HTLF - Earnings call transcript Q1 2022 | Heartland Financial USA Inc

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Operator

Greetings. And welcome to the HTLF First Quarter 2022 Conference Call. This afternoon, HTLF distributed its first quarter press release, and hopefully, you’ve had a chance to review the results. If there is anyone on this call who did not receive a copy, you may access it at HTLF website at htlf.com. With us today from management are Bruce Lee, President and CEO; and Bryan McKeag, Executive Vice President and Chief Financial Officer. brief the the call a we and provide open will to will summary quarter of then Management your questions.

the of will Securities and begin everyone forward-looking statements under we presentation, Commission. by like of would Before the defined to the that guidelines some providing the be management Exchange as information today falls I remind

are company’s As forward-looking from of during this made part any that statements predictions actual the these of and those and concerning statements guidelines, hopes, the results out the materially expectations I future must point differ beliefs, presentation could projected.

now factors included the the and or obtained Mr. to these sir. on information at call company’s may the the on time-to-time SEC XX-K website. Additional Please over filings, be turn which go Lee, is ahead, will Bruce from At website in HTLF. this company’s XX-Q I time,

Bruce Lee

everyone. today afternoon, to call. Bruce Good us joining HTLF Victor. discuss quarter. the first first President Welcome We quarter XXXX you, This earnings conference HTLF's performance as and you CEO. for is Thank we appreciate Lee,

the Chief and net credit growth our in of first $X.XX. provide results. Officer, today quality, will Jones, our of Financial highlights. to the first quarter HTLF million Credit any Bryan around information continued turn of discuss will us our over Chief answer I next then few our income I and McKeag, success the Nathan reporting which Officer who strong. many questions Also call For regarding joining can HTLF's additional minutes, to had is quite EPS quarter, is $XX.X

of deposits I'm to first million our results. or with deliver and talent excellent share with growth technology XX delivered in line linked credit strong X% $XXX revenue the quality. investments of to pleased ongoing expectations, from with Our and million and growth million. million In we growth the assets. quarter, of loan with credit loans, growth in revenue, strategy basis the organic results, you to quality quarter, total linked solid points and and in guidance significantly our nonperforming and $XXX of excellent excluding exceeding of $XXX quarter, PPP total decreasing from Deposit $XXX our assets continued

portfolio loans our $XXX start quarter, We portfolios. deposits. million XXX real and increased Let's million owner-occupied million $XX or the Agribusiness, segments. linked specialized million and for estate Food or funded loan strength first occupied the From industrial and construction across highlights. growth added growth $XX real commercial commercial X%. estate across ag quarter, million $XXX increased million saw non-owner we in of diversified $XX $XX decreased X%, Banks, representing all continued or industries. and relationships, HTLF commercial with our In had new and million $XXX loan increased or X%, new We X%, X%, increased

Our customer and of teams are pipeline relationships strong a prospects. robust with well-positioned

our customers, Our remained the spent second has and it billion, by quarters and more know loans getting $XXX the commercial pipeline strong of we a for as time quarter. talking to amount last at commercial expect $X to in considerable I businesses than grow million over outlook. their to three

quarter a marks growth the deposit $XX.X totaled XXth as such linked linked loan headwinds, quarter. our linked non-interest are X% inflation, million bearing quarter rising quarter. deposits rest year. of or less In We this the maintained million growth. are or chain, million consecutive are and $XXX of record there we deposits rate non-time or Non-time a deposits to from billion, well in optimistic quarter. linked in increase deposits deposit accounts, are grew of of an our positioning total $XXX XX% increase our of cautiously delivered While Total staffing, Residential of $XX.X exceptional another deposit environment. than from decreased X% the an This XX% X% $X for from in mortgage our portfolio, the quarter. growth. the customers us of saw We $XX supply consumer billion, mix. million from of accounts,

Our Total year deposit points, X of from million year to well. costs a pricing an basis billion, ago. assets basis serve from continues remained strategy us at Total $XX.X deposit are points XX decrease low $XXX a a increase ago.

slightly less by or linked $XX the million quarter. Assets than from X% decreased

quarter. that credit XX quarter, Nonperforming points. credit Non-pass assets, focusing rated declined loans as assets, on added The from metrics, to loans linked XX basis of of a talent a quarter. basis at ratio total team our points at from remains end points of we've decrease point approach. points basis near has Nonperforming the strong to historic in in credit uses basis to linked percentage loans strategically team represented improving the quality of key disciplined Delinquency a and built from XX the basis our XX low Turning X.X% total the linked portfolio. credit X.X% been XX quarter. first a across decreased the

