Heartland Financial USA, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 31, 2017 at 02:31 am IST
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Heartland Financial USA, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income of $75,160,000 against $62,700,000 a year ago. Income before income taxes was $27,522,000 against $18,956,000 a year ago. Net income available to common stockholders was $19,146,000 or $0.74 diluted per share against $14,387,000 or $0.67 diluted per share a year ago. Annualized return on average assets was 0.92% against 0.79% a year ago. Annualized return on average common equity (GAAP) was 10.48% against 10.69% a year ago. Annualized return on average common tangible equity (non-GAAP) was 13.24% against 12.79% a year ago. Net interest income - tax-equivalent (non-GAAP) was $78,671,000 against $65,527,000 a year ago. Adjusted income was $101,518,000 against $86,764,000 a year ago. Book value per common share (GAAP) was $28.31 against $25.92 a year ago. Tangible book value per common share (non-GAAP) was $22.55 against $20.57 a year ago.
For the year, the company reported net interest income of $294,666,000 against $233,998,000 a year ago. Income before income taxes was $116,905,000 against $80,940,000 a year ago. Net income available to common stockholders was $80,108,000 or $3.22 diluted per share against $59,225,000 or $2.83 diluted per share a year ago. Annualized return on average assets was 0.98% against 0.88% a year ago. Annualized return on average common equity (GAAP) was 11.80% against 11.92% a year ago. Annualized return on average common tangible equity (non-GAAP) was 15.15% against 13.90% a year ago. Net interest income - tax-equivalent (non-GAAP) was $307,585,000 against $244,214,000 a year ago. Adjusted income was $409,846,000 against $342,525,000 a year ago.
Heartland Financial USA, Inc. is a bank holding company. The Company conducts its banking business through multiple independently branded divisions in the states of Arizona, California, Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, New Mexico, Texas, and Wisconsin. The principal business of its Banks consists of making loans to and accepting deposits. Its Banks provide a range of commercial, small business and consumer banking services to businesses, including public sector and non-profit entities, and to individuals. It provides multiple service delivery channels, including online banking, mobile/remote banking, and telephone banking. Its Banks provide a suite of banking products and services comprised of deposit and credit offerings, with treasury management, wealth management and retirement plan services. Its primary lines of business include commercial banking, small business banking, agricultural banking, residential real estate mortgage lending, and others.