Loading...
Docoh

Heartland Financial USA (HTLF)

About Heartland Financial USA, Inc. Heartland Financial USA, Inc. is a diversified financial services company with assets of $17.91 billion. The company provides banking, mortgage, private client, investment, insurance and consumer finance services to individuals and businesses. As of December 31, 2020, Heartland had 142 banking locations serving 102 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado, Minnesota, Kansas, Missouri, Texas and California. Additional information about Heartland Financial USA, Inc. is available at www.htlf.com. Safe Harbor Statement This release, and future oral and written statements of Heartland and its management, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements about Heartland's expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These forward-looking statements include information about possible or assumed future results of Heartland's operations or performance. These forward-looking statements are generally identified by the use of the words ''believe', 'expect'', ''intent', 'anticipate'', ''plan', 'estimate'', ''project', ''will', ''would', ''could', ''should'', 'may', 'view', 'opportunity', 'potential', or similar expressions that are used in this release, and future oral and written statements of Heartland and its management. Although Heartland has made these statements based on management's experience and best estimate of future events, the ability of Heartland to predict results or the actual effect of plans or strategies is inherently uncertain, and there may be events or factors that management has not anticipated. Therefore, the accuracy and achievement of such forward-looking statements and estimates are subject to a number of risks, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which are detailed below and in the risk factors in Heartland's reports filed with the Securities and Exchange Commission ('SEC'), include, among others: The impact of the COVID-19 pandemic on Heartland and U.S. and global financial markets; Measures enacted by the U.S. federal and state governments and adopted by private businesses in response to the COVID-19 pandemic; The deterioration of the U.S. economy in general and in the local economies in which Heartland conducts its operations; Increasing credit losses due to deterioration in the financial condition of its borrowers, based on declining oil prices and asset and collateral values, which may continue to increase the provision for credit losses and net charge-offs of Heartland; Civil unrest in the communities that Heartland serves; Levels of unemployment in the geographic areas in which Heartland operates; Real estate market values in these geographic areas; Future natural disasters and increases to flood insurance premiums; The effects of past and any future terrorist threats and attacks, acts of war or threats thereof; The level of prepayments on loans and mortgage-backed securities; Legislative and regulatory changes affecting banking, tax, securities, insurance and monetary and financial matters; Monetary and fiscal policies of the U.S. Government including policies of the U.S. Department of Treasury and the Federal Reserve Board; The quality or composition of the loan and investment portfolios of Heartland; Demand for loan products and financial services, deposit flows and competition in Heartland's market areas; Changes in accounting principles and guidelines; The timely development and acceptance of products and services, including products and services offered through alternative delivery channels such as the Internet; The ability of Heartland to implement technological changes as planned and to develop and maintain secure and reliable electronic delivery systems; Heartland's ability to retain key executives and employees; and The ability of Heartland to successfully consummate acquisitions and integrate acquired operations. The COVID-19 pandemic is adversely affecting Heartland and its customers, counterparties, employees and third-party service providers. The COVID-19 pandemic's severity, its duration and the extent of its impact on Heartland's business, financial condition, results of operations, liquidity and prospects remain uncertain. The deterioration in general business and economic conditions and turbulence in domestic and global financial markets caused by the COVID-19 pandemic have negatively affected Heartland's net income, total equity and book value per common share, and continued economic deterioration could adversely affect the value of its assets and liabilities, reduce the availability of funding to Heartland, lead to a tightening of credit and increase stock price volatility. Some economists and investment banks believe that a recession or depression may result from the continued spread of COVID-19 and the economic consequences. These risks and uncertainties should be considered in evaluating forward-looking statements made by Heartland or on its behalf, and undue reliance should not be placed on these statements. There can be no assurance that other factors not currently anticipated by Heartland will not materially and adversely affect Heartland's business, financial condition and results of operations. In addition, many of these risks and uncertainties are currently amplified by and may continue to be amplified by the COVID-19 pandemic and the impact of varying governmental responses that affect Heartland's customers and the economies where they operate. Please take into account that forward-looking statements speak only as of the date they are made, and except as required by applicable law, Heartland does not undertake any obligation to publicly correct or update any forward-looking statement.

