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| 8-K - FORM 8-K HTLF Q1 2012 - HEARTLAND FINANCIAL USA INC | q120128kcoverpage.htm |
CONTACT: | FOR IMMEDIATE RELEASE |
John K. Schmidt | April 23, 2012 |
Chief Operating Officer | |
Chief Financial Officer | |
(563) 589-1994 | |
jschmidt@htlf.com | |
HEARTLAND FINANCIAL USA, INC. REPORTS FIRST QUARTER 2012 RESULTS
Quarterly Highlights
§ | Record net income of $12.8 million |
§ | Net interest margin of 4.23% |
§ | Growth in loans held to maturity of $51.1 million since December 31, 2011 |
§ | Deposit growth of $65.6 million since December 31, 2011 |
§ | Nonperforming assets not covered under loss share agreements decreased $12.2 million since December 31, 2011 |
§ | Continued expansion of mortgage operations in existing and new markets |
Quarter Ended March 31, | ||||||||
2012 | 2011 | |||||||
Net income (in millions) | $ | 12.8 | $ | 4.2 | ||||
Net income available to common stockholders (in millions) | 11.8 | 2.9 | ||||||
Diluted earnings per common share | 0.71 | 0.18 | ||||||
Return on average assets | 1.12 | % | 0.29 | % | ||||
Return on average common equity | 17.27 | 4.67 | ||||||
Net interest margin | 4.23 | 4.19 | ||||||
“Heartland's first quarter was, quite simply, our best quarter ever. Net income of $12.8 million was more than triple last year's first quarter earnings. The company's exceptional performance is the result of a combination of factors including a remarkable net interest margin of 4.23 percent, a sharp drop in provision for loan losses and solid gains on sale of loans.” Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc. | ||||
Dubuque, Iowa, Monday, April 23, 2012-Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported net income of $12.8 million for the quarter ended March 31, 2012, which was an increase from the $4.2 million recorded for the first quarter of 2011. Net income available to common stockholders was $11.8 million, or $0.71 per diluted common share, for the quarter ended March 31, 2012, compared to $2.9 million, or $0.18 per diluted common share, for the first quarter of 2011. Return on average common equity was 17.27 percent and return on average assets was 1.12 percent for the first quarter of 2012, compared to 4.67 percent and 0.29 percent, respectively, for the same quarter in 2011.
Earnings for the first quarter of 2012, in comparison to the first quarter of 2011, were positively affected by increases in net interest income, gains on sale of loans, securities gains and other noninterest income along with a lower provision for loan and lease losses. The effect of these improvements was mitigated by a significant increase in salaries and employee benefits due to the continued expansion of mortgage operations in both new and existing markets.
Commenting on Heartland's first quarter results, Lynn B. Fuller, Heartland's chairman, president and chief executive officer said, “Heartland's first quarter was, quite simply, our best quarter ever. Net income of $12.8 million was more than triple last year's first quarter earnings. The company's exceptional performance is the result of a combination of factors including a remarkable net interest margin of 4.23 percent, a sharp drop in provision for loan losses and solid gains on sale of loans.”
Net Interest Margin Remains Above 4.00 Percent
Net interest margin, expressed as a percentage of average earning assets, was 4.23 percent during the first quarter of 2012 compared to 4.19 percent for the first quarter of 2011. The ability to maintain a net interest margin above 4.00 percent has been a direct result of Heartland's price discipline. Also positively affecting net interest margin was improvement in the level of nonperforming loans not covered under loss share agreements, which had balances of $49.9 million or 1.97 percent of total loans and leases at March 31, 2012, and $91.0 million or 3.86 percent of total loans and leases at March 31, 2011.
Fuller said, “Our net interest margin for the first quarter was exceptional, increasing by 15 basis points over the previous quarter from 4.08 percent to 4.23 percent, and matching the best margin we have seen in recent years. Our strong margin is the result of loan growth, increased yields in our security portfolio and continued improvement in funding costs. We've now maintained our margin above 4.00 percent for eleven consecutive quarters.”
On a tax-equivalent basis, interest income in the first quarter of 2012 was $49.9 million compared to $49.2 million in the first quarter of 2011, an increase of $637,000 or 1 percent. The $200.8 million or 6 percent growth in average earning assets during the first quarter of 2012, compared to the same period in 2011, more than compensated for the decrease in the average interest rate earned on these assets which was 5.30 percent during the first quarter of 2012 compared to 5.57 percent during the first quarter of 2011. The average interest rate earned in the securities portfolio was 3.59 percent during the first quarter of 2012 compared to 3.95 percent during the first quarter of 2011 and the average interest rate earned in the loan portfolio was 6.15 percent during the first quarter of 2012 compared to 6.42 percent during the first quarter of 2011.
Interest expense for the first quarter of 2012 was $10.0 million, a decrease of $2.2 million or 18 percent from $12.2 million in the first quarter of 2011. Even though average interest bearing liabilities increased $70.7 million or 2 percent for the quarter ended March 31, 2012, as compared to the same quarter in 2011, the average interest rate paid on Heartland's interest bearing deposits and borrowings declined 34 basis points to 1.31 percent in the first quarter of 2012 from 1.65 percent in the first quarter of 2011. Contributing to this improvement in interest expense was a change in the mix of deposits as average savings balances, the lowest cost interest-bearing deposits, as a percentage of total average interest bearing deposits increased to 68 percent during the first quarter of 2012 compared to 64 percent during the first quarter of 2011. Additionally, the average interest rate paid on savings deposits was 0.40 percent during the first quarter of 2012 compared to 0.67 percent during the first quarter of 2011 and the average interest rate paid on time deposits was 2.12 percent during the first quarter of 2012 compared to 2.49 percent during the first quarter of 2011.
Net interest income on a tax-equivalent basis totaled $39.8 million during the first quarter of 2012, an increase of $2.8 million or 8 percent from the $37.0 million recorded during the first quarter of 2011.
Significant Increase in Noninterest Income; Noninterest Expense Increases
Noninterest income was $23.4 million during the first quarter of 2012 compared to $12.6 million during the first quarter of 2011, an increase of $10.8 million or 86 percent. The categories contributing most significantly to the improvement in noninterest income were gains on sale of loans, securities gains and other noninterest income. Gains on sale of loans totaled $8.5 million during the first quarter of 2012 compared to $1.4 million during the first quarter of 2011. The volume of loans sold totaled $243.8 million during the first quarter of 2012, more than three times the $81.0 million sold during the first quarter of 2011. Pricing received on the sale of fixed rate residential mortgage loans into the secondary market improved through a bulk delivery method that was implemented during the second quarter of 2011, instead of an individual delivery method that had been used previously. At the same time, secondary market pricing began to be matched with origination pricing through the use of a software tool that assists in hedging the locked rate pipeline position. Securities gains totaled $3.9 million during the first quarter of 2012 compared to $2.1 million during the first quarter of 2011, as volatility in the bond market continued to provide opportunities to swap securities from one sector of the portfolio to another without significantly changing the duration of the portfolio. Offsetting, in part, the securities gains was an impairment loss on securities totaling $981 thousand recorded during the first quarter of 2012. Other noninterest income totaled $2.6 million during the first quarter of 2012 compared to $261,000 during the first quarter of 2011. Included in the other noninterest income during the first quarter of 2012 was $2.0 million in equity earnings which resulted from the sale of two low-income housing projects within partnerships in which Dubuque Bank and Trust Company was a member.
