HEARTLAND FINANCIAL USA INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - 8-K - HEARTLAND FINANCIAL USA INC	form8kq22015coverpage.htm



CONTACT:	FOR IMMEDIATE RELEASE
Bryan R. McKeag	July 27, 2015
Executive Vice President
Chief Financial Officer
(563) 589-1994
bmckeag@htlf.com

HEARTLAND FINANCIAL USA, INC. REPORTS SECOND QUARTER 2015 RESULTS

Quarterly Highlights



§	Net income available to common stockholders of $15.0 million or $0.72 per diluted common share
§	Return on average tangible common equity of 14.14%
§	Net interest margin of 3.97%
§	Loan growth of $206.1 million or 19% annualized since March 31, 2015
§	Gains on sale of loans held for sale of $14.6 million, a $5.8 million or 66% increase over the second quarter 2014
§	Announced signing of three merger agreements:
	§	Community Bancorporation of New Mexico, Inc. on April 16, 2015
	§	First Scottsdale Bank, National Association on May 15, 2015
	§	Premier Valley Bank based in Fresno, California on May 29, 2015
§	Completed systems conversion of Community Bank & Trust into Wisconsin Bank & Trust on May 15, 2015



	Quarter Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Net income (in millions)	$	15.2		$	10.8		$	30.9		$	17.7
Net income available to common stockholders (in millions)	15.0			10.6			30.5			17.3
Diluted earnings per common share	0.72			0.56			1.47			0.92

Return on average assets	0.91		%	0.73		%	0.94		%	0.60		%
Return on average common equity	12.26			11.14			12.90			9.32
Return on average tangible common equity	14.14			12.66			14.88			10.65
Net interest margin	3.97			4.04			3.93			3.98



“Heartland’s second quarter performance was excellent. Net earnings of $15 million exceeded last year’s same quarter by 41 percent. Our results were fueled in part by a solid net interest margin of 3.97 percent, strong loan growth and an exceptional increase in noninterest income.” Lynn B. Fuller, chairman and chief executive officer, Heartland Financial USA, Inc.

Dubuque, Iowa, Monday, July 27, 2015-Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported net income available to common stockholders of $15.0 million, or $0.72 per diluted common share, for the quarter ended June 30, 2015, compared to $10.6 million, or $0.56 per diluted common share, for the second quarter of 2014. Return on average common equity was 12.26% and return on average assets was 0.91% for the second quarter of 2015, compared to 11.14% and 0.73%, respectively, for the same quarter in 2014.

Positively affecting net income for the quarter were increases in net interest income, securities gains and gains on sale of loans held for sale. These improvements were partially offset by increases in the provision for loan and lease losses, salaries and employee benefits and other noninterest expenses. Loan growth for the quarter was $206.1 million or 19% annualized since March 31, 2015.

Commenting on Heartland’s second quarter results, Lynn B. Fuller, Heartland’s chairman and chief executive officer said, “Heartland’s second quarter performance was excellent. Net earnings of $15 million exceeded last year’s same quarter by 41 percent. Our results were fueled in part by a solid net interest margin of 3.97 percent, strong loan growth and an exceptional increase in noninterest income.”

Net income available to common stockholders for the first six months of 2015 was $30.5 million, or $1.47 per diluted common share, compared to $17.3 million, or $0.92 per diluted common share, recorded during the first six months of 2014. Return on average common equity was 12.90% and return on average assets was 0.94% for the first six months of 2015, compared to 9.32% and 0.60%, respectively, for the same period in 2014.

On January 16, 2015, Heartland completed the acquisition of Community Banc-Corp of Sheboygan, Inc., parent company of Community Bank & Trust in Sheboygan, Wisconsin, in an all stock transaction. Simultaneous with the closing, Community Bank & Trust was merged into Heartland's Wisconsin Bank & Trust subsidiary. As of the close date, the transaction included, at fair value, total assets of $525.3 million, total loans of $395.0 million and total deposits of $434.0 million. Systems conversion for this transaction was completed on May 15, 2015.

During the second quarter of 2015, Heartland announced it had entered into three definitive merger agreements. The first is with Community Bancorporation of New Mexico, Inc., parent company of Community Bank in Santa Fe, New Mexico. Under the terms of this agreement, Heartland will acquire Community Bancorporation of New Mexico, Inc. in an all cash transaction valued at approximately $11.3 million. Simultaneous with closing of the transaction, which is expected to occur during the third quarter of 2015,Community Bank will be merged into Heartland’s New Mexico Bank & Trust subsidiary. Community Bank had assets of approximately $183 million at March 31, 2015.

The second is with First Scottsdale Bank, National Association, in Scottsdale, Arizona. Under this agreement, Heartland will acquire First Scottsdale Bank in an all cash transaction valued at approximately $17.7 million, and First Scottsdale Bank will be merged into Heartland’s Arizona Bank & Trust subsidiary. The transaction is expected to close during the third quarter of 2015. First Scottsdale Bank had assets of approximately $106 million at March 31, 2015.

The third merger agreement signed during the quarter is with Premier Valley Bank, a community bank based in Fresno, California, that had assets of approximately $647 million at March 31, 2015. Under this agreement, Premier Valley will become a wholly-owned subsidiary of Heartland and operate under its present name and management team as Heartland's tenth state-chartered bank. Premier Valley shareholders will receive approximately $95 million or $7.73 per share of Premier Valley common stock in the merger, and may elect to receive this payment in shares of Heartland common stock or in cash, subject to proration so that 70% of the total payment is in Heartland common stock and 30% in cash. The transaction is expected to close during the fourth quarter of 2015.

“Expansion of our banking franchise through both organic and acquired growth remains a high priority for Heartland. The second quarter proved to be very active in terms of expansion with three acquisition announcements,” Fuller said.

Net Interest Margin As a Percentage of Average Earning Assets and In Dollars Increases

Net interest margin, expressed as a percentage of average earning assets, was 3.97% during the second quarter of 2015, an increase from 3.90% during the first quarter of 2015 and a decrease from 4.04% during the second quarter of 2014.

