |
| 320,737 |
|
| Galena State Bank & Trust Co. | 252,704 |
| 257,029 |
| 244,682 |
| 244,505 |
| 252,691 |
|
| Minnesota Bank & Trust | 148,453 |
| 148,260 |
| 142,750 |
| 154,812 |
| 151,659 |
|
| Summit Bank & Trust | 118,896 |
| 118,275 |
| 104,598 |
| 101,447 |
| 102,855 |
|
| Net Income (Loss) |
|
|
|
|
|
| Dubuque Bank and Trust Company | $ | 4,480 |
| $ | 4,135 |
| $ | 2,381 |
| $ | 5,009 |
| $ | 2,737 |
|
| New Mexico Bank & Trust | 3,201 |
| 2,855 |
| 2,199 |
| 1,575 |
| 1,660 |
|
| Morrill & Janes Bank and Trust Company | 1,626 |
| 1,711 |
| 1,301 |
| 1,145 |
| — |
|
| Wisconsin Bank & Trust | 1,077 |
| 1,299 |
| 1,068 |
| 1,850 |
| 1,990 |
|
| Illinois Bank & Trust | 814 |
| 393 |
| 527 |
| 433 |
| 546 |
|
| Rocky Mountain Bank | 1,448 |
| 388 |
| 1,049 |
| 576 |
| 916 |
|
| Arizona Bank & Trust | 551 |
| 1,243 |
| 837 |
| 125 |
| 380 |
|
| Galena State Bank & Trust Co. | 724 |
| 1,072 |
| 802 |
| 403 |
| 324 |
|
| Minnesota Bank & Trust | 106 |
| 59 |
| 122 |
| (31 | ) | (124 | ) |
| Summit Bank & Trust | (65 | ) | (82 | ) | (434 | ) | 44 |
| (368 | ) |
| Return on Average Assets |
|
|
|
|
|
| Dubuque Bank and Trust Company | 1.27 | % | 1.20 | % | 0.67 | % | 1.36 | % | 0.74 | % |
| New Mexico Bank & Trust | 1.20 |
| 1.10 |
| 0.88 |
| 0.61 |
| 0.66 |
|
| Morrill & Janes Bank and Trust Company | 0.76 |
| 0.81 |
| 0.62 |
| 0.66 |
| — |
|
| Wisconsin Bank & Trust | 0.65 |
| 0.82 |
| 0.69 |
| 1.16 |
| 1.24 |
|
| Illinois Bank & Trust | 0.60 |
| 0.31 |
| 0.49 |
| 0.38 |
| 0.46 |
|
| Rocky Mountain Bank | 1.22 |
| 0.34 |
| 0.92 |
| 0.49 |
| 0.80 |
|
| Arizona Bank & Trust | 0.47 |
| 1.05 |
| 0.74 |
| 0.12 |
| 0.38 |
|
| Galena State Bank & Trust Co. | 0.97 |
| 1.51 |
| 1.15 |
| 0.54 |
| 0.43 |
|
| Minnesota Bank & Trust | 0.26 |
| 0.15 |
| 0.32 |
| (0.07 | ) | (0.32 | ) |
| Summit Bank & Trust | (0.19 | ) | (0.26 | ) | (1.57 | ) | 0.15 |
| (1.27 | ) |
| Net Interest Margin as a Percentage of Average Earning Assets |
|
|
|
|
|
| Dubuque Bank and Trust Company | 3.63 | % | 3.67 | % | 3.72 | % | 3.59 | % | 3.30 | % |
| New Mexico Bank & Trust | 3.85 |
| 3.96 |
| 3.80 |
| 3.63 |
| 3.58 |
|
| Morrill & Janes Bank and Trust Company | 3.51 |
| 3.50 |
| 3.17 |
| 2.97 |
| — |
|
| Wisconsin Bank & Trust | 4.24 |
| 4.27 |
| 4.41 |
| 4.39 |
| 4.43 |
|
| Illinois Bank & Trust | 3.40 |
| 3.57 |
| 3.45 |
| 3.17 |
| 2.82 |
|
| Rocky Mountain Bank | 4.44 |
| 4.36 |
| 4.21 |
| 4.22 |
| 4.15 |
|
| Arizona Bank & Trust | 4.23 |
| 4.47 |
| 4.37 |
| 4.35 |
| 4.57 |
|
| Galena State Bank & Trust Co. | 3.47 |
| 3.79 |
| 3.74 |
| 3.47 |
| 3.32 |
|
| Minnesota Bank & Trust | 3.84 |
| 3.88 |
| 3.79 |
| 3.64 |
| 3.50 |
|
| Summit Bank & Trust | 3.81 |
| 3.98 |
| 4.03 |
| 3.79 |
| 3.76 |
|
|
| | | | | | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited) |
| DOLLARS IN THOUSANDS |
| As of |
| 9/30/2014 |
| 6/30/2014 |
| 3/31/2014 |
| 12/31/2013 |
| 9/30/2013 |
| Total Portfolio Loans and Leases |
|
|
|
|
|
|
|
|
|
| Dubuque Bank and Trust Company | $ | 917,092 |
|
| $ | 908,729 |
|
| $ | 897,860 |
|
| $ | 915,377 |
|
| $ | 828,502 |
|
| New Mexico Bank & Trust | 609,170 |
|
| 575,685 |
|
| 556,928 |
|
| 529,808 |
|
| 508,452 |
|
| Morrill & Janes Bank and Trust Company | 445,100 |
| | 429,326 |
| | 400,243 |
| | 384,685 |
| | — |
|
| Wisconsin Bank & Trust | 509,364 |
|
| 496,486 |
|
| 465,969 |
