Heartland Financial USA, Inc. (HTLF)

Heartland Financial USA Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest Income on Loans	764.52	698	477.97	444.14	424.94
Interest Income on Investments	227.19	255.8	196.69	144.62	111.67
Total Interest Income	991.71	953.8	674.66	588.76	536.61
Interest Paid on Deposits	327.35	319.69	56.88	14.8	30.29
Interest Paid on Borrowings	51.15	32.87	19.54	13.4	14.6
Total Interest Expense	378.5	352.56	76.42	28.2	44.88
Net Interest Income	613.21	601.24	598.24	560.56	491.73
Net Interest Income Growth (YoY)	1.99%	0.50%	6.72%	14.00%	13.37%
Trust Income	21.21	20.72	22.57	24.42	20.86
Gain (Loss) on Sale of Assets	25.17	0.08	1.05	-0.59	-5.1
Gain (Loss) on Sale of Investments	-26.75	-146.7	-6.09	-0.34	4.63
Other Non-Interest Income	92.24	95.78	97.71	77.95	62.48
Total Non-Interest Income	111.98	-26.25	124.27	122.04	111.39
Non-Interest Income Growth (YoY)	-	-	1.82%	9.57%	-12.70%
Revenues Before Loan Losses	725.18	574.99	722.51	682.6	603.12
Provision for Loan Losses	53.44	21.71	15.37	-17.58	67.07
Revenue	671.75	553.28	707.14	700.18	536.05
Revenue Growth (YoY)	21.41%	-21.76%	0.99%	30.62%	-1.58%
Salaries and Employee Benefits	253.34	241.83	246.3	231.37	195.26
Occupancy Expenses	25.95	7.16	6.34	8.14	7.93
Federal Deposit Insurance	14.74	11.8	7	5.76	-
Amortization of Goodwill & Intangibles	5.59	6.74	7.83	9.4	10.67
Selling, General & Administrative	83.18	107.75	107.32	109.99	97.86
Other Non-Interest Expense	57.26	61.24	56.06	53.95	43.63
Total Non-Interest Expense	441.55	438	431.8	419.59	356.68
EBT Excluding Unusual Items	230.2	115.28	275.34	280.59	179.37
Other Unusual Items	-	-8.15	-	-	-
Pretax Income	219.97	96.78	267.75	275.26	173.99
Income Tax Expense	48.37	16.86	55.57	55.34	36.05
Net Income	171.6	79.92	212.18	219.92	137.94
Preferred Dividends & Other Adjustments	8.05	8.05	8.05	8.05	4.45
Net Income to Common	163.55	71.87	204.13	211.87	133.49
Net Income Growth	114.72%	-62.33%	-3.52%	59.44%	-7.50%
Basic Shares Outstanding	43	43	42	42	37
Diluted Shares Outstanding	43	43	43	42	37
Shares Change (YoY)	0.84%	0.38%	0.52%	13.53%	3.59%
EPS (Basic)	3.79	1.68	4.80	5.01	3.58
EPS (Diluted)	3.79	1.68	4.79	5.00	3.57
EPS Growth	125.60%	-64.93%	-4.20%	40.06%	-13.77%
Dividend Per Share	-	1.200	1.090	0.960	0.800
Dividend Growth	-	10.09%	13.54%	20.00%	17.65%
Effective Tax Rate	21.99%	17.42%	20.76%	20.10%	20.72%

Source: S&P Capital IQ. Banks template. Financial Sources.