Heartland Financial USA, Inc. Reports 2016 Fourth Quarter and Annual Results


Highlights

  • Quarterly net income available to common stockholders of $19.1 million, a 33% increase from the fourth quarter of the prior year
  • Record annual net income available to common stockholders of $80.1 million, a 35% increase from the prior year
  • Diluted earnings per common share of $0.74 for the quarter, a 10% increase from the fourth quarter of the prior year, and $3.22 for the year, a 14% increase from the prior year
  • Net interest margin of 3.96% for the quarter, fully tax-equivalent (non-GAAP)(1) of 4.14%
  • Net interest margin of 3.95% for the year, fully tax-equivalent (non-GAAP)(1) of 4.13%
  • Return on average common equity of 10.48% for the quarter and 11.80% for the year
  • Return on average tangible common equity (non-GAAP)(2) of 13.24% for the quarter and 15.15% for the year
  • Completed offering of 1,379,690 shares of common stock with net proceeds of $49.7 million
  • Announced agreement to acquire Founders Bancorp of San Luis Obispo, CA
  • Declared and paid a special dividend of $0.10 per common share
   Quarter Ended
December 31,
 Year Ended
December 31,
   2016 2015 2016 2015
Net income available to common stockholders (in millions)  $19.1  $14.4  $80.1  $59.2 
Diluted earnings per common share  0.74  0.67  3.22  2.83 
          
Return on average assets  0.92% 0.79% 0.98% 0.88%
Return on average common equity  10.48  10.69  11.80  11.92 
Return on average tangible common equity (non-GAAP)(2)  13.24  12.79  15.15  13.90 
Net interest margin  3.96  3.82  3.95  3.80 
Net interest margin, fully tax-equivalent (non-GAAP)(1)  4.14  3.99  4.13  3.97 


"Heartland just completed its best year on record with net income available to common stockholders of $80.1 million, a 35 percent increase over 2015, with earnings per share growing by 14 percent."

Lynn B. Fuller, chairman and chief executive officer, Heartland Financial USA, Inc.

(1) Refer to the "Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)" table included in this earnings release.
(2) Refer to the "Reconciliation of Return on Average Common Tangible Equity (non-GAAP)" table included in this earnings release.


DUBUQUE, Iowa, Jan. 30, 2017 (GLOBE NEWSWIRE) -- Heartland Financial USA, Inc. (NASDAQ:HTLF) today reported net income available to common stockholders of $19.1 million, or $0.74 per diluted common share, for the quarter ended December 31, 2016, compared to $14.4 million, or $0.67 per diluted common share, for the fourth quarter of 2015. Return on average common equity was 10.48% and return on average assets was 0.92% for the fourth quarter of 2016, compared to 10.69% and 0.79%, respectively, for the same quarter in 2015.

Net income available to common stockholders for the year 2016 was $80.1 million, or $3.22 per diluted common share, compared to $59.2 million, or $2.83 per diluted common share, recorded during the year 2015. Return on average common equity was 11.80% and return on average assets was 0.98% for the year 2016, compared to 11.92% and 0.88%, respectively, for the same period in 2015.

Commenting on Heartland’s results for 2016, Lynn B. Fuller, Heartland’s chairman and chief executive officer said, "Heartland just completed its best year on record with net income available to common stockholders of $80.1 million, a 35 percent increase over 2015, with earnings per share growing by 14 percent."

On October 29, 2016, Heartland entered into a definitive merger agreement for the acquisition of Founders Bancorp, parent company of Founders Community Bank, based in San Luis Obispo, California. The transaction is valued at approximately $29.1 million, subject to adjustment. Of the merger consideration, 70% will be in the form of shares of Heartland common stock, and 30% will be in cash. As of September 30, 2016, Founders Community Bank had total assets of $198.5 million, which includes gross loans of $106.6 million and total deposits of $180.5 million. The closing of the acquisition is subject to customary closing conditions, including approvals by the Founders Bancorp shareholders and banking regulators, and is expected to occur in the first quarter of 2017. Simultaneous with the close, Founders Community Bank will be merged into Heartland's Premier Valley Bank subsidiary. Heartland expects the acquisition to be accretive to its earnings per share during 2018.

On November 8, 2016, Heartland closed its sale of 1,379,690 shares of the its common stock pursuant to an underwriting agreement with Raymond James & Associates, Inc. as underwriter, providing for the offer and sale of the shares in a firm commitment underwritten public offering. The net proceeds from this offering were approximately $49.7 million. Heartland is using the net proceeds from this offering for general corporate purposes, which may include, among other things, working capital, debt repayment or financing potential acquisitions.

Net Interest Margin Remains Consistent As a Percentage of Average Earning Assets and Increases In Dollars

Net interest margin, expressed as a percentage of average earning assets, was 3.96% (4.14% on a fully tax-equivalent basis) during the fourth quarter of 2016, compared to 3.97% (4.14% on a fully tax-equivalent basis) during the third quarter of 2016 and 3.82% (3.99% on a fully tax-equivalent basis) during the fourth quarter of 2015.

Fuller said, "Throughout the year, we were pleased to see tax-equivalent net interest margin maintained nicely above the key 4 percent level. Despite continued pressure from a very low interest rate environment, we continue to find opportunities to increase asset yields while reducing our funding costs."

Interest income for the fourth quarter of 2016 was $82.8 million, an increase of $12.6 million or 18%, compared to the $70.2 million recorded in the fourth quarter of 2015. The tax-equivalent adjustment, which accounts for income taxes saved on the interest earned on nontaxable securities and loans, was $3.5 million for the fourth quarter of 2016 and $2.8 million for the fourth quarter of 2015. With these adjustments, interest income on a tax-equivalent basis was $86.3 million for the fourth quarter of 2016, an increase of $13.3 million or 18%, compared to $73.0 million for the fourth quarter of 2015. The increase in interest income in the fourth quarter of 2016, as compared to the fourth quarter of 2015, was primarily due to an increase in average earning assets, which totaled $7.55 billion during the fourth quarter of 2016 compared to $6.51 billion during the fourth quarter of 2015, a $1.04 billion or 16% increase. A majority of this growth was attributable to the acquisition of Premier Valley Bank completed on November 30, 2015, and acquisition of CIC Bancshares, Inc. completed on February 5, 2016.

