HEARTLAND FINANCIAL USA INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - 8-K - HEARTLAND FINANCIAL USA INC	form8kq32016coverpage.htm



CONTACT:	FOR IMMEDIATE RELEASE
Bryan R. McKeag	October 31, 2016
Executive Vice President
Chief Financial Officer
(563) 589-1994
bmckeag@htlf.com

HEARTLAND FINANCIAL USA, INC. REPORTS 2016 THIRD QUARTER RESULTS

Highlights



§	Quarterly net income available to common stockholders of $20.2 million, a 40% increase from third quarter of prior year
§	Diluted earnings per common share of $0.81, a 17% increase from third quarter of prior year
§	Net interest margin of 3.97%, fully taxable equivalent (non-GAAP)⁽¹⁾of 4.14%
§	Return on average common equity of 11.64%
§	Return on average tangible common equity (non-GAAP)⁽²⁾ of 14.93%
§	Total demand deposits increase $88.8 million or 4% since June 30, 2016



	Quarter Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Net income (in millions)	$	20.2		$	14.6		$	61.2		$	45.5
Net income available to common stockholders (in millions)	20.2			14.4			61.0			44.8
Diluted earnings per common share	0.81			0.69			2.48			2.16

Return on average assets	0.98		%	0.85		%	1.00		%	0.91		%
Return on average common equity	11.64			11.40			12.28			12.38
Return on average tangible common equity (non-GAAP)⁽²⁾	14.93			13.22			15.87			14.31
Net interest margin	3.97			3.85			3.98			3.80
Net interest margin, fully taxable equivalent (non-GAAP)⁽¹⁾	4.14			4.01			4.15			3.96

"Heartland reported another excellent quarter with net income available to common stockholders of $20.2 million, a 40 percent increase over the previous year’s quarter. Among several areas of strength, we attribute our results to a very solid net interest margin of 4.14 percent for the quarter."

Lynn B. Fuller, chairman and chief executive officer, Heartland Financial USA, Inc.

(1) Refer to the "Reconciliation of Annualized Net Interest Margin, Fully Taxable Equivalent (non-GAAP)" table included in this earnings release.

(2) Refer to the "Reconciliation of Return on Average Common Tangible Equity (non-GAAP)" table included in this earnings release.

Dubuque, Iowa, Monday, October 31, 2016-Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported net income available to common stockholders of $20.2 million, or $0.81 per diluted common share, for the quarter ended September 30, 2016, compared to $14.4 million, or $0.69 per diluted common share, for the third quarter of 2015. Return on average common equity was 11.64% and return on average assets was 0.98% for the third quarter of 2016, compared to 11.40% and 0.85%, respectively, for the same quarter in 2015.

Net income available to common stockholders for the first nine months of 2016 was $61.0 million, or $2.48 per diluted common share, compared to $44.8 million, or $2.16 per diluted common share, for the first nine months of 2015. Return on average common equity was 12.28% and return on average assets was 1.00% for the first nine months of 2016, compared to 12.38% and 0.91%, respectively, for the same period in 2015.

Commenting on Heartland’s 2016 third quarter results, Lynn B. Fuller, Heartland’s chairman and chief executive officer said, "Heartland reported another excellent quarter with net income available to common stockholders of $20.2 million, a 40 percent increase over the previous year’s quarter. Among several areas of strength, we attribute our results to a very solid net interest margin of 4.14 percent for the quarter."

Fully Taxable Equivalent Net Interest Margin Remains Above 4.00%

Net interest margin, expressed as a percentage of average earning assets, was 3.97% (4.14% on a fully taxable equivalent basis) during the third quarter of 2016, compared to 3.95% (4.12% on a fully taxable equivalent basis) during the second quarter of 2016 and 3.85% (4.01% on a fully taxable equivalent basis) during the third quarter of 2015.

Fuller said, “Net interest margin widened to 4.14 percent for the quarter and stands at 4.15 percent year-to-date. Yields on loans and securities increased while funding costs decreased for the quarter and year-to-date.”

Interest income for the third quarter of 2016 was $81.7 million, an increase of $14.4 million or 21%, compared to the $67.3 million recorded in the third quarter of 2015. The taxable equivalent adjustment for income taxes saved on the interest earned on nontaxable securities and loans was $3.2 million for the third quarter of 2016 and $2.6 million for the third quarter of 2015. With these adjustments, interest income on a tax-equivalent basis was $84.9 million for the third quarter of 2016, an increase of $15.1 million or 22%, compared to $69.9 million for the third quarter of 2015. The increase in interest income in the third quarter of 2016, as compared to the third quarter of 2015, was primarily due to an increase in average earning assets, which totaled $7.38 billion during the third quarter of 2016 compared to $6.16 billion during the third quarter of 2015, a $1.22 billion or 20% increase. A majority of this growth was attributable to the acquisition of Premier Valley Bank completed on November 30, 2015, and acquisition of CIC Bancshares, Inc. completed on February 5, 2016.

Interest expense for the third quarter of 2016 was $8.0 million, an increase of $462,000 or 6% from $7.5 million in the third quarter of 2015. Average interest bearing liabilities increased $733.1 million or 16% for the quarter ended September 30, 2016, from $4.49 billion in the same quarter in 2015, while the average interest rate paid on Heartland's interest bearing deposits and borrowings declined 6 basis points from 0.67% in the third quarter of 2015 to 0.61% in the third quarter of 2016. The average interest rate paid on savings deposits was 0.22% during both the third quarter of 2016 and the third quarter of 2015, and the average interest rate paid on time deposits was 0.79% during the third quarter of 2016 compared to 0.91% during the third quarter of 2015.

Net interest income increased $14.0 million or 23% to $73.7 million in the third quarter of 2016 from the $59.7 million recorded in the third quarter of 2015. After the tax-equivalent adjustment discussed above, net interest income on a tax-equivalent basis totaled $76.9 million during the third quarter of 2016, an increase of $14.6 million or 23% from the $62.3 million recorded during the third quarter of 2015.

