Heartland BancCorp Earns $5.1 Million, or $2.50 Per Diluted Share, in the Second Quarter of 2024; Declares Quarterly Cash Dividend of $0.759 Per Share
Heartland BancCorp (OTCQX: HLAN) reported a 5.0% increase in net income to $5.1 million ($2.50 per diluted share) for Q2 2024, compared to $4.8 million ($2.39 per share) in Q2 2023. For the first six months of 2024, net income rose 9.4% to $10.2 million ($5.01 per share) from $9.3 million ($4.58 per share) in H1 2023. The board declared a quarterly dividend of $0.759 per share, payable on October 10, 2024, to shareholders as of September 25, 2024.
Financial highlights include:
- Net loans increased 1.3% to $1.53 billion
- Total deposits grew 1.0% to $1.65 billion
- Net interest margin was 3.31%
- No provision for credit losses
Heartland's credit quality remains strong, with nonperforming loans at 0.13% of gross loans. Total assets increased 6.3% to $1.92 billion. Shareholder equity rose 2.4% to $167.7 million, with a tangible book value of $76.81 per share.
Heartland BancCorp (OTCQX: HLAN) ha riportato un aumento del 5,0% nel reddito netto, raggiungendo $5,1 milioni ($2,50 per azione diluita) per il secondo trimestre del 2024, rispetto ai $4,8 milioni ($2,39 per azione) del secondo trimestre del 2023. Nei primi sei mesi del 2024, il reddito netto è aumentato del 9,4% arrivando a $10,2 milioni ($5,01 per azione), rispetto ai $9,3 milioni ($4,58 per azione) del primo semestre del 2023. Il consiglio di amministrazione ha dichiarato un dividendo trimestrale di $0,759 per azione, che sarà pagato il 10 ottobre 2024, agli azionisti in data 25 settembre 2024.
I dati finanziari includono:
- I prestiti netti sono aumentati dell'1,3% a $1,53 miliardi
- Le depositi totali sono cresciuti dell'1,0% a $1,65 miliardi
- Il margine di interesse netto è stato del 3,31%
- Nessuna accantonamento per perdite su crediti
La qualità del credito di Heartland rimane solida, con prestiti non performing allo 0,13% dei prestiti lordi. Il totale delle attivi è aumentato del 6,3% a $1,92 miliardi. Il capitale degli azionisti è cresciuto del 2,4% a $167,7 milioni, con un valore contabile tangibile di $76,81 per azione.
Heartland BancCorp (OTCQX: HLAN) informó un aumento del 5.0% en ingresos netos, alcanzando $5.1 millones ($2.50 por acción diluida) para el segundo trimestre de 2024, en comparación con $4.8 millones ($2.39 por acción) en el segundo trimestre de 2023. Para los primeros seis meses de 2024, los ingresos netos aumentaron un 9.4% a $10.2 millones ($5.01 por acción) desde $9.3 millones ($4.58 por acción) en el primer semestre de 2023. La junta declaró un dividendo trimestral de $0.759 por acción, pagadero el 10 de octubre de 2024, a los accionistas al 25 de septiembre de 2024.
Los resultados financieros incluyen:
- Los préstamos netos aumentaron un 1.3% a $1.53 mil millones
- Los depósitos totales crecieron un 1.0% a $1.65 mil millones
- El margen de interés neto fue del 3.31%
- No hay provisión para pérdidas crediticias
La calidad crediticia de Heartland sigue siendo fuerte, con préstamos no productivos del 0.13% de los préstamos brutos. El total de activos aumentó un 6.3% a $1.92 mil millones. El capital de los accionistas creció un 2.4% a $167.7 millones, con un valor contable tangible de $76.81 por acción.
