charge-offs
(recoveries) to
average loans 0.99 0.23 0.08 0.01 0.12
Allowance for
loan credit
losses as a
percent of
loans 0.93 1.09 1.06 1.02 0.93
Allowance for
lending related
credit losses as
a percent of
loans 1.02 1.21 1.18 1.15 1.08
Allowance for
loan credit
losses as a
percent of
nonperforming
loans 152.68 122.23 129.89 125.15 212.70
Loans delinquent
30-89 days as a
percent of total
loans 0.26 0.25 0.31 0.09 0.12
(1) Includes principal reductions, transfers to performing
status and transfers to OREO.
HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
-----------------------------------------------------------------------------------------------------------------------------------
For the Quarter Ended
-------------------------------------------------------------------------------------------------------------
September 30, 2024 June 30, 2024 September 30, 2023
----------------------------------- ----------------------------------- -----------------------------------
Average Average Average
Balance Interest Rate Balance Interest Rate Balance Interest Rate
-------------------- --------------- -------- -------- --------------- -------- -------- --------------- -------- --------
Earning Assets
Securities:
Taxable $ 4,254,529 $ 51,116 4.78% $ 4,490,407 $ 47,381 4.24% $ 5,726,057 $ 54,800 3.80%
Nontaxable(1) 768,483 7,313 3.79 759,234 7,383 3.91 881,162 8,085 3.64
---------- ------- ---- ---------- ------- ---- ---------- ------- ----
Total securities 5,023,012 58,429 4.63 5,249,641 54,764 4.20 6,607,219 62,885 3.78
---------- ------- ---- ---------- ------- ---- ---------- ------- ----
Interest on deposits
with other banks
and short-term
investments 355,394 4,193 4.69 194,824 3,045 6.29 142,301 1,651 4.60
Federal funds sold -- -- -- -- -- -- 152 3 7.83
---------- ------- ---- ---------- ------- ---- ---------- ------- ----
Loans:(2)
Commercial and
industrial(1) 3,531,206 65,972 7.43 3,638,004 69,469 7.68 3,610,677 63,001 6.92
PPP loans 1,759 5 1.13 2,242 7 1.26 3,948 11 1.11
Owner occupied
commercial real
estate 2,527,006 35,189 5.54 2,615,504 37,028 5.69 2,412,501 30,127 4.95
Non-owner occupied
commercial real
estate 2,474,036 39,536 6.36 2,519,346 39,272 6.27 2,586,011 38,779 5.95
Real estate
construction 1,106,387 22,878 8.23 1,093,399 21,770 8.01 1,027,544 19,448 7.51
Agricultural and
agricultural real
estate 757,745 11,536 6.06 879,707 13,390 6.12 822,957 12,582 6.07
Residential real
estate 725,901 9,110 4.99 776,821 9,454 4.89 827,402 9,482 4.55
Consumer 460,959 8,956 7.73 485,266 9,421 7.81 509,024 9,615 7.49
Less: allowance for
credit losses (125,274) -- -- (123,319) -- -- (110,726) -- --
---------- ------- ---- ---------- ------- ---- ---------- ------- ----
Net loans 11,459,725 193,182 6.71 11,886,970 199,811 6.76 11,689,338 183,045 6.21
---------- ------- ---- ---------- ------- ---- ---------- ------- ----
Total earning assets 16,838,131 255,804 6.04% 17,331,435 257,620 5.98% 18,439,010 247,584 5.33%
---------- ------- ---- ---------- ------- ---- ---------- ------- ----
Nonearning Assets 1,601,779 1,711,927 1,768,910
---------- ---------- ----------
Total Assets $18,439,910 $19,043,362 $20,207,920
========== ========== ==========
Interest-bearing
Liabilities
Savings $ 8,842,494 $ 59,307 2.67% $ 8,834,746 $ 55,440 2.52% $ 8,737,581 $ 49,195 2.23%
Time deposits 2,189,861 23,669 4.30 2,372,653 25,059 4.25 3,945,371 43,549 4.38
Borrowings 580,707 7,378 5.05 881,738 10,825 4.94 103,567 1,167 4.47
Term debt 373,158 5,543 5.91 372,820 5,564 6.00 372,112 5,765 6.15
---------- ------- ---- ---------- ------- ---- ---------- ------- ----
Total
interest-bearing
liabilities 11,986,220 95,897 3.18% 12,461,957 96,888 3.13% 13,158,631 99,676 3.01%
---------- ------- ---- ---------- ------- ---- ---------- ------- ----
Noninterest-bearing
Liabilities
Noninterest-bearing
deposits 4,116,589 4,355,521 4,824,861
Accrued interest and
other liabilities 264,062 251,943 366,905
---------- ---------- ----------
Total
noninterest-bearing
liabilities 4,380,651 4,607,464 5,191,766
---------- ---------- ----------
Stockholders' Equity 2,073,039 1,973,941 1,857,523
---------- ---------- ----------
Total Liabilities
and Stockholders'
Equity $18,439,910 $19,043,362 $20,207,920
========== ========== ==========
Net interest income,
fully
tax-equivalent
(non-GAAP)(1)(3) $159,907 $160,732 $147,908
======= ======= =======
Net interest
spread(1) 2.86% 2.85% 2.32%
==== ==== ====
Net interest income,
fully
tax-equivalent
(non-GAAP)(1)(3) to
total earning
assets 3.78% 3.73% 3.18%
Interest-bearing
liabilities to
earning assets 71.18% 71.90% 71.36%
(1) Computed on a tax-equivalent basis using an effective
tax rate of 21%.
(2) Nonaccrual loans and loans held for sale are included
in the average loans outstanding.
(3) 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 these financial tables for the reconciliations
to the most directly comparable GAAP measures.
HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
----------------------------------------------------------------------------------------------
For the Nine Months Ended
------------------------------------------------------------------------
September 30, 2024 September 30, 2023
----------------------------------- -----------------------------------
Average Average
Balance Interest Rate Balance Interest Rate
-------------------- --------------- -------- -------- --------------- -------- --------
Earning Assets
Securities:
Taxable $ 4,469,258 $145,511 4.35% $ 5,927,026 $168,948 3.81%
Nontaxable(1) 768,782 22,079 3.84 899,613 23,611 3.51
---------- ------- ---- ---------- ------- ----
Total securities 5,238,040 167,590 4.27 6,826,639 192,559 3.77
---------- ------- ---- ---------- ------- ----
(MORE TO FOLLOW) Dow Jones Newswires
October 29, 2024 16:10 ET (20:10 GMT)
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