Fuller said, “We are very pleased to see net interest margin maintained near 4 percent. Our success in maintaining margin above many of our peers is a result of continuous pricing discipline on both sides of the balance sheet.”

Interest income increased $6.2 million or 10% to $65.4 million in the second quarter of 2015 from the $59.3 million recorded in the second quarter of 2014. After adjustment to add $2.4 million for the second quarter of 2015 and $2.7 million for the second quarter of 2014 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 2015 was $67.8 million compared to $62.0 million in the second quarter of 2014. The increase in interest income in the second quarter of 2015, as compared to the second quarter of 2014, was primarily due to an increase in average earning assets, which increased $748.7 million or 14% during the second quarter of 2015 compared to the second quarter of 2014, with approximately $412.7 million attributable to the acquisition completed during the first quarter of 2015 and the remainder attributable primarily to loan growth experienced during the last half of 2014 and first half of 2015. Also contributing to the increase in interest income during the second quarter of 2015 compared to the second quarter of 2014 was a change in the composition of average earning assets from lower-yielding investments to higher-yielding loans. The percentage of average net loans and leases to total earning assets was 73% during the second quarter of 2015 compared to 69% during the second quarter of 2014.

Interest expense for the second quarter of 2015 was $7.8 million, a decrease of $667,000 or 8% from $8.5 million in the second quarter of 2014. Average interest bearing liabilities increased $360.0 million or 9% for the quarter ended June 30, 2015, as compared to the same quarter in 2014, while the average interest rate paid on Heartland's interest bearing deposits and borrowings declined 13 basis points from 0.83% in the second quarter of 2014 to 0.70% in the second quarter of 2015. The average interest rate paid on savings deposits was 0.23% during the second quarter of 2015 compared to 0.32% during the second quarter of 2014 and the average interest rate paid on time deposits was 0.97% during the second quarter of 2015 compared to 1.14% during the second quarter of 2014.

Net interest income increased $6.8 million or 13% to $57.6 million in the second quarter of 2015 from the $50.8 million recorded in the second quarter of 2014. Net interest income on a tax-equivalent basis totaled $60.1 million during the second quarter of 2015, an increase of $6.5 million or 12% from the $53.6 million recorded during the second quarter of 2014.

Noninterest Income Increases; Noninterest Expense Increases

Noninterest income totaled $30.7 million during the second quarter of 2015 compared to $21.5 million during the second quarter of 2014, an increase of $9.1 million or 42%. Net securities gains totaled $3.1 million during the second quarter of 2015 compared to $854,000 during the second quarter of 2014, an increase of $2.3 million or 264%. Gains on sale of loans held for sale totaled $14.6 million during the second quarter of 2015 compared to $8.8 million during the second quarter of 2014, an increase of $5.8 million or 66%.

For the second quarter of 2015, noninterest expenses totaled $63.5 million compared to $54.7 million during the second quarter of 2014, an increase of $8.8 million or 16%. The largest contributor to this increase was salaries and employee benefits, which increased $4.3 million or 13%, with $1.1 million attributable to the acquisition. Salaries and employee benefits were also affected by increases in incentive plan accruals and higher compensation in the mortgage segment during the second quarter of 2015. The other noninterest expense categories with significant increases during the second quarter of 2015 in comparison with the second quarter of 2014 were professional fees, which increased $1.0 million or 25%, and other noninterest expenses, which increased $3.1 million or 46%. Included in the 2015 second quarter other noninterest expenses was $2.2 million in costs associated with a partnership investment in a commercial and residential real estate project which qualifies for historic rehabilitation tax credits. These credits are included as a reduction to income tax expense as further described below. Excluding the effect of the cost associated with the tax credit investment, other noninterest expenses increased $945,000 or 14% during the second quarter of 2015 in comparison to the second quarter of 2014.

Heartland's effective tax rate was 20.83% for the second quarter of 2015 compared to 27.81% for the second quarter of 2014. Included in Heartland's income taxes for the second quarter of 2015 were federal historic rehabilitation tax credits totaling $2.9 million associated with Heartland's ownership interest in a qualifying real estate project. Federal low-income housing tax credits included in Heartland's income taxes totaled $145,000 during the second quarter of 2015 compared to $200,000 during the second quarter of 2014. Heartland's effective tax rate was also affected by the level of tax-exempt interest income which, as a percentage of pre-tax income, was 23.35% during the second quarter of 2015 compared to 34.37% during the second quarter of 2014. The tax-equivalent adjustment for this tax-exempt interest income was $2.4 million during the second quarter of 2015 and $2.7 million during the second quarter of 2014.

Loans Increase Significantly and Deposits Decrease Slightly

Total assets were $6.72 billion at June 30, 2015, an increase of $665.2 million or 11% since year-end 2014. Total assets of Community Banc-Corp of Sheboygan, Inc. at acquisition date were $525.3 million. Securities represented 24% of total assets at June 30, 2015, compared to 28% at year-end 2014.

Total loans and leases held to maturity were $4.45 billion at June 30, 2015, compared to $3.88 billion at year-end 2014, an increase of $573.1 million or 15%, which includes $395.0 million acquired in the Community Bank & Trust merger. Exclusive of this acquisition, total loans and leases held to maturity increased $178.1 million or 9% annualized since year-end 2014.

Total deposits were $5.32 billion as of June 30, 2015, compared to $4.77 billion at year-end 2014, an increase of $549.2 million or 12%, with $434.0 million attributable to the Community Bank & Trust acquisition. Demand deposits totaled $1.54 billion at June 30, 2015, an increase of $241.2 million or 19% since year-end 2014, with $117.1 million attributable to the acquisition. Included in the deposit growth during the first six months of 2015 was a $140.3 million increase in brokered time deposits, the majority of which was issued during the second quarter to replace higher cost long-term FHLB advances and wholesale repurchase agreements that matured during the first six months of 2015.

Fuller stated, “An important contributor to Heartland’s solid performance is excellent loan growth of over $200 million in the second quarter. Growth in quality loans remains our number one priority and pipelines point toward continued growth.”

