Heartland Financial USA, Inc. Reports 2016 Third Quarter Results

Dubuque, Iowa, UNITED STATES


Highlights

  • Quarterly net income available to common stockholders of $20.2 million, a 40% increase from third quarter of prior year
  • Diluted earnings per common share of $0.81, a 17% increase from third quarter of prior year
  • Net interest margin of 3.97%, fully taxable equivalent (non-GAAP)(1) of 4.14%
  • Return on average common equity of 11.64%
  • Return on average tangible common equity (non-GAAP)(2) of 14.93%
  • Total demand deposits increase $88.8 million or 4% since June 30, 2016

 Quarter Ended
September 30,
 Nine Months Ended
September 30,
 2016 2015 2016 2015
Net income (in millions)$20.2  $14.6  $61.2  $45.5 
Net income available to common stockholders (in millions)20.2  14.4  61.0  44.8 
Diluted earnings per common share0.81  0.69  2.48  2.16 
        
Return on average assets0.98% 0.85% 1.00% 0.91%
Return on average common equity11.64  11.40  12.28  12.38 
Return on average tangible common equity (non-GAAP)(2)14.93  13.22  15.87  14.31 
Net interest margin3.97  3.85  3.98  3.80 
Net interest margin, fully taxable equivalent (non-GAAP)(1)4.14  4.01  4.15  3.96 

"Heartland reported another excellent quarter with net income available to common stockholders of $20.2 million, a 40 percent increase over the previous year’s quarter. Among several areas of strength, we attribute our results to a very solid net interest margin of 4.14 percent for the quarter.
                     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, Oct. 31, 2016 (GLOBE NEWSWIRE) -- Heartland Financial USA, Inc. (NASDAQ:HTLF) today reported net income available to common stockholders of $20.2 million, or $0.81 per diluted common share, for the quarter ended September 30, 2016, compared to $14.4 million, or $0.69 per diluted common share, for the third quarter of 2015. Return on average common equity was 11.64% and return on average assets was 0.98% for the third quarter of 2016, compared to 11.40% and 0.85%, respectively, for the same quarter in 2015.

Net income available to common stockholders for the first nine months of 2016 was $61.0 million, or $2.48 per diluted common share, compared to $44.8 million, or $2.16 per diluted common share, for the first nine months of 2015. Return on average common equity was 12.28% and return on average assets was 1.00% for the first nine months of 2016, compared to 12.38% and 0.91%, respectively, for the same period in 2015.

Commenting on Heartland’s 2016 third quarter results, Lynn B. Fuller, Heartland’s chairman and chief executive officer said, "Heartland reported another excellent quarter with net income available to common stockholders of $20.2 million, a 40 percent increase over the previous year’s quarter. Among several areas of strength, we attribute our results to a very solid net interest margin of 4.14 percent for the quarter."

Fully Taxable Equivalent Net Interest Margin Remains Above 4.00%

Net interest margin, expressed as a percentage of average earning assets, was 3.97% (4.14% on a fully taxable equivalent basis) during the third quarter of 2016, compared to 3.95% (4.12% on a fully taxable equivalent basis) during the second quarter of 2016 and 3.85% (4.01% on a fully taxable equivalent basis) during the third quarter of 2015.

Fuller said, “Net interest margin widened to 4.14 percent for the quarter and stands at 4.15 percent year-to-date. Yields on loans and securities increased while funding costs decreased for the quarter and year-to-date.”

Interest income for the third quarter of 2016 was $81.7 million, an increase of $14.4 million or 21%, compared to the $67.3 million recorded in the third quarter of 2015. The taxable equivalent adjustment for income taxes saved on the interest earned on nontaxable securities and loans was $3.2 million for the third quarter of 2016 and $2.6 million for the third quarter of 2015. With these adjustments, interest income on a tax-equivalent basis was $84.9 million for the third quarter of 2016, an increase of $15.1 million or 22%, compared to $69.9 million for the third quarter of 2015. The increase in interest income in the third quarter of 2016, as compared to the third quarter of 2015, was primarily due to an increase in average earning assets, which totaled $7.38 billion during the third quarter of 2016 compared to $6.16 billion during the third quarter of 2015, a $1.22 billion or 20% increase.  A majority of this growth was attributable to the acquisition of Premier Valley Bank completed on November 30, 2015, and acquisition of CIC Bancshares, Inc. completed on February 5, 2016.

Interest expense for the third quarter of 2016 was $8.0 million, an increase of $462,000 or 6% from $7.5 million in the third quarter of 2015. Average interest bearing liabilities increased $733.1 million or 16% for the quarter ended September 30, 2016, from $4.49 billion in the same quarter in 2015, while the average interest rate paid on Heartland's interest bearing deposits and borrowings declined 6 basis points from 0.67% in the third quarter of 2015 to 0.61% in the third quarter of 2016. The average interest rate paid on savings deposits was 0.22% during both the third quarter of 2016 and the third quarter of 2015, and the average interest rate paid on time deposits was 0.79% during the third quarter of 2016 compared to 0.91% during the third quarter of 2015.

Net interest income increased $14.0 million or 23% to $73.7 million in the third quarter of 2016 from the $59.7 million recorded in the third quarter of 2015. After the tax-equivalent adjustment discussed above, net interest income on a tax-equivalent basis totaled $76.9 million during the third quarter of 2016, an increase of $14.6 million or 23% from the $62.3 million recorded during the third quarter of 2015.

