Heartland Financial USA, Inc. Reports 2016 Second Quarter Results

Dubuque, Iowa, UNITED STATES


Highlights

  • Record quarterly net income available to common stockholders of $20.9 million, a 40% increase from second quarter of prior year
  • Diluted earnings per common share of $0.84, a 17% increase from second quarter of prior year
  • Net interest margin of 3.95%, fully taxable equivalent (non-GAAP)(1) of 4.12%
  • Return on average common equity of 12.58%
  • Return on average tangible common equity (non-GAAP)(2) of 16.32%
  • Completed systems conversion of Centennial Bank in Denver, Colorado
    
 Quarter Ended
June 30,
 Six Months Ended
June 30,
 2016 2015 2016 2015
Net income (in millions)$21.0  $15.2  $41.0  $30.9 
Net income available to common stockholders (in millions)20.9  15.0  40.8  30.5 
Diluted earnings per common share0.84  0.72  1.66  1.47 
        
Return on average assets1.03% 0.91% 1.01% 0.94%
Return on average common equity12.58  12.26  12.63  12.90 
Return on average tangible common equity (non-GAAP)(2)16.32  14.14  16.38  14.88 
Net interest margin3.95  3.81  3.98  3.78 
Net interest margin, fully taxable equivalent (non-GAAP)(1)4.12  3.97  4.15  3.93 












"Heartland continued to set new records with a strong financial performance for the second quarter and first half of 2016. Net income of $20.9 million represents a 40% increase over earnings for the second quarter of 2015 while year-to-date 2016 net income of $40.8 million represents a 34% increase over the previous year."

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

(1) Refer to the "Reconciliation of Annualized Net Interest Margin, Fully Taxable Equivalent (non-GAAP)" table included in this earnings release.
(2) Refer to the "Reconciliation of Return on Average Common Tangible Equity (non-GAAP)" table included in this earnings release.

DUBUQUE, Iowa, July 25, 2016 (GLOBE NEWSWIRE) -- Heartland Financial USA, Inc. (NASDAQ:HTLF) today reported net income available to common stockholders of $20.9 million, or $0.84 per diluted common share, for the quarter ended June 30, 2016, compared to $15.0 million, or $0.72 per diluted common share, for the second quarter of 2015. Return on average common equity was 12.58% and return on average assets was 1.03% for the second quarter of 2016, compared to 12.26% and 0.91%, respectively, for the same quarter in 2015.

Net income available to common stockholders for the first six months of 2016 was $40.8 million, or $1.66 per diluted common share, compared to $30.5 million, or $1.47 per diluted common share, for the first six months of 2015. Return on average common equity was 12.63% and return on average assets was 1.01% for the first six months of 2016, compared to 12.90% and 0.94%, respectively, for the same period in 2015.

Commenting on Heartland’s second quarter 2016 results, Lynn B. Fuller, Heartland’s chairman and chief executive officer said, “Heartland continued to set new records with a strong financial performance for the second quarter and first half of 2016. Net income of $20.9 million represents a 40% increase over earnings for the second quarter of 2015 while year-to-date 2016 net income of $40.8 million represents a 34% increase over the previous year.”

On February 5, 2016, Heartland completed the acquisition of CIC Bancshares, Inc., parent company of Centennial Bank, headquartered in Denver, Colorado, in a transaction valued at approximately $82.3 million. Of this amount, $15.7 million was paid in cash with the remainder of the consideration provided by the issuance of Heartland common stock, a new series of convertible preferred stock and the assumption of convertible notes and subordinated debt. Simultaneous with closing of the transaction, Centennial Bank merged into Heartland’s Summit Bank & Trust subsidiary, with the resulting institution operating under the name, Centennial Bank and Trust. As of the closing date, Centennial Bank had, at fair value, total assets of $769.7 million, total loans of $581.5 million and total deposits of $648.1 million. The systems conversion for this transaction was completed in June 2016.

Fully Taxable Equivalent Net Interest Margin Remains Above 4.00% and Interest Income Increases

Net interest margin, expressed as a percentage of average earning assets, was 3.95% (4.12% on a fully taxable equivalent basis) during the second quarter of 2016, compared to 4.02% (4.19% on a fully taxable equivalent basis) during the first quarter of 2016 and 3.81% (3.97% on a fully taxable equivalent basis) during the second quarter of 2015.

Fuller said, “We are very pleased to see net interest margin of 4.12% on a fully taxable equivalent basis for the second quarter.  Heartland’s enviable margin is the result of diligent price discipline. Net interest income in dollars has increased steadily for each of the last 15 quarters.”

Interest income for the second quarter of 2016 was $81.3 million, an increase of $15.9 million or 24%, compared  to the $65.4 million recorded in the second quarter of 2015. The tax-equivalent adjustment for income taxes saved on the interest earned on nontaxable securities and loans was $3.1 million for the second quarter of 2016 and $2.4 million for the second quarter of 2015. With these adjustments, interest income on a tax-equivalent basis was $84.5 million for the second quarter of 2016, an increase of $16.6 million or 25%, compared to $67.8 million for the second quarter of 2015. The increase in interest income in the second quarter of 2016, as compared to the second quarter of 2015, was primarily due to an increase in average earning assets, which totaled $7.45 billion during the second quarter of 2016 compared to $6.07 billion during the second quarter of 2015, a $1.38 billion or 23% increase.  A majority of this growth was attributable to the three acquisitions completed during the last half of 2015, in addition to the acquisition of CIC Bancshares, Inc. completed in February 2016.

