Heartland BancCorp Earns $4.4 Million, or $2.12 Per Diluted Share, in the Third Quarter of 2024; Declares Quarterly Cash Dividend of $0.759 Per Share
Heartland BancCorp (OTCQX: HLAN) reported Q3 2024 net income of $4.4 million, or $2.12 per diluted share, compared to $4.9 million in Q3 2023. The company declared a quarterly cash dividend of $0.759 per share, payable December 30, 2024. Notably, Heartland announced a definitive merger agreement with German American Bancorp, valued at approximately $330.2 million, expected to close in Q1 2025. The deal terms include 3.90 shares of German American common stock for each Heartland share. Total assets increased 5.8% to $1.94 billion, with deposits growing 3.7% to $1.71 billion and net loans reaching $1.54 billion.
Heartland BancCorp (OTCQX: HLAN) ha riportato un utile netto per il terzo trimestre 2024 di $4,4 milioni, ovvero $2,12 per azione diluita, rispetto a $4,9 milioni nel terzo trimestre 2023. L'azienda ha dichiarato un dividendo in contante trimestrale di $0,759 per azione, pagabile il 30 dicembre 2024. È importante notare che Heartland ha annunciato un accordo di fusione definitivo con German American Bancorp, valutato circa $330,2 milioni, che dovrebbe chiudere nel primo trimestre del 2025. I termini dell'accordo includono 3,90 azioni di German American per ogni azione di Heartland. Gli attivi totali sono aumentati del 5,8% a $1,94 miliardi, con i depositi in crescita del 3,7% a $1,71 miliardi e i prestiti netti che raggiungono $1,54 miliardi.
Heartland BancCorp (OTCQX: HLAN) reportó un ingreso neto de $4,4 millones en el tercer trimestre de 2024, o $2,12 por acción diluida, en comparación con $4,9 millones en el tercer trimestre de 2023. La empresa declaró un dividendo en efectivo trimestral de $0,759 por acción, que se pagará el 30 de diciembre de 2024. Cabe destacar que Heartland anunció un acuerdo de fusión definitivo con German American Bancorp, valorado en aproximadamente $330,2 millones, que se espera cierre en el primer trimestre de 2025. Los términos del acuerdo incluyen 3,90 acciones comunes de German American por cada acción de Heartland. Los activos totales aumentaron un 5,8% a $1,94 mil millones, con depósitos que crecieron un 3,7% a $1,71 mil millones y préstamos netos que alcanzaron $1,54 mil millones.
하트랜드 뱅크코프 (OTCQX: HLAN)는 2024년 3분기 순이익이 $440만으로 주당 희석 후 $2.12를 기록했으며, 이는 2023년 3분기의 $490만과 비교된다. 이 회사는 2024년 12월 30일에 지급될 $0.759의 분기 현금 배당금을 선언했다. 특히, 하트랜드는 독일 아메리칸 뱅크코프와의 약 $3억 3천 2백만의 합병 합의안을 발표했으며, 2025년 1분기에 마무리될 예정이다. 거래 조건에는 하트랜드의 주식 1주당 독일 아메리칸의 보통주 3.90주가 포함된다. 총 자산은 $19억 4천만으로 5.8% 증가했으며, 예금은 $17억 1천만으로 3.7% 증가하고, 순 대출은 $15억 4천만에 달했다.
Heartland BancCorp (OTCQX: HLAN) a annoncé un revenu net de $4,4 millions pour le troisième trimestre 2024, soit $2,12 par action diluée, contre $4,9 millions au troisième trimestre 2023. La société a déclaré un dividende trimestriel en espèces de $0,759 par action, payable le 30 décembre 2024. Il est à noter que Heartland a annoncé un accord de fusion définitif avec la German American Bancorp, évalué à environ $330,2 millions, qui devrait être finalisé au premier trimestre 2025. Les termes de l'accord incluent 3,90 actions ordinaires de German American pour chaque action de Heartland. Les actifs totaux ont augmenté de 5,8 % pour atteindre $1,94 milliard, les dépôts ayant augmenté de 3,7 % pour atteindre $1,71 milliard et les prêts nets atteignant $1,54 milliard.
