Heartland Financial USA (HTLF), a diversified financial services company, has reported a 12.75 percent climb in earnings for the quarter ended Jun. 30, 2014. The company earned $10.77 million or $0.56 a share in the second quarter compared with $9.56 million or $0.54 a share, a year ago. Analysts on average had predicted net income of $0.51 a share.
Revenue during the second-quarter grew 15.04 percent to $71.54 million from $62.18 million in the last year period.
Net interest income for the quarter rose 30.51 percent over the prior year period to $50.80 million.
Non-interest income for the quarter fell 10.84 percent over the last year period to $20.74 million.
Heartland Financial USA has made provision of $2.75 million for loan losses during the quarter, which was higher by 47.74 percent from $1.86 million in the same period last year.
Commenting on Heartland's second quarter results, Lynn B. Fuller, Heartland's chairman, president and chief executive officer said, ''Heartland's second quarter performance was excellent in nearly every respect. Net earnings of $10.6 million exceeded last year's same quarter by 13 percent. Our results were fueled in part by an expanded net interest margin of 4.04 percent and solid noninterest income.''
Fuller said, ''We are very pleased to see net interest margin increase to 4.04 percent. Our margin has increased by 22 basis points so far in 2014 and by 33 basis points over the past year.''
Total assets stood at $5913.92 million as on Jun. 30, 2014, up 19.24 percent compared with $4959.76 million on Jun. 30, 2013.
While total liabilities stood at $5441.50 million as on Jun. 30, 2014, up 19.21 percent from $4564.62 million on Jun. 30, 2013.
Net loans stood at $3658.22 million as on Jun. 30, 2014, up 30.60 percent compared with $2801.03 million on Jun. 30, 2013.
Deposits stood at $4641.48 million as on Jun. 30, 2014, up 20.84 percent compared with $3841.13 million on Jun. 30, 2013.
Equity capital of Heartland Financial USA increased 19.56 percent to $472.42 million as on Jun. 30, 2014 compared with $395.14 million on Jun. 30, 2013.
Shares of the company gained $0.10 or 0.43 percent to settle at $23.47 on Monday.