Interest expense for the fourth quarter of 2016 was $7.6 million, an increase of $160,000 or 2% from $7.5 million in the fourth quarter of 2015. Average interest bearing liabilities increased $424.6 million or 9% for the quarter ended December 31, 2016, from $4.78 billion in the same quarter in 2015, while the average interest rate paid on Heartland's interest bearing deposits and borrowings declined 4 basis points from 0.62% in the fourth quarter of 2015 to 0.58% in the fourth quarter of 2016. The average interest rate paid on savings deposits was 0.21% during the fourth quarter of 2016 compared to 0.20% during the fourth quarter of 2015, and the average interest rate paid on time deposits was 0.77% during the fourth quarter of 2016 compared to 0.82% during the fourth quarter of 2015.

Net interest income increased $12.5 million or 20% to $75.2 million in the fourth quarter of 2016 from the $62.7 million recorded in the fourth quarter of 2015. After the tax-equivalent adjustment discussed above, net interest income on a tax-equivalent basis totaled $78.7 million during the fourth quarter of 2016, an increase of $13.1 million or 20% from the $65.5 million recorded during the fourth quarter of 2015.

Noninterest Income and Noninterest Expenses Increase

Noninterest income totaled $24.5 million during the fourth quarter of 2016 compared to $24.4 million during the fourth quarter of 2015. Service charges and fees totaled $8.1 million during the fourth quarter of 2016 compared to $6.7 million during the fourth quarter of 2015, an increase of $1.5 million or 22%. This increase was primarily attributable to a larger demand deposit customer base, a portion of which is attributable to the acquisitions completed during the last quarter of 2015 and first quarter of 2016. Gains on sale of loans held for sale totaled $5.8 million during the fourth quarter of 2016 compared to $7.1 million during the fourth quarter of 2015, a decrease of $1.2 million or 18%. Net securities gains totaled $1.6 million during the fourth quarter of 2016 compared to $3.9 million during the fourth quarter of 2015, a decrease of $2.3 million or 59%.

For the fourth quarter of 2016, noninterest expenses totaled $69.9 million compared to $66.0 million during the fourth quarter of 2015, an increase of $3.9 million or 6%. The category with the most significant increase was salaries and employee benefits, which increased $5.5 million or 16%. Other categories experiencing increases, primarily attributable to the recent acquisitions, were occupancy, furniture and equipment, professional fees and intangible assets amortization.

Heartland's effective tax rate was 30.38% for the fourth quarter of 2016 compared to 23.03% for the fourth quarter of 2015. Included in Heartland's income taxes for the fourth quarter of 2015 were federal historic rehabilitation tax credits totaling $1.4 million associated with Heartland's ownership interest in a qualifying real estate project. Federal low-income housing tax credits included in the determination of Heartland's income taxes totaled $304,000 during the fourth quarter of 2016 compared to $145,000 during the fourth quarter of 2015. Heartland's effective tax rate was also affected by the level of tax-exempt interest income which, as a percentage of pre-tax income, was 23.69% during the fourth quarter of 2016 compared to 27.70% during the fourth quarter of 2015.

Loans and Deposits Increase

Total assets were $8.25 billion at December 31, 2016, an increase of $552.3 million or 7% from $7.70 billion at year-end 2015. Included in this growth, at fair value, were $772.6 million of assets acquired in the CIC Bancshares, Inc. transaction. Securities represented 26% of total assets at December 31, 2016, compared to 24% at December 31, 2015.

Total loans held to maturity were $5.35 billion at December 31, 2016, compared to $5.00 billion at year-end 2015, an increase of $350.2 million or 7%. This increase includes $581.5 million of total loans held to maturity, at fair value, acquired in the CIC Bancshares, Inc. transaction. Exclusive of this transaction, total loans held to maturity decreased $87.0 million during the fourth quarter of 2016 and decreased $231.2 million during the year 2016.

Total deposits were $6.85 billion as of December 31, 2016, compared to $6.41 billion at year-end 2015, an increase of $441.6 million or 7%. This increase included $648.1 million of deposits, at fair value, acquired in the CIC Bancshares, Inc. acquisition. Exclusive of this transaction, total deposits decreased $65.3 million during the fourth quarter of 2016 and $206.5 million during the year 2016. Demand deposits totaled $2.20 billion at December 31, 2016, an increase of $287.9 million or 15% from $1.91 billion at year-end 2015, with $164.3 million of the increase attributable to the CIC Bancshares, Inc. transaction. Exclusive of this transaction, demand deposits decreased $36.7 million during the fourth quarter of 2016 and increased $123.6 million during the year 2016.

Fuller said, "Though deposit growth has slowed, we continue to be pleased with the favorable shift in deposit mix as non-time deposits represent 87 percent of total deposits."

Nonperforming Assets Increase; Provision for Loan Losses Remains Constant

Nonperforming assets were $74.8 million or 0.91% of total assets at December 31, 2016, compared to $51.7 million or 0.67% of total assets at December 31, 2015. Exclusive of $3.5 million of nonperforming assets, at fair value, acquired in the CIC Bancshares, Inc. transaction, nonperforming assets increased $19.6 million or 38% since year-end 2015. Nonperforming loans were $64.4 million or 1.20% of total loans at December 31, 2016, compared to $39.7 million or 0.79% of total loans at December 31, 2015. Contributing to the increase in nonperforming loans during 2016 were two  loans totaling $20.7 million at Dubuque Bank and Trust Company, both of which are in the process of collection. Based upon the current valuation of the collateral securing each loan relationship, we anticipate no additional provision for loan losses on either of these credits.

The allowance for loan losses at December 31, 2016, was 1.02% of loans and 84.37% of nonperforming loans, compared to 0.97% of loans and 122.77% of nonperforming loans at December 31, 2015. The provision for loan losses was $2.2 million for both the fourth quarter of 2016 and 2015.

Conference Call Details
Heartland will host a conference call for investors at 5:00 p.m. EST today. To participate, dial 877-407-0782 at least five minutes before start time. To listen to the live webcast, log on to www.htlf.com at least 15 minutes before start time. A replay will be available until January 29, 2018, by logging on to www.htlf.com.

