Heartland BancCorp Earns $5.0 Million, or $2.48 Per Diluted Share, in the Fourth Quarter of 2021 and $18.6 Million, or $9.17 Per Diluted Share, for the Year 2021

Rhea-AI Summary

Heartland BancCorp (OTCQX: HLAN) reported a net income of $5.0 million or $2.48 per diluted share for Q4 2021, down from $5.8 million or $2.87 per diluted share a year earlier. However, full-year net income rose to $18.6 million, up 25.9% from 2020. Net loans, excluding PPP loans, increased by $56.9 million (5.3%) on a linked quarter basis. The company declared a quarterly cash dividend of $0.69 per share, a 10% increase. The net interest margin improved to 3.86%, reflecting strong loan growth and better loan mix.

Positive

• Net income increased 25.9% year-over-year to $18.6 million.
• Quarterly cash dividend increased by 10% to $0.69 per share.
• Net loans (ex. PPP) up $56.9 million (5.3%) on a linked quarter basis.
• Net interest margin improved to 3.86%, up 23 basis points from the previous quarter.

Negative

• Net income for Q4 2021 decreased to $5.0 million from $5.8 million in Q4 2020.
• Annualized return on average assets declined to 1.23% in 2021 from 1.08% in 2020.
• Noninterest income fell 20.7% in Q4 2021 compared to the same quarter last year.

Net Loans (Ex. PPP) Increased $56.9 Million, or 5.3%, on a Linked Quarter Basis

Increases Quarterly Cash Dividend by 10% to $0.69 per Share

WHITEHALL, Ohio, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Heartland BancCorp (“Heartland” and “the Company”) (OTCQX: HLAN) today reported net income was $5.0 million, or $2.48 per diluted share in the fourth quarter of 2021, compared to $5.8 million, or $2.87 per diluted share in the fourth quarter of 2020, and increased 5.5% compared to earnings of $4.8 million, or $2.34 per diluted share, in the preceding quarter.   For the year 2021, net income increased 25.9% to $18.6 million, or $9.17 per diluted share, compared to $14.8 million, or $7.33 per diluted share, in 2020.

The company also announced its board of directors increased its quarterly cash dividend by 10% to $0.69 per share. The dividend will be payable April 10, 2022, to shareholders of record as of March 25, 2022. Heartland has paid regular quarterly cash dividends since 1993.

“Heartland produced strong net income for the quarter, and record earnings for the year, as we continue to deliver value, grow core loans and expand our market outreach,” stated G. Scott McComb, Chairman, President and Chief Executive Officer. “Our results were augmented by robust loan growth (ex. PPP), record net interest income generation and an expanding net interest margin. Operating revenue increased during the quarter driven by increased loan balances across all loan categories, lower cost of funds and an increase in non-interest-bearing deposits. We are seeing exceptional opportunities in Northern Kentucky after entering that new market last year with our acquisition of Victory Community Bank. Additionally, we entered the Cincinnati market organically during the fourth quarter and anticipate similar successes. We are operating from a position of strength as we enter 2022, and we will continue to work to create value for our shareholders, our clients and our communities.”

Fourth Quarter Financial Highlights (at or for the three months ended December 31, 2021)

• Fourth quarter net income was $5.0 million, or $2.48 per diluted share, compared to $5.8 million, or $2.87 per diluted share, in the fourth quarter a year ago.
• Provision for loan losses was $480,000, compared to $750,000 in the fourth quarter a year ago.
• Net interest margin improved 23 basis points to 3.86%, compared to 3.63% in the preceding quarter and improved 37 basis points compared to 3.49% in the fourth quarter a year ago.
• Fourth quarter revenues (net interest income plus noninterest income) were $17.2 million which was unchanged compared to the fourth quarter a year ago.
• Annualized return on average assets was 1.36%, compared to 1.49% in the fourth quarter of 2020.
• Annualized return on average equity was 13.14% for the fourth quarter and 16.53% in the fourth quarter of 2020.
• Excluding Paycheck Protection Program (PPP) loans, net loans increased $56.9 million or 5.3% on a linked quarter basis to $1.13 billion.
• Tangible book value per share increased to $69.76 per share, compared to $63.85 per share a year ago.
• Declared a quarterly cash dividend of $0.69 per share.
  

