|
| |
| CONTACT: | FOR IMMEDIATE RELEASE |
| Bryan R. McKeag | April 25, 2016 |
| Executive Vice President | |
| Chief Financial Officer | |
| (563) 589-1994 | |
| bmckeag@htlf.com | |
HEARTLAND FINANCIAL USA, INC. REPORTS 2016 FIRST QUARTER RESULTS
Highlights
|
| | |
| § | Record quarterly net income available to common stockholders of $19.8 million, a 28% increase from first quarter of prior year |
| § | Diluted earnings per common share of $0.82 |
| § | Net interest margin of 4.19% |
| § | Total assets reached $8.25 billion, a $1.75 billion or 27% increase over March 31, 2015 |
| § | Return on average tangible common equity of 16.45% |
| § | Completed acquisition of CIC Bancshares, Inc. in Denver, Colorado |
| § | Completed systems conversion of Premier Valley Bank in Fresno, California |
| § | Terminated participation in the SBLF program in full with redemption of $81.7 million of Series C Preferred Stock issued to the United States Department of the Treasury |
|
| | | | | | | |
| | Quarter Ended March 31, |
| | 2016 | | 2015 |
| Net income (in millions) | $ | 20.0 |
| | $ | 15.7 |
|
| Net income available to common stockholders (in millions) | 19.8 |
| | 15.5 |
|
| Diluted earnings per common share | 0.82 |
| | 0.76 |
|
| | | | |
| Return on average assets | 0.99 | % | | 0.97 | % |
| Return on average common equity | 12.68 |
| | 13.58 |
|
| Return on average tangible common equity | 16.45 |
| | 15.67 |
|
| Net interest margin | 4.19 |
| | 3.90 |
|
|
| | | | |
"Heartland set several quarterly earnings records in the first quarter of 2016, producing diluted earnings per common share of $0.82 and net income available to common stockholders of $19.8 million, which represents an increase of 28 percent over the first quarter of last year."
Lynn B. Fuller, chairman and chief executive officer, Heartland Financial USA, Inc. |
Dubuque, Iowa, Monday, April 25, 2016-Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported net income available to common stockholders of $19.8 million, or $0.82 per diluted common share, for the quarter ended March 31, 2016, compared to $15.5 million, or $0.76 per diluted common share, for the first quarter of 2015. Return on average common equity was 12.68% and return on average assets was 0.99% for the first quarter of 2016, compared to 13.58% and 0.97%, respectively, for the same quarter in 2015.
Commenting on Heartland’s results for the first quarter of 2016, Lynn B. Fuller, Heartland’s chairman and chief executive officer said, “Heartland set several quarterly earnings records in the first quarter of 2016, producing diluted earnings per common share of $0.82 and net income available to common stockholders of $19.8 million, which represents an increase of 28 percent over the first quarter of last year.”
On February 5, 2016, Heartland completed the acquisition of CIC Bancshares, Inc., parent company of Centennial Bank, headquartered in Denver, Colorado, in a transaction valued at approximately $82.3 million. Of this amount, $15.7 million was paid in cash and the remainder of the consideration was provided by the issuance of Heartland common stock and a new series of convertible preferred stock and the assumption of convertible notes and subordinated debt. Simultaneous with closing of the transaction, Centennial Bank merged into Heartland’s Summit Bank & Trust subsidiary, with the resulting institution operating under the name, Centennial Bank and Trust. As of the close date, Centennial Bank had, at fair value, total assets of $769.7 million, total loans of $581.5 million and total deposits of $648.1 million. The systems conversion for this transaction is expected to occur during the second quarter of 2016.
Net Interest Margin As a Percentage of Average Earning Assets and In Dollars Increases
Net interest margin, expressed as a percentage of average earning assets, was 4.19% during the first quarter of 2016, compared to 3.99% during the fourth quarter of 2015 and 3.90% during the first quarter of 2015.
Fuller said, “Heartland’s net interest margin expanded significantly in the first quarter of 2016 to 4.19%, a 20 basis point increase over the fourth quarter of 2015. This is a margin level we haven’t seen in five years; it reflects benefits from our acquisitions, enhancement in asset yields and continued improvement in funding costs. Net interest income in dollars was also up, with a significant increase over prior quarters.”
Interest income for the first quarter of 2016 was $80.7 million, an increase of $17.6 million or 28%, compared to the $63.1 million recorded in the first quarter of 2015. The tax-equivalent adjustment for income taxes saved on the interest earned on nontaxable securities and loans was $3.0 million for the first quarter of 2016 and $2.4 million for the first quarter of 2015. With these adjustments, interest income on a tax-equivalent basis was $83.7 million for the first quarter of 2016, an increase of $18.2 million or 28%, compared to $65.5 million for the first quarter of 2015. The increase in interest income in the first quarter of 2016, as compared to the first quarter of 2015, was primarily due to an increase in average earning assets, which totaled $7.28 billion during the first quarter of 2016 compared to $5.86 billion during the first quarter of 2015, a $1.42 billion or 24% increase. A majority of this growth was attributable to the three acquisitions completed during last half of 2015, in addition to the most recent acquisition completed this February.
Interest expense for the first quarter of 2016 was $8.0 million, a decrease of $1.2 million or 13% from $9.2 million in the first quarter of 2015. Average interest bearing liabilities increased $875.0 million or 20% for the quarter ended March 31, 2016, as compared to the same quarter in 2015, while the average interest rate paid on Heartland's interest bearing deposits and borrowings declined 24 basis points from 0.85% in the first quarter of 2015 to 0.61% in the first quarter of 2016. The average interest rate paid on savings deposits was 0.21% during the first quarter of 2016 compared to 0.26% during the first quarter of 2015, and the average interest rate paid on time deposits was 0.80% during the first quarter of 2016 compared to 1.09% during the first quarter of 2015.
Fuller said, “We continue to experience a favorable shift in our deposit mix, with sustained growth in no-cost demand deposits, which now exceed 30 percent of total deposits. Non-time categories represent 83 percent of total deposits.”
Net interest income increased $18.8 million or 35% to $72.7 million in the first quarter of 2016 from the $53.9 million recorded in the first quarter of 2015. Net interest income on a tax-equivalent basis totaled $75.7 million during the first quarter of 2016, an increase of $19.4 million or 34% from the $56.3 million recorded during the first quarter of 2015.