Interest expense for the second quarter of 2016 was $8.2 million, an increase of $416,000 or 5% from $7.8 million in the second quarter of 2015. Average interest bearing liabilities increased $912.3 million or 20% for the quarter ended June 30, 2016, as compared to the same quarter in 2015, while the average interest rate paid on Heartland's interest bearing deposits and borrowings declined 8 basis points from 0.70% in the second quarter of 2015 to 0.62% in the second quarter of 2016. The average interest rate paid on savings deposits was 0.22% during the second quarter of 2016 compared to 0.23% during the second quarter of 2015, and the average interest rate paid on time deposits was 0.79% during the second quarter of 2016 compared to 0.97% during the second quarter of 2015.

Net interest income increased $15.5 million or 27% to $73.1 million in the second quarter of 2016 from the $57.6 million recorded in the second quarter of 2015. After the tax-equivalent adjustment discussed above, net interest income on a tax-equivalent basis totaled $76.3 million during the second quarter of 2016, an increase of $16.2 million or 27% from the $60.1 million recorded during the second quarter of 2015.

Noninterest Income and Noninterest Expenses Increase

Noninterest income totaled $31.0 million during the second quarter of 2016 compared to $30.7 million during the second quarter of 2015, an increase of $365,000 or 1%. Service charges and fees totaled $8.0 million during the second quarter of 2016 compared to $5.9 million during the second quarter of 2015, an increase of $2.1 million or 36%. This increase was primarily attributable to a larger demand deposit customer base, a portion of which is attributable to the acquisitions completed during the last half of 2015 and first quarter of 2016. Net securities gains totaled $4.6 million during the second quarter of 2016 compared to $3.1 million during the second quarter of 2015, an increase of $1.5 million or 49%. Gains on sale of loans held for sale totaled $11.3 million during the second quarter of 2016 compared to $14.6 million during the second quarter of 2015, a decrease of $3.3 million or 23%.

Fuller commented, “We are seeing solid improvement from key fee-producing business lines as we expand our footprint and offer financial services to clients of our newly-acquired banks. Specifically, in the second quarter of 2016, revenues from commercial card services and debit cards increased more than 10% over the first quarter.”

For the second quarter of 2016, noninterest expenses totaled $71.0 million compared to $63.5 million during the second quarter of 2015, an increase of $7.5 million or 12%. The categories with the most significant increases were the following: salaries and employee benefits, which increased $5.1 million or 14%; occupancy, which increased $1.2 million or 30%; and professional fees, which increased $2.2 million or 43%. These increases were primarily attributable to the recent acquisitions.

Heartland's effective tax rate was 32.37% for the second quarter of 2016 compared to 20.83% for the second quarter of 2015. 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 the determination of Heartland's income taxes totaled $304,000 during the second quarter of 2016 compared to $145,000 during the second quarter of 2015. 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 18.86% during the second quarter of 2016 compared to 23.35% during the second quarter of 2015.

Loans and Deposits Increase Since Year-End Due to First Quarter Acquisition

Total assets were $8.20 billion at June 30, 2016, an increase of $509.6 million or 7% since year-end 2015. Included in this growth, at fair value, were $769.7 million of assets acquired in the CIC Bancshares, Inc. transaction. Securities represented 23% of total assets at June 30, 2016, compared to 24% at December 31, 2015.

Total loans and leases held to maturity were $5.48 billion at June 30, 2016, compared to $5.00 billion at year-end 2015, an increase of $480.8 million or 10%. This increase includes $581.5 million of total loans and leases held to maturity, at fair value, acquired in the CIC Bancshares, Inc. transaction. Exclusive of this transaction, total loans and leases held to maturity decreased $20.7 million during the second quarter of 2016 and $80.0 million during the first quarter of 2016.

Total deposits were $6.84 billion as of June 30, 2016, compared to $6.41 billion at year-end 2015, an increase of $431.7 million or 7%. This increase included $648.1 million of deposits, at fair value, acquired in the CIC Bancshares, Inc. acquisition. Exclusive of this transaction, total deposits decreased $86.8 million during the second quarter of 2016 and $129.6 million during the first quarter of 2016, with both decreases primarily attributable to reduced time deposits. Demand deposits totaled $2.15 billion at June 30, 2016, an increase of $235.8 million or 12% since year-end 2015, with $164.3 million of the increase attributable to the CIC Bancshares, Inc. transaction. Exclusive of this transaction, demand deposits increased $70.4 million during the second quarter of 2016 and $1.1 million during the first quarter of 2016.

Nonperforming Assets Increase

Nonperforming assets were $68.6 million or 0.84% of total assets at June 30, 2016, compared to $51.7 million or 0.67% of total assets at December 31, 2015. Exclusive of $3.5 million of nonperforming assets, at fair value, acquired in the CIC Bancshares, Inc. transaction, nonperforming assets increased $13.4 million or 26% since year-end 2015. Nonperforming loans were $57.1 million or 1.04% of total loans and leases at June 30, 2016, compared to $39.7 million or 0.79% of total loans and leases at December 31, 2015.

The allowance for loan and lease losses at June 30, 2016, was 0.94% of loans and leases and 90.72% of nonperforming loans compared to 0.97% of loans and leases and 122.77% of nonperforming loans at December 31, 2015. The provision for loan losses was $2.1 million for the second quarter of 2016 compared to $5.7 million for the second quarter of 2015.

Fuller commented, "Overall credit quality remains sound, with nonperforming assets moving up, impacted by one large, well-collateralized legacy credit that moved to nonperforming status during the second quarter, as well as continued recognition of a small number of credits from the recently acquired bank portfolios."

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 24, 2017, by logging on to www.htlf.com.