2021 Full Year Financial Highlights (at or for the twelve months ended December 31, 2021)

• Net income for 2021 increased 25.9% to a record $18.6 million, compared to $14.8 million in 2020.
• Provision for loan losses was $1.9 million for the year, compared to $6.4 million for 2020.
• Net interest margin was 3.56% for the year, compared to 3.66% for 2020.
• Total revenues increased 7.2% to $64.8 million in 2021, compared to $60.5 million in 2020.
• Annualized return on average assets was 1.23% for 2021, compared to 1.08% for 2020.
• Annualized return on average equity was 12.68% for 2021, compared to 11.10% for 2020.
• Excluding Paycheck Protection Program (PPP) loans, net loans increased $108.9 million or 10.7% year-over-year to $1.13 billion.
• Noninterest bearing demand deposits increased 12.1% to $478.3 million, compared to $426.8 million a year ago.

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. During the first and second quarters of 2021, Heartland originated 770 PPP loans, or $70 million in loans, and generated total PPP loan fees receivable of approximately $3.7 million. As of December 31, 2021, Heartland had received forgiveness from the SBA for $171.4 million. Approximately $846,000 of the income recognized during the fourth quarter of 2021 was related to recognizing origination fees for PPP loan payoffs or forgiveness, compared to $788,000 of income recognized during the third 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 $541,000 as of December 31, 2021.

Balance Sheet Review

“Our team did an excellent job of replacing the $33.4 million in PPP loan forgiveness with new loan originations during the fourth quarter,” said Ben Babcanec, EVP and Chief Operating Officer. “Net loan growth (ex. PPP) during the quarter was at record levels, increasing $56.9 million, or 5.3% on a linked quarter basis with an uptick in every loan category.” Excluding PPP loans, net loans were $1.13 billion at December 31, 2021, which was a 5.3% increase compared to $1.07 billion at September 30, 2021, and a 10.7% increase compared to $1.02 billion a year earlier. Including PPP loans, net loans were $1.16 billion at December 31, 2021, which was a 3.1% increase compared to $1.12 billion at December 31, 2020, and a 2.1% increase compared to three months earlier.   Commercial loans decreased 28.7% from year ago levels to $154.2 million and comprise 13.2% of the total loan portfolio at December 31, 2021. Owner occupied commercial real estate loans (CRE) increased 19.4% to $286.7 million at December 31, 2021, compared to a year ago, and comprise 24.5% of the total loan portfolio. Non-owner occupied CRE loans increased 16.8% to $358.7 million, compared to a year ago, and comprise 30.6% of the total loan portfolio at December 31, 2021. At December 31, 2021, 1-4 family residential real estate loans increased modestly from year ago levels to $323.7 million and represent 27.6% of total loans. Home equity loans decreased 5.2% from year ago levels to $36.3 million and represent 3.1% of total loans at December 31, 2021. Consumer loans increased 11.3% from year ago levels to $12.6 million and represent 1.1% of the total loan portfolio at December 31, 2021.

Total deposits were $1.26 billion at December 31, 2021, compared to $1.31 billion a year earlier and $1.24 billion three months earlier. “We were able to capitalize on our excess liquidity during the year and improve our deposit mix, remaining focused on low cost deposits and paying back long term FHLB advances in the first quarter of 2021,” said Babcanec. At December 31, 2021, noninterest bearing demand deposit accounts increased 12.1% compared to a year ago and represented 38.1% of total deposits; savings, NOW and money market accounts increased 11.4% compared to a year ago and represented 46.9% of total deposits; and CDs decreased 47.3% compared to a year ago and comprised 15.0% of total deposits.

Total assets decreased 5.1% to $1.47 billion at December 31, 2021, compared to $1.55 billion a year earlier, and increased nominally compared to $1.45 billion three months earlier. The slight increase compared to the prior quarter was the combined effect of strong linked quarter loan growth, which was substantially offset by PPP loan forgiveness and a reduction in excess liquidity. Shareholders’ equity increased 8.7% to $153.2 million at December 31, 2021, compared to $140.9 million a year earlier.   At December 31, 2021, Heartland’s tangible book value was $69.76 per share, compared to $63.85 one year earlier.

Operating Results

“The decline in excess cash reserves, our improved deposit mix, as well as PPP loan forgiveness helped our net interest margin expand 23 basis points during the quarter,” said Carrie Almendinger, EVP, and Chief Financial Officer. Heartland’s net interest margin improved by 23 basis points to 3.86% in the fourth quarter of 2021, compared to 3.63% in the preceding quarter and improved by 37 basis points compared to the fourth quarter of 2020. For the year 2021, the net interest margin was 3.56%, compared to 3.66% in 2020. PPP loan forgiveness had a 15 basis point positive effect on net interest margin for the fourth quarter of 2021 and a 7 basis point positive effect for the third quarter of 2021.   Excluding PPP loans, the net interest margin was 3.71% for the fourth quarter of 2021 and 3.56% for the third quarter of 2021.   Excluding excess cash balances at the Federal Reserve Bank, net interest margin was 4.01% for the fourth quarter of 2021 and 3.85% for the third quarter of 2021.

