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8-K - 8-K - HEARTLAND FINANCIAL USA INCq220148kcoverpage.htm


 


CONTACT:
FOR IMMEDIATE RELEASE
Bryan R. McKeag
July 28, 2014
Executive Vice President
 
Chief Financial Officer
 
(563) 589-1994
 
bmckeag@htlf.com
 


HEARTLAND FINANCIAL USA, INC. REPORTS SECOND QUARTER 2014 RESULTS

Quarterly Highlights
§
Net income available to common stockholders of $10.6 million or $0.56 per diluted common share
§
Net interest margin increased 12 basis points from the prior quarter to 4.04%, the highest since second quarter 2012
§
Loan growth of $117.0 million or 13% annualized since March 31, 2014
§
Nonperforming assets decreased $7 million or 12% since March 31, 2014
§
Completed systems conversion of Morrill & Janes Bank and Trust Company
 
Quarter
Ended
June 30,
 
Six Months
Ended
June 30,
 
2014
 
2013
 
2014
 
2013
Net income (in millions)
$
10.8

 
$
9.6

 
$
17.7

 
$
22.1

Net income available to common stockholders (in millions)
10.6

 
9.4

 
17.3

 
21.4

Diluted earnings per common share
0.56

 
0.54

 
0.92

 
1.25

 
 
 
 
 
 
 
 
Return on average assets
0.73
%
 
0.76
%
 
0.60
%
 
0.88
%
Return on average common equity
11.14

 
11.28

 
9.32

 
13.19

Net interest margin
4.04

 
3.71

 
3.98

 
3.74

“Heartland’s second quarter performance was excellent in nearly every respect. Net earnings of $10.6 million exceeded last year’s same quarter by 13 percent. Our results were fueled in part by an expanded net interest margin of 4.04 percent and solid noninterest income.”

Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc.





Dubuque, Iowa, Monday, July 28, 2014-Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported net income available to common stockholders of $10.6 million, or $0.56 per diluted common share, for the quarter ended June 30, 2014, compared to $9.4 million, or $0.54 per diluted common share, for the second quarter of 2013. Return on average common equity was 11.14% and return on average assets was 0.73% for the second quarter of 2014, compared to 11.28% and 0.76%, respectively, for the same quarter in 2013.

Positively affecting net income for the quarter as compared to the same quarter last year was a $11.9 million increase in net interest income, largely due to strong loan growth and the acquisition of Morrill & Janes Bank and Trust Company completed during the last quarter of 2013. This improvement was offset by a $4.3 million decrease in gains on sale of loans held for sale, resulting from weaker mortgage loan volumes, and a $6.7 million increase in noninterest expenses, primarily due to the added expenses at Morrill & Janes Bank and Trust Company.

Commenting on Heartland’s second quarter results, Lynn B. Fuller, Heartland’s chairman, president and chief executive officer said, “Heartland’s second quarter performance was excellent in nearly every respect. Net earnings of $10.6 million exceeded last year’s same quarter by 13 percent. Our results were fueled in part by an expanded net interest margin of 4.04 percent and solid noninterest income.”

Net income available to common stockholders for the first six months of 2014 was $17.3 million, or $0.92 per diluted common share, compared to $21.4 million, or $1.25 per diluted common share, recorded during the first six months of 2013. Return on average common equity was 9.32% and return on average assets was 0.60% for the first six months of 2014, compared to 13.19% and 0.88%, respectively, for the same period in 2013.

Net Interest Margin Increases in Both Percentage and Dollars

Net interest margin, expressed as a percentage of average earning assets, was 4.04% during the second quarter of 2014 compared to 3.92% during the first quarter of 2014 and 3.71% during the second quarter of 2013.

Fuller said, “We are very pleased to see net interest margin increase to 4.04 percent. Our margin has increased by 22 basis points so far in 2014 and by 33 basis points over the past year.”

Interest income increased $11.5 million or 24% to $59.3 million in the second quarter of 2014 from the $47.8 million recorded in the second quarter of 2013. After adjustment to add $2.7 million for the second quarter of 2014 and $2.4 million for the second quarter of 2013 for income taxes saved on the interest earned on nontaxable securities and loans, on a tax-equivalent basis, interest income in the second quarter of 2014 was $62.0 million compared to $50.2 million in the second quarter of 2013. The increase in interest income in the second quarter of 2014, as compared to the second quarter of 2013, was due to increases in both average earning assets and the interest rate earned on those assets. The average interest rate earned on total earning assets was 4.68% during the second quarter of 2014 compared to 4.51% during the second quarter of 2013. Average earning assets increased $859.2 million or 19% during the second quarter of 2014 compared to the second quarter of 2013, with approximately $804.8 million attributable to the Morrill & Janes Bank and Trust Company acquisition completed during the fourth quarter of 2013.

Interest expense for the second quarter of 2014 was $8.5 million, a decrease of $411,000 or 5% from $8.9 million in the second quarter of 2013. Even though average interest bearing liabilities increased $657.5 million or 19% for the quarter ended June 30, 2014, as compared to the same quarter in 2013, the average interest rate paid on Heartland's interest bearing deposits and borrowings declined 21 basis points decreasing from 1.04% in the second quarter of 2013 to 0.83% in the second quarter of 2014. Contributing to this improvement in interest expense was a continued favorable 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 75% during the second quarter of 2014, compared to 70% for the second quarter of 2013. The average interest rate paid on savings deposits was 0.32% during the second quarter of 2014 compared to 0.30% during the second quarter of 2013 and the average interest rate paid on time deposits was 1.14% during the second quarter of 2014 compared to 1.69% during the second quarter of 2013.

Net interest income increased $11.9 million or 31% to $50.8 million in the second quarter of 2014 from the $38.9 million recorded in the second quarter of 2013. Net interest income on a tax-equivalent basis totaled $53.5 million during the second quarter of 2014, an increase of $12.2 million or 30% from the $41.3 million recorded during the second quarter of 2013.






