Heartland BancCorp Earns $4.8 Million, or $2.34 Per Diluted Share, in the Third Quarter of 2021; Net Loans (Ex. PPP) Increased $41.0 Million, or 4.0%, on a Linked Quarter Basis; Declares Quarterly Cash Dividend of $0.627 per Share

Rhea-AI Summary

Heartland BancCorp (OTCQX: HLAN) reported a significant 56% increase in net income for Q3 2021, reaching $4.8 million, or $2.34 per diluted share. Compared to Q3 2020, income surged from $3.1 million. The nine-month net income for 2021 also rose by 50.7% to $13.6 million. A quarterly cash dividend of $0.627 per share was declared, payable on January 10, 2022. Strong loan growth and net interest margin expansion were key factors. Noninterest income saw a slight decline, reflecting lower mortgage sale gains.

Positive

• Net income increased 56% to $4.8 million, or $2.34 per diluted share in Q3 2021.
• Year-to-date net income rose 50.7% to $13.6 million, or $6.69 per diluted share.
• Declared a quarterly cash dividend of $0.627 per share, maintaining dividends since 1993.
• Net interest margin improved 25 basis points to 3.63% for Q3 2021.
• Noninterest-bearing demand deposits increased by 13.8% to $440.5 million.

Negative

• Total deposits decreased moderately to $1.24 billion from $1.29 billion a year ago.
• Noninterest income decreased 3.1% to $3.6 million in Q3 compared to the previous year.
• Commercial loans decreased by 26.3% compared to last year, impacting overall loan portfolio.

WHITEHALL, Ohio, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Heartland BancCorp (“Heartland” and “the Company”) (OTCQX: HLAN) today reported net income increased 56.0% to $4.8 million, or $2.34 per diluted share in the third quarter of 2021, compared to $3.1 million, or $1.52 per diluted share in the third quarter of 2020, and increased 13.6% compared to earnings of $4.2 million, or $2.06 per diluted share, in the preceding quarter. In the first nine months of 2021, net income increased 50.7% to $13.6 million, or $6.69 per diluted share, compared to $9.0 million, or $4.46 per diluted share, in the first nine months of 2020.

The company’s board of directors declared a quarterly cash dividend of $0.627 per share. The dividend will be payable January 10, 2022, to shareholders of record as of December 25, 2021. Heartland has paid regular quarterly cash dividends since 1993.

“Third quarter results were strong, delivering robust loan growth (ex. PPP), record net interest income generation and solid net interest margin expansion,” stated G. Scott McComb, Chairman, President and Chief Executive Officer. “Operating revenue increased during the quarter driven by lower cost of funds, stable non-interest-bearing deposits and increased loan balances, primarily in commercial real estate. The investments we have made in our franchise over the last several quarters have built out our infrastructure and grown the company. We are seeing exceptional opportunities in Northern Kentucky after entering into that new market last year with our acquisition of Victory Community Bank. We are now at a point where we can leverage the balance sheet for operational advantage and efficiency. We have the right team in place, together with the strength of the economy in our local markets, to lead the momentum to grow during the remainder of the year and into 2022.”

Third Quarter Financial Highlights (at or for the period ended September 30, 2021)

• Net income increased 56.0% to $4.8 million, compared to $3.1 million in the third quarter a year ago.
• Earnings per diluted share were $2.34, compared to $1.52 in the third quarter a year ago.
• Provision for loan losses was $480,000, compared to $2.6 million in the third quarter a year ago.
• Net interest margin improved 25 basis points to 3.63%, compared to 3.38% in both the preceding quarter and in the third quarter a year ago.
• Total revenues (net interest income plus noninterest income) increased 4.9% to $16.4 million, compared to $15.7 million in the third quarter a year ago.
• Annualized return on average assets was 1.27%, compared to 0.80% in the third quarter a year ago.
• Annualized return on average equity was 12.73%, compared to 9.01% in the third quarter a year ago.
• Excluding Paycheck Protection Program (“PPP”) loans, net loans increased $41.0 million or 4.0% on a linked quarter basis to $1.07 billion and increased $54.9 million or 5.4% compared to a year earlier.
• There were no COVID-19 related loan deferrals (excluding PPP) at the end of the third quarter of 2021, down from 1.7% of total loans three months earlier and 5.1% a year ago.
• Noninterest bearing demand deposits increased 13.8% to $440.5 million, compared to $387.1 million a year ago.
• Total deposits decreased modestly to $1.24 billion, compared to $1.29 billion a year ago.
• Tangible book value per share increased to $68.29 per share, compared to $61.31 per share a year ago.
• Declared a quarterly cash dividend of $0.627 per share.
  