Noninterest Income and Noninterest Expenses Increase From Same Quarter Last Year

Noninterest income totaled $28.5 million during the third quarter of 2016 compared to $25.0 million during the third quarter of 2015, an increase of $3.5 million or 14%. Service charges and fees totaled $8.3 million during the third quarter of 2016 compared to $6.4 million during the third quarter of 2015, an increase of $1.9 million or 30%. 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 quarter of 2015 and first quarter of 2016. Gains on sale of loans held for sale totaled $11.5 million during the third quarter of 2016 compared to $9.8 million during the third quarter of 2015, an increase of $1.7 million or 17%.

For the third quarter of 2016, noninterest expenses totaled $68.4 million compared to $62.0 million during the third quarter of 2015, an increase of $6.4 million or 10%. The category with the most significant increase was salaries and employee benefits, which increased $3.7 million or 10%. Other categories experiencing increases, primarily attributable to the recent acquisitions, were occupancy, furniture and equipment, professional fees and intangible assets amortization.

Fuller stated, "I am also pleased to announce significant progress toward lowering Heartland’s efficiency ratio, which dropped to 63.9 percent for the quarter, meeting our objective to reach 65 percent by year-end 2016."

Heartland's effective tax rate was 29.02% for the third quarter of 2016 compared to 25.32% for the third quarter of 2015. Included in Heartland's income taxes for the third quarter of 2015 were federal historic rehabilitation tax credits totaling $1.1 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 third quarter of 2016 compared to $145,000 during the third 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 21.01% during the third quarter of 2016 compared to 24.61% during the third quarter of 2015.

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

Total assets were $8.20 billion at September 30, 2016, an increase of $507.5 million or 7% from $7.69 billion at year-end 2015. Included in this growth, at fair value, were $772.6 million of assets acquired in the CIC Bancshares, Inc. transaction. Securities represented 24% of total assets at both September 30, 2016, and December 31, 2015.

Total loans held to maturity were $5.44 billion at September 30, 2016, compared to $5.00 billion at year-end 2015, an increase of $437.2 million or 9%. This increase includes $581.5 million of total loans held to maturity, at fair value, acquired in the CIC Bancshares, Inc. transaction. Exclusive of this transaction, total loans held to maturity decreased $43.5 million during the third quarter of 2016, $20.7 million during the second quarter of 2016 and $80.0 million during the first quarter of 2016.

Total deposits were $6.91 billion as of September 30, 2016, compared to $6.41 billion at year-end 2015, an increase of $506.9 million or 8%. This increase included $648.1 million of deposits, at fair value, acquired in the CIC Bancshares, Inc. acquisition. Exclusive of this transaction, total deposits increased $75.1 million during the third quarter of 2016, decreased $86.8 million during the second quarter of 2016 and decreased $129.6 million during the first quarter of 2016. Demand deposits totaled $2.24 billion at September 30, 2016, an increase of $324.6 million or 17% from $1.91 billion at year-end 2015, with $164.3 million of the increase attributable to the CIC Bancshares, Inc. transaction. Exclusive of this transaction, demand deposits increased $88.8 million during the third quarter of 2016, $70.4 million during the second quarter of 2016 and $1.1 million during the first quarter of 2016.

Fuller commented, "We continue to emphasize growth of non-time deposits and are very pleased with the 4 percent growth quarter over quarter in non-interest demand deposits. These now comprise 33 percent of the deposit mix."

Nonperforming Assets Increase Since Year-End

Nonperforming assets were $69.5 million or 0.85% of total assets at September 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 $14.3 million or 28% since year-end 2015. Nonperforming loans were $57.9 million or 1.06% of total loans at September 30, 2016, compared to $39.7 million or 0.79% of total loans at December 31, 2015. Contributing to the year-to-date increase in nonperforming loans during 2016 was a $9.8 million agribusiness relationship at Dubuque Bank and Trust Company which is in the process of collection. Based upon a current valuation of the collateral securing this loan relationship, no loss is anticipated on this credit.

The allowance for loan losses at September 30, 2016, was 1.00% of loans and 94.39% of nonperforming loans, compared to 0.97% of loans and 122.77% of nonperforming loans at December 31, 2015. The provision for loan losses was $5.3 million for the third quarter of 2016 compared to $3.2 million for the third quarter of 2015. A contributing factor to the 2016 third quarter provision for loan losses was a $946,000 allowance for impairment recorded on two agricultural loans at New Mexico Bank & Trust classified as impaired during the quarter. Also affecting the provision for loan losses during the third quarter of 2016 were higher charge-offs at Citizens Finance Co., Heartland's consumer finance company.

