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“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.