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| 8-K - HTLF FORM 8-K Q4 2012 - HEARTLAND FINANCIAL USA INC | q420128kcoverpage.htm |
CONTACT: | FOR IMMEDIATE RELEASE |
John K. Schmidt | January 28, 2013 |
Chief Operating Officer | |
Chief Financial Officer | |
(563) 589-1994 | |
jschmidt@htlf.com | |
HEARTLAND FINANCIAL USA, INC. REPORTS FOURTH QUARTER 2012 RESULTS
Quarterly Highlights
§ | Net income of $8.9 million or $0.50 per diluted common share |
§ | Net interest margin of 3.81% |
§ | Deposit growth of $342.6 million since September 30, 2012 |
§ | Merger with First Shares, Inc. completed on November 16, 2012 |
§ | Acquisition of Heritage Bank, N.A. completed on December 7, 2012 |
§ | Special cash dividend of $0.10 per share paid on December 28, 2012 |
Quarter Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income (in millions) | $ | 8.9 | $ | 6.2 | $ | 49.3 | $ | 28.0 | |||||||
Net income available to common stockholders (in millions) | 8.4 | 5.2 | 45.8 | 20.4 | |||||||||||
Diluted earnings per common share | 0.50 | 0.31 | 2.73 | 1.23 | |||||||||||
Return on average assets | 0.71 | % | 0.49 | % | 1.03 | % | 0.50 | % | |||||||
Return on average common equity | 10.59 | 7.77 | 15.59 | 7.77 | |||||||||||
Net interest margin | 3.81 | 4.08 | 3.98 | 4.16 | |||||||||||
“We are delighted to report that 2012 was an extraordinary year for Heartland by nearly every measure. Net income increased by 76 percent over 2011, with earnings per share growing by 122 percent.” Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc. | ||||
Dubuque, Iowa, Monday, January 28, 2013-Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported net income of $8.9 million for the quarter ended December 31, 2012, an increase of $2.7 million or 43 percent from the $6.2 million recorded for the fourth quarter of 2011. Net income available to common stockholders was $8.4 million, or $0.50 per diluted common share, for the quarter ended December 31, 2012, compared to $5.2 million, or $0.31 per diluted common share, for the fourth quarter of 2011. Return on average common equity was 10.59 percent and return on average assets was 0.71 percent for the fourth quarter of 2012, compared to 7.77 percent and 0.49 percent, respectively, for the same quarter in 2011.
Net income recorded for 2012 was a record $49.3 million, compared to $28.0 million recorded during 2011, an increase of $21.3 million or 76 percent. Net income available to common stockholders was $45.8 million, or $2.73 per diluted common share, for 2012, compared to $20.4 million, or $1.23 per diluted common share, earned during 2011. Return on average common equity was 15.59 percent and return on average assets was 1.03 percent for 2012, compared to 7.77 percent and 0.50 percent, respectively, for 2011.
The factors contributing most significantly to the increased earnings on both a quarterly and annual basis in 2012 compared to 2011 were the continued expansion of mortgage operations, coupled with reduced provision for loan and lease losses and increased net interest income.
On November 16, 2012, Heartland completed the purchase of First Shares, Inc. headquartered in Platteville, Wisconsin. Simultaneous with closing of the transaction, First National Bank of Platteville was merged into Heartland's Wisconsin Bank & Trust subsidiary. The merger expanded the number of Wisconsin Bank & Trust locations from seven to ten and added three communities in southwestern Wisconsin to the bank's service area. The transaction included, at fair value, assets of $128.0 million, loans of $84.9 million and deposits of $114.2 million.
On December 7, 2012, Heartland completed the purchase of Heritage Bank, N.A. located in Phoenix, Arizona. Heritage Bank, N.A. will operate as a separate charter until late in the first quarter of 2013 when Heartland expects to combine it with our Arizona Bank & Trust subsidiary. The transaction included, at fair value, assets of $109.1 million, loans of $63.4 million and deposits of $83.3 million.
Commenting on Heartland's results for 2012, Lynn B. Fuller, Heartland's chairman, president and chief executive officer said, “We are delighted to report that 2012 was an extraordinary year for Heartland by nearly every measure. Net income increased by 76 percent over 2011, with earnings per share growing by 122 percent.”
Net Interest Margin Percentage Remains Stable; Increases in Dollars
Net interest margin, expressed as a percentage of average earning assets, was 3.81 percent during the fourth quarter of 2012 compared to 3.84 percent for the third quarter of 2012 and 4.08 percent for the fourth quarter of 2011. On an annual basis, net interest margin was 3.98 percent during 2012 and 4.16 percent during 2011. These declines are a result of the sustained low interest rate environment where yields on the securities and loan portfolios are declining at a greater pace than rates paid on deposits and other borrowings.
Fuller said, “Compared to the previous quarter, we are pleased to see net interest margin hold relatively steady at 3.81 percent in the fourth quarter. Going forward, we view margin as a key challenge in this low rate environment. Deposit rates have little room for further reductions while competition for new loans and lower reinvestment rates on maturing securities continues to push asset yields lower.”
On a tax-equivalent basis, interest income in the fourth quarter of 2012 was $49.5 million compared to $49.3 million in the fourth quarter of 2011. On an annual basis, interest income on a tax-equivalent basis was $196.7 million in 2012 compared to $197.7 million in 2011. The small increase in interest income in the fourth quarter of 2012, as compared to the fourth quarter of 2011, was due to an increase in average earning assets, as the interest rate earned on those assets continued to decline throughout 2012 due to the sustained low interest rate environment. The average interest rate earned on total earning assets was 4.72 percent during the fourth quarter of 2012 compared to 5.22 percent during the fourth quarter of 2011. For the year, the average interest rate earned on total earning assets was 4.97 percent during 2012 compared to 5.43 percent during 2011. The most significant contributor to these declines was the overall yield earned on the securities portfolio, which decreased 67 basis points during the quarter ended December 31, 2012, compared to the same quarter in 2011 and 72 basis points during the year 2012, compared to the year 2011. Average earning assets increased $421.9 million or 11 percent during the fourth quarter of 2012 compared to the fourth quarter of 2011, with approximately $135.0 million
attributable to acquisitions. For the year, average earning assets grew $322.3 million or 9 percent, with approximately $45.0 million attributable to acquisitions.
Interest expense for the fourth quarter of 2012 was $9.5 million, a decrease of $1.3 million or 12 percent from $10.8 million in the fourth quarter of 2011. On an annual basis, interest expense decreased $7.2 million or 15 percent. Even though average interest bearing liabilities increased $263.6 million or 9 percent for the quarter ended December 31, 2012, as compared to the same quarter in 2011, and $175.8 million or 6 percent for the annual period ended on December 31, 2012, as compared to 2011, the average interest rate paid on Heartland's deposits and borrowings declined 26 basis points during the quarterly periods under comparison and 30 basis points during the annual periods under comparison. Contributing to this improvement in interest expense was a change in the mix of deposits. Average savings balances, the lowest cost interest-bearing deposits, as a percentage of total average interest bearing deposits was 69 percent during both the fourth quarter and year in 2012, compared to 67 percent for the fourth quarter of 2011 and 65 percent for the year of 2011. Additionally, the average interest rate paid on savings deposits was 0.35 percent during the fourth quarter of 2012 and 0.38 percent during the full year of 2012 compared to 0.47 percent during the fourth quarter of 2011 and 0.57 percent during the full year of 2011.
Net interest income on a tax-equivalent basis totaled $40.0 million during the fourth quarter of 2012, an increase of $1.5 million or 4 percent from the $38.5 million recorded during the fourth quarter of 2011. For the year, net interest income on a tax-equivalent basis was $157.5 million during 2012, an increase of $6.2 million or 4 percent from the $151.3 million recorded during 2011.
Noninterest Income and Noninterest Expense Increase
Noninterest income during the fourth quarter of 2012 was $27.2 million, an increase of $8.2 million or 43 percent over the $19.0 million recorded during the fourth quarter of 2011. For the year, noninterest income was $108.7 million in 2012 compared to $59.6 million in 2011, an increase of $49.1 million or 82 percent. The categories contributing most significantly to the improvement in noninterest income during both comparative periods were gains on sale of loans, which increased $8.8 million or 160 percent for the quarterly comparative period and $37.8 million or 333 percent for the annual comparative period, and loan servicing income, which increased $1.5 million or 73 percent, for the quarterly comparative period and $5.4 million or 90 percent for the annual comparative period. For the quarterly comparative period, a portion of these increases was offset by a decrease in securities gains, which were $4.2 million in the fourth quarter of 2011 compared to a loss of $108,000 during the fourth quarter of 2012.