Paycheck Protection Program

During the second and third quarters of 2020, Heartland originated 1,075 PPP loans, for a total of $129.0 million in PPP loans, and generated total PPP loan fees receivable of approximately $4.9 million. As of September 30, 2021, Heartland had received forgiveness from the SBA for $119.0 million. Approximately $788,000 of the income recognized during the third quarter of 2021 was related to recognizing origination fees for PPP loan payoffs or forgiveness, compared to $368,000 of income recognized during the second quarter of 2021.

At the end of December 2020, additional COVID-19 stimulus relief was signed into law that allowed for an additional round of PPP lending. During the first and second quarters of 2021, Heartland originated 770 PPP loans, or $70 million in loans, during this new round of funding with gross fee income of $3.7 million. As of September 30, 2021, Heartland had received forgiveness from the SBA for $19 million. There was $2,000 in deferred origination costs recognized during the third quarter of 2021 for new PPP loan originations, compared to $369,000 recognized in the second quarter of 2021. The balance of net unamortized PPP fees, remaining to be recognized in fee income over the life of the associated loans, is $1.4 million at September 30, 2021.

Balance Sheet Review

“Our team of lenders did an excellent job of replacing the $41.8 million in PPP loan forgiveness with new loan originations,” said Ben Babcanec, SVP and Chief Operating Officer. “Net loan growth (ex. PPP) during the quarter was robust, increasing $41.0 million, or 4.0% on a linked quarter basis with an uptick in CRE loans. We continue to remain cautiously optimistic that this trend continues for the remainder of 2021.” Excluding PPP loans, net loans increased $41.0 million during the third quarter to $1.09 billion at September 30, 2021, and increased $54.9 million when compared to $1.02 billion a year earlier. Including PPP loans, net loans were $1.13 billion at September 30, 2021, which was a modest decrease compared to $1.15 billion at September 30, 2020, and unchanged compared to three months earlier. PPP loan payoffs totaled $41.8 million during the third quarter of 2021 and contributed to the modest decrease. Commercial loans decreased 26.3% from year ago levels to $179.8 million and comprise 15.8% of the total loan portfolio at September 30, 2021. Owner occupied commercial real estate loans (CRE) increased 14.5% to $274.4 million at September 30, 2021, compared to a year ago, and comprise 24.1% of the total loan portfolio. Non-owner occupied CRE loans increased 13.1% to $326.9 million, compared to a year ago, and comprise 28.8% of the total loan portfolio at September 30, 2021. At September 30, 2021, 1-4 family residential real estate loans decreased 5.0% from year ago levels to $319.7 million and represent 28.1% of total loans. Home equity loans decreased 10.9% from year ago levels to $36.1 million and represent 3.2% of total loans at September 30, 2021. Consumer loans increased 2.5% from year ago levels to $11.1 million and represent 1.0% of the total loan portfolio at September 30, 2021.

Deposit growth for the year was reflective of federal programs such as PPP and stimulus checks, which boosted demand deposit balances. Total deposits were $1.24 billion at September 30, 2021, compared to $1.29 billion a year earlier and $1.30 billion three months earlier. At September 30, 2021, noninterest bearing demand deposit accounts increased 13.8% compared to a year ago and represented 35.5% of total deposits, savings, NOW and money market accounts increased 14.0% compared to a year ago and represented 46.5% of total deposits, and CDs decreased 43.2% compared to a year ago and comprised 18.0% of total deposits.