Heartland’s total revenues (net interest income before the provision for loan losses, plus noninterest income) was $17.2 million in the fourth quarter, which was unchanged compared to the fourth quarter a year ago and increased 4.8% compared to $16.4 million in the preceding quarter. For the year, total revenues increased 7.2% to $64.8 million, compared to $60.5 million 2020.

Net interest income, before the provision for loan losses, increased 7.7% to $13.4 million in the fourth quarter of 2021, compared to $12.4 million in the fourth quarter a year ago, and increased 4.9% compared to $12.8 million in the preceding quarter. For the year 2021, net interest income increased 8.9% to $50.5 million, compared to $46.4 million in 2020.

Noninterest income decreased 20.7% to $3.8 million in the fourth quarter, compared to $4.8 million in the fourth quarter a year ago, and increased 4.5% compared to $3.6 million in the preceding quarter. The gains on sale of loans and originated mortgage servicing rights decreased 55.6% to $1.3 million in the fourth quarter of 2021, compared to $3.0 million in the fourth quarter a year ago, and increased 27.8% compared to $1.0 million in the preceding quarter. “While lower, 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,” said Almendinger. “Additionally, increased competition has led to a tightening in gain on sale margins.” For the year 2021, noninterest income increased 1.5% to $14.3 million, compared to $14.1 million in 2020.

“During the fourth quarter, we exited the Destin, Florida, market and closed our LPO,” said McComb. “We determined that little growth was coming out of our efforts there, and we made the decision to focus our growth efforts in our Northern Kentucky and Cincinnati markets. We do not anticipate any future costs associated with this closure.”

Heartland’s fourth quarter noninterest expenses totaled $10.4 million, compared to $9.9 million in the preceding quarter and $9.4 million in the fourth quarter a year ago. For the year 2021, noninterest expense totaled $39.7 million, compared to $36.1 million in 2020. Salary and employee benefit expenses were $6.5 million in the fourth quarter compared to $6.3 million in the third quarter of 2021 and $5.7 million in the fourth quarter of 2020. “The increase in salary and employee benefits during the fourth quarter of 2021 was primarily due to year end incentive-based compensation for lenders,” added Almendinger.

The efficiency ratio for the fourth quarter of 2021 was 60.5%, compared to 60.4% for the preceding quarter and 55.1% for the fourth quarter of 2020. The efficiency ratio for the full-year 2021 was 61.5% compared to 59.9% for 2020.

Credit Quality

“While asset quality remained exemplary, and economic indicators in our markets remain strong, we continue to make additions to the allowance for loan losses to reflect the high levels of new loan growth,” said McComb. Heartland recorded a $480,000 provision for loan losses in the fourth quarter, which was the same amount recorded in the preceding quarter. The Company booked a $750,000 provision for loan losses in the fourth quarter a year ago. For the year 2021, Heartland’s provision for loan losses was $1.9 million, compared to $6.4 million in 2020.

At December 31, 2021, the allowance for loan losses (ALLL) was $15.0 million, or 1.28% of total loans, compared to $14.4 million, or 1.25% of total loans at September 30, 2021, and $14.1 million, or 1.25% of total loans a year ago. Excluding PPP loans, the ALLL was 1.31% of total loans at December 31, 2021, compared to 1.32% of total loans at September 30, 2021, and 1.37% of total loans a year ago. As of December 31, 2021, the ALLL represented 924.9% of nonaccrual loans, compared to 521.9% three months earlier and 476.5% one year earlier.

Nonaccrual loans decreased 41.2% to $1.6 million at December 31, 2021, compared to $2.8 million at September 30, 2021, and decreased 45.5% when compared to $3.0 million at December 31, 2020. Heartland had net loan recoveries of $133,000 at December 31, 2021. This compared to $6,000 in net loan recoveries at September 30, 2021, and $420,000 in net loan charge-offs at December 31, 2020. There was $16,000 in loans past due 90 days and still accruing at December 31, 2021. This compared to no loans past due and still accruing at September 30, 2021, and December 31, 2020.