Decrease in Nonperforming Assets; Increase in Provision for Loan Losses

Nonperforming loans, excluding those covered under loss sharing agreements, were $26.7 million or 0.60% of total loans and leases at June 30, 2015, compared to $25.1 million or 0.63% of total loans and leases at December 31, 2014. Exclusive of $6.1 million of nonperforming assets acquired in the acquisition of Community Bank & Trust, nonperforming assets decreased $6.7 million or 15% since year-end 2014.

The allowance for loan and lease losses at June 30, 2015, was 1.03% of loans and leases and 170.78% of nonperforming loans compared to 1.07% of loans and leases and 168.58% of nonperforming loans at December 31, 2014. The provision for loan losses was $5.7 million for the second quarter of 2015 compared to $2.8 million for the second quarter of 2014, with a considerable portion of the increase attributed to the loan growth experienced during the quarter.

“Credit quality remains exceptional with non-performing loans to total loans at .60%, a four basis point improvement over the previous quarter. Steady and significant improvement in credit quality is an important driver of Heartland’s excellent performance,” Fuller concluded.

Conference Call Details

Heartland will host a conference call for investors at 5:00 p.m. EDT today. To participate, dial 877-407-0782 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. A replay will be available until July 25, 2016, by logging on to www.htlf.com.

About Heartland Financial USA, Inc.

Heartland Financial USA, Inc. is a diversified financial services company providing banking, mortgage, wealth management, investment, insurance and consumer finance services to individuals and businesses. Heartland currently has 85 banking locations in 63 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas and Missouri, and loan production offices in California, Nevada, Idaho, Oregon and Washington. 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,
	2015			2014			2015			2014
Interest Income
Interest and fees on loans and leases	$	55,824		$	48,101		$	108,873		$	94,485
Interest on securities:
Taxable	6,739			7,447			13,871			15,208
Nontaxable	2,874			3,708			5,790			6,830
Interest on federal funds sold	1			—			2			—
Interest on deposits in other financial institutions	3			7			7			14
Total Interest Income	65,441			59,263			128,543			116,537
Interest Expense
Interest on deposits	3,819			4,577			7,991			9,355
Interest on short-term borrowings	212			202			410			428
Interest on other borrowings	3,766			3,685			8,568			7,343
Total Interest Expense	7,797			8,464			16,969			17,126
Net Interest Income	57,644			50,799			111,574			99,411
Provision for loan and lease losses	5,674			2,751			7,345			9,082
Net Interest Income After Provision for Loan and Lease Losses	51,970			48,048			104,229			90,329
Noninterest Income
Service charges and fees	5,900			5,254			11,304			10,150
Loan servicing income	1,163			1,393			2,204			2,904
Trust fees	3,913			3,343			7,544			6,553
Brokerage and insurance commissions	916			1,158			2,003			2,281
Securities gains, net	3,110			854			7,463			1,635
Loss on trading account securities	—			—			—			(38		)
Gains on sale of loans held for sale	14,599			8,796			28,341			15,175
Income on bank owned life insurance	459			339			983			702
Other noninterest income	601			398			1,482			1,023
Total Noninterest Income	30,661			21,535			61,324			40,385
Noninterest Expense
Salaries and employee benefits	36,851			32,563			73,489			64,882
Occupancy	4,028			3,984			8,287			8,034
Furniture and equipment	2,176			2,085			4,282			3,975
Professional fees	5,249			4,214			11,293			8,740
FDIC insurance assessments	899			980			1,855			1,960
Advertising	1,333			1,511			2,514			2,699
Intangible assets amortization	715			591			1,346			1,215
Other real estate and loan collection expenses	753			518			1,218			1,570
Loss on sales/valuations of assets, net	1,509			1,379			1,862			1,542
Other noninterest expenses	9,969			6,834			16,950			12,580
Total Noninterest Expense	63,482			54,659			123,096			107,197
Income Before Income Taxes	19,149			14,924			42,457			23,517
Income taxes	3,989			4,150			11,588			5,853
Net Income	15,160			10,774			30,869			17,664
Preferred dividends and discount	(204		)	(204		)	(408		)	(408		)
Net Income Available to Common Stockholders	$	14,956		$	10,570		$	30,461		$	17,256
Earnings per common share-diluted	$	0.72		$	0.56		$	1.47		$	0.92
Weighted average shares outstanding-diluted	20,877,236			18,746,735			20,681,800			18,739,067



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	6/30/2015			3/31/2015			12/31/2014			9/30/2014			6/30/2014
Interest Income
Interest and fees on loans and leases	$	55,824		$	53,049		$	50,226		$	49,311		$	48,101
Interest on securities:
Taxable	6,739			7,132			6,972			7,547			7,447
Nontaxable	2,874			2,916			3,190			3,249			3,708
Interest on federal funds sold	1			1			—			1			—
Interest on deposits in other financial institutions	3			4			3			6			7
Total Interest Income	65,441			63,102			60,391			60,114			59,263
Interest Expense
Interest on deposits	3,819			4,172			4,144			4,655			4,577
Interest on short-term borrowings	212			198			222			227			202
Interest on other borrowings	3,766			4,802			3,854			3,741			3,685
Total Interest Expense	7,797			9,172			8,220			8,623			8,464
Net Interest Income	57,644			53,930			52,171			51,491			50,799
Provision for loan and lease losses	5,674			1,671			2,866			2,553			2,751
Net Interest Income After Provision for Loan and Lease Losses	51,970			52,259			49,305			48,938			48,048
Noninterest Income
Service charges and fees	5,900			5,404			5,078			4,857			5,254
Loan servicing income	1,163			1,041			1,360			1,319			1,393
Trust fees	3,913			3,631			3,350			3,194			3,343
Brokerage and insurance commissions	916			1,087			1,115			1,044			1,158
Securities gains, net	3,110			4,353			1,208			825			854
Loss on trading account securities	—			—			—			—			—
Gains on sale of loans held for sale	14,599			13,742			7,778			8,384			8,796
Income on bank owned life insurance	459			524			399			371			339
Other noninterest income	601			881			945			612			398
Total Noninterest Income	30,661			30,663			21,233			20,606			21,535
Noninterest Expense
Salaries and employee benefits	36,851			36,638			31,415			33,546			32,563
Occupancy	4,028			4,259			3,905			3,807			3,984
Furniture and equipment	2,176			2,106			2,097			2,033			2,085
Professional fees	5,249			6,044			5,072			4,429			4,214
FDIC insurance assessments	899			956			960			888			980
Advertising	1,333			1,181			1,442			1,383			1,511
Intangible assets amortization	715			631			487			521			591
Other real estate and loan collection expenses	753			465			524			215			518
Loss on sales/valuations of assets, net	1,509			353			116			447			1,379
Other noninterest expenses	9,969			6,981			7,930			7,386			6,834
Total Noninterest Expense	63,482			59,614			53,948			54,655			54,659
Income Before Income Taxes	19,149			23,308			16,590			14,889			14,924
Income taxes	3,989			7,599			4,327			2,916			4,150
Net Income	15,160			15,709			12,263			11,973			10,774
Preferred dividends and discount	(204		)	(204		)	(204		)	(205		)	(204		)
Net Income Available to Common Stockholders	$	14,956		$	15,505		$	12,059		$	11,768		$	10,570
Earnings per common share-diluted	$	0.72		$	0.76		$	0.64		$	0.63		$	0.56
Weighted average shares outstanding-diluted	20,877,236			20,493,266			18,762,272			18,752,748			18,746,735