Total assets decreased 4.3% to $1.45 billion at September 30, 2021, compared to $1.52 billion a year earlier, and decreased 3.6% compared to $1.51 billion three months earlier. The decrease compared to the prior quarter was largely due to PPP loan forgiveness and a reduction in excess liquidity. Shareholders’ equity increased 10.5% to $150.1 million at September 30, 2021, compared to $135.8 million a year earlier. On September 30, 2021, Heartland’s tangible book value was $68.29 per share, compared to $61.31 one year earlier.

Operating Results

“The decline in excess cash reserves, as well as PPP loan forgiveness helped our net interest margin expand 25 basis points during the quarter,” said Carrie Almendinger, EVP and Chief Financial Officer. Heartland’s net interest margin improved by 25 basis points to 3.63% in the third quarter of 2021, compared to 3.38% in both the preceding quarter and in the third quarter of 2020. In the first nine months of 2021, the net interest margin was 3.47%, compared to 3.65% in the first nine months of 2020. PPP loan forgiveness had a 7 basis point positive effect on net interest margin for the third quarter of 2021 and a 9 basis point negative effect for the second quarter of 2021. Excluding PPP loans, the net interest margin was 3.56% for the third quarter of 2021 and 3.46% for the second quarter of 2021. Excluding excess cash balances at the Federal Reserve Bank, net interest margin was 3.85% for the third quarter of 2021 and 3.75% for the second quarter of 2021.

Heartland’s total revenues (net interest income before the provision for loan losses, plus noninterest income) increased 4.9% to $16.4 million in the third quarter, compared to $15.7 million in the third quarter a year ago, and increased 6.6% compared to $15.4 million in the preceding quarter. In the first nine months of 2021, total revenues increased 10.1% to $47.6 million, compared to $43.2 million in the first nine months of 2020.

Net interest income, before the provision for loan losses, increased 7.4% to $12.8 million in the third quarter of 2021, compared to $11.9 million in the third quarter a year ago, and increased 4.5% compared to $12.2 million in the preceding quarter. Year-to-date, net interest income increased 9.4% to $37.1 million, compared to $33.9 million in the same period a year earlier.

“Noninterest income increased on a linked quarter basis, with increased debit and credit card transaction volumes contributing to higher interchange income, along with increases in title insurance income and higher income from financial planning services through Heartland Planning Associates. The modest decrease in noninterest income compared to the year ago quarter was primarily a result of lower gains on sale of mortgage loans,” said Almendinger. Noninterest income decreased 3.1% to $3.6 million in the third quarter, compared to $3.8 million in the third quarter a year ago, and increased 14.8% compared to $3.2 million in the preceding quarter. The gains on sale of loans and originated mortgage servicing rights decreased 43.1% to $1.0 million in the third quarter of 2021, compared to $1.8 million in the third quarter a year ago, and increased 30.3% compared to $805,000 in the preceding quarter. While sustained low, long-term mortgage rates continued to attract mortgage refinancing, the pace has slowed compared to the record setting levels of the third and fourth quarters of 2020 and increased competition has led to a tightening gain on sale margins. In the first nine months of 2021, noninterest income increased 13.0% to $10.5 million, compared to $9.3 million in the first nine months of 2020.

Third quarter noninterest expenses totaled $9.9 million, compared to $9.8 million in the preceding quarter and $9.4 million in the third quarter a year ago. Year-to-date, noninterest expense totaled $29.3 million, compared to $26.7 million in the first nine months of 2020. Salary and employee benefit expenses were $6.3 million in the third quarter compared to $5.6 million in both the second quarter of 2021 and in the third quarter of 2020. There was no salary and employee benefit expense reduction during the third quarter of 2021. This compared to a salary and employee benefit expense reduction of $368,000 during the second quarter reflecting expenses associated with the second round of PPP loans, which were originated in the first half of 2021, and the reduction of $120,000 during the year ago quarter which was primarily due to deferred expenses associated with the first round of PPP loans, which were originated in the second and third quarters of 2020. Excluding these benefits from PPP loans, noninterest expense was down compared to the linked quarter and up 3.9% from the year ago quarter.