Heartland BancCorp (OTCQX: HLAN) meldete für das dritte Quartal 2024 einen Nettogewinn von $4,4 Millionen oder $2,12 pro verwässerter Aktie, im Vergleich zu $4,9 Millionen im dritten Quartal 2023. Das Unternehmen erklärte eine vierteljährliche Bardividende von $0,759 pro Aktie, zahlbar am 30. Dezember 2024. Bemerkenswert ist, dass Heartland eine endgültige Fusionsvereinbarung mit der German American Bancorp angekündigt hat, die mit etwa $330,2 Millionen bewertet wird und voraussichtlich im ersten Quartal 2025 abgeschlossen wird. Die Bedingungen der Vereinbarung umfassen 3,90 Aktien der German American für jede Heartland-Aktie. Die Gesamtaktiva stiegen um 5,8% auf $1,94 Milliarden, während die Einlagen um 3,7% auf $1,71 Milliarden wuchsen und die Nettokredite $1,54 Milliarden erreichten.
- Net income increased 2.6% to $14.6 million in first nine months of 2024
- Total deposits increased 8.0% YoY to $1.71 billion
- Tangible book value increased 18.9% YoY to $80.61 per share
- Strong credit quality with nonperforming assets at only 0.10% of total assets
- Strategic merger agreement with German American valued at $330.2 million
- Q3 2024 net income decreased to $4.4 million from $4.9 million in Q3 2023
- Net interest margin declined to 3.27% from 3.52% year-over-year
- Efficiency ratio increased to 69.1% from 64.7% year-over-year
- Noninterest income decreased 6.4% YoY to $3.0 million
- Noninterest expenses increased to $12.4 million from $12.0 million YoY
WHITEHALL, Ohio, Oct. 28, 2024 (GLOBE NEWSWIRE) -- Heartland BancCorp (“Heartland” and “the Company”) (OTCQX: HLAN), parent company of Heartland Bank (“Bank”), today reported net income of
The company also announced that its board of directors declared a quarterly cash dividend of
On July 29, 2024, Heartland announced that it had entered into a definitive merger agreement with German American Bancorp (“German American”). Upon completion of the transaction, Heartland’s subsidiary bank, Heartland Bank, will be merged into German American’s subsidiary bank, German American Bank, and operate under a co-branded name within the Ohio markets.
Under the terms of the definitive agreement, Heartland shareholders, other than the Heartland retirement plan, will receive 3.90 shares of German American common stock for each share of Heartland common stock in an all-stock, tax-free exchange. The shares held by the Heartland retirement plan will be exchanged for an equivalent cash payment. Based on the number of Heartland common shares expected to be outstanding at closing, German American would issue approximately 7.66 million shares of its common stock. With a
The transaction is expected to close in the first quarter of 2025, subject to regulatory approval, approval by both German American and Heartland shareholders and completion of other customary closing conditions.
“The highlight of the third quarter was our announced merger with German American,” stated G. Scott McComb, Chairman, President and Chief Executive Officer. “This strategic partnership allows us to partner with another like-minded, larger community bank that enables us to continue our strong brand and growth trajectory within the markets we serve. It will also allow us to deepen and broaden our current and prospective customer relationships with enhanced financial service offerings. Strategically and culturally, Heartland and German American are exceptionally well-aligned with a strong commitment to the community banking business model. That model, centered on delivering the exceptional customer experience and willingness to invest in local communities that Ohio has come to know and love from Heartland, will propel our future success.”
“In addition to announcing the definitive agreement with German American, our third quarter operating results were highlighted by continued earnings momentum fueled by moderate loan growth and steady deposit growth generated in our market footprints in Columbus and Greater Cincinnati,” McComb continued. “Now the pending combination with German American provides us with the infrastructure needed to support continued growth and the opportunity to make an even greater impact on the communities we serve.”
