HTLF - Earnings call transcript Q2 2022 | Heartland Financial USA, Inc.

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Operator

Greetings and welcome to the HTLF Second Quarter 2022 Conference Call. This afternoon, HTLF distributed its second 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. Management will provide a brief summary of the quarter and then we will open the call up to your questions.

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

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

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

Bruce Lee

Good performance the afternoon, earnings second XXXX This us today detail everyone. to Lee, as appreciate joining is quarter Welcome CEO. President you for you, we Thank quarter. excellent Latif. and HTLF conference We call. Bruce HTLF

few EPS which continues onetime is answer $XX.X negative outstanding who Officer, Core turn expectations. second strong. $X.XX Financial the us EPS Nathan million Chief and For the to Also then and highlights information to questions quarter, exceeded HTLF Chief over after our positive Officer, results. Jones, events minutes, quarter of second next is around McKeag, quality Credit and joining regarding Bryan HTLF credit which provide $X.XX. of call reporting can and additional quite to both today our discuss our be had an clearly net I'll income

together. forward are We moving

excellent loans, exceeding and quarter, with to credit our $XX.X X% with at XX significantly from quarter, momentum the lows. guidance to total $XXX assets a of revenue. strong basis In or from our or the quarter, And nonperforming of PPP our continue total X% continues historic points million billion linked of growth growth $XXX quarter our million. holding million we quality $XXX sustained for are best delivered at quarter. execute excluding $XXX linked have of linked second ever strategy organic be increasing assets and We our Deposit the growth we again, the drive increase and million results deposits delinquencies loan from in assets as an and record

were $XXX or originations the risk deposits. last ratings added and of $XX XX% Notably, year. In to rate saw credit real XXX in scores. Let's start million highlights. all portfolio. compared and million commercial credit funded with real portfolio relationships, measured quality than or loan up and commercial higher million XX% X%. million in the overall commercial across million $XXX commercial X%. owner-occupied X%, portfolio the $X $XX quarter, loan $XXX growth estate linked growth business loans ag increased strength variable quarter, from have by We new our structures with increased new estate of $XX these our continued industrial increased we X%. second million Construction Nonowner-occupied representing as loans From was increased or of or And million and every slightly by

continue talent to in investments Our deliver results.

they the customers remains regarding commercial many their pipeline grow than business outlooks. loans with are to by commercial we And had and Our expect million $XXX at with our billion previous conversations experiencing over $X quarters. strong in more quarter. consistent the third trends I've

XXth $XXX our our maintained Colorado quarter. Arizona XX or increase billion, growth of deposits quarter quarter positive accounts. each total XX% Trust an an in another persist, a Bank $XXX X% way. quarter supply portfolio, growth. citywide about saw from non-time of million noninterest-bearing $XX.X X% consumer from in mortgage increase XX% the total Overall, linked deposit consecutive such linked XXXX. staffing million headwinds our from certain for quarter. and In $XX of we rate with year totaled & organic our the as deposit excellent Residential us linked We deposits well remain are $XX.X and in banks our deposit delivered the chain and the deposits in billion, of While rising Non-time We of growth. from strong million deposits loan linked or optimistic growth in to had are increased record of Total the grew of banks X% positioning of $XX environment. the mix. of leading million accounts, loan a quarter. inflation, rest cautious or customers the

well. deposit Our at us XX remained low costs deposit points. strategy Total continues to serve basis

by decreased area executed inflation an and employee as we're ratio talent retention monitoring driven largely we and demands for an closely of strategies This efficiency core revenue to Competitive talent our both pressures wage executing and we significantly to high. that's a continue remain as be implementation. XX.X% expenses. increased successful for are top since is reduction top been growth Our strategy

Turning to key credit metrics.