Loan servicing income increased $211,000 or 14 percent for the first quarter of 2012 as compared to the first quarter of 2011. Two components of loan servicing income, mortgage servicing rights and amortization of mortgage servicing rights, are dependent upon the level of loans Heartland originates and sells into the secondary market, which in turn is highly influenced by market interest rates for home mortgage loans. Mortgage servicing rights income was $2.0 million during the first quarter of 2012 compared to $984,000 during the first quarter of 2011. Loan servicing income also includes the fees collected for the servicing of mortgage loans for others, which is dependent upon the aggregate outstanding balance of these loans, rather than quarterly production and sale of mortgage loans. Fees collected for the servicing of mortgage loans for others were $967,000 during the first quarter of 2012 compared to $873,000 during the first quarter of 2011. The portfolio of mortgage loans serviced for others by Heartland totaled $1.63 billion at March 31, 2012, compared to $1.44 billion at March 31, 2011. The following table summarizes Heartland's residential mortgage loan activity during the most recent five quarters:
As Of and For the Quarter Ended | |||||||||||||||||||
(Dollars in thousands) | 03/31/2012 | 12/31/2011 | 09/30/2011 | 06/30/2011 | 03/31/2011 | ||||||||||||||
Mortgage Service Fees | $ | 967 | $ | 932 | $ | 908 | $ | 892 | $ | 873 | |||||||||
Mortgage Servicing Rights Income | 1,986 | 1,380 | 743 | 616 | 984 | ||||||||||||||
Mortgage Servicing Rights Amortization | (1,718 | ) | (862 | ) | (1,103 | ) | (808 | ) | (864 | ) | |||||||||
Total Residential Mortgage Loan Servicing Income | $ | 1,235 | $ | 1,450 | $ | 548 | $ | 700 | $ | 993 | |||||||||
Valuation Adjustment on Mortgage Servicing Rights | $ | 13 | $ | (19 | ) | $ | — | $ | — | $ | — | ||||||||
Gains On Sale of Loans | $ | 8,502 | $ | 5,473 | $ | 3,183 | $ | 1,308 | $ | 1,402 | |||||||||
Residential Mortgage Loans Originated | $ | 293,724 | $ | 253,468 | $ | 143,317 | $ | 111,575 | $ | 99,876 | |||||||||
Residential Mortgage Loans Sold | $ | 243,836 | $ | 208,494 | $ | 97,591 | $ | 65,812 | $ | 81,033 | |||||||||
Residential Mortgage Loan Servicing Portfolio | $ | 1,626,129 | $ | 1,541,417 | $ | 1,467,127 | $ | 1,446,527 | $ | 1,435,977 | |||||||||
For the first quarter of 2012, noninterest expense totaled $40.1 million, an increase of $7.3 million or 22 percent from the same quarter of 2011. The primary contributor to this increase was the $5.8 million or 32 percent increase in salaries and employee benefits, a large portion of which resulted from the expansion of residential loan origination and the addition of personnel in the Heartland Mortgage and National Residential Mortgage unit. Full-time equivalent employees totaled 1,253 on March 31, 2012, compared to 1,076 on March 31, 2011.
Fuller commented, “The continuing wave of residential refinancing activity in the first quarter, combined with the expansion of our mortgage unit, resulted in a significant increase in gains on sale of loans compared to the prior year's first quarter. The timely expansion of our Heartland Mortgage and National Residential unit is producing exceptional non-interest income. Further expansion is envisioned as we build our teams of loan producers both within and beyond the Heartland footprint. While refinance activity still represents most of our originations, we are optimistic that the mix will shift from refinance to purchase, which should significantly increase bottom line
profitability.”
Heartland's effective tax rate was 32.82 percent for the first quarter of 2012 compared to 22.24 percent for the first quarter of 2011. Federal low-income housing tax credits included in Heartland's effective tax rate totaled $200,000 during the first quarter of 2012 compared to $138,000 during the first quarter of 2011. Heartland's effective tax rate is also affected by the level of tax-exempt interest income which, as a percentage of pre-tax income, was 15.93 percent during the first quarter of 2012 compared to 44.39 percent during the first quarter of 2011. The tax-equivalent adjustment for this tax-exempt interest income was $2.3 million during the first quarter of 2012 compared to $1.3 million during the first quarter of 2011.
Loan Demand Continues To Strengthen; Deposit Growth Continues With Improving Mix
Total assets were $4.31 billion at March 31, 2012, an increase of $7.8 million since December 31, 2011. Securities represented 28 percent of total assets at March 31, 2012, compared to 31 percent at year-end 2011.
Total loans and leases held to maturity were $2.53 billion at March 31, 2012, compared to $2.48 billion at year-end 2011, an increase of $51.1 million or 8 percent annualized. Commercial and commercial real estate loans, which totaled $1.84 billion at March 31, 2012, increased $33.1 million or 7 percent annualized since year-end 2011. Residential mortgage loans, which totaled $202.9 million at March 31, 2012, increased $8.4 million or 17 percent annualized since year-end 2011. Agricultural and agricultural real estate loans, which totaled $270.7 million at March 31, 2012, increased $7.7 million or 12 percent annualized since year-end 2011. Consumer loans, which totaled $222.4 million at March 31, 2012, increased $2.3 million or 4 percent annualized since year-end 2011.
“Loan demand, which picked up during the second half of last year, continued through the first quarter. Overall, total loans increased seven percent year-over-year. We are becoming more confident that this growth trend can be sustained as the economy continues to recover,” added Fuller.
Fuller also noted, “Our participation in the Small Business Lending Fund provides added incentive for the Heartland subsidiary banks to originate small business loans. Fueled by the potential of lower cost of capital, we will provide affordable credit to small commercial and agricultural clients, which in turn should be a catalyst to increase employment and spur economic recovery in the communities we serve.”
Total deposits were $3.28 billion at March 31, 2012, compared to $3.21 billion at year-end 2011, an increase of $65.6 million or 8 percent annualized. The composition of Heartland's deposits continued shifting from higher cost certificates of deposit to no cost demand deposits during the first quarter of 2012, as demand deposits increased $34.1 million or 18 percent annualized since year-end 2011. Certificates of deposit, exclusive of brokered deposits, experienced a decrease of $21.9 million or 12 percent annualized since year-end 2011. Savings deposits also experienced an increase, growing to $1.73 billion at March 31, 2012, an increase of $53.2 million or 13 percent annualized, from $1.68 billion at December 31, 2011.