About Heartland Financial USA, Inc.
Heartland Financial USA, Inc. is a diversified financial services company with assets exceeding $8 billion. The company provides banking, mortgage, private client, investment, insurance and consumer finance services to individuals and businesses. Heartland currently has 108 banking locations serving 85 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas, Missouri, Texas and California. Additional information about Heartland Financial USA, Inc. is available at www.htlf.com.

Safe Harbor Statement
This release, and future oral and written statements of Heartland and its management, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Heartland's financial condition, results of operations, plans, objectives, future performance and business. Although these forward-looking statements are based upon the beliefs, expectations and assumptions of Heartland's management, there are a number of factors, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which are detailed in the risk factors included in Heartland's Annual Report on Form 10-K filed with the Securities and Exchange Commission, include, among others: (i) the strength of the local and national economy; (ii) the economic impact of past and any future terrorist threats and attacks and any acts of war, (iii) changes in state and federal laws, regulations and governmental policies concerning the Company's general business; (iv) changes in interest rates and prepayment rates of the Company's assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the potential impact of acquisitions, (viii) the loss of key executives or employees; (ix) changes in consumer spending; (x) unexpected outcomes of existing or new litigation involving the Company; and (xi) changes in accounting policies and practices. All statements in this release, including forward-looking statements, speak only as of the date they are made, and Heartland undertakes no obligation to update any statement in light of new information or future events.

-FINANCIAL TABLES FOLLOW-

 
HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
  For the Quarter Ended
December 31,
 For the Year Ended
December 31,
  2016 2015 2016 2015
Interest Income        
Interest and fees on loans $69,848  $59,905  $278,128  $227,106 
Interest on securities:        
Taxable 8,480  6,917  32,858  26,646 
Nontaxable 4,292  3,311  15,085  12,178 
Interest on federal funds sold   21  12  24 
Interest on deposits in other financial institutions 157  3  396  14 
Total Interest Income 82,777  70,157  326,479  265,968 
Interest Expense        
Interest on deposits 3,744  3,772  15,939  15,530 
Interest on short-term borrowings 119  200  1,202  838 
Interest on other borrowings 3,754  3,485  14,672  15,602 
Total Interest Expense 7,617  7,457  31,813  31,970 
Net Interest Income 75,160  62,700  294,666  233,998 
Provision for loan losses 2,181  2,171  11,694  12,697 
Net Interest Income After Provision for Loan Losses 72,979  60,529  282,972  221,301 
Noninterest Income        
Service charges and fees 8,128  6,654  31,590  24,308 
Loan servicing income 1,068  1,704  4,501  5,276 
Trust fees 3,718  3,230  14,845  14,281 
Brokerage and insurance commissions 955  917  3,869  3,789 
Securities gains, net 1,608  3,913  11,340  13,143 
Impairment loss on securities   (769)   (769)
Gains on sale of loans held for sale 5,840  7,085  39,634  45,249 
Valuation adjustment on commercial servicing rights 8    (33)  
Income on bank owned life insurance 542  644  2,275  1,999 
Other noninterest income 2,588  1,003  5,580  3,409 
Total Noninterest Income 24,455  24,381  113,601  110,685 
Noninterest Expense        
Salaries and employee benefits 39,115  33,583  163,547  144,105 
Occupancy 5,076  4,334  20,398  16,928 
Furniture and equipment 2,944  2,344  10,245  8,747 
Professional fees 7,195  6,503  27,676  23,047 
FDIC insurance assessments 717  886  4,185  3,759 
Advertising 2,274  1,624  6,448  5,465 
Core deposit intangible amortization 1,147  898  5,630  2,978 
Other real estate and loan collection expenses 572  723  2,443  2,437 
(Gain)/loss on sales/valuations of assets, net 414  4,238  1,478  6,821 
Other noninterest expenses 10,458  10,821  37,618  36,759 
Total Noninterest Expense 69,912  65,954  279,668  251,046 
Income Before Income Taxes 27,522  18,956  116,905  80,940 
Income taxes 8,360  4,365  36,556  20,898 
Net Income 19,162  14,591  80,349  60,042 
Preferred dividends and discount (19) (204) (292) (817)
Interest expense on convertible preferred debt 3    51   
Net Income Available to Common Stockholders $19,146  $14,387  $80,108  $59,225 
Earnings per common share-diluted $0.74  $0.67  $3.22  $2.83 
Weighted average shares outstanding-diluted 25,800,472  21,491,699  24,873,430  20,929,385 


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 For the Quarter Ended
 12/31/2016 9/30/2016 6/30/2016 3/31/2016 12/31/2015
Interest Income         
Interest and fees on loans$69,848  $70,046  $69,809  $68,425  $59,905 
Interest on securities:         
Taxable8,480  7,831  7,903  8,644  6,917 
Nontaxable4,292  3,717  3,566  3,510  3,311 
Interest on federal funds sold  1  1  10  21 
Interest on deposits in other financial institutions157  92  52  95  3 
Total Interest Income82,777  81,687  81,331  80,684  70,157 
Interest Expense         
Interest on deposits3,744  4,001  4,021  4,173  3,772 
Interest on short-term borrowings119  235  519  329  200 
Interest on other borrowings3,754  3,770  3,673  3,475  3,485 
Total Interest Expense7,617  8,006  8,213  7,977  7,457 
Net Interest Income75,160  73,681  73,118  72,707  62,700 
Provision for loan losses2,181  5,328  2,118  2,067  2,171 
Net Interest Income After Provision for Loan Losses72,979  68,353  71,000  70,640  60,529 
Noninterest Income         
Service charges and fees8,128  8,278  8,022  7,162  6,654 
Loan servicing income1,068  873  1,292  1,268  1,704 
Trust fees3,718  3,689  3,625  3,813  3,230 
Brokerage and insurance commissions955  1,006  886  1,022  917 
Securities gains, net1,608  1,584  4,622  3,526  3,913 
Impairment loss on securities        (769)
Gains on sale of loans held for sale5,840  11,459  11,270  11,065  7,085 
Valuation adjustment on commercial servicing rights8  5  (46)    
Income on bank owned life insurance542  620  591  522  644 
Other noninterest income2,588  1,028  764  1,200  1,003 
Total Noninterest Income24,455  28,542  31,026  29,578  24,381 
Noninterest Expense         
Salaries and employee benefits39,115  40,733  41,985  41,714  33,583 
Occupancy5,076  5,099  5,220  5,003  4,334 
Furniture and equipment2,944  2,746  2,442  2,113  2,344 
Professional fees7,195  5,985  7,486  7,010  6,503 
FDIC insurance assessments717  1,180  1,120  1,168  886 
Advertising2,274  1,339  1,551  1,284  1,624 
Core deposit intangible amortization1,147  1,291  1,297  1,895  898 
Other real estate and loan collection expenses572  640  659  572  723 
(Gain)/loss on sales/valuations of assets, net414  794  (43) 313  4,238 
Other noninterest expenses10,458  8,620  9,303  9,237  10,821 
Total Noninterest Expense69,912  68,427  71,020  70,309  65,954 
Income Before Income Taxes27,522  28,468  31,006  29,909  18,956 
Income taxes8,360  8,260  10,036  9,900  4,365 
Net Income19,162  20,208  20,970  20,009  14,591 
Preferred dividends and discount(19) (53) (52) (168) (204)
Interest expense on convertible preferred debt3  17  31     
Net Income Available to Common Stockholders$19,146  $20,172  $20,949  $19,841  $14,387 
Earnings per common share-diluted$0.74  $0.81  $0.84  $0.82  $0.67 
Weighted average shares outstanding-diluted25,800,472  24,922,946  24,974,995  24,117,384  21,491,699 