Delinquency points. remained Our our XX linked a credit from loans quality assets ratio Nonperforming disciplined portfolios. delivered excellent assets to of Non-pass-rated historic represented points. second percentage at quarter. basis of of at points a low the approach linked loans decrease credit of X total is X.X% at quarter. basis points quarter, the the across as of Nonperforming total has in end basis low X XX decreased the X.X% loans from basis a

basis we of the X reported in charge-offs loans. annualized or net average Lastly, of $XXX,XXX quarter, second points

delivering team approved are which Board We HTLF by our ambitious Directors. of and management unanimously disciplined strategies growth by against were developed and our

of are credit expenses loan maintaining acquisition, and retaining goals growth considerable and attracting our continued positioned and branch talent, have growth, for organic optimization against geographic controlling customer quality. and new progress momentum and We strong

growth our in organically cost single We -- a create charter This both both capacity will also through bank growth unlock that supports XX M&A. separate efficiencies will charters operational consolidating bank by HTLF achieve Colorado. and into and and

with decision-making. their the executed convert We're we this successfully project the and XX the maintain of first are X transition local and pleased on will June, bank division In banks banks smooth year. becoming other to of citywide consolidations XX with slated overall. Our the HTLF local charter banks local leadership brands, progress Bank. a

We of $XX capacity finish annual savings by charter to is deliver expect and the million and XXXX consolidation project after late complete.

We continue X. we In will also to and branch branches our the quarter, closed second network. optimize X sold

represents by and branches. reduction Over of the our past XX% XXX. XX in reduced a number XX months, XXX total we have from This to branches

continue row. the card for issuers strategy national in and be local ranked media. report seventh recognized year U.S. a commercial and Our top among credit accomplishments by HLF to Nielsen the

want strength financials. technology because and and I payments XXXX. as from Bryan volume our of call and the HTLF. and space them investors. ongoing to Officer, forward Financial we a together, Nielsen education I saw commercial and hard employees. XX% excellent customer We demonstrate strength, innovative dedication to recognition details for deliver reflects move result our thank strong Chief will commitment insight our customers, increase together in consistent to on McKeag, and in ranking to more over now their HTLF approach the performance continue for experiences. HTLF's purchase Awards, are communities growth to providing digital products turn reports the HTLF's work performance to We growth in and

Bryan McKeag

Thanks and afternoon. good

a detail $XXX,XXX the $X.XX. I of sale expense As small and of these Against per Altogether, sale trends. about excluding in of million, earnings following costs insurance I growth million my and items. sale and improved sale our consolidation loan outlined, investor was comments. share in of were that PPP, earnings these both of $X.X of and was for $XXX million. increased of revenue $X.XX, a branches large was these release million on income continued million, just cover are losses in this of $X.X Bruce website. by IR will this sub results section with was presentation second under growth, HTLF's more charter remind favorable Gain another the strong quarter's included Included restructuring quarter of on everyone quarter Visa also the our would and increased levels $X.X earnings HTLF share gain throughout gains shares per items solid $X pretax Illinois X gain securities $X B on were by the on credit million.

provision quarter. last my I So do as start which from usually comments, losses credit totaled unchanged the for with I'll and was million $X.X

million end, at X credit provisioning were losses which were to the this for million credit unfunded underlying partially loan quarter, growth slightly allowance down of charge-offs commitments quarter. of allowance quarter net at points loans total X.XX% both offset and loans. This increased total loans loans last basis and by on lending-related the $XXX,XXX favorable remained or nonperforming At $X.X low for was the losses minimal More historically to quarter includes $XXX.X credit for specifically, loan delinquencies and compared trends.

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

Moving equivalent $XX tax million years X to flow between quarter $XX yield X.XX%, Investment sheet and end and representing over a $X.X monthly producing just other the of balances $XX modified million with at balance to of a rose million. XX% duration of to assets items. cash billion X

gain to largely loss to ratios repositioning some to yielded we just That used point with balance decreased reflects quarter, XX.X% selling reposition at the offset by proceeds capital points risk-based and securities $XXX of we offset due partially investments on of at to The sale total retained The and that remains in repurchase decline higher common sheet $X.X decrease the million XX the just from of regulatory basis basis shares. the points X.X%. XX value a portfolio XXX new over market realized strong ratio quarter equity tangible growth. Visa HTLF's XX.X%. the opportunity million X our some at and common equity and under earnings. increase end X.XX% took During Tier was by B of basis the X.X% the by securities was yielding the remaining on

