Heartland Financial USA, Inc. (HTLF)

Heartland Financial USA Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	780.19	698	477.97	444.14	424.94	424.62
Interest Income on Investments	236.84	255.8	196.69	144.62	111.67	89.71
Total Interest Income	1,017	953.8	674.66	588.76	536.61	514.33
Interest Paid on Deposits	335.68	319.69	56.88	14.8	30.29	63.73
Interest Paid on Borrowings	54.36	32.87	19.54	13.4	14.6	16.87
Total Interest Expense	390.04	352.56	76.42	28.2	44.88	80.6
Net Interest Income	626.99	601.24	598.24	560.56	491.73	433.73
Net Interest Income Growth (YoY)	2.73%	0.50%	6.72%	14.00%	13.37%	4.78%
Trust Income	20.75	20.72	22.57	24.42	20.86	19.4
Gain (Loss) on Sale of Assets	23.94	0.08	1.05	-0.59	-5.1	19.42
Gain (Loss) on Sale of Investments	-163.41	-146.7	-6.09	-0.34	4.63	0.15
Other Non-Interest Income	91.01	95.78	97.71	77.95	62.48	73.07
Total Non-Interest Income	-27.51	-26.25	124.27	122.04	111.39	127.6
Non-Interest Income Growth (YoY)	-	-	1.82%	9.57%	-12.70%	23.78%
Revenues Before Loan Losses	599.48	574.99	722.51	682.6	603.12	561.33
Provision for Loan Losses	28.01	21.71	15.37	-17.58	67.07	16.66
Revenue	571.47	553.28	707.14	700.18	536.05	544.67
Revenue Growth (YoY)	-19.79%	-21.76%	0.99%	30.62%	-1.58%	10.48%
Salaries and Employee Benefits	246.63	241.83	246.3	231.37	195.26	194.27
Occupancy Expenses	7.16	7.16	6.34	8.14	7.93	6.2
Federal Deposit Insurance	13.51	11.8	7	5.76	-	-
Amortization of Goodwill & Intangibles	5.87	6.74	7.83	9.4	10.67	11.97
Selling, General & Administrative	110.35	107.75	107.32	109.99	97.86	94.83
Other Non-Interest Expense	58.15	61.24	56.06	53.95	43.63	45.66
Total Non-Interest Expense	443.6	438	431.8	419.59	356.68	353.97
EBT Excluding Unusual Items	127.88	115.28	275.34	280.59	179.37	190.7
Other Unusual Items	-8.15	-8.15	-	-	-	-
Pretax Income	105.99	96.78	267.75	275.26	173.99	184.12
Income Tax Expense	20.75	16.86	55.57	55.34	36.05	34.99
Earnings From Continuing Operations	85.24	79.92	212.18	219.92	137.94	149.13
Net Income	85.24	79.92	212.18	219.92	137.94	149.13
Preferred Dividends & Other Adjustments	8.05	8.05	8.05	8.05	4.45	-
Net Income to Common	77.19	71.87	204.13	211.87	133.49	149.13
Net Income Growth	-59.59%	-62.33%	-3.52%	59.44%	-7.50%	27.46%
Basic Shares Outstanding	43	43	42	42	37	36
Diluted Shares Outstanding	43	43	43	42	37	36
Shares Change (YoY)	0.62%	0.38%	0.52%	13.53%	3.59%	8.58%
EPS (Basic)	1.80	1.68	4.80	5.01	3.58	4.14
EPS (Diluted)	1.80	1.68	4.79	5.00	3.57	4.14
EPS Growth	-62.12%	-64.93%	-4.20%	40.06%	-13.77%	17.61%
Dividend Per Share	1.200	1.200	1.090	0.960	0.800	0.680
Dividend Growth	1.69%	10.09%	13.54%	20.00%	17.65%	25.93%
Effective Tax Rate	19.58%	17.42%	20.76%	20.10%	20.72%	19.00%

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