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Heartland Financial USA, Inc. Reports Fourth Quarter 2014 Results

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Heartland Financial USA, Inc. (NASDAQ:HTLF) :

Quarter Twelve Months
Ended Ended
December 31, December 31,
2014 2013 2014 2013
Net income (in millions) $ 12.3 $ 7.9 $ 41.9 $ 36.9
Net income available to common stockholders (in millions) 12.1 7.7

41.1 35.7
Diluted earnings per common share 0.64 0.42 2.19 2.04
Return on average assets 0.80 % 0.55 % 0.70 % 0.70 %
Return on average common equity 11.77 8.79 10.62 10.87
Return on average tangible common equity 13.22 9.93 12.04 12.06
Net interest margin 3.94 3.82 3.96 3.78
“I am pleased to report an excellent fourth quarter and an excellent year for Heartland in 2014. Net income increased by 15 percent over 2013, making this Heartland’s second best year in its 33-year history.”

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

Heartland Financial USA, Inc. (NASDAQ:HTLF) today reported net income available to common stockholders of $12.1 million, or $0.64 per diluted common share, for the quarter ended December 31, 2014, compared to $7.7 million, or $0.42 per diluted common share, for the fourth quarter of 2013. Return on average common equity was 11.77% and return on average assets was 0.80% for the fourth quarter of 2014, compared to 8.79% and 0.55%, respectively, for the same quarter in 2013.

Net income for the fourth quarter of 2014 was $4.4 million higher than the fourth quarter of 2013, primarily as a result of a $5.8 million increase in net interest income, in large part due to growth in loans.

Net income available to common stockholders for the year ended December 31, 2014, was $41.1 million, or $2.19 per diluted common share, compared to $35.7 million, or $2.04 per diluted common share, recorded during the prior year. Return on average common equity was 10.62% and return on average assets was 0.70% for 2014, compared to 10.87% and 0.70%, respectively, for 2013.

Commenting on Heartland’s results for 2014, Lynn B. Fuller, Heartland’s chairman and chief executive officer said, “I am pleased to report an excellent fourth quarter and an excellent year for Heartland in 2014. Net income increased by 15 percent over 2013, making this Heartland’s second best year in its 33-year history.”

Subsequent to the quarter-end, Heartland completed the acquisition of Community Banc-Corp of Sheboygan, Inc., the parent company of Community Bank & Trust in Sheboygan, Wisconsin, in an all stock transaction that closed on January 16, 2015. Simultaneous with the closing, Community Bank & Trust was merged into Heartland’s Wisconsin Bank & Trust subsidiary. Community Bank & Trust had total assets of approximately $528 million as of December 31, 2014. Upon completion of this merger, Wisconsin became Heartland’s third state with banking assets greater than $1 billion.

Net Interest Margin Increases in Dollars; Net Interest Margin As Percentage Remains Steady

Net interest margin, expressed as a percentage of average earning assets, was 3.94% during the fourth quarter of 2014 compared to 3.96% during the third quarter of 2014 and 3.82% during the fourth quarter of 2013.

Fuller said, “Net interest margin held up well throughout 2014, ending the year at 3.94 percent despite continued pressure from very low interest rates. Margin has been maintained as a result of loan growth, a slowing in the decrease in asset yields and improvement in our funding cost.”

Interest income increased $4.8 million or 9% to $60.4 million in the fourth quarter of 2014 from the $55.6 million recorded in the fourth quarter of 2013. After adjustment to add $2.5 million for the fourth quarter of 2014 and $2.4 million for the fourth 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 fourth quarter of 2014 was $62.9 million compared to $58.0 million in the fourth quarter of 2013. The increase in interest income in the fourth quarter of 2014, as compared to the fourth quarter of 2013, was primarily due to an increase in average earning assets, which increased $446.5 million or 9% during the fourth quarter of 2014 compared to the fourth quarter of 2013. Also contributing to the increase in interest income during the fourth quarter of 2014 compared to the fourth quarter of 2013 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 70% during the fourth quarter of 2014 compared to 65% during the fourth quarter of 2013.

Interest expense for the fourth quarter of 2014 was $8.2 million, a decrease of $1.1 million or 11% from $9.3 million in the fourth quarter of 2013. Even though average interest bearing liabilities increased $201.5 million or 5% for the quarter ended December 31, 2014, as compared to the same quarter in 2013, the average interest rate paid on Heartland’s interest bearing deposits and borrowings declined 15 basis points from 0.94% in the fourth quarter of 2013 to 0.79% in the fourth 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 were 76% during the fourth quarter of 2014, compared to 74% for the fourth quarter of 2013. The average interest rate paid on savings deposits was 0.28% during the fourth quarter of 2014 compared to 0.33% during the fourth quarter of 2013 and the average interest rate paid on time deposits was 1.09% during the fourth quarter of 2014 compared to 1.39% during the fourth quarter of 2013.

Net interest income increased $5.8 million or 13% to $52.2 million in the fourth quarter of 2014 from the $46.4 million recorded in the fourth quarter of 2013. Net interest income on a tax-equivalent basis totaled $54.7 million during the fourth quarter of 2014, an increase of $5.9 million or 12% from the $48.8 million recorded during the fourth quarter of 2013.

Noninterest Income Increases; Noninterest Expenses Remain Steady

Noninterest income totaled $21.2 million during the fourth quarter of 2014 compared to $17.6 million during the fourth quarter of 2013, an increase of $3.6 million or 20%. The largest contributor to this increase was gains on sale of loans held for sale, which increased $2.4 million or 45% for the comparative quarters.