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	As Of
	6/30/2015			3/31/2015			12/31/2014			9/30/2014			6/30/2014
Assets
Cash and due from banks	$	111,909		$	104,475		$	64,150		$	63,400		$	98,613
Federal funds sold and other short-term investments	7,813			7,257			9,721			4,436			4,047
Cash and cash equivalents	119,722			111,732			73,871			67,836			102,660
Time deposits in other financial institutions	2,355			2,605			2,605			2,605			3,105
Securities:
Available for sale, at fair value	1,315,699			1,353,537			1,401,868			1,369,703			1,412,809
Held to maturity, at cost	283,258			284,030			284,587			255,312			257,217
Other investments, at cost	20,455			18,297			20,498			20,514			20,932
Loans held for sale	105,898			105,670			70,514			93,054			87,173
Loans and leases:
Held to maturity	4,449,823			4,243,689			3,876,745			3,798,305			3,694,734
Loans covered by loss share agreements	—			—			1,258			3,850			4,379
Allowance for loan and lease losses	(45,614		)	(41,854		)	(41,449		)	(41,698		)	(40,892		)
Loans and leases, net	4,404,209			4,201,835			3,836,554			3,760,457			3,658,221
Premises, furniture and equipment, net	143,423			145,132			130,713			132,240			133,127
Other real estate, net	16,983			19,097			19,016			20,475			24,395
Goodwill	54,162			51,073			35,583			35,583			35,583
Other intangible assets, net	45,226			44,024			33,932			33,399			32,732
Cash surrender value on life insurance	96,693			95,118			82,638			82,224			81,840
FDIC indemnification asset	—			—			—			83			124
Other assets	108,924			74,126			59,433			61,122			63,792
Total Assets	$	6,717,007		$	6,506,276		$	6,051,812		$	5,934,607		$	5,913,710
Liabilities and Equity
Liabilities
Deposits:
Demand	$	1,536,355		$	1,515,004		$	1,295,193		$	1,274,439		$	1,221,703
Savings	2,816,666			2,863,744			2,687,493			2,599,850			2,556,784
Time	964,248			887,650			785,336			852,430			862,995
Total deposits	5,317,269			5,266,398			4,768,022			4,726,719			4,641,482
Short-term borrowings	477,918			259,335			330,264			348,305			420,494
Other borrowings	296,594			361,300			395,705			334,311			329,507
Accrued expenses and other liabilities	46,020			51,896			61,504			41,873			49,806
Total Liabilities	6,137,801			5,938,929			5,555,495			5,451,208			5,441,289
Stockholders' Equity
Preferred equity	81,698			81,698			81,698			81,698			81,698
Common stock	20,616			20,586			18,511			18,477			18,468
Capital surplus	148,789			147,642			95,816			94,393			93,334
Retained earnings	325,106			312,212			298,764			288,555			278,632
Accumulated other comprehensive income	3,059			5,255			1,528			276			289
Treasury stock at cost	(62		)	(46		)	—			—			—
Total Equity	579,206			567,347			496,317			483,399			472,421
Total Liabilities and Equity	$	6,717,007		$	6,506,276		$	6,051,812		$	5,934,607		$	5,913,710



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,
				2015			2014			2015			2014
Average Balances
Assets				$	6,625,797		$	5,800,104		$	6,540,509		$	5,785,309
Loans and leases, net of unearned				4,447,124			3,692,159			4,357,855			3,631,977
Deposits				5,302,235			4,665,993			5,232,398			4,649,683
Earning assets				6,069,844			5,321,149			5,964,112			5,299,857
Interest bearing liabilities				4,451,200			4,091,233			4,424,840			4,090,466
Common stockholders' equity				489,394			380,561			476,295			373,265
Total stockholders' equity				571,092			462,259			557,933			454,963
Tangible common stockholders' equity				424,245			334,747			412,834			326,866

Key Performance Ratios
Annualized return on average assets				0.91		%	0.73		%	0.94		%	0.60		%
Annualized return on average common equity				12.26		%	11.14		%	12.90		%	9.32		%
Annualized return on average common tangible equity				14.14		%	12.66		%	14.88		%	10.65		%
Annualized ratio of net charge-offs to average loans and leases				0.17		%	0.05		%	0.07		%	0.55		%
Annualized net interest margin⁽¹⁾				3.97		%	4.04		%	3.93		%	3.98		%
Efficiency ratio, fully taxable equivalent⁽²⁾				67.43		%	70.97		%	69.14		%	72.88		%