Decrease in Noninterest Income; Increase in Noninterest Expenses

Noninterest income was $20.7 million during the second quarter of 2014 compared to $23.3 million during the second quarter of 2013, a decrease of $2.5 million or 11%, primarily due to a $4.3 million decrease in gains on sale of loans held for sale and a $1.5 million decrease in securities and trading account securities gains. These decreases are related to the moderately higher interest rate environment in the second quarter of 2014, as compared to the low interest rate environment in the second quarter of 2013 that encouraged mortgage loan refinancings and rebalancing of the securities portfolio. The volume of mortgage loans sold totaled $208.4 million during the second quarter of 2014, a 53% decrease from the $445.5 million sold during the second quarter of 2013. The negative impact of these decreases was partially offset by higher service charges and fees, loan servicing income, trust fees and brokerage and insurance commissions.

Fuller commented, “Our Heartland Mortgage unit remains an area of emphasis for Heartland. We are making diligent efforts to increase loan production while seeking efficiencies in the back office.”

For the second quarter of 2014, noninterest expense totaled $53.9 million, an increase of $6.7 million or 14% from the same quarter of 2013, largely due to $5.2 million of expenses at the Morrill & Janes Bank and Trust Company, which was acquired during the last quarter of 2013. Excluding the effect of this acquisition, noninterest expense increased $1.5 million or 3% during the second quarter of 2014 in comparison to the second quarter of 2013.

Heartland's effective tax rate was 27.81% for the second quarter of 2014 compared to 27.35% for the second quarter of 2013. Federal low-income housing tax credits included in Heartland's effective tax rate totaled $200,000 during both the second quarter of 2014 and 2013. 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 34.37% during the second quarter of 2014 compared to 33.71% during the second quarter of 2013. The tax-equivalent adjustment for this tax-exempt interest income was $2.7 million during the second quarter of 2014 compared to $2.4 million during the second quarter of 2013.

Increase in Loans; Slight Decrease in Deposits

Total assets were $5.91 billion at June 30, 2014, a decrease of $9.8 million since year-end 2013. Securities represented 29% of total assets at June 30, 2014, compared to 32% at year-end 2013.

Total loans and leases held to maturity were $3.69 billion at June 30, 2014, compared to $3.50 billion at year-end 2013, an increase of $197.8 million or 11% annualized, with $117.0 million or 59% of this growth occurring in the second quarter. A majority of the year-to-date growth occurred in the commercial and commercial real estate loan portfolio, which increased $170.6 million or 14% annualized since year-end 2013, with $102.9 million or 60% of this growth occurring during the second quarter.

Fuller stated, “An important contributor to Heartland’s solid performance is excellent loan growth of nearly $200 million during the first six months of this year. Our investments in sales technology, tools and training along with active outbound calling, are generating solid increases in organic loan growth.”

Total deposits were $4.64 billion as of June 30, 2014, compared to $4.67 billion at year-end 2013, a decrease of $25.0 million or 1% annualized. Demand deposits totaled $1.22 billion at June 30, 2014, a decrease of $16.9 million or 3% annualized since year-end 2013. Also experiencing a decrease during the first six months, certificates of deposit totaled $863.0 million at June 30, 2014, a decrease of $29.7 million or 7% annualized. Savings deposits experienced an increase during the first six months, growing to $2.56 billion at June 30, 2014, an increase of $21.5 million or 2% annualized. With the continued decline in time deposits, Heartland has continued its positive trend in lower cost of funds.

Fuller said, “While deposit growth has slowed this year, we continue to see a very favorable deposit mix. Demand deposits represent 26 percent of our deposits and, when combined with savings deposits, represent 81 percent of total deposits.”

Decrease in Nonperforming Assets; Increase in Provision for Loan Losses as Result of Loan Growth

Nonperforming loans, exclusive of those covered under the loss sharing agreements, were $29.1 million or 0.79% of total loans and leases at June 30, 2014, compared to $42.4 million or 1.21% of total loans and leases at





December 31, 2013. Approximately 45%, or $13.2 million, of Heartland's nonperforming loans have individual loan balances exceeding $1.0 million, the largest of which is $3.9 million. These nonperforming loans, to an aggregate of six borrowers, are spread over five different industry classifications with 60% located in Heartland's Western and the remainder in Heartland's Midwestern markets.

Other real estate owned was $24.4 million at June 30, 2014, compared to $29.9 million at December 31, 2013. 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.

The allowance for loan and lease losses at June 30, 2014, was 1.11% of loans and leases and 140.64% of nonperforming loans compared to 1.19% of loans and leases and 98.27% of nonperforming loans at December 31, 2013. The provision for loan losses was $2.8 million for the second quarter of 2014 compared to $1.9 million for the second quarter of 2013. This increase was primarily a result of the higher loan growth experienced during the second quarter of 2014.

Net charge-offs on loans during the second quarter of 2014 were $432,000, down $9.0 million as compared to the prior quarter and down $1.3 million as compared to the second quarter of 2013.

“Steady and significant improvement in credit quality is an important driver of Heartland’s year-to-date performance. Over the last twelve months we’ve reduced nonperforming assets by $23 million or 30 percent, resulting in a ratio of nonperforming assets to total assets below one percent, the lowest level we've seen in nearly seven years,” Fuller concluded.

Conference Call Details
Heartland will host a conference call for investors at 5:00 p.m. EDT today. To participate, dial 877-407-0781 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 July 27, 2015, by logging on to www.htlf.com.