Noninterest Income Decreases; Noninterest Expenses Increase
Noninterest income totaled $29.6 million during the first quarter of 2016 compared to $30.7 million during the first quarter of 2015, a decrease of $1.1 million or 4%. Service charges and fees totaled $7.2 million during the first quarter
of 2016 compared to $5.4 million during the first quarter of 2015, an increase of $1.8 million or 33%. This increase was primarily attributable to a larger demand deposit customer base, a portion of which is attributable to the acquisitions completed during the last half of 2015 and first quarter of 2016. Net securities gains totaled $3.5 million during the first quarter of 2016 compared to $4.4 million during the first quarter of 2015, a decrease of $827,000 or 20%. Gains on sale of loans held for sale totaled $11.1 million during the first quarter of 2016 compared to $13.7 million during the first quarter of 2015, a decrease of $2.6 million or 19%.
For the first quarter of 2016, noninterest expenses totaled $70.3 million compared to $59.6 million during the first quarter of 2015, an increase of $10.7 million or 18%. The categories with the most significant increases were salaries and employee benefits, which increased $5.1 million or 14%; professional fees, which increased $966,000 or 16%; intangible assets amortization, which increased $1.3 million or 200%; and other noninterest expenses, which increased $2.3 million or 32%. These increases were primarily attributable to the recent acquisitions.
Fuller commented on Heartland’s residential real estate division. “We continue to refine our strategy with regard to the mortgage business and have closed several out-of-footprint loan production offices in favor of building out the business within our current service areas. We expect this process to channel resources toward our most promising in-footprint opportunities while reducing overhead.”
Heartland's effective tax rate was 33.10% for the first quarter of 2016 compared to 32.60% for the first quarter of 2015. Federal low-income housing tax credits included in the determination of Heartland's income taxes totaled $304,000 during the first quarter of 2016 compared to $145,000 during the first quarter of 2015. Heartland's effective tax rate was also affected by the level of tax-exempt interest income which, as a percentage of pre-tax income, was 18.88% during the first quarter of 2016 compared to 19.07% during the first quarter of 2015.
Loans and Deposits Increase
Total assets were $8.25 billion at March 31, 2016, an increase of $559.0 million or 7% since year-end 2015. Included in this growth, at fair value, were $769.7 million of assets acquired in the CIC Bancshares, Inc. transaction. Securities represented 24% of total assets at both March 31, 2016, and December 31, 2015.
Total loans and leases held to maturity were $5.50 billion at March 31, 2016, compared to $5.00 billion at year-end 2015, an increase of $501.5 million or 10%. This increase includes $581.5 million of total loans and leases held to maturity, at fair value, acquired in the CIC Bancshares, Inc. transaction.
Total deposits were $6.92 billion as of March 31, 2016, compared to $6.41 billion at year-end 2015, an increase of $518.5 million or 8%. This increase includes $648.1 million of deposits, at fair value, acquired in the CIC Bancshares, Inc. acquisition. Demand deposits totaled $2.08 billion at March 31, 2016, an increase of $165.4 million or 9% since year-end 2015, with $164.3 million of the increase attributable to the CIC Bancshares, Inc. transaction.
Fuller stated, “Among our top priorities for 2016, we are focused on achieving sustained growth in both loans and deposits. We experienced year-over-year loan growth of 30 percent, and 31 percent growth in deposits.”
Nonperforming Assets and Provision for Loan Losses Increase
Nonperforming assets were $60.2 million or 0.73% of total assets at March 31, 2016, compared to $51.7 million or 0.67% of total assets at December 31, 2015. Exclusive of $3.5 million of nonperforming assets, at fair value, acquired in the CIC Bancshares, Inc. transaction, nonperforming assets increased $5.0 million or 10% since year-end 2015. Nonperforming loans were $48.5 million or 0.88% of total loans and leases at March 31, 2016, compared to $39.7 million or 0.79% of total loans and leases at December 31, 2015.
The allowance for loan and lease losses at March 31, 2016, was 0.90% of loans and leases and 102.79% of nonperforming loans compared to 0.97% of loans and leases and 122.77% of nonperforming loans at December 31, 2015. The provision for loan losses was $2.1 million for the first quarter of 2016 compared to $1.7 million for the first quarter of 2015.
Conference Call Details