$X a our role as which President, Financial Officer, has to understanding net deep to basis approved were the These strategies first having our of brings like credit disciplined Schmidt we've Ag share years. Directors. in resolution Officer. Board organization a by since Board and largely HTLF the new to by to charge Bank top-performing several served we and and are Independent served we the and for congratulate John working. one are Lastly growth on our unanimously I'd quarter, and at delivering Chief Board points million This management team Director developed vision and annualized to banking bring against as named related XX the in strategies, the was of or of HTLF HTLF's Chief reported be XXXX ambitious admired to John experience being average been Operating Chair. loans. and John working previously

Cedar the as Adding Western our Food done HTLF last Ag-related loan quarters Rapids, Agro and into markets, talents, growth in business excluding growth, Chicago. four growth adjacent St. Commercial team. Des top of XX% by such are and relationships Moines, suburbs Paul the achieving by attracting PPP. which of Expanding We demonstrated retaining and and we've customer

organically, not one also growth potential consolidation consolidating single in into M&A. and itself, and will efficiency strategies goals and cost M&A charter can by achieve and capacity a consolidation our isn't We supports operational and complementary, growth of strategies pursue growth goal Charter bank growth and separate simultaneously. it's of contradictory. acquisition. bank of to achieve charters several efficiencies through grow are create We Internal that HTLF organic external organically This through unlock our growth will charter. and both a XX

divisions in and their and making, strong decision focused Iowa. leadership, maintain local bank will sizable will presence relationships, staying HTLF brand, XX our and Dubuque, Our and maintain local customers on

While first we on comment. expenses them in expenses details quarter, his in the in were improve second the expect more provide to quarter. will elevated Bryan

late We million consolidation by XXXX deliver expect annual charter and of complete savings. to $XX

We quality. customer controlling optimize positioned progress close our year, our acquisition, loan in total to or retaining credit attracting X% branch also a XX organic for continue to against goals or momentum network. branch branches of we continued HTLF so, maintaining new network. talent, of and strong is This growth, of and expenses, growth our and considerable plan has

value growth and our are and creating customers, We shareholders. employees, for driving

year Our Best based ranking highest America's quality, ranked been consecutive HTLF have Banks XX, today. for as accomplishments the our XXXX. ranked recognized growth, and profitability, strategy of and sixth by been It's credit efficiency. on Forbes we've one by Forbes

Together, consumers consumer thank investments to we in technology strength, commercial will person-to-person have communities, to and and we Our over the began turn and update and and Officer delivering details experiences. commitment June, consumer our to to I'm them financials. - services make insight, continued Bryan banking best-in-class easy strategic this for dedication Earlier our to Financial specifically technology investors. introducing want recognize delivering we'll In fast, HTLF's growth for an payments. our customers, and Zelle, I month, their are are their HTLF. customers I strengthened enabling to and our on McKeag, launch Chief customers. call that employees safe, more hard Bryan? performance online and now to for grateful work our company.

Bryan McKeag

our per before in you HTLF quarter can But and Bruce, that in our into which I additional is of find IR everyone and go today $X.XX, more loan would PPP, remind growth on earnings detail, remind - you afternoon. available which begin the another Thanks, earnings at information excluding website. credit section by for quarter metrics. continued investor quarter improvement the presentation, referencing reported of HTLF's solid million in release, good share I first with $XXX I'll details

near delinquencies points as million favorable, highlighted phased million than credit quarter XX which which my do start comments lows credit historic remain by $X.X benefit is basis million I'll for which at loan a better nonperforming as So provision very losses, with remain $X.X the the $XX loans. usually benefit last total this and quarter, declined was slightly underlying trends by loans, that of I

