Heartland Financial Usa (HTLF) has reported 38.58 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $20.21 million, or $0.81 a share in the quarter, compared with $14.58 million, or $0.69 a share for the same period last year. On an adjusted basis, net profit for the quarter was $103.86 million, when compared with $85.52 million in the last year period.
Revenue during the quarter grew 18.86 percent to $96.90 million from $81.52 million in the previous year period. Net interest income for the quarter rose 23.37 percent over the prior year period to $73.68 million. Non-interest income for the quarter rose 14.26 percent over the last year period to $28.54 million.
Heartland Financial Usa has made provision of $5.33 million for loan losses during the quarter, up 67.49 percent from $3.18 million in the same period last year.
Net interest margin improved 12 basis points to 3.97 percent in the quarter from 3.85 percent in the last year period. Efficiency ratio for the quarter improved to 63.88 percent from 69.85 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Commenting on Heartland’s 2016 third quarter results, Lynn B. Fuller, Heartland’s chairman and chief executive officer said, "Heartland reported another excellent quarter with net income available to common stockholders of $20.2 million, a 40 percent increase over the previous year’s quarter. Among several areas of strength, we attribute our results to a very solid net interest margin of 4.14 percent for the quarter."
Liabilities outpace assets growthTotal assets stood at $8,202.22 million as on Sep. 30, 2016, up 20.52 percent compared with $6,805.88 million on Sep. 30, 2015. On the other hand, total liabilities stood at $7,497.83 million as on Sep. 30, 2016, up 20.64 percent from $6,214.88 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $5,384.06 million as on Sep. 30, 2016, up 17.16 percent compared with $4,595.42 million on Sep. 30, 2015. Deposits stood at $6,912.69 million as on Sep. 30, 2016, up 25.52 percent compared with $5,507.24 million on Sep. 30, 2015. Investments stood at $1,943.08 million as on Sep. 30, 2016, up 24.30 percent or $379.90 million from year-ago. Shareholders equity stood at $704.39 million as on Sep. 30, 2016, up 19.18 percent or $113.38 million from year-ago.
Return on average assets moved up 13 basis points to 0.98 percent in the quarter from 0.85 percent in the last year period. At the same time, return on average equity increased 24 basis points to 11.64 percent in the quarter from 11.40 percent in the last year period.
Nonperforming assets moved up 35.08 percent or $18.04 million to $69.46 million on Sep. 30, 2016 from $51.42 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.85 percent in the quarter, up from 0.76 percent in the last year period.
Book value per share was $28.48 for the quarter, up 15.40 percent or $3.80 compared to $24.68 for the same period last year.
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