The efficiency ratio for the third quarter of 2021 was 60.4%, compared to 63.6% for the preceding quarter and 60.3% for the third quarter of 2020.

Credit Quality

“Asset quality remained strong, with non-performing assets down 14.0% from the linked quarter and down 36.4% from a year ago. Despite this positive trend and strong economic recovery in our Central Ohio and Northern Kentucky markets, we continued to add to our allowance due to our conservative approach and new loan growth,” said McComb. Heartland recorded a $480,000 provision for loan losses in the third quarter, which was the same amount recorded in the preceding quarter. The Company booked a $2.6 million provision for loan losses in the third quarter a year ago. For the first nine months of 2021, Heartland’s provision for loan losses was $1.4 million, compared to $5.6 million in the first nine months of 2020.

At September 30, 2021, the allowance for loan losses (ALLL) was $14.4 million, or 1.25% of total loans, compared to $13.9 million, or 1.21% of total loans at June 30, 2021, and $13.8 million, or 1.17% of total loans a year ago. Excluding PPP loans, the ALLL was 1.32% of total loans at September 30, 2021, compared to 1.33% of total loans at June 30, 2021, and 1.31% of total loans a year ago. As of September 30, 2021, the ALLL represented 521.9% of nonaccrual loans, compared to 488.1% three months earlier and 329.3% one year earlier.

Nonaccrual loans totaled $2.8 million at September 30, 2021, and at June 30, 2021, and decreased 34.5% compared to $4.2 million at September 30, 2020. Heartland had net loan recoveries of $6,000 at September 30, 2021. This compared to $1.3 million in net loan charge offs at June 30, 2021, and $141,000 in net loan recoveries at September 30, 2020. There were no loans past due 90 days and still accruing at September 30, 2021. This compared to $359,000 in loans past due 90 days and still accruing at June 30, 2021, and $132,000 in loans past due 90 days and still accruing at September 30, 2020.

Heartland’s performing restructured loans, that were not included in nonaccrual loans, decreased to $610,000 at September 30, 2021, compared to $621,000 at June 30, 2021. Borrowers who are in financial difficulty, and who have been granted concessions, including interest rate reductions, term extensions, or payment alterations, are categorized as restructured loans.

There was $5,000 in other real estate owned and other non-performing assets on the books at September 30, 2021, and three months earlier and one year earlier. Non-performing assets (NPAs), consisting of non-performing loans and loans past due 90 days or more, decreased to $2.8 million, or 0.19% of total assets inclusive of PPP loans, at September 30, 2021, compared to $3.2 million, or 0.21% of total assets, at June 30, 2021, and $4.3 million, or 0.29% of total assets a year ago. NPAs, consisting of non-performing loans and loans past due 90 days or more, were 0.20% of total assets excluding PPP loans, at September 30, 2021.

About Heartland BancCorp

Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates 18 full-service banking offices, an LPO/DPO 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.

In May of 2021, Heartland was ranked #82 on the American Banker Magazine’s list of Top 200 Publicly Traded Community Banks and Thrifts based on three-year average return on equity as of December 31, 2020.

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) the benefits of a merger between Heartland Bank and Victory Community Bank, including future financial and operating results, cost savings enhancements to revenue and accretion to reported earnings that may be realized from the merger; (ii) Heartland’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (iii) 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; (6) the impact of the coronavirus (COVID-19) pandemic on the employees and customers of Heartland, as well as the resulting effect on the business, financial condition and results of operations on Heartland; and (7) 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.