About Heartland Financial USA, Inc.
Heartland Financial USA, Inc. is a diversified financial services company with assets exceeding $8 billion. The company provides banking, mortgage, private client, investment, insurance and consumer finance services to individuals and businesses. Heartland currently has 108 banking locations serving 85 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas, Missouri, Texas and California. 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,
 2016 2015 2016 2015
Interest Income       
Interest and fees on loans and leases$69,809  $55,824  $138,234  $108,873 
Interest on securities:       
Taxable7,952  6,739  16,687  13,871 
Nontaxable3,566  2,874  7,076  5,790 
Interest on federal funds sold1  1  11  2 
Interest on deposits in other financial institutions3  3  7  7 
Total Interest Income81,331  65,441  162,015  128,543 
Interest Expense       
Interest on deposits4,021  3,819  8,194  7,991 
Interest on short-term borrowings519  212  848  410 
Interest on other borrowings3,673  3,766  7,148  8,568 
Total Interest Expense8,213  7,797  16,190  16,969 
Net Interest Income73,118  57,644  145,825  111,574 
Provision for loan and lease losses2,118  5,674  4,185  7,345 
Net Interest Income After Provision for Loan and Lease Losses71,000  51,970  141,640  104,229 
Noninterest Income       
Service charges and fees8,022  5,900  15,184  11,304 
Loan servicing income1,292  1,163  2,560  2,204 
Trust fees3,625  3,913  7,438  7,544 
Brokerage and insurance commissions886  916  1,908  2,003 
Securities gains, net4,622  3,110  8,148  7,463 
Gains on sale of loans held for sale11,270  14,599  22,335  28,341 
Valuation adjustment on commercial servicing rights(46)   (46)  
Income on bank owned life insurance591  459  1,113  983 
Other noninterest income764  601  1,964  1,482 
Total Noninterest Income31,026  30,661  60,604  61,324 
Noninterest Expense       
Salaries and employee benefits41,985  36,851  83,699  73,489 
Occupancy5,220  4,028  10,223  8,287 
Furniture and equipment2,442  2,176  4,555  4,282 
Professional fees7,486  5,249  14,496  11,293 
FDIC insurance assessments1,120  899  2,288  1,855 
Advertising1,551  1,333  2,835  2,514 
Intangible assets amortization1,297  715  3,192  1,346 
Other real estate and loan collection expenses659  753  1,231  1,218 
(Gain)/loss on sales/valuations of assets, net(43) 1,509  270  1,862 
Other noninterest expenses9,303  9,969  18,540  16,950 
Total Noninterest Expense71,020  63,482  141,329  123,096 
Income Before Income Taxes31,006  19,149  60,915  42,457 
Income taxes10,036  3,989  19,936  11,588 
Net Income20,970  15,160  40,979  30,869 
Preferred dividends(52) (204) (220) (408)
Interest expense on convertible preferred debt31    31   
Net Income Available to Common Stockholders$20,949  $14,956  $40,790  $30,461 
Earnings per common share-diluted$0.84  $0.72  $1.66  $1.47 
Weighted average shares outstanding-diluted24,974,995  20,877,236  24,541,356  20,681,800 


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 For the Quarter Ended
 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015
Interest Income         
Interest and fees on loans and leases$69,809  $68,425  $59,905  $58,328  $55,824 
Interest on securities:         
Taxable7,952  8,735  6,917  5,858  6,739 
Nontaxable3,566  3,510  3,311  3,077  2,874 
Interest on federal funds sold1  10  21  1  1 
Interest on deposits in other financial institutions3  4  3  4  3 
Total Interest Income81,331  80,684  70,157  67,268  65,441 
Interest Expense         
Interest on deposits4,021  4,173  3,772  3,767  3,819 
Interest on short-term borrowings519  329  200  228  212 
Interest on other borrowings3,673  3,475  3,485  3,549  3,766 
Total Interest Expense8,213  7,977  7,457  7,544  7,797 
Net Interest Income73,118  72,707  62,700  59,724  57,644 
Provision for loan and lease losses2,118  2,067  2,171  3,181  5,674 
Net Interest Income After Provision for Loan and Lease Losses71,000  70,640  60,529  56,543  51,970 
Noninterest Income         
Service charges and fees8,022  7,162  6,654  6,350  5,900 
Loan servicing income1,292  1,268  1,704  1,368  1,163 
Trust fees3,625  3,813  3,230  3,507  3,913 
Brokerage and insurance commissions886  1,022  917  869  916 
Securities gains, net4,622  3,526  3,913  1,767  3,110 
Impairment loss on securities    (769)    
Gains on sale of loans held for sale11,270  11,065  7,085  9,823  14,599 
Valuation adjustment on commercial servicing rights(46)        
Income on bank owned life insurance591  522  644  372  459 
Other noninterest income764  1,200  1,003  924  601 
Total Noninterest Income31,026  29,578  24,381  24,980  30,661 
Noninterest Expense         
Salaries and employee benefits41,985  41,714  33,583  37,033  36,851 
Occupancy5,220  5,003  4,334  4,307  4,028 
Furniture and equipment2,442  2,113  2,344  2,121  2,176 
Professional fees7,486  7,010  6,503  5,251  5,249 
FDIC insurance assessments1,120  1,168  886  1,018  899 
Advertising1,551  1,284  1,624  1,327  1,333 
Intangible assets amortization1,297  1,895  898  734  715 
Other real estate and loan collection expenses659  572  723  496  753 
(Gain)/loss on sales/valuations of assets, net(43) 313  4,238  721  1,509 
Other noninterest expenses9,303  9,237  10,821  8,988  9,969 
Total Noninterest Expense71,020  70,309  65,954  61,996  63,482 
Income Before Income Taxes31,006  29,909  18,956  19,527  19,149 
Income taxes10,036  9,900  4,365  4,945  3,989 
Net Income20,970  20,009  14,591  14,582  15,160 
Preferred dividends(52) (168) (204) (205) (204)
Interest expense on convertible preferred debt31         
Net Income Available to Common Stockholders$20,949  $19,841  $14,387  $14,377  $14,956 
Earnings per common share-diluted$0.84  $0.82  $0.67  $0.69  $0.72 
Weighted average shares outstanding-diluted24,974,995  24,117,384  21,491,699  20,893,312  20,877,236 