(1) Computed on a tax equivalent basis using an effective tax rate of 35%.
(2) Refer to the "Non-GAAP Reconciliation-Efficiency Ratio" table that follows for details of this non-GAAP measure.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	6/30/2015			3/31/2015			12/31/2014			9/30/2014			6/30/2014
Average Balances
Assets	$	6,625,797		$	6,454,271		$	5,974,188		$	5,882,792		$	5,800,104
Loans and leases, net of unearned	4,447,124			4,267,593			3,899,465			3,812,218			3,692,159
Deposits	5,302,235			5,161,782			4,784,592			4,710,177			4,665,993
Earning assets	6,069,844			5,857,204			5,508,287			5,426,336			5,321,149
Interest bearing liabilities	4,451,200			4,398,184			4,123,478			4,099,526			4,091,233
Common stockholders' equity	489,394			463,048			406,664			393,740			380,561
Total stockholders' equity	571,092			544,746			488,362			475,438			462,259
Tangible common stockholders' equity	424,245			401,294			361,916			348,423			334,747

Key Performance Ratios
Annualized return on average assets	0.91		%	0.97		%	0.80		%	0.79		%	0.73		%
Annualized return on average common equity	12.26		%	13.58		%	11.77		%	11.86		%	11.14		%
Annualized return on average common tangible equity	14.14		%	15.67		%	13.22		%	13.40		%	12.66		%
Annualized ratio of net charge-offs to average loans and leases	0.17		%	0.12		%	0.32		%	0.18		%	0.05		%
Annualized net interest margin⁽¹⁾	3.97		%	3.90		%	3.94		%	3.96		%	4.04		%
Efficiency ratio, fully taxable equivalent⁽²⁾	67.43		%	70.95		%	69.99		%	70.76		%	70.97		%

(1) Computed on a tax equivalent basis using an effective tax rate of 35%.
(2) Refer to the "Non-GAAP Reconciliation-Efficiency Ratio" table that follows for details of this non-GAAP measure.



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,
Reconciliation of Non-GAAP Measure-Efficiency Ratio				2015			2014			2015			2014
Net interest income				$	57,644		$	50,799		$	111,574		$	99,411
Taxable equivalent adjustment⁽¹⁾				2,408			2,762			4,801			5,134
Fully taxable equivalent net interest income				60,052			53,561			116,375			104,545
Noninterest income				30,661			21,535			61,324			40,385
Securities gains, net				(3,110		)	(854		)	(7,463		)	(1,635		)
Adjusted income				$	87,603		$	74,242		$	170,236		$	143,295

Total noninterest expenses				$	63,482		$	54,659		$	123,096		$	107,197
Less:
Intangible assets amortization				715			591			1,346			1,215
Partnership investment in historic rehabilitation tax credits				2,190			—			2,190			—
Loss on sales/valuations of assets, net				1,509			1,379			1,862			1,542
Adjusted noninterest expenses				$	59,068		$	52,689		$	117,698		$	104,440

Efficiency ratio, fully taxable equivalent⁽²⁾				67.43		%	70.97		%	69.14		%	72.88		%

(1) Computed on a tax equivalent basis using an effective tax rate of 35%.
(2) Efficiency ratio, fully taxable equivalent, expresses noninterest expenses as a percentage of fully taxable equivalent net interest income and noninterest income. Noninterest income and noninterest expenses exclude items that management believes are not comparable among the periods presented. This measure should not be considered a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP measure provides supplemental useful information for proper understanding of the financial results.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	6/30/2015			3/31/2015			12/31/2014			9/30/2014			6/30/2014
Reconciliation of Non-GAAP Measure-Efficiency Ratio
Net interest income	$	57,644		$	53,930		$	52,171		$	51,491		$	50,799
Taxable equivalent adjustment⁽¹⁾	2,408			2,393			2,550			2,613			2,762
Fully taxable equivalent net interest income	60,052			56,323			54,721			54,104			53,561
Noninterest income	30,661			30,663			21,233			20,606			21,535
Securities gains, net	(3,110		)	(4,353		)	(1,208		)	(825		)	(854		)
Adjusted income	$	87,603		$	82,633		$	74,746		$	73,885		$	74,242

Total noninterest expenses	$	63,482		$	59,614		$	53,948		$	54,655		$	54,659
Less:
Intangible assets amortization	715			631			487			521			591
Partnership investment in historic rehabilitation tax credits	2,190			—			1,028			1,408			—
Loss on sales/valuation of assets, net	1,509			353			116			447			1,379
Adjusted noninterest expenses	$	59,068		$	58,630		$	52,317		$	52,279		$	52,689

Efficiency ratio, fully taxable equivalent⁽²⁾	67.43		%	70.95		%	69.99		%	70.76		%	70.97		%

(1) Computed on a tax equivalent basis using an effective tax rate of 35%.
(2) Efficiency ratio, fully taxable equivalent, expresses noninterest expenses as a percentage of fully taxable equivalent net interest income and noninterest income. Noninterest income and noninterest expenses exclude items that management believes are not comparable among the periods presented. This measure should not be considered a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP measure provides supplemental useful information for proper understanding of the financial results.



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
	6/30/2015			3/31/2015			12/31/2014			9/30/2014			6/30/2014
Common Share Data
Book value per common share	$	24.13		$	23.59		$	22.40		$	21.74		$	21.16
Tangible book value per common share⁽¹⁾	$	20.84		$	20.41		$	19.99		$	19.30		$	18.69
ASC 320 effect on book value per common share	$	0.21		$	0.38		$	0.19		$	0.10		$	0.13
Common shares outstanding, net of treasury stock	20,614,325			20,585,072			18,511,125			18,477,463			18,467,646
Tangible capital ratio⁽²⁾	6.46		%	6.52		%	6.16		%	6.06		%	5.88		%

Loan and Lease Data
Loans held to maturity:
Commercial and commercial real estate	$	3,199,717		$	3,067,315		$	2,743,140		$	2,709,544		$	2,650,517
Residential mortgage	443,026			413,938			380,341			360,309			341,697
Agricultural and agricultural real estate	444,110			411,732			423,827			404,423			389,918
Consumer	364,441			351,981			330,555			326,148			315,234
Unearned discount and deferred loan fees	(1,471		)	(1,277		)	(1,118		)	(2,119		)	(2,632		)
Total loans and leases held to maturity	$	4,449,823		$	4,243,689		$	3,876,745		$	3,798,305		$	3,694,734