As mentioned, net of primarily appropriate as for in group but been from a the our headwinds. prior of management last through going views bankruptcy quarters. retain uncertainty quarter, A that's million Ag-related good upgraded deems measure one still to The several economic quarter what the caution economic develop were charge-off this for workout charge-offs Bruce reserved portion due $X been in credit had for years. outlooks used allowance to and lingering were that it

the total of for for allowance X.XX% credit end total losses allowance and which commitment, on the So both credit, of unfunded $XXX.X at stood the lending-related the loans, includes loans. quarter, or million at losses,

on $XX.X XX quarter-end of purchased In unamortized addition, our loan points totaled basis sheet million balance or total loans. the valuations

offset the reflects points the that just end at with to over and to X.XX%, regulatory partially $XX basis at $XXX basis just million fair items, tax-equivalent market comprise years, over of Tangible value $XXX of was of investments a retained decline with average remain XX.X%. in includes Moving of investment value. generate of month. about sheet XX.X% cash XX% balances and now was by common duration Investments modified basis million equity X.XX% the ratio Tier some from earnings. an $XX and or per million quarter primarily assets ratios balance strong risk-based due which equity higher XX flow the at in XXX reduction decreased between capital X XXX common yield and and million HTLF's declined points increase total X% of on decrease five to this capital other quarter points market a

sheet very well-positioned. So continues be to strong and the balance

second, this recognized revenue, and down income this from million income And quarter books. - items in million exited the $X.X lower. to $X.X the Main income - quarter $X.X interest loan starting days prior PPP fewer million drivers net the income In fees the of total, were the $X.X two totaled remaining our to than $XXX.X in interest quarter. with decrease these the quarter, a of or million reduction income million PPP $X.X the due decline million and compared net million, Moving million interest We fees last first non-interest $X.X quarter. quarter prior to resulted net statement two quarter, $X.X than prior which was with at in unamortized on interest first, result was a lower quarter. having

quarter. Excluding have income margin would million net been this tax-equivalent interest The net a components, on interest these X.XX%. last remained unchanged quarter at $X.X higher basis than

points. As yields basis XX expected, investment improved

In basis point. loan costs points X basis and yields addition, declined fell interest XX

This quarter, purchase Non-interest includes which quarter this from income points increased was margin accretion, X unchanged $XX.X quarter. the of to prior basis million. the net interest accounting

up core losses, and weakness in syndication swaps million, prior than $X strong some and Mortgage to Management gains as rates. million interest quarter relation in and fees security from income non-interest offset commercial Banking was $XX revenues rising the more Excluding almost Wealth

income million that's the quarter, expenses, continue for last interest trends net totaled were down million revenue positive $XXX.X believe expenses can rest positive of Shifting revenue and non-interest trend then from $X.X core and throughout quarter. So XXXX. both we fees to to this

they benefits And, to Excluding $X core little Bruce restructuring and are asset unfortunately, $XXX million losses, last compared decreased million and had in which due quarter. costs expense, that higher This credit we to said, expenses miss in benefit as we $XXX higher and quarter. a bit accruals million gains than tax and million increased primarily projected to incentive was salary $X QX. last set

normalize at we to accruals forward. these expected are as go levels lower However,

fees, and lower next as FTE were declines charter by opportunities additional consolidation the anticipate other work the positive professional due expenses personnel winding initial advertising, we quarter On increases in in consolidations. costs the we to XX side, offsetting counts reductions declined as and approach initial through and quarter or in our projects other IT late charter down we which

ex-PPP range strong deliver X% of noted slow rate loan our is highlighted deposit expected which quarter. results we X% Non-time remainder X% continue as to the will remain the per quarter. HTLF and to per ahead growth Looking believe XXXX, growth by to strong of to loan Bruce into support likely pipelines,

net in quarter no to improve as the interest PPP - basis earning per digits Assuming low-single single projected grow additional mix Fed rate excluding loan percentage earning asset low changes, and will increase on growth income is assets. a

then swaps, by projected increase the interest to remain basis growth losses In is net historical an to below to points addition, and anticipated rest the loan continued levels are are $XX normalize for of May in with charge-offs approximately expected $XX income XX deposits, for losses, increase million and of annualized $XXX base. expected Provision and to net quarter. million credit Wealth by expenses to gains million next fees begin excluding million the to $X million on Fed quarter into $X income, investment expected million Management offsetting to decline Banking at higher Mortgage are revenue. expected Non-interest lower and syndication with be in to $XXX commercial is per the range about total, XXXX. Core flat

consolidations rationalizing additional cost core expect back as charter expenses IT lower by as we spending, in the realizing we modest of We and branches, saves subsequent other move declines half and slowing quarters XXXX. manage through in

consolidation wage future for still in headwind. pressures, estimate restructuring leverage that, the benefits next core tax finally, a tax run-rate the $XX annualized However, And to for new Bruce create confident reduce costs an particularly growth. total, is of I'll to are Charter in operating two quarters. persistent over back we remaining mark These million XX%, when will million we will for costs the it of that, two will credits, With over inflation, the rate up and will difficult ramp a Consolidation the rate and $XX next year. layer in remain years. years are inflationary they coming reach excluding on We XX% reasonable basis completed. questions. believe turn full costs consolidations