Third Quarter 2024 Financial Highlights (at or for the three months ended September 30, 2024)
- Net income was
$4.4 million , or$2.12 per diluted share, compared to$4.9 million , or$2.43 per diluted share, in the third quarter of 2023. - Heartland recorded no provision for credit losses during the third quarter of 2024, compared to
$500,000 for the third quarter a year ago. - Net interest margin was
3.27% , compared to3.31% in the preceding quarter and3.52% in the third quarter a year ago. - Third quarter revenues (net interest income plus noninterest income) were
$18.0 million , compared to$18.5 million in the third quarter a year ago. - Annualized return on average assets was
0.91% , compared to1.07% in the third quarter of 2023. - Annualized return on average tangible common equity was
11.10% , compared to14.01% in the third quarter a year ago. - Net loans increased modestly during the quarter to
$1.54 billion at September 30, 2024, compared to$1.53 billion three months earlier. - Total deposits increased
3.7% during the quarter to$1.71 billion at September 30, 2024, compared to$1.65 billion three months earlier. - Credit quality remains pristine with nonperforming loans to gross loans of
0.12% and nonperforming assets to total assets of0.10% at September 30, 2024. - Tangible book value increased
18.9% to$80.61 per share, compared to$67.78 per share a year ago. - Declared a quarterly cash dividend of
$0.75 9 per share.
Balance Sheet Review
Assets
Total assets increased
Securities increased
“We continue to prioritize growing the investment portfolio, which has been a strategic focus over the past year to increase our asset based liquidity,” said Carrie Almendinger, EVP and Chief Financial Officer.
Average earning assets increased to
Loan Portfolio
“We pulled back on loan growth during the quarter, with net loans increasing modestly over the prior quarter end,” said Ben Babcanec, EVP and Chief Operating Officer. “Despite stiff competition in our markets, we continue to remain disciplined on loan pricing, with newly funded loans having a weighted rate of
Net loans increased modestly to
Deposits
Total deposits were
At September 30, 2024, noninterest bearing demand deposit accounts decreased
Shareholders’ Equity
Shareholders’ equity increased
Heartland continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with tangible equity to tangible assets of
Operating Results
In the third quarter of 2024, Heartland generated a ROAA of
Net Interest Income/Net Interest Margin
Net interest income, before the provision for credit losses, decreased
Total revenues (net interest income, before the provision for credit losses, plus noninterest income) were
Heartland’s net interest margin was
Provision for Credit Losses
Due to pristine credit quality, net loan recoveries, modest loan growth and economic forecast improvement within the CECL model, Heartland recorded no provision for credit losses in the third quarter of 2024. This compared to no provision for credit losses in the second quarter of 2024 and a
Noninterest Income
Noninterest income decreased
“Serviced mortgage loans had another strong quarter, which was partly offset by lower title insurance income,” said Almendinger.
Noninterest Expense
Noninterest expense was
“The increase in noninterest expense during the quarter was primarily due to the increase in professional fees resulting from the pending merger with German American,” said Almendinger. One-time merger related expenses totaled
The efficiency ratio for the third quarter of 2024 was
Income Tax Provision
In the third quarter of 2024, Heartland recorded
Credit Quality
“Our overall credit quality metrics continue to remain pristine with minimal signs of stress in the loan portfolio,” said McComb.
At September 30, 2024, the allowance for credit losses plus unfunded commitment liability (ACL + UCL) was
Nonaccrual loans were
There were no other real estate owned and other nonperforming assets on the books at September 30, 2024, or at June 30, 2024, or at September 30, 2023. Nonperforming assets (NPAs), consisting of nonperforming loans and loans past due 90 days or more, were
About Heartland BancCorp
Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates 20 full-service banking offices and TransCounty Title Agency, LLC. Heartland Bank, founded in 1911, provides full-service commercial, small business and consumer banking services; professional financial planning services; and other financial products and services. Heartland Bank is a member of the Federal Reserve, a member of the FDIC and an Equal Housing Lender. Heartland BancCorp is currently quoted on the OTC Markets (OTCQX) under the symbol HLAN. Learn more about Heartland Bank at Heartland.Bank.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) Heartland’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of Heartland’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Heartland. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of the following factors, among others: (1) the assumptions and estimates used by Heartland’s management include both assumptions as to certain business decisions that are subject to change and, in many respects, subjective judgment, and thus is susceptible to multiple interpretations and periodic revisions based on actual experience and business developments, and thus, may not be realized; (2) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which Heartland is engaged; (3) changes in the interest rate environment may adversely affect net interest income; (4) results may be adversely affected by continued diversification of assets and adverse changes to credit quality; (5) competition from other financial services companies in Heartland’s markets could adversely affect operations; and (6) the current economic slowdown could adversely affect credit quality and loan originations.