For the fourth quarters of both 2014 and 2013, noninterest expenses totaled $53.9 million. Included in noninterest expenses were $1.0 million during the fourth quarter of 2014 and $495,000 during the fourth quarter of 2013 in costs associated with partnership investments in commercial and residential real estate projects that qualify 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 costs associated with tax credit investments, noninterest expenses decreased $486,000 or 1% during the fourth quarter of 2014 in comparison to the fourth quarter of 2013.

Heartland’s effective tax rate was 26.08% for the fourth quarter of 2014 compared to 0.58% for the fourth quarter of 2013. Included in Heartland’s income taxes were federal historic rehabilitation tax credits associated with Heartland’s ownership interest in qualifying real estate projects totaling $1.3 million during the fourth quarter of 2014 compared to $914,000 during the fourth quarter of 2013. For tax purposes, these investments are expected to generate capital losses upon disposal. Due to the uncertainty of Heartland’s ability to utilize these potential capital losses, additions to a valuation allowance for these potential losses was recorded in the amount of $406,000 during the fourth quarter of 2014 and $246,000 during the fourth quarter of 2013. Also, separate from the historic rehabilitation tax credits, federal low-income housing tax credits included in Heartland’s income taxes totaled $189,000 during the fourth quarter of 2014 compared to $200,000 during the fourth quarter of 2013. These tax credits, including valuation allowance additions, as a percentage of pre-tax income, were 6.54% during the fourth quarter of 2014 compared to 10.88% during the fourth quarter of 2013. 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 28.54% during the fourth quarter of 2014 compared to 56.34% during the fourth quarter of 2013. The tax-equivalent adjustment for this tax-exempt interest income was $2.5 million during the fourth quarter of 2014 compared to $2.4 million during the fourth quarter of 2013.

Increase in Loans and Deposits

Total assets were $6.05 billion at December 31, 2014, an increase of $129.0 million since year-end 2013. Securities represented 28% of total assets at December 31, 2014, compared to 32% at year-end 2013.

Total loans and leases held to maturity were $3.88 billion at December 31, 2014, compared to $3.50 billion at year-end 2013, an increase of $379.8 million or 11%, with $78.4 million of this growth occurring in the fourth quarter, $103.6 million in the third quarter, $117.0 million in the second quarter and $80.8 million during the first quarter. A majority of the year-to-date growth occurred in the commercial and commercial real estate loan portfolio, which increased $263.3 million or 11% since year-end 2013, with $33.6 million of this growth occurring during the fourth quarter, $59.0 million during the third quarter, $102.9 million during the second quarter and $67.8 million during the first quarter.

Fuller commented, “An important contributor to Heartland’s exceptional performance is solid loan growth, which continued at a strong pace. For the fourth quarter, loans increased at an annualized rate of 8.3 percent and grew by 10.9 percent for all of 2014, a rate nearly double that of our peers.”

Total deposits were $4.77 billion as of December 31, 2014, compared to $4.67 billion at year-end 2013, an increase of $101.5 million or 2%. Demand deposits totaled $1.30 billion at December 31, 2014, an increase of $56.6 million or 5% since year-end 2013. Also increasing during 2014, savings deposits grew to $2.69 billion, an increase of $152.3 million or 6%. Certificates of deposit totaled $785.3 million at December 31, 2014, a decrease of $107.3 million or 12%.

Fuller said, “We continue to experience a favorable change in our deposit mix, with sustained growth of no-cost demand deposits, now representing 27 percent of total deposits. Non-time categories now represent 84 percent of total deposits.”

Decrease in Nonperforming Assets; Increase in Provision for Loan Losses

Nonperforming loans, exclusive of those covered under loss sharing agreements, were $24.6 million or 0.63% of total loans and leases at December 31, 2014, compared to $42.4 million or 1.21% of total loans and leases at December 31, 2013. Approximately 28%, or $6.8 million, of Heartland’s nonperforming loans have individual loan balances exceeding $1.0 million, the largest of which is $3.8 million. These nonperforming loans, to an aggregate of three borrowers, are spread over two different industry classifications and are all located in Heartland’s Western markets.

Other real estate owned declined $10.8 million or 36% to $19.0 million at December 31, 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 December 31, 2014, was 1.07% of loans and leases and 168.58% 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 $2.9 million for the fourth quarter of 2014 compared to $2.0 million for the fourth quarter of 2013.

Net charge-offs on loans during the fourth quarter of 2014 were $3.1 million compared to $1.7 million during the fourth quarter of 2013.

“With nonperforming loans currently at 0.63 percent of total loans, Heartland’s credit quality can be described as exceptional. Looking back several years, we are proud to see this ratio approaching pre-recession levels,” Fuller concluded.

