HEARTLAND FINANCIAL USA, INC. REPORTS ANNUAL EARNINGS AND FOURTH QUARTER RESULTS AS OF DECEMBER 31, 2020
Highlights
Quarterly net income available to common stockholders of $37.8 million or $0.98 per diluted common share
Annual net income available to common stockholders of $133.5 million or $3.57 per diluted common share
Net interest margin of 3.51%, fully tax-equivalent (non-GAAP)(1) of 3.55% for the fourth quarter
Efficiency ratio (non-GAAP)(1) for the fourth quarter of 2020 of 54.93% and 56.65% for the year
Nonperforming assets as a percentage of total assets of 0.53% and net charge-offs for the quarter of $216,000
Completed the acquisition of AimBank, Heartland's largest acquisition to date, which had assets at fair value of $1.97 billion
Completed the purchase and assumption of substantially all of the deposits, which totaled $415.5 million, and other certain assets and liabilities of Johnson Bank's Arizona operations
Approved a 10% increase in quarterly dividend to $.22 per share at the January 19, 2021 board meeting
Quarter Ended December 31,
Year Ended December 31,
2020
2019
2020
2019
Net income available to common stockholders (in millions)
$
37.8
$
37.9
$
133.5
$
149.1
Diluted earnings per common share
0.98
1.03
3.57
4.14
Return on average assets
0.92
%
1.17
%
0.90
%
1.24
%
Return on average common equity
8.50
9.56
8.06
10.12
Return on average tangible common equity (non-GAAP)(1)
12.77
14.65
12.28
15.73
Net interest margin
3.51
3.86
3.65
4.00
Net interest margin, fully tax-equivalent (non-GAAP)(1)
(1) Refer to 'Non-GAAP Measures' in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to the financial tables for reconciliations to the most directly comparable GAAP measures.
'Heartland successfully navigated a challenging year with net income available to common stockholders of $133.5 million, or $3.57 per diluted common share. Our success was highlighted by an improved efficiency ratio of 56.65%, strong net interest margin of 3.69% and stable credit quality.'
Bruce K. Lee, president and chief executive officer, Heartland Financial USA, Inc.
Dubuque, Iowa, Monday, January 25, 2021-Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported the following results for the quarter ended December 31, 2020 compared to the quarter ended December 31, 2019:
Net income available to common stockholders of $37.8 million, or $0.98 per diluted common share compared to $37.9 million, or $1.03 per diluted common share.
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Heartland Financial USA Inc. published this content on 25 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2021 21:15:06 UTC
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. 