Loans covered under loss share agreements:
Commercial and commercial real estate	$	—		$	—		$	54		$	1,188		$	1,208
Residential mortgage	—			—			1,204			1,762			1,995
Agricultural and agricultural real estate	—			—			—			573			567
Consumer	—			—			—			327			609
Total loans and leases covered under loss share agreements	$	—		$	—		$	1,258		$	3,850		$	4,379

Other Selected Trend Information
Effective tax rate	20.83		%	32.60		%	26.08		%	19.59		%	27.81		%
Full time equivalent employees	1,788			1,776			1,631			1,646			1,658
Trust assets under management	$	1,957,616		$	2,064,044		$	1,860,546		$	1,820,612		$	1,859,643
Total Residential Mortgage Loan Applications	$	615,463		$	647,487		$	383,845		$	445,039		$	460,533
Residential Mortgage Loans Originated	$	421,798		$	319,581		$	293,268		$	312,428		$	277,895
Residential Mortgage Loans Sold	$	402,151		$	268,786		$	281,250		$	283,677		$	208,429
Residential Mortgage Loan Servicing Portfolio	$	3,785,794		$	3,578,409		$	3,498,724		$	3,362,717		$	3,198,510

(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
	6/30/2015			3/31/2015			12/31/2014			9/30/2014			6/30/2014
Allowance for Loan and Lease Losses
Balance, beginning of period	$	41,854		$	41,449		$	41,698		$	40,892		$	38,573
Provision for loan and lease losses	5,674			1,671			2,866			2,553			2,751
Charge-offs on loans not covered by loss share agreements	(2,734		)	(2,004		)	(4,020		)	(2,649		)	(1,392		)
Charge-offs on loans covered by loss share agreements	—			—			—			—			(8		)
Recoveries	820			738			905			894			913
Recoveries on loans covered by loss share agreements	—			—			—			8			55
Balance, end of period	$	45,614		$	41,854		$	41,449		$	41,698		$	40,892

Asset Quality
Not covered under loss share agreements:
Nonaccrual loans	$	26,710		$	27,023		$	25,070		$	30,130		$	29,076
Loans and leases past due ninety days or more as to interest or principal payments	—			9			—			—			—
Other real estate owned	16,983			19,097			19,016			19,873			23,761
Other repossessed assets	544			404			445			506			414
Total nonperforming assets not covered under loss share agreements	$	44,237		$	46,533		$	44,531		$	50,509		$	53,251

Covered under loss share agreements:
Nonaccrual loans	$	—		$	—		$	278		$	297		$	297
Other real estate owned	—			—			—			602			634
Total nonperforming assets covered under loss share agreements	$	—		$	—		$	278		$	899		$	931

Performing troubled debt restructured loans	$	10,903		$	10,904		$	12,133		$	11,994		$	12,076

Nonperforming Assets Activity
Balance, beginning of period	$	46,533		$	44,809		$	51,408		$	54,182		$	61,228
Net loan charge offs	(1,914		)	(1,266		)	(3,115		)	(1,747		)	(432		)
New nonperforming loans	4,676			4,059			5,226			5,911			4,264
Acquired nonperforming assets	—			6,101			—			—			—
Reduction of nonperforming loans⁽¹⁾	(1,409		)	(4,493		)	(6,446		)	(2,679		)	(4,145		)
OREO/Repossessed assets sales proceeds	(3,202		)	(2,312		)	(1,252		)	(4,313		)	(5,878		)
OREO/Repossessed assets writedowns, net	(565		)	(319		)	(918		)	(38		)	(902		)
Net activity at Citizens Finance Co.	118			(46		)	(94		)	92			47
Balance, end of period	$	44,237		$	46,533		$	44,809		$	51,408		$	54,182

Asset Quality Ratios Excluding Assets Covered Under Loss Share Agreements
Ratio of nonperforming loans and leases to total loans and leases	0.60		%	0.64		%	0.63		%	0.79		%	0.79		%
Ratio of nonperforming assets to total assets	0.66		%	0.72		%	0.73		%	0.85		%	0.90		%
Annualized ratio of net loan charge-offs to average loans and leases	0.17		%	0.12		%	0.32		%	0.18		%	0.05		%
Allowance for loan and lease losses as a percent of loans and leases	1.03		%	0.99		%	1.07		%	1.10		%	1.11		%
Allowance for loan and lease losses as a percent of nonperforming loans and leases	170.78		%	154.83		%	168.58		%	138.40		%	140.64		%
Loans delinquent 30-89 days as a percent of total loans	0.31		%	0.42		%	0.21		%	0.32		%	0.25		%

(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, 2015							June 30, 2014
	Average Balance			Interest		Rate		Average Balance			Interest		Rate
Earning Assets
Securities:
Taxable	$	1,324,870		$	6,739	2.04	%	$	1,287,411		$	7,447	2.32	%
Nontaxable⁽¹⁾	325,023			4,422		5.46		374,093			5,705		6.12
Total securities	1,649,893			11,161		2.71		1,661,504			13,152		3.17
Interest bearing deposits	10,889			3		0.11		7,236			7		0.39
Federal funds sold	5,109			1		0.08		202			—		—
Loans and leases:⁽²⁾
Commercial and commercial real estate⁽¹⁾	3,122,239			37,666		4.84		2,584,110			31,418		4.88
Residential mortgage	538,170			5,415		4.04		428,160			4,617		4.33
Agricultural and agricultural real estate⁽¹⁾	428,284			5,280		4.94		371,191			4,742		5.12
Consumer	358,431			7,204		8.06		308,698			6,484		8.42
Fees on loans	—			1,119		—		—			1,604		—
Less: allowance for loan and lease losses	(43,171		)	—		—		(39,952		)	—		—
Net loans and leases	4,403,953			56,684		5.16		3,652,207			48,865		5.37
Total earning assets	6,069,844			67,849		4.48	%	5,321,149			62,024		4.68	%
Nonearning Assets	555,953							478,955
Total Assets	$	6,625,797						$	5,800,104
Interest Bearing Liabilities
Savings	$	2,852,272		$	1,642	0.23	%	$	2,585,831		$	2,090	0.32	%
Time, $100,000 and over	348,661			794		0.91		328,950			842		1.03
Other time deposits	552,115			1,383		1.00		543,326			1,645		1.21
Short-term borrowings	373,021			212		0.23		300,936			202		0.27
Other borrowings	325,131			3,766		4.65		332,190			3,685		4.45
Total interest bearing liabilities	4,451,200			7,797		0.70	%	4,091,233			8,464		0.83	%
Noninterest Bearing Liabilities
Noninterest bearing deposits	1,549,187							1,207,886
Accrued interest and other liabilities	54,318							38,726
Total noninterest bearing liabilities	1,603,505							1,246,612
Stockholders' Equity	571,092							462,259
Total Liabilities and Stockholders' Equity	$	6,625,797						$	5,800,104
Net interest income⁽¹⁾				$	60,052						$	53,560
Net interest spread⁽¹⁾						3.78	%						3.85	%
Net interest income to total earning assets⁽¹⁾						3.97	%						4.04	%
Interest bearing liabilities to earning assets	73.33		%					76.89		%