|
| 459,594 |
|
| 444,174 |
|
| Illinois Bank & Trust | 239,362 |
| | 233,668 |
| | 227,920 |
| | 186,739 |
| | 181,024 |
|
| Rocky Mountain Bank | 356,049 |
|
| 339,479 |
|
| 317,513 |
|
| 316,702 |
|
| 301,224 |
|
| Arizona Bank & Trust | 335,648 |
|
| 328,438 |
|
| 343,298 |
|
| 329,211 |
|
| 278,616 |
|
| Galena State Bank & Trust Co. | 179,840 |
|
| 181,135 |
|
| 183,012 |
|
| 183,639 |
|
| 177,480 |
|
| Minnesota Bank & Trust | 104,061 |
| | 105,142 |
| | 98,818 |
| | 101,491 |
| | 94,182 |
|
| Summit Bank & Trust | 88,199 |
|
| 84,040 |
|
| 72,898 |
|
| 73,150 |
|
| 75,681 |
|
| Allowance For Loan and Lease Losses |
|
|
|
|
|
|
|
|
|
| Dubuque Bank and Trust Company | $ | 9,143 |
|
| $ | 9,441 |
|
| $ | 8,839 |
|
| $ | 10,303 |
|
| $ | 11,040 |
|
| New Mexico Bank & Trust | 6,688 |
|
| 6,628 |
|
| 6,388 |
|
| 7,202 |
|
| 7,007 |
|
| Morrill & Janes Bank and Trust Company | 2,077 |
| | 1,741 |
| | 1,137 |
| | 406 |
| | — |
|
| Wisconsin Bank & Trust | 5,327 |
|
| 4,564 |
|
| 4,281 |
|
| 4,850 |
|
| 4,554 |
|
| Illinois Bank & Trust | 3,842 |
| | 3,335 |
| | 2,835 |
| | 3,121 |
| | 3,012 |
|
| Rocky Mountain Bank | 4,048 |
|
| 4,179 |
|
| 3,965 |
|
| 4,148 |
|
| 4,451 |
|
| Arizona Bank & Trust | 3,432 |
|
| 3,754 |
|
| 3,913 |
|
| 4,133 |
|
| 3,841 |
|
| Galena State Bank & Trust Co. | 1,501 |
|
| 1,553 |
|
| 1,716 |
|
| 1,916 |
|
| 1,872 |
|
| Minnesota Bank & Trust | 1,052 |
| | 1,071 |
| | 1,021 |
| | 1,091 |
| | 1,068 |
|
| Summit Bank & Trust | 996 |
|
| 1,099 |
|
| 1,054 |
|
| 1,334 |
|
| 1,297 |
|
| Nonperforming Loans and Leases |
|
|
|
|
|
|
|
|
|
| Dubuque Bank and Trust Company | $ | 6,151 |
|
| $ | 5,718 |
|
| $ | 7,729 |
|
| $ | 15,641 |
|
| $ | 19,803 |
|
| New Mexico Bank & Trust | 5,550 |
|
| 4,781 |
|
| 5,195 |
|
| 6,880 |
|
| 7,406 |
|
| Morrill & Janes Bank and Trust Company | 519 |
| | 368 |
| | 129 |
| | 160 |
| | — |
|
| Wisconsin Bank & Trust | 3,335 |
|
| 3,617 |
|
| 4,904 |
|
| 6,165 |
|
| 6,825 |
|
| Illinois Bank & Trust | 6,530 |
| | 6,213 |
| | 5,213 |
| | 3,325 |
| | 4,120 |
|
| Rocky Mountain Bank | 3,008 |
|
| 3,471 |
|
| 3,271 |
|
| 3,326 |
|
| 4,076 |
|
| Arizona Bank & Trust | 2,732 |
|
| 2,946 |
|
| 3,200 |
|
| 4,413 |
|
| 1,862 |
|
| Galena State Bank & Trust Co. | 1,081 |
|
| 826 |
|
| 939 |
|
| 1,077 |
|
| 1,131 |
|
| Minnesota Bank & Trust | — |
| | — |
| | — |
| | — |
| | — |
|
| Summit Bank & Trust | 583 |
|
| 567 |
|
| 584 |
|
| 688 |
|
| 1,021 |
|
| Allowance As a Percent of Total Loans and Leases |
|
|
|
|
|
|
|
|
|
| Dubuque Bank and Trust Company | 1.00 | % |
| 1.04 | % |
| 0.98 | % |
| 1.13 | % |
| 1.33 | % |
| New Mexico Bank & Trust | 1.10 |
|
| 1.15 |
|
| 1.15 |
|
| 1.36 |
|
| 1.38 |
|
| Morrill & Janes Bank and Trust Company | 0.47 |
| | 0.41 |
| | 0.28 |
| | 0.11 |
| | — |
|
| Wisconsin Bank & Trust | 1.05 |
|
| 0.92 |
|
| 0.92 |
|
| 1.06 |
|
| 1.03 |
|
| Illinois Bank & Trust | 1.61 |
| | 1.43 |
| | 1.24 |
| | 1.67 |
| | 1.66 |
|
| Rocky Mountain Bank | 1.14 |
|
| 1.23 |
|
| 1.25 |
|
| 1.31 |
|
| 1.48 |
|
| Arizona Bank & Trust | 1.02 |
|
| 1.14 |
|
| 1.14 |
|
| 1.26 |
|
| 1.38 |
|
| Galena State Bank & Trust Co. | 0.83 |
|
| 0.86 |
|
| 0.94 |
|
| 1.04 |
|
| 1.05 |
|
| Minnesota Bank & Trust | 1.01 |
| | 1.02 |
| | 1.03 |
| | 1.07 |
| | 1.13 |
|
| Summit Bank & Trust | 1.13 |
|
| 1.31 |
|
| 1.45 |
|
| 1.82 |
|
| 1.71 |
|