Fuller said, “Deposit growth demonstrated steady improvement, increasing by $66 million during the first quarter. We continue to see a very favorable shift in our deposit mix through the growth of non-time deposits. By the end of the quarter, our demand deposits essentially matched the balances of our time deposits.”
Decrease in Provision for Loan Losses; Decrease in Nonperforming Assets
The allowance for loan and lease losses at March 31, 2012, was 1.55 percent of loans and leases and 78.82 percent of nonperforming loans compared to 1.48 percent of loans and leases and 64.09 percent of nonperforming loans at December 31, 2011. The provision for loan losses was $2.4 million for the first quarter of 2012 compared to $10.0 million for the first quarter of 2011, a $7.6 million or 76 percent decrease.
Nonperforming loans, exclusive of those covered under the loss sharing agreements, were $49.9 million or 1.97 percent of total loans and leases at March 31, 2012, compared to $57.4 million or 2.31 percent of total loans and leases at December 31, 2011. Approximately 54 percent, or $26.6 million, of Heartland's nonperforming loans have individual loan balances exceeding $1.0 million. These nonperforming loans, to an aggregate of 13 borrowers, are primarily concentrated in Heartland's banks serving the Western states, with $8.2 million originated by New Mexico Bank & Trust, $6.8 million originated by Arizona Bank & Trust, $4.4 million originated by Rocky Mountain Bank, $4.4 million originated by Wisconsin Community Bank and $2.8 million originated by Galena State Bank and Trust Company. The portion of Heartland's nonperforming loans covered by government guarantees was $2.4 million at
March 31, 2012. The industry breakdown for nonperforming loans with individual balances exceeding $1.0 million, as identified using the North American Industry Classification System (NAICS), was $8.4 million for lot and land development and $6.7 million for construction and development. The remaining $11.5 million was distributed among seven other industry categories.
Delinquencies in each of the loan portfolios continue to be well-managed and no significant adverse trends were identified during the first quarter of 2012. Loans delinquent 30 to 89 days as a percent of total loans were 0.55 percent at March 31, 2012, compared to 0.23 percent at December 31, 2011, 0.54 percent at September 30, 2011, 0.60 percent at June 30, 2011, and 0.61 percent at March 31, 2011.
Other real estate owned was $38.9 million at March 31, 2012, compared to $44.4 million at December 31, 2011. Liquidation strategies have been identified for all the assets held in other real estate owned. Management continues to market these properties through an orderly liquidation process instead of a quick liquidation process in order to avoid discounts greater than the projected carrying costs. During the first quarter of 2012, $11.7 million of other real estate owned was sold.
The schedules below summarize the changes in Heartland's nonperforming assets, including those covered by loss share agreements, during the first quarter of 2012:
(Dollars in thousands) | Nonperforming Loans | Other Real Estate Owned | Other Repossessed Assets | Total Nonperforming Assets | |||||||||||
December 31, 2011 | $ | 60,780 | $ | 44,387 | $ | 648 | $ | 105,815 | |||||||
Loan foreclosures | (8,786 | ) | 8,722 | 64 | — | ||||||||||
Net loan recoveries | 200 | — | — | 200 | |||||||||||
New nonperforming loans | 3,355 | — | — | 3,355 | |||||||||||
Reduction of nonperforming loans(1) | (2,420 | ) | — | — | (2,420 | ) | |||||||||
OREO/Repossessed sales proceeds | — | (12,066 | ) | (65 | ) | (12,131 | ) | ||||||||
OREO/Repossessed assets writedowns, net | — | (2,109 | ) | (8 | ) | (2,117 | ) | ||||||||
Net activity at Citizens Finance Co. | — | — | 71 | 71 | |||||||||||
March 31, 2012 | $ | 53,129 | $ | 38,934 | $ | 710 | $ | 92,773 | |||||||
(1) Includes principal reductions and transfers to performing status. | |||||||||||||||
During the first quarter of 2012, recoveries on loans exceeded charge-offs on loans by $200,000 compared to net charge-offs of $15.2 million during the fourth quarter of 2011. Included in the fourth quarter 2011 net charge-offs was a $6.1 million charge-off on one credit relationship in the Midwest, which had been identified as impaired and fully reserved for in the third quarter of 2011.
“During the quarter we continued to make substantial headway in reducing nonperforming loans, which has been and continues to be Heartland's number one priority. Nonperforming loans now represent less than two percent of total loans.”
Conference Call Details
Heartland will host a conference call for investors at 5:00 p.m. ET today. To participate, dial 480-629-9645 or 800-762-8779 at least five minutes before start time. To listen, log on to www.htlf.com at least 15 minutes before start time. If you are unable to participate on the call, a replay will be available until April 29, 2013, by logging on to www.htlf.com.
About Heartland Financial USA, Inc.