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 As Of
 12/31/2016 9/30/2016 6/30/2016 3/31/2016 12/31/2015
Assets         
Cash and due from banks$153,379  $196,234  $222,718  $124,060  $237,841 
Federal funds sold and other short-term investments5,345  5,855  7,232  9,168  20,958 
Cash and cash equivalents158,724  202,089  229,950  133,228  258,799 
Time deposits in other financial institutions2,105  2,105  2,105  2,355  2,355 
Securities:         
Available for sale, at fair value1,845,864  1,655,696  1,566,592  1,690,516  1,578,434 
Held to maturity, at cost263,662  265,302  270,423  271,300  279,117 
Other investments, at cost21,560  22,082  22,680  22,325  21,443 
Loans held for sale61,261  78,317  82,538  76,565  74,783 
Loans:         
Held to maturity5,351,719  5,438,715  5,482,258  5,503,005  5,001,486 
Allowance for loan losses(54,324) (54,653) (51,756) (49,738) (48,685)
Loans, net5,297,395  5,384,062  5,430,502  5,453,267  4,952,801 
Premises, furniture and equipment, net164,028  165,841  168,701  164,788  150,148 
Goodwill127,699  127,699  127,699  127,699  97,852 
Core deposit intangibles, net22,775  23,922  25,213  26,510  22,019 
Servicing rights, net35,778  35,906  35,654  34,910  34,926 
Cash surrender value on life insurance112,615  112,060  111,425  110,834  110,297 
Other real estate, net9,744  10,740  11,003  11,338  11,524 
Other assets123,869  116,394  119,916  128,144  100,256 
Total Assets$8,247,079  $8,202,215  $8,204,401  $8,253,779  $7,694,754 
Liabilities and Equity         
Liabilities         
Deposits:         
Demand$2,202,036  $2,238,736  $2,149,911  $2,079,521  $1,914,141 
Savings3,788,089  3,753,300  3,691,791  3,702,431  3,367,479 
Time857,286  920,657  995,870  1,142,368  1,124,203 
Total deposits6,847,411  6,912,693  6,837,572  6,924,320  6,405,823 
Short-term borrowings306,459  214,105  303,707  325,741  293,898 
Other borrowings288,534  294,493  296,895  265,760  263,214 
Accrued expenses and other liabilities63,759  76,536  78,264  68,415  68,646 
Total Liabilities7,506,163  7,497,827  7,516,438  7,584,236  7,031,581 
Stockholders' Equity         
Preferred equity1,357  1,357  3,777  3,777  81,698 
Common stock26,120  24,683  24,544  24,520  22,436 
Capital surplus328,376  279,316  274,682  273,310  216,436 
Retained earnings416,109  402,179  384,479  366,014  348,630 
Accumulated other comprehensive income (loss)(31,046) (3,079) 513  1,924  (6,027)
Treasury stock at cost  (68) (32) (2)  
Total Equity740,916  704,388  687,963  669,543  663,173 
Total Liabilities and Equity$8,247,079  $8,202,215  $8,204,401  $8,253,779  $7,694,754 


HEARTLAND FINANCIAL USA, INC
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 For the Quarter Ended
December 31,
 For the Year Ended
December 31,
 2016 2015 2016 2015
Average Balances       
Assets$8,280,042  $7,241,104  $8,172,576  $6,763,901 
Loans, net of unearned5,473,001  4,827,844  5,488,112  4,551,008 
Deposits6,928,978  5,938,905  6,813,781  5,458,623 
Earning assets7,551,997  6,512,565  7,455,217  6,152,090 
Interest bearing liabilities5,206,393  4,781,797  5,266,519  4,531,510 
Common stockholders' equity726,455  533,845  678,989  496,877 
Total stockholders' equity727,812  615,543  697,493  578,575 
Tangible common stockholders' equity (non-GAAP)(1)575,412  446,370  528,712  425,992 
        
Key Performance Ratios       
Annualized return on average assets0.92% 0.79% 0.98% 0.88%
Annualized return on average common equity (GAAP)10.48% 10.69% 11.80% 11.92%
Annualized return on average common tangible equity (non-GAAP)(2)13.24% 12.79% 15.15% 13.90%
Annualized ratio of net charge-offs to average loans0.18% 0.05% 0.11% 0.12%
Annualized net interest margin (GAAP)3.96% 3.82% 3.95% 3.80%
Annualized net interest margin, fully tax-equivalent (non-GAAP)(3)4.14% 3.99% 4.13% 3.97%
Efficiency ratio, fully tax-equivalent (4)66.29% 68.53% 66.25% 69.16%
 
