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Heartland Financial USA, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income available to common stockholders to $62.1 million from $46.1 million in the same quarter the previous year. Earnings per diluted common share increased to $1.44 from $1.08.
Net interest income for the quarter was $157.9 million, compared to $145.8 million in the previous year, with the increase attributed to higher yields on earning assets.
Total assets were reported at $18.27 billion, a decrease from $19.41 billion at the end of 2023, primarily due to the sale of securities and loans.
Total deposits decreased to $14.95 billion from $16.20 billion at the end of 2023, reflecting the sale of Rocky Mountain Bank (HTLF-1.95%) branches and a reduction in wholesale deposits.
Heartland Financial's net interest margin was 3.73% for the quarter, compared to 3.14% in the same quarter of the previous year.
The company recorded a gain on the sale of Rocky Mountain Bank branches, resulting in a net gain of $29.7 million.
Noninterest income decreased to $18.99 million from $28.38 million, impacted by a $9.5 million loss on security sales.
Heartland Financial's total equity was $2.14 billion at the end of the quarter, with book value per common share increasing to $47.33.
The filing details a merger agreement with UMB Financial Corporation (UMBF-1.98%), which includes the merger of Heartland Financial into a subsidiary of UMB.
Subsequent to the quarter, Heartland Financial terminated interest rate swaps designated as fair value hedges, which were initially used to protect against unrealized securities losses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Heartland Financial USA Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.