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Heartland Financial USA, Inc. Reports Third Quarter 2013 Results

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

Quarter Ended Nine Months Ended
September 30, September 30,
2013   2012 2013   2012
Net income (in millions) $ 6.8 $ 13.6 $ 28.9 $ 40.4
Net income available to common stockholders (in millions) 6.5 12.6 28.0 37.4
Diluted earnings per common share 0.38 0.75 1.63 2.24
Return on average assets 0.53 % 1.11 % 0.76 % 1.14 %
Return on average common equity 8.38 16.79 11.63 17.44
Net interest margin 3.81 3.84 3.77 4.03

“Though Heartland’s third quarter earnings fell short of our expectations, we were pleased to see many positive results for the period. Notable highlights include improved loan growth, solid pre-tax, pre-provision earnings, an increase in net interest margin to 3.81% and year-to-date return on equity of 11.63%.”


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


Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported net income available to common stockholders was $6.5 million, or $0.38 per diluted common share, for the quarter ended September 30, 2013, compared to $12.6 million, or $0.75 per diluted common share, for the third quarter of 2012. Return on average common equity was 8.38% and return on average assets was 0.53% for the third quarter of 2013, compared to 16.79% and 1.11%, respectively, for the same quarter in 2012.

Earnings for the third quarter of 2013 were below earnings for the third quarter of 2012, primarily as a result of an $8.5 million decrease in gains on sale of loans and a $4.1 million decrease in securities gains, coupled with a $5.6 million increase in provision for loan and lease losses. Positively affecting earnings for the third quarter of 2013, in comparison to the third quarter of 2012, were an increase in net interest income and a decrease in net loss on repossessed assets. Loan growth was strong during the third quarter of 2013.

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