Reconciliation of Return on Average Common Tangible Equity (non-GAAP)(5)       
Net income available to common shareholders (GAAP)$19,146  $14,387  $80,108  $59,225 
        
Average common stockholders' equity (GAAP)$726,455  $533,845  $678,989  $496,877 
Less average goodwill127,699  70,222  125,724  56,781 
Less average core deposit intangibles, net23,344  17,253  24,553  14,153 
Average common tangible equity (non-GAAP)$575,412  $446,370  $528,712  $425,943 
Annualized return on average common equity (GAAP)10.48% 10.69% 11.80% 11.92%
Annualized return on average common tangible equity (non-GAAP)13.24% 12.79% 15.15% 13.90%
        
Reconciliation of Annualized Net Interest Margin,
Fully Tax-Equivalent (non-GAAP)(6)
       
Net Interest Income (GAAP)$75,160  $62,700  $294,666  $233,998 
Plus tax-equivalent adjustment(7)3,511  2,827  12,919  10,216 
Net interest income - tax-equivalent (non-GAAP)

$78,671  $65,527  $307,585  $244,214 
        
Average earning assets$7,551,997  $6,512,565  $7,455,217  $6,152,090 
        
Annualized net interest margin (GAAP)3.96% 3.82% 3.95% 3.80%
Annualized net interest margin, fully tax-equivalent (non-GAAP)
4.14% 3.99% 4.13% 3.97%
 
(1) Calculated as common stockholders' equity less goodwill and core deposit intangibles, net.
(2) Refer to the "Reconciliation of Return on Average Common Tangible Equity (non-GAAP)" table.
(3) Refer to the "Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)" table.
(4) Refer to the "Reconciliation of Non-GAAP Measure-Efficiency Ratio" table that follows for details of this non-GAAP measure.
(5) Return on average common tangible equity is net income available to common stockholders divided by average common stockholders' equity less goodwill and core deposit intangibles, net. This financial measure is included as it is considered to be a critical metric to analyze and evaluate financial condition and capital strength. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(6) Annualized net interest margin, fully tax-equivalent is a non-GAAP measure, which adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(7) Computed on a tax-equivalent basis using an effective tax rate of 35%.


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 For the Quarter Ended
 12/31/2016 9/30/2016 6/30/2016 3/31/2016 12/31/2015
Average Balances         
Assets$8,280,042  $8,172,683  $8,211,326  $8,025,070  $7,241,104 
Loans, net of unearned5,473,001  5,538,088  5,582,878  5,358,102  4,827,844 
Deposits6,928,978  6,839,334  6,806,259  6,679,010  5,938,905 
Earning assets7,551,997  7,382,860  7,446,849  7,276,703  6,512,565 
Interest bearing liabilities5,206,393  5,224,172  5,363,477  5,273,164  4,781,797 
Common stockholders' equity726,455  689,637  669,930  629,294  533,845 
Total stockholders' equity727,812  692,404  673,707  695,771  615,543 
Tangible common stockholders' equity(1)575,412  537,375  516,347  485,108  446,370 
          
Key Performance Ratios         
Annualized return on average assets0.92% 0.98% 1.03% 0.99% 0.79%
Annualized return on average common equity (GAAP)10.48% 11.64% 12.58% 12.68% 10.69%
Annualized return on average common tangible equity (non-GAAP)(2)13.24% 14.93% 16.32% 16.45% 12.79%
Annualized ratio of net charge-offs to average loans0.18% 0.17% 0.01% 0.08% 0.05%
Annualized net interest margin (GAAP)3.96% 3.97% 3.95% 4.02% 3.82%
Annualized net interest margin, fully tax-equivalent (non-GAAP)(3)4.14% 4.14% 4.12% 4.19% 3.99%
Efficiency ratio, fully tax-equivalent(4)66.29% 63.88% 67.95% 66.90% 68.53%
          
Reconciliation of Return on Average Common Tangible Equity (non-GAAP)(5)         
Net income available to common shareholders (GAAP)$19,146  $20,172  $20,949  $19,841  $14,387 
          
Average common stockholders' equity (GAAP)$726,455  $689,637  $669,930  $629,294  $533,845 
Less average goodwill127,699  127,699  127,699  119,750  70,222 
Less average core deposit intangibles, net23,344  24,563  25,884  24,436  17,253 
Average common tangible equity (non-GAAP)$575,412  $537,375  $516,347  $485,108  $446,370 
Annualized return on average common equity (GAAP)10.48% 11.64% 12.58% 12.68% 10.69%
Annualized return on average common tangible equity (non-GAAP)13.24% 14.93% 16.32% 16.45% 12.79%
          
Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)(6)         
Net Interest Income (GAAP)$75,160  $73,681  $73,118  $72,707  $62,700 
Plus tax-equivalent adjustment(7)3,511  3,221  3,146  3,041  2,827 
Net interest income, fully tax-equivalent (non-GAAP)$78,671  $76,902  $76,264  $75,748  $65,527 
          
Average earning assets$7,551,997  $7,382,860  $7,446,849  $7,276,703  $6,512,565 
          
Annualized net interest margin (GAAP)3.96% 3.97% 3.95% 4.02% 3.82%
Annualized net interest margin, fully tax-equivalent (non-GAAP)4.14% 4.14% 4.12% 4.19% 3.99%
          
(1) Calculated as common stockholders' equity less goodwill and core deposit intangibles, net.
(2) Refer to the "Reconciliation of Return on Average Common Tangible Equity (non-GAAP)" table.
(3) Refer to the "Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)" table.
(4) Refer to the "Reconciliation of Non-GAAP Measure-Efficiency Ratio" table that follows for details of this non-GAAP measure.
(5) Return on average common tangible equity is net income available to common stockholders divided by average common stockholders' equity less goodwill and core deposit intangibles, net. This financial measure is included as it is considered to be a critical metric to analyze and evaluate financial condition and capital strength. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(6) Annualized net interest margin, fully tax-equivalent is a non-GAAP measure, which adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(7) Computed on a tax-equivalent basis using an effective tax rate of 35%.


