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Heartland Financial USA, Inc. Reports Second Quarter 2013 Results

Heartland Financial USA, Inc.:
      Quarter Ended

June 30,
      Six Months Ended

June 30,
2013     2012   2013     2012
Net income (in millions) $ 9.6 $ 14.0 $ 22.1 $ 26.8
Net income available to common stockholders (in millions) 9.4 12.9 21.4 24.8
Diluted earnings per common share 0.54 0.77 1.25 1.48
Return on average assets 0.76 % 1.20 % 0.88 % 1.16 %
Return on average common equity 11.28 18.28 13.19 17.78
Net interest margin 3.71 4.05 3.74 4.14
“Heartland reported a good second quarter of 2013 with earnings of $9.6 million. We were pleased to see new loan demand in the quarter and our net interest margin held up reasonably well. While mortgage loan originations increased over the same period of 2012, the recent rise in long-term interest rates negatively impacted the gains on sale of residential mortgage loans.”


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

Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported net income of $9.6 million for the quarter ended June 30, 2013, which was a decrease from the $14.0 million recorded for the second quarter of 2012. Net income available to common stockholders was $9.4 million, or $0.54 per diluted common share, for the quarter ended June 30, 2013, compared to $12.9 million, or $0.77 per diluted common share, for the second quarter of 2012. Return on average common equity was 11.28% and return on average assets was 0.76% for the second quarter of 2013, compared to 18.28% and 1.20%, respectively, for the same quarter in 2012.

Earnings for the second quarter of 2013 were below Heartland's quarterly earnings record set in the second quarter of 2012, primarily as a result of a $3.6 million decrease in gains on sale of loans and a $2.9 million decrease in securities gains, coupled with a $4.1 million increase in salaries and employee benefits. Positively affecting earnings for the second quarter of 2013, in comparison to the second quarter of 2012, were an increase in net interest income, a reduction in provision for loan and lease losses and an increase in loan servicing income. Loan growth picked up during the second quarter of 2013.

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