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Heartland Financial USA, Inc. Reports First Quarter 2014 Results

Heartland Financial USA, Inc. (NASDAQ:HTLF):
Quarter Ended
March 31,


Net income (in millions) $ 6.9 $ 12.6
Net income available to common stockholders (in millions) 6.7 12.1
Diluted earnings per common share 0.36 0.70
Return on average assets 0.47 % 1.00 %
Return on average common equity 7.41 15.18
Net interest margin 3.92 3.77

“Excellent core earnings, led by strong loan growth in the first quarter, were partially offset by the charge-off of a single large credit. Unfortunately, the bottom line doesn’t reflect the many positive aspects of Heartland’s performance this quarter.”


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 $6.7 million, or $0.36 per diluted common share, for the quarter ended March 31, 2014, compared to $12.1 million, or $0.70 per diluted common share, for the first quarter of 2013. Return on average common equity was 7.41% and return on average assets was 0.47% for the first quarter of 2014, compared to 15.18% and 1.00%, respectively, for the same quarter in 2013.

Net income for the first quarter of 2014 was $5.7 million lower than the first quarter of 2013, primarily as a result of a $5.7 million increase in provision for loan and lease losses. This increase was primarily the result of a charge-off on one significant credit during the first quarter of 2014. Positively affecting net income for the quarter was a $9.9 million increase in net interest income, largely due to strong loan growth, the acquisition of Morrill & Janes Bank and Trust Company completed during the last quarter of 2013 and a lower cost of funds. This improvement was offset by a $6.8 million decrease in gains on sale of loans held for sale, resulting from weaker mortgage loan volumes, and a $6.2 million increase in noninterest expenses, primarily due to the added expenses of Morrill & Janes Bank and Trust Company.

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