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

revenue. totaled income of deposit quarter. short-term of increase were with low and increases. main Net rate this loan of statement. interest deposit the which level the $XXX.X million the the price million increases was income drivers growth a and quarter impact Moving with interest $X.X strong than to higher Fed's together prior The the Starting

quarter. We decline margin loan fees under included interest remaining quarter with the $X.X our to rose basis points also equivalent fees tax This X.XX%. XX yields $XXX,XXX improved yields, PPP, points exited XX points a quarter unamortized XX loan also quarter The XX million rate excluding in just to basis Due higher points. $X.X PPP last books. on of and PPP million basis this on recent $X.X from while the net interest costs to interest basis rose million investment basis increases, were and

accounting accretion income basis purchase is This compared quarter, the prior quarter the of up from includes to quarter. X X which was Noninterest million. interest net at margin $XX.X flat prior points basis points the

$X million fees $X.X to wealth interest mentioned previously up and income on usual offset increase due However, annual excluding gains deposit that a million and rates. swaps core banking of management The syndication in million. rising our projections. and were: does first, $X.X noninterest sale incentives $X.X our million was up to and weaker losses, in $X.X revenue were other commercial remaining by a million shares. These noninterest of exceeded increase the the include million And almost Visa $X.X main of due income strong positives fees net Visa B gain our million mortgage and components service somewhat $XX.X was fees

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

for in categories this decreased to count little restructuring, core most to expense quarter XXX costs significant asset improvement compared quarter in and Excluding $XXX.X Almost tax came credit losses, better to projected. benefits $XXX a with salary down gains were expense $X.X to quarter. the and million all of a flat $X FTE than our coming which decline and decreased million and million million in the expenses primarily last due

of result this core ratio reductions strong a quarter, second to significantly the growth efficiency As improved expense XX.XX%. the revenue and quarter

is remains the While and by, Non-time growth back ahead, slow into believe into rate as Bruce XXXX. continue mentioned, quarter of growth results of our highlighted we second provide X% pipelines loan This to is which X% momentum expected to looking per range significant X% a per half loan first, strong the support deposit quarter. quarter. that will expected

million quarter reflecting Fed Assuming points continued with percentage some additional Fed impact is net no in July on assuming a projected from annualized the income basis, quarter, increase XXXX. lagging remain rate for XX%. an is pricing. about in should changes, given net normal levels digits by million interest income deposit grow of XX projected increase Provisions the offset losses projected $XX remain loan of ratio below $X net pressure Fed the historic our The and on interest the expected to rest to charge-offs full increase next to growth near on basis levels mid-single loan deposit of some assuming growth for and current from a credit June basis

as that million expected range to challenging. million do X consolidations revenue into to $XXX in $XXX continue swap costs next However, could million stronger expected $XX fees changes losses, X the Core next slightly a completed to consolidation estimate in over XXXX. XX% and next Bruce to in rate. into layer $X.X the range Charter higher with that, is have the total, over syndication recession normalize materialize. to continue Consolidated And wealth the have new late on impact decline $XX is an noninterest consolidation will of XX%, pressures, to basis next the remained believe we and of total, particularly provisions inflationary expected million tax million to wage call economic years. rates excluding to years. to benefits $XX when very they expenses a income, quarter banking per to commercial turn on quarter. X helping run annualized some to and gains a million tax mortgage finally, be the deposits, to -- And costs the questions. Core projections significant lower restructuring quarters, the a However, in $XX with over and remain remaining in million are inflation are begin rate rise. of $XX should back million future and offset reach range will excluding to We million I for And will $X reasonable begun so we already over in confident are to

Bruce Lee

open for can up questions. now line the we Latif,

Operator

question DelMonte from And KBW. of the Instructions] [Operator first our line of Damon comes

Damon DelMonte

start look some providing half of the this the just what off you're the to growth. and these wanted Just talk for kind quarter Could implies of please? areas loan have visibility the you the the into And pipeline a drivers little with that and solid good quarter. on bit about remaining of track commentary the opportunities? things good. are expectations you Really of growth And footprint what just are of over back the another year,

Bruce Lee

we across growth Damon, solid our really entire had Yes, footprint.

everybody But very, in sort can business our and California here first very was growth banks fair attributed HTLF, that growth. time the Arizona -- been amount organic Agri maybe the had to of outstanding really, I've solid since of We of growth at group. since California For I in all did have XX Colorado, was growth. and in remember, a had

Our segment. that's that most you be saw been focus significant the C&I why and activity has

the well group you is estate. point as As know, out with growth. as just outstanding quarter doing a also our group really real is do I want well And had Agri their consumer to

very So we're it's throughout of our really originations, pleased from we mix. the -- the thing, -- and that to the we're of most credit very, in pleased floating flipped And loan a footprint categories. rate new that And are all in flipped important originations quality more maybe our have occurring with.