Loan servicing income increased $1.5 million or 73 percent for the fourth quarter of 2012 as compared to the fourth quarter of 2011 and $5.4 million or 90 percent for 2012 compared to 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 $3.5 million during the fourth quarter of 2012 compared to $1.4 million during the fourth quarter of 2011 and amortization of mortgage servicing rights was $1.9 million during the fourth quarter of 2012 compared to $862,000 during the fourth quarter of 2011. For the year, mortgage servicing rights income was $11.5 million during 2012 compared to $3.7 million during 2011 and amortization of mortgage servicing rights was $6.6 million during 2012 compared to $3.6 million during 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 $1.3 million during the fourth quarter of 2012 compared to $932,000 during the fourth quarter of 2011. For the year, fees collected for the servicing of mortgage loans for others were $4.4 million during 2012 compared to $3.6 million during 2011.The portfolio of mortgage loans serviced for others by Heartland totaled $2.20 billion at December 31, 2012, compared to $1.54 billion at December 31, 2011. Heartland believes long term success in the mortgage banking business will depend on its ability to shift toward originations of loans for the purchase of homes, which will drive revenue when the refinance boom comes to an end. For the fourth quarter of 2012, refinancing activity represented 71 percent of total mortgage originations compared to 64 percent during the third quarter and 58 percent during the second quarter of 2012.
Gains on sale of loans totaled $14.3 million during the fourth quarter of 2012 compared to $5.5 million during the fourth quarter of 2011 and $13.8 million during the third quarter of 2012. For the year, gains on sale of loans totaled $49.2 million during 2012 compared to $11.4 million during 2011. The volume of loans sold totaled $478.3 million during the fourth quarter of 2012, more than double the $208.5 million sold during the fourth quarter of 2011. For the
year, the volume of loans sold totaled $1.53 billion during 2012 compared to $452.9 million during 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. Beginning in the fourth quarter of 2012, Heartland began the pooling of certain newly originated mortgage loans into mortgage-backed securities prior to delivery into the secondary market.
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) | 12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | ||||||||||||||
Mortgage Servicing Fees | $ | 1,304 | $ | 1,123 | $ | 1,037 | $ | 967 | $ | 932 | |||||||||
Mortgage Servicing Rights Income | 3,535 | 3,316 | 2,614 | 1,986 | 1,380 | ||||||||||||||
Mortgage Servicing Rights Amortization | (1,871 | ) | (1,896 | ) | (1,112 | ) | (1,718 | ) | (862 | ) | |||||||||
Total Residential Mortgage Loan Servicing Income | $ | 2,968 | $ | 2,543 | $ | 2,539 | $ | 1,235 | $ | 1,450 | |||||||||
Valuation Adjustment on Mortgage Servicing Rights | $ | 197 | $ | (493 | ) | $ | (194 | ) | $ | 13 | $ | (19 | ) | ||||||
Gains On Sale of Loans | $ | 14,257 | $ | 13,750 | $ | 12,689 | $ | 8,502 | $ | 5,473 | |||||||||
Total Residential Mortgage Loan Applications | $ | 645,603 | $ | 672,382 | $ | 638,595 | $ | 549,315 | $ | 301,551 | |||||||||
Residential Mortgage Loans Originated | $ | 490,525 | $ | 488,658 | $ | 374,743 | $ | 293,724 | $ | 253,468 | |||||||||
Residential Mortgage Loans Sold | $ | 478,280 | $ | 448,704 | $ | 360,743 | $ | 243,836 | $ | 208,494 | |||||||||
Residential Mortgage Loan Servicing Portfolio | $ | 2,199,486 | $ | 1,963,567 | $ | 1,776,912 | $ | 1,626,129 | $ | 1,541,417 | |||||||||
For the fourth quarter of 2012, noninterest expense totaled $49.3 million, an increase of $9.1 million or 23 percent from the same quarter of 2011. For the year, noninterest expense totaled $178.1 million in 2012 compared to $137.3 million in 2011, a $40.8 million or 30 percent increase. Contributing to these increases in noninterest expense were a $7.1 million or 32 percent increase in salaries and employee benefits for the quarter and a $30.2 million or 40 percent increase for the year, 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. Commission expense was $5.9 million during the fourth quarter of 2012 compared to $3.5 million during the fourth quarter of 2011. For the yearly comparative period, commission expense totaled $19.8 million during 2012 and $6.8 million during 2011. The increases in commission expense are a direct result of the increased mortgage loan origination activity. Additionally, the accrual for incentive plan compensation payouts was significantly higher in 2012, in direct correlation with the higher period to date earnings and the reinstatement of incentive compensation for Heartland's executive officers after the repayment of TARP (Troubled Asset Relief Program) funds. Full-time equivalent employees totaled 1,498 on December 31, 2012, compared to 1,195 on December 31, 2011.
Fuller commented, “The Heartland Mortgage and National Residential unit contributed significantly to our extraordinary year with loan originations of $1.6 billion. Reflecting this fact, gains on sale of loans increased fourfold over the previous year. We continue to build on the capabilities of this business line with the addition of new sales personnel, new residential loan products and new technologies.”
Heartland's effective tax rate was 32.07 percent for 2012 compared to 26.89 percent for 2011. Federal low-income housing tax credits included in Heartland's effective tax rate totaled $798,000 during both 2012 and 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 18.94 percent during 2012 compared to 28.78 percent during 2011. The tax-equivalent adjustment for this tax-exempt interest income was $7.4 million during 2012 compared to $5.9 million during 2011.
Net Loan Growth Continued at a Slower Pace; Strong Deposit Growth
Total assets were $4.98 billion at December 31, 2012, an increase of $679.5 million or 16 percent since December 31, 2011, with $391.4 million of this growth occurring in the fourth quarter, $165.5 million in the third quarter, $114.8 million in the second quarter and $7.8 million in the first quarter. Included in the asset growth for the fourth quarter of 2012 were the $128.0 million in assets acquired in the First Shares, Inc. transaction and $109.1 million acquired in the Heritage Bank acquisition. The asset growth for the third quarter of 2012 included $53.5 million in assets
acquired from Liberty Bank, FSB. Securities represented 31 percent of total assets at both December 31, 2012 and 2011.
Total loans and leases held to maturity were $2.82 billion at December 31, 2012, compared to $2.48 billion at year-end 2011, an increase of $340.3 million or 14 percent, with $173.6 million occurring during the fourth quarter, $18.4 million during the third quarter, $97.2 million during the second quarter and $51.1 million during the first quarter. Included in the loan growth for the fourth quarter of 2012 were $84.9 million in loans acquired in the First Shares, Inc. acquisition and $63.4 million acquired in the Heritage Bank acquisition. Loan growth for the third quarter of 2012 included $9.4 million in loans acquired from Liberty Bank, FSB. Excluding acquisitions, loan growth for the year totaled $182.6 million or 7 percent. Commercial and commercial real estate loans, which totaled $2.00 billion at December 31, 2012, increased $191.9 million or 11 percent since year-end 2011, with $83.7 million attributable to the acquisitions. Residential mortgage loans, which totaled $249.7 million at December 31, 2012, increased $55.3 million or 28 percent since year-end 2011, with $26.3 million attributable to acquisitions. Agricultural and agricultural real estate loans, which totaled $328.3 million at December 31, 2012, increased $65.3 million or 25 percent since year-end 2011, with $37.7 million of this growth attributable to the acquisitions. Consumer loans, which totaled $245.7 million at December 31, 2012, increased $25.6 million or 12 percent since year-end 2011, with $10.1 million of the growth attributable to acquisitions.
“Even though organic loan growth of $183 million was short of our expectations, we continue to seek growth in quality loans rather than quantity.” added Fuller.
Fuller also noted, “Our participation in the Small Business Lending Fund provides added incentive for the Heartland member banks to originate small business loans. As a result of our success in growing qualifying loans, we are realizing a lower capital cost of 2 percent on our $81.7 million of SBLF preferred stock. Consistent with our business purpose, the SBLF allows Heartland to provide affordable credit to small commercial and agricultural clients, which in turn helps to increase employment and assist the economic recovery in the communities we serve.”