Bruce Lee

take Thank from to questions queue if up? the you, them Bryan. Victor, we're analyst ready want to now you

Operator

from Our line come first Instructions] Terry [Operator from will McEvoy of the question Stephens.

open. is line Your

Terry McEvoy

XXD outlook so you at all? it want noise the more definitely managing had think need that ask I to at how commercial still created from customers impacted questions. very quarter a the I just to it. are overlook didn't importantly, seem good I don't to and internally, Bryan just growth how but the you, maybe And Bruce, but that has ask it, client discussed XXX least the new Group? Definitely, I be quarter, I last think case, to want call those

Bruce Lee

Terry. Thanks, Yes.

on not the focused Group. question, commenting at level mean, So that, staying consolidation. improve, for your HTLF I leadership to be control, on filing the or acquisition, strategic importantly, to of focused acquisition, just expense retention. will very so growth, The approved XXD continues executing I Heads organic focused you more Presidents, we on the answer the tell to and But Bank Commercial, proud customer Board banks, we are plan. quality leadership charter would talent And credit I'm our team of be maybe new

during Denver, I in at Board we the my in did each relationships. It's level, customer that our like our has customers. I quarter relationships our the very talking new was $XXX the million the Texas, just the and the new I you, of was And experience I at California, of I level, was banks. of can customer and but banks, in are first customer to was Kansas deliver I are we I what that the yet based on upon first I look to been tell and organic focused. and market. out customers, an in And pipelines tell the with Terry, focused taking they talking at you, teams five really growth the it went we're what solely in of to quarter with City, affect with loan conversations care in and dealing quarter, would the and teams So and opportunities results clearly Montana was in in second our issue a visited would new days confident couple in I is I feel

Terry McEvoy

topic, question you for the maybe Bryan. Thank for And addressing Bruce. Great. a

Just your maybe outlook. interest rate

interest yields here? what could in you and discuss forward? then think your new deposit how loan And side, rates If from deposit do the are as thoughts you betas reprice loan going on increase deposits

Bryan McKeag

question. good Yes,

a little we've move some new of side the continue up commercial loan movement up. starting and moves consumer well. our are of points. XX the on moving next here With as we basis should the quotes We've seeing now think first I points, rates some and we're as with moved bit loans. seen Fed XX basis our up move this up That

betas. And deposit seen most deposit think to us that side, get continue will other to next all doing not banks line we've we with we you've been beta lower rates XX basis all We normal go on the side anticipate that the think the hold on points. if loan most included, I of we working so the then that commercial banks, when the this of pricing. see will banks and on Most up for that hard that. are think and struggling are

Terry McEvoy

Great. Thank you both.

Sorry.

Bruce Lee

no. no, No,

XX. with range increases we Here, normal rate I think just the - that will I do Bryan any the wanted on be indicate to beta agree that. first in after the We totally more in

Operator

next DelMonte question of KBW. the Our from line will come Damon from

You begin. may

Damon DelMonte

probably for first question, my So Bryan.

the you just of guided the going million to expense $XXX the this there you're going $XXX go of from level the million down outlook, through quarter? range kind and takes Could you to million kind back of down from some to puts come how On forward. of $XXX

Bryan McKeag

Yes.

the I quarter, of out, surprise. came a couple think have we that by out kind could caught little some get those of I things a the unfortunately, of - first FTEs me thought quarter, in - Damon, bit probably earlier. later

RSUs little RSUs higher for first who for retirement people expense plan. qualify is early than under as quarter our those of hit bit Our we a higher have bit always a little - probably to we some

little those bit first quarter. the hit a So in more

match higher. the XXXks, We in have quarter. bonuses first some a in who little comp a with bit also the hits more we of that and They defer people, little incentive their

So I to there's as you we the FTEs of a out. then normalize go. think, think I know, And all exited as of do that's will going we more kind come few probably quarter, that

So all help that's a couple occupancy think have I things quite that items. We to pretty of will normalize just in going I think we bit. smaller well, cleanup as a did

then depending down of a million, the $X million things that us think the can categories couple million get smaller - expense upon So a items $X it's I reduction million, go. couple of how of $X.X rest maybe

Bruce Lee

Damon, Yes, very we feel confident.

