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

Monday, July 26, 2021
 
Highlights and Developments
  • Net income available to common stockholders of $59.6 million compared to $30.1 million for the second quarter of 2020, an increase of $29.5 million or 98%
  • Net income available to common stockholders of $110.4 million compared to $50.2 million for the six months ended June 30, 2020, an increase of $60.2 million or 120%
  • Diluted earnings per common share of $1.41 compared to $0.82 for the second quarter of the prior year, an increase of $0.59 or 72%
  • Quarterly loan growth was $287.7 million or 13% annualized, exclusive of Paycheck Protection Program ("PPP") loans
  • Non-time deposit growth of $133.3 million or 1% for the second quarter of 2021 and $780.0 million or 6% for the six months ended June 30, 2021
  • Annualized net charge off ratio of 0.12%, nonperforming assets to total assets of 0.50%, and 30-89 day loan delinquencies of 0.17%
  • Announced a 14% increase in the regular quarterly dividend to $0.25 per common share

Quarter Ended June 30,

Six Months Ended June 30,

2021

2020

2021

2020

Net income available to common stockholders (in millions)

$

59.6

$

30.1

$

110.4

$

50.2

Diluted earnings per common share

1.41

0.82

2.61

1.36

Return on average assets

1.35

%

0.84

%

1.27

%

0.73

%

Return on average common equity

12.07

7.69

11.29

6.32

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

18.05

11.97

16.99

9.95

Net interest margin

3.37

3.81

3.40

3.81

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

3.41

3.85

3.45

3.85

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

57.11

55.75

56.86

58.64

(1) Refer to "Non-GAAP Measures" in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and
refer to the financial tables for reconciliations to the most directly comparable GAAP measures.


"HTLF's second quarter 2021 financial performance was strong. Net income available to common stockholders totaled $59.6 million,
which was a 98% increase over the same quarter last year. Loan growth, excluding PPP loans, non-time deposit growth and improved credit quality all contributed to our success this quarter."
                                                                                                                                                         Bruce K. Lee, president and chief executive officer, HTLF
 
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