Total deposits were $3.85 billion at December 31, 2012, compared to $3.21 billion at year-end 2011, an increase of $635.5 million or 20 percent, with $342.6 million occurring during the fourth quarter, $168.1 million during the third quarter, $59.2 million during the second quarter and $65.6 million during the first quarter. Included in deposit growth during the fourth quarter of 2012 were $114.2 million in deposits acquired in the First Shares, Inc. acquisition and $83.3 million acquired in the Heritage Bank acquisition. Deposit growth for the third quarter of 2012 included $53.8 million in deposits acquired from Liberty Bank, FSB. Exclusive of these acquisitions, deposit growth during the year was $384.2 million or 12 percent. The composition of Heartland's deposits continues to improve as no-cost demand deposits as a percentage of total deposits was 25 percent at December 31, 2012, compared to 23 percent at year-end 2011. Demand deposits increased $236.9 million or 32 percent since year-end 2011, with $60.7 million of this growth attributable to acquisitions. Savings deposits increased $326.3 million or 19 percent since December 31, 2011, with $84.5 million of this growth attributable to acquisitions. Certificates of deposit increased $72.4 million or 9 percent since year-end 2011, with $106.1 million attributable to acquisitions and the offsetting decrease a result of more emphasis on growing the customer base in non-maturity deposit products instead of higher-cost certificates of deposit. As a percentage of total deposits, certificates of deposit were 23 percent at December 31, 2012.
Fuller said, “We continue to experience excellent deposit growth in most Heartland markets. Excluding acquisitions, deposits increased by $384 million, or 12 percent over year-end 2011. We continue to see a very favorable shift in our deposit mix through the growth of demand deposits which now represent 25 percent of our deposits.”
Provision for Loan Losses and Nonperforming Assets Continue at Lower Levels
Exclusive of loans covered under loss sharing agreements, the allowance for loan and lease losses at December 31, 2012, was 1.37 percent of loans and leases and 89.71 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 $3.4 million for the fourth quarter of 2012 compared to $7.8 million for the fourth quarter of 2011, a $4.4 million or 57 percent decrease. For the year, the provision for loan losses was $8.2 million during 2012 compared to $29.4 million during 2011, a $21.2 million or 72 percent decrease. A reduction in the level of the allowance for loan and lease losses maintained for impaired loans was the primary contributor to the lower provision during 2012. The portion of the allowance for loan and lease losses maintained for impaired loans was $4.6 million at December 31, 2012, leaving the allowance on non-impaired loans, exclusive of acquisitions, relatively stable at 1.32 percent of loans and leases at December 31, 2012, compared to 1.31 percent at December 31, 2011.
Nonperforming loans, exclusive of those covered under loss sharing agreements, were $43.2 million or 1.53 percent of total loans and leases at December 31, 2012, compared to $57.4 million or 2.31 percent of total loans and leases at December 31, 2011. Approximately 53 percent, or $22.9 million, of Heartland's nonperforming loans have individual loan balances exceeding $1.0 million. These nonperforming loans, to an aggregate of 12 borrowers, are comprised of $7.3 originated by New Mexico Bank & Trust, $5.8 million originated by Rocky Mountain Bank, $4.5 million originated by Galena State Bank & Trust Co., $2.7 million originated by Wisconsin Bank & Trust, $1.4 million originated by Riverside Community Bank and $1.2 million originated by Arizona Bank & Trust. The portion of Heartland's nonperforming loans covered by government guarantees was $1.7 million at December 31, 2012. As identified using the North American Industry Classification System (NAICS), $12.4 million of nonperforming loans with individual balances exceeding $1.0 million were for construction/land subdivision and the remaining $10.5 million distributed among seven other industry categories.
Delinquencies in each of the loan portfolios continue to be relatively stable and no significant adverse trends were identified during the fourth quarter of 2012. Loans delinquent 30 to 89 days were 0.32 percent of total loans at December 31, 2012, compared to 0.53 percent at September 30, 2012, 0.46 percent at June 30, 2012, 0.55 percent at March 31, 2012, and 0.23 percent at December 31, 2011.
Other real estate owned was $35.8 million at December 31, 2012, compared to $36.1 million at September 30, 2012, $37.9 million at June 30, 2012, $38.9 million at March 31, 2012, and $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 2012, $7.0 million of other real estate owned was sold during the fourth quarter, $4.2 million during the third quarter, $5.9 million during the second quarter and $12.4 million during the first quarter.
The schedules below summarize the changes in Heartland's nonperforming assets, including those covered by loss share agreements, during the fourth quarter of 2012 and the year:
(Dollars in thousands) | Nonperforming Loans | Other Real Estate Owned | Other Repossessed Assets | Total Nonperforming Assets | |||||||||||
September 30, 2012 | $ | 42,979 | $ | 36,139 | $ | 496 | $ | 79,614 | |||||||
Loan foreclosures | (8,750 | ) | 8,643 | 107 | — | ||||||||||
Net loan charge offs | (5,036 | ) | — | — | (5,036 | ) | |||||||||
New nonperforming loans | 18,273 | — | — | 18,273 | |||||||||||
Reduction of nonperforming loans(1) | (3,051 | ) | — | — | (3,051 | ) | |||||||||
OREO/Repossessed sales proceeds | — | (7,827 | ) | (9 | ) | (7,836 | ) | ||||||||
OREO/Repossessed assets writedowns, net | — | (1,133 | ) | (1 | ) | (1,134 | ) | ||||||||
Net activity at Citizens Finance Co. | — | — | (51 | ) | (51 | ) | |||||||||
December 31, 2012 | $ | 44,415 | $ | 35,822 | $ | 542 | $ | 80,779 | |||||||
(1) Includes principal reductions and transfers to performing status. | |||||||||||||||
(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 | (28,942 | ) | 28,751 | 191 | — | ||||||||||
Net loan charge offs | (6,295 | ) | — | — | (6,295 | ) | |||||||||
New nonperforming loans | 33,439 | — | — | 33,439 | |||||||||||
Reduction of nonperforming loans(1) | (14,567 | ) | — | — | (14,567 | ) | |||||||||
OREO/Repossessed sales proceeds | — | (30,009 | ) | (364 | ) | (30,373 | ) | ||||||||
OREO/Repossessed assets writedowns, net | — | (7,307 | ) | (156 | ) | (7,463 | ) | ||||||||
Net activity at Citizens Finance Co. | — | — | 223 | 223 | |||||||||||
December 31, 2012 | $ | 44,415 | $ | 35,822 | $ | 542 | $ | 80,779 | |||||||
(1) Includes principal reductions and transfers to performing status. | |||||||||||||||
Net charge-offs on loans during the fourth quarter of 2012 were $5.0 million compared to $15.2 million during the fourth quarter of 2011.
“Over the course of 2012, we made continued progress in the reduction of nonperforming loans. Nonperforming loans ended the year at 1.53 percent of total loans, a decrease of 25 percent from year-end 2011. We continue to keep a watchful eye on loan quality as this measure remains our top priority.” Fuller concluded.
Conference Call Details
Heartland will host a conference call for investors at 5:00 p.m. ET today. To participate, dial 877-407-0782 at least five minutes before start time. To listen to the live webcast, log on to www.htlf.com at least 15 minutes before start time. If you are unable to participate on the call, a replay will be available until January 27, 2014, by logging on to www.htlf.com.
About Heartland Financial USA, Inc.
Heartland Financial USA, Inc. is a $5.0 billion diversified financial services company providing banking, mortgage, wealth management, investment, insurance and consumer finance services to individuals and businesses. Heartland currently has 69 banking locations in 47 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado and Minnesota and mortgage loan production offices in California, Nevada, Wyoming, Idaho and North Dakota. Additional information about Heartland Financial USA, Inc. is available at www.htlf.com.