Heartland will host a conference call for investors at 5:00 p.m. EDT today. To participate, dial 877-407-0782 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. A replay will be available until April 24, 2017, by logging on to www.htlf.com.
About Heartland Financial USA, Inc.
Heartland Financial USA, Inc. is a diversified financial services company with assets exceeding $8 billion. The company provides banking, mortgage, private client, investment, insurance and consumer finance services to individuals and businesses. Heartland currently has 108 banking locations serving 85 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas, Missouri, Texas and California. 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
March 31, |
| 2016 |
| 2015 |
| Interest Income |
|
|
|
| Interest and fees on loans and leases | $ | 68,425 |
|
| $ | 53,049 |
|
| Interest on securities: |
|
|
|
| Taxable | 8,735 |
|
| 7,132 |
|
| Nontaxable | 3,510 |
|
| 2,916 |
|
| Interest on federal funds sold | 10 |
|
| 1 |
|
| Interest on deposits in other financial institutions | 4 |
|
| 4 |
|
| Total Interest Income | 80,684 |
| | 63,102 |
|
| Interest Expense |
|
|
|
| Interest on deposits | 4,173 |
|
| 4,172 |
|
| Interest on short-term borrowings | 329 |
|
| 198 |
|
| Interest on other borrowings | 3,475 |
|
| 4,802 |
|
| Total Interest Expense | 7,977 |
| | 9,172 |
|
| Net Interest Income | 72,707 |
| | 53,930 |
|
| Provision for loan and lease losses | 2,067 |
|
| 1,671 |
|
| Net Interest Income After Provision for Loan and Lease Losses | 70,640 |
| | 52,259 |
|
| Noninterest Income |
|
|
|
| Service charges and fees | 7,162 |
|
| 5,404 |
|
| Loan servicing income | 1,268 |
|
| 1,041 |
|
| Trust fees | 3,813 |
|
| 3,631 |
|
| Brokerage and insurance commissions | 1,022 |
|
| 1,087 |
|
| Securities gains, net | 3,526 |
|
| 4,353 |
|
| Gains on sale of loans held for sale | 11,065 |
|
| 13,742 |
|
| Income on bank owned life insurance | 522 |
|
| 524 |
|
| Other noninterest income | 1,200 |
|
| 881 |
|
| Total Noninterest Income | 29,578 |
| | 30,663 |
|
| Noninterest Expense |
|
|
|
| Salaries and employee benefits | 41,714 |
|
| 36,638 |
|
| Occupancy | 5,003 |
|
| 4,259 |
|
| Furniture and equipment | 2,113 |
|
| 2,106 |
|
| Professional fees | 7,010 |
|
| 6,044 |
|
| FDIC insurance assessments | 1,168 |
|
| 956 |
|
| Advertising | 1,284 |
|
| 1,181 |
|
| Intangible assets amortization | 1,895 |
|
| 631 |
|
| Other real estate and loan collection expenses | 572 |
|
| 465 |
|
| Loss on sales/valuations of assets, net | 313 |
|
| 353 |
|
| Other noninterest expenses | 9,237 |
|
| 6,981 |
|
| Total Noninterest Expense | 70,309 |
| | 59,614 |
|
| Income Before Income Taxes | 29,909 |
| | 23,308 |
|
| Income taxes | 9,900 |
|
| 7,599 |
|
| Net Income | 20,009 |
| | 15,709 |
|
| Preferred dividends | (168 | ) |
| (204 | ) |
| Net Income Available to Common Stockholders | $ | 19,841 |
| | $ | 15,505 |
|
| Earnings per common share-diluted | $ | 0.82 |
|
| $ | 0.76 |
|
| Weighted average shares outstanding-diluted | 24,117,384 |
|
| 20,493,266 |
|
|
| | | | | | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| For the Quarter Ended |
| 3/31/2016 |
| 12/31/2015 |
| 9/30/2015 |
| 6/30/2015 |
| 3/31/2015 |
| Interest Income |
|
|
|
|
|
|
|
|
|
| Interest and fees on loans and leases | $ | 68,425 |
|
| $ | 59,905 |
|
| $ | 58,328 |
|
| $ | 55,824 |
|
| $ | 53,049 |
|
| Interest on securities: |
|
|
|
|
|
|
|
|
|
| Taxable | 8,735 |
|
| 6,917 |
|
| 5,858 |
|
| 6,739 |
|
| 7,132 |
|
| Nontaxable | 3,510 |
|
| 3,311 |
|
| 3,077 |
|
| 2,874 |
|
| 2,916 |
|
| Interest on federal funds sold | 10 |
|
| 21 |
|
| 1 |
|
| 1 |
|
| 1 |
|
| Interest on deposits in other financial institutions | 4 |
|
| 3 |
|
| 4 |
|
| 3 |
|
| 4 |
|
| Total Interest Income | 80,684 |
| | 70,157 |
| | 67,268 |
| | 65,441 |
| | 63,102 |
|
| Interest Expense |
|
|
|
|
|
|
|
|
|
| Interest on deposits | 4,173 |
|
| 3,772 |
|
| 3,767 |
|
| 3,819 |
|
| 4,172 |
|
| Interest on short-term borrowings | 329 |
|
| 200 |
|
| 228 |
|
| 212 |
|
| 198 |
|
| Interest on other borrowings | 3,475 |
|
| 3,485 |
|
| 3,549 |
|
| 3,766 |
|
| 4,802 |
|
| Total Interest Expense | 7,977 |
| | 7,457 |
| | 7,544 |
| | 7,797 |
| | 9,172 |
|
| Net Interest Income | 72,707 |
| | 62,700 |
| | 59,724 |
| | 57,644 |
| | 53,930 |
|
| Provision for loan and lease losses | 2,067 |
|
| 2,171 |
|
| 3,181 |
|
| 5,674 |
|
| 1,671 |
|
| Net Interest Income After Provision for Loan and Lease Losses | 70,640 |
| | 60,529 |
| | 56,543 |
| | 51,970 |
| | 52,259 |
|
| Noninterest Income | | | | | | | | | |
| Service charges and fees | 7,162 |
|
| 6,654 |
|
| 6,350 |
|
| 5,900 |
|
| 5,404 |
|
| Loan servicing income | 1,268 |
|
| 1,704 |
|
| 1,368 |
|
| 1,163 |