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 For the Quarter Ended
December 31,
 For the Year Ended
December 31,
Reconciliation of Non-GAAP Measure-Efficiency Ratio(1)2016 2015 2016 2015
Net interest income$75,160  $62,700  $294,666  $233,998 
Tax-equivalent adjustment(1)3,511  2,827  12,919  10,216 
Fully tax-equivalent net interest income78,671  65,527  307,585  244,214 
Noninterest income24,455  24,381  113,601  110,685 
Securities gains, net(1,608) (3,913) (11,340) (13,143)
Impairment loss on securities  769    769 
Adjusted income$101,518  $86,764  $409,846  $342,525 
        
Total noninterest expenses$69,912  $65,954  $279,668  $251,046 
Less:       
Core deposit intangible amortization1,147  898  5,630  2,978 
Partnership investment in historic rehabilitation tax credits1,051  1,362  1,051  4,357 
(Gain)/loss on sales/valuations of assets, net414  4,238  1,478  6,821 
Adjusted noninterest expenses$67,300  $59,456  $271,509  $236,890 
        
Efficiency ratio, fully tax-equivalent (non-GAAP)66.29% 68.53% 66.25% 69.16%
 
HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
Reconciliation of Non-GAAP Measure-Efficiency Ratio(1)For the Quarter Ended
12/31/2016 9/30/2016 6/30/2016 3/31/2016 12/31/2015
Net interest income$75,160  $73,681  $73,118  $72,707  $62,700 
Tax-equivalent adjustment(2)3,511  3,221  3,146  3,041  2,827 
Fully tax-equivalent net interest income78,671  76,902  76,264  75,748  65,527 
Noninterest income24,455  28,542  31,026  29,578  24,381 
Securities gains, net(1,608) (1,584) (4,622) (3,526) (3,913)
Impairment loss on securities        769 
Adjusted income$101,518  $103,860  $102,668  $101,800  $86,764 
          
Total noninterest expenses$69,912  $68,427  $71,020  $70,309  $65,954 
Less:         
Core deposit intangible amortization1,147  1,291  1,297  1,895  898 
Partnership investment in historic rehabilitation tax credits1,051        1,362 
(Gain)/loss on sales/valuation of assets, net414  794  (43) 313  4,238 
Adjusted noninterest expenses$67,300  $66,342  $69,766  $68,101  $59,456 
          
Efficiency ratio, fully tax-equivalent (non-GAAP)66.29% 63.88% 67.95% 66.90% 68.53%
          
(1) Efficiency ratio, fully tax-equivalent, expresses noninterest expenses as a percentage of fully tax-equivalent net interest income and noninterest income. This efficiency ratio is presented on a tax-equivalent basis, which adjusts net interest income and noninterest expenses for the tax favored status of certain loans, securities and historic rehabilitation tax credits. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results as it enhances the comparability of income and expenses arising from taxable and nontaxable sources and excludes specific items, as noted in the table. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(2) Computed on a tax-equivalent basis using an effective tax rate of 35%.


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND FULL TIME EQUIVALENT EMPLOYEE DATA
 As of and for the Quarter Ended
 12/31/2016 9/30/2016 6/30/2016 3/31/2016 12/31/2015
Common Share Data         
Book value per common share (GAAP)$28.31  $28.48  $27.88  $27.15  $25.92 
Tangible book value per common share (non-GAAP)(1)$22.55  $22.34  $21.65  $20.86  $20.57 
ASC 320 effect on book value per common share$(1.15) $0.03  $0.21  $0.23  $(0.18)
Common shares outstanding, net of treasury stock26,119,929  24,681,380  24,543,376  24,519,928  22,435,693 
Tangible capital ratio (non-GAAP)(2)7.28% 6.85% 6.60% 6.32% 6.09%
          
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(3)         
Common stockholders' equity (GAAP)$739,559  $703,031  $684,186  $665,766  $581,475 
Less goodwill127,699  127,699  127,699  127,699  97,852 
Less core deposit intangibles, net22,775  23,922  25,213  26,510  22,019 
Tangible common stockholders' equity (non-GAAP)$589,085  $551,410  $531,274  $511,557  $461,604 
          
Common shares outstanding, net of treasury stock26,119,929  24,681,380  24,543,376  24,519,928  22,435,693 
Book value per common share (GAAP)$28.31  $28.48  $27.88  $27.15  $25.92 
Tangible book value per common share (non-GAAP)$22.55  $22.34  $21.65  $20.86  $20.57 
          
Reconciliation of Tangible Capital Ratio (non-GAAP)(4)         
Total assets (GAAP)$8,247,079  $8,202,215  $8,204,401  $8,253,779  $7,694,754 
Less goodwill127,699  127,699  127,699  127,699  97,852 
Less core deposit intangibles, net22,775  23,922  25,213  26,510  22,019 
Total tangible assets (non-GAAP)$8,096,605  $8,050,594  $8,051,489  $8,099,570  $7,574,883 
Tangible capital ratio (non-GAAP)7.28% 6.85% 6.60% 6.32% 6.09%
          
Loan Data         
Loans held to maturity:         
Commercial and commercial real estate$3,825,847  $3,900,612  $3,930,879  $3,951,839  $3,605,574 
Residential mortgage617,924  625,965  644,267  666,184  539,555 
Agricultural and agricultural real estate489,318  489,387  480,883  471,271  471,870 
Consumer420,613  425,582  428,730  417,114  386,867 
Unearned discount and deferred loan fees(1,983) (2,831) (2,501) (3,403) (2,380)
Total loans held to maturity$5,351,719  $5,438,715  $5,482,258  $5,503,005  $5,001,486 
          
Other Selected Trend Information         
Effective tax rate30.38% 29.02% 32.37% 33.10% 23.03%
Full time equivalent employees1,864  1,846  1,888  1,907  1,799 
Total Residential Mortgage Loan Applications$304,018  $445,107  $440,907  $406,999  $307,163 
Residential Mortgage Loans Originated$278,065  $324,337  $324,633  $238,266  $258,939 
Residential Mortgage Loans Sold$269,133  $315,917  $302,448  $220,381  $260,189 
Residential Mortgage Loan Servicing Portfolio$4,308,580  $4,259,459  $4,203,429  $4,112,519  $4,057,861 
          
(1) Refer to the "Reconciliation of Tangible Book Value Per Common Share (non-GAAP)" table.
(2) Refer to the "Reconciliation of Tangible Capital Ratio (non-GAAP)" table.
(3) Tangible book value per common share is total common stockholders' equity less goodwill and core deposit intangibles, net divided by common shares outstanding, net of treasury. This is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(4) The tangible capital ratio is total common stockholders' equity less goodwill and core deposit intangibles, net divided by total assets less goodwill and core deposit intangibles, net. This is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. This measure should not be considered a substitute for operating results determined in accordance with GAAP.