Noninterest Income and Noninterest Expenses Increase From Same Quarter Last Year

Noninterest income totaled $28.5 million during the third quarter of 2016 compared to $25.0 million during the third quarter of 2015, an increase of $3.5 million or 14%. Service charges and fees totaled $8.3 million during the third quarter of 2016 compared to $6.4 million during the third quarter of 2015, an increase of $1.9 million or 30%. This increase was primarily attributable to a larger demand deposit customer base, a portion of which is attributable to the acquisitions completed during the last quarter of 2015 and first quarter of 2016. Gains on sale of loans held for sale totaled $11.5 million during the third quarter of 2016 compared to $9.8 million during the third quarter of 2015, an increase of $1.7 million or 17%.

For the third quarter of 2016, noninterest expenses totaled $68.4 million compared to $62.0 million during the third quarter of 2015, an increase of $6.4 million or 10%. The category with the most significant increase was salaries and employee benefits, which increased $3.7 million or 10%. Other categories experiencing increases, primarily attributable to the recent acquisitions, were occupancy, furniture and equipment, professional fees and intangible assets amortization.

Fuller stated, "I am also pleased to announce significant progress toward lowering Heartland’s efficiency ratio, which dropped to 63.9 percent for the quarter, meeting our objective to reach 65 percent by year-end 2016."

Heartland's effective tax rate was 29.02% for the third quarter of 2016 compared to 25.32% for the third quarter of 2015. Included in Heartland's income taxes for the third quarter of 2015 were federal historic rehabilitation tax credits totaling $1.1 million associated with Heartland's ownership interest in a qualifying real estate project. Federal low-income housing tax credits included in the determination of Heartland's income taxes totaled $304,000 during the third quarter of 2016 compared to $145,000 during the third quarter of 2015. Heartland's effective tax rate was also affected by the level of tax-exempt interest income which, as a percentage of pre-tax income, was 21.01% during the third quarter of 2016 compared to 24.61% during the third quarter of 2015.

Loans and Deposits Increase Since Year-End Due to First Quarter Acquisition

Total assets were $8.20 billion at September 30, 2016, an increase of $507.5 million or 7% from $7.69 billion at year-end 2015. Included in this growth, at fair value, were $772.6 million of assets acquired in the CIC Bancshares, Inc. transaction. Securities represented 24% of total assets at both September 30, 2016, and December 31, 2015.

Total loans held to maturity were $5.44 billion at September 30, 2016, compared to $5.00 billion at year-end 2015, an increase of $437.2 million or 9%. This increase includes $581.5 million of total loans held to maturity, at fair value, acquired in the CIC Bancshares, Inc. transaction. Exclusive of this transaction, total loans held to maturity decreased $43.5 million during the third quarter of 2016, $20.7 million during the second quarter of 2016 and $80.0 million during the first quarter of 2016.

Total deposits were $6.91 billion as of September 30, 2016, compared to $6.41 billion at year-end 2015, an increase of $506.9 million or 8%. This increase included $648.1 million of deposits, at fair value, acquired in the CIC Bancshares, Inc. acquisition. Exclusive of this transaction, total deposits increased $75.1 million during the third quarter of 2016, decreased $86.8 million during the second quarter of 2016 and decreased $129.6 million during the first quarter of 2016. Demand deposits totaled $2.24 billion at September 30, 2016, an increase of $324.6 million or 17% from $1.91 billion at year-end 2015, with $164.3 million of the increase attributable to the CIC Bancshares, Inc. transaction. Exclusive of this transaction, demand deposits increased $88.8 million during the third quarter of 2016, $70.4 million during the second quarter of 2016 and $1.1 million during the first quarter of 2016.

Fuller commented, "We continue to emphasize growth of non-time deposits and are very pleased with the 4 percent growth quarter over quarter in non-interest demand deposits. These now comprise 33 percent of the deposit mix."

Nonperforming Assets Increase Since Year-End

Nonperforming assets were $69.5 million or 0.85% of total assets at September 30, 2016, compared to $51.7 million or 0.67% of total assets at December 31, 2015. Exclusive of $3.5 million of nonperforming assets, at fair value, acquired in the CIC Bancshares, Inc. transaction, nonperforming assets increased $14.3 million or 28% since year-end 2015. Nonperforming loans were $57.9 million or 1.06% of total loans at September 30, 2016, compared to $39.7 million or 0.79% of total loans at December 31, 2015. Contributing to the year-to-date increase in nonperforming loans during 2016 was a $9.8 million agribusiness relationship at Dubuque Bank and Trust Company which is in the process of collection. Based upon a current valuation of the collateral securing this loan relationship, no loss is anticipated on this credit.

The allowance for loan losses at September 30, 2016, was 1.00% of loans and 94.39% of nonperforming loans, compared to 0.97% of loans and 122.77% of nonperforming loans at December 31, 2015. The provision for loan losses was $5.3 million for the third quarter of 2016 compared to $3.2 million for the third quarter of 2015. A contributing factor to the 2016 third quarter provision for loan losses was a $946,000 allowance for impairment recorded on two agricultural loans at New Mexico Bank & Trust classified as impaired during the quarter. Also affecting the provision for loan losses during the third quarter of 2016 were higher charge-offs at Citizens Finance Co., Heartland's consumer finance company.

Conference Call Details

Heartland will host a conference call for investors at 5:00 p.m. EDT today. To participate, dial 877-407-0782 at least five minutes before start time. To listen to the live webcast, log on to www.htlf.com at least 15 minutes before start time. A replay will be available until October 30, 2017, by logging on to www.htlf.com.

About Heartland Financial USA, Inc.

Heartland Financial USA, Inc. is a diversified financial services company with assets exceeding $8 billion. The company provides banking, mortgage, private client, investment, insurance and consumer finance services to individuals and businesses. Heartland currently has 108 banking locations serving 85 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas, Missouri, Texas and California. Additional information about Heartland Financial USA, Inc. is available at www.htlf.com.

Safe Harbor Statement

This release, and future oral and written statements of Heartland and its management, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Heartland's financial condition, results of operations, plans, objectives, future performance and business. Although these forward-looking statements are based upon the beliefs, expectations and assumptions of Heartland's management, there are a number of factors, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which are detailed in the risk factors included in Heartland's Annual Report on Form 10-K filed with the Securities and Exchange Commission, include, among others: (i) the strength of the local and national economy; (ii) the economic impact of past and any future terrorist threats and attacks and any acts of war; (iii) changes in state and federal laws, regulations and governmental policies concerning the company's general business; (iv) changes in interest rates and prepayment rates of the company's assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the potential impact of acquisitions; (viii) the loss of key executives or employees; (ix) changes in consumer spending; (x) unexpected outcomes of existing or new litigation involving the company; and (xi) changes in accounting policies and practices. All statements in this release, including forward-looking statements, speak only as of the date they are made, and Heartland undertakes no obligation to update any statement in light of new information or future events.