Heartland BancCorp (OTCQX: HLAN)은 2024년 2분기에 순이익이 5.0% 증가하여 510만 달러(희석 주당 $2.50)를 기록했다고 보고했습니다. 이는 2023년 2분기에 480만 달러(주당 $2.39)였던 것과 비교됩니다. 2024년 첫 6개월 동안 순이익은 9.4% 증가하여 1020만 달러(주당 $5.01)로, 2023년 상반기 930만 달러(주당 $4.58)에서 상승했습니다. 이사회는 2024년 10월 10일에 지급될 분기 배당금으로 주당 0.759 달러를 선언했습니다. 이는 2024년 9월 25일 기준 주주에 대해 지급됩니다.
재무 주요 사항은 다음과 같습니다:
- 순 대출이 1.3% 증가하여 15억 3000만 달러
- 총 예금이 1.0% 증가하여 16억 5000만 달러
- 순이자마진은 3.31%
- 신용 손실을 위한 대비는 없음
Heartland의 신용 품질은 강력하며, 부실 대출은 총 대출의 0.13%에 해당합니다. 총 자산은 6.3% 증가하여 19억 2000만 달러가 되었습니다. 주주 자본은 2.4% 증가하여 1억 6770만 달러에 달하며, 주당 76.81 달러의 실질 장부가치를 보유하고 있습니다.
Heartland BancCorp (OTCQX: HLAN) a annoncé une augmentation de 5,0% de son revenu net, atteignant 5,1 millions de dollars (2,50 dollars par action diluée) pour le deuxième trimestre 2024, par rapport à 4,8 millions de dollars (2,39 dollars par action) pour le deuxième trimestre 2023. Pour les six premiers mois de 2024, le revenu net a augmenté de 9,4% pour atteindre 10,2 millions de dollars (5,01 dollars par action), contre 9,3 millions de dollars (4,58 dollars par action) au premier semestre 2023. Le conseil d'administration a déclaré un dividende trimestriel de 0,759 dollar par action, payable le 10 octobre 2024, aux actionnaires au 25 septembre 2024.
Les points forts financiers comprennent :
- Les prêts nets ont augmenté de 1,3% pour atteindre 1,53 milliard de dollars
- Les dépôts totaux ont augmenté de 1,0% pour atteindre 1,65 milliard de dollars
- La marge d'intérêt nette était de 3,31%
- Aucune provision pour pertes de crédit
La qualité de crédit de Heartland reste solide, avec des prêts non productifs représentant 0,13% des prêts bruts. Le total des actifs a augmenté de 6,3% pour atteindre 1,92 milliard de dollars. Les capitaux propres des actionnaires ont augmenté de 2,4% pour atteindre 167,7 millions de dollars, avec une valeur comptable tangible de 76,81 dollars par action.
Heartland BancCorp (OTCQX: HLAN) meldete einen Anstieg des Nettogewinns um 5,0% auf 5,1 Millionen US-Dollar (2,50 US-Dollar pro verwässerter Aktie) für das 2. Quartal 2024, verglichen mit 4,8 Millionen US-Dollar (2,39 US-Dollar pro Aktie) im 2. Quartal 2023. Für die ersten sechs Monate von 2024 stieg der Nettogewinn um 9,4% auf 10,2 Millionen US-Dollar (5,01 US-Dollar pro Aktie) gegenüber 9,3 Millionen US-Dollar (4,58 US-Dollar pro Aktie) im ersten Halbjahr 2023. Der Vorstand erklärte eine Quartalsdividende von 0,759 US-Dollar pro Aktie, zahlbar am 10. Oktober 2024, an die Aktionäre vom 25. September 2024.
Finanzielle Highlights sind:
- Netto-Darlehen stiegen um 1,3% auf 1,53 Milliarden US-Dollar
- Gesamteinlagen wuchsen um 1,0% auf 1,65 Milliarden US-Dollar
- Die Nettozinsmarge betrug 3,31%
- Keine Rückstellungen für Kreditverluste
Die Kreditqualität von Heartland bleibt stark, mit nichtperformenden Krediten in Höhe von 0,13% der Bruttokredite. Die Gesamtsumme der Vermögenswerte stieg um 6,3% auf 1,92 Milliarden US-Dollar. Das Eigenkapital der Aktionäre stieg um 2,4% auf 167,7 Millionen US-Dollar, mit einem greifbaren Buchwert von 76,81 US-Dollar pro Aktie.