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
 As of and for the Quarter Ended
 12/31/2016 9/30/2016 6/30/2016 3/31/2016 12/31/2015
Allowance for Loan Losses         
Balance, beginning of period$54,653  $51,756  $49,738  $48,685  $47,105 
Provision for loan losses2,181  5,328  2,118  2,067  2,171 
Charge-offs(3,555) (3,283) (2,951) (1,605) (1,837)
Recoveries1,045  852  2,851  591  1,246 
Balance, end of period$54,324  $54,653  $51,756  $49,738  $48,685 
          
Asset Quality         
Nonaccrual loans$64,299  $57,799  $57,053  $47,750  $39,655 
Loans past due ninety days or more as to interest or principal payments86  105    639   
Other real estate owned9,744  10,740  11,003  11,338  11,524 
Other repossessed assets663  821  564  426  485 
Total nonperforming assets$74,792  $69,465  $68,620  $60,153  $51,664 
          
Performing troubled debt restructured loans$10,380  $10,281  $9,923  $10,711  $10,968 
          
Nonperforming Assets Activity         
Balance, beginning of period$69,465  $68,620  $60,153  $51,664  $51,425 
Net loan charge offs(2,510) (2,431) (100) (1,014) (591)
New nonperforming loans23,035  10,884  19,994  12,171  9,686 
Acquired nonperforming assets      3,516  4,956 
Reduction of nonperforming loans(1)(13,707) (6,983) (10,313) (3,563) (6,768)
OREO/Repossessed assets sales proceeds(1,037) (343) (918) (2,411) (2,980)
OREO/Repossessed assets writedowns, net(274) (521) (337) (182) (3,909)
Net activity at Citizens Finance Co.(180) 239  141  (28) (155)
Balance, end of period$74,792  $69,465  $68,620  $60,153  $51,664 
 
Asset Quality Ratios         
Ratio of nonperforming loans to total loans1.20% 1.06% 1.04% 0.88% 0.79%
Ratio of nonperforming assets to total assets0.91% 0.85% 0.84% 0.73% 0.67%
Annualized ratio of net loan charge-offs to average loans0.18% 0.17% 0.01% 0.08% 0.05%
Allowance for loan losses as a percent of loans1.02% 1.00% 0.94% 0.90% 0.97%
Allowance for loan losses as a percent of nonperforming loans84.37% 94.39% 90.72% 102.79% 122.77%
Loans delinquent  30-89 days as a percent of total loans0.37% 0.40% 0.73% 0.45% 0.31%
          
(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
 December 31, 2016 December 31, 2015
 Average
Balance
 Interest Rate Average
Balance
 Interest Rate
Earning Assets           
Securities:           
Taxable$1,471,966  $8,480  2.29% $1,290,462  $6,917  2.13%
Nontaxable(1)539,347  6,603  4.87  387,015  5,094  5.22 
Total securities2,011,313  15,083  2.98  1,677,477  12,011  2.84 
Interest bearing deposits122,727  157  0.51  12,350  3  0.10 
Federal funds sold398      42,614  21  0.20 
Loans:(2)           
Commercial and commercial real estate(1)3,864,826  48,124  4.95  3,395,242  40,588  4.74 
Residential mortgage699,739  7,035  4.00  580,797  5,836  3.99 
Agricultural and agricultural real estate(1)485,158  5,624  4.61  470,797  5,663  4.77 
Consumer423,278  8,184  7.69  381,008  7,460  7.77 
Fees on loans  2,081      1,402   
Less: allowance for loan losses(55,442)     (47,720)    
Net loans5,417,559  71,048  5.22  4,780,124  60,949  5.06 
Total earning assets7,551,997  86,288  4.55% 6,512,565  72,984  4.45%
Nonearning Assets728,045      728,539     
Total Assets$8,280,042      $7,241,104     
Interest Bearing Liabilities           
Savings$3,767,398  $2,012  0.21% $3,118,115  $1,611  0.20%
Time, $100,000 and over380,701  761  0.80  334,254  779  0.92 
Other time deposits512,874  971  0.75  711,622  1,382  0.77 
Short-term borrowings252,175  119  0.19  325,613  200  0.24 
Other borrowings293,245  3,754  5.09  292,193  3,485  4.73 
Total interest bearing liabilities5,206,393  7,617  0.58% 4,781,797  7,457  0.62%
Noninterest Bearing Liabilities           
Noninterest bearing deposits2,268,005      1,774,914     
Accrued interest and other liabilities77,832      68,850     
Total noninterest bearing liabilities2,345,837      1,843,764     
Stockholders' Equity727,812      615,543     
Total Liabilities and Stockholders' Equity$8,280,042      $7,241,104     
Net interest income, fully tax-equivalent (non-GAAP)(1)  $78,671      $65,527   
Net interest spread(1)    3.97%     3.83%
Net interest income, fully tax-equivalent (non-GAAP) to total earning assets(3)    4.14%     3.99%
Interest bearing liabilities to earning assets68.94%     73.42%    
            
(1) Computed on a tax-equivalent basis using an effective tax rate of 35%
(2) Nonaccrual loans are included in the average loans outstanding.
(3) Annualized net interest margin, fully tax-equivalent is a non-GAAP measure, which adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax exempt sources. This measure should not be considered a substitute for operating results determined in accordance with GAAP.