(1) Computed on a tax equivalent basis using an effective tax rate of 35%
(2) Nonaccrual loans are included in average loans outstanding.



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
	For the Six Months Ended
	June 30, 2015							June 30, 2014
	Average Balance			Interest		Rate		Average Balance			Interest		Rate
Earning Assets
Securities:
Taxable	$	1,304,304		$	13,871	2.14	%	$	1,315,116		$	15,208	2.33	%
Nontaxable⁽¹⁾	328,163			8,908		5.47		386,438			10,508		5.48
Total securities	1,632,467			22,779		2.81		1,701,554			25,716		3.05
Interest bearing deposits	10,046			7		0.14		6,828			14		0.41
Federal funds sold	6,356			2		0.06		504			—		—
Loans and leases:⁽²⁾
Commercial and commercial real estate⁽¹⁾	3,072,995			73,541		4.83		2,542,457			61,730		4.90
Residential mortgage	508,723			10,298		4.08		414,254			8,967		4.37
Agricultural and agricultural real estate⁽¹⁾	423,295			10,310		4.91		372,681			9,477		5.13
Consumer	352,842			14,092		8.05		302,585			12,668		8.44
Fees on loans				2,315		—					3,099		—
Less: allowance for loan and lease losses	(42,612		)	—		—		(41,006		)	—		—
Net loans and leases	4,315,243			110,556		5.17		3,590,971			95,941		5.39
Total earning assets	5,964,112			133,344		4.51	%	5,299,857			121,671		4.63	%
Nonearning Assets	576,397							485,452
Total Assets	$	6,540,509						$	5,785,309
Interest Bearing Liabilities
Savings	$	2,841,675		$	3,437	0.24	%	$	2,562,256		$	4,152	0.33	%
Time, $100,000 and over	346,523			1,632		0.95		334,615			1,717		1.03
Other time deposits	544,187			2,922		1.08		555,097			3,486		1.27
Short-term borrowings	334,105			410		0.25		303,489			428		0.28
Other borrowings	358,350			8,568		4.82		335,009			7,342		4.42
Total interest bearing liabilities	4,424,840			16,969		0.77	%	4,090,466			17,125		0.84	%
Noninterest Bearing Liabilities
Noninterest bearing deposits	1,500,013							1,197,715
Accrued interest and other liabilities	57,663							42,165
Total noninterest bearing liabilities	1,557,676							1,239,880
Stockholders' Equity	557,993							454,963
Total Liabilities and Stockholders' Equity	$	6,540,509						$	5,785,309
Net interest income⁽¹⁾				$	116,375						$	104,546
Net interest spread⁽¹⁾						3.74	%						3.79	%
Net interest income to total earning assets⁽¹⁾						3.93	%						3.98	%
Interest bearing liabilities to earning assets	74.19		%					77.18		%

(1) Computed on a tax equivalent basis using an effective tax rate of 35%
(2) Nonaccrual loans are included in the average loans outstanding.