Company profile

Ticker
HTLF, HTLFP
Exchange
Website
CEO
Bruce Lee
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
Dubuque Bank and Trust Company • New Mexico • Citizens Finance Parent Co. • Heartland Community Development Inc. ...
IRS number
421405748

HTLF stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

5 Aug 22
13 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 384.79M 384.79M 384.79M 384.79M 384.79M 384.79M
Cash burn (monthly) 73.37M 5.36M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 106.92M 7.81M n/a n/a n/a n/a
Cash remaining 277.87M 376.98M n/a n/a n/a n/a
Runway (months of cash) 3.8 70.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
30 Jun 22 Deters Deborah K Common Stock Grant Acquire A No No 37.52 396 14.86K 5,365
15 Jun 22 Kathryn G Unger RSU Common Stock Grant Acquire A No No 42.99 1,396 60.01K 0
15 Jun 22 Schmitz Martin J RSU Common Stock Grant Acquire A No No 42.99 1,105 47.5K 0
15 Jun 22 Schmitz Martin J RSU Common Stock Grant Acquire A No No 42.99 1,571 67.54K 0
15 Jun 22 Hopkins Jennifer K RSU Common Stock Grant Acquire A No No 42.99 1,105 47.5K 0
15 Jun 22 Hopkins Jennifer K RSU Common Stock Grant Acquire A No No 42.99 1,746 75.06K 0
61.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 186 183 +1.6%
Opened positions 18 30 -40.0%
Closed positions 15 23 -34.8%
Increased positions 66 63 +4.8%
Reduced positions 65 49 +32.7%
13F shares Current Prev Q Change
Total value 1.29B 1.37B -5.8%
Total shares 26.26M 26.02M +0.9%
Total puts 4.8K 0 NEW
Total calls 0 0
Total put/call ratio Infinity
Largest owners Shares Value Change
BLK Blackrock 4.43M $211.87M -2.3%
Vanguard 3.03M $144.83M +6.6%
Earnest Partners 2.79M $133.32M -2.7%
Dimensional Fund Advisors 1.84M $87.91M +5.9%
Dubuque Bank & Trust 1.64M $78.67M -0.5%
Thrivent Financial For Lutherans 1.57M $75.06M -1.5%
STT State Street 1.1M $52.76M +8.2%
Geode Capital Management 765.94K $36.64M +5.0%
BAC Bank Of America 639.79K $30.6M +4.4%
Nuveen Asset Management 606.57K $30.19M -9.7%
Largest transactions Shares Bought/sold Change
JHG Janus Henderson 472.32K +464.21K +5723.9%
Norges Bank 0 -380.18K EXIT
Millennium Management 7.23K -352.2K -98.0%
Mesirow Financial Investment Management - Equity Management 236.56K +236.56K NEW
Vanguard 3.03M +187.96K +6.6%
BLK Blackrock 4.43M -103.76K -2.3%
Dimensional Fund Advisors 1.84M +102.44K +5.9%
Kennedy Capital Management 87.12K +87.12K NEW
M3F 179.5K +86.91K +93.9%
STT State Street 1.1M +83.23K +8.2%