- Net income increased 5.0% YoY to $5.1 million.
- Quarterly dividend of $0.759 per share declared.
- Net loans increased 1.3% to $1.53 billion.
- Total deposits increased 1.0% to $1.65 billion.
- No provision for credit losses due to strong credit quality.
- Tangible book value increased 12.1% to $76.81 per share.
- Net interest margin declined to 3.31% from 3.61% a year ago.
- Noninterest income decreased 5.3% YoY to $3.2 million.
- Total revenues decreased 2.4% YoY to $18.0 million.
- Net interest income decreased 1.7% YoY to $14.8 million.
WHITEHALL, Ohio, July 29, 2024 (GLOBE NEWSWIRE) -- Heartland BancCorp (“Heartland” and “the Company”) (OTCQX: HLAN), parent company of Heartland Bank (“Bank”), today reported net income increased
The company also announced that its board of directors declared a quarterly cash dividend of
“Heartland’s second quarter and year-to-date 2024 earnings were strong, fueled by moderate loan and deposit growth generated in our market footprints in Columbus and Greater Cincinnati,” stated G. Scott McComb, Chairman, President and Chief Executive Officer. “Net loan balances increased steadily during the second quarter, largely due to lighter production related to our efforts to slow down loan production near the end of 2023. Despite stiff competition in our markets, we continue to focus on maintaining strong credit quality metrics, while remaining disciplined on loan pricing, with newly funded loans having a weighted rate of
Second Quarter 2024 Financial Highlights (at or for the three months ended June 30, 2024)
- Net income was
$5.1 million , or$2.50 per diluted share, compared to$4.8 million , or$2.39 per diluted share, in the second quarter of 2023. - Heartland recorded no provision for credit losses during the second quarter of 2024, compared to
$800,000 for the second quarter a year ago. - Net interest margin was
3.31% , compared to3.37% in the preceding quarter and3.61% in the second quarter a year ago. - Second quarter revenues (net interest income plus noninterest income) were
$18.0 million , compared to$18.4 million in the second quarter a year ago. - Annualized return on average assets was
1.08% , compared to1.10% in the second quarter of 2023. - Annualized return on average tangible common equity was
13.47% , compared to14.19% in the second quarter a year ago. - Net loans increased
1.3% during the quarter to$1.53 billion at June 30, 2024, compared to$1.51 billion three months earlier. - Total deposits increased
1.0% during the quarter to$1.65 billion at June 30, 2024, compared to$1.63 billion three months earlier. - Credit quality remains pristine with nonperforming loans to gross loans of
0.13% and nonperforming assets to total assets of0.11% at June 30, 2024. - Tangible book value increased
12.1% to$76.81 per share, compared to$68.54 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 focus on growing the investment portfolio, increasing our asset based liquidity during the quarter to
Average earning assets increased to
Loan Portfolio
“Net loan growth picked up modestly during the second quarter, increasing
Net loans increased
Deposits
Total deposits were
At June 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
Liquidity
Heartland had ample sources of available liquidity as of June 30, 2024, including a
Operating Results
In the second 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
Heartland’s net interest margin continues to remain above the peer average posted by the Dow Jones U.S. MicroCap Bank Index with total market capitalization under
Provision for Credit Losses
Due to pristine credit quality, low net loan charge offs, modest loan growth and economic forecast improvement within the CECL model, Heartland recorded no provision for credit losses in the second quarter of 2024. This compared to no provision for credit losses in the first quarter of 2024, and a
*As of March 31, 2024, the Dow Jones U.S. MicroCap Bank Index tracked 175 banks with total common market capitalization under
Noninterest Income
Noninterest income decreased
“We experienced stabilization on the fee income side during the quarter, and improvement compared to the linked quarter, with serviced mortgage loans reaching an all-time high of
Noninterest Expense
Noninterest expense was
“Salary and employee benefits, the largest component of noninterest expense, were lower in part due to lower incentive compensation from muted loan growth and fewer full-time employees,” said Almendinger.