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
 For the Year Ended
 December 31, 2016 December 31, 2015
 Average
Balance
 Interest Rate Average
Balance
 Interest Rate
Earning Assets           
Securities:           
Taxable$1,466,062  $32,858  2.24% $1,272,573  $26,646  2.09%
Nontaxable(1)465,178  23,208  4.99  348,189  18,735  5.38 
Total securities1,931,240  56,066  2.90  1,620,762  45,381  2.80 
Interest bearing deposits78,503  396  0.50  10,997  14  0.13 
Federal funds sold9,464  12  0.13  14,153  24  0.17 
Loans: (2)           
Commercial and commercial real estate(1)3,846,285  190,101  4.94  3,199,493  152,931  4.78 
Residential mortgage738,634  30,168  4.08  542,364  21,982  4.05 
Agricultural and agricultural real estate(1)480,221  22,576  4.70  444,808  21,498  4.83 
Consumer422,972  32,636  7.72  364,343  28,936  7.94 
Fees on loans  7,443      5,418   
Less: allowance for loan losses(52,102)     (44,830)    
Net loans5,436,010  282,924  5.20  4,506,178  230,765  5.12 
Total earning assets7,455,217  339,398  4.55% 6,152,090  276,184  4.49%
Nonearning Assets717,359      611,811     
Total Assets$8,172,576      $6,763,901     
Interest Bearing Liabilities           
Savings$3,680,535  $8,000  0.22% $2,918,706  $6,613  0.23%
Time, $100,000 and over424,802  3,178  0.75  341,071  3,152  0.92 
Other time deposits577,908  4,761  0.82  606,030  5,765  0.95 
Short-term borrowings298,734  1,202  0.40  339,019  838  0.25 
Other borrowings284,540  14,672  5.16  326,684  15,602  4.78 
Total interest bearing liabilities5,266,519  31,813  0.60% 4,531,510  31,970  0.71%
Noninterest Bearing Liabilities           
Noninterest bearing deposits2,130,536      1,592,816     
Accrued interest and other liabilities78,028      61,000     
Total noninterest bearing liabilities2,208,564      1,653,816     
Stockholders' Equity697,493      578,575     
Total Liabilities and Stockholders' Equity$8,172,576      $6,763,901     
Net interest income, fully tax-equivalent (non-GAAP)(1)  $307,585      $244,214   
Net interest spread(1)    3.95%     3.78%
Net interest income, fully tax-equivalent (non-GAAP) to total earning assets(3)    4.13%     3.97%
Interest bearing liabilities to earning assets70.64%     73.66%    
            
(1) Computed on a tax-equivalent basis using an effective tax rate of 35%.
(2) Nonaccrual loans are included in the average loans outstanding.
(3) Net interest margin, fully tax-equivalent is a non-GAAP measure, which adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax exempt sources. This measure should not be considered a substitute for operating results determined in accordance with GAAP.


HEARTLAND FINANCIAL USA, INC.
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited)
DOLLARS IN THOUSANDS
 As of and For the Quarter Ended
 12/31/20169/30/20166/30/20163/31/201612/31/2015
Total Assets     
Dubuque Bank and Trust Company$1,497,775 $1,448,796 $1,473,461 $1,498,771 $1,617,322 
New Mexico Bank & Trust1,374,647 1,318,203 1,321,113 1,304,886 1,336,004 
Wisconsin Bank & Trust1,065,715 1,068,288 1,080,224 1,094,872 1,139,337 
Centennial Bank and Trust(1)901,782 892,723 909,697 927,040 161,806 
Morrill & Janes Bank and Trust Company863,544 862,767 843,069 872,274 902,918 
Illinois Bank & Trust742,173 748,801 742,697 718,074 757,478 
Premier Valley Bank640,684 635,620 629,423 751,137 765,451 
Arizona Bank & Trust582,266 574,561 577,002 558,369 591,066 
Rocky Mountain Bank477,063 481,346 473,583 479,010 491,522 
Minnesota Bank & Trust229,114 238,745 230,004 220,955 214,303 
Total Portfolio Loans     
Dubuque Bank and Trust Company$905,242 $906,347 $928,869 $941,683 $956,517 
New Mexico Bank & Trust924,249 917,679 870,109 815,739 794,744 
Wisconsin Bank & Trust650,254 711,714 732,503 758,789 793,508 
Centennial Bank and Trust(1)609,760 638,006 668,547 683,085 101,449 
Morrill & Janes Bank and Trust Company548,544 538,666 522,518 536,738 539,198 
Illinois Bank & Trust473,008 469,236 466,983 465,783 465,937 
Premier Valley Bank348,879 354,610 376,275 376,840 383,929 
Arizona Bank & Trust384,706 385,926 390,078 402,431 444,501 
Rocky Mountain Bank347,839 357,346 362,475 364,189 370,440 
Minnesota Bank & Trust144,098 139,581 144,009 137,412 134,137 
Total Deposits     
Dubuque Bank and Trust Company$1,231,016 $1,182,947 $1,159,942 $1,144,470 $1,209,074 
New Mexico Bank & Trust1,091,436 1,101,550 1,062,410 1,066,076 1,085,052 
Wisconsin Bank & Trust899,676 889,957 911,915 921,071 974,001 
Centennial Bank and Trust(1)733,449 767,128 775,417 779,607 128,759 
Morrill & Janes Bank and Trust Company738,036 676,176 696,073 698,365 713,589 
Illinois Bank & Trust636,419 671,104 653,582 629,235 631,010 
Premier Valley Bank510,142 520,814 514,522 635,188 647,022 
Arizona Bank & Trust477,213 493,331 497,599 468,312 500,490 
Rocky Mountain Bank414,344 420,581 405,888 409,787 417,426 
Minnesota Bank & Trust194,368 214,651 207,228 200,343 194,373 
Net Income     
Dubuque Bank and Trust Company$806 $5,112 $4,475 $6,073 $3,587 
New Mexico Bank & Trust4,061 3,824 5,642 4,094 2,576 
Wisconsin Bank & Trust2,970 3,368 3,399 3,379 2,443 
Centennial Bank and Trust(1)1,572 925 256 824 62 
Morrill & Janes Bank and Trust Company2,519 1,707 2,133 2,525 1,096 
Illinois Bank & Trust1,917 2,179 2,397 2,027 574 
Premier Valley Bank2,969 1,804 1,695 1,960 1,008 
Arizona Bank & Trust1,305 2,034 2,121 1,841 968 
Rocky Mountain Bank1,229 1,456 1,484 1,064 1,506 
Minnesota Bank & Trust888 675 559 531 166 
      
(1) Formerly known as Summit Bank & Trust.

 


            

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