Safe Harbor Statement
This release, and future oral and written statements of Heartland and its management, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Heartland's financial condition, results of operations, plans, objectives, future performance and business. Although these forward-looking statements are based upon the beliefs, expectations and assumptions of Heartland's management, there are a number of factors, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which are detailed in the risk factors included in Heartland's Annual Report on Form 10-K filed with the Securities and Exchange Commission, include, among others: (i) the strength of the local and national economy; (ii) the economic impact of past and any future terrorist threats and attacks and any acts of war, (iii) changes in state and federal laws, regulations and governmental policies concerning the Company's general business; (iv) changes in interest rates and prepayment rates of the Company's assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the potential impact of acquisitions, (viii) the loss of key executives or employees; (ix) changes in consumer spending; (x) unexpected results of acquisitions; (xi) unexpected outcomes of existing or new litigation involving the Company; and (xii) 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 December 31, | For the Twelve Months Ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Interest Income | ||||||||||||||||
Interest and fees on loans and leases | $ | 39,510 | $ | 37,764 | $ | 156,499 | $ | 149,603 | ||||||||
Interest on securities: | ||||||||||||||||
Taxable | 5,079 | 7,518 | 22,129 | 34,095 | ||||||||||||
Nontaxable | 2,912 | 2,340 | 10,698 | 8,035 | ||||||||||||
Interest on federal funds sold | 3 | — | 4 | 3 | ||||||||||||
Interest on deposits in other financial institutions | 3 | — | 8 | 1 | ||||||||||||
Total Interest Income | 47,507 | 47,622 | 189,338 | 191,737 | ||||||||||||
Interest Expense | ||||||||||||||||
Interest on deposits | 5,347 | 6,495 | 22,230 | 29,224 | ||||||||||||
Interest on short-term borrowings | 166 | 204 | 818 | 893 | ||||||||||||
Interest on other borrowings | 4,020 | 4,086 | 16,134 | 16,226 | ||||||||||||
Total Interest Expense | 9,533 | 10,785 | 39,182 | 46,343 | ||||||||||||
Net Interest Income | 37,974 | 36,837 | 150,156 | 145,394 | ||||||||||||
Provision for loan and lease losses | 3,350 | 7,784 | 8,202 | 29,365 | ||||||||||||
Net Interest Income After Provision for Loan and Lease Losses | 34,624 | 29,053 | 141,954 | 116,029 | ||||||||||||
Noninterest Income | ||||||||||||||||
Service charges and fees | 4,002 | 3,686 | 15,242 | 14,303 | ||||||||||||
Loan servicing income | 3,468 | 2,004 | 11,300 | 5,932 | ||||||||||||
Trust fees | 2,538 | 2,337 | 10,478 | 9,856 | ||||||||||||
Brokerage and insurance commissions | 945 | 889 | 3,702 | 3,511 | ||||||||||||
Securities gains (losses), net | (108 | ) | 4,174 | 13,998 | 13,104 | |||||||||||
Gain (loss) on trading account securities | 164 | (125 | ) | 47 | 89 | |||||||||||
Impairment loss on securities | — | — | (981 | ) | — | |||||||||||
Gains on sale of loans | 14,257 | 5,473 | 49,198 | 11,366 | ||||||||||||
Valuation adjustment on mortgage servicing rights | 197 | (19 | ) | (477 | ) | (19 | ) | |||||||||
Income on bank owned life insurance | 311 | 407 | 1,442 | 1,349 | ||||||||||||
Other noninterest income | 1,456 | 212 | 4,713 | 86 | ||||||||||||
Total Noninterest Income | 27,230 | 19,038 | 108,662 | 59,577 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Salaries and employee benefits | 29,283 | 22,135 | 105,727 | 75,537 | ||||||||||||
Occupancy | 3,017 | 2,368 | 10,629 | 9,363 | ||||||||||||
Furniture and equipment | 1,822 | 1,475 | 6,326 | 5,636 | ||||||||||||
Professional fees | 4,400 | 3,385 | 15,338 | 12,567 | ||||||||||||
FDIC insurance assessments | 810 | 848 | 3,292 | 3,777 | ||||||||||||
Advertising | 1,736 | 1,138 | 5,294 | 4,292 | ||||||||||||
Intangible assets amortization | 163 | 141 | 562 | 572 | ||||||||||||
Net loss on repossessed assets | 1,983 | 4,255 | 9,969 | 9,807 | ||||||||||||
Other noninterest expenses | 6,120 | 4,458 | 20,955 | 15,745 | ||||||||||||
Total Noninterest Expense | 49,334 | 40,203 | 178,092 | 137,296 | ||||||||||||
Income Before Income Taxes | 12,520 | 7,888 | 72,524 | 38,310 | ||||||||||||
Income taxes | 3,613 | 1,671 | 23,255 | 10,302 | ||||||||||||
Net Income | 8,907 | 6,217 | 49,269 | 28,008 | ||||||||||||
Net (income) loss attributable to noncontrolling interest, net of tax | (82 | ) | 31 | (59 | ) | 36 | ||||||||||
Net Income Attributable to Heartland | 8,825 | 6,248 | 49,210 | 28,044 | ||||||||||||
Preferred dividends and discount | (409 | ) | (1,021 | ) | (3,400 | ) | (7,640 | ) | ||||||||
Net Income Available to Common Stockholders | $ | 8,416 | $ | 5,227 | $ | 45,810 | $ | 20,404 | ||||||||
Earnings per common share-diluted | $ | 0.50 | $ | 0.31 | $ | 2.73 | $ | 1.23 | ||||||||
Weighted average shares outstanding-diluted | 16,812,947 | 16,599,741 | 16,768,602 | 16,575,506 | ||||||||||||
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | |||||||||||||||
Interest Income | |||||||||||||||||||
Interest and fees on loans and leases | $ | 39,510 | $ | 39,208 | $ | 39,382 | $ | 38,399 | $ | 37,764 | |||||||||
Interest on securities: | |||||||||||||||||||
Taxable | 5,079 | 4,452 | 5,026 | 7,572 | 7,518 | ||||||||||||||
Nontaxable | 2,912 | 2,896 | 2,619 | 2,271 | 2,340 | ||||||||||||||
Interest on federal funds sold | 3 | — | 1 | — | — | ||||||||||||||
Interest on deposits in other financial institutions | 3 | 3 | 2 | — | — | ||||||||||||||
Total Interest Income | 47,507 | 46,559 | 47,030 | 48,242 | 47,622 | ||||||||||||||
Interest Expense | |||||||||||||||||||
Interest on deposits | 5,347 | 5,504 | 5,604 | 5,775 | 6,495 | ||||||||||||||
Interest on short-term borrowings | 166 | 215 | 224 | 213 | 204 | ||||||||||||||
Interest on other borrowings | 4,020 | 4,028 | 4,025 | 4,061 | 4,086 | ||||||||||||||
Total Interest Expense | 9,533 | 9,747 | 9,853 | 10,049 | 10,785 | ||||||||||||||
Net Interest Income | 37,974 | 36,812 | 37,177 | 38,193 | 36,837 | ||||||||||||||
Provision for loan and lease losses | 3,350 | (502 | ) | 3,000 | 2,354 | 7,784 | |||||||||||||
Net Interest Income After Provision for Loan and Lease Losses | 34,624 | 37,314 | 34,177 | 35,839 | 29,053 | ||||||||||||||
Noninterest Income | |||||||||||||||||||
Service charges and fees | 4,002 | 3,944 | 3,712 | 3,584 | 3,686 | ||||||||||||||
Loan servicing income | 3,468 | 3,016 | 3,056 | 1,760 | 2,004 | ||||||||||||||
Trust fees | 2,538 | 2,667 | 2,660 | 2,613 | 2,337 | ||||||||||||||
Brokerage and insurance commissions | 945 | 908 | 939 | 910 | 889 | ||||||||||||||