-FINANCIAL TABLES FOLLOW-

###



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended September 30,						For the Nine Months Ended September 30, 2016
	2016			2015			2016			2015
Interest Income
Interest and fees on loans	$	70,046		$	58,328		$	208,280		$	167,201
Interest on securities:
Taxable	7,917			5,858			24,604			19,729
Nontaxable	3,717			3,077			10,793			8,867
Interest on federal funds sold	1			1			12			3
Interest on deposits in other financial institutions	6			4			13			11
Total Interest Income	81,687			67,268			243,702			195,811
Interest Expense
Interest on deposits	4,001			3,767			12,195			11,758
Interest on short-term borrowings	235			228			1,083			638
Interest on other borrowings	3,770			3,549			10,918			12,117
Total Interest Expense	8,006			7,544			24,196			24,513
Net Interest Income	73,681			59,724			219,506			171,298
Provision for loan losses	5,328			3,181			9,513			10,526
Net Interest Income After Provision for Loan Losses	68,353			56,543			209,993			160,772
Noninterest Income
Service charges and fees	8,278			6,350			23,462			17,654
Loan servicing income	873			1,368			3,433			3,572
Trust fees	3,689			3,507			11,127			11,051
Brokerage and insurance commissions	1,006			869			2,914			2,872
Securities gains, net	1,584			1,767			9,732			9,230
Gains on sale of loans held for sale	11,459			9,823			33,794			38,164
Valuation adjustment on commercial servicing rights	5			—			(41		)	—
Income on bank owned life insurance	620			372			1,733			1,355
Other noninterest income	1,028			924			2,992			2,406
Total Noninterest Income	28,542			24,980			89,146			86,304
Noninterest Expense
Salaries and employee benefits	40,733			37,033			124,432			110,522
Occupancy	5,099			4,307			15,322			12,594
Furniture and equipment	2,746			2,121			7,301			6,403
Professional fees	5,985			5,251			20,481			16,544
FDIC insurance assessments	1,180			1,018			3,468			2,873
Advertising	1,339			1,327			4,174			3,841
Intangible assets amortization	1,291			734			4,483			2,080
Other real estate and loan collection expenses	640			496			1,871			1,714
(Gain)/loss on sales/valuations of assets, net	794			721			1,064			2,583
Other noninterest expenses	8,620			8,988			27,160			25,938
Total Noninterest Expense	68,427			61,996			209,756			185,092
Income Before Income Taxes	28,468			19,527			89,383			61,984
Income taxes	8,260			4,945			28,196			16,533
Net Income	20,208			14,582			61,187			45,451
Preferred dividends	(53		)	(205		)	(273		)	(613		)
Interest expense on convertible preferred debt	17			—			48			—
Net Income Available to Common Stockholders	$	20,172		$	14,377		$	60,962		$	44,838
Earnings per common share-diluted	$	0.81		$	0.69		$	2.48		$	2.16
Weighted average shares outstanding-diluted	24,922,946			20,893,312			24,580,897			20,751,664



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	9/30/2016			6/30/2016			3/31/2016			12/31/2015			9/30/2015
Interest Income
Interest and fees on loans	$	70,046		$	69,809		$	68,425		$	59,905		$	58,328
Interest on securities:
Taxable	7,917			7,952			8,735			6,917			5,858
Nontaxable	3,717			3,566			3,510			3,311			3,077
Interest on federal funds sold	1			1			10			21			1
Interest on deposits in other financial institutions	6			3			4			3			4
Total Interest Income	81,687			81,331			80,684			70,157			67,268
Interest Expense
Interest on deposits	4,001			4,021			4,173			3,772			3,767
Interest on short-term borrowings	235			519			329			200			228
Interest on other borrowings	3,770			3,673			3,475			3,485			3,549
Total Interest Expense	8,006			8,213			7,977			7,457			7,544
Net Interest Income	73,681			73,118			72,707			62,700			59,724
Provision for loan losses	5,328			2,118			2,067			2,171			3,181
Net Interest Income After Provision for Loan Losses	68,353			71,000			70,640			60,529			56,543
Noninterest Income
Service charges and fees	8,278			8,022			7,162			6,654			6,350
Loan servicing income	873			1,292			1,268			1,704			1,368
Trust fees	3,689			3,625			3,813			3,230			3,507
Brokerage and insurance commissions	1,006			886			1,022			917			869
Securities gains, net	1,584			4,622			3,526			3,913			1,767
Impairment loss on securities	—			—			—			(769		)	—
Gains on sale of loans held for sale	11,459			11,270			11,065			7,085			9,823
Valuation adjustment on commercial servicing rights	5			(46		)	—			—			—
Income on bank owned life insurance	620			591			522			644			372
Other noninterest income	1,028			764			1,200			1,003			924
Total Noninterest Income	28,542			31,026			29,578			24,381			24,980
Noninterest Expense
Salaries and employee benefits	40,733			41,985			41,714			33,583			37,033
Occupancy	5,099			5,220			5,003			4,334			4,307
Furniture and equipment	2,746			2,442			2,113			2,344			2,121
Professional fees	5,985			7,486			7,010			6,503			5,251
FDIC insurance assessments	1,180			1,120			1,168			886			1,018
Advertising	1,339			1,551			1,284			1,624			1,327
Intangible assets amortization	1,291			1,297			1,895			898			734
Other real estate and loan collection expenses	640			659			572			723			496
(Gain)/loss on sales/valuations of assets, net	794			(43		)	313			4,238			721
Other noninterest expenses	8,620			9,303			9,237			10,821			8,988
Total Noninterest Expense	68,427			71,020			70,309			65,954			61,996
Income Before Income Taxes	28,468			31,006			29,909			18,956			19,527
Income taxes	8,260			10,036			9,900			4,365			4,945
Net Income	20,208			20,970			20,009			14,591			14,582
Preferred dividends	(53		)	(52		)	(168		)	(204		)	(205		)
Interest expense on convertible preferred debt	17			31			—			—			—
Net Income Available to Common Stockholders	$	20,172		$	20,949		$	19,841		$	14,387		$	14,377
Earnings per common share-diluted	$	0.81		$	0.84		$	0.82		$	0.67		$	0.69
Weighted average shares outstanding-diluted	24,922,946			24,974,995			24,117,384			21,491,699			20,893,312