The efficiency ratio for the second quarter of 2024 was
Income Tax Provision
In the second 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 June 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 June 30, 2024, or at March 31, 2024. This compared to
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.
| Heartland BancCorp | |||||||||||||||||||
| Quarterly Financial Summary | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Earnings and dividends: | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | ||||||||||||||
| Interest income | $ | 26,190 | $ | 25,626 | $ | 25,195 | $ | 24,194 | $ | 22,476 | |||||||||
| Interest expense | 11,408 | 10,764 | 9,807 | 8,928 | 7,437 | ||||||||||||||
| Net interest income | 14,782 | 14,862 | 15,388 | 15,266 | 15,039 | ||||||||||||||
| Provision for credit losses | - | - | 550 | 500 | 800 | ||||||||||||||
| Noninterest income | 3,212 | 3,119 | 3,217 | 3,232 | 3,390 | ||||||||||||||
| Noninterest expense | 11,753 | 11,775 | 11,632 | 11,975 | 11,695 | ||||||||||||||
| Provision for income taxes | 1,154 | 1,124 | 1,135 | 1,091 | 1,088 | ||||||||||||||
| Net income | 5,087 | 5,082 | 5,288 | 4,932 | 4,846 | ||||||||||||||
| Share data: | |||||||||||||||||||
| Basic earnings per share | $ | 2.52 | $ | 2.52 | $ | 2.62 | $ | 2.45 | $ | 2.41 | |||||||||
| Diluted earnings per share | 2.50 | 2.51 | 2.61 | 2.43 | 2.39 | ||||||||||||||
| Dividends declared per share | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | ||||||||||||||
| Book value per share | 83.19 | 81.28 | 80.66 | 74.24 | 75.02 | ||||||||||||||
| Tangible book value per share | 76.81 | 74.88 | 74.23 | 67.78 | 68.54 | ||||||||||||||
| Common shares outstanding, 20,000,000 authorized | 2,106,879 | 2,105,737 | 2,105,737 | 2,105,737 | 2,105,237 | ||||||||||||||
| Treasury shares | (90,612 | ) | (90,612 | ) | (90,612 | ) | (90,612 | ) | (90,612 | ) | |||||||||
| Common shares, net | 2,016,267 | 2,015,125 | 2,015,125 | 2,015,125 | 2,014,625 | ||||||||||||||
| Average common shares outstanding, net | 2,015,627 | 2,015,125 | 2,015,125 | 2,014,936 | 2,013,607 | ||||||||||||||
| Balance sheet - average balances: | |||||||||||||||||||
| Loans receivable, net | $ | 1,524,818 | $ | 1,519,946 | $ | 1,520,331 | $ | 1,498,257 | $ | 1,465,920 | |||||||||
| Earning assets | 1,795,555 | 1,776,073 | 1,749,160 | 1,718,549 | 1,672,994 | ||||||||||||||
| Goodwill & intangible assets | 12,888 | 12,934 | 12,982 | 13,031 | 13,077 | ||||||||||||||
| Total assets | 1,899,413 | 1,878,171 | 1,854,191 | 1,822,084 | 1,772,998 | ||||||||||||||
| Demand deposits | 437,524 | 453,581 | 476,992 | 473,373 | 467,301 | ||||||||||||||
| Deposits | 1,670,394 | 1,639,911 | 1,622,335 | 1,598,495 | 1,553,882 | ||||||||||||||
| Borrowings | 47,225 | 58,938 | 60,857 | 51,856 | 49,965 | ||||||||||||||
| Shareholders' equity | 164,744 | 163,283 | 152,393 | 152,720 | 150,017 | ||||||||||||||
| Ratios: | |||||||||||||||||||
| Return on average assets | 1.08 | % | 1.09 | % | 1.13 | % | 1.07 | % | 1.10 | % | |||||||||