Securities gains (losses), net | (108 | ) | 5,212 | 4,951 | 3,943 | 4,174 | |||||||||||||
Gain (loss) on trading account securities | 164 | (163 | ) | 49 | (3 | ) | (125 | ) | |||||||||||
Impairment loss on securities | — | — | — | (981 | ) | — | |||||||||||||
Gains on sale of loans | 14,257 | 13,750 | 12,689 | 8,502 | 5,473 | ||||||||||||||
Valuation adjustment on mortgage servicing rights | 197 | (493 | ) | (194 | ) | 13 | (19 | ) | |||||||||||
Income on bank owned life insurance | 311 | 382 | 267 | 482 | 407 | ||||||||||||||
Other noninterest income | 1,456 | 543 | 149 | 2,565 | 212 | ||||||||||||||
Total Noninterest Income | 27,230 | 29,766 | 28,278 | 23,388 | 19,038 | ||||||||||||||
Noninterest Expense | |||||||||||||||||||
Salaries and employee benefits | 29,283 | 27,064 | 25,384 | 23,996 | 22,135 | ||||||||||||||
Occupancy | 3,017 | 2,596 | 2,534 | 2,482 | 2,368 | ||||||||||||||
Furniture and equipment | 1,822 | 1,541 | 1,517 | 1,446 | 1,475 | ||||||||||||||
Professional fees | 4,400 | 4,217 | 3,961 | 2,760 | 3,385 | ||||||||||||||
FDIC insurance assessments | 810 | 811 | 807 | 864 | 848 | ||||||||||||||
Advertising | 1,736 | 1,183 | 1,304 | 1,071 | 1,138 | ||||||||||||||
Intangible assets amortization | 163 | 146 | 122 | 131 | 141 | ||||||||||||||
Net loss on repossessed assets | 1,983 | 3,775 | 1,307 | 2,904 | 4,255 | ||||||||||||||
Other noninterest expenses | 6,120 | 5,826 | 4,523 | 4,486 | 4,458 | ||||||||||||||
Total Noninterest Expense | 49,334 | 47,159 | 41,459 | 40,140 | 40,203 | ||||||||||||||
Income Before Income Taxes | 12,520 | 19,921 | 20,996 | 19,087 | 7,888 | ||||||||||||||
Income taxes | 3,613 | 6,338 | 7,032 | 6,272 | 1,671 | ||||||||||||||
Net Income | 8,907 | 13,583 | 13,964 | 12,815 | 6,217 | ||||||||||||||
Net (income) loss attributable to noncontrolling interest, net of tax | (82 | ) | 4 | (7 | ) | 26 | 31 | ||||||||||||
Net Income Attributable to Heartland | 8,825 | 13,587 | 13,957 | 12,841 | 6,248 | ||||||||||||||
Preferred dividends and discount | (409 | ) | (949 | ) | (1,021 | ) | (1,021 | ) | (1,021 | ) | |||||||||
Net Income Available to Common Stockholders | $ | 8,416 | $ | 12,638 | $ | 12,936 | $ | 11,820 | $ | 5,227 | |||||||||
Earnings per common share-diluted | $ | 0.50 | $ | 0.75 | $ | 0.77 | $ | 0.71 | $ | 0.31 | |||||||||
Weighted average shares outstanding-diluted | 16,812,947 | 16,745,968 | 16,717,846 | 16,729,925 | 16,599,741 | ||||||||||||||
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA | |||||||||||||||||||
As Of | |||||||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | |||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 168,054 | $ | 191,126 | $ | 82,831 | $ | 150,122 | $ | 129,834 | |||||||||
Securities | 1,561,957 | 1,332,082 | 1,331,088 | 1,221,909 | 1,326,592 | ||||||||||||||
Loans held for sale | 96,165 | 99,429 | 73,284 | 103,460 | 53,528 | ||||||||||||||
Loans and leases: | |||||||||||||||||||
Held to maturity | 2,821,549 | 2,647,959 | 2,629,597 | 2,532,419 | 2,481,284 | ||||||||||||||
Loans covered by loss share agreements | 7,253 | 8,511 | 9,567 | 11,360 | 13,347 | ||||||||||||||
Allowance for loan and lease losses | (38,715 | ) | (40,401 | ) | (41,439 | ) | (39,362 | ) | (36,808 | ) | |||||||||
Loans and leases, net | 2,790,087 | 2,616,069 | 2,597,725 | 2,504,417 | 2,457,823 | ||||||||||||||
Premises, furniture and equipment, net | 128,294 | 120,334 | 114,823 | 111,946 | 110,206 | ||||||||||||||
Goodwill | 30,627 | 26,590 | 25,909 | 25,909 | 25,909 | ||||||||||||||
Other intangible assets, net | 18,486 | 15,612 | 14,295 | 13,109 | 12,960 | ||||||||||||||
Cash surrender value on life insurance | 75,480 | 72,853 | 72,448 | 72,159 | 67,084 | ||||||||||||||
Other real estate, net | 35,822 | 36,139 | 37,941 | 38,934 | 44,387 | ||||||||||||||
FDIC indemnification asset | 749 | 1,238 | 1,148 | 1,270 | 1,343 | ||||||||||||||
Other assets | 78,840 | 81,725 | 76,192 | 69,616 | 75,392 | ||||||||||||||
Total Assets | $ | 4,984,561 | $ | 4,593,197 | $ | 4,427,684 | $ | 4,312,851 | $ | 4,305,058 | |||||||||
Liabilities and Equity | |||||||||||||||||||
Liabilities | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand | $ | 974,232 | $ | 877,790 | $ | 799,548 | $ | 771,421 | $ | 737,323 | |||||||||
Savings | 2,004,438 | 1,809,776 | 1,734,155 | 1,731,399 | 1,678,154 | ||||||||||||||
Brokered time deposits | 55,521 | 56,627 | 51,575 | 41,475 | 41,225 | ||||||||||||||
Other time deposits | 811,469 | 758,843 | 749,629 | 731,464 | 753,411 | ||||||||||||||
Total deposits | 3,845,660 | 3,503,036 | 3,334,907 | 3,275,759 | 3,210,113 | ||||||||||||||
Short-term borrowings | 224,626 | 245,308 | 249,485 | 229,533 | 270,081 | ||||||||||||||
Other borrowings | 389,025 | 377,536 | 377,543 | 377,362 | 372,820 | ||||||||||||||
Accrued expenses and other liabilities | 121,293 | 72,571 | 90,755 | 64,154 | 99,151 | ||||||||||||||
Total Liabilities | 4,580,604 | 4,198,451 | 4,052,690 | 3,946,808 | 3,952,165 | ||||||||||||||
Equity | |||||||||||||||||||
Preferred equity | 81,698 | 81,698 | 81,698 | 81,698 | 81,698 | ||||||||||||||
Common equity | 319,525 | 310,396 | 290,640 | 281,696 | 268,520 | ||||||||||||||
Total Heartland Stockholders' Equity | 401,223 | 392,094 | 372,338 | 363,394 | 350,218 | ||||||||||||||
Noncontrolling interest | 2,734 | 2,652 | 2,656 | 2,649 | 2,675 | ||||||||||||||
Total Equity | 403,957 | 394,746 | 374,994 | 366,043 | 352,893 | ||||||||||||||
Total Liabilities and Equity | $ | 4,984,561 | $ | 4,593,197 | $ | 4,427,684 | $ | 4,312,851 | $ | 4,305,058 | |||||||||
Common Share Data | |||||||||||||||||||
Book value per common share | $ | 18.99 | $ | 18.81 | $ | 17.65 | $ | 17.09 | $ | 16.29 | |||||||||
ASC 320 effect on book value per common share | $ | 1.21 | $ | 1.46 | $ | 0.98 | $ | 1.09 | $ | 0.97 | |||||||||
Common shares outstanding, net of treasury stock | 16,827,835 | 16,505,241 | 16,467,889 | 16,486,539 | 16,484,790 | ||||||||||||||
Tangible Capital Ratio(1) | 5.78 | % | 6.18 | % | 5.98 | % | 5.93 | % | 5.63 | % | |||||||||
(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 | For the Twelve Months Ended | |||||||||||||||
12/31/2012 | 12/31/2011 | 12/31/2012 | 12/31/2011 | |||||||||||||
Average Balances | ||||||||||||||||
Assets | $ | 4,739,887 | $ | 4,197,916 | $ | 4,463,665 | $ | 4,071,811 | ||||||||
Loans and leases, net of unearned | 2,803,361 | 2,487,778 | 2,696,452 | 2,418,864 | ||||||||||||
Deposits | 3,674,507 | 3,215,793 | 3,396,488 | 3,114,080 | ||||||||||||
Earning assets | 4,171,475 | 3,749,612 | 3,962,268 | 3,639,926 | ||||||||||||
Interest bearing liabilities | 3,330,270 | 3,066,704 | 3,197,249 | 3,021,430 | ||||||||||||
Common stockholders' equity | 316,073 | 267,025 | 293,917 | 262,504 | ||||||||||||