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 As Of
 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015
Assets         
Cash and due from banks$222,718  $124,060  $237,841  $76,954  $111,909 
Federal funds sold and other short-term investments7,232  9,168  20,958  14,151  7,813 
Cash and cash equivalents229,950  133,228  258,799  91,105  119,722 
Time deposits in other financial institutions2,105  2,355  2,355  2,355  2,355 
Securities:         
Available for sale, at fair value1,566,592  1,690,516  1,578,434  1,261,687  1,315,699 
Held to maturity, at cost270,423  271,300  279,117  282,200  283,258 
Other investments, at cost22,680  22,325  21,443  19,292  20,455 
Loans held for sale82,538  76,565  74,783  102,569  105,898 
Loans and leases:         
Held to maturity5,482,258  5,503,005  5,001,486  4,642,523  4,449,823 
Allowance for loan and lease losses(51,756) (49,738) (48,685) (47,105) (45,614)
Loans and leases, net5,430,502  5,453,267  4,952,801  4,595,418  4,404,209 
Premises, furniture and equipment, net168,701  164,788  150,148  147,486  143,423 
Other real estate, net11,003  11,338  11,524  17,041  16,983 
Goodwill127,699  127,699  97,852  56,828  54,162 
Core deposit intangibles, net25,213  26,510  22,019  14,937  13,642 
Servicing rights, net35,654  34,910  34,926  33,758  31,584 
Cash surrender value on life insurance111,425  110,834  110,297  99,564  96,693 
Other assets119,916  128,144  100,256  81,644  108,924 
Total Assets$8,204,401  $8,253,779  $7,694,754  $6,805,884  $6,717,007 
Liabilities and Equity         
Liabilities         
Deposits:         
 Demand$2,149,911  $2,079,521  $1,914,141  $1,632,005  $1,536,355 
 Savings3,691,791  3,702,431  3,367,479  2,936,611  2,816,666 
 Time995,870  1,142,368  1,124,203  938,621  964,248 
Total deposits6,837,572  6,924,320  6,405,823  5,507,237  5,317,269 
Short-term borrowings303,707  325,741  293,898  335,845  477,918 
Other borrowings296,895  265,760  263,214  302,086  296,594 
Accrued expenses and other liabilities78,264  68,415  68,646  69,707  46,020 
Total Liabilities7,516,438  7,584,236  7,031,581  6,214,875  6,137,801 
Stockholders' Equity         
Preferred equity3,777  3,777  81,698  81,698  81,698 
Common stock24,544  24,520  22,436  20,640  20,616 
Capital surplus274,682  273,310  216,436  149,613  148,789 
Retained earnings384,479  366,014  348,630  337,421  325,106 
Accumulated other comprehensive income (loss)513  1,924  (6,027) 1,731  3,059 
Treasury stock at cost(32) (2)   (94) (62)
Total Equity687,963  669,543  663,173  591,009  579,206 
Total Liabilities and Equity$8,204,401  $8,253,779  $7,694,754  $6,805,884  $6,717,007 


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,
 2016 2015 2016 2015
Average Balances       
Assets$8,211,326  $6,625,797  $8,118,198  $6,540,509 
Loans and leases, net of unearned5,582,878  4,447,124  5,470,490  4,357,855 
Deposits6,806,259  5,302,235  6,742,635  5,232,398 
Earning assets7,446,849  6,069,844  7,361,775  5,964,112 
Interest bearing liabilities5,363,477  4,451,200  5,318,320  4,424,840 
Common stockholders' equity669,930  489,394  649,612  476,295 
Total stockholders' equity673,707  571,092  684,739  557,933 
Tangible common stockholders' equity(1)516,347  424,245  500,726  412,834 
        
Key Performance Ratios       
Annualized return on average assets1.03% 0.91% 1.01% 0.94%
Annualized return on average common equity12.58% 12.26% 12.63% 12.90%
Annualized return on average common tangible equity(2)16.32% 14.14% 16.38% 14.88%
Annualized ratio of net charge-offs to average loans and leases0.01% 0.17% 0.04% 0.15%
Annualized net interest margin, fully tax equivalent(3)4.12% 3.97% 4.15% 3.93%
Efficiency ratio, fully taxable equivalent(4)67.95% 67.43% 67.43% 69.14%
        
Reconciliation of Return on Average Common Tangible Equity (non-GAAP)(5)       
Net income available to common shareholders (GAAP)$20,949  $14,956  $40,790  $30,461 
        
Average common stockholders' equity (GAAP)$669,930  $489,394  $649,612  $476,295 
Less average goodwill127,700  51,107  123,727  50,817 
Less average other intangibles, net25,883  14,042  25,159  12,644 
Average common tangible equity (non-GAAP)$516,347  $424,245  $500,726  $412,834 
        
Annualized return on average common equity (GAAP)12.58% 12.26% 12.63% 12.90%
Annualized return on average common tangible equity (non-GAAP)16.32% 14.14% 16.38% 14.88%
        
Reconciliation of Annualized Net Interest Margin, 
Fully Taxable Equivalent (non-GAAP)(6)
       
Net Interest Income (GAAP)$73,118  $57,644  $145,825  $111,574 
Plus taxable equivalent adjustment(7)3,146  2,408  6,187  4,801 
Net interest income - taxable equivalent (non-GAAP)
$76,264  $60,052  $152,012  $116,375 
        
Average earning assets$7,446,849  $6,069,844  $7,361,775  $5,964,112 
        
Annualized net interest margin (GAAP)3.95% 3.81% 3.98% 3.78%
Annualized net interest margin, fully taxable equivalent (non-GAAP)
4.12% 3.97% 4.15% 3.93%
 