Heartland Financial USA, Inc. is a $4.3 billion diversified financial services company providing banking, mortgage, wealth management, investment, insurance and consumer finance services to individuals and businesses. Heartland currently has 61 banking locations in 42 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado and Minnesota. 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 loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected results of acquisitions; (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, | ||||||||
2012 | 2011 | |||||||
Interest Income | ||||||||
Interest and fees on loans and leases | $ | 38,399 | $ | 36,966 | ||||
Interest on securities: | ||||||||
Taxable | 7,572 | 9,221 | ||||||
Nontaxable | 2,271 | 1,754 | ||||||
Interest on federal funds sold | — | — | ||||||
Interest on deposits in other financial institutions | — | 1 | ||||||
Total Interest Income | 48,242 | 47,942 | ||||||
Interest Expense | ||||||||
Interest on deposits | 5,775 | 8,026 | ||||||
Interest on short-term borrowings | 213 | 259 | ||||||
Interest on other borrowings | 4,061 | 3,936 | ||||||
Total Interest Expense | 10,049 | 12,221 | ||||||
Net Interest Income | 38,193 | 35,721 | ||||||
Provision for loan and lease losses | 2,354 | 10,009 | ||||||
Net Interest Income After Provision for Loan and Lease Losses | 35,839 | 25,712 | ||||||
Noninterest Income | ||||||||
Service charges and fees | 3,584 | 3,361 | ||||||
Loan servicing income | 1,760 | 1,549 | ||||||
Trust fees | 2,613 | 2,479 | ||||||
Brokerage and insurance commissions | 910 | 848 | ||||||
Securities gains, net | 3,943 | 2,089 | ||||||
Gain (loss) on trading account securities | (3 | ) | 216 | |||||
Impairment loss on securities | (981 | ) | — | |||||
Gains on sale of loans | 8,502 | 1,402 | ||||||
Valuation adjustment on mortgage servicing rights | 13 | — | ||||||
Income on bank owned life insurance | 482 | 403 | ||||||
Other noninterest income | 2,565 | 261 | ||||||
Total Noninterest Income | 23,388 | 12,608 | ||||||
Noninterest Expense | ||||||||
Salaries and employee benefits | 23,996 | 18,186 | ||||||
Occupancy | 2,482 | 2,386 | ||||||
Furniture and equipment | 1,446 | 1,409 | ||||||
Professional fees | 2,760 | 3,019 | ||||||
FDIC insurance assessments | 864 | 1,345 | ||||||
Advertising | 1,071 | 850 | ||||||
Intangible assets amortization | 131 | 146 | ||||||
Net loss on repossessed assets | 2,904 | 1,632 | ||||||
Other noninterest expenses | 4,486 | 3,914 | ||||||
Total Noninterest Expense | 40,140 | 32,887 | ||||||
Income Before Income Taxes | 19,087 | 5,433 | ||||||
Income taxes | 6,272 | 1,212 | ||||||
Net Income | 12,815 | 4,221 | ||||||
Net income attributable to noncontrolling interest, net of tax | 26 | 16 | ||||||
Net Income Attributable to Heartland | 12,841 | 4,237 | ||||||
Preferred dividends and discount | (1,021 | ) | (1,336 | ) | ||||
Net Income Available to Common Stockholders | $ | 11,820 | $ | 2,901 | ||||
Earnings per common share-diluted | $ | 0.71 | $ | 0.18 | ||||
Weighted average shares outstanding-diluted | 16,729,925 | 16,557,353 | ||||||
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
3/31/2012 | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | |||||||||||||||
Interest Income | |||||||||||||||||||
Interest and fees on loans and leases | $ | 38,399 | $ | 37,764 | $ | 37,393 | $ | 37,480 | $ | 36,966 | |||||||||
Interest on securities: | |||||||||||||||||||
Taxable | 7,572 | 7,518 | 8,051 | 9,305 | 9,221 | ||||||||||||||
Nontaxable | 2,271 | 2,340 | 2,145 | 1,796 | 1,754 | ||||||||||||||
Interest on federal funds sold | — | — | 2 | 1 | — | ||||||||||||||
Interest on deposits in other financial institutions | — | — | — | — | 1 | ||||||||||||||
Total Interest Income | 48,242 | 47,622 | 47,591 | 48,582 | 47,942 | ||||||||||||||
Interest Expense | |||||||||||||||||||
Interest on deposits | 5,775 | 6,495 | 7,028 | 7,675 | 8,026 | ||||||||||||||
Interest on short-term borrowings | 213 | 204 | 205 | 225 | 259 | ||||||||||||||
Interest on other borrowings | 4,061 | 4,086 | 4,123 | 4,081 | 3,936 | ||||||||||||||
Total Interest Expense | 10,049 | 10,785 | 11,356 | 11,981 | 12,221 | ||||||||||||||
Net Interest Income | 38,193 | 36,837 | 36,235 | 36,601 | 35,721 | ||||||||||||||
Provision for loan and lease losses | 2,354 | 7,784 | 7,727 | 3,845 | 10,009 | ||||||||||||||
Net Interest Income After Provision for Loan and Lease Losses | 35,839 | 29,053 | 28,508 | 32,756 | 25,712 | ||||||||||||||
Noninterest Income | |||||||||||||||||||
Service charges and fees | 3,584 | 3,686 | 3,657 | 3,599 | 3,361 | ||||||||||||||
Loan servicing income | 1,760 | 2,004 | 1,081 | 1,298 | 1,549 | ||||||||||||||
Trust fees | 2,613 | 2,337 | 2,384 | 2,656 | 2,479 | ||||||||||||||
Brokerage and insurance commissions | 910 | 889 | 918 | 856 | 848 | ||||||||||||||
Securities gains, net | 3,943 | 4,174 | 2,085 | 4,756 | 2,089 | ||||||||||||||
Gain (loss) on trading account securities | (3 | ) | (125 | ) | (83 | ) | 81 | 216 | |||||||||||
Impairment loss on securities | (981 | ) | — | — | — | — | |||||||||||||
Gains on sale of loans | 8,502 | 5,473 | 3,183 | 1,308 | 1,402 | ||||||||||||||
Valuation adjustment on mortgage servicing rights | 13 | (19 | ) | — | — | — | |||||||||||||
Income on bank owned life insurance | 482 | 407 | 208 | 331 | 403 | ||||||||||||||
Other noninterest income | 2,565 | 212 | (171 | ) | (216 | ) | 261 | ||||||||||||
Total Noninterest Income | 23,388 | 19,038 | 13,262 | 14,669 | 12,608 | ||||||||||||||