|
| 1,041 |
|
| Trust fees | 3,813 |
|
| 3,230 |
|
| 3,507 |
|
| 3,913 |
|
| 3,631 |
|
| Brokerage and insurance commissions | 1,022 |
|
| 917 |
|
| 869 |
|
| 916 |
|
| 1,087 |
|
| Securities gains, net | 3,526 |
|
| 3,913 |
|
| 1,767 |
|
| 3,110 |
|
| 4,353 |
|
| Impairment loss on securities | — |
|
| (769 | ) |
| — |
|
| — |
|
| — |
|
| Gains on sale of loans held for sale | 11,065 |
|
| 7,085 |
|
| 9,823 |
|
| 14,599 |
|
| 13,742 |
|
| Income on bank owned life insurance | 522 |
|
| 644 |
|
| 372 |
|
| 459 |
|
| 524 |
|
| Other noninterest income | 1,200 |
|
| 1,003 |
|
| 924 |
|
| 601 |
|
| 881 |
|
| Total Noninterest Income | 29,578 |
| | 24,381 |
| | 24,980 |
| | 30,661 |
| | 30,663 |
|
| Noninterest Expense | | | | | | | | | |
| Salaries and employee benefits | 41,714 |
|
| 33,583 |
|
| 37,033 |
|
| 36,851 |
|
| 36,638 |
|
| Occupancy | 5,003 |
|
| 4,334 |
|
| 4,307 |
|
| 4,028 |
|
| 4,259 |
|
| Furniture and equipment | 2,113 |
|
| 2,344 |
|
| 2,121 |
|
| 2,176 |
|
| 2,106 |
|
| Professional fees | 7,010 |
|
| 6,503 |
|
| 5,251 |
|
| 5,249 |
|
| 6,044 |
|
| FDIC insurance assessments | 1,168 |
|
| 886 |
|
| 1,018 |
|
| 899 |
|
| 956 |
|
| Advertising | 1,284 |
|
| 1,624 |
|
| 1,327 |
|
| 1,333 |
|
| 1,181 |
|
| Intangible assets amortization | 1,895 |
|
| 898 |
|
| 734 |
|
| 715 |
|
| 631 |
|
| Other real estate and loan collection expenses | 572 |
|
| 723 |
|
| 496 |
|
| 753 |
|
| 465 |
|
| Loss on sales/valuations of assets, net | 313 |
|
| 4,238 |
|
| 721 |
|
| 1,509 |
|
| 353 |
|
| Other noninterest expenses | 9,237 |
|
| 10,821 |
|
| 8,988 |
|
| 9,969 |
|
| 6,981 |
|
| Total Noninterest Expense | 70,309 |
|
| 65,954 |
|
| 61,996 |
|
| 63,482 |
|
| 59,614 |
|
| Income Before Income Taxes | 29,909 |
| | 18,956 |
| | 19,527 |
| | 19,149 |
| | 23,308 |
|
| Income taxes | 9,900 |
|
| 4,365 |
|
| 4,945 |
|
| 3,989 |
|
| 7,599 |
|
| Net Income | 20,009 |
| | 14,591 |
| | 14,582 |
| | 15,160 |
| | 15,709 |
|
| Preferred dividends | (168 | ) |
| (204 | ) |
| (205 | ) |
| (204 | ) |
| (204 | ) |
| Net Income Available to Common Stockholders | $ | 19,841 |
| | $ | 14,387 |
| | $ | 14,377 |
| | $ | 14,956 |
| | $ | 15,505 |
|
| Earnings per common share-diluted | $ | 0.82 |
|
| $ | 0.67 |
|
| $ | 0.69 |
|
| $ | 0.72 |
|
| $ | 0.76 |
|
| Weighted average shares outstanding-diluted | 24,117,384 |
|
| 21,491,699 |
|
| 20,893,312 |
|
| 20,877,236 |
|
| 20,493,266 |
|
|
| | | | | | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| As Of |
| 3/31/2016 |
| 12/31/2015 |
| 9/30/2015 |
| 6/30/2015 |
| 3/31/2015 |
| Assets |
|
|
|
|
|
|
|
|
|
| Cash and due from banks | $ | 124,060 |
|
| $ | 237,841 |
|
| $ | 76,954 |
|
| $ | 111,909 |
|
| $ | 104,475 |
|
| Federal funds sold and other short-term investments | 9,168 |
| | 20,958 |
| | 14,151 |
| | 7,813 |
| | 7,257 |
|
| Cash and cash equivalents | 133,228 |
| | 258,799 |
| | 91,105 |
| | 119,722 |
| | 111,732 |
|
| Time deposits in other financial institutions | 2,355 |
| | 2,355 |
| | 2,355 |
| | 2,355 |
| | 2,605 |
|
| Securities: | | | | | | | | | |
| Available for sale, at fair value | 1,690,516 |
| | 1,578,434 |
| | 1,261,687 |
| | 1,315,699 |
| | 1,353,537 |
|
| Held to maturity, at cost | 271,300 |
| | 279,117 |
| | 282,200 |
| | 283,258 |
| | 284,030 |
|
| Other investments, at cost | 22,325 |
| | 21,443 |
| | 19,292 |
| | 20,455 |
| | 18,297 |
|
| Loans held for sale | 76,565 |
|
| 74,783 |
|
| 102,569 |
|
| 105,898 |
|
| 105,670 |
|
| Loans and leases: |
|
|
|
|
|
|
|
|
|
| Held to maturity | 5,503,005 |
|
| 5,001,486 |
|
| 4,642,523 |
|
| 4,449,823 |
|
| 4,243,689 |
|
| Allowance for loan and lease losses | (49,738 | ) |
| (48,685 | ) |
| (47,105 | ) |
| (45,614 | ) |
| (41,854 | ) |
| Loans and leases, net | 5,453,267 |
| | 4,952,801 |
| | 4,595,418 |
| | 4,404,209 |
| | 4,201,835 |
|
| Premises, furniture and equipment, net | 164,788 |
|
| 150,148 |
|
| 147,486 |
|
| 143,423 |
|
| 145,132 |
|
| Other real estate, net | 11,338 |
| | 11,524 |
| | 17,041 |
| | 16,983 |
| | 19,097 |
|
| Goodwill | 127,699 |
|
| 97,852 |
|
| 56,828 |
|
| 54,162 |
|
| 51,073 |
|
| Other intangible assets, net | 61,420 |
|
| 56,945 |
|
| 48,695 |
|
| 45,226 |
|
| 44,024 |
|
| Cash surrender value on life insurance | 110,834 |
|
| 110,297 |
|
| 99,564 |
|
| 96,693 |
|
| 95,118 |
|
| Other assets | 128,144 |
|
| 100,256 |
|
| 81,644 |
|
| 108,924 |
|
| 74,126 |
|
| Total Assets | $ | 8,253,779 |
| | $ | 7,694,754 |
| | $ | 6,805,884 |
| | $ | 6,717,007 |
| | $ | 6,506,276 |
|
| Liabilities and Equity |
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
|
| Demand | $ | 2,079,521 |
|
| $ | 1,914,141 |
|
| $ | 1,632,005 |
|
| $ | 1,536,355 |
|
| $ | 1,515,004 |
|
| Savings | 3,702,431 |
|
| 3,367,479 |
|
| 2,936,611 |
|