Heartland’s performing restructured loans, that were not included in nonaccrual loans, increased to $5.1 million at December 31, 2021, compared to $610,000 at September 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 December 31, 2021, unchanged from 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 40.5% to $1.6 million, or 0.11% of total assets inclusive of PPP loans, at December 31, 2021, compared to $2.8 million, or 0.19% of total assets, at September 30, 2021, and decreased 44.9% when compared to $3.0 million, or 0.19% of total assets a year ago.

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 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		Dec. 31, 2021				Sep. 30, 2021				Dec. 31, 2020
	Cash and cash equivalents	$	64,255			$	65,355			$	189,874
	Interest bearing time deposits		-				283				277
	Available-for-sale securities		156,505				166,187				144,377
	Held-to-maturity securities, fair values of, $49, $202 and $202 respectively		49				202				202
	Loans held for sale		3,539				3,013				4,382
	Commercial		154,182				179,776				216,108
	CRE (Owner occupied)		286,668				274,368				240,185
	CRE (Non Owner occupied)		358,713				326,919				307,054
	1-4 Family		323,667				319,662				323,173
	Home Equity		36,250				36,106				38,232
	Consumer		12,620				11,118				11,343
	Allowance for loan losses		(14,965	)			(14,352	)			(14,147	)
	Net Loans		1,157,135				1,133,597				1,121,947
	Premises and equipment		29,410				29,495				30,220
	Nonmarketable equity securities		6,024				6,024				6,017
	Mortgage serving rights, net		3,096				2,882				2,662
	Foreclosed assets held for sale		5				5				5
	Goodwill		12,388				12,388				12,388
	Intangible Assets		990				1,052				1,253
	Deferred income taxes		929				929				955
	Life insurance assets		18,120				18,019				17,468
	Accrued interest recievable and other assets		14,967				14,964				15,053
	Total assets	$	1,467,412			$	1,454,396			$	1,547,080
Liabilities and Shareholders' Equity
Liabilities
	Deposits
	Demand	$	478,264			$	440,531			$	426,795
	Saving, NOW and money market		588,959				577,831				528,836
	Time		188,193				223,534				357,203
	Total deposits		1,255,416				1,241,896				1,312,834
	Repurchase agreements		9,032				10,060				10,632
	FHLB Advances		12,000				14,000				44,670
	Subordinated debt		24,651				24,641				24,709
	Interest payable and other liabilities		13,155				13,717				13,338
	Total liabilities		1,314,254				1,304,314				1,406,183
Shareholders' Equity
	Common stock, without par value; authorized 5,000,000 shares; 2,094,396, 2,091,451 and 2,083,487 shares issued, respectively		61,231				61,039				60,402
	Retained earnings		94,638				90,874				81,061
	Accumulated other comprehensive income (expense)		2,283				3,164				4,427
	Treasury stock at Cost, Common; 90,612, 90,612 and 90,612 shares held, respectively		(4,994	)			(4,994	)			(4,994	)
	Total shareholders' equity		153,158				150,082				140,896
	Total liabilities and shareholders' equity	$	1,467,412			$	1,454,396			$	1,547,080
	Book value per share	$	76.43			$	75.01			$	70.70

Heartland BancCorp
Consolidated Statements of Income
		Three Months Ended											Twevle Months Ended
Interest Income		Dec. 30, 2021			Sep. 30, 2021			Dec. 31, 2020					Dec. 31, 2021				Dec. 31, 2020
	Loans	$	13,251		$	12,826		$	13,447			$	51,307			$	51,882
	Securities
	Taxable		467			448			363				1,676				1,708
	Tax-exempt		586			589			604				2,356				2,335
	Other		33			49			34				169				129
	Total interest income		14,337			13,912			14,448				55,508				56,054
Interest Expense
	Deposits		523			715			1,476				3,254				7,952
	Borrowings		402			411			524				1,748				1,732
	Total interest expense		925			1,126			2,000				5,002				9,684
Net Interest Income			13,412			12,786			12,448				50,506				46,370
Provision for Loan Losses			480			480			750				1,920				6,350
Net Interest Income After Provision for Loan Losses			12,932			12,306			11,698				48,586				40,020
Noninterest income
	Service charges		834			812			587				2,911				2,168
	Gains on sale of loans and originated MSR		1,339			1,048			3,016				4,743				6,837
	Loan servicing fees, net		462			463			(209	)			1,353				496
	Title insurance income		313			421			400				1,434				1,311
	Net realized gains on sales of available-for-sale securities		-			-			221				223				250
	Net realized gain/(loss) on sales of foreclosed assets		-			-			-				(1	)			-
	Gain/(loss) on sale of premises and equipment		-			-			10				-				5
	Increase in cash value of life insurance		101			101			102				399				411
	Other		748			790			663				3,236				2,604
	Total noninterest income		3,797			3,635			4,790				14,298				14,082
Noninterest Expense
	Salaries and employee benefits		6,520			6,318			5,650				23,592				20,389
	Net occupancy and equipment expense		1,246			1,246			1,269				5,318				4,856
	Data processing fees		503			513			485				1,961				1,996
	Professional fees		262			230			278				1,132				1,893
	Marketing expense		218			275			176				1,049				954
	Printing and office supplies		87			75			102				329				387
	State financial institution tax		313			167			244				1,104				1,012
	FDIC insurance premiums		128			60			183				400				423
	Other		1,130			1,033			984				4,841				4,164
	Total noninterest expense		10,407			9,917			9,371				39,726				36,074
Income before Income Tax			6,322			6,024			7,117				23,158				18,028
Provision for Income Taxes			1,299			1,265			1,353				4,565				3,260
Net Income		$	5,023		$	4,759		$	5,764			$	18,593			$	14,768
Basic Earnings Per Share		$	2.51		$	2.38		$	2.89			$	9.30			$	7.39
Diluted Earnings Per Share		$	2.48		$	2.34		$	2.87			$	9.17			$	7.33