Heartland cautions that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements are expressly qualified in their entirety by the cautionary statements above. Heartland does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
Additional Information
Communications in this press release do not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any proxy vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The proposed merger will be submitted to both the German American and Heartland shareholders for their consideration. In connection with the proposed merger, German American will file a Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (“SEC”) that will include a joint proxy statement for German American and Heartland and a prospectus for German American and other relevant documents concerning the proposed merger. INVESTORS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE CORRESPONDING JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER WHEN IT BECOMES AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, TOGETHER WITH ALL AMENDMENTS AND SUPPLEMENTS TO THOSE DOCUMENTS, AS THEY WILL CONTAIN IMPORTANT INFORMATION. You will be able to obtain a copy of the joint proxy statement/prospectus once filed, as well as other filings containing information about German American, without charge, at the SEC’s website (http://www.sec.gov) or by accessing German American’s website (http://www.germanamerican.com) under the tab “Investor Relations” and then under the heading “Financial Information”. Copies of the joint proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to Bradley C. Arnett, Investor Relations, German American Bancorp, Inc., 711 Main Street, Box 810, Jasper, Indiana 47546, telephone 812-482-1314 or to Jennifer Eckert, Investor Relations, Heartland BancCorp, 430 North Hamilton Road, Whitehall, Ohio 43213, telephone 614-337-4600.
German American and Heartland and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of German American and Heartland in connection with the proposed merger. Information about the directors and executive officers of German American is set forth in the proxy statement for German American’s 2024 annual meeting of shareholders, as filed with the SEC on Schedule 14A on March 21, 2024, which information has been updated by German American from time to time in subsequent filings with the SEC. Information about the directors and executive officers of Heartland will be set forth in the joint proxy statement/prospectus relating to the proposed merger. Additional information about the interests of those participants and other persons who may be deemed participants in the transaction may also be obtained by reading the joint proxy statement/prospectus relating to the proposed merger when it becomes available. Free copies of this document may be obtained as described above.
| Heartland BancCorp | ||||||||||||||||
| Quarterly Financial Summary | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| Earnings and dividends: | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | |||||||||||
| Interest income | $ | 27,233 | $ | 26,190 | $ | 25,626 | $ | 25,195 | $ | 24,194 | ||||||
| Interest expense | 12,288 | 11,408 | 10,764 | 9,807 | 8,928 | |||||||||||
| Net interest income | 14,945 | 14,782 | 14,862 | 15,388 | 15,266 | |||||||||||
| Provision for credit losses | - | - | - | 550 | 500 | |||||||||||