Conference Call Details
Heartland will host a conference call for investors at 5:00 p.m. EST today. To participate, dial 877-407-0782 at least five minutes before start time. To listen to the live webcast, log on to www.htlf.com at least 15 minutes before start time. If you are unable to participate on the call, a replay will be available until January 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 86 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, 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.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
For the Quarter Ended For the Year Ended
December 31, December 31,
2014 2013 2014 2013
Interest Income
Interest and fees on loans and leases $ 50,226 $ 44,995 $ 194,022 $ 164,702
Interest on securities:
Taxable 6,972 7,327 29,727 21,501
Nontaxable 3,190 3,294 13,269 13,295
Interest on federal funds sold 1 1 1
Interest on deposits in other financial institutions 3 3 23 12
Total Interest Income 60,391 55,620 237,042 199,511
Interest Expense
Interest on deposits 4,144 5,057 18,154 19,968
Interest on short-term borrowings 222 421 877 808
Interest on other borrowings 3,854 3,785 14,938 14,907
Total Interest Expense 8,220 9,263 33,969 35,683
Net Interest Income 52,171 46,357 203,073 163,828
Provision for loan and lease losses 2,866 2,049 14,501 9,697
Net Interest Income After Provision for Loan and Lease Losses 49,305 44,308 188,572 154,131
Noninterest Income
Service charges and fees 5,078 4,885 20,085 17,660
Loan servicing income 1,360 783 5,583 1,648
Trust fees 3,350 2,944 13,097 11,708
Brokerage and insurance commissions 1,115 1,246 4,440 4,561
Securities gains, net 1,208 509 3,668 7,121
Gain (loss) on trading account securities 582 (38 ) 1,421
Gains on sale of loans held for sale 7,778 5,353 31,337 40,195
Valuation adjustment on mortgage servicing rights 496
Income on bank owned life insurance 399 426 1,472 1,555
Other noninterest income 945 846 2,580 3,253
Total Noninterest Income 21,233 17,574 82,224 89,618
Noninterest Expense
Salaries and employee benefits 31,415 30,121 129,843 118,224
Occupancy 3,905 3,663 15,746 13,459
Furniture and equipment 2,097 2,007 8,105 8,040
Professional fees 5,072 5,270 18,241 17,532
FDIC insurance assessments 960 1,036 3,808 3,544
Advertising 1,442 1,458 5,524 5,294
Intangible assets amortization 487 469 2,223 1,063
Other real estate and loan collection expenses 524 1,999 2,309 4,445
Loss on sales/valuations of assets, net 116 641 2,105 3,034
Other noninterest expenses 7,930 7,237 27,896 21,926
Total Noninterest Expense 53,948 53,901 215,800 196,561
Income Before Income Taxes 16,590 7,981 54,996 47,188
Income taxes 4,327 46 13,096 10,335
Net Income 12,263 7,935 41,900 36,853
Net income attributable to noncontrolling interest, net of tax (64 )
Net Income Attributable to Heartland 12,263 7,935 41,900 36,789
Preferred dividends and discount (204 ) (204 ) (817 ) (1,093 )
Net Income Available to Common Stockholders $ 12,059 $ 7,731 $ 41,083 $ 35,696
Earnings per common share-diluted $ 0.64 $ 0.42 $ 2.19 $ 2.04
Weighted average shares outstanding-diluted 18,762,272 18,360,470 18,741,921 17,460,066
HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
For the Quarter Ended
12/31/2014 9/30/2014 6/30/2014 3/31/2014 12/31/2013
Interest Income
Interest and fees on loans and leases $ 50,226 $ 49,311 $ 48,101 $ 46,384 $ 44,995
Interest on securities:
Taxable 6,972 7,547 7,447 7,761 7,327
Nontaxable 3,190 3,249 3,708 3,122 3,294
Interest on federal funds sold 1 1
Interest on deposits in other financial institutions 3 6 7 7 3
Total Interest Income 60,391 60,114 59,263 57,274 55,620
Interest Expense
Interest on deposits 4,144 4,655 4,577 4,778 5,057
Interest on short-term borrowings 222 227 202 226 421
Interest on other borrowings 3,854 3,741 3,685 3,658 3,785
Total Interest Expense 8,220 8,623 8,464 8,662 9,263
Net Interest Income 52,171 51,491 50,799 48,612 46,357
Provision for loan and lease losses 2,866 2,553 2,751 6,331 2,049
Net Interest Income After Provision for Loan and Lease Losses 49,305 48,938 48,048 42,281 44,308
Noninterest Income
Service charges and fees 5,078 4,857 5,254 4,896 4,885
Loan servicing income 1,360 1,319 1,393 1,511 783
Trust fees 3,350 3,194 3,343 3,210 2,944
Brokerage and insurance commissions 1,115 1,044 1,158 1,123 1,246
Securities gains, net 1,208 825 854 781 509
Gain (loss) on trading account securities (38 ) 582
Gains on sale of loans held for sale 7,778 8,384 8,796 6,379 5,353
Valuation adjustment on mortgage servicing rights
Income on bank owned life insurance 399 371 339 363 426
Other noninterest income 945 612 398 625 846
Total Noninterest Income 21,233 20,606 21,535 18,850 17,574
Noninterest Expense
Salaries and employee benefits 31,415 33,546 32,563 32,319 30,121
Occupancy 3,905 3,807 3,984 4,050 3,663
Furniture and equipment 2,097 2,033 2,085 1,890 2,007
Professional fees 5,072 4,429 4,214 4,526 5,270
FDIC insurance assessments 960 888 980 980 1,036
Advertising 1,442 1,383 1,511 1,188 1,458
Intangible assets amortization 487 521 591 624 469
Other real estate and loan collection expenses 524 215 518 1,052 1,999
Loss on sales/valuations of assets, net 116 447 1,379 163 641
Other noninterest expenses 7,930 7,386 6,834 5,746 7,237
Total Noninterest Expense 53,948 54,655 54,659 52,538 53,901
Income Before Income Taxes 16,590 14,889 14,924 8,593 7,981
Income taxes 4,327 2,916 4,150 1,703 46
Net Income 12,263 11,973 10,774 6,890 7,935
Net income attributable to noncontrolling interest, net of tax
Net Income Attributable to Heartland 12,263 11,973 10,774 6,890 7,935
Preferred dividends and discount (204 ) (205 ) (204 ) (204 ) (204 )
Net Income Available to Common Stockholders $ 12,059 $ 11,768 $ 10,570 $ 6,686 $ 7,731
Earnings per common share-diluted $ 0.64 $ 0.63 $ 0.56 $ 0.36 $ 0.42
Weighted average shares outstanding-diluted 18,762,272 18,752,748 18,746,735 18,724,936 18,360,470
HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
As Of
12/31/2014 9/30/2014 6/30/2014 3/31/2014 12/31/2013
Assets
Cash and due from banks $ 64,150 $ 63,400 $ 98,613 $ 84,744 $ 118,441
Federal funds sold and other short-term investments 9,721 4,436 4,047 3,884 6,829
Cash and cash equivalents 73,871 67,836 102,660 88,628 125,270
Time deposits in other financial institutions 2,605 2,605 3,105 3,355 3,355
Securities:
Trading, at fair value 1,801
Available for sale, at fair value 1,401,868 1,369,703 1,412,809 1,400,756 1,633,902
Held to maturity, at cost 284,587 255,312 257,217 257,927 237,498
Other investments, at cost 20,498 20,514 20,932 18,755 21,843
Loans held for sale 70,514 93,054 87,173 54,862 46,665
Loans and leases:
Held to maturity 3,876,745 3,798,305 3,694,734 3,577,776 3,496,952
Loans covered by loss share agreements 1,258 3,850 4,379 5,466 5,749
Allowance for loan and lease losses (41,449 ) (41,698 ) (40,892 ) (38,573 ) (41,685 )
Loans and leases, net 3,836,554 3,760,457 3,658,221 3,544,669 3,461,016
Premises, furniture and equipment, net 130,713 132,240 133,127 135,054 135,714
Other real estate, net 19,016 20,475 24,395 28,083 29,852
Goodwill 35,583 35,583 35,583 35,583 35,583
Other intangible assets, net 33,932 33,399 32,732 32,690 32,959
Cash surrender value on life insurance 82,638 82,224 81,840 81,486 81,110
FDIC indemnification asset 83 124 190 249
Other assets 59,983 61,324 64,000 65,064 76,899
Total Assets $ 6,052,362 $ 5,934,809 $ 5,913,918 $ 5,747,102 $ 5,923,716
Liabilities and Equity
Liabilities
Deposits:
Demand $ 1,295,193 $ 1,274,439 $ 1,221,703 $ 1,195,457 $ 1,238,581
Savings 2,687,493 2,599,850 2,556,784 2,582,166 2,535,242
Time 785,336 852,430 862,995 885,741 892,676
Total deposits 4,768,022 4,726,719 4,641,482 4,663,364 4,666,499
Short-term borrowings 330,264 348,305 420,494 256,250 408,756
Other borrowings 396,255 334,513 329,715 334,916 350,109
Accrued expenses and other liabilities 61,504 41,873 49,806 35,237 58,892
Total Liabilities 5,556,045 5,451,410 5,441,497 5,289,767 5,484,256
Stockholders’ Equity
Preferred equity 81,698 81,698 81,698 81,698 81,698
Common stock 18,511 18,477 18,468 18,455 18,399
Capital surplus 95,816 94,393 93,334 92,199 91,632
Retained earnings 298,764 288,555 278,632 269,908 265,067
Accumulated other comprehensive income (loss) 1,528 276 289 (4,903 ) (17,336 )
Treasury stock at cost (22 )
Total Heartland Stockholders’ Equity 496,317 483,399 472,421 457,335 439,460
Noncontrolling interest
Total Equity 496,317 483,399 472,421 457,335 439,460
Total Liabilities and Equity $ 6,052,362 $ 5,934,809 $ 5,913,918 $ 5,747,102 $ 5,923,716
HEARTLAND FINANCIAL USA, INC
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA

For the Quarter Ended
December 31,

For the Year Ended
December 31,

2014 2013 2014 2013

Average Balances

Assets $ 5,974,188 $ 5,604,487 $ 5,857,488 $ 5,083,131
Loans and leases, net of unearned 3,899,465 3,341,252 3,744,830 3,016,433
Deposits 4,784,592 4,512,170 4,698,936 4,013,252
Earning assets 5,508,287 5,061,822 5,384,275 4,582,296
Interest bearing liabilities 4,123,478 3,921,951 4,101,071 3,545,737
Common stockholders’ equity 406,664 349,056 386,844 328,454
Total stockholders’ equity 488,362 430,754 468,542 411,056
Tangible common stockholders’ equity 361,916 308,802 341,134 293,505

Key Performance Ratios

Annualized return on average assets 0.80 % 0.55 % 0.70 % 0.70 %
Annualized return on average common equity 11.77 % 8.79 % 10.62 % 10.87 %
Annualized return on average common tangible equity 13.22 % 9.93 % 12.04 % 12.16 %
Annualized ratio of net charge-offs to average loans and leases 0.32 % 0.20 % 0.39 % 0.10 %
Annualized net interest margin(1) 3.94 % 3.82 % 3.96 % 3.78 %
Efficiency ratio, fully taxable equivalent(2) 69.99 % 79.43 % 71.61 % 75.05 %
(1) Computed on a tax equivalent basis using an effective tax rate of 35%.
(2) Refer to the “Non-GAAP Reconciliation-Efficiency Ratio” tables that follow 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
12/31/2014 9/30/2014 6/30/2014 3/31/2014 12/31/2013
Average Balances
Assets $ 5,974,188 $ 5,882,792 $ 5,800,104 $ 5,770,350 $ 5,604,487
Loans and leases, net of unearned 3,899,465 3,812,218 3,692,159 3,571,127 3,341,252
Deposits 4,784,592 4,710,177 4,665,993 4,633,192 4,512,170
Earning assets 5,508,287 5,426,336 5,321,149 5,278,331 5,061,822
Interest bearing liabilities 4,123,478 4,099,526 4,091,233 4,089,691 3,921,951
Common stockholders’ equity 406,664 393,740 380,561 365,889 349,056
Total stockholders’ equity 488,362 475,438 462,259 447,587 430,754
Tangible common stockholders’ equity 361,916 348,423 334,747 318,898 308,802
Key Performance Ratios
Annualized return on average assets 0.80 % 0.79 % 0.73 % 0.47 % 0.55 %
Annualized return on average common equity 11.77 % 11.86 % 11.14 % 7.41 % 8.79 %
Annualized return on average common tangible equity 13.22 % 13.40 % 12.66 % 8.50 % 9.93 %
Annualized ratio of net charge-offs to average loans and leases 0.32 % 0.18 % 0.05 % 1.07 % 0.20 %
Annualized net interest margin(1) 3.94 % 3.96 % 4.04 % 3.92 % 3.82 %
Efficiency ratio, fully taxable equivalent(2) 69.99 % 70.76 % 70.97 % 74.94 % 79.43 %
(1) Computed on a tax equivalent basis using an effective tax rate of 35%.
(2) Refer to the “Non-GAAP Reconciliation-Efficiency Ratio” tables that follow 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
December 31,

