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
Rhea-AI Summary
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.
Positive
- 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.
Negative
- 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.
News Market Reaction 1 Alert
On the day this news was published, HLAN gained 57.69%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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?