About Heartland Financial USA, Inc.
Heartland Financial USA, Inc. is a $5.9 billion diversified financial services company providing banking, mortgage, wealth management, investment, insurance and consumer finance services to individuals and businesses. Heartland currently has 77 banking locations in 57 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas and Missouri and loan production offices in California, Nevada, Wyoming, Idaho, North Dakota, Oregon, Washington and Nebraska. 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 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
June 30,
 
For the Six Months Ended
June 30,

2014
 
2013
 
2014

2013
Interest Income
 
 
 
 



Interest and fees on loans and leases
$
48,101

 
$
39,726

 
$
94,485


$
79,553

Interest on securities:

 

 



Taxable
7,447

 
4,712

 
15,208


9,371

Nontaxable
3,708

 
3,360

 
6,830


6,558

Interest on federal funds sold

 

 



Interest on deposits in other financial institutions
7

 
2

 
14


6

Total Interest Income
59,263

 
47,800

 
116,537


95,488

Interest Expense

 

 



Interest on deposits
4,577

 
5,066

 
9,355


10,142

Interest on short-term borrowings
202

 
108

 
428


256

Interest on other borrowings
3,685

 
3,702

 
7,343


7,499

Total Interest Expense
8,464

 
8,876

 
17,126


17,897

Net Interest Income
50,799

 
38,924

 
99,411


77,591

Provision for loan and lease losses
2,751

 
1,862

 
9,082


2,499

Net Interest Income After Provision for Loan and Lease Losses
48,048

 
37,062

 
90,329


75,092

Noninterest Income
 
 

 



Service charges and fees
5,254

 
4,280

 
10,150


8,288

Loan servicing income
1,393

 
141

 
2,904


267

Trust fees
3,343

 
2,942

 
6,553


5,846

Brokerage and insurance commissions
1,158

 
1,087

 
2,281


2,038

Securities gains, net
854

 
2,067

 
1,635


5,494

Gain (loss) on trading account securities

 
262

 
(38
)

576

Gains on sale of loans held for sale
8,796

 
13,048

 
15,175


26,205

Loss on sales/valuations of repossessed assets, net
(798
)
 
(1,600
)
 
(921
)

(2,101
)
Valuation adjustment on mortgage servicing rights

 

 


496

Income on bank owned life insurance
339

 
315

 
702


720

Other noninterest income
398

 
716

 
1,023


1,396

Total Noninterest Income
20,737

 
23,258

 
39,464


49,225

Noninterest Expense

 

 



Salaries and employee benefits
32,563

 
29,516

 
64,882


59,256

Occupancy
3,984

 
3,224

 
8,034


6,409

Furniture and equipment
2,085

 
2,065

 
3,975


4,116

Professional fees
4,214

 
4,233

 
8,740


7,776

FDIC insurance assessments
980

 
861

 
1,960


1,763

Advertising
1,511

 
1,248

 
2,699


2,476

Intangible assets amortization
591

 
198

 
1,215


398

Other real estate and loan collection expenses
518

 
877

 
1,570


1,716

Other noninterest expenses
7,415

 
4,944

 
13,201


9,502

Total Noninterest Expense
53,861

 
47,166

 
106,276


93,412

Income Before Income Taxes
14,924

 
13,154

 
23,517


30,905

Income taxes
4,150

 
3,598

 
5,853


8,797

Net Income
10,774

 
9,556

 
17,664


22,108

Net income attributable to noncontrolling interest, net of tax

 

 


(64
)
Net Income Attributable to Heartland
10,774

 
9,556

 
17,664


22,044

Preferred dividends and discount
(204
)
 
(205
)
 
(408
)

(613
)
Net Income Available to Common Stockholders
$
10,570

 
$
9,351

 
$
17,256


$
21,431

Earnings per common share-diluted
$
0.56

 
$
0.54

 
$
0.92


$
1.25

Weighted average shares outstanding-diluted
18,746,735

 
17,203,924

 
18,739,067


17,193,446






HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

For the Quarter Ended

6/30/2014

3/31/2014

12/31/2013

9/30/2013

6/30/2013
Interest Income









Interest and fees on loans and leases
$
48,101


$
46,384


$
44,995


$
40,154


$
39,726

Interest on securities:









Taxable
7,447


7,761


7,327


4,803


4,712

Nontaxable
3,708


3,122


3,294


3,443


3,360

Interest on federal funds sold




1





Interest on deposits in other financial institutions
7


7


3


3


2

Total Interest Income
59,263


57,274


55,620


48,403


47,800

Interest Expense









Interest on deposits
4,577


4,778


5,057


4,769


5,066

Interest on short-term borrowings
202


226


421


131


108

Interest on other borrowings
3,685


3,658


3,785


3,623


3,702

Total Interest Expense
8,464


8,662


9,263


8,523


8,876

Net Interest Income
50,799


48,612


46,357


39,880


38,924

Provision for loan and lease losses
2,751


6,331


2,049


5,149


1,862

Net Interest Income After Provision for Loan and Lease Losses
48,048


42,281


44,308


34,731


37,062

Noninterest Income
 
 
 
 
 
 
 
 
 
Service charges and fees
5,254


4,896


4,885


4,487


4,280

Loan servicing income
1,393


1,511


783


598


141

Trust fees
3,343


3,210


2,944


2,918


2,942

Brokerage and insurance commissions
1,158


1,123


1,246


1,277


1,087

Securities gains, net
854


781


509


1,118


2,067

Gain (loss) on trading account securities


(38
)

582


263


262

Gains on sale of loans held for sale
8,796


6,379


5,353


8,637


13,048

Loss on sales/valuations of repossessed assets, net
(798
)

(123
)

(359
)

(339
)

