Heartland financial usa, inc. (HTLF)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Sep'10Jun'10
INTEREST INCOME:
Interest and fees on loans

106,414

107,566

110,566

106,027

100,456

105,700

105,733

96,787

85,651

86,108

82,906

68,094

66,898

69,848

70,046

69,809

68,425

59,905

58,328

55,824

53,049

50,226

49,311

48,101

46,384

44,995

40,154

39,726

39,827

39,510

39,208

39,382

38,399

37,764

37,393

37,480

36,966

38,756

38,270

Interest on securities:
Taxable

21,731

22,581

18,567

16,123

15,876

15,851

14,433

12,270

11,577

11,119

10,394

8,599

8,253

8,345

7,917

7,952

8,644

6,917

5,858

6,739

7,132

6,972

7,547

7,447

7,761

7,327

4,803

4,712

4,659

5,079

4,452

5,026

7,572

3,428

8,051

9,305

7,411

8,225

8,938

Nontaxable

2,183

2,102

2,119

2,554

3,093

3,467

3,490

3,584

3,579

4,401

5,086

5,020

5,191

4,292

3,717

3,566

3,510

3,311

3,077

2,874

2,916

3,190

3,249

3,708

3,122

3,294

3,443

3,360

3,198

2,912

2,896

2,619

2,271

6,430

2,145

1,796

3,564

3,282

3,047

Interest on federal funds sold

0

0

0

0

4

0

0

0

0

5

34

3

0

0

1

1

10

21

1

1

1

0

1

0

0

-

0

-

-

-

0

1

-

-

2

0

-

0

1

Interest on interest bearing deposits in other financial institutions

721

953

2,151

2,299

1,292

1,285

1,238

768

407

435

558

345

209

292

6

3

95

3

4

3

4

3

6

7

7

3

3

2

4

3

3

2

0

-1

0

1

1

1

7

TOTAL INTEREST INCOME

131,049

133,202

133,403

127,003

120,721

126,303

124,894

113,409

101,214

102,068

98,978

82,061

80,551

82,777

81,687

81,331

80,684

70,157

67,268

65,441

63,102

60,391

60,114

59,263

57,274

55,620

48,403

47,800

47,688

47,507

46,559

47,030

48,242

47,622

47,591

48,582

47,942

50,264

50,263

INTEREST EXPENSE:
Interest on deposits

14,582

16,401

17,982

16,138

13,213

11,826

10,092

7,983

5,766

5,313

5,073

4,163

3,730

3,744

4,001

4,021

4,173

3,772

3,767

3,819

4,172

4,144

4,655

4,577

4,778

5,057

4,769

5,066

5,076

5,347

5,504

5,604

5,775

6,495

7,028

7,675

8,026

9,033

9,955

Interest on short-term borrowings

296

271

250

338

889

417

464

547

268

180

271

90

137

119

235

519

329

200

228

212

198

222

227

202

226

421

131

108

148

166

215

224

213

204

205

225

259

305

291

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.