ADDITIONAL FINANCIAL INFORMATION
(Dollars in thousands except per share amounts)(Unaudited)		Three Months Ended												Twelve Months Ended
		Dec. 31, 2021				Sep. 30, 2021				Dec. 31, 2020				Dec. 31, 2021			Dec. 31, 2020
Performance Ratios:
Return on average assets			1.36	%			1.27	%			1.49	%		1.23	%		1.08	%
Return on average equity			13.14	%			12.73	%			16.53	%		12.68	%		11.10	%
Return on average tangible common equity			14.42	%			14.00	%			18.34	%		13.97	%		11.91	%
Net interest margin			3.86	%			3.63	%			3.49	%		3.56	%		3.66	%
Efficiency ratio			60.47	%			60.39	%			55.07	%		61.51	%		59.92	%
Asset Quality Ratios and Data:		As of or for the Three Months Ended
		Dec. 31, 2021				Sep. 30, 2021				Dec. 31, 2020
Nonaccrual loans		$	1,618			$	2,750			$	2,969
Loans past due 90 days and still accruing			16		#		-				-
Non-performing investment securities			-				-				-
OREO and other non-performing assets			5				5				5
Total non-performing assets		$	1,639			$	2,755			$	2,974
Non-performing assets to total assets			0.11	%			0.19	%			0.19	%
Net charge-offs quarter ending		$	(133	)		$	(6	)		$	420
Allowance for loan loss		$	14,965			$	14,352			$	14,147
Nonaccrual loans		$	1,618			$	2,750			$	2,969
Allowance for loan loss to non accrual loans			924.91	%			521.89	%			476.49	%
Allowance for loan losses to loans outstanding			1.28	%			1.25	%			1.25	%
Restructured loans included in non-accrual		$	285			$	1,093			$	285
Performing restructured loans (RC-C)		$	5,119			$	610			$	648
Book Values:
Total shareholders' equity		$	153,158			$	150,082			$	140,896
Less: goodwill and intangible assets			13,378				13,440				13,641
Shareholders' equity less goodwill and intangible assets		$	139,780			$	136,642			$	127,255
Common shares outstanding			2,094,396				2,091,451				2,083,487
Less: treasury shares			(90,612	)			(90,612	)			(90,612	)
Common shares as adjusted			2,003,784				2,000,839				1,992,875
Book value per common share		$	76.43			$	75.01			$	70.70
Tangible book value per common share		$	69.76			$	68.29			$	63.85

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

 

FAQ

What was Heartland BancCorp's net income for Q4 2021?

Heartland BancCorp reported a net income of $5.0 million, or $2.48 per diluted share, for Q4 2021.

How much did Heartland BancCorp increase its quarterly cash dividend?

Heartland BancCorp increased its quarterly cash dividend by 10% to $0.69 per share.

What is the net interest margin reported by Heartland BancCorp?

Heartland BancCorp reported a net interest margin of 3.86% for Q4 2021.

How much did net loans increase at Heartland BancCorp in Q4 2021?

Net loans, excluding PPP, increased by $56.9 million, or 5.3%, on a linked quarter basis.

What was the annual net income of Heartland BancCorp for 2021?

Heartland BancCorp's annual net income for 2021 was $18.6 million, representing a 25.9% increase compared to 2020.