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	As Of
	9/30/2016			6/30/2016			3/31/2016			12/31/2015			9/30/2015
Assets
Cash and due from banks	$	196,234		$	222,718		$	124,060		$	237,841		$	76,954
Federal funds sold and other short-term investments	5,855			7,232			9,168			20,958			14,151
Cash and cash equivalents	202,089			229,950			133,228			258,799			91,105
Time deposits in other financial institutions	2,105			2,105			2,355			2,355			2,355
Securities:
Available for sale, at fair value	1,655,696			1,566,592			1,690,516			1,578,434			1,261,687
Held to maturity, at cost	265,302			270,423			271,300			279,117			282,200
Other investments, at cost	22,082			22,680			22,325			21,443			19,292
Loans held for sale	78,317			82,538			76,565			74,783			102,569
Loans:
Held to maturity	5,438,715			5,482,258			5,503,005			5,001,486			4,642,523
Allowance for loan losses	(54,653		)	(51,756		)	(49,738		)	(48,685		)	(47,105		)
Loans, net	5,384,062			5,430,502			5,453,267			4,952,801			4,595,418
Premises, furniture and equipment, net	165,841			168,701			164,788			150,148			147,486
Goodwill	127,699			127,699			127,699			97,852			56,828
Core deposit intangibles, net	23,922			25,213			26,510			22,019			14,937
Servicing rights, net	35,906			35,654			34,910			34,926			33,758
Cash surrender value on life insurance	112,060			111,425			110,834			110,297			99,564
Other real estate, net	10,740			11,003			11,338			11,524			17,041
Other assets	116,394			119,916			128,144			100,256			81,644
Total Assets	$	8,202,215		$	8,204,401		$	8,253,779		$	7,694,754		$	6,805,884
Liabilities and Equity
Liabilities
Deposits:
Demand	$	2,238,736		$	2,149,911		$	2,079,521		$	1,914,141		$	1,632,005
Savings	3,753,300			3,691,791			3,702,431			3,367,479			2,936,611
Time	920,657			995,870			1,142,368			1,124,203			938,621
Total deposits	6,912,693			6,837,572			6,924,320			6,405,823			5,507,237
Short-term borrowings	214,105			303,707			325,741			293,898			335,845
Other borrowings	294,493			296,895			265,760			263,214			302,086
Accrued expenses and other liabilities	76,536			78,264			68,415			68,646			69,707
Total Liabilities	7,497,827			7,516,438			7,584,236			7,031,581			6,214,875
Stockholders' Equity
Preferred equity	1,357			3,777			3,777			81,698			81,698
Common stock	24,683			24,544			24,520			22,436			20,640
Capital surplus	279,316			274,682			273,310			216,436			149,613
Retained earnings	402,179			384,479			366,014			348,630			337,421
Accumulated other comprehensive income (loss)	(3,079		)	513			1,924			(6,027		)	1,731
Treasury stock at cost	(68		)	(32		)	(2		)	—			(94		)
Total Equity	704,388			687,963			669,543			663,173			591,009
Total Liabilities and Equity	$	8,202,215		$	8,204,401		$	8,253,779		$	7,694,754		$	6,805,884



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
	2016			2015			2016			2015
Average Balances
Assets	$	8,172,683		$	6,726,196		$	8,136,492		$	6,603,085
Loans, net of unearned	5,538,088			4,654,179			5,493,187			4,457,715
Deposits	6,839,334			5,423,418			6,775,103			5,296,771
Earning assets	7,382,860			6,161,495			7,368,856			6,030,612
Interest bearing liabilities	5,224,172			4,491,089			5,286,708			4,447,165
Common stockholders' equity	689,637			500,399			663,050			484,418
Total stockholders' equity	692,404			582,097			687,312			566,116
Tangible common stockholders' equity⁽¹⁾	537,375			431,304			513,031			419,059

Key Performance Ratios
Annualized return on average assets	0.98		%	0.85		%	1.00		%	0.91		%
Annualized return on average common equity	11.64		%	11.40		%	12.28		%	12.38		%
Annualized return on average common tangible equity⁽²⁾	14.93		%	13.22		%	15.87		%	14.31		%
Annualized ratio of net charge-offs to average loans	0.17		%	0.14		%	0.09		%	0.15		%
Annualized net interest margin, fully taxable equivalent⁽³⁾	4.14		%	4.01		%	4.15		%	3.96		%
Efficiency ratio, fully taxable equivalent⁽⁴⁾	63.88		%	69.85		%	66.23		%	69.37		%

Reconciliation of Return on Average Common Tangible Equity (non-GAAP)⁽⁵⁾
Net income available to common shareholders (GAAP)	$	20,172		$	14,377		$	60,962		$	44,838

Average common stockholders' equity (GAAP)	$	689,637		$	500,399		$	663,050		$	484,418
Less average goodwill	127,699			55,073			125,061			52,251
Less average other intangibles, net	24,563			14,022			24,958			13,108
Average common tangible equity (non-GAAP)	$	537,375		$	431,304		$	513,031		$	419,059
Annualized return on average common equity (GAAP)	11.64		%	11.40		%	12.28		%	12.38		%
Annualized return on average common tangible equity (non-GAAP)	14.93		%	13.22		%	15.87		%	14.31		%

Reconciliation of Annualized Net Interest Margin, Fully Taxable Equivalent (non-GAAP)⁽⁶⁾
Net Interest Income (GAAP)	$	73,681		$	59,724		$	219,506		$	171,298
Plus taxable equivalent adjustment⁽⁷⁾	3,221			2,588			9,408			7,389
Net interest income - taxable equivalent (non-GAAP)	$	76,902		$	62,312		$	228,914		$	178,687

Average earning assets	$	7,382,860		$	6,161,495		$	7,368,856		$	6,030,612

Annualized net interest margin (GAAP)	3.97		%	3.85		%	3.98		%	3.80		%
Annualized net interest margin, fully taxable equivalent (non-GAAP)	4.14		%	4.01		%	4.15		%	3.96		%

(1) Calculated as common stockholders' equity less goodwill and core deposit intangibles, net.
(2) Refer to the "Reconciliation of Return on Average Common Tangible Equity (non-GAAP)" table.
(3) Refer to the "Reconciliation of Annualized Net Interest Margin, Fully Taxable Equivalent (non-GAAP)" table.
(4) Refer to the "Reconciliation of Non-GAAP Measure-Efficiency Ratio" table that follows for details of this non-GAAP measure.
(5) Return on average common tangible equity is net income available to common stockholders divided by average common stockholders' equity less goodwill and core deposit intangibles, net. This financial measure is included as it is considered to be a critical metric to analyze and evaluate financial condition and capital strength. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(6) Annualized net interest margin, fully taxable equivalent is a non-GAAP measure, which adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(7) Computed on a taxable equivalent basis using an effective tax rate of 35%.