Heartland BancCorp
Consolidated Balance Sheets
Assets		Sep. 30, 2021				Jun. 30, 2021				Sep. 30, 2020
Cash and cash equivalents		$	65,355			$	126,967			$	114,764
Interest bearing time deposits			283				281				276
Available-for-sale securities			166,187				159,683				149,513
Held-to-maturity securities, fair values of, $202, $202 and $352 respectively			202				202				351
Loans held for sale			3,013				1,221				22,235
Commercial			179,776				219,421				244,054
CRE (Owner occupied)			274,368				275,727				239,608
CRE (Non Owner occupied)			326,919				292,955				289,115
1-4 Family			319,662				314,630				336,335
Home Equity			36,106				35,527				40,504
Consumer			11,118				9,995				10,851
Allowance for loan losses			(14,352	)			(13,867	)			(13,818	)
Net Loans			1,133,597				1,134,390				1,146,649
Premises and equipment			29,495				29,937				30,501
Nonmarketable equity securities			6,024				6,024				5,601
Mortgage serving rights, net			2,882				2,665				2,528
Foreclosed assets held for sale			5				5				5
Goodwill			12,388				12,388				12,388
Intangible Assets			1,052				1,113				1,321
Deferred income taxes			929				929				600
Life insurance assets			18,019				17,919				17,366
Accrued interest recievable and other assets			14,964				15,456				15,002
Total assets		$	1,454,396			$	1,509,179			$	1,519,102
Liabilities and Shareholders' Equity
Liabilities
Deposits
Demand		$	440,531			$	441,836			$	387,107
Saving, NOW and money market			577,831				582,782				506,877
Time			223,534				274,336				393,435
Total deposits			1,241,896				1,298,954				1,287,419
Repurchase agreements			10,060				9,754				8,707
FHLB Advances			14,000				17,000				48,679
Subordinated debt			24,641				24,630				24,699
Interest payable and other liabilities			13,717				12,312				13,749
Total liabilities			1,304,314				1,362,650				1,383,253
Shareholders' Equity
Common stock, without par value; authorized 5,000,000 shares; 2,091,451, 2,086,512 and 2,082,657 shares issued, respectively			61,039				60,917				60,267
Retained earnings			90,874				87,370				76,433
Accumulated other comprehensive income (expense)			3,164				3,237				4,143
Treasury stock at Cost, Common; 90,612, 90,612 and 90,612 shares held, respectively			(4,994	)			(4,994	)			(4,994	)
Total shareholders' equity			150,082				146,529				135,849
Total liabilities and shareholders' equity		$	1,454,396			$	1,509,179			$	1,519,102
Book value per share		$	75.01			$	73.42			$	68.20

Heartland BancCorp
Consolidated Statements of Income
		Three Months Ended												Nine Months Ended
Interest Income		Sep. 30, 2021				Jun. 30, 2021				Sep. 30, 2020				Sep. 30, 2021				Sep. 30, 2020
Loans		$	12,826			$	12,484			$	13,157			$	38,055			$	38,435
Securities
Taxable			448				437				415				1,209				1,345
Tax-exempt			589				580				610				1,771				1,731
Other			49				40				20				136				95
Total interest income			13,912				13,541				14,202				41,171				41,606
Interest Expense
Deposits			715				886				1,796				2,731				6,476
Borrowings			411				423				504				1,346				1,208
Total interest expense			1,126				1,309				2,300				4,077				7,684
Net Interest Income			12,786				12,232				11,902				37,094				33,922
Provision for Loan Losses			480				480				2,550				1,440				5,600
Net Interest Income After Provision for Loan Losses			12,306				11,752				9,352				35,654				28,322
Noninterest income
Service charges			812				692				571				2,077				1,581
Gains on sale of loans and originated MSR			1,048				805				1,842				3,404				3,360
Loan servicing fees, net			463				223				187				891				1,167
Title insurance income			421				382				344				1,121				912
Net realized gains on sales of available-for-sale securities			-				-				29				223				29
Net realized gain/(loss) on sales of foreclosed assets			-				-				-				(1	)			-
Gain/(loss) on sale of premises and equipment			-				-				-				-				(6	)
Increase in cash value of life insurance			101				99				101				298				309
Other			790				967				681				2,489				1,940
Total noninterest income			3,635				3,168				3,755				10,502				9,292
Noninterest Expense
Salaries and employee benefits			6,318				5,550				5,645				17,072				14,740
Net occupancy and equipment expense			1,246				1,496				1,278				4,072				3,587
Data processing fees			513				497				543				1,458				1,510
Professional fees			230				263				269				871				1,615
Marketing expense			275				279				85				831				778
Printing and office supplies			75				75				102				242				285
State financial institution tax			167				309				256				791				768
FDIC insurance premiums			60				85				146				273				240
Other			1,033				1,235				1,097				3,711				3,180
Total noninterest expense			9,917				9,789				9,421				29,321				26,703
Income before Income Tax			6,024				5,131				3,686				16,835				10,911
Provision for Income Taxes			1,265				942				636				3,265				1,907
Net Income		$	4,759			$	4,189			$	3,050			$	13,570			$	9,004
Basic Earnings Per Share		$	2.38			$	2.10			$	1.53			$	6.80			$	4.50
Diluted Earnings Per Share		$	2.34			$	2.06			$	1.52			$	6.69			$	4.46

