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HTLF Heartland Financial USA

Heartland Financial USA, Inc. operates as a bank holding company, which provides commercial banking services. The firm also engages in the business of community banking and operate as a single business segment. The company was founded in 1981 and is headquartered in Dubuque, IA.

Company profile

Ticker
HTLF, HTLFP
Exchange
Website
CEO
Bruce Lee
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
421405748

HTLF stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

25 Feb 21
13 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 337.9M 337.9M 337.9M 337.9M 337.9M 337.9M
Cash burn (monthly) (positive/no burn) 3.4M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) n/a 11.76M n/a n/a n/a n/a
Cash remaining n/a 326.14M n/a n/a n/a n/a
Runway (months of cash) n/a 95.9 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
16 Mar 21 Christopher Hylen Depository Shares Buy Aquire P No No 28.1 100 2.81K 3,500
16 Mar 21 Christopher Hylen Depository Shares Buy Aquire P No No 28.14 200 5.63K 3,400
16 Mar 21 Christopher Hylen Depository Shares Buy Aquire P No No 27.99 200 5.6K 3,200
16 Mar 21 Christopher Hylen Depository Shares Buy Aquire P No No 28.15 320 9.01K 3,000
16 Mar 21 Christopher Hylen Depository Shares Buy Aquire P No No 28.25 2,279 64.38K 2,680
16 Mar 21 Christopher Hylen Depository Shares Buy Aquire P No No 27.75 401 11.13K 401
16 Mar 21 McKeag Bryan Common Stock Option exercise Aquire M No No 52.06 1,622 84.44K 7,926
16 Mar 21 McKeag Bryan 2018 Performance Based Restricted Stock (3-year performance) Common Stock Payment of exercise Dispose F No No 52.06 1,622 84.44K 0
16 Mar 21 Lee Bruce K Common Stock Option exercise Aquire M No No 52.06 2,248 117.03K 40,034
16 Mar 21 Lee Bruce K 2018 Performance Based Restricted Stock (3-year performance) Common Stock Payment of exercise Dispose F No No 52.06 2,248 117.03K 0

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

51.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 157 141 +11.3%
Opened positions 23 18 +27.8%
Closed positions 7 16 -56.3%
Increased positions 45 42 +7.1%
Reduced positions 57 45 +26.7%
13F shares
Current Prev Q Change
Total value 868.92M 632.84M +37.3%
Total shares 21.49M 21.02M +2.2%
Total puts 0 0
Total calls 29.3K 56.5K -48.1%
Total put/call ratio
Largest owners
Shares Value Change
BLK Blackrock 2.64M $106.5M +6.5%
Vanguard 2.48M $100.24M +2.9%
Earnest Partners 1.91M $77.17M -1.0%
Dimensional Fund Advisors 1.72M $69.25M -0.1%
Dubuque Bank & Trust 1.66M $66.99M +2.9%
Thrivent Financial For Lutherans 1.37M $55.12M +19.7%
FMR 937.09K $37.83M -15.7%
STT State Street 763.32K $30.82M +2.1%
NTRS Northern Trust 700.65K $28.29M -2.6%
Geode Capital Management 535.37K $21.61M +2.6%
Largest transactions
Shares Bought/sold Change
Nuveen Asset Management 223.06K -463.19K -67.5%
Norges Bank 429.33K +429.33K NEW
Thrivent Financial For Lutherans 1.37M +224.54K +19.7%
FMR 937.09K -173.87K -15.7%
BLK Blackrock 2.64M +161.68K +6.5%
Millennium Management 269.51K +102.7K +61.6%
Hotchkis & Wiley Capital Management 0 -78.14K EXIT
Vanguard 2.48M +70.84K +2.9%
MS Morgan Stanley 87.44K +65.72K +302.6%
Citadel Advisors 62.18K +62.18K NEW

Financial report summary

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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 is concentrated in and dependent upon the continued growth and welfare of the various 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
  • Our framework for managing risks may not be effective in mitigating risk and losses.
  • 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 technological change and we may not have the resources to effectively implement new technology.
  • Our operations are affected by risks associated with our use of vendors and other third-party service providers.
  • Interruption in or breaches of our network security and the resulting theft or compromise of business and customer information could adversely affect our business or reputation, and create significant legal, regulatory or financial exposure.
  • We could face significant legal and reputational harm if we fail to safeguard personal information.
  • The potential for business interruption exists throughout our organization.
  • We are subject to risks from employee errors, customer or employee fraud and data processing system failures and errors.
  • Our 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 managing our growth and our growth strategy involves risks that may negatively impact our net income.
  • 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.
  • More 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.
  • 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 Heartland Stockholder Rights Plan may have an anti-takeover effect.
Management Discussion
  • Net income available to common stockholders was $133.5 million, or $3.57 per diluted common share, for the year ended December 31, 2020, compared to $149.1 million, or $4.14 per diluted common share, earned during the prior year. Return on average common equity was 8.06% and return on average assets was 0.90% for 2020, compared to 10.12% and 1.24%, respectively, for 2019.
  • Total assets of Heartland were $17.91 billion at December 31, 2020, an increase of $4.70 billion or 36% from $13.21 billion at year-end 2019. Included in this increase, at fair value, were $1.97 billion of assets acquired in the AimBank transaction and $419.7 million of assets acquired in the Johnson Bank branch transaction. Exclusive of these transactions, total assets increased $2.31 billion or 17% since December 31, 2019. Securities represented 35% of Heartland's total assets at December 31, 2020, compared to 26% at year-end 2019.
  • Total loans held to maturity were $10.02 billion at December 31, 2020, compared to $8.37 billion at year-end 2019, an increase of $1.66 billion or 20%. This change includes $1.24 billion of total loans held to maturity acquired at fair value in the AimBank and Johnson Bank branch transactions, which included $53.1 million of PPP loans. Excluding the loans acquired in the AimBank and Johnson Bank branch transactions and legacy PPP loans of $904.7 million, total loans held to maturity organically decreased $487.3 million or 6% since December 31, 2019.
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