| Return on average equity | 12.42 | % | 12.52 | % | 13.77 | % | 12.81 | % | 12.96 | % | |||||||||
| Return on average tangible common equity | 13.47 | % | 13.59 | % | 15.05 | % | 14.01 | % | 14.19 | % | |||||||||
| Yield on earning assets | 5.87 | % | 5.80 | % | 5.71 | % | 5.59 | % | 5.39 | % | |||||||||
| Cost of deposits | 2.61 | % | 2.45 | % | 2.21 | % | 2.05 | % | 1.76 | % | |||||||||
| Cost of funds | 2.67 | % | 2.55 | % | 2.31 | % | 2.15 | % | 1.86 | % | |||||||||
| Net interest margin | 3.31 | % | 3.37 | % | 3.49 | % | 3.52 | % | 3.61 | % | |||||||||
| Efficiency ratio | 65.33 | % | 65.49 | % | 62.52 | % | 64.74 | % | 63.46 | % | |||||||||
| Asset quality: | |||||||||||||||||||
| Net loan charge-offs to average loans | 0.08 | % | 0.01 | % | 0.08 | % | 0.01 | % | 0.01 | % | |||||||||
| Nonperforming loans to gross loans | 0.13 | % | 0.13 | % | 0.13 | % | 0.14 | % | 0.14 | % | |||||||||
| Nonperforming assets to total assets | 0.11 | % | 0.10 | % | 0.11 | % | 0.11 | % | 0.12 | % | |||||||||
| Allowance for credit losses to gross loans | 1.15 | % | 1.17 | % | 1.16 | % | 1.13 | % | 1.13 | % | |||||||||
| ACL + UCL to gross loans | 1.23 | % | 1.27 | % | 1.25 | % | 1.26 | % | 1.24 | % | |||||||||
| Heartland BancCorp | ||||||||||||||||||||||
| Consolidated Balance Sheets | ||||||||||||||||||||||
| Assets | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | |||||||||||||||||
| Cash and due from | $ | 14,292 | $ | 18,314 | $ | 16,750 | $ | 20,993 | $ | 16,304 | ||||||||||||
| Interest bearing deposits | 31,419 | 15,717 | 19,932 | 24,222 | 20,017 | |||||||||||||||||
| Interest bearing time deposits | - | - | - | - | - | |||||||||||||||||
| Available-for-sale securities | 233,270 | 222,609 | 211,130 | 179,817 | 178,031 | |||||||||||||||||
| Held-to-maturity securities | 0 | 0 | 0 | 5 | 5 | |||||||||||||||||
| Loans held for sale | 2,855 | 2,210 | 1,145 | 1,706 | 2,748 | |||||||||||||||||
| Commercial | 179,961 | 166,413 | 172,658 | 169,405 | 176,972 | |||||||||||||||||
| CRE (Owner occupied) | 291,107 | 293,542 | 295,996 | 277,092 | 273,526 | |||||||||||||||||
| CRE (Non Owner occupied) | 495,466 | 489,709 | 501,056 | 502,012 | 490,900 | |||||||||||||||||
| 1-4 Family | 504,959 | 507,374 | 508,826 | 499,953 | 495,578 | |||||||||||||||||
| Home Equity | 59,011 | 54,178 | 51,697 | 52,466 | 48,542 | |||||||||||||||||
| Consumer | 18,916 | 18,859 | 18,974 | 19,857 | 19,848 | |||||||||||||||||
| Allowance for credit losses | (17,813 | ) | (17,897 | ) | (17,928 | ) | (17,143 | ) | (17,063 | ) | ||||||||||||
| Net Loans | 1,531,607 | 1,512,178 | 1,531,279 | 1,503,642 | 1,488,303 | |||||||||||||||||
| Premises and equipment | 33,039 | 33,298 | 33,649 | 33,586 | 31,919 | |||||||||||||||||
| Nonmarketable equity securities | 6,943 | 6,941 | 6,866 | 6,863 | 6,635 | |||||||||||||||||
| Mortgage servicing rights, net | 3,473 | 3,384 | 3,373 | 3,346 | 3,208 | |||||||||||||||||
| Foreclosed assets held for sale | 0 | 0 | 10 | 0 | 5 | |||||||||||||||||
| Goodwill | 12,388 | 12,388 | 12,388 | 12,388 | 12,388 | |||||||||||||||||