| Noninterest income | 3,026 | 3,212 | 3,119 | 3,217 | 3,232 | |||||||||||
| Noninterest expense | 12,420 | 11,753 | 11,775 | 11,632 | 11,975 | |||||||||||
| Provision for income taxes | 1,123 | 1,154 | 1,124 | 1,135 | 1,091 | |||||||||||
| Net income | 4,428 | 5,087 | 5,082 | 5,288 | 4,932 | |||||||||||
| Share data: | ||||||||||||||||
| Basic earnings per share | $ | 2.19 | $ | 2.52 | $ | 2.52 | $ | 2.62 | $ | 2.45 | ||||||
| Diluted earnings per share | 2.12 | 2.50 | 2.51 | 2.61 | 2.43 | |||||||||||
| Dividends declared per share | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | |||||||||||
| Book value per share | 86.95 | 83.19 | 81.28 | 80.66 | 74.24 | |||||||||||
| Tangible book value per share | 80.61 | 76.81 | 74.88 | 74.23 | 67.78 | |||||||||||
| Common shares outstanding, 20,000,000 authorized | 2,113,153 | 2,106,879 | 2,105,737 | 2,105,737 | 2,105,737 | |||||||||||
| Treasury shares | (90,612 | ) | (90,612 | ) | (90,612 | ) | (90,612 | ) | (90,612 | ) | ||||||
| Common shares, net | 2,022,541 | 2,016,267 | 2,015,125 | 2,015,125 | 2,015,125 | |||||||||||
| Average common shares outstanding, net | 2,018,442 | 2,015,627 | 2,015,125 | 2,015,125 | 2,014,936 | |||||||||||
| Balance sheet - average balances: | ||||||||||||||||
| Loans receivable, net | $ | 1,533,219 | $ | 1,524,818 | $ | 1,519,946 | $ | 1,520,331 | $ | 1,498,257 | ||||||
| Earning assets | 1,820,509 | 1,795,555 | 1,776,073 | 1,749,160 | 1,718,549 | |||||||||||
| Goodwill & intangible assets | 12,846 | 12,888 | 12,934 | 12,982 | 13,031 | |||||||||||
| Total assets | 1,926,237 | 1,899,413 | 1,878,171 | 1,854,191 | 1,822,084 | |||||||||||
| Demand deposits | 423,555 | 437,524 | 453,581 | 476,992 | 473,373 | |||||||||||
| Deposits | 1,689,877 | 1,670,394 | 1,639,911 | 1,622,335 | 1,598,495 | |||||||||||
| Borrowings | 47,792 | 47,225 | 58,938 | 60,857 | 51,856 | |||||||||||
| Shareholders' equity | 171,562 | 164,744 | 163,283 | 152,393 | 152,720 | |||||||||||
| Ratios: | ||||||||||||||||
| Return on average assets | 0.91 | % | 1.08 | % | 1.09 | % | 1.13 | % | 1.07 | % | ||||||
| Return on average equity | 10.27 | % | 12.42 | % | 12.52 | % | 13.77 | % | 12.81 | % | ||||||
| Return on average tangible common equity | 11.10 | % | 13.47 | % | 13.59 | % | 15.05 | % | 14.01 | % | ||||||
| Yield on earning assets | 5.95 | % | 5.87 | % | 5.80 | % | 5.71 | % | 5.59 | % | ||||||
| Cost of deposits | 2.75 | % | 2.61 | % | 2.45 | % | 2.21 | % | 2.05 | % | ||||||
| Cost of funds | 2.81 | % | 2.67 | % | 2.55 | % | 2.31 | % | 2.15 | % | ||||||
| Net interest margin | 3.27 | % | 3.31 | % | 3.37 | % | 3.49 | % | 3.52 | % | ||||||
| Efficiency ratio | 69.11 | % | 65.33 | % | 65.49 | % | 62.52 | % | 64.74 | % | ||||||
| Asset quality: | ||||||||||||||||
| Net loan charge-offs to average loans | -0.01 | % | 0.08 | % | 0.01 | % | 0.08 | % | 0.01 | % | ||||||
| Nonperforming loans to gross loans | 0.12 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.14 | % | ||||||
| Nonperforming assets to total assets | 0.10 | % | 0.11 | % | 0.10 | % | 0.11 | % | 0.11 | % | ||||||
| Allowance for credit losses to gross loans | 1.15 | % | 1.15 | % | 1.17 | % | 1.16 | % | 1.13 | % | ||||||
| ACL + UCL to gross loans | 1.23 | % | 1.23 | % | 1.27 | % | 1.25 | % | 1.26 | % | ||||||
| Heartland BancCorp | ||||||||||||||||||||
| Consolidated Balance Sheets | ||||||||||||||||||||
| Assets | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | |||||||||||||||