Total stockholders' equity | 400,442 | 351,538 | 378,278 | 344,878 | ||||||||||||
Tangible common stockholders' equity | 288,359 | 239,394 | 266,423 | 234,630 | ||||||||||||
Earnings Performance Ratios | ||||||||||||||||
Annualized return on average assets | 0.71 | % | 0.49 | % | 1.03 | % | 0.50 | % | ||||||||
Annualized return on average common equity | 10.59 | % | 7.77 | % | 15.59 | % | 7.77 | % | ||||||||
Annualized return on average common tangible equity | 11.61 | % | 8.66 | % | 17.19 | % | 8.70 | % | ||||||||
Annualized net interest margin(1) | 3.81 | % | 4.08 | % | 3.98 | % | 4.16 | % | ||||||||
Efficiency ratio(2) | 73.28 | % | 75.29 | % | 70.61 | % | 69.41 | % | ||||||||
(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 | |||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | |||||||||||||||
Average Balances | |||||||||||||||||||
Assets | $ | 4,739,887 | $ | 4,532,302 | $ | 4,350,916 | $ | 4,225,815 | $ | 4,197,916 | |||||||||
Loans and leases, net of unearned | 2,803,361 | 2,727,806 | 2,675,694 | 2,577,429 | 2,487,778 | ||||||||||||||
Deposits | 3,674,507 | 3,415,810 | 3,291,293 | 3,201,073 | 3,215,793 | ||||||||||||||
Earning assets | 4,171,475 | 4,019,601 | 3,870,360 | 3,784,709 | 3,749,612 | ||||||||||||||
Interest bearing liabilities | 3,330,270 | 3,235,440 | 3,140,063 | 3,081,340 | 3,066,704 | ||||||||||||||
Common stockholders' equity | 316,073 | 299,408 | 284,610 | 275,275 | 267,025 | ||||||||||||||
Total stockholders' equity | 400,442 | 383,763 | 368,960 | 359,644 | 351,538 | ||||||||||||||
Tangible common stockholders' equity | 288,359 | 272,078 | 257,212 | 247,744 | 239,394 | ||||||||||||||
Earnings Performance Ratios | |||||||||||||||||||
Annualized return on average assets | 0.71 | % | 1.11 | % | 1.20 | % | 1.12 | % | 0.49 | % | |||||||||
Annualized return on average common equity | 10.59 | % | 16.79 | % | 18.28 | % | 17.27 | % | 7.77 | % | |||||||||
Annualized return on average common tangible equity | 11.61 | % | 18.48 | % | 20.23 | % | 19.19 | % | 8.66 | % | |||||||||
Annualized net interest margin (1) | 3.81 | % | 3.84 | % | 4.05 | % | 4.23 | % | 4.08 | % | |||||||||
Efficiency ratio (2) | 73.28 | % | 74.47 | % | 66.56 | % | 67.71 | % | 75.29 | % | |||||||||
(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 | |||||||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | |||||||||||||||
Loan and Lease Data | |||||||||||||||||||
Loans held to maturity: | |||||||||||||||||||
Commercial and commercial real estate | $ | 2,001,327 | $ | 1,902,383 | $ | 1,903,996 | $ | 1,842,566 | $ | 1,809,450 | |||||||||
Residential mortgage | 249,689 | 228,972 | 220,084 | 202,883 | 194,436 | ||||||||||||||
Agricultural and agricultural real estate | 328,311 | 283,697 | 279,285 | 270,687 | 262,975 | ||||||||||||||
Consumer | 245,678 | 236,619 | 230,594 | 222,387 | 220,099 | ||||||||||||||
Direct financing leases, net | 165 | 205 | 290 | 323 | 450 | ||||||||||||||
Unearned discount and deferred loan fees | (3,621 | ) | (3,917 | ) | (4,652 | ) | (6,427 | ) | (6,126 | ) | |||||||||
Total loans and leases held to maturity | $ | 2,821,549 | $ | 2,647,959 | $ | 2,629,597 | $ | 2,532,419 | $ | 2,481,284 | |||||||||
Loans covered under loss share agreements: | |||||||||||||||||||
Commercial and commercial real estate | $ | 3,074 | $ | 3,772 | $ | 4,497 | $ | 5,730 | $ | 6,380 | |||||||||
Residential mortgage | 2,645 | 3,099 | 3,309 | 3,734 | 4,158 | ||||||||||||||
Agricultural and agricultural real estate | 748 | 863 | 858 | 934 | 1,659 | ||||||||||||||
Consumer | 786 | 777 | 903 | 962 | 1,150 | ||||||||||||||
Total loans and leases covered under loss share agreements | $ | 7,253 | $ | 8,511 | $ | 9,567 | $ | 11,360 | $ | 13,347 | |||||||||
Asset Quality | |||||||||||||||||||
Not covered under loss share agreements: | |||||||||||||||||||
Nonaccrual loans | $ | 43,156 | $ | 40,743 | $ | 44,845 | $ | 49,940 | $ | 57,435 | |||||||||
Loans and leases past due ninety days or more as to interest or principal payments | — | — | — | — | — | ||||||||||||||
Other real estate owned | 35,470 | 35,994 | 37,709 | 38,693 | 43,506 | ||||||||||||||
Other repossessed assets | 542 | 496 | 465 | 710 | 648 | ||||||||||||||
Total nonperforming assets not covered under loss share agreements | $ | 79,168 | $ | 77,233 | $ | 83,019 | $ | 89,343 | $ | 101,589 | |||||||||
Performing troubled debt restructured loans | $ | 20,869 | $ | 22,385 | $ | 24,715 | $ | 21,379 | $ | 25,704 | |||||||||
Covered under loss share agreements: | |||||||||||||||||||
Nonaccrual loans | $ | 1,259 | $ | 2,236 | $ | 2,862 | $ | 3,189 | $ | 3,345 | |||||||||
Other real estate owned | 352 | 145 | 232 | 241 | 881 | ||||||||||||||
Total nonperforming assets covered under loss share agreements | $ | 1,611 | $ | 2,381 | $ | 3,094 | $ | 3,430 | $ | 4,226 | |||||||||
Allowance for Loan and Lease Losses | |||||||||||||||||||
Balance, beginning of period | $ | 40,401 | $ | 41,439 | $ | 39,362 | $ | 36,808 | $ | 44,195 | |||||||||
Provision for loan and lease losses | 3,350 | (502 | ) | 3,000 | 2,354 | 7,784 | |||||||||||||
Charge-offs on loans not covered by loss share agreements | (7,473 | ) | (2,785 | ) | (2,219 | ) | (1,608 | ) | (15,616 | ) | |||||||||
Charge-offs on loans covered by loss share agreements | (137 | ) | (265 | ) | (35 | ) | — | (5 | ) | ||||||||||
Recoveries | 2,574 | 2,514 | 1,331 | 1,808 | 450 | ||||||||||||||
Balance, end of period | $ | 38,715 | $ | 40,401 | $ | 41,439 | $ | 39,362 | $ | 36,808 | |||||||||
Asset Quality Ratios Excluding Assets Covered Under Loss Share Agreements | |||||||||||||||||||
Ratio of nonperforming loans and leases to total loans and leases | 1.53 | % | 1.54 | % | 1.71 | % | 1.97 | % | 2.31 | % | |||||||||
Ratio of nonperforming assets to total assets | 1.59 | % | 1.68 | % | 1.87 | % | 2.07 | % | 2.39 | % | |||||||||
Annualized ratio of net loan charge-offs to average loans and leases | 0.71 | % | 0.08 | % | 0.14 | % | (0.03 | )% | 2.42 | % | |||||||||
Allowance for loan and lease losses as a percent of loans and leases | 1.37 | % | 1.53 | % | 1.58 | % | 1.55 | % | 1.48 | % | |||||||||
Allowance for loan and lease losses as a percent of nonperforming loans and leases | 89.71 | % | 99.16 | % | 92.40 | % | 78.82 | % | 64.09 | % | |||||||||
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||||||||
For the Quarter Ended | |||||||||||||||||||||
December 31, 2012 | December 31, 2011 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Earning Assets | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | $ | 1,077,167 | $ | 5,079 | 1.88 | % | $ | 1,075,605 | $ | 7,518 | 2.77 | % | |||||||||
Nontaxable(1) | 325,864 | 4,481 | 5.47 | 227,757 | 3,600 | 6.27 | |||||||||||||||