(1,600
)
Valuation adjustment on mortgage servicing rights









Income on bank owned life insurance
339


363


426


409


315

Other noninterest income
398


625


846


1,011


716

Total Noninterest Income
20,737


18,727


17,215


20,379


23,258

Noninterest Expense
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
32,563


32,319


30,121


28,847


29,516

Occupancy
3,984


4,050


3,663


3,387


3,224

Furniture and equipment
2,085


1,890


2,007


1,917


2,065

Professional fees
4,214


4,526


5,270


4,486


4,233

FDIC insurance assessments
980


980


1,036


745


861

Advertising
1,511


1,188


1,458


1,360


1,248

Intangible assets amortization
591


624


469


196


198

Other real estate and loan collection expenses
518


1,052


1,999


730


877

Other noninterest expenses
7,415


5,786


7,519


5,140


4,944

Total Noninterest Expense
53,861


52,415


53,542


46,808


47,166

Income Before Income Taxes
14,924


8,593


7,981


8,302


13,154

Income taxes
4,150


1,703


46


1,492


3,598

Net Income
10,774


6,890


7,935


6,810


9,556

Net income attributable to noncontrolling interest, net of tax









Net Income Attributable to Heartland
10,774


6,890


7,935


6,810


9,556

Preferred dividends and discount
(204
)

(204
)

(204
)

(276
)

(205
)
Net Income Available to Common Stockholders
$
10,570


$
6,686


$
7,731


$
6,534


$
9,351

Earnings per common share-diluted
$
0.56


$
0.36


$
0.42


$
0.38


$
0.54

Weighted average shares outstanding-diluted
18,746,735


18,724,936


18,360,470


17,221,154


17,203,924







HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

As Of

6/30/2014

3/31/2014

12/31/2013

9/30/2013

6/30/2013
Assets









Cash and due from banks
$
98,613


$
84,744


$
118,441


$
160,225


$
105,127

Federal funds sold and other short-term investments
4,047

 
3,884

 
6,829

 
4,783

 
6,970

Cash and cash equivalents
102,660

 
88,628

 
125,270

 
165,008

 
112,097

Time deposits in other financial institutions
3,105

 
3,355

 
3,355

 
3,605

 
3,605

Securities:
 
 
 
 
 
 
 
 
 
Trading, at fair value

 

 
1,801

 
1,219

 
956

Available for sale, at fair value
1,412,809

 
1,400,756

 
1,633,902

 
1,374,180

 
1,507,026

Held to maturity, at cost
257,217

 
257,927

 
237,498

 
53,841

 
55,199

Other investments, at cost
20,932

 
18,755

 
21,843

 
17,430

 
15,392

Loans held for sale
87,173


54,862


46,665


61,326


88,541

Loans and leases:









Held to maturity
3,694,734


3,577,776


3,496,952


2,901,706


2,832,377

Loans covered by loss share agreements
4,379


5,466


5,749


5,876


6,275

 Allowance for loan and lease losses
(40,892
)

(38,573
)

(41,685
)

(41,311
)

(37,623
)
Loans and leases, net
3,658,221


3,544,669


3,461,016


2,866,271


2,801,029

Premises, furniture and equipment, net
133,127


135,054


135,714


129,029


129,938

Other real estate, net
24,395

 
28,083

 
29,852

 
33,018

 
34,763

Goodwill
35,583


35,583


35,583


30,627


30,627

Other intangible assets, net
32,732


32,690


32,959


23,435


22,056

Cash surrender value on life insurance
81,840


81,486


81,110


79,238


75,992

FDIC indemnification asset
124


190


249


795


282

Other assets
64,000


65,064


76,899


73,708


82,253

Total Assets
$
5,913,918


$
5,747,102


$
5,923,716


$
4,912,730


$
4,959,756

Liabilities and Equity









Liabilities









Deposits:









 Demand
$
1,221,703


$
1,195,457


$
1,238,581


$
1,073,688


$
1,029,784

 Savings
2,556,784


2,582,166


2,535,242


2,043,397


1,978,962

 Time
862,995


885,741


892,676


807,913


832,388

Total deposits
4,641,482


4,663,364


4,666,499


3,924,998


3,841,134

Short-term borrowings
420,494


256,250


408,756


224,048


339,181

Other borrowings
329,715


334,916


350,109


322,538


336,332

Accrued expenses and other liabilities
49,806


35,237


58,892


44,543


47,974

Total Liabilities
5,441,497


5,289,767


5,484,256


4,516,127


4,564,621

Stockholders' Equity









Preferred equity
81,698


81,698


81,698


81,698


81,698

Common stock
18,468

 
18,455

 
18,399

 
16,953

 
16,947

Capital surplus
93,334

 
92,199

 
91,632

 
52,641

 
52,710

Retained earnings
278,632

 
269,908

 
265,067

 
259,172

 
254,332

Accumulated other comprehensive income (loss)
289

 
(4,903
)
 
(17,336
)
 
(13,819
)
 
(10,200
)
Treasury stock at cost

 
(22
)
 

 
(42
)
 
(352
)
Total Heartland Stockholders' Equity
472,421


457,335


439,460


396,603


395,135

 Noncontrolling interest









Total Equity
472,421


457,335


439,460


396,603


395,135

Total Liabilities and Equity
$
5,913,918


$
5,747,102


$
5,923,716


$
4,912,730


$
4,959,756







HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)

DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 
 
 
For the Quarter Ended
June 30,
 
For the Six Months Ended
June 30,
 
 
 
2014
 
2013
 
2014
 
2013
Average Balances
 
 
 
 
 
 
 
 
 
Assets
 
 
$
5,800,104

 
$
4,932,852

 
$
5,785,309

 
$
4,911,556

Loans and leases, net of unearned
 
 
3,692,159

 
2,905,778

 
3,631,977

 
2,891,449

Deposits
 
 
4,665,993

 
3,871,945

 
4,649,683

 
3,836,731

Earning assets
 
 
5,321,149

 
4,461,923

 
5,299,857

 
4,433,182

Interest bearing liabilities
 
 
4,091,233

 
3,433,686

 
4,090,466

 
3,423,221

Common stockholders' equity
 
 
380,561

 
332,386

 
373,265

 
327,629

Total stockholders' equity
 
 
462,259

 
414,976

 
454,963

 
411,150

Tangible common stockholders' equity
 
 
334,747

 
299,225

 
326,866

 
294,366


 
 

 

 

 

Earnings Performance Ratios
 
 