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	9/30/2016			6/30/2016			3/31/2016			12/31/2015			9/30/2015
Average Balances
Assets	$	8,172,683		$	8,211,326		$	8,025,070		$	7,241,104		$	6,726,196
Loans, net of unearned	5,538,088			5,582,878			5,358,102			4,827,844			4,654,179
Deposits	6,839,334			6,806,259			6,679,010			5,938,905			5,423,418
Earning assets	7,382,860			7,446,849			7,276,703			6,512,565			6,161,495
Interest bearing liabilities	5,224,172			5,363,477			5,273,164			4,781,797			4,491,089
Common stockholders' equity	689,637			669,930			629,294			533,845			500,399
Total stockholders' equity	692,404			673,707			695,771			615,543			582,097
Tangible common stockholders' equity⁽¹⁾	537,375			516,347			485,108			446,370			431,304

Key Performance Ratios
Annualized return on average assets	0.98		%	1.03		%	0.99		%	0.79		%	0.85		%
Annualized return on average common equity	11.64		%	12.58		%	12.68		%	10.69		%	11.40		%
Annualized return on average common tangible equity⁽²⁾	14.93		%	16.32		%	16.45		%	12.79		%	13.22		%
Annualized ratio of net charge-offs to average loans	0.17		%	0.01		%	0.08		%	0.05		%	0.14		%
Annualized net interest margin, fully taxable equivalent⁽³⁾	4.14		%	4.12		%	4.19		%	3.99		%	4.01		%
Efficiency ratio, fully taxable equivalent⁽⁴⁾	63.88		%	67.95		%	66.90		%	68.53		%	69.85		%

Reconciliation of Return on Average Common Tangible Equity (non-GAAP)⁽⁵⁾
Net income available to common shareholders (GAAP)	$	20,172		$	20,949		$	19,841		$	14,387		$	14,377

Average common stockholders' equity (GAAP)	$	689,637		$	669,930		$	629,294		$	533,845		$	500,399
Less average goodwill	127,699			127,699			119,750			70,222			55,073
Less average other intangibles, net	24,563			25,884			24,436			17,253			14,022
Average common tangible equity (non-GAAP)	$	537,375		$	516,347		$	485,108		$	446,370		$	431,304
Annualized return on average common equity (GAAP)	11.64		%	12.58		%	12.68		%	10.69		%	11.40		%
Annualized return on average common tangible equity (non-GAAP)	14.93		%	16.32		%	16.45		%	12.79		%	13.22		%

Reconciliation of Annualized Net Interest Margin, Fully Taxable Equivalent (non-GAAP)⁽⁶⁾
Net Interest Income (GAAP)	$	73,681		$	73,118		$	72,707		$	62,700		$	59,724
Plus taxable equivalent adjustment⁽⁷⁾	3,221			3,146			3,041			2,827			2,588
Net interest income, fully taxable equivalent (non-GAAP)	$	76,902		$	76,264		$	75,748		$	65,527		$	62,312

Average earning assets	$	7,382,860		$	7,446,849		$	7,276,703		$	6,512,565		$	6,161,495

Annualized net interest margin (GAAP)	3.97		%	3.95		%	4.02		%	3.82		%	3.85		%
Annualized net interest margin, fully taxable equivalent (non-GAAP)	4.14		%	4.12		%	4.19		%	3.99		%	4.01		%

(1) Calculated as common stockholders' equity less goodwill and core deposit intangibles, net.
(2) Refer to the "Reconciliation of Return on Average Common Tangible Equity (non-GAAP)" table.
(3) Refer to the "Reconciliation of Annualized Net Interest Margin, Fully Taxable Equivalent (non-GAAP)" table.
(4) Refer to the "Reconciliation of Non-GAAP Measure-Efficiency Ratio" table that follows for details of this non-GAAP measure.
(5) Return on average common tangible equity is net income available to common stockholders divided by average common stockholders' equity less goodwill and core deposit intangibles, net. This financial measure is included as it is considered to be a critical metric to analyze and evaluate financial condition and capital strength. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(6) Annualized net interest margin, fully taxable equivalent is a non-GAAP measure, which adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(7) Computed on a taxable equivalent basis using an effective tax rate of 35%.



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
				For the Quarter Ended September 30,						For the Nine Months Ended September 30,
Reconciliation of Non-GAAP Measure-Efficiency Ratio⁽¹⁾				2016			2015			2016			2015
Net interest income				$	73,681		$	59,724		$	219,506		$	171,298
Taxable equivalent adjustment⁽²⁾				3,221			2,588			9,408			7,389
Fully taxable equivalent net interest income				76,902			62,312			228,914			178,687
Noninterest income				28,542			24,980			89,146			86,304
Securities gains, net				(1,584		)	(1,767		)	(9,732		)	(9,230		)
Adjusted income				$	103,860		$	85,525		$	308,328		$	255,761

Total noninterest expenses				$	68,427		$	61,996		$	209,756		$	185,092
Less:
Intangible assets amortization				1,291			734			4,483			2,080
Partnership investment in historic rehabilitation tax credits				—			805			—			2,995
(Gain)/loss on sales/valuations of assets, net				794			721			1,064			2,583
Adjusted noninterest expenses				$	66,342		$	59,736		$	204,209		$	177,434

Efficiency ratio, fully taxable equivalent				63.88		%	69.85		%	66.23		%	69.37		%


HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
Reconciliation of Non-GAAP Measure-Efficiency Ratio⁽¹⁾	For the Quarter Ended
	9/30/2016			6/30/2016			3/31/2016			12/31/2015			9/30/2015
Net interest income	$	73,681		$	73,118		$	72,707		$	62,700		$	59,724
Taxable equivalent adjustment⁽²⁾	3,221			3,146			3,041			2,827			2,588
Fully taxable equivalent net interest income	76,902			76,264			75,748			65,527			62,312
Noninterest income	28,542			31,026			29,578			24,381			24,980
Securities gains, net	(1,584		)	(4,622		)	(3,526		)	(3,913		)	(1,767		)
Impairment loss on securities	—			—			—			769			—
Adjusted income	$	103,860		$	102,668		$	101,800		$	86,764		$	85,525

Total noninterest expenses	$	68,427		$	71,020		$	70,309		$	65,954		$	61,996
Less:
Intangible assets amortization	1,291			1,297			1,895			898			734
Partnership investment in historic rehabilitation tax credits	—			—			—			1,362			805
(Gain)/loss on sales/valuation of assets, net	794			(43		)	313			4,238			721
Adjusted noninterest expenses	$	66,342		$	69,766		$	68,101		$	59,456		$	59,736

Efficiency ratio, fully taxable equivalent	63.88		%	67.95		%	66.90		%	68.53		%	69.85		%

(1) Efficiency ratio, fully taxable equivalent, expresses noninterest expenses as a percentage of fully taxable equivalent net interest income and noninterest income. This efficiency ratio is presented on a taxable equivalent basis, which adjusts net interest income and noninterest expenses for the tax favored status of certain loans, securities and historic rehabilitation tax credits. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results as it enhances the comparability of income and expenses arising from taxable and nontaxable sources and excludes specific items, as noted in the table. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(2) Computed on a tax equivalent basis using an effective tax rate of 35%.



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND FULL TIME EQUIVALENT EMPLOYEE DATA
	As of and for the Quarter Ended
	9/30/2016			6/30/2016			3/31/2016			12/31/2015			9/30/2015
Common Share Data
Book value per common share	$	28.48		$	27.88		$	27.15		$	25.92		$	24.68
Tangible book value per common share (non-GAAP)⁽⁵⁾	$	22.34		$	21.65		$	20.86		$	20.57		$	21.20
ASC 320 effect on book value per common share	$	0.03		$	0.21		$	0.23		$	(0.18	)	$	0.22
Common shares outstanding, net of treasury stock	24,681,380			24,543,376			24,519,928			22,435,693			20,637,321
Tangible capital ratio (non-GAAP)⁽⁶⁾	6.85		%	6.60		%	6.32		%	6.09		%	6.50		%

Reconciliation of Tangible Book Value Per Common Share (non-GAAP)⁽³⁾
Common stockholders' equity (GAAP)	$	703,031		$	684,186		$	665,766		$	581,475		$	509,311
Less goodwill	127,699			127,699			127,699			97,852			56,828
Less other intangible assets, net	23,922			25,213			26,510			22,019			14,937
Tangible common stockholders' equity (non-GAAP)	$	551,410		$	531,274		$	511,557		$	461,604		$	437,546

Common shares outstanding, net of treasury stock	24,681,380			24,543,376			24,519,928			22,435,693			20,637,321
Common stockholders' equity (book value) per share (GAAP)	$	28.48		$	27.88		$	27.15		$	25.92		$	24.68
Tangible book value per common share (non-GAAP)	$	22.34		$	21.65		$	20.86		$	20.57		$	21.20

Reconciliation of Tangible Capital Ratio (non-GAAP)⁽⁴⁾
Total assets (GAAP)	$	8,202,215		$	8,204,401		$	8,253,779		$	7,694,754		$	6,805,884
Less goodwill	127,699			127,699			127,699			97,852			56,828
Less other intangible assets, net	23,922			25,213			26,510			22,019			14,937
Total tangible assets (non-GAAP)	$	8,050,594		$	8,051,489		$	8,099,570		$	7,574,883		$	6,734,119
Tangible capital ratio (non-GAAP)	6.85		%	6.60		%	6.32		%	6.09		%	6.50		%

Loan Data
Loans held to maturity:
Commercial and commercial real estate	$	3,900,612		$	3,930,879		$	3,951,839		$	3,605,574		$	3,303,098
Residential mortgage	625,965			644,267			666,184			539,555			491,667
Agricultural and agricultural real estate	489,387			480,883			471,271			471,870			469,381
Consumer	425,582			428,730			417,114			386,867			379,903
Unearned discount and deferred loan fees	(2,831		)	(2,501		)	(3,403		)	(2,380		)	(1,526		)
Total loans held to maturity	$	5,438,715		$	5,482,258		$	5,503,005		$	5,001,486		$	4,642,523

Other Selected Trend Information
Effective tax rate	29.02		%	32.37		%	33.10		%	23.03		%	25.32		%
Full time equivalent employees	1,846			1,888			1,907			1,799			1,736
Total Residential Mortgage Loan Applications	$	445,107		$	440,907		$	406,999		$	307,163		$	443,294
Residential Mortgage Loans Originated	$	324,337		$	324,633		$	238,266		$	258,939		$	370,956
Residential Mortgage Loans Sold	$	315,917		$	302,448		$	220,381		$	260,189		$	360,172
Residential Mortgage Loan Servicing Portfolio	$	4,259,459		$	4,203,429		$	4,112,519		$	4,057,861		$	3,963,677

(1) Refer to the "Reconciliation of Tangible Book Value Per Common Share (non-GAAP)" table.
(2) Refer to the "Reconciliation of Tangible Capital Ratio (non-GAAP)" table.
(3) Tangible book value per common share is total common stockholders' equity less goodwill and intangible assets, net divided by common shares outstanding, net of treasury. This is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(4) The tangible capital ratio is total common stockholders' equity less goodwill and intangible assets, net divided by total assets less goodwill and intangible assets, net. This is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength. This measure should not be considered a substitute for operating results determined in accordance with GAAP.