Financial report summary

?
Risks
  • Our participation in the Paycheck Protection Program and other regulatory and governmental actions to mitigate the impact of the COVID-19 could result in reputational harm, claims and litigation.
  • Our business and financial results are significantly affected by general business and economic conditions.
  • Our business dependent upon the continued growth and welfare of the various geographic markets that we serve.
  • Our business and performance are vulnerable to the impact of volatility in debt and equity markets.
  • Changes in interest rates and other conditions could negatively impact net interest income and net interest margin.
  • We may be adversely impacted by the planned phasing out of the London Interbank Offered Rate ("LIBOR") as a reference rate.
  • We have recorded goodwill as a result of acquisitions, and if it becomes impaired, our earnings could be significantly impacted.
  • We have substantial deferred tax assets that could require a valuation allowance and a charge against earnings if we conclude that the tax benefits represented by the assets are unlikely to be realized.
  • Changes in the federal, state or local tax laws may negatively impact our financial performance.
  • Our business and financial performance could be adversely affected, directly or indirectly, by natural disasters, climate change, pandemics, terrorist activities, domestic disturbances or international hostilities
  • Climate change manifesting as transition, physical or other risks could adversely affect our operations, businesses, customers, reputation and financial condition.
  • Our framework for managing risks may not be effective in mitigating risk and losses.
  • If we do not properly manage our credit risk, we could suffer material credit losses.
  • We are subject to lending concentration risks.
  • We depend on the accuracy and completeness of information about our customers and counterparties.
  • Our loan portfolio has a large concentration of commercial real estate loans, a segment that can be subject to volatile cash flows and collateral values.
  • We may encounter issues with environmental law compliance if we take possession, through foreclosure or otherwise, of the real property that secures a commercial real estate loan.
  • The ability of a borrower to repay agricultural loans may be especially affected by many factors outside of the borrower’s control.
  • We hold one- to four-family first-lien residential mortgage loans in our loan portfolio, and the ability of the borrower to repay may be difficult to estimate.
  • Economic disruption resulting from the COVID-19 pandemic may make it difficult for some customers to repay their loans, resulting in increased credit losses.
  • Government programs established in response to the COVID-19 pandemic may delay but not avoid the realization of credit losses.
  • Our allowance for credit losses may prove to be insufficient to absorb losses in our loan portfolio.
  • Liquidity is essential to our business, and our performance could be adversely affected by constraints in or increased costs for funding.
  • The required accounting treatment of loans we acquire through acquisitions could result in higher net interest margins and interest income in current periods and lower net interest margins and interest income in future periods.
  • Our liability portfolio, including deposits, may subject us to liquidity risk and pricing risk from concentrations.
  • Our growth may create the need to raise additional capital in the future, but that capital may not be available when it is needed.
  • We rely on dividends from our subsidiaries for most of our revenue and are subject to restrictions on payment of dividends.
  • Reduction in the value, or impairment of our investment securities, can impact our earnings and common stockholders' equity.
  • We have a continuing need for technology investments, and we may not have the resources to effectively implement new technology.
  • Security breaches, cyber-attacks or other similar incidents with respect to our or our vendors’ systems or network security, as well as the resulting theft or compromise of business and customer information, including personal information, could adversely affect our business or reputation, and create significant legal, regulatory or financial exposure.
  • The potential for business interruption or failure exists throughout our organization.
  • We are subject to risks from employee errors, customer or employee fraud and data processing system failures and errors.
  • Our Bank Markets and growth strategy rely heavily on our management team, and the unexpected loss of key managers may adversely affect our operations.
  • New lines of business, products and services are essential to our ability to compete but may subject us to additional risks.
  • Our analytical and forecasting models may be improper or ineffective.
  • Our internal controls may be ineffective.
  • The soundness of other financial institutions could adversely affect our liquidity and operations.
  • We may experience difficulties in achieving and managing our growth and our growth strategy involves risks that may negatively impact our net income. Strong organic growth is an integral component to allow us to achieve business and financial results necessary to make appropriate investments in people, processes and systems which allow HTLF to remain competitive in attracting and retaining employees and customers.
  • Attractive acquisition opportunities may not be available to us in the future.
  • We face intense competition in all phases of our business and competitive factors could adversely affect our business.
  • Government regulation can result in limitations on our growth strategy.
  • We are subject to extensive and evolving government regulation and supervision, which can increase the cost of doing business and lead to enforcement actions.
  • Stringent requirements related to capital and liquidity may limit our ability to return earnings to stockholders or operate or invest in our business.
  • We are becoming subject to additional regulatory requirements as our total assets increase, and these additional requirements could have an adverse effect on our financial condition or results of operations.
  • We are subject to complex and evolving laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity, which can increase the cost of doing business, compliance risks and potential liability.
  • Litigation and enforcement actions could result in negative publicity and could adversely impact our business and financial results.
  • Our stock price can be volatile.
  • Stockholders may experience dilution as a result of future equity offerings and acquisitions.
  • Certain banking laws and the HTLF Stockholder Rights Plan may have an anti-takeover effect.
Management Discussion
  • ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • This Quarterly Report on Form 10-Q (including any information incorporated herein by reference) contains, and future oral and written statements of Heartland Financial USA, Inc. ("HTLF") and its management may contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, financial condition, results of operations, plans, objectives and future performance of HTLF.
  • Any statements about HTLF's expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These forward-looking statements are generally identified by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "project," "may," "will," "would," "could," "should," "opportunity," "potential" or other similar or negative expressions of these words or phrases. Although HTLF has made these statements based on management's experience, beliefs, expectations, assumptions and best estimate of future events, the ability of the company to predict results or the actual effect or outcomes of plans or strategies is inherently uncertain, and there may be events or factors that management has not anticipated. Therefore, the accuracy and achievement of such forward-looking statements and estimates are subject to a number of risks, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which the company currently believes could have a material effect on its operations and future prospects include, among others, those described below and in the risk factors in HTLF's reports filed with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section under Item 1A of Part I of the company’s Annual Report on Form 10-K for the year ended December 31, 2021:

Content analysis

?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Avg
New words: brokered, Citywide, dealer, decision, division, fifteen, final, half, holdback, lawsuit, progression, recession, stage, template, waning
Removed: approved, check, facility, lingering, network, resolved, wire