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Article Excerpt
Heartland Financial USA, Inc. (NASDAQ: HTLF) Quarter Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 Net income (in millions)
$
3.5
$
2.9
$
14.2
$
13.8
Net income available to common stockholders (in millions)
2.2
3.0
10.4
14.0
Diluted earnings per common share
0.13
0.18
0.64
0.85
Return on average assets
0.22
%
0.35
%
0.37
%
0.56
%
Return on average common equity
3.54
5.26
5.81
8.04
Net interest margin
4.06
3.96
3.98
3.92
"Though falling short of our overall expectations, we are pleased to report another profitable quarter. Heartland's third quarter results reflect very solid core earnings, aided by an exceptional net interest margin of 4.06%. We also continue to benefit from increased mortgage banking revenues, securities gains and our FDIC-assisted acquisition of The Elizabeth State Bank." Lynn B. Fuller, chairman, president and chief executive officer, Heartland Financial USA, Inc. Heartland Financial USA, Inc. (NASDAQ: HTLF) reported net income of $3.5 million for the quarter ended September 30, 2009, compared to net income of $2.9 million earned during the third quarter of 2008. Net income available to common stockholders was $2.2 million, or $0.13 per diluted common share, for the quarter ended September 30, 2009, compared to $3.0 million, or $0.18 per diluted common share, earned during the third quarter of 2008. Return on average common equity was 3.54 percent and return on average assets was 0.22 percent for the third quarter of 2009, compared to 5.26 percent and 0.35 percent, respectively, for the same quarter in 2008.
Net income recorded for the first nine months of 2009 was $14.2 million, compared to $13.8 million recorded during the first nine months of 2008. Net income available to common stockholders was $10.4 million, or $0.64 per diluted common share, for the nine months ended September 30, 2009, compared to $14.0 million, or $0.85 per diluted common share, earned during the first nine months of 2008. Return on average common equity was 5.81 percent and return on average assets was 0.37 percent for the first nine months of 2009, compared to 8.04 percent and 0.56 percent, respectively, for the same period in 2008.
Lynn B. Fuller, Heartland's chairman, president and chief executive officer said, "Though falling short of our overall expectations, we are pleased to report another profitable quarter. Heartland's third quarter results reflect very solid core earnings, aided by an exceptional net interest margin of 4.06%. We also continue to benefit from increased mortgage banking revenues, securities gains and our FDIC-assisted acquisition of The Elizabeth State Bank."
Earnings for the quarter and nine months ended September 30, 2009, were positively affected by increased net interest income, loan servicing income, securities gains and gains on sale of loans. The growth in these areas was partially offset by an increase in the loan loss provision, which was $11.9 million during the third quarter of 2009 compared to $7.1 million during the third quarter of 2008. For the nine-month comparative period, the loan loss provision was...
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