| Cash and due from | $ | 35,186 | $ | 14,292 | $ | 18,314 | $ | 16,750 | $ | 20,993 | ||||||||||
| Interest bearing deposits | 32,585 | 31,419 | 15,717 | 19,932 | 24,222 | |||||||||||||||
| Interest bearing time deposits | - | - | - | - | - | |||||||||||||||
| Available-for-sale securities | 229,907 | 233,270 | 222,609 | 211,130 | 179,817 | |||||||||||||||
| Held-to-maturity securities | 0 | 0 | 0 | 0 | 5 | |||||||||||||||
| Loans held for sale | 2,854 | 2,855 | 2,210 | 1,145 | 1,706 | |||||||||||||||
| Commercial | 183,739 | 179,961 | 166,413 | 172,658 | 169,405 | |||||||||||||||
| CRE (Owner occupied) | 287,261 | 291,107 | 293,542 | 295,996 | 277,092 | |||||||||||||||
| CRE (Non Owner occupied) | 489,483 | 495,466 | 489,709 | 501,056 | 502,012 | |||||||||||||||
| 1-4 Family | 510,587 | 504,959 | 507,374 | 508,826 | 499,953 | |||||||||||||||
| Home Equity | 63,184 | 59,011 | 54,178 | 51,697 | 52,466 | |||||||||||||||
| Consumer | 19,436 | 18,916 | 18,859 | 18,974 | 19,857 | |||||||||||||||
| Allowance for credit losses | (17,845 | ) | (17,813 | ) | (17,897 | ) | (17,928 | ) | (17,143 | ) | ||||||||||
| Net Loans | 1,535,845 | 1,531,607 | 1,512,178 | 1,531,279 | 1,503,642 | |||||||||||||||
| Premises and equipment | 32,548 | 33,039 | 33,298 | 33,649 | 33,586 | |||||||||||||||
| Nonmarketable equity securities | 6,946 | 6,943 | 6,941 | 6,866 | 6,863 | |||||||||||||||
| Mortgage servicing rights, net | 3,545 | 3,473 | 3,384 | 3,373 | 3,346 | |||||||||||||||
| Foreclosed assets held for sale | 30 | 0 | 0 | 10 | 0 | |||||||||||||||
| Goodwill | 12,388 | 12,388 | 12,388 | 12,388 | 12,388 | |||||||||||||||
| Intangible Assets | 433 | 475 | 517 | 565 | 613 | |||||||||||||||
| Deferred income taxes | 6,007 | 7,213 | 6,662 | 7,087 | 8,323 | |||||||||||||||
| Life insurance assets | 20,809 | 20,675 | 20,545 | 20,315 | 20,140 | |||||||||||||||
| Accrued interest receivable and other assets | 21,520 | 22,483 | 22,429 | 18,661 | 19,148 | |||||||||||||||
| Total assets | $ | 1,940,603 | $ | 1,920,132 | $ | 1,877,192 | $ | 1,883,150 | $ | 1,834,792 | ||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Deposits | ||||||||||||||||||||
| Demand | $ | 431,582 | $ | 414,829 | $ | 419,864 | $ | 487,631 | $ | 454,764 | ||||||||||
| Saving, NOW and money market | 686,221 | 673,674 | 705,942 | 711,198 | 695,106 | |||||||||||||||
| Time | 587,927 | 556,690 | 502,848 | 443,772 | 429,480 | |||||||||||||||
| Total deposits | 1,705,730 | 1,645,193 | 1,628,654 | 1,642,601 | 1,579,350 | |||||||||||||||
| Repurchase agreements | 5,590 | 6,295 | 4,472 | 4,583 | 4,446 | |||||||||||||||
| FHLB Advances | 10,000 | 59,000 | 38,000 | 31,000 | 56,000 | |||||||||||||||
| Subordinated debt | 24,065 | 24,055 | 24,044 | 24,034 | 24,024 | |||||||||||||||
| Interest payable and other liabilities | 19,352 | 17,849 | 18,228 | 18,400 | 21,377 | |||||||||||||||
| Total liabilities | 1,764,737 | 1,752,392 | 1,713,398 | 1,720,618 | 1,685,197 | |||||||||||||||
| Shareholders' Equity | ||||||||||||||||||||
| Common stock, without par value | 63,899 | 63,002 | 62,797 | 62,725 | 62,615 | |||||||||||||||
| Retained earnings | 130,069 | 127,174 | 123,617 | 120,064 | 116,306 | |||||||||||||||
| Accumulated other comprehensive income (expense) | (13,108 | ) | (17,442 | ) | (17,626 | ) | (15,263 | ) | (24,332 | ) | ||||||||||
| Treasury stock at Cost, Common | (4,994 | ) | (4,994 | ) | (4,994 | ) | (4,994 | ) | (4,994 | ) | ||||||||||
