Heartland BancCorp. Declares Regular Quarterly Cash Dividend, Payable on April 10, 2016; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 19, 2016 at 10:03 pm
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Heartland BancCorp. announced its board of directors declared a regular quarterly cash dividend of $0.3724 per share. The dividend will be payable on April 10, 2016, to shareholders of record as of March 25, 2016.
The company reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported total interest income of $7,480,854 against $6,891,928 a year ago. Net interest income was $6,589,824 against $6,383,434 a year ago. Net interest income after provision for loan losses was $6,469,824 against $5,901,121 a year ago. Income before income tax was $3,589,065 against $2,273,310 a year ago. Net income was $2,808,819 or $1.77 per diluted share against $1,656,085 or $1.05 per diluted share a year ago. Return on average assets was 1.59% compared to 1.04% a year ago. Return on average equity was 17.51% compared to 11.22% a year ago. Book value per common share was $42.67 against $39.05 a year ago. Tangible book value per common share was $42.40 against $38.79 a year ago.
For the year, the company reported total interest income of $28,754,809 against $25,698,345 a year ago. Net interest income was $25,448,933 against $22,846,987 a year ago. Net interest income after provision for loan losses was $24,688,933 against $21,591,987 a year ago. Income before income tax was $11,083,267 against $8,366,578 a year ago. Net income was $8,127,700 or $5.13 per diluted share against $6,081,214 or $3.87 per diluted share a year ago. Return on average assets was 1.18% compared to 0.99% a year ago. Return on average equity was 12.91% compared to 10.57% a year ago.
For the quarter, the company's net charge-offs were $54,000 compared to $238,000 in the fourth quarter a year ago.
Heartland BancCorp is a financial holding company. The Companyâs principal activity is the ownership and management of its subsidiaries, Heartland Bank (the Bank) and TransCounty Title Agency, LLC. The Bank is primarily engaged in providing a full range of banking and financial services to individual and corporate customers in central Ohio and northern Kentucky. The Bank operates approximately 19 full-service offices located in Fairfield, Franklin and Licking Counties of Central Ohio and Boone, Campbell and Kenton counties of Northern Kentucky. It offers personal banking, business banking and lending services and products. Personal banking offering includes checking, savings, online banking, mobile wallet, rate center, debit and credit cards, and additional products and services. Business banking offering includes checking, savings, treasury management, products and services, and rate center. Lending solutions include home mortgage, personal loan, business loan, agribusiness and other.
Heartland BancCorp. Declares Regular Quarterly Cash Dividend, Payable on April 10, 2016; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015