(1) Calculated as common stockholders' equity less goodwill and core deposit intangibles, net.
(2) Refer to the "Reconciliation of Return on Average Common Tangible Equity (non-GAAP)" table above.
(3) Refer to the "Reconciliation of Annualized Net Interest Margin, Fully Taxable Equivalent (non-GAAP)" table above.
(4) Refer to the "Reconciliation of Non-GAAP Measure-Efficiency Ratio" table that follows for details of this non-GAAP measure.
(5) Return on average common tangible equity is net income available to common stockholders divided by average common stockholders' equity less goodwill and core deposit intangibles, net. This financial measure is included as it is considered to be a critical metric to analyze and evaluate financial condition and capital strength. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(6) Annualized net interest margin, fully taxable equivalent is a non-GAAP measure, which adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(7) Computed on a tax equivalent basis using an effective tax rate of 35%.


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 For the Quarter Ended
 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015
Average Balances         
Assets$8,211,326  $8,025,070  $7,241,104  $6,726,196  $6,625,797 
Loans and leases, net of unearned5,582,878  5,358,102  4,827,844  4,654,179  4,447,124 
Deposits6,806,259  6,679,010  5,938,905  5,423,418  5,302,235 
Earning assets7,446,849  7,276,703  6,512,565  6,161,495  6,069,844 
Interest bearing liabilities5,363,477  5,273,164  4,781,797  4,491,089  4,451,200 
Common stockholders' equity669,930  629,294  533,845  500,399  489,394 
Total stockholders' equity673,707  695,771  615,543  582,097  571,092 
Tangible common stockholders' equity(1)516,347  485,108  446,370  431,304  424,245 
          
Key Performance Ratios         
Annualized return on average assets1.03% 0.99% 0.79% 0.85% 0.91%
Annualized return on average common equity12.58% 12.68% 10.69% 11.40% 12.26%
Annualized return on average common tangible equity(2)16.32% 16.45% 12.79% 13.22% 14.14%
Annualized ratio of net charge-offs to average loans and leases0.01% 0.08% 0.05% 0.14% 0.17%
Annualized net interest margin, fully tax equivalent(3)4.12% 4.19% 3.99% 4.01% 3.97%
Efficiency ratio, fully taxable equivalent(4)67.95% 66.90% 68.53% 69.85% 67.43%
          
Reconciliation of Return on Average Common Tangible Equity (non-GAAP)(5)         
Net income available to common shareholders (GAAP)$20,949  $19,841  $14,387  $14,377  $14,956 
          
Average common stockholders' equity (GAAP)$669,930  $629,294  $533,845  $500,399  $489,394 
Less average goodwill127,700  119,750  70,222  55,073  51,107 
Less average other intangibles, net25,833  24,436  17,253  14,022  14,042 
Average common tangible equity (non-GAAP)$516,397  $485,108  $446,370  $431,304  $424,245 
Annualized return on average common equity (GAAP)12.58% 12.68% 10.69% 11.40% 12.26%
Annualized return on average common tangible equity (non-GAAP)16.32% 16.45% 12.79% 13.22% 14.14%
          
Reconciliation of Annualized Net Interest Margin, Fully Taxable Equivalent (non-GAAP)(6)         
Net Interest Income (GAAP)$73,118  $72,707  $62,700  $59,724  $57,644 
Plus taxable equivalent adjustment(7)3,146  3,041  2,827  2,588  2,408 
Net interest income, fully taxable equivalent (non-GAAP)$76,264  $75,748  $65,527  $62,312  $60,052 
          
Average earning assets$7,446,849  $7,276,703  $6,512,565  $6,161,495  $6,069,844 
          
Annualized net interest margin (GAAP)3.95% 4.02% 3.82% 3.85% 3.81%
Annualized net interest margin, fully taxable equivalent (non-GAAP)4.12% 4.19% 3.99% 4.01% 3.97%
 
(1) Calculated as common stockholders' equity less goodwill and core deposit intangibles, net.
(2) Refer to the "Reconciliation of Return on Average Common Tangible Equity (non-GAAP)" table above.
(3) Refer to the "Reconciliation of Annualized Net Interest Margin, Fully Taxable Equivalent (non-GAAP)" table above.
(4) Refer to the "Reconciliation of Non-GAAP Measure-Efficiency Ratio" table that follows for details of this non-GAAP measure.
(5) Return on average common tangible equity is net income available to common stockholders divided by average common stockholders' equity less goodwill and core deposit intangibles, net. This financial measure is included as it is considered to be a critical metric to analyze and evaluate financial condition and capital strength. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(6) Annualized net interest margin, fully taxable equivalent is a non-GAAP measure, which adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(7) Computed on a tax equivalent basis using an effective tax rate of 35%.


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(1)2016 2015 2016 2015
Net interest income$73,118  $57,644  $145,825  $111,574 
Taxable equivalent adjustment(2)3,146  2,408  6,187  4,801 
Fully taxable equivalent net interest income76,264  60,052  152,012  116,375 
Noninterest income31,026  30,661  60,604  61,324 
Securities gains, net(4,622) (3,110) (8,148) (7,463)
Adjusted income$102,668  $87,603  $204,468  $170,236 
        
Total noninterest expenses$71,020  $63,482  $141,329  $123,096 
Less:       
Intangible assets amortization1,297  715  3,192  1,346 
Partnership investment in historic rehabilitation tax credits  2,190    2,190 
(Gain)/loss on sales/valuations of assets, net(43) 1,509  270  1,862 
Adjusted noninterest expenses$69,766  $59,068  $137,867  $117,698 
        