already As $X Bryan identified. $X.X reduction to million it out, is million the laid in got - we've

even will expenses We teams the are as find hard that. work working continue through additional to to

Damon DelMonte

Got it.

loan you on you're the now do helpful. flushed to the to could a putting provision which kind of outlook with charge-offs. net to releasing out you taking think provide for feel growth of negative you I about or just understand drove But kind the that forward? that regards negative that you've you going in growth the provision resolution forward reserves this of with quarter, had provision perspective longstanding like excess Okay. reserves, Thank going provision? of a That's credit, And then, you. we any the and kind you're how Ag had for the the on little give going Do have

Bryan McKeag

in, points in CECL. implemented at Yes. and pretty were Bruce too. can we down we to would loans. Nathan We're and close say jump here basis of where even getting XXX jump That's when I can initially

kind levels a So, than will expect release. remain I left that lot that to historically have to help. towards think lower we're end so we're of where getting have been, they We the going not to do charge-off less

I So think don't we or two begin a where quarter to fully it's may normalized going you normalize. to but know, get have, we

to - here. going kind things. type of be a see this to of ramping We up zero to of maybe from $X kind more trudge could I million, $X forward ramping I million think we're million to $X up normal,

Bruce Lee

Nathan, and add at I point. this nothing would

Nathan Jones

I Nothing Bryan. would at concur, Fully point. add this

Damon DelMonte

then is just being of XX% the Okay, size And great. with value the given my on, guys assets you. it there to securities environment? continue tangible a volatile given Thank we and meaningful in you to rate just any if future can anything impact do to of book the question portfolio earning have final to over TCE try this differently the soften quarter, that pretty impacts just ratio

Bryan McKeag

least would do, reposition we're planning expensive now. Damon, portfolio. be are through. think work things We're not, to right way very at the at can totally to going There margin. We some we now, our given That right just the

do we cash I that's flow opportunities. I think it's that the that necessarily maybe things can of losses by the want are that, there run to some some the can that and one do realized paper turning out with paper we off it's things can think other take we and coming kind losses. losses tough But portfolio. because turn a into don't some

Bruce Lee

a million we X% going that off, $XX a opportunities we'll at that month, quarter Yes, comes reposition about and that and higher good so what million cash forward. about million at the able to to off. is $XXX to and rate look $XX pretty right coming Damon, It's do it's now flow feel than a we're continue

Operator

will question from of from Piper Andrew next Our line the Sandler. come Liesch

may begin. You

Andrew Liesch

everyone. afternoon, Good

maybe explain environment. didn't yield there more any have a see - yield lag With the or improvement the up pricing? the that rate expected would Just would on we question why effect you is moving LIBOR I more side. see seen have we loan on improvement Can steadily quarter, on a throughout the

Bryan McKeag

effect. We lag have some

have our we've lot in floors of one of things is a the We loans. got

on still And that so, we still the billion have, or floor. $X are below call it,

come to other before words, out floor. they have XX their point basis increase of in XX those another So

acted first basis have XX this of like would almost point for increase. fixed period those So

So part of that's it. think I

Andrew Liesch

of guess, have push larger just And market also okay. then I [indiscernible]? lower some a know - Got target middle you yields it, I at it, the that Was what to made like guys companies.

Bruce Lee

I the by seeing And of that, Andrew, a there. what think credit there's offset little and we're quality. bit that's

So there of little there. is a bit a trade-off

we the some were we're probably of last higher rewriting maturing in where this interest loans and quarter is on and they're experiencing loans were they're also lower we're rates that the off them rate at putting today's the environment, new think I coming - rates.

So that's some of benefit that timing that forward, we think increased get we'll pricing. now the will the move of

Andrew Liesch

Got it.

that stand really just That's then their California, the pipeline for And team months? helpful. have as growth. on like looks next the their had Okay. some outlook finance How Agri pretty does few you in they nice

Bruce Lee

Yes. inventory. growth funded the really of their - is normally right they've growth off million down quarter us, Their just is offset for They and that the now. pipeline almost as delivered the during first helped sold Ag outstanding $XX quarter, world in

XX calls - it's to So, of very for customers. But able couple going we out days a to days in that. make there about those and generate strong on were some we're a Actually, pipeline. of go

to So strong I'm it's a really forward but pipeline. very looking that,

Andrew Liesch

back. it That's from step Thanks. me. Great. I'll

Bruce Lee

Thanks, Andrew.

