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28 February, 2024 19:28 IST
Heartland Financial USA first-quarter earnings decline by 9.99 percent on a YOY basis
Source: IRIS | 04 Jul, 2017, 12.46AM

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Heartland Financial USA, Inc (HTLF) has reported a 9.99 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $18.01 million, or $0.68 a share in the quarter, compared with $20.01 million, or $0.82 a share for the same period last year.      

Revenue during the quarter dropped 4.93 percent to $95.28 million from $100.22 million in the previous year period. Net interest income for the quarter rose 0.44 percent over the prior year period to $73.03 million. Non-interest income for the quarter fell 12.46 percent over the last year period to $25.89 million.

Heartland Financial USA, Inc has made provision of $3.64 million for loan losses during the quarter, up 76.15 percent from $2.07 million in the same period last year.

Net interest margin contracted 7 basis points to 3.95 percent in the quarter from 4.02 percent in the last year period. Efficiency ratio for the quarter deteriorated to 69.95 percent from 66.90 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

Commenting on Heartland’s first quarter 2017 results, Lynn B. Fuller, Heartland’s chairman and chief executive officer said, "Heartland reported first quarter net income of $18 million, or $0.68 per diluted common share, reflective of results that were somewhat mixed. We experienced strong non-time deposit growth, a solid net interest margin and an improved tangible common equity ratio; however, weakness in loan growth and lower mortgage loan activity led to earnings that were a bit short of our expectations."

Deposits stood at $7,089.86 million as on Mar. 31, 2017, up 2.39 percent compared with $6,924.32 million on Mar. 31, 2016.

Investments stood at $2,175.70 million as on Mar. 31, 2017, up 9.65 percent or $191.56 million from year-ago. Shareholders equity was at $781.31 million as on Mar. 31, 2017.

Return on average assets moved down 10 basis points to 0.89 percent in the quarter from 0.99 percent in the last year period. At the same time, return on average equity decreased 297 basis points to 9.71 percent in the quarter from 12.68 percent in the last year period.

Nonperforming assets moved up 25.79 percent or $15.51 million to $75.67 million on Mar. 31, 2017 from $60.15 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.90 percent in the quarter, up from 0.73 percent in the last year period.

Book value per share was $29.26 for the quarter, up 7.77 percent or $2.11 compared to $27.15 for the same period last year.

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