3,660

3,785

3,850

3,819

3,664

3,777

3,660

3,470

3,596

3,719

3,790

3,228

3,656

3,754

3,770

3,673

3,475

3,485

3,549

3,766

4,802

3,854

3,741

3,685

3,658

3,785

3,623

3,702

3,797

4,020

4,028

4,025

4,061

4,086

4,123

4,081

3,936

4,213

4,208

TOTAL INTEREST EXPENSE

18,538

20,457

22,082

20,295

17,766

16,020

14,216

12,000

9,630

9,212

9,134

7,481

7,523

7,617

8,006

8,213

7,977

7,457

7,544

7,797

9,172

8,220

8,623

8,464

8,662

9,263

8,523

8,876

9,021

9,533

9,747

9,853

10,049

10,785

11,356

11,981

12,221

13,551

14,454

NET INTEREST INCOME

112,511

112,745

111,321

106,708

102,955

110,283

110,678

101,409

91,584

92,856

89,844

74,580

73,028

75,160

73,681

73,118

72,707

62,700

59,724

57,644

53,930

52,171

51,491

50,799

48,612

46,357

39,880

38,924

38,667

37,974

36,812

37,177

38,193

36,837

36,235

36,601

35,721

36,713

35,809

Provision for credit losses

21,520

4,903

5,201

4,918

1,635

9,681

5,238

4,831

4,263

5,328

5,705

889

3,641

2,181

5,328

2,118

2,067

2,171

3,181

5,674

1,671

2,866

2,553

2,751

6,331

2,049

5,149

1,862

637

3,350

-502

3,000

2,354

7,784

7,727

3,845

10,009

4,799

9,955

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

90,991

107,842

106,120

101,790

101,320

100,602

105,440

96,578

87,321

87,528

84,139

73,691

69,387

72,979

68,353

71,000

70,640

60,529

56,543

51,970

52,259

49,305

48,938

48,048

42,281

44,308

34,731

37,062

38,030

34,624

37,314

34,177

35,839

29,053

28,508

32,756

25,712

31,914

25,854

NONINTEREST INCOME:
Revenue from contract with customers

17,776

18,571

18,287

20,482

18,002

19,877

18,505

17,564

15,666

-

14,960

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loan servicing income

963

955

821

1,338

1,729

2,061

1,670

1,807

1,754

1,400

1,161

1,351

1,724

1,068

873

1,292

1,268

1,704

1,368

1,163

1,041

1,360

1,319

1,393

1,511

783

598

141

126

-7,983

3,016

3,056

1,760

2,004

1,081

1,298

1,549

1,862

1,620

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.

1,658

491

2,013

3,580

1,575

48

-145

-259

1,441

1,420

1,679

1,392

2,482

1,608

1,584

4,622

3,526

3,913

1,767

3,110

4,353

1,208

825

854

781

509

1,118

2,067

3,427

-108

5,212

4,951

3,943

4,174

2,085

4,756

2,089

2,158

1,050

Unrealized gain on equity securities, net

-231

11

144

112

258

115

54

71

-28

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on trading account securities, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-38

582

263

262

314

164

-163

49

-3

-125

-83

81

216

18

-264

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)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

981

0

0

0

0

-

-

Net gains on sale of loans held for sale

4,660

3,363

4,673

4,343

3,176

3,189

7,410

6,800

4,051

4,290

4,997

6,817

6,147

5,840

11,459

11,270

11,065

7,085

9,823

14,599

13,742

7,778

8,384

8,796

6,379

5,353

8,637

13,048

13,157

25,708

13,750

12,689

8,502

5,473

3,183

1,308

1,402

2,394

1,083

Valuation allowance on servicing rights

1,565

-668

626

364

589

58

-230

216

2

8

-5

-19

-5

-8

-5

46

0

-

0

0

-

-

-

-

-

0

0

0

-496

-197

493

194

-13

19

0

0

0

1,239

-

Loss on sales/valuations of other real estate and repossessed assets, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-339