 

 

 

Annualized return on average assets
 
 
0.73
%
 
0.76
%
 
0.60
%
 
0.88
%
Annualized return on average common equity
 
 
11.14
%
 
11.28
%
 
9.32
%
 
13.19
%
Annualized return on average common tangible equity
 
 
12.66
%
 
12.53
%
 
10.65
%
 
14.68
%
Annualized net interest margin(1)
 
 
4.04
%
 
3.71
%
 
3.98
%
 
3.74
%
Efficiency ratio, fully taxable equivalent(2)
 
 
71.75
%
 
73.27
%
 
73.32
%
 
72.62
%
 
(1) Computed on a tax equivalent basis using an effective tax rate of 35%.
(2) Efficiency ratio, fully taxable equivalent, is noninterest expense, divided by the sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains (losses), loss on sales/valuations of repossessed assets, net, and intangible assets amortization. This efficiency ratio is presented on a taxable equivalent basis, which adjusts net interest income for the tax-favored status of certain loans and investment securities. Management believes this measure to be the preferred industry measurement of net interest income as it enhances the comparability of net interest income arising from taxable and tax-exempt sources, and it excludes certain specific revenue items (such as investment securities gains (losses), net, and loss on sales/valuations of repossessed assets, net). This is a non-GAAP measure.
HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 
For the Quarter Ended
 
6/30/2014

3/31/2014

12/31/2013

9/30/2013

6/30/2013
Average Balances









Assets
$
5,800,104


$
5,770,350


$
5,604,487


$
4,901,972


$
4,932,852

Loans and leases, net of unearned
3,692,159


3,571,127


3,341,252


2,937,508


2,905,778

Deposits
4,665,993


4,633,192


4,512,170


3,861,624


3,871,945

Earning assets
5,321,149


5,278,331


5,061,822


4,396,140


4,461,923

Interest bearing liabilities
4,091,233


4,089,691


3,921,951


3,413,205


3,433,686

Common stockholders' equity
380,561


365,889


349,056


309,472


332,386

Total stockholders' equity
462,259


447,587


430,754


391,170


414,976

Tangible common stockholders' equity
334,747


318,898


308,802


276,511


299,225











Earnings Performance Ratios









Annualized return on average assets
0.73
%

0.47
%

0.55
%

0.53
%

0.76
%
Annualized return on average common equity
11.14
%

7.41
%

8.79
%

8.38
%

11.28
%
Annualized return on average common tangible equity
12.66
%

8.50
%

9.93
%

9.38
%

12.53
%
Annualized net interest margin(1)
4.04
%

3.92
%

3.82
%

3.81
%

3.71
%
Efficiency ratio, fully taxable equivalent(2)
71.75
%

75.00
%

80.61
%

75.35
%

73.27
%
 
(1) Computed on a tax equivalent basis using an effective tax rate of 35%.
(2) Efficiency ratio, fully taxable equivalent, is noninterest expense, divided by the sum of taxable equivalent net interest income plus noninterest income, excluding investment securities gains (losses), loss on sales/valuations of repossessed assets, net, and intangible assets amortization. This efficiency ratio is presented on a taxable equivalent basis, which adjusts net interest income for the tax-favored status of certain loans and investment securities. Management believes this measure to be the preferred industry measurement of net interest income as it enhances the comparability of net interest income arising from taxable and tax-exempt sources, and it excludes certain specific revenue items (such as investment securities gains (losses), net, and loss on sales/valuations of repossessed assets, net). This is a non-GAAP measure.





HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND FULL TIME EQUIVALENT EMPLOYEE DATA

As of and for the Quarter Ended

6/30/2014

3/31/2014

12/31/2013

9/30/2013

6/30/2013
Common Share Data









Book value per common share
$
21.16


$
20.36


$
19.44


$
18.58


$
18.51

Tangible book value per common share(1)
$
18.69


$
17.86


$
16.90


$
16.64


$
16.56

ASC 320 effect on book value per common share
$
0.13


$
(0.16
)

$
(0.82
)

$
(0.66
)

$
(0.44
)
Common shares outstanding, net of treasury stock
18,467,646


18,454,048


18,399,156


16,951,053


16,934,161

Tangible capital ratio(2)
5.88
%

5.78
%

5.29
%

5.78
%

5.69
%
 
 
 
 
 
 
 
 
 
 
Loan and Lease Data









Loans held to maturity:









Commercial and commercial real estate
$
2,650,517


$
2,547,625


$
2,479,880


$
2,042,995


$
2,004,883

Residential mortgage
341,697


365,162


349,349


269,501


248,604

Agricultural and agricultural real estate
389,918


370,348


376,735


324,339


327,490

Consumer
315,234


297,978


294,145


268,112


254,825

Unearned discount and deferred loan fees
(2,632
)

(3,337
)

(3,157
)

(3,241
)

(3,425
)
Total loans and leases held to maturity
$
3,694,734


$
3,577,776


$
3,496,952


$
2,901,706


$
2,832,377

 
 
 
 
 
 
 
 
 
 
Loans covered under loss share agreements:









Commercial and commercial real estate
$
1,208


$
2,292


$
2,314


$
2,402


$
2,519

Residential mortgage
1,995


2,062


2,280


2,433


2,493

Agricultural and agricultural real estate
567


502


543


446


441

Consumer
609


610


612


595


822

Total loans and leases covered under loss share agreements
$
4,379


$
5,466


$
5,749


$
5,876


$
6,275











Other Selected Trend Information














Effective tax rate
27.81
%

19.82
%

0.57
%

17.98
%

27.35
%
Average full time equivalent employees
1,655


1,678


1,662


1,616


1,542

Trust assets under management
$
1,859,643


$
1,736,308


$
1,621,970


$
1,535,092


$
1,577,903

Total Residential Mortgage Loan Applications
$
460,533


$
316,829


$
293,115


$
416,128


$
653,461

Residential Mortgage Loans Originated
$
277,895


$
175,249


$
232,150


$
349,012


$
470,813

Residential Mortgage Loans Sold
$
208,429


$
149,993


$
214,334


$
336,780


$
445,452

Residential Mortgage Loan Servicing Portfolio
$
3,198,510


$
3,107,589


$
3,045,893


$
2,887,667


$
2,679,283

 
 
 
 
 
 
 
 
 
 
(1) Total common stockholders' equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by common shares outstanding, net of treasury. This is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength.
(2) 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 but has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength.






HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 
As of and for the Quarter Ended
 
6/30/2014

3/31/2014

12/31/2013

9/30/2013

6/30/2013
Allowance for Loan and Lease Losses









Balance, beginning of period
$
38,573


$
41,685


$
41,311


$
37,623


$
37,528

Provision for loan and lease losses
2,751


6,331


2,049


5,149


1,862

Charge-offs on loans not covered by loss share agreements
(1,392
)

(10,617
)

(3,197
)

(2,454
)

(2,742
)
Charge-offs on loans covered by loss share agreements
(8
)

(41
)



(59
)

(31
)
Recoveries
913


1,215


1,522


1,052


1,006

Recoveries on loans covered by loss share agreements
55









Balance, end of period
$
40,892


$
38,573


$
41,685


$
41,311


$
37,623

 
 
 
 
 
 
 
 
 
 
Asset Quality









Not covered under loss share agreements:









Nonaccrual loans
$
29,076


$
31,928


$
42,394


$
47,088


$
41,003

Loans and leases past due ninety days or more as to interest or principal payments




24




6

Other real estate owned
23,761


28,033


29,794


32,753


33,709

Other repossessed assets
414


397


397


469


603

Total nonperforming assets not covered under loss share agreements
$
53,251


$
60,358


$
72,609


$
80,310


$
75,321

 
 
 
 
 
 
 
 
 
 
Covered under loss share agreements:









Nonaccrual loans
$
297


$
820


$
783


$
805


$
571

Other real estate owned
634


50


58


265


1,054

Other repossessed assets

 

 

 
4

 

Total nonperforming assets covered under loss share agreements
$
931


$
870


$
841


$
1,074


$
1,625

 
 
 
 
 
 
 
 
 
 
Performing troubled debt restructured loans
$
12,076


$
12,548


$
19,353


$
19,371


$
32,661

 
 
 
 
 
 
 
 
 
 
Nonperforming Assets Activity









Balance, beginning of period
$
61,228


$
73,450


$
81,384


$
76,946


$
71,209

Net loan charge offs
(432
)

(9,443
)

(1,675
)

(1,461
)

(1,767
)
New nonperforming loans
4,264


5,328


6,981


16,070


18,471

Reduction of nonperforming loans(1)
(4,145
)

(3,303
)

(4,951
)

(5,653
)

(2,634
)
OREO/Repossessed assets sales proceeds
(5,878
)

(4,731
)

(6,907
)

(3,444
)

(5,953
)
OREO/Repossessed assets writedowns, net
(902
)

(80
)

(1,387
)

(1,048
)

(2,284
)
Net activity at Citizens Finance Co.
47


7


5


(26
)

(96
)
Balance, end of period
$
54,182


$
61,228


$
73,450


$
81,384


$
76,946

 
Asset Quality Ratios Excluding Assets Covered Under Loss Share Agreements
 
 
 
 
 
 
 
 
 
Ratio of nonperforming loans and leases to total loans and leases
0.79
%

0.89
%

1.21
%

1.62
%

1.45
%
Ratio of nonperforming assets to total assets
0.90
%

1.06
%

1.23
%

1.63
%

1.52
%
Annualized ratio of net loan charge-offs to average loans and leases
0.05
%

1.07
%

0.20
%

0.20
%

0.24
%
Allowance for loan and lease losses as a percent of loans and leases
1.11
%

1.08
%

1.19
%

1.42
%

1.33
%
Allowance for loan and lease losses as a percent of nonperforming loans and leases
140.64
%

120.81
%

98.27
%

87.73
%

91.74
%
Loans delinquent 30-89 days as a percent of total loans
0.25
%

0.31
%

0.32
%

0.53
%

0.46
%
 
 
 
 
 
 
 
 
 
 
(1) Includes principal reductions and transfers to performing status






HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS

For the Quarter Ended

June 30, 2014

June 30, 2013

Average





Average





Balance

Interest

Rate

Balance

Interest

Rate
Earning Assets











Securities:











Taxable
$
1,287,411


$
7,447


2.32
%

$
1,191,838


$
4,712


1.59
%
Nontaxable(1)
374,093


5,705


6.12


392,298


5,169


5.28

Total securities
1,661,504


13,152


3.17


1,584,136


9,881


2.50

Interest bearing deposits
7,236


7


0.39


9,607


2


0.08

Federal funds sold
202






160





Loans and leases:











Commercial and commercial real estate(1)
2,584,110


31,418


4.88


1,998,000


25,266


5.07

Residential mortgage
428,160


4,617


4.33


334,706


3,473


4.16

Agricultural and agricultural real estate(1)
371,191


4,742


5.12


322,438


4,204


5.23

Consumer
308,698


6,484


8.42


250,634


5,926


9.48

Fees on loans


1,604






1,436



Less: allowance for loan and lease losses
(39,952
)





(37,758
)




