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Heartland Financial USA, Inc. Reports Second Quarter 2012 Results

Heartland Financial USA, Inc. (NASDAQ: HTLF):

Quarterly Highlights
  • Record net income of $14.0 million or $0.77 per diluted common share
  • Net interest margin of 4.05%
  • Gains on sale of loans increased $4.2 million or 49% over the first quarter 2012
  • Growth in loans held to maturity of $97.2 million since March 31, 2012
  • Deposit growth of $59.1 million since March 31, 2012
  • Nonperforming assets not covered under loss share agreements decreased $6.3 million since March 31, 2012
  Quarter Ended   Six Months Ended
June 30, June 30,
2012   2011 2012   2011
Net income (in millions) $ 14.0 $ 10.2 $ 26.8 $ 14.4
Net income available to common stockholders (in millions) 12.9 8.9 24.8 11.8
Diluted earnings per common share 0.77 0.54 1.48 0.71
 
Return on average assets 1.20 % 0.89 % 1.16 % 0.59 %
Return on average common equity 18.28 13.69 17.78 9.28
Net interest margin 4.05 4.23 4.14 4.21
 
 
“Heartland set another earnings record in the second quarter, reporting net income of $14.0 million, a 37 percent increase over last year's second quarter. Year-to-date net income of $26.8 million is nearly double our earnings in the first half of 2011.”
 
Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc.

Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported net income of $14.0 million for the quarter ended June 30, 2012, which was an increase of $3.8 million or 37 percent from the $10.2 million recorded for the second quarter of 2011. Net income available to common stockholders was $12.9 million, or $0.77 per diluted common share, for the quarter ended June 30, 2012, compared to $8.9 million, or $0.54 per diluted common share, for the second quarter of 2011. Return on average common equity was 18.28 percent and return on average assets was 1.20 percent for the second quarter of 2012, compared to 13.69 percent and 0.89 percent, respectively, for the same quarter in 2011.

Earnings for the second quarter of 2012, in comparison to the second quarter of 2011, were most significantly affected by the continued expansion of mortgage operations in both new and existing markets. Solid loan growth also contributed to the maintenance of a net interest margin above 4.00 percent for the 12 th consecutive quarter.

Net income recorded for the first six months of 2012 was $26.8 million, compared to $14.4 million recorded during the first six months of 2011. Net income available to common stockholders was $24.8 million, or $1.48 per diluted common share, for the six months ended June 30, 2012, compared to $11.8 million, or $0.71 per diluted common share, earned during the first six months of 2011. Return on average common equity was 17.78 percent and return on average assets was 1.16 percent for the first six months of 2012, compared to 9.28 percent and 0.59 percent, respectively, for the same period in 2011.

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