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	As of and for the Quarter Ended
	9/30/2016			6/30/2016			3/31/2016			12/31/2015			9/30/2015
Allowance for Loan Losses
Balance, beginning of period	$	51,756		$	49,738		$	48,685		$	47,105		$	45,614
Provision for loan losses	5,328			2,118			2,067			2,171			3,181
Charge-offs	(3,283		)	(2,951		)	(1,605		)	(1,837		)	(2,439		)
Recoveries	852			2,851			591			1,246			749
Balance, end of period	$	54,653		$	51,756		$	49,738		$	48,685		$	47,105

Asset Quality
Nonaccrual loans	$	57,799		$	57,053		$	47,750		$	39,655		$	32,577
Loans past due ninety days or more as to interest or principal payments	105			—			639			—			1,181
Other real estate owned	10,740			11,003			11,338			11,524			17,041
Other repossessed assets	821			564			426			485			626
Total nonperforming assets	$	69,465		$	68,620		$	60,153		$	51,664		$	51,425

Performing troubled debt restructured loans	$	10,281		$	9,923		$	10,711		$	10,968		$	10,154

Nonperforming Assets Activity
Balance, beginning of period	$	68,620		$	60,153		$	51,664		$	51,425		$	44,237
Net loan charge offs	(2,431		)	(100		)	(1,014		)	(591		)	(1,690		)
New nonperforming loans	10,884			19,994			12,171			9,686			7,996
Acquired nonperforming assets	—			—			3,516			4,956			5,328
Reduction of nonperforming loans ⁽¹⁾	(6,983		)	(10,313		)	(3,563		)	(6,768		)	(2,758		)
OREO/Repossessed assets sales proceeds	(343		)	(918		)	(2,411		)	(2,980		)	(1,074		)
OREO/Repossessed assets writedowns, net	(521		)	(337		)	(182		)	(3,909		)	(756		)
Net activity at Citizens Finance Co.	239			141			(28		)	(155		)	142
Balance, end of period	$	69,465		$	68,620		$	60,153		$	51,664		$	51,425

Asset Quality Ratios
Ratio of nonperforming loans to total loans	1.06		%	1.04		%	0.88		%	0.79		%	0.73		%
Ratio of nonperforming assets to total assets	0.85		%	0.84		%	0.73		%	0.67		%	0.76		%
Annualized ratio of net loan charge-offs to average loans	0.17		%	0.01		%	0.08		%	0.05		%	0.14		%
Allowance for loan losses as a percent of loans	1.00		%	0.94		%	0.90		%	0.97		%	1.01		%
Allowance for loan losses as a percent of nonperforming loans	94.39		%	90.72		%	102.79		%	122.77		%	139.54		%
Loans delinquent 30-89 days as a percent of total loans	0.40		%	0.73		%	0.45		%	0.31		%	0.40		%

(1) Includes principal reductions, transfers to performing status and transfers to OREO.



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
	For the Quarter Ended
	September 30, 2016							September 30, 2015
	Average Balance			Interest		Rate		Average Balance			Interest		Rate
Earning Assets
Securities:
Taxable	$	1,415,446		$	7,917	2.23	%	$	1,192,259		$	5,858	1.95	%
Nontaxable⁽¹⁾	473,152			5,719		4.81		348,760			4,733		5.38
Total securities	1,888,598			13,636		2.87		1,541,019			10,591		2.73
Interest bearing deposits	7,026			6		0.34		11,567			4		0.14
Federal funds sold	1,409			1		0.28		1,032			1		0.38
Loans:⁽²⁾
Commercial and commercial real estate⁽¹⁾	3,908,623			48,334		4.92		3,252,610			38,802		4.73
Residential mortgage	717,374			7,248		4.02		570,117			5,848		4.07
Agricultural and agricultural real estate⁽¹⁾	486,008			5,719		4.68		461,144			5,525		4.75
Consumer	426,083			8,256		7.71		370,308			7,384		7.91
Fees on loans	—			1,708		—		—			1,701		—
Less: allowance for loan losses	(52,261		)	—		—		(46,302		)	—		—
Net loans	5,485,827			71,265		5.17		4,607,877			59,260		5.10
Total earning assets	7,382,860			84,908		4.58	%	6,161,495			69,856		4.50	%
Nonearning Assets	789,823							564,701
Total Assets	$	8,172,683						$	6,726,196
Interest Bearing Liabilities
Savings	$	3,697,426		$	2,066	0.22	%	$	2,870,847		$	1,565	0.22	%
Time, $100,000 and over	399,498			813		0.81		337,163			741		0.87
Other time deposits	570,445			1,122		0.78		622,110			1,461		0.93
Short-term borrowings	258,783			235		0.36		362,094			228		0.25
Other borrowings	298,020			3,770		5.03		298,875			3,549		4.71
Total interest bearing liabilities	5,224,172			8,006		0.61	%	4,491,089			7,544		0.67	%
Noninterest Bearing Liabilities
Noninterest bearing deposits	2,171,965							1,593,298
Accrued interest and other liabilities	84,142							59,712
Total noninterest bearing liabilities	2,256,107							1,653,010
Stockholders' Equity	692,404							582,097
Total Liabilities and Stockholders' Equity	$	8,172,683						$	6,726,196
Net interest income, fully taxable equivalent (non-GAAP)⁽¹⁾				$	76,902						$	62,312
Net interest spread⁽¹⁾						3.97	%						3.83	%
Net interest income, fully taxable equivalent (non-GAAP) to total earning assets⁽³⁾						4.14	%						4.01	%
Interest bearing liabilities to earning assets	70.76		%					72.89		%

(1)Computed on a taxable equivalent basis using an effective tax rate of 35%
(2) Nonaccrual loans are included in the average loans outstanding.
(3) Annualized net interest margin, fully taxable equivalent is a non-GAAP measure, which adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax exempt sources. This measure should not be considered a substitute for operating results determined in accordance with GAAP.