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 October 30, 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
September 30,
 For the Nine Months Ended
September 30, 2016
 2016 2015 2016 2015
Interest Income       
Interest and fees on loans$70,046  $58,328  $208,280  $167,201 
Interest on securities:       
Taxable7,917  5,858  24,604  19,729 
Nontaxable3,717  3,077  10,793  8,867 
Interest on federal funds sold1  1  12  3 
Interest on deposits in other financial institutions6  4  13  11 
Total Interest Income81,687  67,268  243,702  195,811 
Interest Expense       
Interest on deposits4,001  3,767  12,195  11,758 
Interest on short-term borrowings235  228  1,083  638 
Interest on other borrowings3,770  3,549  10,918  12,117 
Total Interest Expense8,006  7,544  24,196  24,513 
Net Interest Income73,681  59,724  219,506  171,298 
Provision for loan losses5,328  3,181  9,513  10,526 
Net Interest Income After Provision for Loan Losses68,353  56,543  209,993  160,772 
Noninterest Income       
Service charges and fees8,278  6,350  23,462  17,654 
Loan servicing income873  1,368  3,433  3,572 
Trust fees3,689  3,507  11,127  11,051 
Brokerage and insurance commissions1,006  869  2,914  2,872 
Securities gains, net1,584  1,767  9,732  9,230 
Gains on sale of loans held for sale11,459  9,823  33,794  38,164 
Valuation adjustment on commercial servicing rights5    (41)  
Income on bank owned life insurance620  372  1,733  1,355 
Other noninterest income1,028  924  2,992  2,406 
Total Noninterest Income28,542  24,980  89,146  86,304 
Noninterest Expense       
Salaries and employee benefits40,733  37,033  124,432  110,522 
Occupancy5,099  4,307  15,322  12,594 
Furniture and equipment2,746  2,121  7,301  6,403 
Professional fees5,985  5,251  20,481  16,544 
FDIC insurance assessments1,180  1,018  3,468  2,873 
Advertising1,339  1,327  4,174  3,841 
Intangible assets amortization1,291  734  4,483  2,080 
Other real estate and loan collection expenses640  496  1,871  1,714 
(Gain)/loss on sales/valuations of assets, net794  721  1,064  2,583 
Other noninterest expenses8,620  8,988  27,160  25,938 
Total Noninterest Expense68,427  61,996  209,756  185,092 
Income Before Income Taxes28,468  19,527  89,383  61,984 
Income taxes8,260  4,945  28,196  16,533 
Net Income20,208  14,582  61,187  45,451 
Preferred dividends(53) (205) (273) (613)
Interest expense on convertible preferred debt17    48   
Net Income Available to Common Stockholders$20,172  $14,377  $60,962  $44,838 
Earnings per common share-diluted$0.81  $0.69  $2.48  $2.16 
Weighted average shares outstanding-diluted24,922,946  20,893,312  24,580,897  20,751,664 


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 For the Quarter Ended
 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015
Interest Income         
Interest and fees on loans$70,046  $69,809  $68,425  $59,905  $58,328 
Interest on securities:         
Taxable7,917  7,952  8,735  6,917  5,858 
Nontaxable3,717  3,566  3,510  3,311  3,077 
Interest on federal funds sold1  1  10  21  1 
Interest on deposits in other financial institutions6  3  4  3  4 
Total Interest Income81,687  81,331  80,684  70,157  67,268 
Interest Expense         
Interest on deposits4,001  4,021  4,173  3,772  3,767 
Interest on short-term borrowings235  519  329  200  228 
Interest on other borrowings3,770  3,673  3,475  3,485  3,549 
Total Interest Expense8,006  8,213  7,977  7,457  7,544 
Net Interest Income73,681  73,118  72,707  62,700  59,724 
Provision for loan losses5,328  2,118  2,067  2,171  3,181 
Net Interest Income After Provision for Loan Losses68,353  71,000  70,640  60,529  56,543 
Noninterest Income         
Service charges and fees8,278  8,022  7,162  6,654  6,350 
Loan servicing income873  1,292  1,268  1,704  1,368 
Trust fees3,689  3,625  3,813  3,230  3,507 
Brokerage and insurance commissions1,006  886  1,022  917  869 
Securities gains, net1,584  4,622  3,526  3,913  1,767 
Impairment loss on securities      (769)  
Gains on sale of loans held for sale11,459  11,270  11,065  7,085  9,823 
Valuation adjustment on commercial servicing rights5  (46)      
Income on bank owned life insurance620  591  522  644  372 
Other noninterest income1,028  764  1,200  1,003  924 
Total Noninterest Income28,542  31,026  29,578  24,381  24,980 
Noninterest Expense         
Salaries and employee benefits40,733  41,985  41,714  33,583  37,033 
Occupancy5,099  5,220  5,003  4,334  4,307 
Furniture and equipment2,746  2,442  2,113  2,344  2,121 
Professional fees5,985  7,486  7,010  6,503  5,251 
FDIC insurance assessments1,180  1,120  1,168  886  1,018 
Advertising1,339  1,551  1,284  1,624  1,327 
Intangible assets amortization1,291  1,297  1,895  898  734 
Other real estate and loan collection expenses640  659  572  723  496 
(Gain)/loss on sales/valuations of assets, net794  (43) 313  4,238  721 
Other noninterest expenses8,620  9,303  9,237  10,821  8,988 
Total Noninterest Expense68,427  71,020  70,309  65,954  61,996 
Income Before Income Taxes28,468  31,006  29,909  18,956  19,527 
Income taxes8,260  10,036  9,900  4,365  4,945 
Net Income20,208  20,970  20,009  14,591  14,582 
Preferred dividends(53) (52) (168) (204) (205)
Interest expense on convertible preferred debt17  31       
Net Income Available to Common Stockholders$20,172  $20,949  $19,841  $14,387  $14,377 
Earnings per common share-diluted$0.81  $0.84  $0.82  $0.67  $0.69 
Weighted average shares outstanding-diluted24,922,946  24,974,995  24,117,384  21,491,699  20,893,312 


