HEARTLAND FINANCIAL USA, INC. ("HTLF") REPORTS QUARTERLY AND YEAR TO DATE RESULTS AS OF SEPTEMBER 30, 2021

Monday, October 25, 2021

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Conference ID number: 1492767

Highlights and Developments

  • Quarterly net income available to common stockholders of $53.9 million compared to $45.5 million for the third quarter of 2020, an increase of $8.4 million or 18% 
  • Year to date net income available to common stockholders of $164.3 million compared to $95.7 million for the nine months ended September 30, 2020, an increase of $68.6 million or 72%
  • Quarterly loan growth of $262.8 million or 11% annualized, exclusive of Paycheck Protection Program ("PPP") loans
  • Net recoveries on previously charged off loans of $1.3 million, nonperforming assets to total assets declined to 0.46%, and 30-89 day loan delinquencies fell to 0.12% of total loans for the third quarter of 2021
  • PPP loan forgiveness received of $419.9 million during the third quarter of 2021
  • Completed offering of $150.0 million of subordinated notes with net proceeds totaling $147.6 million and fixed-to-floating interest rate set at 2.75% for the first five years
  • Announced an 8% increase in the regular quarterly dividend to $0.27 per common share 

 

  Quarter Ended
September 30,
  Nine Months Ended
September 30,
  2021   2020   2021   2020

         Net income available to common stockholders (in millions)         

         $         

         53.9          

            

   

$

45.5 

$

164.3 

$

95.7 

Diluted earnings per common share

1.27 

1.23 

3.88 

2.59 

Return on average assets

1.19 

%

1.26 

%

1.25 

%

0.92 

%

Return on average common equity

10.32 

10.90 

10.95 

7.90 

Return on average tangible common equity (non-GAAP)(1)

15.14 

16.11 

16.34 

12.10 

Net interest margin

3.30 

3.51 

3.37 

3.70 

Net interest margin, fully tax-equivalent (non-GAAP)(1)

3.34 

3.55 

3.41 

3.74 

Efficiency ratio, fully-tax equivalent (non-GAAP)(1)

60.38 

54.67 

58.05 

57.28 

 

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