Net loans and leases
3,652,207


48,865


5.37


2,868,020


40,305


5.64

Total earning assets
5,321,149


62,024


4.68
%

4,461,923


50,188


4.51
%
Nonearning Assets
478,955






470,929





Total Assets
$
5,800,104






$
4,932,852





Interest Bearing Liabilities











Savings
$
2,585,831


$
2,090


0.32
%

$
2,011,051


$
1,509


0.30
%
Time, $100,000 and over
328,950


842


1.03


313,760


1,169


1.49

Other time deposits
543,326


1,645


1.21


528,775


2,388


1.81

Short-term borrowings
300,936


202


0.27


243,665


108


0.18

Other borrowings
332,190


3,685


4.45


336,435


3,702


4.41

Total interest bearing liabilities
4,091,233


8,464


0.83
%

3,433,686


8,876


1.04
%
Noninterest Bearing Liabilities











Noninterest bearing deposits
1,207,886






1,018,359





Accrued interest and other liabilities
38,726






65,831





Total noninterest bearing liabilities
1,246,612






1,084,190





Stockholders' Equity
462,259






414,976





Total Liabilities and Stockholders' Equity
$
5,800,104






$
4,932,852





Net interest income(1)


$
53,560






$
41,312



Net interest spread(1)




3.85
%





3.47
%
Net interest income to total earning assets(1)




4.04
%





3.71
%
Interest bearing liabilities to earning assets
76.89
%





76.96
%




 
 
 
 
 
 
 
 
 
 
 
 
(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 Six Months Ended

June 30, 2014

June 30, 2013

Average





Average





Balance

Interest

Rate

Balance

Interest

Rate
Earning Assets











Securities:











Taxable
$
1,315,116


$
15,208


2.33
%

$
1,188,223


$
9,371


1.59
%
Nontaxable(1)
386,438


10,508


5.48


381,644


10,089


5.33

Total securities
1,701,554


25,716


3.05


1,569,867


19,460


2.50

Interest bearing deposits
6,828


14


0.41


9,298


6


0.13

Federal funds sold
504






893





Loans and leases:











Commercial and commercial real estate(1)
2,542,457


61,730


4.90


1,990,270


50,826


5.15

Residential mortgage
414,254


8,967


4.37


334,227


6,912


4.17

Agricultural and agricultural real estate(1)
372,681


9,477


5.13


318,827


8,568


5.42

Consumer
302,585


12,668


8.44


248,125


11,750


9.55

Fees on loans


3,099






2,630



Less: allowance for loan and lease losses
(41,006
)





(38,325
)




Net loans and leases
3,590,971


95,941


5.39


2,853,124


80,686


5.70

Total earning assets
5,299,857


121,671


4.63
%

4,433,182


100,152


4.56
%
Nonearning Assets
485,452






478,374





Total Assets
$
5,785,309






$
4,911,556





Interest Bearing Liabilities











Savings
2,562,256


4,152


0.33
%

1,986,381


3,142


0.32
%
Time, $100,000 and over
334,615


1,717


1.03


314,755


2,339


1.50

Other time deposits
555,097


3,486


1.27


539,644


4,661


1.74

Short-term borrowings
303,489


428


0.28


236,747


256


0.22

Other borrowings
335,009


7,342


4.42


345,694


7,499


4.37

Total interest bearing liabilities
4,090,466


17,125


0.84
%

3,423,221


17,897


1.05
%
Noninterest Bearing Liabilities











Noninterest bearing deposits
1,197,715






995,951





Accrued interest and other liabilities
42,165






81,234





Total noninterest bearing liabilities
1,239,880






1,077,185





Stockholders' Equity
454,963






411,150





Total Liabilities and Stockholders' Equity
$
5,785,309






$
4,911,556





Net interest income(1)


$
104,546






$
82,255



Net interest spread(1)




3.79
%





3.51
%
Net interest income to total earning assets(1)




3.98
%





3.74
%
Interest bearing liabilities to earning assets
77.18
%





77.22
%
















(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
 
6/30/2014
3/31/2014
12/31/2013
9/30/2013
6/30/2013
Total Assets





Dubuque Bank and Trust Company
$
1,393,391

$
1,346,025

$
1,540,049

$
1,438,041

$
1,512,215

New Mexico Bank & Trust
1,050,117

1,020,381

1,032,441

999,555

1,029,360

Morrill & Janes Bank and Trust Company
837,148

859,998

890,984



Wisconsin Bank & Trust
658,773

631,501

643,430

635,606

643,727

Riverside Community Bank
506,150

490,147

443,114

460,224

450,915

Rocky Mountain Bank
472,079

456,201

467,443

464,221

448,855

Arizona Bank & Trust
467,966

472,141

450,320

415,174

393,829

Galena State Bank & Trust Co.
297,298

281,981

290,457

296,383

290,388

Minnesota Bank & Trust
165,250

157,965

170,517

166,324

164,714

Summit Bank & Trust
135,721

116,154

113,719

115,547

118,049

Total Deposits





Dubuque Bank and Trust Company
$
1,001,798

$
1,066,711

$
1,116,154

$
1,118,225

$
1,122,506

New Mexico Bank & Trust
814,523

790,172

765,572

765,903

748,345

Morrill & Janes Bank and Trust Company
680,176

673,325

692,038



Wisconsin Bank & Trust
558,654

544,323

531,371

545,163

527,762

Riverside Community Bank
392,053

403,643

353,046

371,779

334,248

Rocky Mountain Bank
384,856

379,017

380,011

375,949

367,707

Arizona Bank & Trust
382,011

381,121

368,059

320,737

321,813

Galena State Bank & Trust Co.
257,029

244,682

244,505

252,691

245,324

Minnesota Bank & Trust
148,260

142,750

154,812

151,659

145,246

Summit Bank & Trust
118,275

104,598

101,447

102,855

102,891

Net Income (Loss)





Dubuque Bank and Trust Company
$
4,135

$
2,381

$
5,009

$
2,737

$
3,694

New Mexico Bank & Trust
2,855

2,199

1,575

1,660

2,520

Morrill & Janes Bank and Trust Company
1,711

1,301

1,145



Wisconsin Bank & Trust
1,299

1,068

1,850

1,990

1,534

Riverside Community Bank
393

527

433

546

240

Rocky Mountain Bank
388

1,049

576

916

854

Arizona Bank & Trust
1,243

837

125

380

1,568

Galena State Bank & Trust Co.
1,072

802

403

324

981

Minnesota Bank & Trust
59

122

(31
)
(124
)
196

Summit Bank & Trust
(82
)
(434
)
44

(368
)
(242
)
Return on Average Assets





Dubuque Bank and Trust Company
1.20
%
0.67
%
1.36
%
0.74
%
1.00
%
New Mexico Bank & Trust
1.10

