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HTLF (NASDAQ: HTLF) has announced a quarterly cash dividend of $0.30 per share on its common stock. The dividend will be paid on January 27, 2025, to stockholders of record as of January 14, 2025. Notably, the company has maintained or increased its common stock dividend every quarter for more than 40 years, demonstrating a consistent track record of shareholder returns.
Heartland Financial USA (HTLF) reported Q3 2024 net income of $62.1 million ($1.44 per share), up from $46.1 million in Q3 2023. The quarter included a $29.7 million gain from selling Rocky Mountain Bank branches in Montana, offset by a $9.5 million loss on security sales and $2.9 million loss on fixed assets. Key metrics showed improvement with net interest margin increasing to 3.78%, nonperforming loans decreasing 33% to $69.9 million, and tangible common equity ratio improving to 8.14%. The company completed strategic initiatives including the Rocky Mountain Bank sale, which involved $343.8 million in loans and $531.9 million in deposits.
HTLF announced quarterly dividends for both common and preferred stock. The company declared a common stock dividend of $0.30 per share, payable on November 26, 2024, to stockholders of record as of November 12, 2024. HTLF has maintained or increased its common stock dividend quarterly for over 40 years. Additionally, a Series E Preferred Stock dividend of $175 ($0.4375 per depositary share) was approved, payable January 15, 2025, to stockholders of record as of December 31, 2024.
Heartland Financial USA (NASDAQ: HTLF) announced its Q2 2024 results with a net income of $37.7M, or $0.88 per share, and adjusted earnings of $49.6M, or $1.15 per share. The report highlights $6.0M in acquisition costs and a $10.6M pre-tax loss from selling $108.4M in CRE securities to improve risk and liquidity.
The common equity ratio increased to 10.19%, and the tangible common equity ratio rose to 7.28%. The net interest margin improved to 3.73% from 3.57% in Q1, with an annual loan yield increase to 6.76% and deposit costs down to 2.08%. The sale of all Rocky Mountain Bank branches, expected to yield a $30M gain, closed in mid-July.
Compared to Q2 2023, net income fell by $9.7M, and EPS dropped by $0.23. However, adjusted earnings rose to $49.6M from $46.5M. Net interest income climbed to $158.7M, up by $11.6M. Notably, noninterest income fell by $14.3M due to increased security losses and decreased service charges. Noninterest expenses rose by $6.8M.
Heartland Financial USA, Inc. (NASDAQ: HTLF), operating as HTLF, has announced its latest dividend payments. The company's Board of Directors approved a quarterly cash dividend of $0.30 per share on common stock, payable on August 27, 2024, to stockholders of record as of August 13, 2024. Notably, HTLF has maintained or increased its common stock dividend every quarter for over 40 years.
Additionally, the Board approved a dividend of $175 for Series E Preferred Stock (NASDAQ: HTLFP), equating to $0.4375 per depositary share. This dividend will be paid on October 15, 2024, to stockholders of record as of September 30, 2024. These announcements demonstrate HTLF's commitment to providing consistent returns to its shareholders.
Heartland Financial USA, Inc. (HTLF) reported a solid quarter with net income of $49.7 million, adjusted earnings of $52.4 million, and increased common equity and tangible common equity ratios. Key highlights include growth in customer deposits, decrease in wholesale deposits, and stable credit quality. The sale of Rocky Mountain Bank aligns with HTLF 3.0 strategic initiatives aimed at efficiency and growth. Financial metrics improved across interest margin, loan yield, and cost of deposits. Various noninterest income categories saw changes, while expenses also increased. Nonperforming assets decreased, and provisions for credit losses were adjusted. Overall, HTLF shows positive financial performance amid strategic changes.
UMB Financial (Nasdaq: UMBF) will acquire Heartland Financial USA, Inc. (Nasdaq: HTLF) in an all-stock transaction valued at about $2.0 billion, increasing UMB's assets by over 40%. This historic merger will create a regional banking powerhouse across 13 states, adding $19.4 billion in assets, $16.2 billion in total deposits, and $12.1 billion in total loans from HTLF. The deal elevates UMB to the top 5% of publicly traded banks in the U.S., with $64.5 billion in assets. Former HTLF stockholders will own approximately 31% of the combined company, and this acquisition will boost UMB's private wealth management's AUM/AUA by 31%.
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