| 2,816,666 |
|
| 2,863,744 |
|
| Time | 1,142,368 |
|
| 1,124,203 |
|
| 938,621 |
|
| 964,248 |
|
| 887,650 |
|
| Total deposits | 6,924,320 |
| | 6,405,823 |
| | 5,507,237 |
| | 5,317,269 |
| | 5,266,398 |
|
| Short-term borrowings | 325,741 |
|
| 293,898 |
|
| 335,845 |
|
| 477,918 |
|
| 259,335 |
|
| Other borrowings | 265,760 |
|
| 263,214 |
|
| 302,086 |
|
| 296,594 |
|
| 361,300 |
|
| Accrued expenses and other liabilities | 68,415 |
|
| 68,646 |
|
| 69,707 |
|
| 46,020 |
|
| 51,896 |
|
| Total Liabilities | 7,584,236 |
| | 7,031,581 |
| | 6,214,875 |
| | 6,137,801 |
| | 5,938,929 |
|
| Stockholders' Equity |
|
|
|
|
|
|
|
|
|
| Preferred equity | 3,777 |
|
| 81,698 |
|
| 81,698 |
|
| 81,698 |
|
| 81,698 |
|
| Common stock | 24,520 |
| | 22,436 |
| | 20,640 |
| | 20,616 |
| | 20,586 |
|
| Capital surplus | 273,310 |
| | 216,436 |
| | 149,613 |
| | 148,789 |
| | 147,642 |
|
| Retained earnings | 366,014 |
| | 348,630 |
| | 337,421 |
| | 325,106 |
| | 312,212 |
|
| Accumulated other comprehensive income (loss) | 1,924 |
| | (6,027 | ) | | 1,731 |
| | 3,059 |
| | 5,255 |
|
| Treasury stock at cost | (2 | ) | | — |
| | (94 | ) | | (62 | ) | | (46 | ) |
| Total Equity | 669,543 |
| | 663,173 |
| | 591,009 |
| | 579,206 |
| | 567,347 |
|
| Total Liabilities and Equity | $ | 8,253,779 |
| | $ | 7,694,754 |
| | $ | 6,805,884 |
| | $ | 6,717,007 |
| | $ | 6,506,276 |
|
|
| | | | | | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| | For the Quarter Ended |
| | 3/31/2016 |
| 12/31/2015 |
| 9/30/2015 |
| 6/30/2015 |
| 3/31/2015 |
| Average Balances |
|
|
|
|
|
|
|
|
|
| Assets | $ | 8,025,070 |
|
| $ | 7,241,104 |
|
| $ | 6,726,196 |
|
| $ | 6,625,797 |
|
| $ | 6,454,271 |
|
| Loans and leases, net of unearned | 5,358,102 |
|
| 4,827,844 |
|
| 4,654,179 |
|
| 4,447,124 |
|
| 4,267,593 |
|
| Deposits | 6,679,010 |
|
| 5,938,905 |
|
| 5,423,418 |
|
| 5,302,235 |
|
| 5,161,782 |
|
| Earning assets | 7,276,703 |
|
| 6,512,565 |
|
| 6,161,495 |
|
| 6,069,844 |
|
| 5,857,204 |
|
| Interest bearing liabilities | 5,273,164 |
|
| 4,781,797 |
|
| 4,491,089 |
|
| 4,451,200 |
|
| 4,398,184 |
|
| Common stockholders' equity | 629,294 |
|
| 533,845 |
|
| 500,399 |
|
| 489,394 |
|
| 463,048 |
|
| Total stockholders' equity | 695,771 |
|
| 615,543 |
|
| 582,097 |
|
| 571,092 |
|
| 544,746 |
|
| Tangible common stockholders' equity | 485,108 |
|
| 446,370 |
|
| 431,304 |
|
| 424,245 |
|
| 401,294 |
|
|
|
|
|
|
|
|
|
|
|
| Key Performance Ratios |
|
|
|
|
|
|
|
|
|
| Annualized return on average assets | 0.99 | % |
| 0.79 | % |
| 0.85 | % |
| 0.91 | % |
| 0.97 | % |
| Annualized return on average common equity | 12.68 | % |
| 10.69 | % |
| 11.40 | % |
| 12.26 | % |
| 13.58 | % |
| Annualized return on average common tangible equity | 16.45 | % |
| 12.79 | % |
| 13.22 | % |
| 14.14 | % |
| 15.67 | % |
| Annualized ratio of net charge-offs to average loans and leases | 0.08 | % |
| 0.05 | % |
| 0.14 | % |
| 0.17 | % |
| 0.12 | % |
Annualized net interest margin(1) | 4.19 | % |
| 3.99 | % |
| 4.01 | % |
| 3.97 | % |
| 3.90 | % |
Efficiency ratio, fully taxable equivalent(2) | 66.90 | % |
| 68.53 | % |
| 69.85 | % |
| 67.43 | % |
| 70.95 | % |
| |
| (1) Computed on a tax equivalent basis using an effective tax rate of 35%. |
| (2) Refer to the "Non-GAAP Reconciliation-Efficiency Ratio" table that follows for details of this non-GAAP measure. |
|
| | | | | | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA |
| | For the Quarter Ended |
| 3/31/2016 |
| 12/31/2015 |
| 9/30/2015 |
| 6/30/2015 |
| 3/31/2015 |
| Reconciliation of Non-GAAP Measure-Efficiency Ratio | | | | | | | | | |
| Net interest income | $ | 72,707 |
|
| $ | 62,700 |
|
| $ | 59,724 |
|
| $ | 57,644 |
|
| $ | 53,930 |
|
Taxable equivalent adjustment(1) | 3,041 |
|
| 2,827 |
|
| 2,588 |
|
| 2,408 |
|
| 2,393 |
|
| Fully taxable equivalent net interest income | 75,748 |
|
| 65,527 |
|
| 62,312 |
|
| 60,052 |
|
| 56,323 |
|
| Noninterest income | 29,578 |
|
| 24,381 |
|
| 24,980 |
|
| 30,661 |
|
| 30,663 |
|
| Securities gains, net | (3,526 | ) |
| (3,913 | ) |
| (1,767 | ) |
| (3,110 | ) |
| (4,353 | ) |
| Impairment loss on securities | — |
| | 769 |
| | — |
| | — |
| | — |
|
| Adjusted income | $ | 101,800 |
| | $ | 86,764 |
| | $ | 85,525 |
| | $ | 87,603 |
| | $ | 82,633 |
|
| |
|
|
|
|
|
|
|
|
|
| Total noninterest expenses | $ | 70,309 |
|
| $ | 65,954 |
|
| $ | 61,996 |
|
| $ | 63,482 |
|
| $ | 59,614 |
|
| Less: |
|
|
|
|
|
|
|
|
|
| Intangible assets amortization | 1,895 |
|
| 898 |
|
| 734 |
|
| 715 |
|
| 631 |
|
| Partnership investment in historic rehabilitation tax credits | — |
|
| 1,362 |
|
| 805 |
|
| 2,190 |
|
| — |
|
| Loss on sales/valuation of assets, net | 313 |
|
| 4,238 |
|
| 721 |
|
| 1,509 |
