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Heartland Financial USA, Inc. Reports Fourth Quarter 2013 Results

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


  Quarter Ended  

Twelve Months Ended
December 31, December 31,
2013   2012 2013   2012
Net income (in millions) $ 7.9 $ 9.5 $ 36.9 $ 49.9
Net income available to common stockholders

(in millions)

7.7 9.0 35.7 46.4
Diluted earnings per common share 0.42 0.54 2.04 2.77
Return on average assets 0.55 % 0.76 % 0.70 % 1.04 %
Return on average common equity 8.79 11.33 10.87 15.78
Net interest margin 3.82 3.81 3.78 3.98
“We are pleased to report that 2013 was Heartland’s second best in its 33-year history. Though the company fell short of matching the exceptional year experienced in 2012, Heartland’s net income of $35.7 million and return on average equity of 10.87% demonstrate the excellent potential in the company’s core operations.”


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 of $7.7 million, or $0.42 per diluted common share, for the quarter ended December 31, 2013, compared to $9.0 million, or $0.54 per diluted common share, for the fourth quarter of 2012. Return on average common equity was 8.79% and return on average assets was 0.55% for the fourth quarter of 2013, compared to 11.33% and 0.76%, respectively, for the same quarter in 2012.

Net income for the fourth quarter of 2013 was $1.6 million lower than the fourth quarter of 2012, primarily as a result of an $11.1 million decrease in gains on sale of loans, offset by an $8.4 million increase in net interest income and a$1.3 million decrease in the provision for loan and lease losses. Loan growth, exclusive of acquisitions, was $178.6 million or 6% during the fourth quarter of 2013.

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