| Intangible Assets | 475 | 517 | 565 | 613 | 661 | |||||||||||||||||
| Deferred income taxes | 7,213 | 6,662 | 7,087 | 8,323 | 6,702 | |||||||||||||||||
| Life insurance assets | 20,675 | 20,545 | 20,315 | 20,140 | 20,020 | |||||||||||||||||
| Accrued interest receivable and other assets | 22,483 | 22,429 | 18,661 | 19,148 | 18,744 | |||||||||||||||||
| Total assets | $ | 1,920,132 | $ | 1,877,192 | $ | 1,883,150 | $ | 1,834,792 | $ | 1,805,690 | ||||||||||||
| Liabilities and Shareholders' Equity | ||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||
| Deposits | ||||||||||||||||||||||
| Demand | $ | 414,829 | $ | 419,864 | $ | 487,631 | $ | 454,764 | $ | 462,232 | ||||||||||||
| Saving, NOW and money market | 673,674 | 705,942 | 711,198 | 695,106 | 677,833 | |||||||||||||||||
| Time | 556,690 | 502,848 | 443,772 | 429,480 | 418,046 | |||||||||||||||||
| Total deposits | 1,645,193 | 1,628,654 | 1,642,601 | 1,579,350 | 1,558,111 | |||||||||||||||||
| Repurchase agreements | 6,295 | 4,472 | 4,583 | 4,446 | 4,594 | |||||||||||||||||
| FHLB Advances | 59,000 | 38,000 | 31,000 | 56,000 | 50,000 | |||||||||||||||||
| Subordinated debt | 24,055 | 24,044 | 24,034 | 24,024 | 24,213 | |||||||||||||||||
| Interest payable and other liabilities | 17,849 | 18,228 | 18,400 | 21,377 | 17,635 | |||||||||||||||||
| Total liabilities | 1,752,392 | 1,713,398 | 1,720,618 | 1,685,197 | 1,654,553 | |||||||||||||||||
| Shareholders' Equity | ||||||||||||||||||||||
| Common stock, without par value | 63,002 | 62,797 | 62,725 | 62,615 | 62,473 | |||||||||||||||||
| Retained earnings | 127,174 | 123,617 | 120,064 | 116,306 | 112,904 | |||||||||||||||||
| Accumulated other comprehensive income (expense) | (17,442 | ) | (17,626 | ) | (15,263 | ) | (24,332 | ) | (19,246 | ) | ||||||||||||
| Treasury stock at Cost, Common | (4,994 | ) | (4,994 | ) | (4,994 | ) | (4,994 | ) | (4,994 | ) | ||||||||||||
| Total shareholders' equity | 167,740 | 163,794 | 162,532 | 149,595 | 151,137 | |||||||||||||||||
| Total liabilities and shareholders' equity | $ | 1,920,132 | $ | 1,877,192 | $ | 1,883,150 | $ | 1,834,792 | $ | 1,805,690 | ||||||||||||
| Heartland BancCorp | ||||||||||||||||||||
| Consolidated Statements of Income | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Interest Income | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | |||||||||||||||
| Loans | $ | 23,381 | $ | 23,015 | $ | 22,850 | $ | 22,080 | $ | 20,609 | ||||||||||
| Securities | ||||||||||||||||||||
| Taxable | 1,744 | 1,637 | 1,374 | 1,173 | 928 | |||||||||||||||
| Tax-exempt | 677 | 657 | 629 | 619 | 596 | |||||||||||||||
| Other | 388 | 317 | 342 | 322 | 343 | |||||||||||||||
| Total interest income | 26,190 | 25,626 | 25,195 | 24,194 | 22,476 | |||||||||||||||
| Interest Expense | ||||||||||||||||||||
| Deposits | 10,832 | 10,006 | 9,017 | 8,272 | 6,837 | |||||||||||||||
| Borrowings | 576 | 758 | 790 | 656 | 600 | |||||||||||||||
| Total interest expense | 11,408 | 10,764 | 9,807 | 8,928 | 7,437 | |||||||||||||||