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 As Of
 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015
Assets         
Cash and due from banks$196,234  $222,718  $124,060  $237,841  $76,954 
Federal funds sold and other short-term investments5,855  7,232  9,168  20,958  14,151 
Cash and cash equivalents202,089  229,950  133,228  258,799  91,105 
Time deposits in other financial institutions2,105  2,105  2,355  2,355  2,355 
Securities:         
Available for sale, at fair value1,655,696  1,566,592  1,690,516  1,578,434  1,261,687 
Held to maturity, at cost265,302  270,423  271,300  279,117  282,200 
Other investments, at cost22,082  22,680  22,325  21,443  19,292 
Loans held for sale78,317  82,538  76,565  74,783  102,569 
Loans:         
Held to maturity5,438,715  5,482,258  5,503,005  5,001,486  4,642,523 
 Allowance for loan losses(54,653) (51,756) (49,738) (48,685) (47,105)
Loans, net5,384,062  5,430,502  5,453,267  4,952,801  4,595,418 
Premises, furniture and equipment, net165,841  168,701  164,788  150,148  147,486 
Goodwill127,699  127,699  127,699  97,852  56,828 
Core deposit intangibles, net23,922  25,213  26,510  22,019  14,937 
Servicing rights, net35,906  35,654  34,910  34,926  33,758 
Cash surrender value on life insurance112,060  111,425  110,834  110,297  99,564 
Other real estate, net10,740  11,003  11,338  11,524  17,041 
Other assets116,394  119,916  128,144  100,256  81,644 
Total Assets$8,202,215  $8,204,401  $8,253,779  $7,694,754  $6,805,884 
Liabilities and Equity         
Liabilities         
Deposits:         
 Demand$2,238,736  $2,149,911  $2,079,521  $1,914,141  $1,632,005 
 Savings3,753,300  3,691,791  3,702,431  3,367,479  2,936,611 
 Time920,657  995,870  1,142,368  1,124,203  938,621 
Total deposits6,912,693  6,837,572  6,924,320  6,405,823  5,507,237 
Short-term borrowings214,105  303,707  325,741  293,898  335,845 
Other borrowings294,493  296,895  265,760  263,214  302,086 
Accrued expenses and other liabilities76,536  78,264  68,415  68,646  69,707 
Total Liabilities7,497,827  7,516,438  7,584,236  7,031,581  6,214,875 
Stockholders' Equity         
Preferred equity1,357  3,777  3,777  81,698  81,698 
Common stock24,683  24,544  24,520  22,436  20,640 
Capital surplus279,316  274,682  273,310  216,436  149,613 
Retained earnings402,179  384,479  366,014  348,630  337,421 
Accumulated other comprehensive income (loss)(3,079) 513  1,924  (6,027) 1,731 
Treasury stock at cost(68) (32) (2)   (94)
Total Equity704,388  687,963  669,543  663,173  591,009 
Total Liabilities and Equity$8,202,215  $8,204,401  $8,253,779  $7,694,754  $6,805,884 


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 For the Quarter Ended
September 30,
 For the Nine Months Ended
September 30,
 2016 2015 2016 2015
Average Balances       
Assets$8,172,683  $6,726,196  $8,136,492  $6,603,085 
Loans, net of unearned5,538,088  4,654,179  5,493,187  4,457,715 
Deposits6,839,334  5,423,418  6,775,103  5,296,771 
Earning assets7,382,860  6,161,495  7,368,856  6,030,612 
Interest bearing liabilities5,224,172  4,491,089  5,286,708  4,447,165 
Common stockholders' equity689,637  500,399  663,050  484,418 
Total stockholders' equity692,404  582,097  687,312  566,116 
Tangible common stockholders' equity(1)537,375  431,304  513,031  419,059 
        
Key Performance Ratios       
Annualized return on average assets0.98% 0.85% 1.00% 0.91%
Annualized return on average common equity11.64% 11.40% 12.28% 12.38%
Annualized return on average common tangible equity(2)14.93% 13.22% 15.87% 14.31%
Annualized ratio of net charge-offs to average loans0.17% 0.14% 0.09% 0.15%
Annualized net interest margin, fully taxable equivalent(3)4.14% 4.01% 4.15% 3.96%
Efficiency ratio, fully taxable equivalent(4)63.88% 69.85% 66.23% 69.37%
        
Reconciliation of Return on Average Common Tangible Equity (non-GAAP)(5)       
Net income available to common shareholders (GAAP)$20,172  $14,377  $60,962  $44,838 
        
Average common stockholders' equity (GAAP)$689,637  $500,399  $663,050  $484,418 
Less average goodwill127,699  55,073  125,061  52,251 
Less average other intangibles, net24,563  14,022  24,958  13,108 
Average common tangible equity (non-GAAP)$537,375  $431,304  $513,031  $419,059 
Annualized return on average common equity (GAAP)11.64% 11.40% 12.28% 12.38%
Annualized return on average common tangible equity (non-GAAP)14.93% 13.22% 15.87% 14.31%
        