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
	For the Nine Months Ended
	September 30, 2016							September 30, 2015
	Average Balance			Interest		Rate		Average Balance			Interest		Rate
Earning Assets
Securities:
Taxable	$	1,464,080		$	24,604	2.24	%	$	1,266,546		$	19,729	2.08	%
Nontaxable⁽¹⁾	440,275			16,605		5.04		335,104			13,641		5.44
Total securities	1,904,355			41,209		2.89		1,601,650			33,370		2.79
Interest bearing deposits	9,785			13		0.18		10,541			11		0.14
Federal funds sold	12,509			12		0.13		4,562			3		0.09
Loans:⁽²⁾
Commercial and commercial real estate⁽¹⁾	3,840,060			141,977		4.94		3,133,525			112,343		4.79
Residential mortgage	751,694			23,133		4.11		529,412			16,146		4.08
Agricultural and agricultural real estate⁽¹⁾	478,564			16,952		4.73		436,050			15,835		4.86
Consumer	422,869			24,452		7.72		358,728			21,476		8.00
Fees on loans				5,362		—					4,016		—
Less: allowance for loan losses	(50,980		)	—		—		(43,856		)	—		—
Net loans	5,442,207			211,876		5.20		4,413,859			169,816		5.14
Total earning assets	7,368,856			253,110		4.59	%	6,030,612			203,200		4.50	%
Nonearning Assets	767,636							572,473
Total Assets	$	8,136,492						$	6,603,085
Interest Bearing Liabilities
Savings	$	3,651,370		$	5,988	0.22	%	$	2,851,506		$	5,002	0.23	%
Time, $100,000 and over	439,609			2,417		0.73		343,369			2,373		0.92
Other time deposits	599,745			3,790		0.84		570,446			4,383		1.03
Short-term borrowings	314,367			1,083		0.46		343,537			638		0.25
Other borrowings	281,617			10,918		5.18		338,307			12,117		4.79
Total interest bearing liabilities	5,286,708			24,196		0.61	%	4,447,165			24,513		0.74	%
Noninterest Bearing Liabilities
Noninterest bearing deposits	2,084,379							1,531,450
Accrued interest and other liabilities	78,093							58,354
Total noninterest bearing liabilities	2,162,472							1,589,804
Stockholders' Equity	687,312							566,116
Total Liabilities and Stockholders' Equity	$	8,136,492						$	6,603,085
Net interest income, fully taxable equivalent (non-GAAP)⁽¹⁾				$	228,914						$	178,687
Net interest spread⁽¹⁾						3.98	%						3.76	%
Net interest income, fully taxable equivalent (non-GAAP) to total earning assets⁽³⁾						4.15	%						3.96	%
Interest bearing liabilities to earning assets	71.74		%					73.74		%

(1)Computed on a taxable equivalent basis using an effective tax rate of 35%.
(2) Nonaccrual loans are included in the average loans outstanding.
(3) Annualized net interest margin, fully taxable equivalent is a non-GAAP measure, which adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax exempt sources. This measure should not be considered a substitute for operating results determined in accordance with GAAP.



HEARTLAND FINANCIAL USA, INC.
SELECTED FINANCIAL DATA - SUBSIDIARY BANKS (Unaudited)
DOLLARS IN THOUSANDS
	As of and For the Quarter Ended
	9/30/2016		6/30/2016		3/31/2016		12/31/2015		9/30/2015
Total Assets
Dubuque Bank and Trust Company	$	1,448,796	$	1,473,461	$	1,498,771	$	1,617,322	$	1,431,767
New Mexico Bank & Trust	1,318,203		1,321,113		1,304,886		1,336,004		1,282,784
Wisconsin Bank & Trust	1,068,288		1,080,224		1,094,872		1,139,337		1,098,405
Centennial Bank and Trust⁽¹⁾	892,723		909,697		927,040		161,806		155,114
Morrill & Janes Bank and Trust Company	862,767		843,069		872,274		902,918		845,067
Illinois Bank & Trust	748,801		742,697		718,074		757,478		769,170
Premier Valley Bank	635,620		629,423		751,137		765,451		—
Arizona Bank & Trust	574,561		577,002		558,369		591,066		599,119
Rocky Mountain Bank	481,346		473,583		479,010		491,522		501,093
Minnesota Bank & Trust	238,745		230,004		220,955		214,303		188,633
Total Portfolio Loans
Dubuque Bank and Trust Company	$	906,347	$	928,869	$	941,683	$	956,517	$	953,273
New Mexico Bank & Trust	917,679		870,109		815,739		794,744		777,433
Wisconsin Bank & Trust	711,714		732,503		758,789		793,508		844,557
Centennial Bank and Trust⁽¹⁾	638,006		668,547		683,085		101,449		94,127
Morrill & Janes Bank and Trust Company	538,666		522,518		536,738		539,198		527,217
Illinois Bank & Trust	469,236		466,983		465,783		465,937		473,859
Premier Valley Bank	354,610		376,275		376,840		383,929		—
Arizona Bank & Trust	385,926		390,078		402,431		444,501		444,916
Rocky Mountain Bank	357,346		362,475		364,189		370,440		380,304
Minnesota Bank & Trust	139,581		144,009		137,412		134,137		128,700
Total Deposits
Dubuque Bank and Trust Company	$	1,182,947	$	1,159,942	$	1,144,470	$	1,209,074	$	1,120,999
New Mexico Bank & Trust	1,101,550		1,062,410		1,066,076		1,085,052		1,047,358
Wisconsin Bank & Trust	889,957		911,915		921,071		974,001		904,803
Centennial Bank and Trust⁽¹⁾	767,128		775,417		779,607		128,759		139,826
Morrill & Janes Bank and Trust Company	676,176		696,073		698,365		713,589		650,123
Illinois Bank & Trust	671,104		653,582		629,235		631,010		641,024
Premier Valley Bank	520,814		514,522		635,188		647,022		—
Arizona Bank & Trust	493,331		497,599		468,312		500,490		491,254
Rocky Mountain Bank	420,581		405,888		409,787		417,426		428,234
Minnesota Bank & Trust	214,651		207,228		200,343		194,373		163,291
Net Income (Loss)
Dubuque Bank and Trust Company	$	5,112	$	4,475	$	6,073	$	3,587	$	4,477
New Mexico Bank & Trust	3,824		5,642		4,094		2,576		3,220
Wisconsin Bank & Trust	3,368		3,399		3,379		2,443		3,886
Centennial Bank and Trust⁽¹⁾	925		256		824		62		(6		)
Morrill & Janes Bank and Trust Company	1,707		2,133		2,525		1,096		2,024
Illinois Bank & Trust	2,179		2,397		2,027		574		1,877
Premier Valley Bank	1,804		1,695		1,960		1,008		—
Arizona Bank & Trust	2,034		2,121		1,841		968		1,254
Rocky Mountain Bank	1,456		1,484		1,064		1,506		1,471
Minnesota Bank & Trust	675		559		531		166		411

(1) Formerly known as Summit Bank & Trust.

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HEARTLAND FINANCIAL USA INC Reports