| Net Interest Income | 14,782 | 14,862 | 15,388 | 15,266 | 15,039 | |||||||||||||||
| Provision for Credit Losses | - | - | 550 | 500 | 800 | |||||||||||||||
| Net Interest Income After Provision for Credit Losses | 14,782 | 14,862 | 14,838 | 14,766 | 14,239 | |||||||||||||||
| Noninterest income | ||||||||||||||||||||
| Service charges | 1,011 | 952 | 1,002 | 1,020 | 1,015 | |||||||||||||||
| Gains on sale of loans and originated MSR | 645 | 518 | 734 | 708 | 704 | |||||||||||||||
| Loan servicing fees, net | 396 | 494 | 354 | 408 | 337 | |||||||||||||||
| Title insurance income | 231 | 210 | 214 | 196 | 311 | |||||||||||||||
| Increase in cash value of life insurance | 130 | 230 | 175 | 120 | 117 | |||||||||||||||
| Other | 799 | 715 | 738 | 780 | 906 | |||||||||||||||
| Total noninterest income | 3,212 | 3,119 | 3,217 | 3,232 | 3,390 | |||||||||||||||
| Noninterest Expense | ||||||||||||||||||||
| Salaries and employee benefits | 7,064 | 7,300 | 7,430 | 7,393 | 7,252 | |||||||||||||||
| Net occupancy and equipment expense | 1,145 | 1,106 | 1,052 | 1,057 | 1,055 | |||||||||||||||
| Software and data processing fees | 1,158 | 1,156 | 1,163 | 1,205 | 1,069 | |||||||||||||||
| Professional fees | 496 | 233 | 242 | 225 | 288 | |||||||||||||||
| Marketing expense | 303 | 310 | 320 | 271 | 309 | |||||||||||||||
| State financial institution tax | 293 | 292 | 260 | 259 | 259 | |||||||||||||||
| FDIC insurance premiums | 234 | 284 | 299 | 341 | 298 | |||||||||||||||
| Other | 1,060 | 1,094 | 866 | 1,224 | 1,165 | |||||||||||||||
| Total noninterest expense | 11,753 | 11,775 | 11,632 | 11,975 | 11,695 | |||||||||||||||
| Income before Income Tax | 6,241 | 6,206 | 6,423 | 6,023 | 5,934 | |||||||||||||||
| Provision for Income Taxes | 1,154 | 1,124 | 1,135 | 1,091 | 1,088 | |||||||||||||||
| Net Income | $ | 5,087 | $ | 5,082 | $ | 5,288 | $ | 4,932 | $ | 4,846 | ||||||||||
| Basic Earnings Per Share | $ | 2.52 | $ | 2.52 | $ | 2.62 | $ | 2.45 | $ | 2.41 | ||||||||||
| Diluted Earnings Per Share | $ | 2.50 | $ | 2.51 | $ | 2.61 | $ | 2.43 | $ | 2.39 | ||||||||||
| Heartland BancCorp | |||||||||
| Consolidated Statements of Income | |||||||||
| Six Months Ended | |||||||||
| Interest Income | Jun. 30, 2024 | Jun. 30, 2023 | |||||||
| Loans | $ | 46,396 | $ | 39,494 | |||||
| Securities | |||||||||
| Taxable | 3,381 | 1,773 | |||||||
| Tax-exempt | 1,334 | 1,194 | |||||||
| Other | 705 | 536 | |||||||
| Total interest income | 51,816 | 42,997 | |||||||
| Interest Expense | |||||||||
| Deposits | 20,838 | 11,401 | |||||||
| Borrowings | 1,334 | 1,216 | |||||||
| Total interest expense | 22,172 | 12,617 | |||||||
| Net Interest Income | 29,644 | 30,380 | |||||||
| Provision for Credit Losses | - | 1,550 | |||||||
| Net Interest Income After Provision for Credit Losses | 29,644 | 28,830 | |||||||
| Noninterest income | |||||||||
| Service charges | 1,963 | 1,990 | |||||||
| Gains on sale of loans and originated MSR | 1,163 | 930 | |||||||
| Loan servicing fees, net | 890 | 768 | |||||||