Efficiency ratio, fully taxable equivalent67.95% 67.43% 67.43% 69.14%
 
 
HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
Reconciliation of Non-GAAP Measure-Efficiency Ratio(1)For the Quarter Ended
6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015
Net interest income$73,118  $72,707  $62,700  $59,724  $57,644 
Taxable equivalent adjustment(2)3,146  3,041  2,827  2,588  2,408 
Fully taxable equivalent net interest income76,264  75,748  65,527  62,312  60,052 
Noninterest income31,026  29,578  24,381  24,980  30,661 
Securities gains, net(4,622) (3,526) (3,913) (1,767) (3,110)
Impairment loss on securities    769     
Adjusted income$102,668  $101,800  $86,764  $85,525  $87,603 
          
Total noninterest expenses$71,020  $70,309  $65,954  $61,996  $63,482 
Less:         
Intangible assets amortization1,297  1,895  898  734  715 
Partnership investment in historic rehabilitation tax credits    1,362  805  2,190 
(Gain)/loss on sales/valuation of assets, net(43) 313  4,238  721  1,509 
Adjusted noninterest expenses$69,766  $68,101  $59,456  $59,736  $59,068 
          
Efficiency ratio, fully taxable equivalent67.95% 66.90% 68.53% 69.85% 67.43%
          
(1) Efficiency ratio, fully taxable equivalent, expresses noninterest expenses as a percentage of fully taxable equivalent net interest income and noninterest income. This efficiency ratio is presented on a tax equivalent basis, which adjusts net interest income and noninterest expenses for the tax favored status of certain loans, securities and historic rehabilitation tax credits. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results as it enhances the comparability of income and expenses arising from taxable and nontaxable sources and excludes specific items, as noted in the table. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(2) Computed on a tax equivalent basis using an effective tax rate of 35%.


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
 6/30/2016 3/31/2016 12/31/2015 9/30/15 6/30/2015
Common Share Data         
Book value per common share$27.88  $27.15  $25.92  $24.68  $24.13 
Tangible book value per common share (non-GAAP)(1)$21.65  $20.86  $20.57  $21.20  $20.84 
ASC 320 effect on book value per common share$0.21  $0.23  $(0.18) $0.22  $0.21 
Common shares outstanding, net of treasury stock24,543,376  24,519,928  22,435,693  20,637,321  20,614,325 
Tangible capital ratio (non-GAAP)(2)6.60% 6.32% 6.09% 6.50% 6.46%
          
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(3)         
Common stockholders' equity (GAAP)$684,186  $665,766  $581,475  $509,311  $497,508 
Less goodwill127,699  127,699  97,852  56,828  54,162 
Less other intangible assets, net25,213  26,510  22,019  14,937  13,642 
Tangible common stockholders' equity (non-GAAP)$531,274  $511,557  $461,604  $437,546  $429,704 
          
Common shares outstanding, net of treasury stock24,543,376  24,519,928  22,435,693  20,637,321  20,614,325 
Common stockholders' equity (book value) per share (GAAP)$27.88  $27.15  $25.92  $24.68  $24.13 
Tangible book value per common share (non-GAAP)$21.65  $20.86  $20.57  $21.20  $20.84 
          
Reconciliation of Tangible Capital Ratio (non-GAAP)(4)         
Total assets (GAAP)$8,204,401  $8,253,779  $7,694,754  $6,805,884  $6,717,007 
Less goodwill127,699  127,699  97,852  56,828  54,162 
Less other intangible assets, net25,213  26,510  22,019  14,937  13,642 
Total tangible assets (non-GAAP)$8,051,489  $8,099,570  $7,574,883  $6,734,119  $6,649,203 
Tangible capital ratio (non-GAAP)6.60% 6.32% 6.09% 6.50% 6.46%
          
Loan and Lease Data         
Loans held to maturity:         
Commercial and commercial real estate$3,930,879  $3,951,839  $3,605,574  $3,303,098  $3,199,717 
Residential mortgage644,267  666,184  539,555  491,667  443,026 
Agricultural and agricultural real estate480,883  471,271  471,870  469,381  444,110 
Consumer428,730  417,114  386,867  379,903  364,441 
Unearned discount and deferred loan fees(2,501) (3,403) (2,380) (1,526) (1,471)
Total loans and leases held to maturity$5,482,258  $5,503,005  $5,001,486  $4,642,523  $4,449,823 
          
Other Selected Trend Information         
Effective tax rate32.37% 33.10% 23.03% 25.32% 20.83%
Full time equivalent employees1,888  1,907  1,799  1,736  1,788 
Total Residential Mortgage Loan Applications$440,907  $406,999  $307,163  $443,294  $615,463 
Residential Mortgage Loans Originated$324,633  $238,266  $258,939  $370,956  $421,798 
Residential Mortgage Loans Sold$302,448  $220,381  $260,189  $360,172  $402,151 
Residential Mortgage Loan Servicing Portfolio$4,203,429  $4,112,519  $4,057,861  $3,963,677  $3,785,794 
          
(1) Refer to the "Reconciliation of Tangible Book Value Per Common Share (non-GAAP)" table above.
(2) Refer to the " Reconciliation of Tangible Capital Ratio (non-GAAP)" table above.
(3) Tangible book value per common share is total common stockholders' equity less goodwill and intangible assets, net 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. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(4) The tangible capital ratio is total common stockholders' equity less goodwill and intangible assets, net divided by total assets less goodwill and intangible assets, net. 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. This measure should not be considered a substitute for operating results determined in accordance with GAAP.


