Heartland Financial (HTLF) Tops Q2 EPS by 37c

Heartland Financial (NASDAQ: HTLF) reported Q2 EPS of $0.82, $0.37 better than the analyst estimate of $0.45.

Highlights and Developments

• Quarterly net income of $30.1 million or $0.82 per diluted common share in comparison with $45.2 million or $1.26 per diluted common share for the second quarter of the prior year
• Net interest margin of 3.81% (3.85% on a fully tax-equivalent basis, non-GAAP)(1) during the second quarter of 2020, compared to 3.81% (3.84% on a fully tax-equivalent basis, non-GAAP)(1) during the first quarter of 2020 and 4.06% (4.10% on a fully tax-equivalent basis, non-GAAP)(1) during the second quarter of 2019
• Efficiency ratio (non-GAAP)1 of 55.75% compared to 64.13% for the second quarter of 2019
• Funded approximately 4,800 Paycheck Protection Program ("PPP") loans totaling $1.20 billion
• Arizona Bank & Trust subsidiary entered into a purchase and assumption agreement with Johnson Bank for four banking centers located in Phoenix and Scottsdale, Arizona
• Completed the issuance of $115.0 million of preferred equity

"We are excited to expand Arizona Bank & Trust's presence in the Phoenix and Scottsdale areas," commented Lynn B. Fuller, Heartland's executive operating chairman.

For earnings history and earnings-related data on Heartland Financial (HTLF) click here.

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