Total securities | 1,403,031 | 9,560 | 2.71 | 1,303,362 | 11,118 | 3.38 | |||||||||||||||
Interest bearing deposits | 5,580 | 3 | 0.21 | 2,065 | — | — | |||||||||||||||
Federal funds sold | 428 | 3 | 2.79 | 73 | — | — | |||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial and commercial real estate(1) | 1,941,618 | 25,234 | 5.17 | 1,788,884 | 24,827 | 5.51 | |||||||||||||||
Residential mortgage | 318,583 | 3,380 | 4.22 | 225,701 | 2,630 | 4.62 | |||||||||||||||
Agricultural and agricultural real estate(1) | 301,502 | 4,094 | 5.40 | 254,555 | 3,833 | 5.97 | |||||||||||||||
Consumer | 241,470 | 5,906 | 9.73 | 218,117 | 5,347 | 9.73 | |||||||||||||||
Direct financing leases, net | 188 | 2 | 4.23 | 521 | 7 | 5.33 | |||||||||||||||
Fees on loans | 1,341 | — | 1,560 | — | |||||||||||||||||
Less: allowance for loan and lease losses | (40,925 | ) | — | (43,666 | ) | — | |||||||||||||||
Net loans and leases | 2,762,436 | 39,957 | 5.75 | 2,444,112 | 38,204 | 6.20 | |||||||||||||||
Total earning assets | 4,171,475 | 49,523 | 4.72 | % | 3,749,612 | 49,322 | 5.22 | % | |||||||||||||
Nonearning Assets | 568,412 | 448,304 | |||||||||||||||||||
Total Assets | $ | 4,739,887 | $ | 49,523 | $ | 4,197,916 | $ | 49,322 | |||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||
Savings | $ | 1,900,292 | $ | 1,672 | 0.35 | % | $ | 1,662,065 | $ | 1,972 | 0.47 | % | |||||||||
Time, $100,000 and over | 295,566 | 1,174 | 1.58 | 257,186 | 1,336 | 2.06 | |||||||||||||||
Other time deposits | 538,831 | 2,501 | 1.85 | 557,930 | 3,187 | 2.27 | |||||||||||||||
Short-term borrowings | 214,592 | 166 | 0.31 | 215,473 | 204 | 0.38 | |||||||||||||||
Other borrowings | 380,989 | 4,020 | 4.20 | 374,050 | 4,086 | 4.33 | |||||||||||||||
Total interest bearing liabilities | 3,330,270 | 9,533 | 1.14 | 3,066,704 | 10,785 | 1.40 | |||||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 939,818 | 738,612 | |||||||||||||||||||
Accrued interest and other liabilities | 69,357 | 41,062 | |||||||||||||||||||
Total noninterest bearing liabilities | 1,009,175 | 779,674 | |||||||||||||||||||
Stockholders' Equity | 400,442 | 351,538 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 4,739,887 | $ | 4,197,916 | |||||||||||||||||
Net interest income(1) | $ | 39,990 | $ | 38,537 | |||||||||||||||||
Net interest spread(1) | 3.58 | % | 3.82 | % | |||||||||||||||||
Net interest income to total earning assets(1) | 3.81 | % | 4.08 | % | |||||||||||||||||
Interest bearing liabilities to earning assets | 79.83 | % | 81.79 | % | |||||||||||||||||
(1) Computed on a tax equivalent basis using an effective tax rate of 35% | |||||||||||||||||||||
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||||
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) | |||||||||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||
December 31, 2012 | December 31, 2011 | ||||||||||||||||||||
Average | Average | ||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | ||||||||||||||||
Earning Assets | |||||||||||||||||||||
Securities: | |||||||||||||||||||||
Taxable | $ | 1,015,624 | $ | 22,129 | 2.18 | % | $ | 1,069,747 | $ | 34,095 | 3.19 | % | |||||||||
Nontaxable(1) | 283,735 | 16,459 | 5.80 | 190,399 | 12,362 | 6.49 | |||||||||||||||
Total securities | 1,299,359 | 38,588 | 2.97 | 1,260,146 | 46,457 | 3.69 | |||||||||||||||
Interest bearing deposits | 5,658 | 8 | 0.14 | 3,179 | 3 | 0.09 | |||||||||||||||
Federal funds sold | 556 | 4 | 0.72 | 430 | 1 | 0.23 | |||||||||||||||
Loans and leases: | |||||||||||||||||||||
Commercial and commercial real estate(1) | 1,889,620 | 100,630 | 5.33 | 1,747,968 | 99,986 | 5.72 | |||||||||||||||
Residential mortgage | 293,850 | 13,142 | 4.47 | 198,312 | 10,172 | 5.13 | |||||||||||||||
Agricultural and agricultural real estate(1) | 282,519 | 15,896 | 5.63 | 255,615 | 15,553 | 6.08 | |||||||||||||||
Consumer | 230,192 | 22,874 | 9.94 | 216,268 | 20,526 | 9.49 | |||||||||||||||
Direct financing leases, net | 271 | 14 | 5.17 | 701 | 38 | 5.42 | |||||||||||||||
Fees on loans | 5,580 | — | 4,939 | — | |||||||||||||||||
Less: allowance for loan and lease losses | (39,757 | ) | — | (42,693 | ) | — | |||||||||||||||
Net loans and leases | 2,656,695 | 158,136 | 5.95 | 2,376,171 | 151,214 | 6.36 | |||||||||||||||
Total earning assets | 3,962,268 | 196,736 | 4.97 | % | 3,639,926 | 197,675 | 5.43 | % | |||||||||||||
Nonearning Assets | 501,397 | 431,885 | |||||||||||||||||||
Total Assets | $ | 4,463,665 | $ | 196,736 | $ | 4,071,811 | $ | 197,675 | |||||||||||||
Interest Bearing Liabilities | |||||||||||||||||||||
Savings | $ | 1,763,233 | $ | 6,736 | 0.38 | % | $ | 1,589,697 | $ | 9,090 | 0.57 | % | |||||||||
Time, $100,000 and over | 272,338 | 4,776 | 1.75 | 265,664 | 5,928 | 2.23 | |||||||||||||||
Other time deposits | 531,351 | 10,718 | 2.02 | 590,767 | 14,206 | 2.40 | |||||||||||||||
Short-term borrowings | 252,849 | 818 | 0.32 | 202,183 | 893 | 0.44 | |||||||||||||||
Other borrowings | 377,478 | 16,134 | 4.27 | 373,119 | 16,226 | 4.35 | |||||||||||||||
Total interest bearing liabilities | 3,197,249 | 39,182 | 1.23 | 3,021,430 | 46,343 | 1.53 | |||||||||||||||
Noninterest Bearing Liabilities | |||||||||||||||||||||
Noninterest bearing deposits | 829,566 | 667,952 | |||||||||||||||||||
Accrued interest and other liabilities | 58,572 | 37,551 | |||||||||||||||||||
Total noninterest bearing liabilities | 888,138 | 705,503 | |||||||||||||||||||
Stockholders' Equity | 378,278 | 344,878 | |||||||||||||||||||
Total Liabilities and Stockholders' Equity | $ | 4,463,665 | $ | 4,071,811 | |||||||||||||||||
Net interest income(1) | $ | 157,554 | $ | 151,332 | |||||||||||||||||
Net interest spread(1) | 3.74 | % | 3.90 | % | |||||||||||||||||
Net interest income to total earning assets(1) | 3.98 | % | 4.16 | % | |||||||||||||||||
Interest bearing liabilities to earning assets | 80.69 | % | 83.01 | % | |||||||||||||||||
(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 | |||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | |||||||||||
Total Assets | |||||||||||||||
Dubuque Bank and Trust Company | $ | 1,476,512 | $ | 1,478,943 | $ | 1,385,409 | $ | 1,407,827 | $ | 1,382,226 | |||||
New Mexico Bank & Trust | 1,026,952 | 973,177 | 998,172 | 929,804 | 993,182 | ||||||||||
Wisconsin Bank & Trust | 691,715 | 511,580 | 497,372 | 491,741 | 524,958 | ||||||||||
Rocky Mountain Bank | 465,614 | 435,283 | 443,493 | 432,902 | 440,805 | ||||||||||
Riverside Community Bank | 450,863 | 424,044 | 360,654 | 343,232 | 325,388 | ||||||||||
Arizona Bank & Trust | 307,871 | 275,053 | 268,103 | 239,434 | 227,993 | ||||||||||
Galena State Bank & Trust Co. | 295,226 | 295,222 | 309,516 | 289,740 | 290,656 | ||||||||||