0.88

0.61

0.66

0.99

Morrill & Janes Bank and Trust Company
0.81

0.62

0.66



Wisconsin Bank & Trust
0.82

0.69

1.16

1.24

0.96

Riverside Community Bank
0.31

0.49

0.38

0.46

0.21

Rocky Mountain Bank
0.34

0.92

0.49

0.80

0.75

Arizona Bank & Trust
1.05

0.74

0.12

0.38

1.59

Galena State Bank & Trust Co.
1.51

1.15

0.54

0.43

1.35

Minnesota Bank & Trust
0.15

0.32

(0.07
)
(0.32
)
0.55

Summit Bank & Trust
(0.26
)
(1.57
)
0.15

(1.27
)
(0.85
)
Net Interest Margin as a Percentage of Average Earning Assets





Dubuque Bank and Trust Company
3.67
%
3.72
%
3.59
%
3.30
%
3.23
%
New Mexico Bank & Trust
3.96

3.80

3.63

3.58

3.53

Morrill & Janes Bank and Trust Company
3.50

3.17

2.97



Wisconsin Bank & Trust
4.27

4.41

4.39

4.43

4.25

Riverside Community Bank
3.57

3.45

3.17

2.82

2.89

Rocky Mountain Bank
4.36

4.21

4.22

4.15

3.96

Arizona Bank & Trust
4.47

4.37

4.35

4.57

4.29

Galena State Bank & Trust Co.
3.79

3.74

3.47

3.32

3.48

Minnesota Bank & Trust
3.88

3.79

3.64

3.50

3.30

Summit Bank & Trust
3.98

4.03

3.79

3.76

3.57







HEARTLAND FINANCIAL USA, INC.
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited)
DOLLARS IN THOUSANDS

As of

6/30/2014

3/31/2014

12/31/2013

9/30/2013

6/30/2013
Total Portfolio Loans and Leases









Dubuque Bank and Trust Company
$
908,729


$
897,860


$
915,377


$
828,502


$
828,088

New Mexico Bank & Trust
575,685


556,928


529,808


508,452


501,373

Morrill & Janes Bank and Trust Company
429,326

 
400,243

 
384,685

 

 

Wisconsin Bank & Trust
496,486


465,969


459,594


444,174


442,184

Riverside Community Bank
233,668

 
227,920

 
186,739

 
181,024

 
174,498

Rocky Mountain Bank
339,479


317,513


316,702


301,224


285,900

Arizona Bank & Trust
328,438


343,298


329,211


278,616


251,416

Galena State Bank & Trust Co.
181,135


183,012


183,639


177,480


169,306

Minnesota Bank & Trust
105,142

 
98,818

 
101,491

 
94,182

 
89,121

Summit Bank & Trust
84,040


72,898


73,150


75,681


75,869

Allowance For Loan and Lease Losses









Dubuque Bank and Trust Company
$
9,441


$
8,839


$
10,303


$
11,040


$
8,858

New Mexico Bank & Trust
6,628


6,388


7,202


7,007


6,619

Morrill & Janes Bank and Trust Company
1,741

 
1,137

 
406

 

 

Wisconsin Bank & Trust
4,564


4,281


4,850


4,554


4,420

Riverside Community Bank
3,335

 
2,835

 
3,121

 
3,012

 
2,924

Rocky Mountain Bank
4,179


3,965


4,148


4,451


4,404

Arizona Bank & Trust
3,754


3,913


4,133


3,841


3,573

Galena State Bank & Trust Co.
1,553


1,716


1,916


1,872


1,759

Minnesota Bank & Trust
1,071

 
1,021

 
1,091

 
1,068

 
944

Summit Bank & Trust
1,099


1,054


1,334


1,297


1,222

Nonperforming Loans and Leases









Dubuque Bank and Trust Company
$
5,718


$
7,729


$
15,641


$
19,803


$
9,612

New Mexico Bank & Trust
4,781


5,195


6,880


7,406


8,606

Morrill & Janes Bank and Trust Company
368

 
129

 
160

 

 

Wisconsin Bank & Trust
3,617


4,904


6,165


6,825


7,921

Riverside Community Bank
6,213

 
5,213

 
3,325

 
4,120

 
2,769

Rocky Mountain Bank
3,471


3,271


3,326


4,076


5,997

Arizona Bank & Trust
2,946


3,200


4,413


1,862


2,240

Galena State Bank & Trust Co.
826


939


1,077


1,131


1,246

Minnesota Bank & Trust

 

 

 

 
3

Summit Bank & Trust
567


584


688


1,021


1,897

Allowance As a Percent of Total Loans and Leases









Dubuque Bank and Trust Company
1.04
%

0.98
%

1.13
%

1.33
%

1.07
%
New Mexico Bank & Trust
1.15


1.15


1.36


1.38


1.32

Morrill & Janes Bank and Trust Company
0.41

 
0.28

 
0.11

 

 

Wisconsin Bank & Trust
0.92


0.92


1.06


1.03


1.00

Riverside Community Bank
1.43

 
1.24

 
1.67

 
1.66

 
1.68

Rocky Mountain Bank
1.23


1.25


1.31


1.48


1.54

Arizona Bank & Trust
1.14


1.14


1.26


1.38


1.42

Galena State Bank & Trust Co.
0.86


0.94


1.04


1.05


1.04

Minnesota Bank & Trust
1.02

 
1.03

 
1.07

 
1.13

 
1.06

Summit Bank & Trust
1.31


1.45


1.82


1.71


1.61