HEARTLAND FINANCIAL USA, INC. HTLF Income Statement

Heartland financial usa, inc. (HTLF)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
INTEREST INCOME:
Interest and fees on loans
424,615	393,871	304,006	278,128	227,106	194,022	164,702	156,499	149,603	151,794	154,887
Interest on securities:
Taxable
73,147	54,131	38,365	32,858	26,646	29,727	21,501	22,129	28,195	34,507	39,782
Nontaxable
9,868	14,120	19,698	15,085	12,178	13,269	13,295	10,698	13,935	12,616	8,595
Interest on federal funds sold
4	0	42	12	24	1	1	4	3	1	2
Interest on interest bearing deposits in other financial institutions
6,695	3,698	1,547	396	14	23	12	8	1	14	27
TOTAL INTEREST INCOME
514,329	465,820	363,658	326,479	265,968	237,042	199,511	189,338	191,737	198,932	203,293
INTEREST EXPENSE:
Interest on deposits
63,734	35,667	18,279	15,939	15,530	18,154	19,968	22,230	29,224	38,272	52,744
Interest on short-term borrowings
1,748	1,696	678	1,202	838	877	808	818	893	1,160	733
Interest on other borrowings (includes $(183) and $165 of interest expense/(benefit) related to derivatives reclassified from accumulated other comprehensive income/(loss) for the three months ended March 31, 2020 and 2019, respectively.
15,118	14,503	14,393	14,672	15,602	14,938	14,907	16,134	16,226	16,448	17,053
TOTAL INTEREST EXPENSE
80,600	51,866	33,350	31,813	31,970	33,969	35,683	39,182	46,343	55,880	70,530
NET INTEREST INCOME
433,729	413,954	330,308	294,666	233,998	203,073	163,828	150,156	145,394	143,052	132,763
Provision for credit losses
16,657	24,013	15,563	11,694	12,697	14,501	9,697	8,202	29,365	32,508	39,377
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
417,072	389,941	314,745	282,972	221,301	188,572	154,131	141,954	116,029	110,544	93,386
NONINTEREST INCOME:
Revenue from contract with customers
75,342	71,612	59,034	50,304	-	-	-	-	-	-	-
Loan servicing income
4,843	7,292	5,636	4,501	5,276	5,583	1,648	-151	5,932	7,232	9,666
Securities gains, net includes $1,658 and $1,575 of net security gains reclassified from accumulated other comprehensive income/(loss) for the three months ended March 31, 2020 and 2019, respectively.
7,659	1,085	6,973	11,340	13,143	3,668	7,121	13,998	13,104	6,834	8,648
Unrealized gain on equity securities, net
525	212	0	0	-	-	-	-	-	-	-
Loss on trading account securities, net
-	-	-	-	-	-38	1,421	47	89	-91	211
Impairment loss on securities (includes $0, $0, and $253 of net security losses reclassified from accumulated other comprehensive income for the years ended December 31, 2017, 2016, and 2015, respectively)
-	-	-	-	769	0	0	981	0	0	40
Net gains on sale of loans held for sale
15,555	21,450	22,251	39,634	45,249	31,337	40,195	60,649	11,366	8,088	6,084
Valuation allowance on servicing rights
911	46	-21	33	0	0	-496	477	19	0	0
Income on bank owned life insurance
3,785	2,793	2,772	2,275	1,999	1,472	1,555	1,442	1,349	1,466	1,002
Gain on acquisition
-	-	-	-	-	-	-	-	-	-	1,296
Other noninterest income
9,410	4,762	5,335	5,580	3,409	2,580	3,253	4,713	86	2,510	2,406
TOTAL NONINTEREST INCOME
116,208	109,160	102,022	113,601	110,685	82,224	89,618	108,662	59,577	52,329	52,704
NONINTEREST EXPENSES:
Salaries and employee benefits
200,541	196,118	171,407	163,547	144,105	129,843	118,224	105,727	75,537	63,391	60,465
Occupancy
25,450	25,328	22,244	20,398	16,928	15,746	13,459	10,629	9,363	9,121	8,992
Furniture and equipment
12,100	12,529	11,061	10,245	8,747	8,105	8,040	6,326	5,636	6,104	6,574
Professional fees
50,022	43,510	36,474	27,676	23,047	18,241	17,532	15,338	12,567	10,446	9,127
FDIC insurance assessments
-	-	-	4,185	3,759	3,808	3,544	3,292	3,777	5,441	6,578
Advertising
10,028	9,565	7,229	6,448	5,465	5,524	5,294	5,294	4,292	3,830	3,337
Core deposit intangibles and customer relationship intangibles amortization
11,972	9,355	6,077	5,630	2,978	2,223	1,063	562	572	591	866
Goodwill impairment charge
-	-	-	-	-	-	-	-	-	1,639	12,659
Other real estate and loan collection expenses
-1,035	-3,038	-2,461	-2,443	-2,437	-2,309	-4,445	-2,890	-9,807	-15,264	-10,847
(Gain)/loss on sales/valuations of assets, net
19,422	-2,208	-2,475	-1,478	-6,821	-2,105	-3,034	-7,093	-	-	-
Restructuring expenses
3,227	2,564	0	0	-	-	-	-	-	-	-
Other noninterest expenses
54,208	49,673	38,247	37,618	36,759	27,896	21,926	26,230	15,745	13,412	13,075
TOTAL NONINTEREST EXPENSES
349,161	353,888	297,675	279,668	251,046	215,800	196,561	183,381	137,296	129,239	132,520
INCOME BEFORE INCOME TAXES
184,119	145,213	119,092	116,905	80,940	54,996	47,188	67,235	38,310	33,634	13,570
Income taxes (includes $466 and $358 of income tax expense reclassified from accumulated other comprehensive income/(loss) for the three months ended March 31, 2020 and 2019, respectively.)
34,990	28,215	43,820	36,556	20,898	13,096	10,335	17,384	10,302	9,846	7,196
NET INCOME
149,129	116,998	75,272	80,349	60,042	41,900	36,789	49,792	28,044	23,903	6,374
Net (income) loss available to noncontrolling interest, net of tax
-	-	-	-	-	-	64	59	-36	-115	-188
NET INCOME
-	-	-	-	-	-	36,853	49,851	28,008	23,788	6,562
Preferred dividends
0	39	58	292	817	817	1,093	3,400	7,640	5,344	5,344
Interest expense on convertible preferred debt
0	0	-12	-51	0	0	-	-	-	-	-
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
149,129	116,959	75,226	80,108	59,225	41,083	35,696	46,392	20,404	18,559	1,218
EARNINGS PER COMMON SHARE - BASIC (in dollars per share)
4.14	3.54	2.67	3.26	2.87	2.23	2.08	2.81	1.24	1.13	0.07
EARNINGS PER COMMON SHARE - DILUTED (in dollars per share)
4.14	3.52	2.65	3.22	2.83	2.19	2.04	2.77	1.23	1.13	0.07
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)
0.68	0.59	0.51	0.50	0.45	0.40	0.40	0.50	0.40	0.40	0.40
Service charges and fees
Revenue from contract with customers
52,157	48,706	39,183	31,590	24,308	20,085	17,660	15,242	14,303	13,900	12,541
Trust fees
Revenue from contract with customers
19,399	18,393	15,818	14,845	14,281	13,097	11,708	10,478	9,856	9,206	7,773
Brokerage and insurance commissions
Revenue from contract with customers
3,786	4,513	4,033	3,869	3,789	4,440	4,561	3,702	3,511	3,184	3,117