|
| 353 |
|
| Adjusted noninterest expenses | $ | 68,101 |
|
| $ | 59,456 |
|
| $ | 59,736 |
|
| $ | 59,068 |
|
| $ | 58,630 |
|
| | | | | | | | | | |
Efficiency ratio, fully taxable equivalent(2) | 66.90 | % | | 68.53 | % | | 69.85 | % | | 67.43 | % | | 70.95 | % |
| | | | | | | | | | |
| (1) Computed on a tax equivalent basis using an effective tax rate of 35%. |
| (2) Efficiency ratio, fully taxable equivalent, expresses noninterest expenses as a percentage of fully taxable equivalent net interest income and noninterest income. This efficiency ratio is presented on a tax equivalent basis, which adjusts net interest income and noninterest expenses for the tax favored status of certain loans, securities and historic rehabilitation tax credits. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results as it enhances the comparability of income and expenses arising from taxable and nontaxable sources and excludes specific items, such as securities gains, net, impairment loss on securities and losses on sales/valuations of assets, net. This measure should not be considered a substitute for operating results determined in accordance with GAAP. |
|
| | | | | | | | | | | | | | | | | | | |
| 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 |
| 3/31/2016 |
| 12/31/2015 |
| 9/30/15 |
| 6/30/2015 |
| 3/31/2015 |
| Common Share Data |
|
|
|
|
|
|
|
|
|
| Book value per common share | $ | 27.15 |
|
| $ | 25.92 |
|
| $ | 24.68 |
|
| $ | 24.13 |
|
| $ | 23.59 |
|
Tangible book value per common share(1) | $ | 20.86 |
|
| $ | 20.60 |
|
| $ | 21.20 |
|
| $ | 20.84 |
|
| $ | 20.41 |
|
| ASC 320 effect on book value per common share | $ | 0.23 |
|
| $ | (0.18 | ) |
| $ | 0.22 |
|
| $ | 0.21 |
|
| $ | 0.38 |
|
| Common shares outstanding, net of treasury stock | 24,519,928 |
|
| 22,435,693 |
|
| 20,637,321 |
|
| 20,614,325 |
|
| 20,585,072 |
|
Tangible capital ratio(2) | 6.32 | % |
| 6.10 | % |
| 6.50 | % |
| 6.46 | % |
| 6.52 | % |
| | | | | | | | | | |
| Loan and Lease Data |
|
|
|
|
|
|
|
|
|
| Loans held to maturity: |
|
|
|
|
|
|
|
|
|
| Commercial and commercial real estate | $ | 3,850,772 |
|
| $ | 3,605,574 |
|
| $ | 3,303,098 |
|
| $ | 3,199,717 |
|
| $ | 3,067,315 |
|
| Residential mortgage | 753,666 |
|
| 539,555 |
|
| 491,667 |
|
| 443,026 |
|
| 413,938 |
|
| Agricultural and agricultural real estate | 471,271 |
|
| 471,870 |
|
| 469,381 |
|
| 444,110 |
|
| 411,732 |
|
| Consumer | 430,699 |
|
| 386,867 |
|
| 379,903 |
|
| 364,441 |
|
| 351,981 |
|
| Unearned discount and deferred loan fees | (3,403 | ) |
| (2,380 | ) |
| (1,526 | ) |
| (1,471 | ) |
| (1,277 | ) |
| Total loans and leases held to maturity | $ | 5,503,005 |
|
| $ | 5,001,486 |
|
| $ | 4,642,523 |
|
| $ | 4,449,823 |
|
| $ | 4,243,689 |
|
| | | | | | | | | | |
| Other Selected Trend Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Effective tax rate | 33.10 | % |
| 23.03 | % |
| 25.32 | % |
| 20.83 | % |
| 32.60 | % |
| Full time equivalent employees | 1,907 |
|
| 1,799 |
|
| 1,736 |
|
| 1,788 |
|
| 1,776 |
|
| Total Residential Mortgage Loan Applications | $ | 406,999 |
|
| $ | 307,163 |
|
| $ | 443,294 |
|
| $ | 615,463 |
|
| $ | 647,487 |
|
| Residential Mortgage Loans Originated | $ | 238,266 |
|
| $ | 258,939 |
|
| $ | 370,956 |
|
| $ | 421,798 |
|
| $ | 319,581 |
|
| Residential Mortgage Loans Sold | $ | 220,381 |
|
| $ | 260,189 |
|
| $ | 360,172 |
|
| $ | 402,151 |
|
| $ | 268,786 |
|
| Residential Mortgage Loan Servicing Portfolio | $ | 4,112,519 |
|
| $ | 4,057,861 |
|
| $ | 3,963,677 |
|
| $ | 3,785,794 |
|
| $ | 3,578,409 |
|
| | | | | | | | | | |
| (1) Total common stockholders' equity less goodwill and intangible assets (excluding 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 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 |
| | 3/31/2016 |
| 12/31/2015 |
| 9/30/2015 |
| 6/30/2015 |
| 3/31/2015 |
| Allowance for Loan and Lease Losses |
|
|
|
|
|
|
|
|
|
| Balance, beginning of period | $ | 48,685 |
|
| $ | 47,105 |
|
| $ | 45,614 |
|
| $ | 41,854 |
|
| $ | 41,449 |
|
| Provision for loan and lease losses | 2,067 |
|
| 2,171 |
|
| 3,181 |
|
| 5,674 |
|
| 1,671 |
|
| Charge-offs | (1,605 | ) |
| (1,837 | ) |
| (2,439 | ) |
| (2,734 | ) |
| (2,004 | ) |
| Recoveries | 591 |
|
| 1,246 |
|
| 749 |
|
| 820 |
|
| 738 |
|
| Balance, end of period | $ | 49,738 |
|
| $ | 48,685 |
|
| $ | 47,105 |
|
| $ | 45,614 |
|
| $ | 41,854 |
|
| | | | | | | | | | |
| Asset Quality |
|
|
|
|
|
|
|
|
|
| Nonaccrual loans | $ | 47,750 |
|
| $ | 39,655 |
|
| $ | 32,577 |
|
| $ | 26,710 |
|
| $ | 27,023 |
|
| Loans and leases past due ninety days or more as to interest or principal payments | 639 |
|
| — |
|
| 1,181 |
|
| — |
|
| 9 |
|
| Other real estate owned | 11,338 |
|
| 11,524 |
|