Noninterest Expense | |||||||||||||||||||
Salaries and employee benefits | 23,996 | 22,135 | 17,736 | 17,480 | 18,186 | ||||||||||||||
Occupancy | 2,482 | 2,368 | 2,396 | 2,213 | 2,386 | ||||||||||||||
Furniture and equipment | 1,446 | 1,475 | 1,392 | 1,360 | 1,409 | ||||||||||||||
Professional fees | 2,760 | 3,385 | 3,110 | 3,053 | 3,019 | ||||||||||||||
FDIC insurance assessments | 864 | 848 | 798 | 786 | 1,345 | ||||||||||||||
Advertising | 1,071 | 1,138 | 1,191 | 1,113 | 850 | ||||||||||||||
Intangible assets amortization | 131 | 141 | 141 | 144 | 146 | ||||||||||||||
Net loss on repossessed assets | 2,904 | 4,255 | 1,409 | 2,511 | 1,632 | ||||||||||||||
Other noninterest expenses | 4,486 | 4,458 | 3,690 | 3,683 | 3,914 | ||||||||||||||
Total Noninterest Expense | 40,140 | 40,203 | 31,863 | 32,343 | 32,887 | ||||||||||||||
Income Before Income Taxes | 19,087 | 7,888 | 9,907 | 15,082 | 5,433 | ||||||||||||||
Income taxes | 6,272 | 1,671 | 2,549 | 4,870 | 1,212 | ||||||||||||||
Net Income | 12,815 | 6,217 | 7,358 | 10,212 | 4,221 | ||||||||||||||
Net income attributable to noncontrolling interest, net of tax | 26 | 31 | (20 | ) | 9 | 16 | |||||||||||||
Net Income Attributable to Heartland | 12,841 | 6,248 | 7,338 | 10,221 | 4,237 | ||||||||||||||
Preferred dividends and discount | (1,021 | ) | (1,021 | ) | (3,947 | ) | (1,336 | ) | (1,336 | ) | |||||||||
Net Income Available to Common Stockholders | $ | 11,820 | $ | 5,227 | $ | 3,391 | $ | 8,885 | $ | 2,901 | |||||||||
Earnings per common share-diluted | $ | 0.71 | $ | 0.31 | $ | 0.20 | $ | 0.54 | $ | 0.18 | |||||||||
Weighted average shares outstanding-diluted | 16,729,925 | 16,599,741 | 16,585,021 | 16,568,701 | 16,557,353 | ||||||||||||||
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
As Of | |||||||||||||||||||
3/31/2012 | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 150,122 | $ | 129,834 | $ | 81,605 | $ | 148,388 | $ | 86,278 | |||||||||
Securities | 1,221,909 | 1,326,592 | 1,323,464 | 1,193,480 | 1,244,447 | ||||||||||||||
Loans held for sale | 103,460 | 53,528 | 36,529 | 15,770 | 8,317 | ||||||||||||||
Loans and leases: | |||||||||||||||||||
Held to maturity | 2,532,419 | 2,481,284 | 2,374,186 | 2,351,785 | 2,360,604 | ||||||||||||||
Loans covered by loss share agreements | 11,360 | 13,347 | 14,766 | 16,190 | 19,201 | ||||||||||||||
Allowance for loan and lease losses | (39,362 | ) | (36,808 | ) | (44,195 | ) | (40,602 | ) | (43,271 | ) | |||||||||
Loans and leases, net | 2,504,417 | 2,457,823 | 2,344,757 | 2,327,373 | 2,336,534 | ||||||||||||||
Premises, furniture and equipment, net | 111,946 | 110,206 | 110,127 | 118,828 | 119,954 | ||||||||||||||
Goodwill | 25,909 | 25,909 | 25,909 | 25,909 | 25,909 | ||||||||||||||
Other intangible assets, net | 13,109 | 12,960 | 12,601 | 13,103 | 13,440 | ||||||||||||||
Cash surrender value on life insurance | 72,159 | 67,084 | 66,654 | 66,425 | 66,073 | ||||||||||||||
Other real estate, net | 38,934 | 44,387 | 39,188 | 39,075 | 35,007 | ||||||||||||||
FDIC indemnification asset | 1,270 | 1,343 | 992 | 1,035 | 1,396 | ||||||||||||||
Other assets | 69,616 | 75,392 | 70,853 | 61,231 | 66,019 | ||||||||||||||
Total Assets | $ | 4,312,851 | $ | 4,305,058 | $ | 4,112,679 | $ | 4,010,617 | $ | 4,003,374 | |||||||||
Liabilities and Equity | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand | $ | 771,421 | $ | 737,323 | $ | 692,893 | $ | 649,523 | $ | 637,452 | |||||||||
Savings | 1,731,399 | 1,678,154 | 1,654,417 | 1,557,053 | 1,569,993 | ||||||||||||||
Brokered time deposits | 41,475 | 41,225 | 44,225 | 39,225 | 39,225 | ||||||||||||||
Other time deposits | 731,464 | 753,411 | 782,079 | 834,884 | 835,704 | ||||||||||||||
Total deposits | 3,275,759 | 3,210,113 | 3,173,614 | 3,080,685 | 3,082,374 | ||||||||||||||
Short-term borrowings | 229,533 | 270,081 | 173,199 | 168,021 | 194,934 | ||||||||||||||
Other borrowings | 377,362 | 372,820 | 375,976 | 379,718 | 365,281 | ||||||||||||||
Accrued expenses and other liabilities | 64,154 | 99,151 | 36,667 | 36,643 | 28,393 | ||||||||||||||
Total Liabilities | 3,946,808 | 3,952,165 | 3,759,456 | 3,665,067 | 3,670,982 | ||||||||||||||
Equity | |||||||||||||||||||
Preferred equity | 81,698 | 81,698 | 81,698 | 79,113 | 78,798 | ||||||||||||||
Common equity | 281,696 | 268,520 | 268,819 | 263,769 | 250,918 | ||||||||||||||
Total Heartland Stockholders' Equity | 363,394 | 350,218 | 350,517 | 342,882 | 329,716 | ||||||||||||||
Noncontrolling interest | 2,649 | 2,675 | 2,706 | 2,668 | 2,676 | ||||||||||||||
Total Equity | 366,043 | 352,893 | 353,223 | 345,550 | 332,392 | ||||||||||||||
Total Liabilities and Equity | $ | 4,312,851 | $ | 4,305,058 | $ | 4,112,679 | $ | 4,010,617 | $ | 4,003,374 | |||||||||
Common Share Data | |||||||||||||||||||
Book value per common share | $ | 17.09 | $ | 16.29 | $ | 16.33 | $ | 16.04 | $ | 15.28 | |||||||||
ASC 320 effect on book value per common share | $ | 1.09 | $ | 0.97 | $ | 1.22 | $ | 0.86 | $ | 0.49 | |||||||||
Common shares outstanding, net of treasury stock | 16,486,539 | 16,484,790 | 16,459,338 | 16,442,437 | 16,418,228 | ||||||||||||||
Tangible Capital Ratio (1) | 5.93 | % | 5.63 | % | 5.90 | % | 5.92 | % | 5.61 | % | |||||||||
(1) Total common stockholders' equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by total assets less intangible assets (excluding mortgage servicing rights). This is a non-GAAP financial measure. | |||||||||||||||||||
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