Reconciliation of Annualized Net Interest Margin,
Fully Taxable Equivalent (non-GAAP)(6)
       
Net Interest Income (GAAP)$73,681  $59,724  $219,506  $171,298 
Plus taxable equivalent adjustment(7)3,221  2,588  9,408  7,389 
Net interest income - taxable equivalent (non-GAAP)
$76,902  $62,312  $228,914  $178,687 
        
Average earning assets$7,382,860  $6,161,495  $7,368,856  $6,030,612 
        
Annualized net interest margin (GAAP)3.97% 3.85% 3.98% 3.80%
Annualized net interest margin, fully taxable equivalent (non-GAAP)
4.14% 4.01% 4.15% 3.96%
        
(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.
(3) Refer to the "Reconciliation of Annualized Net Interest Margin, Fully Taxable Equivalent (non-GAAP)" table.
(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 taxable 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
 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015
Average Balances         
Assets$8,172,683  $8,211,326  $8,025,070  $7,241,104  $6,726,196 
Loans, net of unearned5,538,088  5,582,878  5,358,102  4,827,844  4,654,179 
Deposits6,839,334  6,806,259  6,679,010  5,938,905  5,423,418 
Earning assets7,382,860  7,446,849  7,276,703  6,512,565  6,161,495 
Interest bearing liabilities5,224,172  5,363,477  5,273,164  4,781,797  4,491,089 
Common stockholders' equity689,637  669,930  629,294  533,845  500,399 
Total stockholders' equity692,404  673,707  695,771  615,543  582,097 
Tangible common stockholders' equity(1)537,375  516,347  485,108  446,370  431,304 
          
Key Performance Ratios         
Annualized return on average assets0.98% 1.03% 0.99% 0.79% 0.85%
Annualized return on average common equity11.64% 12.58% 12.68% 10.69% 11.40%
Annualized return on average common tangible equity(2)14.93% 16.32% 16.45% 12.79% 13.22%
Annualized ratio of net charge-offs to average loans0.17% 0.01% 0.08% 0.05% 0.14%
Annualized net interest margin, fully taxable equivalent(3)4.14% 4.12% 4.19% 3.99% 4.01%
Efficiency ratio, fully taxable equivalent(4)63.88% 67.95% 66.90% 68.53% 69.85%
          
Reconciliation of Return on Average Common Tangible Equity (non-GAAP)(5)         
Net income available to common shareholders (GAAP)$20,172  $20,949  $19,841  $14,387  $14,377 
          
Average common stockholders' equity (GAAP)$689,637  $669,930  $629,294  $533,845  $500,399 
Less average goodwill127,699  127,699  119,750  70,222  55,073 
Less average other intangibles, net24,563  25,884  24,436  17,253  14,022 
Average common tangible equity (non-GAAP)$537,375  $516,347  $485,108  $446,370  $431,304 
Annualized return on average common equity (GAAP)11.64% 12.58% 12.68% 10.69% 11.40%
Annualized return on average common tangible equity (non-GAAP)14.93% 16.32% 16.45% 12.79% 13.22%
          
Reconciliation of Annualized Net Interest Margin, Fully Taxable Equivalent (non-GAAP)(6)         
Net Interest Income (GAAP)$73,681  $73,118  $72,707  $62,700  $59,724 
Plus taxable equivalent adjustment(7)3,221  3,146  3,041  2,827  2,588 
Net interest income, fully taxable equivalent (non-GAAP)$76,902  $76,264  $75,748  $65,527  $62,312 
          
Average earning assets$7,382,860  $7,446,849  $7,276,703  $6,512,565  $6,161,495 
          
Annualized net interest margin (GAAP)3.97% 3.95% 4.02% 3.82% 3.85%
Annualized net interest margin, fully taxable equivalent (non-GAAP)4.14% 4.12% 4.19% 3.99% 4.01%
 
(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.
(3) Refer to the "Reconciliation of Annualized Net Interest Margin, Fully Taxable Equivalent (non-GAAP)" table.
(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 taxable 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
September 30,
 For the Nine Months Ended
September 30,
Reconciliation of Non-GAAP Measure-Efficiency Ratio(1)2016 2015 2016 2015
Net interest income$73,681  $59,724  $219,506  $171,298 
Taxable equivalent adjustment(2)3,221  2,588  9,408  7,389 
Fully taxable equivalent net interest income76,902  62,312  228,914  178,687 
Noninterest income28,542  24,980  89,146  86,304 
Securities gains, net(1,584) (1,767) (9,732) (9,230)
Adjusted income$103,860  $85,525  $308,328  $255,761 
        
Total noninterest expenses$68,427  $61,996  $209,756  $185,092 
Less:       
Intangible assets amortization1,291  734  4,483  2,080 
Partnership investment in historic rehabilitation tax credits  805    2,995 
(Gain)/loss on sales/valuations of assets, net794  721  1,064  2,583 
Adjusted noninterest expenses$66,342  $59,736  $204,209  $177,434 
        
Efficiency ratio, fully taxable equivalent63.88% 69.85% 66.23% 69.37%
 
 
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
9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015
Net interest income$73,681  $73,118  $72,707  $62,700  $59,724 
Taxable equivalent adjustment(2)3,221  3,146  3,041  2,827  2,588 
Fully taxable equivalent net interest income76,902  76,264  75,748  65,527  62,312 
Noninterest income28,542  31,026  29,578  24,381  24,980 
Securities gains, net(1,584) (4,622) (3,526) (3,913) (1,767)
Impairment loss on securities      769   
Adjusted income$103,860  $102,668  $101,800  $86,764  $85,525 
          