-1,600

-502

-

-

-

-

-

-

-

-

-

-

Income on bank owned life insurance

498

1,117

881

888

899

587

892

700

614

733

766

656

617

542

620

591

522

644

372

459

524

399

371

339

363

426

409

315

405

311

382

267

482

407

208

331

403

396

293

Other noninterest income

2,058

2,854

3,207

1,682

1,667

1,226

1,149

1,167

1,220

2,394

1,409

738

794

2,588

1,028

764

1,200

1,003

924

601

881

945

612

398

625

846

1,011

716

680

1,456

543

149

2,565

212

-171

-216

261

349

443

TOTAL NONINTEREST INCOME

25,817

28,030

29,400

32,061

26,717

27,045

29,765

27,634

24,716

25,528

24,977

25,624

25,893

24,455

28,542

31,026

29,578

24,381

24,980

30,661

30,663

21,233

20,606

21,535

18,850

20,015

20,379

23,258

25,966

27,230

29,766

28,278

23,388

19,038

13,262

14,669

12,608

12,609

10,834

NONINTEREST EXPENSES:
Salaries and employee benefits

49,957

50,234

50,027

49,995

50,285

46,729

49,921

50,758

48,710

43,289

45,225

41,126

41,767

39,115

40,733

41,985

41,714

33,583

37,033

36,851

36,638

31,415

33,546

32,563

32,319

30,121

28,847

29,516

29,740

29,283

27,064

25,384

23,996

22,135

17,736

17,480

18,186

15,502

15,574

Occupancy

6,471

5,813

6,594

6,436

6,607

6,622

6,348

6,315

6,043

5,892

6,223

5,056

5,073

5,076

5,099

5,220

5,003

4,334

4,307

4,028

4,259

3,905

3,807

3,984

4,050

3,663

3,387

3,224

3,185

3,017

2,596

2,534

2,482

2,368

2,396

2,213

2,386

2,287

2,201

Furniture and equipment

3,108

3,330

2,858

3,220

2,692

3,126

3,470

3,184

2,749

3,148

2,826

2,586

2,501

2,944

2,746

2,442

2,113

2,344

2,121

2,176

2,106

2,097

2,033

2,085

1,890

2,007

1,917

2,065

2,051

1,822

1,541

1,517

1,446

1,475

1,392

1,360

1,409

1,515

1,599

Professional fees

12,473

11,928

12,131

14,968

10,995

10,630

12,800

10,632

9,448

12,132

8,450

7,583

8,309

7,195

5,985

7,486

7,010

6,503

5,251

5,249

6,044

5,072

4,429

4,214

4,526

5,270

4,486

4,233

3,543

4,400

4,217

3,961

2,760

3,385

3,110

3,053

3,019

2,621

2,549

FDIC insurance assessments

-

-

-

-

-

-

-

-

-

-

894

909

807

717

1,180

1,120

1,168

886

1,018

899

956

960

888

980

980

1,036

745

861

902

810

811

807

864

848

798

786

1,345

1,331

1,384

Advertising

2,205

2,310

2,737

2,661

2,320

2,726

2,754

2,145

1,940

2,088

1,358

1,359

2,424

2,274

1,339

1,551

1,284

1,624

1,327

1,333

1,181

1,442

1,383

1,511

1,188

1,458

1,360

1,248

1,228

1,736

1,183

1,304

1,071

1,138

1,191

1,113

850

906

1,052

Core deposit intangibles and customer relationship intangibles amortization

2,981

2,891

2,899

3,313

2,869

2,592

2,626

2,274

1,863

1,825

1,863

1,218

1,171

1,147

1,291

1,297

1,895

898

734

715

631

487

521

591

624

469

196

198

200

163

146

122

131

141

141

144

146

149

145

Goodwill impairment charge

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,639

-

Other real estate and loan collection expenses

-334

-261

89

-162

-701

-574

-784

-948

-732

-687

-581

-365

-828

-572

-640

-659

-572

-723

-496

-753

-465

-524

-215

-518

-1,052

-2,000

-730

-877

-838

5,096

-3,775

-1,307

-2,904

-4,255

-1,409

-2,511

-1,632

-4,219

-1,636

(Gain)/loss on sales/valuations of assets, net

-16

-1,512

-356

18,286

3,004

35

-912

-1,528

197

-833

-1,342

112

-412

-414

-794

43

-313

-4,238

-721

-1,509

-353

-116

-447

-1,379

-163

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition, integration and restructuring costs

1,376

-

-

-

3,614

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Partnership investment in tax credit projects

184

-

-

-

475

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Restructuring expenses

-

-

0

0

-

0

0

0

2,564

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other noninterest expenses

11,754

15,449

15,454

12,629

10,676

15,857

12,924

11,098

9,794

10,594

9,997

9,208

8,448

10,458

8,620

9,303

9,237

10,821

8,988

9,969

6,981

7,930

7,386

6,834

5,746

7,284

5,140

4,944

4,558

11,395

5,826

4,523

4,486

4,458

3,690

3,683

3,914

3,277

3,435

TOTAL NONINTEREST EXPENSES

90,859

92,866

92,967

75,098

88,230

88,821

92,539

88,882

83,646

77,878

78,759

69,298

71,740

69,912

68,427

71,020

70,309

65,954

61,996

63,482

59,614

53,948

54,655

54,659

52,538

56,342

46,808

47,166

46,245

54,623

47,159

41,459

40,140

40,203

31,863

32,343

32,887

33,446

29,575

INCOME BEFORE INCOME TAXES

25,949

43,006

42,553

58,753

39,807

38,826

42,666

35,330

28,391

35,178

30,357

30,017

23,540

27,522

28,468

31,006

29,909

18,956

19,527

19,149

23,308

16,590

14,889

14,924

8,593

7,981

8,302

13,154

17,751

7,231

19,921

20,996

19,087

7,888

9,907

15,082

5,433

11,077

7,113

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.)