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 As of and for the Quarter Ended
 6/30/2016 3/31/2016 12/31/2015 9/30/2015 6/30/2015
Allowance for Loan and Lease Losses         
Balance, beginning of period$49,738  $48,685  $47,105  $45,614  $41,854 
Provision for loan and lease losses2,118  2,067  2,171  3,181  5,674 
Charge-offs(2,951) (1,605) (1,837) (2,439) (2,734)
Recoveries2,851  591  1,246  749  820 
Balance, end of period$51,756  $49,738  $48,685  $47,105  $45,614 
          
Asset Quality         
Nonaccrual loans$57,053  $47,750  $39,655  $32,577  $26,710 
Loans and leases past due ninety days or more as to interest or principal payments  639    1,181   
Other real estate owned11,003  11,338  11,524  17,041  16,983 
Other repossessed assets564  426  485  626  544 
Total nonperforming assets$68,620  $60,153  $51,664  $51,425  $44,237 
          
Performing troubled debt restructured loans$9,923  $10,711  $10,968  $10,154  $10,903 
          
Nonperforming Assets Activity         
Balance, beginning of period$60,153  $51,664  $51,425  $44,237  $46,533 
Net loan charge offs(100) (1,014) (591) (1,690) (1,914)
New nonperforming loans19,994  12,171  9,686  7,996  4,676 
Acquired nonperforming assets  3,516  4,956  5,328   
Reduction of nonperforming loans (1)(10,313) (3,563) (6,768) (2,758) (1,409)
OREO/Repossessed assets sales proceeds(918) (2,411) (2,980) (1,074) (3,202)
OREO/Repossessed assets writedowns, net(337) (182) (3,909) (756) (565)
Net activity at Citizens Finance Co.141  (28) (155) 142  118 
Balance, end of period$68,620  $60,153  $51,664  $51,425  $44,237 
 
Asset Quality Ratios         
Ratio of nonperforming loans and leases to total loans and leases1.04% 0.88% 0.79% 0.73% 0.60%
Ratio of nonperforming assets to total assets0.84% 0.73% 0.67% 0.76% 0.66%
Annualized ratio of net loan charge-offs to average loans and leases0.01% 0.08% 0.05% 0.14% 0.17%
Allowance for loan and lease losses as a percent of loans and leases0.94% 0.90% 0.97% 1.01% 1.03%
Allowance for loan and lease losses as a percent of nonperforming loans and leases90.72% 102.79% 122.77% 139.54% 170.78%
Loans delinquent 30-89 days as a percent of total loans0.73% 0.45% 0.31% 0.40% 0.31%
          
(1) Includes principal reductions, transfers to performing status and transfers to OREO


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
 For the Quarter Ended
 June 30, 2016 June 30, 2015
 Average
Balance
 Interest Rate Average
Balance
 Interest Rate
Earning Assets           
Securities:           
Taxable$1,468,896  $7,952  2.18% $1,324,870  $6,739  2.04%
Nontaxable(1)430,086  5,486  5.13  325,023  4,422  5.46 
Total securities1,898,982  13,438  2.85  1,649,893  11,161  2.71 
Interest bearing deposits10,727  3  0.11  10,889  3  0.11 
Federal funds sold5,114  1  0.08  5,109  1  0.08 
Loans and leases: (2)           
Commercial and commercial real estate(1)3,866,861  46,889  4.88  3,122,239  37,666  4.84 
Residential mortgage803,952  8,286  4.15  538,170  5,415  4.04 
Agricultural and agricultural real estate(1)481,625  5,504  4.60  428,284  5,280  4.94 
Consumer430,440  8,273  7.73  358,431  7,204  8.06 
Fees on loans  2,083      1,119   
Less: allowance for loan and lease losses(50,852)     (43,171)    
Net loans and leases5,532,026  71,035  5.16  4,403,953  56,684  5.16 
Total earning assets7,446,849  84,477  4.56% 6,069,844  67,849  4.48%
Nonearning Assets764,477      555,953     
Total Assets$8,211,326      $6,625,797     
Interest Bearing Liabilities           
Savings$3,699,971  $2,028  0.22% $2,852,272  $1,642  0.23%
Time, $100,000 and over421,151  733  0.70  348,661  794  0.91 
Other time deposits586,810  1,260  0.86  552,115  1,383  1.00 
Short-term borrowings373,768  519  0.56  373,021  212  0.23 
Other borrowings281,777  3,673  5.24  325,131  3,766  4.65 
Total interest bearing liabilities5,363,477  8,213  0.62% 4,451,200  7,797  0.70%
Noninterest Bearing Liabilities           
Noninterest bearing deposits2,098,327      1,549,187     
Accrued interest and other liabilities75,815      54,318     
Total noninterest bearing liabilities2,174,142      1,603,505     
Stockholders' Equity673,707      571,092     
Total Liabilities and Stockholders' Equity$8,211,326      $6,625,797     
Net interest income, fully taxable equivalent (non-GAAP)(1)  $76,264      $60,052   
Net interest spread(1)    3.94%     3.78%
Net interest income, fully taxable equivalent (non-GAAP) to total earning assets(1)    4.12%     3.97%
Interest bearing liabilities to earning assets72.02%     73.33%    
            
            
Reconciliation to Reported Net Interest Income           
Net interest income, fully taxable equivalent (non-GAAP)  $76,264      $60,052   
Adjustments for taxable equivalent interest(1)  (3,146)     (2,408)  
Net interest income (GAAP)  $73,118      $57,644   
            