Total noninterest expenses$68,427  $71,020  $70,309  $65,954  $61,996 
Less:         
Intangible assets amortization1,291  1,297  1,895  898  734 
Partnership investment in historic rehabilitation tax credits      1,362  805 
(Gain)/loss on sales/valuation of assets, net794  (43) 313  4,238  721 
Adjusted noninterest expenses$66,342  $69,766  $68,101  $59,456  $59,736 
          
Efficiency ratio, fully taxable equivalent63.88% 67.95% 66.90% 68.53% 69.85%
          
(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 taxable 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
 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015
Common Share Data         
Book value per common share$28.48  $27.88  $27.15  $25.92  $24.68 
Tangible book value per common share (non-GAAP)(5)$22.34  $21.65  $20.86  $20.57  $21.20 
ASC 320 effect on book value per common share$0.03  $0.21  $0.23  $(0.18) $0.22 
Common shares outstanding, net of treasury stock24,681,380  24,543,376  24,519,928  22,435,693  20,637,321 
Tangible capital ratio (non-GAAP)(6)6.85% 6.60% 6.32% 6.09% 6.50%
          
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(3)         
Common stockholders' equity (GAAP)$703,031  $684,186  $665,766  $581,475  $509,311 
Less goodwill127,699  127,699  127,699  97,852  56,828 
Less other intangible assets, net23,922  25,213  26,510  22,019  14,937 
Tangible common stockholders' equity (non-GAAP)$551,410  $531,274  $511,557  $461,604  $437,546 
          
Common shares outstanding, net of treasury stock24,681,380  24,543,376  24,519,928  22,435,693  20,637,321 
Common stockholders' equity (book value) per share (GAAP)$28.48  $27.88  $27.15  $25.92  $24.68 
Tangible book value per common share (non-GAAP)$22.34  $21.65  $20.86  $20.57  $21.20 
          
Reconciliation of Tangible Capital Ratio (non-GAAP)(4)         
Total assets (GAAP)$8,202,215  $8,204,401  $8,253,779  $7,694,754  $6,805,884 
Less goodwill127,699  127,699  127,699  97,852  56,828 
Less other intangible assets, net23,922  25,213  26,510  22,019  14,937 
Total tangible assets (non-GAAP)$8,050,594  $8,051,489  $8,099,570  $7,574,883  $6,734,119 
Tangible capital ratio (non-GAAP)6.85% 6.60% 6.32% 6.09% 6.50%
          
Loan Data         
Loans held to maturity:         
Commercial and commercial real estate$3,900,612  $3,930,879  $3,951,839  $3,605,574  $3,303,098 
Residential mortgage625,965  644,267  666,184  539,555  491,667 
Agricultural and agricultural real estate489,387  480,883  471,271  471,870  469,381 
Consumer425,582  428,730  417,114  386,867  379,903 
Unearned discount and deferred loan fees(2,831) (2,501) (3,403) (2,380) (1,526)
Total loans held to maturity$5,438,715  $5,482,258  $5,503,005  $5,001,486  $4,642,523 
          
Other Selected Trend Information         
Effective tax rate29.02% 32.37% 33.10% 23.03% 25.32%
Full time equivalent employees1,846  1,888  1,907  1,799  1,736 
Total Residential Mortgage Loan Applications$445,107  $440,907  $406,999  $307,163  $443,294 
Residential Mortgage Loans Originated$324,337  $324,633  $238,266  $258,939  $370,956 
Residential Mortgage Loans Sold$315,917  $302,448  $220,381  $260,189  $360,172 
Residential Mortgage Loan Servicing Portfolio$4,259,459  $4,203,429  $4,112,519  $4,057,861  $3,963,677 
          
(1) Refer to the "Reconciliation of Tangible Book Value Per Common Share (non-GAAP)" table.
(2) Refer to the "Reconciliation of Tangible Capital Ratio (non-GAAP)" table.
(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
 9/30/2016 6/30/2016 3/31/2016 12/31/2015 9/30/2015
Allowance for Loan Losses         
Balance, beginning of period$51,756  $49,738  $48,685  $47,105  $45,614 
Provision for loan losses5,328  2,118  2,067  2,171  3,181 
Charge-offs(3,283) (2,951) (1,605) (1,837) (2,439)
Recoveries852  2,851  591  1,246  749 
Balance, end of period$54,653  $51,756  $49,738  $48,685  $47,105 
          
Asset Quality         
Nonaccrual loans$57,799  $57,053  $47,750  $39,655  $32,577 
Loans past due ninety days or more as to interest or principal payments105    639    1,181 
Other real estate owned10,740  11,003  11,338  11,524  17,041 
Other repossessed assets821  564  426  485  626 
Total nonperforming assets$69,465  $68,620  $60,153  $51,664  $51,425 
          
Performing troubled debt restructured loans$10,281  $9,923  $10,711  $10,968  $10,154 
          