| 17,041 |
|
| 16,983 |
|
| 19,097 |
|
| Other repossessed assets | 426 |
|
| 485 |
|
| 626 |
|
| 544 |
|
| 404 |
|
| Total nonperforming assets | $ | 60,153 |
|
| $ | 51,664 |
|
| $ | 51,425 |
|
| $ | 44,237 |
|
| $ | 46,533 |
|
| | | | | | | | | | |
| Performing troubled debt restructured loans | $ | 10,711 |
|
| $ | 10,968 |
|
| $ | 10,154 |
|
| $ | 10,903 |
|
| $ | 10,904 |
|
| | | | | | | | | | |
| Nonperforming Assets Activity |
|
|
|
|
|
|
|
|
|
| Balance, beginning of period | $ | 51,664 |
|
| $ | 51,425 |
|
| $ | 44,237 |
|
| $ | 46,533 |
|
| $ | 44,809 |
|
| Net loan charge offs | (1,014 | ) |
| (591 | ) |
| (1,690 | ) |
| (1,914 | ) |
| (1,266 | ) |
| New nonperforming loans | 12,171 |
|
| 9,686 |
|
| 7,996 |
|
| 4,676 |
|
| 4,059 |
|
| Acquired nonperforming assets | 3,516 |
| | 4,956 |
| | 5,328 |
| | — |
| | 6,101 |
|
Reduction of nonperforming loans(1) | (3,563 | ) |
| (6,768 | ) |
| (2,758 | ) |
| (1,409 | ) |
| (4,493 | ) |
| OREO/Repossessed assets sales proceeds | (2,411 | ) |
| (2,980 | ) |
| (1,074 | ) |
| (3,202 | ) |
| (2,312 | ) |
| OREO/Repossessed assets writedowns, net | (182 | ) |
| (3,909 | ) |
| (756 | ) |
| (565 | ) |
| (319 | ) |
| Net activity at Citizens Finance Co. | (28 | ) |
| (155 | ) |
| 142 |
|
| 118 |
|
| (46 | ) |
| Balance, end of period | $ | 60,153 |
|
| $ | 51,664 |
|
| $ | 51,425 |
|
| $ | 44,237 |
|
| $ | 46,533 |
|
| |
| Asset Quality Ratios | | | | | | | | | |
| Ratio of nonperforming loans and leases to total loans and leases | 0.88 | % |
| 0.79 | % |
| 0.73 | % |
| 0.60 | % |
| 0.64 | % |
| Ratio of nonperforming assets to total assets | 0.73 | % |
| 0.67 | % |
| 0.76 | % |
| 0.66 | % |
| 0.72 | % |
| Annualized ratio of net loan charge-offs to average loans and leases | 0.08 | % |
| 0.05 | % |
| 0.14 | % |
| 0.17 | % |
| 0.12 | % |
| Allowance for loan and lease losses as a percent of loans and leases | 0.90 | % |
| 0.97 | % |
| 1.01 | % |
| 1.03 | % |
| 0.99 | % |
| Allowance for loan and lease losses as a percent of nonperforming loans and leases | 102.79 | % |
| 122.77 | % |
| 139.54 | % |
| 170.78 | % |
| 154.83 | % |
| Loans delinquent 30-89 days as a percent of total loans | 0.45 | % |
| 0.31 | % |
| 0.40 | % |
| 0.31 | % |
| 0.42 | % |
| | | | | | | | | | |
| (1) Includes principal reductions and transfers to performing status |
|
| | | | | | | | | | | | | | | | | | | | | |
| HEARTLAND FINANCIAL USA, INC. |
| CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
| DOLLARS IN THOUSANDS |
| For the Quarter Ended |
| March 31, 2016 |
| March 31, 2015 |
| Average
Balance |
| Interest |
| Rate |
| Average
Balance |
| Interest |
| Rate |
| Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
| Securities: |
|
|
|
|
|
|
|
|
|
|
|
| Taxable | $ | 1,508,432 |
|
| $ | 8,735 |
|
| 2.33 | % |
| $ | 1,283,509 |
|
| $ | 7,132 |
|
| 2.25 | % |
Nontaxable(1) | 417,224 |
|
| 5,400 |
|
| 5.21 |
|
| 331,339 |
|
| 4,486 |
|
| 5.49 |
|
| Total securities | 1,925,656 |
|
| 14,135 |
|
| 2.95 |
|
| 1,614,848 |
|
| 11,618 |
|
| 2.92 |
|
| Interest bearing deposits | 11,634 |
|
| 4 |
|
| 0.14 |
|
| 9,194 |
|
| 4 |
|
| 0.18 |
|
| Federal funds sold | 31,126 |
|
| 10 |
|
| 0.13 |
|
| 7,617 |
|
| 1 |
|
| 0.05 |
|
Loans and leases:(2) |
|
|
|
|
|
|
|
|
|
|
|
Commercial and commercial real estate(1) | 3,743,940 |
|
| 46,754 |
|
| 5.02 |
|
| 3,023,204 |
|
| 35,875 |
|
| 4.81 |
|
| Residential mortgage | 734,134 |
|
| 7,599 |
|
| 4.16 |
|
| 478,948 |
|
| 4,883 |
|
| 4.13 |
|
Agricultural and agricultural real estate(1) | 467,978 |
|
| 5,729 |
|
| 4.92 |
|
| 418,251 |
|
| 5,030 |
|
| 4.88 |
|
| Consumer | 412,050 |
|
| 7,923 |
|
| 7.73 |
|
| 347,190 |
|
| 6,888 |
|
| 8.05 |
|
| Fees on loans |
|
| 1,571 |
|
| — |
|
| — |
|
| 1,196 |
|
| — |
|
| Less: allowance for loan and lease losses | (49,815 | ) |
| — |
|
| — |
|
| (42,048 | ) |
| — |
|
| — |
|
| Net loans and leases | 5,308,287 |
|
| 69,576 |
|
| 5.27 |
|
| 4,225,545 |
|
| 53,872 |
|
| 5.17 |
|
| Total earning assets | 7,276,703 |
|
| 83,725 |
|
| 4.63 | % |
| 5,857,204 |
|
| 65,495 |
|
| 4.53 | % |
| Nonearning Assets | 748,367 |
|
|
|
|
|
| 597,067 |
|
|
|
|
|
| Total Assets | $ | 8,025,070 |
|
|
|
|
|
| $ | 6,454,271 |
|
|
|
|
|
| Interest Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
| Savings | $ | 3,556,207 |
|
| $ | 1,894 |
|
| 0.21 | % |
| $ | 2,830,961 |
|
| $ | 1,795 |
|
| 0.26 | % |
| Time, $100,000 and over | 498,620 |
|
| 871 |
|
| 0.70 |
|
| 344,360 |
|
| 838 |
|
| 0.99 |
|
| Other time deposits | 642,301 |
|
| 1,408 |
|
| 0.88 |
|
| 536,170 |
|
| 1,539 |
|
| 1.16 |
|
| Short-term borrowings | 311,161 |
|
| 329 |
|
| 0.43 |
|
| 294,756 |
|
| 198 |
|
| 0.27 |
|
| Other borrowings | 264,875 |
|
| 3,475 |
|
| 5.28 |
|
| 391,937 |
|
| 4,802 |
|
| 4.97 |
|