| Title insurance income | 441 | 482 | |||||||
| Increase in cash value of life insurance | 360 | 231 | |||||||
| Other | 1,514 | 1,590 | |||||||
| Total noninterest income | 6,331 | 5,991 | |||||||
| Noninterest Expense | |||||||||
| Salaries and employee benefits | 14,364 | 14,735 | |||||||
| Net occupancy and equipment expense | 2,251 | 2,122 | |||||||
| Software and data processing fees | 2,314 | 2,094 | |||||||
| Professional fees | 729 | 554 | |||||||
| Marketing expense | 613 | 608 | |||||||
| State financial institution tax | 585 | 520 | |||||||
| FDIC insurance premiums | 518 | 526 | |||||||
| Other | 2,154 | 2,286 | |||||||
| Total noninterest expense | 23,528 | 23,445 | |||||||
| Income before Income Tax | 12,447 | 11,376 | |||||||
| Provision for Income Taxes | 2,278 | 2,080 | |||||||
| Net Income | $ | 10,169 | $ | 9,296 | |||||
| Basic Earnings Per Share | $ | 5.04 | $ | 4.62 | |||||
| Diluted Earnings Per Share | $ | 5.01 | $ | 4.58 | |||||
| Heartland BancCorp | ||||||||||||||||
| ADDITIONAL FINANCIAL INFORMATION | ||||||||||||||||
| (Dollars in thousands except per share amounts)(Unaudited) | ||||||||||||||||
| Asset Quality Ratios and Data: | ||||||||||||||||
| Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | ||||||||||||
| Nonaccrual loans (excluding restructured loans) | $ | 1,569 | $ | 1,817 | $ | 1,621 | $ | 1,942 | $ | 2,163 | ||||||
| Nonaccrual restructured loans | - | - | - | - | - | |||||||||||
| Loans past due 90 days and still accruing | 513 | 149 | 468 | 146 | - | |||||||||||
| Total non-performing loans | 2,082 | 1,966 | 2,089 | 2,088 | 2,163 | |||||||||||
| OREO and other non-performing assets | - | - | 10 | - | 5 | |||||||||||
| Total non-performing assets | $ | 2,082 | $ | 1,966 | $ | 2,099 | $ | 2,088 | $ | 2,168 | ||||||
| Nonperforming loans to gross loans | 0.13 | % | 0.13 | % | 0.13 | % | 0.14 | % | 0.14 | % | ||||||
| Nonperforming assets to total assets | 0.11 | % | 0.10 | % | 0.11 | % | 0.11 | % | 0.12 | % | ||||||
| Allowance for credit losses to gross loans | 1.15 | % | 1.17 | % | 1.16 | % | 1.13 | % | 1.13 | % | ||||||
| Unfunded commitment liability to gross loans | 0.08 | % | 0.10 | % | 0.09 | % | 0.13 | % | 0.11 | % | ||||||
| ACL + UCL to gross loans | 1.23 | % | 1.27 | % | 1.25 | % | 1.26 | % | 1.24 | % | ||||||
| Performing restructured loans (RC-C) | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||
| Net charge-offs quarter ending | $ | 291 | $ | 30 | $ | 318 | $ | 47 | $ | 43 | ||||||
Contact:
G. Scott McComb, Chairman, President & CEO
Heartland BancCorp 614-337-4600
FAQ
What were Heartland BancCorp's earnings for Q2 2024?
What is the dividend declared by Heartland BancCorp for Q2 2024?
When will Heartland BancCorp pay the declared dividend?
How did Heartland BancCorp's net income for the first half of 2024 compare to 2023?
What was Heartland BancCorp's net interest margin for Q2 2024?
Did Heartland BancCorp record any provision for credit losses in Q2 2024?
How much did Heartland BancCorp's total assets increase in Q2 2024?