Damon DelMonte

it. Got

you quarter? this the kind relates point bit Okay. of on commentary Or kind of weigh think rise you you margin. of to that bit saw the core Do kind little of continued a in expansion cost towards replicate could as of the points you think it catches the hike And kind deposits with then, another amount up XX the expansion? could basis the of do rate little just of pace and margin, in Brian, a

Bryan McKeag

Yes.

bit. little a cut it think I

I I I it my more million, said $XX expecting number would a are think for XX a because basis betas point million in quarter if rate the to to would said went looked back $X And we what that's the be have comments. than increase, have been last and higher normal.

best going to we'll is. our does. market is it and try keep do those we're But on However, market but see the of be where deposits the to to what there could going bit really within little depend lag, too. a

first few only I really We mentioned that got with XX solid good coming the that think really increase. looked I we a had few -- a weeks of in. really June

of came And of towards growth quarter. the loan the end some our

-- interest can really quarter. mid-single or we those this net raise or by raise core what -- year that digits we that So couple this the over posted good I line -- feel income the

Bruce Lee

just maybe to Damon, for than quarter. more to Yes. the did average expanded it comments, for our in June margin the add Brian's

So that -- we quarter the the gives us period $XXX end million average during ended some quarter. loans than also, about momentum. the in And more then the period

really feeling us those very addition Brian first our we for But all done a the time that rates So anticipating. said, hikes is about our betas. job holding get to expanding deposit of these great first everybody [ph]. We've alone over rate margin to into of down these X just couple we're give quarter positive as think the really things our going a deposit in X heights,

Damon DelMonte

Got it.

it down concern to -- of to stuff. do level know you Great. slow that guys and it's is to then I And item AOCI far a as just maybe going question a X.XX%. TCE into it's the impact that the loans not really capital good provide Okay. as like down any growth because ratio pace to temporary constraining of and a any feel you getting you? attributable final does that be and need does for bit of a But Or with the truly for factor that to regards you're with portion seeing mid-Xs? that the you little have

Bryan McKeag

I the don't the cash flows think on our at portfolio constraining loan reinvest certainly flow and we'll factor we and it's investment what well. going growth. It to -- we'll dollars in as be look may a see deposit how

think growth flat the assets, back -- probably growth TCE to slow partially up not this control. assets, not to won't earning of the because hold to manage could, the keeping we're slightly on under if down. a this; us loan in hyper we I going we But because of earning

Bruce Lee

just I misspoke to of off. that plenty We capital may is add finish do have told was just risk-based our And would capital regulatory XX.X%. I I total but

Operator

Our comes from next Sandler. question of Andrew Liesch Piper

Andrew Liesch

were I lately has to curious just focus fees I like similarly, guess the and then I'm they the And know the loans. what if some of this quarter? at of the on of loans how that's and kind that level drove been syndication added portfolio the what size average to -- the larger loan was were

Bryan McKeag

up head, our was slightly give in think probably X around think the still average. is higher average $X it I take relatively was than or top off I I'll -- of that million-ish million, which the but my look this

Bruce Lee

of and as That's about the double historically, syndicated larger business loans a on really at quarter balance just focusing the with but those and to really off small another. our We're not and business all average banking got strong of area expense them, loan of well. Andrew one you've transactions some

Andrew Liesch

Okay. helpful. That's

for what's your loans guess, outlook fees? syndication what's then? the guess, I the I I guess, the mean, pipeline larger so for So I

Bruce Lee

closed pretty on have capital good real We Yes. interest is what area that pipeline. the either our third about we quarter swaps. feel other the markets the good rate But we about with our what's feel in or already

quarter another as in feel $X we Brian as in we X, really replicate third some were those or some said, as well the where But that can between we above mortgage even offsetting the probably fees quarter. million second so that's So maybe wealth fees.

Operator

from Instructions] Jeff Rulis question the of D.A. [Operator comes of Our next line Davidson.

Jeff Rulis

how customer of a for conversion? you the What employee I citywide but go come? kind of you wanted first said the the of just sort I the takeaways process sense get do you've conversions process, this left if do kind think got I year. think through one yes, So any any reaction, being successive you as that from to think that just to X shapes you of

Bruce Lee

Yes.