ADDITIONAL FINANCIAL INFORMATION
(Dollars in thousands except per share amounts)(Unaudited)		Three Months Ended									Nine Months Ended
		Sep. 30, 2021			Jun. 30, 2021			Sep. 30, 2020			Sep. 30, 2021			Sep. 30, 2020
Performance Ratios:
Return on average assets		1.27	%		1.09	%		0.80	%		1.19	%		0.90	%
Return on average equity		12.73	%		11.63	%		9.01	%		12.48	%		9.16	%
Return on average tangible common equity		14.00	%		12.84	%		10.02	%		13.63	%		9.82	%
Net interest margin		3.63	%		3.38	%		3.38	%		3.47	%		3.65	%
Efficiency ratio		60.39	%		63.57	%		60.28	%		61.89	%		61.83	%

Asset Quality Ratios and Data:		As of or for the Three Months Ended
		Sep. 30, 2021				Jun. 30, 2021				Sep. 30, 2020
Nonaccrual loans		$	2,750			$	2,841			$	4,196
Loans past due 90 days and still accruing			-				359				132
Non-performing investment securities			-				-				-
OREO and other non-performing assets			5				5				5
Total non-performing assets		$	2,755			$	3,205			$	4,333
Non-performing assets to total assets			0.19	%			0.21	%			0.29	%
Net charge-offs quarter ending		$	(6	)		$	1,263			$	(141	)
Allowance for loan loss		$	14,352			$	13,867			$	13,818
Nonaccrual loans		$	2,750			$	2,841			$	4,196
Allowance for loan loss to non accrual loans			521.89	%			488.10	%			329.31	%
Allowance for loan losses to loans outstanding			1.25	%			1.21	%			1.17	%
Restructured loans included in non-accrual		$	1,093			$	1,093			$	285
Performing restructured loans (RC-C)		$	610			$	621			$	334
Book Values:
Total shareholders' equity		$	150,082			$	146,529			$	135,849
Less: goodwill and intangible assets			13,440				13,501				13,709
Shareholders' equity less goodwill and intangible assets		$	136,642			$	133,028			$	122,140
Common shares outstanding			2,091,451				2,086,512				2,082,657
Less: treasury shares			(90,612	)			(90,612	)			(90,612	)
Common shares as adjusted			2,000,839				1,995,900				1,992,045
Book value per common share		$	75.01			$	73.42			$	68.20
Tangible book value per common share		$	68.29			$	66.65			$	61.31

	Contact:	G. Scott McComb, Chairman, President & CEO
		Heartland BancCorp 614-337-4600

FAQ

What is Heartland BancCorp's net income for Q3 2021?

Heartland BancCorp reported a net income of $4.8 million for Q3 2021, a 56% increase from Q3 2020.

When is Heartland BancCorp's next dividend payment?

The next dividend payment of $0.627 per share is scheduled for January 10, 2022.

What was Heartland BancCorp's net interest margin in Q3 2021?

The net interest margin for Heartland BancCorp improved to 3.63% in Q3 2021.

How much did noninterest income decline for Heartland BancCorp in Q3 2021?

Noninterest income decreased by 3.1% to $3.6 million in Q3 2021 compared to the same quarter last year.

What is the total amount of deposits for Heartland BancCorp as of Q3 2021?

Total deposits for Heartland BancCorp decreased to $1.24 billion as of Q3 2021.