For the Year Ended
December 31,
2014 2013 2014 2013
Reconciliation of Non-GAAP Measure-Efficiency Ratio
Net interest income $ 52,171 $ 46,357 $ 203,073 $ 163,828
Taxable equivalent adjustment(1) 2,550 2,416 10,297 9,465
Fully taxable equivalent net interest income

54,721

48,773

213,370

173,293

Noninterest income 21,233 17,574 82,224 89,618
Securities gains, net

(1,208

)

(509

)

(3,668

)

(7,121

)

Adjusted income $ 74,746 $ 65,838 $ 291,926 $ 255,790
Total noninterest expenses $ 53,948 $ 53,901 $ 215,800 $ 196,561
Less:
Intangible assets amortization 487 469 2,223 1,063
Partnership investment in historic rehabilitation tax credits 1,028 495 2,436 495
Loss on sales/valuations of assets, net 116 641 2,105 3,034
Adjusted noninterest expenses $ 52,317 $ 52,296 $ 209,036 $ 191,969
Efficiency ratio, fully taxable equivalent(2) 69.99 % 79.43 % 71.61 % 75.05 %
(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

12/31/2014 9/30/2014 6/30/2014 3/31/2014 12/31/2013
Reconciliation of Non-GAAP Measure-Efficiency Ratio
Net interest income $ 52,171 $ 51,491 $ 50,799 $ 48,612 $ 46,357
Taxable equivalent adjustment(1) 2,550 2,613 2,762 2,372 2,416
Fully taxable equivalent net interest income 54,721 54,104 53,561 50,984 48,773
Noninterest income 21,233 20,606 21,535 18,850 17,574
Securities gains, net (1,208 ) (825 ) (854 ) (781 ) (509 )
Adjusted income $ 74,746 $ 73,885 $ 74,242 $ 69,053 $ 65,838
Total noninterest expenses $ 53,948 $ 54,655 $ 54,659 $ 52,538 $ 53,901
Less:
Intangible assets amortization 487 521 591 624 469
Partnership investment in historic rehabilitation tax credits 1,028 1,408 495
Loss on sales/valuation of assets, net 116 447 1,379 163 641
Adjusted noninterest expenses $ 52,317 $ 52,279 $ 52,689 $ 51,751 $ 52,296
Efficiency ratio, fully taxable equivalent(2) 69.99 % 70.76 % 70.97 % 74.94 % 79.43 %
(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
12/31/14 9/30/2014 6/30/2014 3/31/2014 12/31/2013
Common Share Data
Book value per common share $ 22.40 $ 21.74 $ 21.16 $ 20.36 $ 19.44
Tangible book value per common share(1) $ 19.99 $ 19.30 $ 18.69 $ 17.86 $ 16.90
ASC 320 effect on book value per common share $ 0.19 $ 0.10 $ 0.13 $ (0.16 ) $ (0.82 )
Common shares outstanding, net of treasury stock 18,511,125 18,477,463 18,467,646 18,454,048 18,399,156
Tangible capital ratio(2) 6.16 % 6.06 % 5.88 % 5.78 % 5.29 %
Loan and Lease Data
Loans held to maturity:
Commercial and commercial real estate $ 2,743,140 $ 2,709,544 $ 2,650,517 $ 2,547,625 $ 2,479,880
Residential mortgage 380,341 360,309 341,697 365,162 349,349
Agricultural and agricultural real estate 423,827 404,423 389,918 370,348 376,735
Consumer 330,555 326,148 315,234 297,978 294,145
Unearned discount and deferred loan fees (1,118 ) (2,119 ) (2,632 ) (3,337 ) (3,157 )
Total loans and leases held to maturity $ 3,876,745 $ 3,798,305 $ 3,694,734 $ 3,577,776 $ 3,496,952
Loans covered under loss share agreements:
Commercial and commercial real estate $ 54 $ 1,188 $ 1,208 $ 2,292 $ 2,314
Residential mortgage 1,204 1,762 1,995 2,062 2,280
Agricultural and agricultural real estate 573 567 502 543
Consumer 327 609 610 612
Total loans and leases covered under loss share agreements $ 1,258 $ 3,850 $ 4,379 $ 5,466 $ 5,749
Other Selected Trend Information
Effective tax rate 26.08 % 19.59 % 27.81 % 19.82 % 0.57 %
Full time equivalent employees 1,631 1,646 1,658 1,668 1,676
Trust assets under management $ 1,860,546 $ 1,820,612 $ 1,859,643 $ 1,736,308 $ 1,621,970
Total Residential Mortgage Loan Applications $ 383,845 $ 445,039 $ 460,533 $ 316,829 $ 293,115
Residential Mortgage Loans Originated $ 293,268 $ 312,428 $ 277,895 $ 175,249 $ 232,150
Residential Mortgage Loans Sold $ 281,250 $ 283,677 $ 208,429 $ 149,993 $ 214,334
Residential Mortgage Loan Servicing Portfolio $ 3,498,724 $ 3,362,717 $ 3,198,510 $ 3,107,589 $ 3,045,893
(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
12/31/2014 9/30/2014 6/30/2014 3/31/2014 12/31/2013
Allowance for Loan and Lease Losses
Balance, beginning of period $ 41,698 $ 40,892 $ 38,573 $ 41,685 $ 41,311