(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.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
 For the Six Months Ended
 June 30, 2016 June 30, 2015
 Average
Balance
 Interest Rate Average
Balance
 Interest Rate
Earning Assets           
Securities:           
Taxable$1,488,664  $16,687  2.25% $1,304,304  $13,871  2.14%
Nontaxable(1)423,655  10,886  5.17  328,163  8,908  5.47 
Total securities1,912,319  27,573  2.90  1,632,467  22,779  2.81 
Interest bearing deposits11,180  7  0.13  10,046  7  0.14 
Federal funds sold18,120  11  0.12  6,356  2  0.06 
Loans and leases: (2)           
Commercial and commercial real estate(1)3,805,401  93,643  4.95  3,072,995  73,541  4.83 
Residential mortgage769,043  15,885  4.15  508,723  10,298  4.08 
Agricultural and agricultural real estate(1)474,801  11,233  4.76  423,295  10,310  4.91 
Consumer421,245  16,196  7.73  352,842  14,092  8.05 
Fees on loans  3,654      2,315   
Less: allowance for loan and lease losses(50,334)     (42,612)    
Net loans and leases5,420,156  140,611  5.22  4,315,243  110,556  5.17 
Total earning assets7,361,775  168,202  4.59% 5,964,112  133,344  4.51%
Nonearning Assets756,423      576,397     
Total Assets$8,118,198      $6,540,509     
Interest Bearing Liabilities           
Savings$3,628,089  $3,922  0.22% $2,841,675  $3,437  0.24%
Time, $100,000 and over459,885  1,604  0.70  346,523  1,632  0.95 
Other time deposits614,556  2,668  0.87  544,187  2,922  1.08 
Short-term borrowings342,464  848  0.50  334,105  410  0.25 
Other borrowings273,326  7,148  5.26  358,350  8,568  4.82 
Total interest bearing liabilities5,318,320  16,190  0.61% 4,424,840  16,969  0.77%
Noninterest Bearing Liabilities           
Noninterest bearing deposits2,040,105      1,500,013     
Accrued interest and other liabilities75,034      57,663     
Total noninterest bearing liabilities2,115,139      1,557,676     
Stockholders' Equity684,739      557,993     
Total Liabilities and Stockholders' Equity$8,118,198      $6,540,509     
Net interest income, fully taxable equivalent (non-GAAP)(1)  $152,012      $116,375   
Net interest spread(1)    3.98%     3.74%
Net interest income, fully taxable equivalent (non-GAAP) to total earning assets(1)    4.15%     3.93%
Interest bearing liabilities to earning assets72.24%     74.19%    
            
            
Reconciliation to Reported Net Interest Income           
Net interest income, fully taxable equivalent (non-GAAP)  $152,012      $116,375   
Adjustments for taxable equivalent interest(1)  (6,187)     (4,801)  
Net interest income (GAAP)  $145,825      $111,574   
            
(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
 6/30/20163/31/201612/31/20159/30/20156/30/2015
Total Assets     
Dubuque Bank and Trust Company$1,473,461 $1,498,771 $1,617,322 $1,431,767 $1,541,610 
New Mexico Bank & Trust1,321,113 1,304,886 1,336,004 1,282,784 1,141,575 
Wisconsin Bank & Trust1,080,224 1,094,872 1,139,337 1,098,405 1,150,867 
Centennial Bank and Trust(1)909,697 927,040 161,806 155,114 152,672 
Morrill & Janes Bank and Trust Company843,069 872,274 902,918 845,067 860,781 
Illinois Bank & Trust742,697 718,074 757,478 769,170 784,162 
Premier Valley Bank629,423 751,137 765,451   
Arizona Bank & Trust577,002 558,369 591,066 599,119 510,838 
Rocky Mountain Bank473,583 479,010 491,522 501,093 508,262 
Minnesota Bank & Trust230,004 220,955 214,303 188,633 195,201 
Total Portfolio Loans     
Dubuque Bank and Trust Company$928,869 $941,683 $956,517 $953,273 $945,574 
New Mexico Bank & Trust870,109 815,739 794,744 777,433 658,543 
Wisconsin Bank & Trust732,503 758,789 793,508 844,557 876,321 
Centennial Bank and Trust(1)668,547 683,085 101,449 94,127 95,275 
Morrill & Janes Bank and Trust Company522,518 536,738 539,198 527,217 520,978 
Illinois Bank & Trust466,983 465,783 465,937 473,859 455,247 
Premier Valley Bank376,275 376,840 383,929   
Arizona Bank & Trust390,078 402,431 444,501 444,916 383,588 
Rocky Mountain Bank362,475 364,189 370,440 380,304 375,860 
Minnesota Bank & Trust144,009 137,412 134,137 128,700 127,172 
Total Deposits     
Dubuque Bank and Trust Company$1,159,942 $1,144,470 $1,209,074 $1,120,999 $1,144,932 
New Mexico Bank & Trust1,062,410 1,066,076 1,085,052 1,047,358 891,003 
Wisconsin Bank & Trust911,915 921,071 974,001 904,803 985,804 
Centennial Bank and Trust(1)775,417 779,607 128,759 139,826 122,928 
Morrill & Janes Bank and Trust Company696,073 698,365 713,589 650,123 662,524 
Illinois Bank & Trust653,582 629,235 631,010 641,024 645,354 
Premier Valley Bank514,522 635,188 647,022   
Arizona Bank & Trust497,599 468,312 500,490 491,254 405,680 
Rocky Mountain Bank405,888 409,787 417,426 428,234 417,647 
Minnesota Bank & Trust207,228 200,343 194,373 163,291 172,547 
Net Income (Loss)     
Dubuque Bank and Trust Company$4,475 $6,073 $3,587 $4,477 $7,416 
New Mexico Bank & Trust5,642 4,094 2,576 3,220 3,658 
Wisconsin Bank & Trust3,399 3,379 2,443 3,886 2,950 
Centennial Bank and Trust(1)256 824 62 (6)(81)
Morrill & Janes Bank and Trust Company2,133 2,525 1,096 2,024 1,566 
Illinois Bank & Trust2,397 2,027 574 1,877 1,309 
Premier Valley Bank1,695 1,960 1,008   
Arizona Bank & Trust2,121 1,841 968 1,254 998 
Rocky Mountain Bank1,484 1,064 1,506 1,471 1,196 
Minnesota Bank & Trust559 531 166 411 223 
      
(1) Formerly known as Summit Bank & Trust.

 


        

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