Minnesota Bank & Trust | 126,421 | 109,586 | 101,704 | 95,462 | 81,457 | ||||||||||
Summit Bank & Trust | 119,752 | 104,066 | 102,875 | 98,247 | 100,994 | ||||||||||
Total Deposits | |||||||||||||||
Dubuque Bank and Trust Company | $ | 1,150,141 | $ | 1,089,125 | $ | 959,273 | $ | 978,854 | $ | 938,000 | |||||
New Mexico Bank & Trust | 721,445 | 720,520 | 725,537 | 697,060 | 690,293 | ||||||||||
Wisconsin Bank & Trust | 549,773 | 424,146 | 415,277 | 409,994 | 429,062 | ||||||||||
Rocky Mountain Bank | 372,135 | 354,396 | 356,046 | 362,307 | 365,373 | ||||||||||
Riverside Community Bank | 344,005 | 335,899 | 305,120 | 286,529 | 264,699 | ||||||||||
Arizona Bank & Trust | 243,044 | 216,851 | 211,318 | 183,321 | 177,457 | ||||||||||
Galena State Bank & Trust Co. | 245,554 | 247,334 | 257,800 | 245,780 | 243,639 | ||||||||||
Minnesota Bank & Trust | 109,862 | 91,179 | 77,119 | 78,338 | 66,875 | ||||||||||
Summit Bank & Trust | 93,318 | 88,540 | 83,977 | 81,290 | 81,224 | ||||||||||
Net Income (Loss) | |||||||||||||||
Dubuque Bank and Trust Company | $ | 4,999 | $ | 5,485 | $ | 8,463 | $ | 9,604 | $ | 4,846 | |||||
New Mexico Bank & Trust | 1,354 | 4,395 | 1,592 | 2,216 | 2,197 | ||||||||||
Wisconsin Bank & Trust | 638 | 1,943 | 1,547 | 2,153 | 2,313 | ||||||||||
Rocky Mountain Bank | 2,029 | 1,315 | 2,089 | 963 | 493 | ||||||||||
Riverside Community Bank | 482 | 607 | 914 | 369 | 800 | ||||||||||
Arizona Bank & Trust | 1,346 | 1,534 | 981 | (215 | ) | (1,202 | ) | ||||||||
Galena State Bank & Trust Co. | 929 | 938 | 1,149 | 437 | 1,139 | ||||||||||
Minnesota Bank & Trust | 412 | (15 | ) | 35 | (129 | ) | (157 | ) | |||||||
Summit Bank & Trust | (69 | ) | (1 | ) | (100 | ) | (123 | ) | (154 | ) | |||||
Return on Average Assets | |||||||||||||||
Dubuque Bank and Trust Company | 1.34 | % | 1.50 | % | 2.39 | % | 2.88 | % | 1.44 | % | |||||
New Mexico Bank & Trust | 0.53 | 1.78 | 0.66 | 0.96 | 0.93 | ||||||||||
Wisconsin Bank & Trust | 0.44 | 1.53 | 1.27 | 1.69 | 1.83 | ||||||||||
Rocky Mountain Bank | 1.86 | 1.21 | 1.94 | 0.89 | 0.45 | ||||||||||
Riverside Community Bank | 0.46 | 0.57 | 1.05 | 0.45 | 0.98 | ||||||||||
Arizona Bank & Trust | 1.87 | 2.22 | 1.56 | (0.37 | ) | (2.13 | ) | ||||||||
Galena State Bank & Trust Co. | 1.25 | 1.24 | 1.58 | 0.62 | 1.54 | ||||||||||
Minnesota Bank & Trust | 1.41 | (0.06 | ) | 0.15 | (0.58 | ) | (0.77 | ) | |||||||
Summit Bank & Trust | (0.25 | ) | — | (0.40 | ) | (0.50 | ) | (0.63 | ) | ||||||
Net Interest Margin as a Percentage of Average Earning Assets | |||||||||||||||
Dubuque Bank and Trust Company | 3.57 | % | 3.61 | % | 3.67 | % | 4.03 | % | 4.00 | % | |||||
New Mexico Bank & Trust | 3.51 | 3.50 | 3.69 | 4.02 | 3.85 | ||||||||||
Wisconsin Bank & Trust | 4.16 | 4.04 | 4.38 | 4.41 | 4.30 | ||||||||||
Rocky Mountain Bank | 4.26 | 4.35 | 4.68 | 4.33 | 4.06 | ||||||||||
Riverside Community Bank | 3.02 | 2.44 | 3.38 | 3.63 | 3.64 | ||||||||||
Arizona Bank & Trust | 3.89 | 3.76 | 4.19 | 4.40 | 4.06 | ||||||||||
Galena State Bank & Trust Co. | 3.31 | 3.50 | 3.42 | 3.89 | 3.69 | ||||||||||
Minnesota Bank & Trust | 4.04 | 4.47 | 4.57 | 4.75 | 4.56 | ||||||||||
Summit Bank & Trust | 3.62 | 3.75 | 3.89 | 4.07 | 3.41 | ||||||||||
HEARTLAND FINANCIAL USA, INC. | |||||||||||||||||||
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited) | |||||||||||||||||||
DOLLARS IN THOUSANDS | |||||||||||||||||||
As of | |||||||||||||||||||
12/31/2012 | 9/30/2012 | 6/30/2012 | 3/31/2012 | 12/31/2011 | |||||||||||||||
Total Portfolio Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 814,400 | $ | 827,065 | $ | 824,830 | $ | 796,789 | $ | 778,467 | |||||||||
New Mexico Bank & Trust | 497,837 | 490,102 | 500,296 | 506,424 | 508,874 | ||||||||||||||
Wisconsin Bank & Trust | 446,214 | 355,670 | 353,152 | 340,841 | 333,112 | ||||||||||||||
Rocky Mountain Bank | 278,252 | 286,138 | 280,137 | 264,964 | 256,704 | ||||||||||||||
Riverside Community Bank | 166,852 | 155,191 | 158,186 | 153,174 | 155,320 | ||||||||||||||
Arizona Bank & Trust | 189,314 | 185,186 | 177,953 | 150,629 | 146,346 | ||||||||||||||
Galena State Bank & Trust Co. | 176,109 | 172,530 | 169,160 | 167,677 | 157,398 | ||||||||||||||
Minnesota Bank & Trust | 90,729 | 85,860 | 80,815 | 73,413 | 58,058 | ||||||||||||||
Summit Bank & Trust | 77,264 | 67,909 | 67,932 | 63,658 | 62,422 | ||||||||||||||
Allowance For Loan and Lease Losses | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 9,217 | $ | 9,760 | $ | 9,454 | $ | 9,584 | $ | 9,365 | |||||||||
New Mexico Bank & Trust | 6,837 | 7,834 | 8,705 | 7,110 | 6,633 | ||||||||||||||
Wisconsin Bank & Trust | 4,164 | 3,719 | 3,695 | 3,629 | 3,458 | ||||||||||||||
Rocky Mountain Bank | 4,072 | 4,135 | 4,325 | 4,204 | 3,865 | ||||||||||||||
Riverside Community Bank | 3,240 | 3,122 | 3,114 | 3,206 | 2,834 | ||||||||||||||
Arizona Bank & Trust | 4,444 | 4,723 | 5,390 | 5,315 | 4,627 | ||||||||||||||
Galena State Bank & Trust Co. | 2,031 | 1,932 | 1,808 | 1,854 | 1,835 | ||||||||||||||
Minnesota Bank & Trust | 961 | 915 | 822 | 748 | 588 | ||||||||||||||
Summit Bank & Trust | 1,204 | 1,478 | 1,370 | 1,132 | 1,012 | ||||||||||||||
Nonperforming Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | $ | 2,783 | $ | 2,378 | $ | 2,508 | $ | 3,107 | $ | 3,634 | |||||||||
New Mexico Bank & Trust | 10,711 | 8,455 | 10,856 | 13,368 | 15,161 | ||||||||||||||
Wisconsin Bank & Trust | 5,433 | 6,673 | 7,463 | 7,482 | 8,074 | ||||||||||||||
Rocky Mountain Bank | 8,174 | 6,167 | 6,005 | 7,787 | 8,662 | ||||||||||||||
Riverside Community Bank | 3,473 | 4,685 | 5,222 | 5,458 | 6,729 | ||||||||||||||
Arizona Bank & Trust | 3,549 | 5,409 | 5,645 | 5,755 | 7,927 | ||||||||||||||
Galena State Bank & Trust Co. | 5,080 | 3,242 | 3,778 | 3,699 | 3,853 | ||||||||||||||
Minnesota Bank & Trust | 5 | 5 | 6 | 6 | 6 | ||||||||||||||
Summit Bank & Trust | 3,159 | 2,913 | 2,691 | 2,709 | 2,848 | ||||||||||||||
Allowance As a Percent of Total Loans and Leases | |||||||||||||||||||
Dubuque Bank and Trust Company | 1.13 | % | 1.18 | % | 1.15 | % | 1.20 | % | 1.20 | % | |||||||||
New Mexico Bank & Trust | 1.37 | 1.60 | 1.74 | 1.40 | 1.30 | ||||||||||||||
Wisconsin Bank & Trust | 0.93 | 1.05 | 1.05 | 1.06 | 1.04 | ||||||||||||||
Rocky Mountain Bank | 1.46 | 1.45 | 1.54 | 1.59 | 1.51 | ||||||||||||||
Riverside Community Bank | 1.94 | 2.01 | 1.97 | 2.09 | 1.82 | ||||||||||||||
Arizona Bank & Trust | 2.35 | 2.55 | 3.03 | 3.53 | 3.16 | ||||||||||||||
Galena State Bank & Trust Co. | 1.15 | 1.12 | 1.07 | 1.11 | 1.17 | ||||||||||||||
Minnesota Bank & Trust | 1.06 | 1.07 | 1.02 | 1.02 | 1.01 | ||||||||||||||
Summit Bank & Trust | 1.56 | 2.18 | 2.02 | 1.78 | 1.62 | ||||||||||||||