3/31/2012 | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | |||||||||||||||
Average Balances | |||||||||||||||||||
Assets | $ | 4,225,815 | $ | 4,197,916 | $ | 4,063,327 | $ | 4,014,290 | $ | 4,009,863 | |||||||||
Loans and leases, net of unearned | 2,577,429 | 2,487,778 | 2,399,047 | 2,388,088 | 2,399,656 | ||||||||||||||
Deposits | 3,201,073 | 3,215,793 | 3,110,978 | 3,059,360 | 3,068,753 | ||||||||||||||
Earning assets | 3,784,709 | 3,749,612 | 3,624,559 | 3,600,095 | 3,583,883 | ||||||||||||||
Interest bearing liabilities | 3,081,340 | 3,066,704 | 3,002,868 | 3,004,928 | 3,010,629 | ||||||||||||||
Common stockholders' equity | 275,275 | 267,025 | 270,696 | 260,334 | 251,833 | ||||||||||||||
Total stockholders' equity | 359,644 | 351,538 | 353,003 | 341,797 | 333,016 | ||||||||||||||
Tangible common stockholders' equity | 247,744 | 239,384 | 242,886 | 232,381 | 223,736 | ||||||||||||||
Earnings Performance Ratios | |||||||||||||||||||
Annualized return on average assets | 1.12 | % | 0.49 | % | 0.33 | % | 0.89 | % | 0.29 | % | |||||||||
Annualized return on average common equity | 17.27 | % | 7.77 | % | 4.97 | % | 13.69 | % | 4.67 | % | |||||||||
Annualized return on average common tangible equity | 19.19 | % | 8.66 | % | 5.54 | % | 15.34 | % | 5.26 | % | |||||||||
Annualized net interest margin (1) | 4.23 | % | 4.08 | % | 4.14 | % | 4.23 | % | 4.19 | % | |||||||||
Efficiency ratio (2) | 67.71 | % | 75.29 | % | 65.07 | % | 67.53 | % | 69.17 | % | |||||||||
(1) Computed on a tax equivalent basis using an effective tax rate of 35% | |||||||||||||||||||
(2) Noninterest expense divided by the sum of net interest income and noninterest income less net security gains. This is a non-GAAP financial measure. | |||||||||||||||||||
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
As of and for the Quarter Ended | |||||||||||||||||||
3/31/2012 | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | |||||||||||||||
Loan and Lease Data | |||||||||||||||||||
Loans held to maturity: | |||||||||||||||||||
Commercial and commercial real estate | $ | 1,842,566 | $ | 1,809,450 | $ | 1,725,586 | $ | 1,709,955 | $ | 1,727,530 | |||||||||
Residential mortgage | 202,883 | 194,436 | 179,628 | 173,808 | 169,513 | ||||||||||||||
Agricultural and agricultural real estate | 270,687 | 262,975 | 256,857 | 255,257 | 253,189 | ||||||||||||||
Consumer | 222,387 | 220,099 | 217,007 | 217,263 | 214,682 | ||||||||||||||
Direct financing leases, net | 323 | 450 | 604 | 667 | 876 | ||||||||||||||
Unearned discount and deferred loan fees | (6,427 | ) | (6,126 | ) | (5,496 | ) | (5,165 | ) | (5,186 | ) | |||||||||
Total loans and leases held to maturity | $ | 2,532,419 | $ | 2,481,284 | $ | 2,374,186 | $ | 2,351,785 | $ | 2,360,604 | |||||||||
Loans covered under loss share agreements: | |||||||||||||||||||
Commercial and commercial real estate | $ | 5,730 | $ | 6,380 | $ | 6,788 | $ | 7,315 | $ | 9,368 | |||||||||
Residential mortgage | 3,734 | 4,158 | 4,410 | 4,747 | 5,291 | ||||||||||||||
Agricultural and agricultural real estate | 934 | 1,659 | 2,139 | 2,298 | 2,628 | ||||||||||||||
Consumer | 962 | 1,150 | 1,429 | 1,830 | 1,914 | ||||||||||||||
Total loans and leases covered under loss share agreements | $ | 11,360 | $ | 13,347 | $ | 14,766 | $ | 16,190 | $ | 19,201 | |||||||||
Asset Quality | |||||||||||||||||||
Not covered under loss share agreements: | |||||||||||||||||||
Nonaccrual loans | $ | 49,940 | $ | 57,435 | $ | 72,629 | $ | 68,110 | $ | 87,970 | |||||||||
Loans and leases past due ninety days or more as to interest or principal payments | — | — | — | — | 3,038 | ||||||||||||||
Other real estate owned | 38,693 | 43,506 | 38,640 | 38,642 | 34,532 | ||||||||||||||
Other repossessed assets | 710 | 648 | 398 | 188 | 223 | ||||||||||||||
Total nonperforming assets not covered under loss share agreements | $ | 89,343 | $ | 101,589 | $ | 111,667 | $ | 106,940 | $ | 125,763 | |||||||||
Performing troubled debt restructured loans | 21,379 | 25,704 | 24,853 | 31,246 | 22,613 | ||||||||||||||
Covered under loss share agreements: | |||||||||||||||||||
Nonaccrual loans | $ | 3,189 | $ | 3,345 | $ | 3,886 | $ | 4,480 | $ | 4,564 | |||||||||
Other real estate owned | 241 | 881 | 548 | 433 | 475 | ||||||||||||||
Total nonperforming assets covered under loss share agreements | $ | 3,430 | $ | 4,226 | $ | 4,434 | $ | 4,913 | $ | 5,039 | |||||||||
Allowance for Loan and Lease Losses | |||||||||||||||||||
Balance, beginning of period | $ | 36,808 | $ | 44,195 | $ | 40,602 | $ | 43,271 | $ | 42,693 | |||||||||
Provision for loan and lease losses | 2,354 | 7,784 | 7,727 | 3,845 | 10,009 | ||||||||||||||
Charge-offs on loans not covered by loss share agreements | (1,608 | ) | (15,616 | ) | (5,985 | ) | (8,076 | ) | (9,785 | ) | |||||||||
Charge-offs on loans covered by loss share agreements | — | (5 | ) | (168 | ) | (107 | ) | (238 | ) | ||||||||||
Recoveries | 1,808 | 450 | 2,019 | 1,669 | 592 | ||||||||||||||
Balance, end of period | $ | 39,362 | $ | 36,808 | $ | 44,195 | $ | 40,602 | $ | 43,271 | |||||||||
Asset Quality Ratios Excluding Assets Covered Under Loss Share Agreements | |||||||||||||||||||
Ratio of nonperforming loans and leases to total loans and leases | 1.97 | % | 2.31 | % | 3.06 | % | 2.90 | % | 3.86 | % | |||||||||
Ratio of nonperforming assets to total assets | 2.07 | % | 2.39 | % | 2.72 | % | 2.67 | % | 3.14 | % | |||||||||
Annualized ratio of net loan charge-offs to average loans and leases | (0.03 | )% | 2.42 | % | 0.66 | % | 1.08 | % | 1.59 | % | |||||||||