Provision for loan and lease losses 2,866 2,553 2,751 6,331 2,049
Charge-offs on loans not covered by loss share agreements (4,020 ) (2,649 ) (1,392 ) (10,617 ) (3,197 )
Charge-offs on loans covered by loss share agreements (8 ) (41 )
Recoveries 905 894 913 1,215 1,522
Recoveries on loans covered by loss share agreements 8 55
Balance, end of period $ 41,449 $ 41,698 $ 40,892 $ 38,573 $ 41,685
Asset Quality
Not covered under loss share agreements:
Nonaccrual loans $ 24,588 $ 30,130 $ 29,076 $ 31,928 $ 42,394
Loans and leases past due ninety days or more as to interest or principal payments 24
Other real estate owned 19,016 19,873 23,761 28,033 29,794
Other repossessed assets 445 506 414 397 397
Total nonperforming assets not covered under loss share agreements $ 44,049 $ 50,509 $ 53,251 $ 60,358 $ 72,609
Covered under loss share agreements:
Nonaccrual loans $ 278 $ 297 $ 297 $ 820 $ 783
Other real estate owned 602 634 50 58
Total nonperforming assets covered under loss share agreements $ 278 $ 899 $ 931 $ 870 $ 841
Performing troubled debt restructured loans $ 12,133 $ 11,994 $ 12,076 $ 12,548 $ 19,353
Nonperforming Assets Activity
Balance, beginning of period $ 51,408 $ 54,182 $ 61,228 $ 73,450 $ 81,384
Net loan charge offs (3,115 ) (1,747 ) (432 ) (9,443 ) (1,675 )
New nonperforming loans 4,825 5,911 4,264 5,328 6,981
Reduction of nonperforming loans(1) (6,599 ) (2,679 ) (4,145 ) (3,303 ) (4,951 )
OREO/Repossessed assets sales proceeds (1,509 ) (4,313 ) (5,878 ) (4,731 ) (6,907 )
OREO/Repossessed assets writedowns, net (588 ) (38 ) (902 ) (80 ) (1,387 )
Net activity at Citizens Finance Co. (95 ) 92 47 7 5
Balance, end of period $ 44,327 $ 51,408 $ 54,182 $ 61,228 $ 73,450
Asset Quality Ratios Excluding Assets Covered Under Loss Share Agreements
Ratio of nonperforming loans and leases to total loans and leases 0.63 % 0.79 % 0.79 % 0.89 % 1.21 %
Ratio of nonperforming assets to total assets 0.73 % 0.85 % 0.90 % 1.06 % 1.23 %
Annualized ratio of net loan charge-offs to average loans and leases 0.32 % 0.18 % 0.05 % 1.07 % 0.20 %
Allowance for loan and lease losses as a percent of loans and leases 1.07 % 1.10 % 1.11 % 1.08 % 1.19 %
Allowance for loan and lease losses as a percent of nonperforming loans and leases 168.58 % 138.40 % 140.64 % 120.81 % 98.27 %
Loans delinquent 30-89 days as a percent of total loans 0.21 % 0.32 % 0.25 % 0.31 % 0.32 %
(1) Includes principal reductions and transfers to performing status
HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
For the Quarter Ended
December 31, 2014 December 31, 2013
Average Average
Balance Interest Rate Balance Interest Rate
Earning Assets
Securities:
Taxable $ 1,278,709 $ 6,972 2.16 % $ 1,354,055 $ 7,327 2.15 %
Nontaxable(1) 362,832 4,908 5.37 395,449 5,063 5.08
Total securities 1,641,541 11,880 2.87 1,749,504 12,390 2.81
Interest bearing deposits 8,928 3 0.13 9,320 3 0.13
Federal funds sold 683 3,629 1 0.11
Loans and leases:(2)
Commercial and commercial real estate(1) 2,701,006 32,613 4.79 2,310,060 28,951 4.97
Residential mortgage 458,781 4,803 4.15 382,446 4,177 4.33
Agricultural and agricultural real estate(1) 411,431 5,050 4.87 361,153 4,651 5.11
Consumer 328,247 6,664 8.05 287,593 6,316 8.71
Fees on loans 1,928 1,547
Less: allowance for loan and lease losses (42,330 ) (41,883 )
Net loans and leases 3,857,135 51,058 5.25 3,299,369 45,642 5.49
Total earning assets 5,508,287 62,941 4.53 % 5,061,822 58,036 4.55 %
Nonearning Assets 465,901 542,665
Total Assets $ 5,974,188 $ 5,604,487
Interest Bearing Liabilities
Savings $ 2,640,560 $ 1,858 0.28 % $ 2,443,175 $ 2,037 0.33 %
Time, $100,000 and over 331,770 833 1.00 331,321 1,008 1.21
Other time deposits 497,832 1,453 1.16 531,761 2,012 1.50
Short-term borrowings 311,738 222 0.28 276,785 421 0.60
Other borrowings 341,578 3,854 4.48 338,909 3,785 4.43
Total interest bearing liabilities 4,123,478 8,220 0.79 % 3,921,951 9,263 0.94 %
Noninterest Bearing Liabilities
Noninterest bearing deposits 1,314,430 1,205,913
Accrued interest and other liabilities 47,918 45,869