Brian So Jeff, follow. this take crack at I'll let first then let and me a

always a of we've over first M&A So here, we're competency. all, doing kind same doing using of except lot the That's of that M&A felt we're all really a I done years. as core the we've what mean systems.

more is customers because X. I that here travel citywide that as in are change that's instances California first learned winter. different number includes experience and Overall, There's at to So utilize from accounts It number the bank. into then routing we're over our duplicate excited Citywide are this their would which which once well. means going citywides what very, number we our is We're you HTLF tell vacation that went they to complete doing or we in customers and bank and to Jeff, customers need that. ABA The really into in years, Arizona just XX,XXX going the routing employees. that account. and what that branches routing communicate branches or really our they X project communicate, complete situation, in our XX,XXX place thing the about didn't XX both very very we've process we're was the going is and go But using have for into it communicate have can a through with the leadership you

are our they very, So expanded access about the to very network. happy branch

Bryan McKeag

folks is I through well. would what some see, think add, finance just Jeff, I at can hear scenes operations we I I what my of pretty least from got and behind folks Yes. the the in And from

usually and we same We the they ones. a be and the little ones were of eyes a our in It's planning that, but the if But that they citywide, we the work to how going we continue that probably the that All the of duplicate type think going really can success being that's next well, and we think communication were it part bumps way well expect about the future will handle one. customer there this expect couple of handle are said, biggest going is and on because on. one the the right? here this always to charter couple very said, in we that have we continued bit be cover were a couple minor If we about that feel keep easier, a did think Lots Bruce those planning big customer something I on. impact which and believe I we to You to. can handling have I it as can of said accounts, it. good have are all we're first to and positive we're Bruce bumps

Jeff Rulis

bit. a gears Switching little Great.

May see update that or of X was Just there within any if that instances was those update progress on of there of fraud events group on any wanted the any front? any to if kind on recovery movement

Bruce Lee

that take to want you Nathan, one?

Nathan Jones

of the occurred several along one it have of things very with then operations. that are their work also address that stashing look Bruce. at But lines as they working out -- quickly them events. -- and we of Absolutely, working to conservative positive with collateral through additional and hard we on have the a And general the Yes. customers to Well, onetime do way took have stance and were from do business them charge-offs. longer-term continued we work really them continue we we resolutions at

feel that. do we about good So

of start Bruce, we point do at you book offsets this Jeff, Brian, I'm Just go top like point. to can at you'd that? ahead. on think any add to something this sorry,

Jeff Rulis

that as want you kind off. any wanted follow-on, to just But those or it to but get from of you've one-offs to or was did No, that there situations, any of made? that a they're changes kind practices of procedural structural sense any anyone cut end? revisiting said lead kind changes I Nathan, didn't a through Or --

Nathan Jones

It has.

we're We as to have can be that we sharpen is a use credit that pencils make anything always sure we from really clean perspective. our occurs as --

in and to our that instances, some So both able grow really to enhancements. a future learn used are overall us from were use it in implement we've and as hopefully to protect similar opportunity improve learning processes any that it But we for help and issues an as opportunity nature.

Jeff Rulis

Maybe one I if last one, could.

Just real income quick run fee rate. on the

Is that think that XX%. mentioned so treat any will correct as on losses. gains exclude XX% that Brian a of X? I to or kind securities -- That

Bryan McKeag

does. of took with you so how my so Yes, you let the thought just that tell that. the it I get core I can kind when number to me XX, about then and find about income is core the was sitting gains which was back you here, Yes, Visa gain that out B gain out. back I the don't talking B was I a XX.X% in noninterest Visa losses excludes but all and category other which

another gets quarter. the year, Visa And because out recurring this you it recur doesn't if X.X [ph] So back while B to take you quarter. that that's out, that if share, XX.X% every you every

whatever. you wealth see fees said, took expect out, as we Bruce range. in can about that you're And the and might management downdraft offset if the syndication we So in XX.X% the that

how So kind XX%. can I of that's to

Operator

of from of question next Stephens. McEvoy the Our comes Terry line

Terry McEvoy

run Brian, outlook the industries, wasn't for thing that was the on Jerry thanks After last The through specialized the list presentation. thoughts my out all one financial caught quarter it this your in there. my cycle

across manage particular. the health franchise really X industry, care some how risk have you triggered in some of I'm over and the some finance it, call businesses losses the the years X just to credit last, and wondering in So those