Nonperforming Assets Activity         
Balance, beginning of period$68,620  $60,153  $51,664  $51,425  $44,237 
Net loan charge offs(2,431) (100) (1,014) (591) (1,690)
New nonperforming loans10,884  19,994  12,171  9,686  7,996 
Acquired nonperforming assets    3,516  4,956  5,328 
Reduction of nonperforming loans (1)(6,983) (10,313) (3,563) (6,768) (2,758)
OREO/Repossessed assets sales proceeds(343) (918) (2,411) (2,980) (1,074)
OREO/Repossessed assets writedowns, net(521) (337) (182) (3,909) (756)
Net activity at Citizens Finance Co.239  141  (28) (155) 142 
Balance, end of period$69,465  $68,620  $60,153  $51,664  $51,425 
 
Asset Quality Ratios         
Ratio of nonperforming loans to total loans1.06% 1.04% 0.88% 0.79% 0.73%
Ratio of nonperforming assets to total assets0.85% 0.84% 0.73% 0.67% 0.76%
Annualized ratio of net loan charge-offs to average loans0.17% 0.01% 0.08% 0.05% 0.14%
Allowance for loan losses as a percent of loans1.00% 0.94% 0.90% 0.97% 1.01%
Allowance for loan losses as a percent of nonperforming loans94.39% 90.72% 102.79% 122.77% 139.54%
Loans delinquent 30-89 days as a percent of total loans0.40% 0.73% 0.45% 0.31% 0.40%
          
(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
 September 30, 2016 September 30, 2015
 Average
Balance
 Interest Rate Average
Balance
 Interest Rate
Earning Assets           
Securities:           
Taxable$1,415,446  $7,917  2.23% $1,192,259  $5,858  1.95%
Nontaxable(1)473,152  5,719  4.81  348,760  4,733  5.38 
Total securities1,888,598  13,636  2.87  1,541,019  10,591  2.73 
Interest bearing deposits7,026  6  0.34  11,567  4  0.14 
Federal funds sold1,409  1  0.28  1,032  1  0.38 
Loans:(2)           
Commercial and commercial real estate(1)3,908,623  48,334  4.92  3,252,610  38,802  4.73 
Residential mortgage717,374  7,248  4.02  570,117  5,848  4.07 
Agricultural and agricultural real estate(1)486,008  5,719  4.68  461,144  5,525  4.75 
Consumer426,083  8,256  7.71  370,308  7,384  7.91 
Fees on loans  1,708      1,701   
Less: allowance for loan losses(52,261)     (46,302)    
Net loans5,485,827  71,265  5.17  4,607,877  59,260  5.10 
Total earning assets7,382,860  84,908  4.58% 6,161,495  69,856  4.50%
Nonearning Assets789,823      564,701     
Total Assets$8,172,683      $6,726,196     
Interest Bearing Liabilities           
Savings$3,697,426  $2,066  0.22% $2,870,847  $1,565  0.22%
Time, $100,000 and over399,498  813  0.81  337,163  741  0.87 
Other time deposits570,445  1,122  0.78  622,110  1,461  0.93 
Short-term borrowings258,783  235  0.36  362,094  228  0.25 
Other borrowings298,020  3,770  5.03  298,875  3,549  4.71 
Total interest bearing liabilities5,224,172  8,006  0.61% 4,491,089  7,544  0.67%
Noninterest Bearing Liabilities           
Noninterest bearing deposits2,171,965      1,593,298     
Accrued interest and other liabilities84,142      59,712     
Total noninterest bearing liabilities2,256,107      1,653,010     
Stockholders' Equity692,404      582,097     
Total Liabilities and Stockholders' Equity$8,172,683      $6,726,196     
Net interest income, fully taxable equivalent (non-GAAP)(1)  $76,902      $62,312   
Net interest spread(1)    3.97%     3.83%
Net interest income, fully taxable equivalent (non-GAAP) to total earning assets(3)    4.14%     4.01%
Interest bearing liabilities to earning assets70.76%     72.89%    
            
(1) Computed on a taxable equivalent basis using an effective tax rate of 35%
(2) Nonaccrual loans are included in the average loans outstanding.
(3) 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.


