x    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

 

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No o

Indicate by check mark whether the Registrant is an accelerated filer (as defined by Rule 12b-2 of the Securities Exchange Act of 1934).   Yes x    No o

 

 

 

 

 

 

Part I
Item 1.		Financial Statements
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.		Quantitative and Qualitative Disclosures About Market Risk
Item 4.		Controls and Procedures
Part II
Item 1.		Legal Proceedings
Item 2.		Unregistered Sales of Issuer Securities and Use of Proceeds
Item 3.		Defaults Upon Senior Securities
Item 4.		Submission of Matters to a Vote of Security Holders
Item 5.		Other Information
Item 6.		Exhibits
		Form 10-Q Signature Page

 

 

HEARTLAND FINANCIAL USA, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data)
		9/30/04 (Unaudited)				12/31/03
ASSETS
Cash and due from banks		$	82,817			$	68,424
Federal funds sold and other short-term investments			12,236				3,445
Cash and cash equivalents			95,053				71,869
Time deposits in other financial institutions			1,166				1,132
Securities:
Trading, at fair value			212				1,073
Available for sale, at fair value (cost of $495,869 at September 30, 2004, and $441,606 at December 31, 2003)			503,563				450,680
Loans held for sale			33,731				25,678
Gross loans and leases:
Loans and leases			1,737,614				1,322,549
Allowance for loan and lease losses			(24,520	)			(18,490	)
Loans and leases, net			1,713,094				1,304,059
Assets under operating leases			34,410				31,636
Premises, furniture and equipment, net			77,619				49,842
Other real estate, net			361				599
Goodwill, net			37,271				20,167
Other intangible assets, net			10,215				5,069
Other assets			60,675				56,562
TOTAL ASSETS		$	2,567,370			$	2,018,366
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Deposits:
Demand		$	300,811			$	246,282
Savings			761,926				569,286
Time			919,711				676,920
Total deposits			1,982,448				1,492,488
Short-term borrowings			180,395				176,835
Other borrowings			194,650				173,958
Accrued expenses and other liabilities			39,324				34,162
TOTAL LIABILITIES			2,396,817				1,877,443
STOCKHOLDERS’ EQUITY:
Preferred stock (par value $1 per share; authorized, 184,000 shares; none issued or outstanding)			-				-
Series A Junior Participating preferred stock (par value $1 per share; authorized, 16,000 shares; none issued or outstanding)			-				-
Common stock (par value $1 per share; authorized, 20,000,000 shares at September 30, 2004, and 16,000,000 at December 31, 2003; issued 16,547,482 shares at September 30, 2004, and 15,261,714 shares at December 31, 2003)			16,547				15,262
Capital surplus			40,789				20,065
Retained earnings			112,514				102,584
Accumulated other comprehensive income (loss)			4,418				4,794
Treasury stock at cost (211,409 shares at September 30, 2004, and 98,211 shares at December 31, 2003, respectively)			(3,715	)			(1,782	)
TOTAL STOCKHOLDERS’ EQUITY			170,553				140,923
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	2,567,370			$	2,018,366
See accompanying notes to consolidated financial statements

 

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
		Three Months Ended								Nine Months Ended
		Sept. 30, 2004				Sept. 30, 2003				Sept. 30, 2004				Sept. 30, 2003
INTEREST INCOME:
Interest and fees on loans and leases		$	28,041			$	21,527			$	73,698			$	64,269
Interest on securities:
Taxable			3,248				1,497				9,554				6,728
Nontaxable			1,183				998				3,273				2,909
Interest on federal funds sold and other short-term     investments			33				149				47				279
Interest on interest bearing deposits in other financial     institutions			66				38				156				135
TOTAL INTEREST INCOME			32,571				24,209				86,728				74,320
INTEREST EXPENSE:
Interest on deposits			8,413				6,866				21,969				20,971
Interest on short-term borrowings			693				581				1,989				1,759
Interest on other borrowings			2,998				1,953				8,173				5,815
TOTAL INTEREST EXPENSE			12,104				9,400				32,131				28,545
NET INTEREST INCOME			20,467				14,809				54,597				45,775
Provision for loan and lease losses			1,053				950				3,400				3,176
NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES			19,414				13,859				51,197				42,599
NONINTEREST INCOME:
Service charges and fees			2,688				1,452				7,283				4,208
Trust fees			1,196				951				3,337				2,761
Brokerage commissions			213				236				841				599
Insurance commissions			174				141				556				557
Securities gains (losses), net			(61	)			527				1,806				1,685
Gain (loss) on trading account securities			(32	)			80				43				329
Impairment loss on equity securities			-				(69	)			-				(239	)
Rental income on operating leases			3,425				3,447				10,348				10,342
Gain on sale of loans			814				2,446				2,186				5,667
Valuation adjustment on mortgage servicing rights			(73	)			1,360				40				368
Other noninterest income