So importantly, your growth shareholders. I guess the about for talk growth how more and maybe it's smart kind of

Bruce Lee

take and that first -- going I'll to let follow I'm then Yes. up. Terry, I'll Nathan

our from -- who of brought middle historically the the what lower end what all, it's specialized call perspective, above they've and a I this of they in play is group market first historically bank of are level. more middle where or at these that we So it's would market, the -- we've done kind played

on people areas. also these it credit the corresponding in importantly, so more brought match we are we talent And do that -- brought specialized And various up. to that in side in

just expertise So acquired existing specific, feel We agribusiness the want whether swaps, side we and market. of side, area, the both if more that the We interest we management, take new our acquired and say, are larger the these you this underwriting that where acquired out do going we it's new board. customers like treasury we after side. on services, the in buying go syndications. just rate we California. staff plan We brought and to credit didn't area the services, origination need of very people to in ability our a the type staff in Also, fee you're into go retirement the the whether to across grew it's

really a they're for on basis. corporate our was dramatically card up which year-over-year So pretty business

So sort that, about of the We'd is X/X grow. love that group and builds on with the of portfolio the from business maybe business and from the the analytics it we then about come specialized X/X of bank to from that group side group how slow you agribusiness credit its would address talent. Nathan, until want our feel segment about and that additional you to down. supported X/X traditional activity,

Nathan Jones

our to guidance organization experienced. of quartile. and we against noted, support and group Specialized sure have team really some make within most on detailed strong we've we are to Absolutely, talent is that as and done that's kind make Industries do of dedicated really HSI have supporting what a feel work Bruce. and strongest a our our Yes. providing And through credit then gone necessary analytics from the they dedicated we even very, very Bruce and our and But top sure that, really really exacting

on we're from getting more making sure leaning quartile. perspective top So we're but not a really credit in that hard

taking what support of taking, are analytics a risk there. risk we're have we're that we evaluate behind we credit understand make to along credit taking. significant strong, So pretty with And strong not that's significant then and and able it the sure we team

Bruce Lee

We of really originations, staff the thing originations, to want credit the credit portfolio really Nathan do that's those our rest along of I'd rating Yes, the quality Terry, anything but quality the part mention not the it wanted do that credit the of part the a is market -- part else to up with of -- And we is ignoring go and other that portfolio. bit the our described. better key all. do. little We is of the and that of risk strategy. than dedicated

Terry McEvoy

And you Where the drive then, follow-up. consolidation any at DNA about, there's is M&A you in also really in I but just opportunities? the growth. need company's capacity Bruce, talk do before charter you know be increased to a to the complete, is as conversion future once look that seriously M&A

Bruce Lee

where -- with the right mean type the I a M&A uncertainty the reality really with I think economy XXXX Yes. in any now, is is scenario.

any consolidation. would business However, have not M&A would on consolidation that a work what the M&A that that and way back we I charter we of and stop fee to is built that we sort, be on the then the that consolidation strategic the side, bank is could say the charter the would charter some go have

be of XXXX, to transaction, in going M&A XXXX. reality ready an it Terry. if the came through do halfway to would we And an is we're it start by mean, up, the be I opportunity So

Operator

you. Thank you. Thank

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

Bruce Lee

Board of stock The per X% on Latif. cash payable has ago. forward quarterly the HTLF you, from HTLF year moving company's a on dividend approved is a $X.XX Directors dividend XXXX. XX, August The share is together. an of common Thank increase

growth our $XXX an loan Total increased $XX.X a billion. the $XXX strategies results. million We assets or billion, $XX.X record which have increased a record X%. $XXX million. are are to second momentum, delivering Total In organic increase of million we're excellent executing quarter, deposits

XX.X%. Our to significantly decreased efficiency ratio

organic retaining excellent joining and in to strong consolidation we And us. investments delivering charter are you quality. continue executing deliver strategic acquiring for growth and unlock Thank credit future talent growth. for and Our efficiency capacity

Our next late Have call good in be everyone will a October. quarterly earnings evening,

Operator

does that your conclude you today's for conference. Thank And participation.

You may now disconnect.

Heartland Financial USA (HTLF) 26 Jul 222022 Q2 Earnings call transcript