5,909

5,155

7,941

13,584

8,310

6,685

8,956

7,451

5,123

21,506

8,725

8,059

5,530

8,360

8,260

10,036

9,900

4,365

4,945

3,989

7,599

4,327

2,916

4,150

1,703

46

1,492

3,598

5,199

-2,258

6,338

7,032

6,272

1,671

2,549

4,870

1,212

4,187

2,035

NET INCOME

-

-

34,612

45,169

-

32,141

33,710

27,879

23,268

13,672

21,632

21,958

18,010

-

-

-

-

-

-

-

-

-

-

-

-

7,935

6,810

9,556

12,488

9,433

13,587

13,957

12,815

6,253

7,358

10,212

4,221

6,890

5,078

Net (income) loss available to noncontrolling interest, net of tax

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

64

82

-4

7

-26

-31

20

-9

-16

-30

-25

NET INCOME

-

-

-

-

-

-

-

-

-

-

-

-

-

-

20,208

20,970

20,009

-

14,582

15,160

15,709

-

11,973

10,774

6,890

7,935

6,810

9,556

12,552

9,463

13,583

13,964

12,841

6,212

7,338

10,221

4,237

6,920

5,103

Preferred dividends

-

-

0

0

-

0

13

13

13

13

13

13

19

19

53

52

168

204

205

204

204

204

205

204

204

204

276

205

408

409

949

1,021

1,021

1,021

3,947

1,336

1,336

1,336

1,336

Interest expense on convertible preferred debt

-

-

-

-

-

-

-

-

-

0

-3

-4

-5

-3

-17

-31

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS

20,040

37,851

34,612

45,169

31,497

32,141

33,697

27,866

23,255

13,659

21,622

21,949

17,996

19,146

20,172

20,949

19,841

14,387

14,377

14,956

15,505

12,059

11,768

10,570

6,686

7,731

6,534

9,351

12,080

8,998

12,638

12,936

11,820

5,227

3,391

8,885

2,901

5,584

3,767

EARNINGS PER COMMON SHARE - BASIC (in dollars per share)

0.54

1.03

0.94

1.26

0.91

0.95

0.98

0.85

0.76

0.44

0.73

0.82

0.68

0.75

0.82

0.85

0.84

0.67

0.70

0.73

0.77

0.66

0.64

0.57

0.36

0.42

0.39

0.55

0.72

0.53

0.77

0.79

0.72

0.31

0.21

0.54

0.18

0.34

0.23

EARNINGS PER COMMON SHARE - DILUTED (in dollars per share)

0.54

1.03

0.94

1.26

0.91

0.94

0.97

0.85

0.76

0.44

0.72

0.81

0.68

0.75

0.81

0.84

0.82

0.66

0.69

0.72

0.76

0.64

0.63

0.56

0.36

0.42

0.38

0.54

0.70

0.54

0.75

0.77

0.71

0.31

0.20

0.54

0.18

0.34

0.23

CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)

0.20

0.18

0.18

0.16

0.16

0.19

0.14

0.13

0.13

0.18

0.11

0.11

0.11

0.20

0.10

0.10

0.10

0.15

0.10

0.10

0.10

0.10

0.10

0.10

0.10

0.10

0.10

0.10

0.10

0.20

0.10

0.10

0.10

0.10

0.10

0.10

0.10

0.10

0.10

Service charges and fees
Revenue from contract with customers

12,021

12,368

12,366

14,629

12,794

13,660

12,895

12,072

10,079

9,892

10,138

9,696

9,457

8,128

8,278

8,022

7,162

6,654

6,350

5,900

5,404

5,078

4,857

5,254

4,896

4,885

4,487

4,280

4,008

4,002

3,944

3,712

3,584

3,686

3,657

3,599

3,361

3,665

3,494

Trust fees
Revenue from contract with customers

5,022

5,141

4,959

4,825

4,474

4,599

4,499

4,615

4,680

4,336

3,872

3,979

3,631

3,718

3,689

3,625

3,813

3,230

3,507

3,913

3,631

3,350

3,194

3,343

3,210

2,944

2,918

2,942

2,904

2,538

2,667

2,660

2,613

2,337

2,384

2,656

2,479

2,267

2,330

Brokerage and insurance commissions
Revenue from contract with customers

733

1,062

962

1,028

734

1,618

1,111

877

907

1,071

950

976

1,036

955

1,006

886

1,022

917

869

916

1,087

1,115

1,044

1,158

1,123

1,246

1,277

1,087

951

945

908

939

910

889

918

856

848

739

785