Total noninterest bearing liabilities 1,362,348 1,251,782
Stockholders’ Equity 488,362 430,754
Total Liabilities and Stockholders’ Equity $ 5,974,188 $ 5,604,487
Net interest income(1) $ 54,721 $ 48,773
Net interest spread(1) 3.74 % 3.61 %
Net interest income to total earning assets(1) 3.94 % 3.82 %
Interest bearing liabilities to earning assets 74.86 % 77.48 %
(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 Year Ended
December 31, 2014 December 31, 2013
Average Average
Balance Interest Rate Balance Interest Rate
Earning Assets
Securities:
Taxable $ 1,296,991 $ 29,727 2.29 % $ 1,198,777 $ 21,501 1.79 %
Nontaxable(1) 375,788 20,414 5.43 395,578 20,452 5.17
Total securities 1,672,779 50,141 3.00 1,594,355 41,953 2.63
Interest bearing deposits 7,678 23 0.30 9,242 12 0.13
Federal funds sold 509 1 0.20 1,417 1 0.07
Loans and leases:(2)
Commercial and commercial real estate(1) 2,611,150 126,592 4.85 2,078,594 105,239 5.06
Residential mortgage 430,950 18,359 4.26 344,606 14,511 4.21
Agricultural and agricultural real estate(1) 388,974 19,558 5.03 331,622 17,494 5.28
Consumer 313,756 26,034 8.30 261,611 24,210 9.25
Fees on loans 0 6,632 0 5,556
Less: allowance for loan and lease losses (41,521 ) (39,151 )
Net loans and leases 3,703,309 197,175 5.32 2,977,282 167,010 5.61
Total earning assets 5,384,275 247,340 4.59 % 4,582,296 208,976 4.56 %
Nonearning Assets 473,213 500,835
Total Assets $ 5,857,488 $ 5,083,131
Interest Bearing Liabilities
Savings 2,589,649 8,042 0.31 % 2,101,295 6,674 0.32 %
Time, $100,000 and over 330,428 3,474 1.05 315,623 4,403 1.40
Other time deposits 535,483 6,638 1.24 532,157 8,891 1.67
Short-term borrowings 308,942 877 0.28 257,084 808 0.31
Other borrowings 336,569 14,938 4.44 339,578 14,907 4.39
Total interest bearing liabilities 4,101,071 33,969 0.83 % 3,545,737 35,683 1.01 %
Noninterest Bearing Liabilities
Noninterest bearing deposits 1,243,376 1,064,177
Accrued interest and other liabilities 44,499 62,161
Total noninterest bearing liabilities 1,287,875 1,126,338
Stockholders’ Equity 468,542 411,056
Total Liabilities and Stockholders’ Equity $ 5,857,488 $ 5,083,131
Net interest income(1) $ 213,371 $ 173,293
Net interest spread(1) 3.76 % 3.55 %
Net interest income to total earning assets(1) 3.96 % 3.78 %
Interest bearing liabilities to earning assets 76.17 % 77.38 %
(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
12/31/2014 9/30/2014 6/30/2014 3/31/2014 12/31/2013
Total Assets
Dubuque Bank and Trust Company $ 1,508,573 $ 1,389,241 $ 1,393,391 $ 1,346,025 $ 1,540,049
New Mexico Bank & Trust 1,142,580 1,069,722 1,050,117 1,020,381 1,032,441
Morrill & Janes Bank and Trust Company 898,161 867,346 837,148 859,998 890,984
Wisconsin Bank & Trust 650,658 664,630 658,773 631,501 643,430
Illinois Bank & Trust 486,919 505,492 506,150 490,147 443,114
Arizona Bank & Trust 470,997 471,661 467,966 472,141 450,320
Rocky Mountain Bank 468,671 480,345 472,079 456,201 467,443
Galena State Bank & Trust Co. 291,623 293,442 297,298 281,981 290,457
Minnesota Bank & Trust 167,808 165,580 165,250 157,965 170,517
Summit Bank & Trust 134,145 137,774 135,721 116,154 113,719
Total Deposits
Dubuque Bank and Trust Company $ 1,211,896 $ 1,055,036 $ 1,001,798 $ 1,066,711 $ 1,116,154
New Mexico Bank & Trust 860,465 828,637 814,523 790,172 765,572
Morrill & Janes Bank and Trust Company 703,016 686,833 680,176 673,325 692,038
Wisconsin Bank & Trust 554,722 564,674 558,654 544,323 531,371
Illinois Bank & Trust 366,752 401,888 392,053 403,643 353,046
Arizona Bank & Trust 351,635 390,167 382,011 381,121 368,059
Rocky Mountain Bank 395,609 395,728 384,856 379,017 380,011
Galena State Bank & Trust Co. 233,605 252,704 257,029 244,682 244,505
Minnesota Bank & Trust 150,146 148,453 148,260 142,750 154,812
Summit Bank & Trust 111,859 118,896 118,275 104,598 101,447
Net Income (Loss)
Dubuque Bank and Trust Company $ 5,184 $ 4,480 $ 4,135 $ 2,381 $ 5,009
New Mexico Bank & Trust 2,015 3,201 2,855 2,199 1,575
Morrill & Janes Bank and Trust Company 2,157 1,626 1,711 1,301 1,145