| Total shareholders' equity | 175,866 | 167,740 | 163,794 | 162,532 | 149,595 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 1,940,603 | $ | 1,920,132 | $ | 1,877,192 | $ | 1,883,150 | $ | 1,834,792 | ||||||||||
| Heartland BancCorp | ||||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||
| Three Months Ended | ||||||||||||||||||
| Interest Income | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | |||||||||||||
| Loans | $ | 24,194 | $ | 23,381 | $ | 23,015 | $ | 22,850 | $ | 22,080 | ||||||||
| Securities | ||||||||||||||||||
| Taxable | 1,870 | 1,744 | 1,637 | 1,374 | 1,173 | |||||||||||||
| Tax-exempt | 686 | 677 | 657 | 629 | 619 | |||||||||||||
| Other | 483 | 388 | 317 | 342 | 322 | |||||||||||||
| Total interest income | 27,233 | 26,190 | 25,626 | 25,195 | 24,194 | |||||||||||||
| Interest Expense | ||||||||||||||||||
| Deposits | 11,687 | 10,832 | 10,006 | 9,017 | 8,272 | |||||||||||||
| Borrowings | 601 | 576 | 758 | 790 | 656 | |||||||||||||
| Total interest expense | 12,288 | 11,408 | 10,764 | 9,807 | 8,928 | |||||||||||||
| Net Interest Income | 14,945 | 14,782 | 14,862 | 15,388 | 15,266 | |||||||||||||
| Provision for Credit Losses | - | - | - | 550 | 500 | |||||||||||||
| Net Interest Income After Provision for Credit Losses | 14,945 | 14,782 | 14,862 | 14,838 | 14,766 | |||||||||||||
| Noninterest income | ||||||||||||||||||
| Service charges | 1,005 | 1,011 | 952 | 1,002 | 1,020 | |||||||||||||
| Gains on sale of loans and originated MSR | 689 | 645 | 518 | 734 | 708 | |||||||||||||
| Loan servicing fees, net | 416 | 396 | 494 | 354 | 408 | |||||||||||||
| Title insurance income | 120 | 231 | 210 | 214 | 196 | |||||||||||||
| Increase in cash value of life insurance | 134 | 130 | 230 | 175 | 120 | |||||||||||||
| Other | 662 | 799 | 715 | 738 | 780 | |||||||||||||
| Total noninterest income | 3,026 | 3,212 | 3,119 | 3,217 | 3,232 | |||||||||||||
| Noninterest Expense | ||||||||||||||||||
| Salaries and employee benefits | 7,181 | 7,064 | 7,300 | 7,430 | 7,393 | |||||||||||||
| Net occupancy and equipment expense | 1,133 | 1,145 | 1,106 | 1,052 | 1,057 | |||||||||||||
| Software and data processing fees | 1,230 | 1,158 | 1,156 | 1,163 | 1,205 | |||||||||||||
| Professional fees | 1,125 | 496 | 233 | 242 | 225 | |||||||||||||
| Marketing expense | 213 | 303 | 310 | 320 | 271 | |||||||||||||
| State financial institution tax | 292 | 293 | 292 | 260 | 259 | |||||||||||||
| FDIC insurance premiums | 214 | 234 | 284 | 299 | 341 | |||||||||||||
| Other | 1,032 | 1,060 | 1,094 | 866 | 1,224 | |||||||||||||
| Total noninterest expense | 12,420 | 11,753 | 11,775 | 11,632 | 11,975 | |||||||||||||
| Income before Income Tax | 5,551 | 6,241 | 6,206 | 6,423 | 6,023 | |||||||||||||
| Provision for Income Taxes | 1,123 | 1,154 | 1,124 | 1,135 | 1,091 | |||||||||||||
| Net Income | $ | 4,428 | $ | 5,087 | $ | 5,082 | $ | 5,288 | $ | 4,932 | ||||||||
| Basic Earnings Per Share | $ | 2.19 | $ | 2.52 | $ | 2.52 | $ | 2.62 | $ | 2.45 | ||||||||
| Diluted Earnings Per Share | $ | 2.12 | $ | 2.50 | $ | 2.51 | $ | 2.61 | $ | 2.43 | ||||||||
| Heartland BancCorp | ||||||
| Consolidated Statements of Income | ||||||
| Six Months Ended | ||||||
| Interest Income | Sep. 30, 2024 | Sep. 30, 2023 | ||||
| Loans | $ | 70,590 | $ | 61,574 | ||
| Securities | - | |||||
| Taxable | 5,251 | 2,946 | ||||
| Tax-exempt | 2,020 | 1,813 | ||||
