Heartland Financial USA, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge-Offs for the Fourth Quarter of 2017
January 28, 2018
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Heartland Financial USA, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income was $102,068,000 against $82,777,000 a year ago. Net interest income was $92,856,000 against $75,160,000 a year ago. Income before income taxes was $35,178,000 against $27,522,000 a year ago. Net income available to common stockholders was $13,659,000 or $0.45 diluted per share against $19,146,000 or $0.74 diluted per share a year ago. Annualized return on average assets was 0.55% against 0.92% a year ago. Annualized return on average common equity (GAAP) was 5.50% against 10.48% a year ago. Annualized return on average common tangible equity (non-GAAP) was 7.60% against 13.24% a year ago. Net interest income - tax-equivalent (non-GAAP) was $96,414,000 against $78,671,000 a year ago. Adjusted income was $119,242,000 against $101,518,000 a year ago. Book value per common share (GAAP) was $33.07 as on December 31, 2017 against $28.31 as on December 31, 2016. Tangible book value per common share (non-GAAP) was $23.99 as on December 31, 2017 against $22.55 as on December 31, 2016.
For the year, the company reported net interest income of $330,308,000 against $294,666,000 a year ago. Income before income taxes was $119,092,000 against $116,905,000 a year ago. Net income available to common stockholders was $75,226,000 or $2.65 diluted per share against $80,108,000 or $3.22 diluted per share a year ago. Total Interest Income was $363,658,000 against $326,479,000 a year ago. Annualized return on average assets was 0.83% against 0.98% a year ago. Annualized return on average common equity (GAAP) was 8.63% against 11.80% a year ago. Annualized return on average common tangible equity (non-GAAP) was 11.45% against 15.15% a year ago. Net interest income - tax-equivalent (non-GAAP) was $345,447,000 against $307,585,000 a year ago. Adjusted income was $439,216,000 against $409,846,000 a year ago.
The company announced Net Charge-Offs for the Fourth Quarter of 2017. Net charge-offs for the fourth quarter of 2017 were $4.5 million, primarily attributable to $3.1 million of charge-offs related to 2 previously reserved agribusiness and commercial loan relationships at Dubuque Bank & Trust and New Mexico Bank & Trust, respectively.
Heartland Financial USA, Inc. is a bank holding company. The Company conducts its banking business through multiple independently branded divisions in the states of Arizona, California, Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, New Mexico, Texas, and Wisconsin. The principal business of its Banks consists of making loans to and accepting deposits. Its Banks provide a range of commercial, small business and consumer banking services to businesses, including public sector and non-profit entities, and to individuals. It provides multiple service delivery channels, including online banking, mobile/remote banking, and telephone banking. Its Banks provide a suite of banking products and services comprised of deposit and credit offerings, with treasury management, wealth management and retirement plan services. Its primary lines of business include commercial banking, small business banking, agricultural banking, residential real estate mortgage lending, and others.
Heartland Financial USA, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Announces Net Charge-Offs for the Fourth Quarter of 2017