Heartland Financial USA, Inc. (NASDAQ: HTLF):
|Twelve Months Ended|
|December 31,||December 31,|
|Net income (in millions)||$||7.9||$||9.5||$||36.9||$||49.9|
| Net income available to common stockholders
|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.