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
 For the Nine Months Ended
 September 30, 2016 September 30, 2015
 Average
Balance
 Interest Rate Average
Balance
 Interest Rate
Earning Assets           
Securities:           
Taxable$1,464,080  $24,604  2.24% $1,266,546  $19,729  2.08%
Nontaxable(1)440,275  16,605  5.04  335,104  13,641  5.44 
Total securities1,904,355  41,209  2.89  1,601,650  33,370  2.79 
Interest bearing deposits9,785  13  0.18  10,541  11  0.14 
Federal funds sold12,509  12  0.13  4,562  3  0.09 
Loans:(2)           
Commercial and commercial real estate(1)3,840,060  141,977  4.94  3,133,525  112,343  4.79 
Residential mortgage751,694  23,133  4.11  529,412  16,146  4.08 
Agricultural and agricultural real estate(1)478,564  16,952  4.73  436,050  15,835  4.86 
Consumer422,869  24,452  7.72  358,728  21,476  8.00 
Fees on loans  5,362      4,016   
Less: allowance for loan losses(50,980)     (43,856)    
Net loans5,442,207  211,876  5.20  4,413,859  169,816  5.14 
Total earning assets7,368,856  253,110  4.59% 6,030,612  203,200  4.50%
Nonearning Assets767,636      572,473     
Total Assets$8,136,492      $6,603,085     
Interest Bearing Liabilities           
Savings$3,651,370  $5,988  0.22% $2,851,506  $5,002  0.23%
Time, $100,000 and over439,609  2,417  0.73  343,369  2,373  0.92 
Other time deposits599,745  3,790  0.84  570,446  4,383  1.03 
Short-term borrowings314,367  1,083  0.46  343,537  638  0.25 
Other borrowings281,617  10,918  5.18  338,307  12,117  4.79 
Total interest bearing liabilities5,286,708  24,196  0.61% 4,447,165  24,513  0.74%
Noninterest Bearing Liabilities           
Noninterest bearing deposits2,084,379      1,531,450     
Accrued interest and other liabilities78,093      58,354     
Total noninterest bearing liabilities2,162,472      1,589,804     
Stockholders' Equity687,312      566,116     
Total Liabilities and Stockholders' Equity$8,136,492      $6,603,085     
Net interest income, fully taxable equivalent (non-GAAP)(1)  $228,914      $178,687   
Net interest spread(1)    3.98%     3.76%
Net interest income, fully taxable equivalent (non-GAAP) to total earning assets(3)    4.15%     3.96%
Interest bearing liabilities to earning assets71.74%     73.74%    
            
(1) Computed on a taxable equivalent basis using an effective tax rate of 35%.
(2) Nonaccrual loans are included in the average loans outstanding.
(3) 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.


HEARTLAND FINANCIAL USA, INC.
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited)
DOLLARS IN THOUSANDS
 As of and For the Quarter Ended
 9/30/20166/30/20163/31/201612/31/20159/30/2015
Total Assets     
Dubuque Bank and Trust Company$1,448,796 $1,473,461 $1,498,771 $1,617,322 $1,431,767 
New Mexico Bank & Trust1,318,203 1,321,113 1,304,886 1,336,004 1,282,784 
Wisconsin Bank & Trust1,068,288 1,080,224 1,094,872 1,139,337 1,098,405 
Centennial Bank and Trust(1)892,723 909,697 927,040 161,806 155,114 
Morrill & Janes Bank and Trust Company862,767 843,069 872,274 902,918 845,067 
Illinois Bank & Trust748,801 742,697 718,074 757,478 769,170 
Premier Valley Bank635,620 629,423 751,137 765,451  
Arizona Bank & Trust574,561 577,002 558,369 591,066 599,119 
Rocky Mountain Bank481,346 473,583 479,010 491,522 501,093 
Minnesota Bank & Trust238,745 230,004 220,955 214,303 188,633 
Total Portfolio Loans     
Dubuque Bank and Trust Company$906,347 $928,869 $941,683 $956,517 $953,273 
New Mexico Bank & Trust917,679 870,109 815,739 794,744 777,433 
Wisconsin Bank & Trust711,714 732,503 758,789 793,508 844,557 
Centennial Bank and Trust(1)638,006 668,547 683,085 101,449 94,127 
Morrill & Janes Bank and Trust Company538,666 522,518 536,738 539,198 527,217 
Illinois Bank & Trust469,236 466,983 465,783 465,937 473,859 
Premier Valley Bank354,610 376,275 376,840 383,929  
Arizona Bank & Trust385,926 390,078 402,431 444,501 444,916 
Rocky Mountain Bank357,346 362,475 364,189 370,440 380,304 
Minnesota Bank & Trust139,581 144,009 137,412 134,137 128,700 
Total Deposits     
Dubuque Bank and Trust Company$1,182,947 $1,159,942 $1,144,470 $1,209,074 $1,120,999 
New Mexico Bank & Trust1,101,550 1,062,410 1,066,076 1,085,052 1,047,358 
Wisconsin Bank & Trust889,957 911,915 921,071 974,001 904,803 
Centennial Bank and Trust(1)767,128 775,417 779,607 128,759 139,826 
Morrill & Janes Bank and Trust Company676,176 696,073 698,365 713,589 650,123 
Illinois Bank & Trust671,104 653,582 629,235 631,010 641,024 
Premier Valley Bank520,814 514,522 635,188 647,022  
Arizona Bank & Trust493,331 497,599 468,312 500,490 491,254 
Rocky Mountain Bank420,581 405,888 409,787 417,426 428,234 
Minnesota Bank & Trust214,651 207,228 200,343 194,373 163,291 
Net Income (Loss)     
Dubuque Bank and Trust Company$5,112 $4,475 $6,073 $3,587 $4,477 
New Mexico Bank & Trust3,824 5,642 4,094 2,576 3,220 
Wisconsin Bank & Trust3,368 3,399 3,379 2,443 3,886 
Centennial Bank and Trust(1)925 256 824 62 (6)
Morrill & Janes Bank and Trust Company1,707 2,133 2,525 1,096 2,024 
Illinois Bank & Trust2,179 2,397 2,027 574 1,877 
Premier Valley Bank1,804 1,695 1,960 1,008  
Arizona Bank & Trust2,034 2,121 1,841 968 1,254 
Rocky Mountain Bank1,456 1,484 1,064 1,506 1,471 
Minnesota Bank & Trust675 559 531 166 411 
      
(1) Formerly known as Summit Bank & Trust.

        

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