HEARTLAND FINANCIAL USA, INC.
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited)
DOLLARS IN THOUSANDS
	As of and For the Quarter Ended
	6/30/2015			3/31/2015			12/31/2014			9/30/2014			6/30/2014
Total Assets
Dubuque Bank and Trust Company	$	1,541,610		$	1,413,772		$	1,508,573		$	1,389,241		$	1,393,391
Wisconsin Bank & Trust	1,150,867			1,128,104			650,658			664,630			658,773
New Mexico Bank & Trust	1,141,575			1,113,031			1,142,580			1,069,722			1,050,117
Morrill & Janes Bank and Trust Company	860,781			888,321			898,161			867,346			837,148
Illinois Bank & Trust⁽¹⁾	784,162			748,937			778,542			798,934			803,448
Arizona Bank & Trust	510,838			487,059			470,997			471,661			467,966
Rocky Mountain Bank	508,262			477,799			468,671			480,345			472,079
Minnesota Bank & Trust	195,201			169,254			167,808			165,580			165,250
Summit Bank & Trust	152,672			140,868			134,145			137,774			135,721
Total Deposits
Dubuque Bank and Trust Company	$	1,144,932		$	1,166,070		$	1,211,896		$	1,055,036		$	1,001,798
Wisconsin Bank & Trust	985,804			939,157			554,722			564,674			558,654
New Mexico Bank & Trust	891,003			880,422			860,465			828,637			814,523
Morrill & Janes Bank and Trust Company	662,524			696,606			703,016			686,833			680,176
Illinois Bank & Trust⁽¹⁾	645,354			625,885			600,357			654,592			649,082
Arizona Bank & Trust	405,680			378,422			351,635			390,167			382,011
Rocky Mountain Bank	417,647			407,958			395,609			395,728			384,856
Minnesota Bank & Trust	172,547			148,773			150,146			148,453			148,260
Summit Bank & Trust	122,928			124,113			111,859			118,896			118,275
Net Income (Loss)
Dubuque Bank and Trust Company	$	7,416		$	6,016		$	5,184		$	4,480		$	4,135
Wisconsin Bank & Trust	2,950			2,181			1,737			1,077			1,299
New Mexico Bank & Trust	3,658			4,164			2,015			3,201			2,855
Morrill & Janes Bank and Trust Company	1,566			1,656			2,157			1,626			1,711
Illinois Bank & Trust⁽¹⁾	1,309			2,482			1,721			1,538			1,465
Arizona Bank & Trust	998			677			1,159			551			1,243
Rocky Mountain Bank	1,196			1,156			1,684			1,448			388
Minnesota Bank & Trust	223			162			395			106			59
Summit Bank & Trust	(81		)	305			(491		)	(65		)	(82		)
Return on Average Assets
Dubuque Bank and Trust Company	2.02		%	1.66		%	1.43		%	1.27		%	1.20		%
Wisconsin Bank & Trust	1.04			0.83			1.05			0.65			0.82
New Mexico Bank & Trust	1.28			1.52			0.72			1.20			1.10
Morrill & Janes Bank and Trust Company	0.72			0.77			0.99			0.76			0.81
Illinois Bank & Trust⁽¹⁾	0.66			1.35			0.87			0.73			0.73
Arizona Bank & Trust	0.81			0.58			0.97			0.47			1.05
Rocky Mountain Bank	0.98			0.99			1.42			1.22			0.34
Minnesota Bank & Trust	0.51			0.40			0.98			0.26			0.15
Summit Bank & Trust	(0.23		)	0.92			(1.46		)	(0.19		)	(0.26		)
Net Interest Margin as a Percentage of Average Earning Assets
Dubuque Bank and Trust Company	3.48		%	3.55		%	3.69		%	3.63		%	3.67		%
Wisconsin Bank & Trust	4.70			4.44			4.09			4.24			4.27
New Mexico Bank & Trust	3.79			3.88			3.73			3.85			3.96
Morrill & Janes Bank and Trust Company	3.54			3.35			3.35			3.51			3.50
Illinois Bank & Trust⁽¹⁾	3.58			3.69			3.61			3.43			3.65
Arizona Bank & Trust	4.10			4.17			4.28			4.23			4.47
Rocky Mountain Bank	4.30			4.31			4.74			4.44			4.36
Minnesota Bank & Trust	3.71			3.95			4.02			3.84			3.88
Summit Bank & Trust	3.64			4.16			3.74			3.81			3.98

(1) Includes Galena State Bank & Trust Co. for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014.



HEARTLAND FINANCIAL USA, INC.
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited)
DOLLARS IN THOUSANDS
	As of
	6/30/2015			3/31/2015			12/31/2014			9/30/2014			6/30/2014
Total Portfolio Loans and Leases
Dubuque Bank and Trust Company	$	945,574		$	907,956		$	952,114		$	917,092		$	908,729
Wisconsin Bank & Trust	876,321			865,323			502,310			509,364			496,486
New Mexico Bank & Trust	658,543			635,843			635,402			609,170			575,685
Morrill & Janes Bank and Trust Company	520,978			475,295			440,899			445,100			429,326
Illinois Bank & Trust⁽¹⁾	455,247			439,757			429,772			419,202			414,803
Arizona Bank & Trust	383,588			355,986			342,731			335,648			328,438
Rocky Mountain Bank	375,860			343,008			354,455			356,049			339,479
Minnesota Bank & Trust	127,172			114,477			110,920			104,061			105,142
Summit Bank & Trust	95,275			87,913			90,515			88,199			84,040
Allowance For Loan and Lease Losses
Dubuque Bank and Trust Company	$	9,223		$	9,376		$	9,403		$	9,143		$	9,441
Wisconsin Bank & Trust	6,397			5,148			5,216			5,327			4,564
New Mexico Bank & Trust	6,913			6,670			6,863			6,688			6,628
Morrill & Janes Bank and Trust Company	4,748			3,200			2,305			2,077			1,741
Illinois Bank & Trust⁽¹⁾	5,304			5,056			4,734			5,343			4,888
Arizona Bank & Trust	3,700			3,566			3,258			3,432			3,754
Rocky Mountain Bank	3,347			3,155			3,450			4,048			4,179
Minnesota Bank & Trust	1,267			1,170			1,116			1,052			1,071
Summit Bank & Trust	896			850			1,554			996			1,099
Nonperforming Loans and Leases
Dubuque Bank and Trust Company	$	4,593		$	4,056		$	3,067		$	6,151		$	5,718
Wisconsin Bank & Trust	9,530			8,857			2,967			3,335			3,617
New Mexico Bank & Trust	2,985			4,386			6,416			5,550			4,781
Morrill & Janes Bank and Trust Company	733			406			380			519			368
Illinois Bank & Trust⁽¹⁾	5,132			5,499			5,939			7,611			7,039
Arizona Bank & Trust	1,003			1,009			2,156			2,732			2,946
Rocky Mountain Bank	1,443			2,111			1,954			3,008			3,471
Minnesota Bank & Trust	—			—			—			—			—
Summit Bank & Trust	630			40			1,076			583			567
Allowance As a Percent of Total Loans and Leases
Dubuque Bank and Trust Company	0.98		%	1.03		%	0.99		%	1.00		%	1.04		%
Wisconsin Bank & Trust	0.73			0.59			1.04			1.05			0.92
New Mexico Bank & Trust	1.05			1.05			1.08			1.10			1.15
Morrill & Janes Bank and Trust Company	0.91			0.67			0.52			0.47			0.41
Illinois Bank & Trust⁽¹⁾	1.17			1.15			1.10			1.27			1.18
Arizona Bank & Trust	0.96			1.00			0.95			1.02			1.14
Rocky Mountain Bank	0.89			0.92			0.97			1.14			1.23
Minnesota Bank & Trust	1.00			1.02			1.01			1.01			1.02
Summit Bank & Trust	0.94			0.97			1.72			1.13			1.31

(1) Includes Galena State Bank & Trust Co. for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014.

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HEARTLAND FINANCIAL USA INC Reports