Operator

come the Davidson. line our Rulis from of And you. next Jeff Thank from question will D.A.

is open. Your line

Jeff Rulis

stronger. account It sounds going or first guess timing what for I the question expectations to Ag QX may may like much, second touched seems of that into much last expectations part net That I guess I on not quarter. have into thing growth, it your the ask from the just production - I moved like take was it. the quarter for have QX on. was piece your But a stronger, growth versus if - answer reality

strong, from what was changed to expectations actual maybe anticipated? outside that net Ag your be What booked? than you So growth the that being of may stronger

Bruce Lee

strength existing anticipated. industrial Yes. generate portfolios. was we warehousing was In Also, estate, the they of than non-owner-occupied new our stronger Ag was that California, their pay anticipated much in was real lower. medical some stronger and utilization the the stronger, of utilization be downs Group, expanded and more based because the seasonality. We the were upon particularly and was Ag well some science and would to stronger as the decrease because funded that of little because we the Agribusiness distribution a first book and But relationships the able as quarter, customers offset what piece of life than

Jeff Rulis

Got it.

I wanted expense just that to the Bryan, that. are for thanks or - not on maybe, I restructuring the included guide. to the wanted And that Okay, confirm costs are? in

Bryan McKeag

Correct. exclude I call be core, those. Correct. This out. lumpiness take would you that I what so

Jeff Rulis

Okay. might any restructuring the it? be that, is timing And guess, there on that just Is it be lumpy, cost,

Bryan McKeag

of - Yes. we started what actually, their We've ramp just at end paid of do they started so haven't in that's vendors the already. - very terms They we've paid, paid the work quarter, some to to going up.

lot great the when could couple handle saw getting really once and banks, in then again, I, a a I but all but see there'll on be into don't activity. million things dollars Certainly, of It's maybe I think this that the timing of converting this, restructuring it see. was quarter, we'll have you charges. $XXX,XXX start progress. we about next that

upon it timing be expense again, little could what depending bit, that a of lumpy So is.

Jeff Rulis

Got it.

management of really back the to there's the you're really is preference on Bruce, circling that I the currently? circle one on in and is organic question, room, capital voice use. of M&A, that on it there just to the steady or Is to state board could, and back I the not one And of if kind Okay. team or safe your or the last other, highlight board first the kind given want to versus commenting and current I in change no pivot the say any - noise, know strategy,

Bruce Lee

Yes.

we We'll open know, that So I side, been. controlling bank depressed be the definitely around on been it you think to very have historically I describe organic have as way as pricing. we're we what control. M&A - is, can focused But the would stocks stocks

as we're on, expenses, And have, has Bryan improve new attracting again, and continuing I through customers, our then controlling on focused organic growth, consolidation. charter the so, to working very really and focusing credit, mentioned therefore,

an of the not it's slight pause would we at others. transaction the presented on Although work M&A through If consolidation a to charter that. one itself, exclusion put

think part are executing all of on. strategy of what So we focused we're them on and our overall that's

Jeff Rulis

Got Bruce. Thanks. it. Appreciate it,

Operator

any I'm And questions in further showing Instructions] queue. the [Operator not

no this call are back comments. time, to I'd Mr. there the any further like at Lee to over questions for As turn

Bruce Lee

a Thank on you, a Board a or year $XXX $X.XX XX% HTLF XX, increased company's share quarter. dividend cash X%. solid had loan May stock, from The the Victor. a has Directors growth quarterly of increase In on closing, million is XXXX. HTLF per approved payable first The common dividend Organic of ago.

strong credit positioned to billion. to record quality $XX.X $XXX Total environment. improved deposits in even rising revenue Our increase rate a a well increased further. million We're

Our executing the and organic strategic In and establish are credit delivering of HTLF late growth strong we in the first investments to retaining division quality. we second excellent talent in acquiring continue Bank as continue you to quarter, charter insight, deliver We're us. and has strategies, to efficiency for and positioned we're for strength, growth, executing we're future and well joining consolidation growth. delivering unlock our driving Thank momentum. capacity growth. HTLF expect

PM will evening, shareholders to remind be earnings that XX - remain also quarterly Time. June next held our to like meeting July. be XX all virtually will good Have like in annual on at call I'd our late Our a everyone. Central

Operator

you This concludes Thank for participating. call. today's conference

day. You may disconnect and have a now great

Heartland Financial USA (HTLF) 26 Apr 222022 Q1 Earnings call transcript