| Other | 1,188 | 858 | ||||
| Total interest income | 79,049 | 67,191 | ||||
| Interest Expense | - | |||||
| Deposits | 32,525 | 19,673 | ||||
| Borrowings | 1,935 | 1,872 | ||||
| Total interest expense | 34,460 | 21,545 | ||||
| Net Interest Income | 44,589 | 45,646 | ||||
| Provision for Credit Losses | - | 2,050 | ||||
| Net Interest Income After Provision for Credit Losses | 44,589 | 43,596 | ||||
| Noninterest income | ||||||
| Service charges | 2,968 | 3,010 | ||||
| Gains on sale of loans and originated MSR | 1,852 | 1,638 | ||||
| Loan servicing fees, net | 1,306 | 1,176 | ||||
| Title insurance income | 561 | 678 | ||||
| Increase in cash value of life insurance | 494 | 351 | ||||
| Other | 2,176 | 2,370 | ||||
| Total noninterest income | 9,357 | 9,223 | ||||
| Noninterest Expense | ||||||
| Salaries and employee benefits | 21,545 | 22,128 | ||||
| Net occupancy and equipment expense | 3,384 | 3,179 | ||||
| Software and data processing fees | 3,544 | 3,299 | ||||
| Professional fees | 1,854 | 779 | ||||
| Marketing expense | 826 | 879 | ||||
| State financial institution tax | 877 | 779 | ||||
| FDIC insurance premiums | 732 | 867 | ||||
| Other | 3,186 | 3,510 | ||||
| Total noninterest expense | 35,948 | 35,420 | ||||
| Income before Income Tax | 17,998 | 17,399 | ||||
| Provision for Income Taxes | 3,401 | 3,171 | ||||
| Net Income | $ | 14,597 | $ | 14,228 | ||
| Basic Earnings Per Share | $ | 7.24 | $ | 7.07 | ||
| Diluted Earnings Per Share | $ | 7.12 | $ | 7.01 | ||
| Heartland BancCorp | |||||||||||||||||||
| ADDITIONAL FINANCIAL INFORMATION | |||||||||||||||||||
| (Dollars in thousands except per share amounts)(Unaudited) | |||||||||||||||||||
| Asset Quality Ratios and Data: | |||||||||||||||||||
| Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | |||||||||||||||
| Nonaccrual loans (excluding restructured loans) | $ | 1,881 | $ | 1,569 | $ | 1,817 | $ | 1,621 | $ | 1,942 | |||||||||
| Nonaccrual restructured loans | - | - | - | - | - | ||||||||||||||
| Loans past due 90 days and still accruing | 5 | 513 | 149 | 468 | 146 | ||||||||||||||
| Total non-performing loans | 1,886 | 2,082 | 1,966 | 2,089 | 2,088 | ||||||||||||||
| OREO and other non-performing assets | 30 | - | - | 10 | - | ||||||||||||||
| Total non-performing assets | $ | 1,916 | $ | 2,082 | $ | 1,966 | $ | 2,099 | $ | 2,088 | |||||||||
| Nonperforming loans to gross loans | 0.12 | % | 0.13 | % | 0.13 | % | 0.13 | % | 0.14 | % | |||||||||
| Nonperforming assets to total assets | 0.10 | % | 0.11 | % | 0.10 | % | 0.11 | % | 0.11 | % | |||||||||
| Allowance for credit losses to gross loans | 1.15 | % | 1.15 | % | 1.17 | % | 1.16 | % | 1.13 | % | |||||||||
| Unfunded commitment liability to gross loans | 0.08 | % | 0.08 | % | 0.10 | % | 0.09 | % | 0.13 | % | |||||||||
| ACL + UCL to gross loans | 1.23 | % | 1.23 | % | 1.27 | % | 1.25 | % | 1.26 | % | |||||||||
| Performing restructured loans (RC-C) | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||
| Net charge-offs quarter ending | $ | (32 | ) | $ | 291 | $ | 30 | $ | 318 | $ | 47 | ||||||||
| Contact: | G. Scott McComb, Chairman, President & CEO |
| Heartland BancCorp 614-337-4600 |
FAQ
What is the dividend amount and payment date for Heartland BancCorp (HLAN) in Q3 2024?
What are the terms of Heartland BancCorp's (HLAN) merger with German American?
What was Heartland BancCorp's (HLAN) net income for Q3 2024?