Allowance for loan and lease losses as a percent of loans and leases | 1.55 | % | 1.48 | % | 1.86 | % | 1.73 | % | 1.83 | % | |||||||||
Allowance for loan and lease losses as a percent of nonperforming loans and leases | 78.82 | % | 64.09 | % | 60.85 | % | 59.61 | % | 47.55 | % | |||||||||
HEARTLAND FINANCIAL USA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) DOLLARS IN THOUSANDS | |||||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||||
March 31, 2012 | March 31, 2011 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Earning Assets | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | $ | 1,021,228 | $ | 7,572 | 2.98 | % | $ | 1,060,943 | $ | 9,221 | 3.52 | % | |||||||||
Nontaxable(1) | 219,283 | 3,494 | 6.41 | 161,441 | 2,699 | 6.78 | |||||||||||||||
Total securities | 1,240,511 | 11,066 | 3.59 | 1,222,384 | 11,920 | 3.95 | |||||||||||||||
Interest bearing deposits | 3,823 | — | — | 4,381 | 1 | 0.09 | |||||||||||||||
Federal funds sold | 148 | — | — | 332 | — | — | |||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial and commercial real estate (1) | 1,827,353 | 24,990 | 5.50 | 1,746,757 | 24,957 | 5.79 | |||||||||||||||
Residential mortgage | 264,596 | 3,116 | 4.74 | 185,299 | 2,410 | 5.27 | |||||||||||||||
Agricultural and agricultural real estate (1) | 266,763 | 3,933 | 5.93 | 252,999 | 3,840 | 6.16 | |||||||||||||||
Consumer | 218,337 | 5,377 | 9.90 | 213,668 | 4,850 | 9.21 | |||||||||||||||
Direct financing leases, net | 380 | 5 | 5.29 | 933 | 13 | 5.65 | |||||||||||||||
Fees on loans | — | 1,395 | — | — | 1,254 | — | |||||||||||||||
Less: allowance for loan and lease losses | (37,202 | ) | — | — | (42,870 | ) | — | — | |||||||||||||
Net loans and leases | 2,540,227 | 38,816 | 6.15 | 2,356,786 | 37,324 | 6.42 | |||||||||||||||
Total earning assets | 3,784,709 | 49,882 | 5.30 | % | 3,583,883 | 49,245 | 5.57 | % | |||||||||||||
Nonearning Assets | 441,106 | 425,980 | |||||||||||||||||||
Total Assets | $ | 4,225,815 | $ | 49,882 | $ | 4,009,863 | $ | 49,245 | |||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||
Savings | $ | 1,679,651 | $ | 1,663 | 0.40 | $ | 1,553,295 | $ | 2,547 | 0.67 | |||||||||||
Time, $100,000 and over | 247,396 | 1,228 | 2.00 | 270,447 | 1,610 | 2.41 | |||||||||||||||
Other time deposits | 533,153 | 2,884 | 2.18 | 613,682 | 3,869 | 2.56 | |||||||||||||||
Short-term borrowings | 247,090 | 213 | 0.35 | 210,032 | 259 | 0.50 | |||||||||||||||
Other borrowings | 374,050 | 4,061 | 4.37 | 363,173 | 3,936 | 4.40 | |||||||||||||||
Total interest bearing liabilities | 3,081,340 | 10,049 | 1.31 | % | 3,010,629 | 12,221 | 1.65 | % | |||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 740,873 | 631,329 | |||||||||||||||||||
Accrued interest and other liabilities | 43,958 | 34,889 | |||||||||||||||||||
Total noninterest bearing liabilities | 784,831 | 666,218 | |||||||||||||||||||
Stockholders' Equity | 359,644 | 333,016 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 4,225,815 | $ | 4,009,863 | |||||||||||||||||
Net interest income (1) | $ | 39,833 | $ | 37,024 | |||||||||||||||||
Net interest spread (1) | 3.99 | % | 3.92 | % | |||||||||||||||||
Net interest income to total earning assets (1) | 4.23 | % | 4.19 | % | |||||||||||||||||
Interest bearing liabilities to earning assets | 81.42 | % | 84.00 | % | |||||||||||||||||
(1) Computed on a tax equivalent basis using an effective tax rate of 35% | |||||||||||||||||||||
HEARTLAND FINANCIAL USA, INC. SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited) DOLLARS IN THOUSANDS | |||||||||||||||
As of and For the Quarter Ended | |||||||||||||||
3/31/2012 | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | |||||||||||
Total Assets | |||||||||||||||
Dubuque Bank and Trust Company | $ | 1,407,827 | $ | 1,382,226 | $ | 1,275,116 | $ | 1,294,654 | $ | 1,270,387 | |||||
New Mexico Bank & Trust | 929,804 | 993,182 | 921,973 | 891,609 | 880,980 | ||||||||||
Wisconsin Community Bank | 491,741 | 524,958 | 486,319 | 453,427 | 469,305 | ||||||||||
Rocky Mountain Bank | 432,902 | 440,805 | 425,132 | 419,697 | 417,846 | ||||||||||
Riverside Community Bank | 343,232 | 325,388 | 316,945 | 322,601 | 302,057 | ||||||||||
Galena State Bank & Trust Co. | 289,740 | 290,656 | 294,299 | 296,318 | 275,807 | ||||||||||
Arizona Bank & Trust | 239,434 | 227,993 | 221,481 | 222,148 | 231,020 | ||||||||||
Summit Bank & Trust | 98,247 | 100,994 | 99,528 | 95,130 | 93,600 | ||||||||||
Minnesota Bank & Trust | 95,462 | 81,457 | 75,021 | 67,594 | 62,251 | ||||||||||
Total Deposits | |||||||||||||||
Dubuque Bank and Trust Company | $ | 978,854 | $ | 938,000 | $ | 929,854 | $ | 892,526 | $ | 935,424 | |||||
New Mexico Bank & Trust | 697,060 | 690,293 | 681,413 | 674,096 | 659,373 | ||||||||||
Wisconsin Community Bank | 409,994 | 429,062 | 402,957 | 371,037 | 374,758 | ||||||||||
Rocky Mountain Bank | 362,307 | 365,373 | 356,353 | 349,299 | 348,723 | ||||||||||
Riverside Community Bank | 286,529 | 264,699 | 268,432 | 271,553 | 245,639 | ||||||||||
Galena State Bank & Trust Co. | 245,780 | 243,639 | 255,006 | 257,413 | 239,445 | ||||||||||
Arizona Bank & Trust | 183,321 | 177,457 | 179,369 | 179,885 | 188,415 | ||||||||||
Summit Bank & Trust | 81,290 | 81,224 | 85,431 | 80,793 | 80,327 | ||||||||||
Minnesota Bank & Trust | 78,338 | 66,875 | 57,058 | 50,091 | 46,205 | ||||||||||
Net Income (Loss) | |||||||||||||||
Dubuque Bank and Trust Company | $ | 9,604 | $ | 4,846 | $ | 5,602 | $ | 6,132 | $ | 4,958 | |||||
New Mexico Bank & Trust | 2,216 | 2,197 | 1,509 | 2,505 | 958 | ||||||||||
