UPDATING AND REPLACING HEARTLAND FINANCIAL USA, INC. ("HTLF") REPORTS QUARTERLY RESULTS AS OF MARCH 31, 2022

Monday, April 25, 2022

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Please replace with this revised version to update certain Q1 2022 financial information issued April 25, 2022, at 4:00 PM ET. Please refer to Form 8-K/A furnished May 9, 2022 for additional information.

The updated release reads:

Highlights and Developments

  • Quarterly loan growth of $348.6 million or 4%, exclusive of Paycheck Protection Program ("PPP") loans
  • Quarterly non-time deposit growth of $219.4 million or 1%
  • Quarterly net income available to common stockholders of $41.1 million
  • Diluted earnings per common share of $0.97
  • Nonperforming assets to total assets of 0.34% and 30-89 day loan delinquencies were 0.10% of total loans
                             Three Months
Ended March 31,         
                             2022                   2021         

         Net income available to common stockholders (in millions)         

         $    41.1             

         $   50.8             

         Diluted earnings per common share         

               0.97           

             1.20             

         

Return on average assets

0.91 %

1.19 %

Return on average common equity

      8.32   

  10.49   

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

    12.41    

  15.90   

Net interest margin

      3.08   

    3.44   

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

      3.12   

    3.48   

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

    64.65   

  56.61   

(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 is off to a great start in 2022. The execution of our growth strategies and recent investments in talent and technology resulted in strong loan growth, increased fee revenue and excellent credit metrics for the first quarter." 
Bruce K. Lee, president and chief executive officer, HTLF
 

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