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Section 1: 10-Q (10-Q)

htlf-20200630
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For quarterly period ended June 30, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For transition period from __________ to __________

Commission File Number: 001-15393

HEARTLAND FINANCIAL USA, INC.
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
42-1405748
(I.R.S. employer identification number)
1398 Central Avenue, Dubuque, Iowa  52001
(Address of principal executive offices)(Zip Code)
(563) 589-2100
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of Each ClassTrading SymbolName of each exchange on which registered
Common Stock, par value $1.00 per shareHTLFNasdaq Stock Market
Depositary Shares, each representing 1/400th interest in a share of 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series EHTLFPNasdaq Stock Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes No
 
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated Filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes No





Indicate the number of shares outstanding of each of the classes of Registrant's common stock as of the latest practicable date:  As of August 5, 2020, the Registrant had outstanding 36,880,021 shares of common stock, $1.00 par value per share.



HEARTLAND FINANCIAL USA, INC.
Form 10-Q Quarterly Report
Table of Contents

Part I
Part II




PART I
ITEM 1. FINANCIAL STATEMENTS

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
 June 30, 2020 (Unaudited)December 31, 2019
ASSETS  
Cash and due from banks$211,429  $206,607  
Interest bearing deposits with other banks and other short-term investments242,149  172,127  
Cash and cash equivalents453,578  378,734  
Time deposits in other financial institutions3,128  3,564  
Securities: 
Carried at fair value (cost of $4,075,406 at June 30, 2020, and $3,311,433 at December 31, 2019)
4,126,351  3,312,796  
Held to maturity, net of allowance for credit losses of $62 at June 30, 2020 (fair value of $101,557 at June 30, 2020, and $100,484 at December 31, 2019)
90,579  91,324  
Other investments, at cost35,902  31,321  
Loans held for sale54,382  26,748  
Loans receivable: 
Held to maturity9,246,830  8,367,917  
Allowance for credit losses(119,937) (70,395) 
Loans receivable, net9,126,893  8,297,522  
Premises, furniture and equipment, net197,914  197,558  
Premises, furniture and equipment held for sale 567  2,967  
Other real estate, net5,539  6,914  
Goodwill446,345  446,345  
Core deposit intangibles and customer relationship intangibles, net 43,011  48,688  
Servicing rights, net5,469  6,736  
Cash surrender value on life insurance172,813  171,625  
Other assets263,682  186,755  
TOTAL ASSETS$15,026,153  $13,209,597  
LIABILITIES AND EQUITY  
LIABILITIES:  
Deposits:  
Demand$4,831,151  $3,543,863  
Savings6,810,296  6,307,425  
Time1,067,252  1,193,043  
Total deposits12,708,699  11,044,331  
Short-term borrowings88,631  182,626  
Other borrowings306,459  275,773  
Accrued expenses and other liabilities174,987  128,730  
TOTAL LIABILITIES13,278,776  11,631,460  
STOCKHOLDERS' EQUITY:  
Preferred stock (par value $1 per share; authorized 6,104 shares; none issued or outstanding at both June 30, 2020, and December 31, 2019)
    
Series A Junior Participating preferred stock (par value $1 per share; authorized 16,000 shares; none issued or outstanding at both June 30, 2020, and December 31, 2019)
    
Series B Fixed Rate Cumulative Perpetual Preferred Stock (par value $1 per share; 81,698 shares authorized at both June 30, 2020 and December 31, 2019; none issued or outstanding at both June 30, 2020 and December 31, 2019)
    
Series C Senior Non-Cumulative Perpetual Preferred Stock (par value $1 per share; 81,698 shares authorized at both June 30, 2020, and December 31, 2019; none issued or outstanding at both June 30, 2020, and December 31, 2019)
    
Series D Senior Non-Cumulative Perpetual Convertible Preferred Stock (par value $1 per share; 3,000 shares authorized at both June 30, 2020, and December 31, 2019; none issued or outstanding at both June 30, 2020, and December 31, 2019)
    
Series E Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock (par value $1 per share; 11,500 authorized at June 30, 2020 and none authorized at December 31, 2019; issued and outstanding 11,500 shares at June 30, 2020, and none issued or outstanding at December 31, 2019.
110,705    
Common stock (par value $1 per share; 60,000,000 shares authorized at both June 30, 2020, and December 31, 2019; issued 36,844,744 shares at June 30, 2020, and 36,704,278 shares at December 31, 2019)
36,845  36,704  
Capital surplus844,202  839,857  
Retained earnings723,067  702,502  
Accumulated other comprehensive income/(loss)32,558  (926) 
TOTAL STOCKHOLDERS' EQUITY1,747,377  1,578,137  
TOTAL LIABILITIES AND EQUITY$15,026,153  $13,209,597  
See accompanying notes to consolidated financial statements.





HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
INTEREST INCOME:  
Interest and fees on loans$107,005  $106,027  $213,419  $206,483  
Interest on securities:
Taxable23,362  16,123  45,093  31,999  
Nontaxable3,344  2,554  5,527  5,647  
Interest on federal funds sold      4  
Interest on interest bearing deposits in other financial institutions54  2,299  775  3,591  
TOTAL INTEREST INCOME133,765  127,003  264,814  247,724  
INTEREST EXPENSE: 
Interest on deposits6,134  16,138  20,716  29,351  
Interest on short-term borrowings61  338  357  1,227  
Interest on other borrowings (includes $(417) and $100 of interest expense/(benefit) related to derivatives reclassified from accumulated other comprehensive income/(loss) for the three months ended June 30, 2020 and 2019, respectively, and $(600) and $265 of interest expense related to derivatives reclassified from accumulated other comprehensive income for the six months ended June 30, 2020 and 2019, respectively)
3,424  3,819  7,084  7,483  
TOTAL INTEREST EXPENSE9,619  20,295  28,157  38,061  
NET INTEREST INCOME124,146  106,708  236,657  209,663  
Provision for credit losses26,796  4,918  48,316  6,553  
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES97,350  101,790  188,341  203,110  
NONINTEREST INCOME: 
Service charges and fees10,972  14,629  22,993  27,423  
Loan servicing income379  1,338  1,342  3,067  
Trust fees4,977  4,825  9,999  9,299  
Brokerage and insurance commissions595  1,028  1,328  1,762  
Securities gains, net includes $2,006 and $3,580 of net security gains reclassified from accumulated other comprehensive income/(loss) for the three months ended June 30, 2020 and 2019, respectively and $3,664 and $5,155 of net security gains reclassified from accumulated other comprehensive income for the six months ended June 30, 2020 and 2019, respectively)
2,006  3,580  3,664  5,155  
Unrealized gain on equity securities, net680  112  449  370  
Net gains on sale of loans held for sale7,857  4,343  12,517  7,519  
Valuation allowance on servicing rights9  (364) (1,556) (953) 
Income on bank owned life insurance1,167  888  1,665  1,787  
Other noninterest income1,995  1,682  4,053  3,349  
TOTAL NONINTEREST INCOME30,637  32,061  56,454  58,778  
NONINTEREST EXPENSES: 
Salaries and employee benefits50,118  49,895  100,075  100,180  
Occupancy6,502  6,426  12,973  13,033  
Furniture and equipment2,993  3,136  6,101  5,828  
Professional fees13,676  14,344  26,149  25,366  
Advertising995  2,609  3,200  4,929  
Core deposit intangibles and customer relationship intangibles amortization2,696  3,313  5,677  6,155  
Other real estate and loan collection expenses203  162  537  863  
(Gain)/loss on sales/valuations of assets, net701  (18,286) 717  (21,290) 
Acquisition, integration and restructuring costs673  929  2,049  4,543  
Partnership investment in tax credit projects791  1,465  975  1,940  
Other noninterest expenses11,091  11,105  22,845  21,781  
TOTAL NONINTEREST EXPENSES90,439  75,098  181,298  163,328  
INCOME BEFORE INCOME TAXES37,548  58,753  63,497  98,560  
Income taxes (includes $614 and $880 of income tax expense reclassified from accumulated other comprehensive income/(loss) for the three months ended June 30, 2020 and 2019, respectively and $1,080 and $1,238 of income tax expense reclassified from accumulated other comprehensive income for the six months ended June 30, 2020 and 2019, respectively)
7,417  13,584  13,326  21,894  
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$30,131  $45,169  $50,171  $76,666  
EARNINGS PER COMMON SHARE - BASIC$0.82  $1.26  $1.36  $2.18  
EARNINGS PER COMMON SHARE - DILUTED$0.82  $1.26  $1.36  $2.17  
CASH DIVIDENDS DECLARED PER COMMON SHARE$0.20  $