Wisconsin Bank & Trust 1,737 1,077 1,299 1,068 1,850
Illinois Bank & Trust 701 814 393 527 433
Arizona Bank & Trust 1,159 551 1,243 837 125
Rocky Mountain Bank 1,684 1,448 388 1,049 576
Galena State Bank & Trust Co. 1,020 724 1,072 802 403
Minnesota Bank & Trust 395 106 59 122 (31 )
Summit Bank & Trust (491 ) (65 ) (82 ) (434 ) 44
Return on Average Assets
Dubuque Bank and Trust Company 1.43 % 1.27 % 1.20 % 0.67 % 1.36 %
New Mexico Bank & Trust 0.72 1.20 1.10 0.88 0.61
Morrill & Janes Bank and Trust Company 0.99 0.76 0.81 0.62 0.66
Wisconsin Bank & Trust 1.05 0.65 0.82 0.69 1.16
Illinois Bank & Trust 0.56 0.60 0.31 0.49 0.38
Arizona Bank & Trust 0.97 0.47 1.05 0.74 0.12
Rocky Mountain Bank 1.42 1.22 0.34 0.92 0.49
Galena State Bank & Trust Co. 1.39 0.97 1.51 1.15 0.54
Minnesota Bank & Trust 0.98 0.26 0.15 0.32 (0.07 )
Summit Bank & Trust (1.46 ) (0.19 ) (0.26 ) (1.57 ) 0.15
Net Interest Margin as a Percentage of Average Earning Assets
Dubuque Bank and Trust Company 3.69 % 3.63 % 3.67 % 3.72 % 3.59 %
New Mexico Bank & Trust 3.73 3.85 3.96 3.80 3.63
Morrill & Janes Bank and Trust Company 3.35 3.51 3.50 3.17 2.97
Wisconsin Bank & Trust 4.09 4.24 4.27 4.41 4.39
Illinois Bank & Trust 3.52 3.40 3.57 3.45 3.17
Arizona Bank & Trust 4.28 4.23 4.47 4.37 4.35
Rocky Mountain Bank 4.74 4.44 4.36 4.21 4.22
Galena State Bank & Trust Co. 3.76 3.47 3.79 3.74 3.47
Minnesota Bank & Trust 4.02 3.84 3.88 3.79 3.64
Summit Bank & Trust 3.74 3.81 3.98 4.03 3.79
HEARTLAND FINANCIAL USA, INC.
SELECTED FINANCIAL DATA – SUBSIDIARY BANKS (Unaudited)
DOLLARS IN THOUSANDS
As of
12/31/2014 9/30/2014 6/30/2014 3/31/2014 12/31/2013
Total Portfolio Loans and Leases
Dubuque Bank and Trust Company $ 952,114 $ 917,092 $ 908,729 $ 897,860 $ 915,377
New Mexico Bank & Trust 635,402 609,170 575,685 556,928 529,808
Morrill & Janes Bank and Trust Company 440,899 445,100 429,326 400,243 384,685
Wisconsin Bank & Trust 502,310 509,364 496,486 465,969 459,594
Illinois Bank & Trust 246,382 239,362 233,668 227,920 186,739
Arizona Bank & Trust 342,731 335,648 328,438 343,298 329,211
Rocky Mountain Bank 354,455 356,049 339,479 317,513 316,702
Galena State Bank & Trust Co. 183,390 179,840 181,135 183,012 183,639
Minnesota Bank & Trust 110,920 104,061 105,142 98,818 101,491
Summit Bank & Trust 90,515 88,199 84,040 72,898 73,150
Allowance For Loan and Lease Losses
Dubuque Bank and Trust Company $ 9,403 $ 9,143 $ 9,441 $ 8,839 $ 10,303
New Mexico Bank & Trust 6,863 6,688 6,628 6,388 7,202
Morrill & Janes Bank and Trust Company 2,305 2,077 1,741 1,137 406
Wisconsin Bank & Trust 5,216 5,327 4,564 4,281 4,850
Illinois Bank & Trust 3,203 3,842 3,335 2,835 3,121
Arizona Bank & Trust 3,258 3,432 3,754 3,913 4,133
Rocky Mountain Bank 3,450 4,048 4,179 3,965 4,148
Galena State Bank & Trust Co. 1,531 1,501 1,553 1,716 1,916
Minnesota Bank & Trust 1,116 1,052 1,071 1,021 1,091
Summit Bank & Trust 1,554 996 1,099 1,054 1,334
Nonperforming Loans and Leases
Dubuque Bank and Trust Company $ 3,067 $ 6,151 $ 5,718 $ 7,729 $ 15,641
New Mexico Bank & Trust 6,416 5,550 4,781 5,195 6,880
Morrill & Janes Bank and Trust Company 380 519 368 129 160
Wisconsin Bank & Trust 2,967 3,335 3,617 4,904 6,165
Illinois Bank & Trust 4,893 6,530 6,213 5,213 3,325
Arizona Bank & Trust 2,156 2,732 2,946 3,200 4,413
Rocky Mountain Bank 1,954 3,008 3,471 3,271 3,326
Galena State Bank & Trust Co. 1,046 1,081 826 939 1,077
Minnesota Bank & Trust
Summit Bank & Trust 1,076 583 567 584 688
Allowance As a Percent of Total Loans and Leases
Dubuque Bank and Trust Company 0.99 % 1.00 % 1.04 % 0.98 % 1.13 %
New Mexico Bank & Trust 1.08 1.10 1.15 1.15 1.36
Morrill & Janes Bank and Trust Company 0.52 0.47 0.41 0.28 0.11
Wisconsin Bank & Trust 1.04 1.05 0.92 0.92 1.06
Illinois Bank & Trust 1.30 1.61 1.43 1.24 1.67
Arizona Bank & Trust 0.95 1.02 1.14 1.14 1.26
Rocky Mountain Bank 0.97 1.14 1.23 1.25 1.31
Galena State Bank & Trust Co. 0.83 0.83 0.86 0.94 1.04
Minnesota Bank & Trust 1.01 1.01 1.02 1.03 1.07
Summit Bank & Trust 1.72 1.13 1.31 1.45 1.82

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