Wisconsin Community Bank | 2,153 | 2,313 | 2,443 | 1,882 | 1,466 | ||||||||||
Rocky Mountain Bank | 963 | 493 | 780 | 646 | (630 | ) | |||||||||
Riverside Community Bank | 369 | 800 | (339 | ) | 953 | (212 | ) | ||||||||
Galena State Bank & Trust Co. | 437 | 1,139 | 941 | 1,113 | 579 | ||||||||||
Arizona Bank & Trust | (215 | ) | (1,202 | ) | (960 | ) | 546 | (1,452 | ) | ||||||
Summit Bank & Trust | (123 | ) | (154 | ) | (160 | ) | 116 | (604 | ) | ||||||
Minnesota Bank & Trust | (129 | ) | (157 | ) | 102 | (45 | ) | (81 | ) | ||||||
Return on Average Assets | |||||||||||||||
Dubuque Bank and Trust Company | 2.88 | % | 1.44 | % | 1.74 | % | 1.92 | % | 1.60 | % | |||||
New Mexico Bank & Trust | 0.96 | 0.93 | 0.65 | 1.11 | 0.43 | ||||||||||
Wisconsin Community Bank | 1.69 | 1.83 | 2.05 | 1.63 | 1.26 | ||||||||||
Rocky Mountain Bank | 0.89 | 0.45 | 0.73 | 0.61 | (0.61 | ) | |||||||||
Riverside Community Bank | 0.45 | 0.98 | (0.42 | ) | 1.24 | (0.28 | ) | ||||||||
Galena State Bank & Trust Co. | 0.62 | 1.54 | 1.28 | 1.61 | 0.85 | ||||||||||
Arizona Bank & Trust | (0.37 | ) | (2.13 | ) | (1.72 | ) | 0.94 | (2.58 | ) | ||||||
Summit Bank & Trust | (0.50 | ) | (0.63 | ) | (0.66 | ) | 0.49 | (2.59 | ) | ||||||
Minnesota Bank & Trust | (0.58 | ) | (0.77 | ) | 0.56 | (0.25 | ) | (0.53 | ) | ||||||
Net Interest Margin as a Percentage of Average Earning Assets | |||||||||||||||
Dubuque Bank and Trust Company | 4.03 | % | 4.00 | % | 4.01 | % | 3.62 | % | 3.59 | % | |||||
New Mexico Bank & Trust | 4.02 | 3.85 | 4.10 | 4.33 | 4.34 | ||||||||||
Wisconsin Community Bank | 4.41 | 4.30 | 4.33 | 4.60 | 4.57 | ||||||||||
Rocky Mountain Bank | 4.33 | 4.06 | 4.03 | 3.85 | 3.91 | ||||||||||
Riverside Community Bank | 3.63 | 3.64 | 3.58 | 3.90 | 4.01 | ||||||||||
Galena State Bank and Trust Co. | 3.89 | 3.69 | 3.55 | 3.86 | 3.73 | ||||||||||
Arizona Bank & Trust | 4.40 | 4.06 | 4.10 | 4.52 | 4.25 | ||||||||||
Summit Bank & Trust | 4.07 | 3.41 | 3.84 | 3.33 | 2.99 | ||||||||||
Minnesota Bank & Trust | 4.75 | 4.56 | 4.82 | 4.55 | 4.75 | ||||||||||
HEARTLAND FINANCIAL USA, INC. SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited) DOLLARS IN THOUSANDS | |||||||||||||||||||
As of | |||||||||||||||||||
3/31/2012 | 12/31/2011 | 9/30/2011 | 6/30/2011 | 3/31/2011 | |||||||||||||||
Total Portfolio Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 796,789 | $ | 778,467 | $ | 731,356 | $ | 730,802 | $ | 748,354 | |||||||||
New Mexico Bank & Trust | 506,424 | 508,874 | 507,416 | 506,810 | 513,568 | ||||||||||||||
Wisconsin Community Bank | 340,841 | 333,112 | 318,906 | 314,432 | 320,841 | ||||||||||||||
Rocky Mountain Bank | 264,964 | 256,704 | 250,728 | 247,718 | 238,201 | ||||||||||||||
Riverside Community Bank | 153,174 | 155,320 | 155,995 | 157,901 | 161,238 | ||||||||||||||
Galena State Bank and Trust Co. | 167,677 | 157,398 | 143,680 | 138,726 | 136,210 | ||||||||||||||
Arizona Bank & Trust | 150,629 | 146,346 | 137,356 | 137,853 | 134,254 | ||||||||||||||
Summit Bank & Trust | 63,658 | 62,422 | 53,402 | 52,570 | 47,024 | ||||||||||||||
Minnesota Bank & Trust | 73,413 | 58,058 | 50,545 | 43,109 | 40,197 | ||||||||||||||
Allowance For Loan and Lease Losses | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 9,584 | $ | 9,365 | $ | 10,087 | $ | 10,148 | $ | 11,984 | |||||||||
New Mexico Bank & Trust | 7,110 | 6,633 | 10,271 | 8,405 | 7,277 | ||||||||||||||
Wisconsin Community Bank | 3,629 | 3,458 | 3,288 | 3,637 | 3,369 | ||||||||||||||
Rocky Mountain Bank | 4,204 | 3,865 | 3,953 | 4,074 | 4,425 | ||||||||||||||
Riverside Community Bank | 3,206 | 2,834 | 4,770 | 2,702 | 3,693 | ||||||||||||||
Galena State Bank & Trust Co. | 1,854 | 1,835 | 1,956 | 2,077 | 2,278 | ||||||||||||||
Arizona Bank & Trust | 5,315 | 4,627 | 5,590 | 5,502 | 6,018 | ||||||||||||||
Summit Bank & Trust | 1,132 | 1,012 | 1,108 | 1,091 | 1,103 | ||||||||||||||
Minnesota Bank & Trust | 748 | 588 | 507 | 449 | 636 | ||||||||||||||
Nonperforming Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 3,107 | $ | 3,634 | $ | 4,298 | $ | 4,910 | $ | 12,897 | |||||||||
New Mexico Bank & Trust | 13,368 | 15,161 | 15,404 | 16,053 | 15,979 | ||||||||||||||
Wisconsin Community Bank | 7,482 | 8,074 | 11,871 | 10,359 | 11,776 | ||||||||||||||
Rocky Mountain Bank | 7,787 | 8,662 | 14,180 | 16,971 | 18,303 | ||||||||||||||
Riverside Community Bank | 5,458 | 6,729 | 5,870 | 5,962 | 11,443 | ||||||||||||||
Galena State Bank & Trust Co. | 3,699 | 3,853 | 5,309 | 5,182 | 6,259 | ||||||||||||||
Arizona Bank & Trust | 5,755 | 7,927 | 10,811 | 4,054 | 6,959 | ||||||||||||||
Summit Bank & Trust | 2,709 | 2,848 | 4,159 | 3,905 | 4,527 | ||||||||||||||
Minnesota Bank & Trust | 6 | 6 | 6 | 110 | 2,229 | ||||||||||||||
Allowance As a Percent of Total Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | 1.20 | % | 1.20 | % | 1.38 | % | 1.39 | % | 1.60 | % | |||||||||
New Mexico Bank & Trust | 1.40 | 1.30 | 2.02 | 1.66 | 1.42 | ||||||||||||||
Wisconsin Community Bank | 1.06 | 1.04 | 1.03 | 1.16 | 1.05 | ||||||||||||||
Rocky Mountain Bank | 1.59 | 1.51 | 1.58 | 1.64 | 1.86 | ||||||||||||||
Riverside Community Bank | 2.09 | 1.82 | 3.06 | 1.71 | 2.29 | ||||||||||||||
Galena State Bank & Trust Co. | 1.11 | 1.17 | 1.36 | 1.50 | 1.67 | ||||||||||||||
Arizona Bank & Trust | 3.53 | 3.16 | 4.07 | 3.99 | 4.48 | ||||||||||||||
Summit Bank & Trust | 1.78 | 1.62 | 2.07 | 2.08 | 2.35 | ||||||||||||||
Minnesota Bank & Trust | 1.02 | 1.01 | 1.00 | 1.04 | 1.58 | ||||||||||||||