| Total interest bearing liabilities | 5,273,164 |
|
| 7,977 |
|
| 0.61 | % |
| 4,398,184 |
|
| 9,172 |
|
| 0.85 | % |
| Noninterest Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
| Noninterest bearing deposits | 1,981,882 |
|
|
|
|
|
| 1,450,291 |
|
|
|
|
|
| Accrued interest and other liabilities | 74,253 |
|
|
|
|
|
| 61,050 |
|
|
|
|
|
| Total noninterest bearing liabilities | 2,056,135 |
|
|
|
|
|
| 1,511,341 |
|
|
|
|
|
| Stockholders' Equity | 695,771 |
|
|
|
|
|
| 544,746 |
|
|
|
|
|
| Total Liabilities and Stockholders' Equity | $ | 8,025,070 |
|
|
|
|
|
| $ | 6,454,271 |
|
|
|
|
|
Net interest income(1) |
|
| $ | 75,748 |
|
|
|
|
|
| $ | 56,323 |
|
|
|
Net interest spread(1) |
|
|
|
| 4.02 | % |
|
|
|
|
| 3.68 | % |
Net interest income to total earning assets(1) |
|
|
|
| 4.19 | % |
|
|
|
|
| 3.90 | % |
| Interest bearing liabilities to earning assets | 72.47 | % |
|
|
|
|
| 75.09 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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 |
| | 3/31/2016 | 12/31/2015 | 9/30/2015 | 6/30/2015 | 3/31/2015 |
| Total Assets |
|
|
|
|
|
| Dubuque Bank and Trust Company | $ | 1,498,771 |
| $ | 1,617,322 |
| $ | 1,431,767 |
| $ | 1,541,610 |
| $ | 1,413,772 |
|
| New Mexico Bank & Trust | 1,304,886 |
| 1,336,004 |
| 1,282,784 |
| 1,141,575 |
| 1,113,031 |
|
| Wisconsin Bank & Trust | 1,094,872 |
| 1,139,337 |
| 1,098,405 |
| 1,150,867 |
| 1,128,104 |
|
Centennial Bank and Trust(1) | 927,040 |
| 161,806 |
| 155,114 |
| 152,672 |
| 140,868 |
|
| Morrill & Janes Bank and Trust Company | 872,274 |
| 902,918 |
| 845,067 |
| 860,781 |
| 888,321 |
|
| Premier Valley Bank | 751,137 |
| 765,451 |
| — |
| — |
| — |
|
| Illinois Bank & Trust | 718,074 |
| 757,478 |
| 769,170 |
| 784,162 |
| 748,937 |
|
| Arizona Bank & Trust | 558,369 |
| 591,066 |
| 599,119 |
| 510,838 |
| 487,059 |
|
| Rocky Mountain Bank | 479,010 |
| 491,522 |
| 501,093 |
| 508,262 |
| 477,799 |
|
| Minnesota Bank & Trust | 220,955 |
| 214,303 |
| 188,633 |
| 195,201 |
| 169,254 |
|
| Total Portfolio Loans |
|
|
|
|
|
| Dubuque Bank and Trust Company | $ | 941,683 |
| $ | 956,517 |
| $ | 953,273 |
| $ | 945,574 |
| $ | 907,956 |
|
| New Mexico Bank & Trust | 815,739 |
| 794,744 |
| 777,433 |
| 658,543 |
| 635,843 |
|
| Wisconsin Bank & Trust | 758,789 |
| 793,508 |
| 844,557 |
| 876,321 |
| 865,323 |
|
Centennial Bank and Trust(1) | 683,085 |
| 101,449 |
| 94,127 |
| 95,275 |
| 87,913 |
|
| Morrill & Janes Bank and Trust Company | 536,738 |
| 539,198 |
| 527,217 |
| 520,978 |
| 475,295 |
|
| Premier Valley Bank | 376,840 |
| 383,929 |
| — |
| — |
| — |
|
| Illinois Bank & Trust | 465,783 |
| 465,937 |
| 473,859 |
| 455,247 |
| 439,757 |
|
| Arizona Bank & Trust | 402,431 |
| 444,501 |
| 444,916 |
| 383,588 |
| 355,986 |
|
| Rocky Mountain Bank | 364,189 |
| 370,440 |
| 380,304 |
| 375,860 |
| 343,008 |
|
| Minnesota Bank & Trust | 137,412 |
| 134,137 |
| 128,700 |
| 127,172 |
| 114,477 |
|
| Total Deposits |
|
|
|
|
|
| Dubuque Bank and Trust Company | $ | 1,144,470 |
| $ | 1,209,074 |
| $ | 1,120,999 |
| $ | 1,144,932 |
| $ | 1,166,070 |
|
| New Mexico Bank & Trust | 1,066,076 |
| 1,085,052 |
| 1,047,358 |
| 891,003 |
| 880,422 |
|
| Wisconsin Bank & Trust | 921,071 |
| 974,001 |
| 904,803 |
| 985,804 |
| 939,157 |
|
Centennial Bank and Trust(1) | 779,607 |
| 128,759 |
| 139,826 |
| 122,928 |
| 124,113 |
|
| Morrill & Janes Bank and Trust Company | 698,365 |
| 713,589 |
| 650,123 |
| 662,524 |
| 696,606 |
|
| Premier Valley Bank | 635,188 |
| 647,022 |
| — |
| — |
| — |
|
| Illinois Bank & Trust | 629,235 |
| 631,010 |
| 641,024 |
| 645,354 |
| 625,885 |
|
| Arizona Bank & Trust | 468,312 |
| 500,490 |
| 491,254 |
| 405,680 |
| 378,422 |
|
| Rocky Mountain Bank | 409,787 |
| 417,426 |
| 428,234 |
| 417,647 |
| 407,958 |
|
| Minnesota Bank & Trust | 200,343 |
| 194,373 |
| 163,291 |
| 172,547 |
| 148,773 |
|
| Net Income (Loss) |
|
|
|
|
|
| Dubuque Bank and Trust Company | $ | 6,073 |
| $ | 3,587 |
| $ | 4,477 |
| $ | 7,416 |
| $ | 6,016 |
|
| New Mexico Bank & Trust | 4,094 |
| 2,576 |
| 3,220 |
| 3,658 |
| 4,164 |
|
| Wisconsin Bank & Trust | 3,379 |
| 2,443 |
| 3,886 |
| 2,950 |
| 2,181 |
|
Centennial Bank and Trust(1) | 824 |
| 62 |
| (6 | ) | (81 | ) | 305 |
|
| Morrill & Janes Bank and Trust Company | 2,525 |
| 1,096 |
| 2,024 |
| 1,566 |
| 1,656 |
|
| Premier Valley Bank | 1,960 |
| 1,008 |
| — |
| — |
| — |
|
| Illinois Bank & Trust | 2,027 |
| 574 |
| 1,877 |
| 1,309 |
| 2,482 |
|
| Arizona Bank & Trust | 1,841 |
| 968 |
| 1,254 |
| 998 |
| 677 |
|
| Rocky Mountain Bank | 1,064 |
| 1,506 |
| 1,471 |
| 1,196 |
| 1,156 |
|
| Minnesota Bank & Trust | 531 |
| 166 |
| 411 |
| 223 |
| 162 |
|
| | | | | | |
| (1) Formerly known as Summit Bank & Trust. |
