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You Are Here: Heartland BancCorp Announces: 3rd Quarter 2009 Earnings Release
Net income for the nine-month period ending September 30, 2009 totaled $2.543 million or $1.65 per diluted share, compared to $3.057 million or $1.95 per diluted share for the same nine-month period in 2008. Earnings for 2009 have been negatively impacted by higher FDIC insurance expense. The recurring premium per deposit dollar assessed by the FDIC on Banks increased substantially during 2009. In addition, during 2009 the FDIC implemented a special assessment on the banking industry to help replenish the insurance fund. As a result FDIC insurance expense has increased $445 thousand, an increase of 371% for the 1st 9 months of 2009 versus the same period in 2008. The special assessment and the increase in quarterly premiums have been imposed on all FDIC insured financial institutions.
Heartland BancCorp recorded total asset growth of 2% during the annual period ending September 30, 2009. Assets at September 30, 2009 totaled $524 million, an increase of $12.2 million over assets of $512 million at September 30, 2008. Net loans outstanding increased by $15.6 million to $388.6 million at September 30, 2009, up 4% compared to net loans of $373 million at September 30, 2008. Deposits increased $11.2 million during the past year to $456 million at September 30, 2009, an increase of 3%. Total shareholders’ equity grew to $43.5 million or $28.30 per share, an increase of 10% from $39.7 million or $25.66 per share at September 30, 2008. Heartland Bank continues to be classified as a well capitalized banking institution with Leverage, Tier 1 risk-based and Total Risk-based capital ratios totaling 8.21%, 11.56% and 12.40% respectively at September 30, 2009, and are higher than the same period in 2008. Heartland’s earnings and capital ratios compare favorably to its peer banks.
During their October 2009 meeting, the Directors of Heartland BancCorp declared a 4th quarter 2009 cash dividend of $0.3217 per share to shareholders of record December 25, 2009, payable January 10, 2010. McComb noted, “Based on the closing price of our common stock on September 30, 2009, this dividend represents an annualized dividend yield of 5.72%. I am pleased with Heartland’s solid year over year growth in assets, loans, deposits and shareholders’ equity, and I expect to see continuing net interest margin improvement in the months ahead. This dividend further underscores our commitment to our investors for the confidence they have demonstrated through their continued investment in Heartland BancCorp. As we look forward, we see significant opportunity for well capitalized and well managed financial institutions to grow and prosper. We continue our focus on balanced growth, risk management, asset quality and operational efficiency while maintaining our pursuit of exceeding our customers’ expectations. Achievement of these goals enables us to reward our shareholders, our customers and our employees.”
Heartland Bank provides a complete line of loan and deposit products accessible from any of our banking offices and ATMs, as well as from home or office using Heartland’s telephone banking at 416-BANK or internet banking at www.heartlandbank.com
Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates eleven full-service banking offices. Alternative investment services are provided through Infinex Financial Group. Heartland Bank is a member of the Federal Reserve, a member of the FDIC and an Equal Housing Lender. Heartland BancCorp is currently quoted on the over-the-counter (OTC) Bulletin Board Service under the symbol HLAN.
For Immediate Release: November 4, 2009 – 9:00 a.m.
Contact: Tiney M. McComb – Chairman or G. Scott McComb – Vice Chairman & President
Phone: 614-337-4600
Heartland BancCorp Announces: 3rd Quarter 2009 Earnings Release
19-Nov-2009 Tiney M. McComb, Chairman of Heartland BancCorp, parent company of Heartland Bank, today reported 3rd quarter 2009 operating results and continued loan and deposit growth as total assets exceed $524 million at September 30, 2009. Net income for the quarter ended September 30, 2009 totaled $820 thousand or $0.53 per diluted share compared to net income of $1.092 million or $0.70 per diluted share for the quarter ending September 30, 2008. Earnings were lower during the 3rd quarter due to increased provision expense for loan losses based upon slowing economic conditions and a one-time charge to earnings resulting from the mark to market of an other than temporarily impaired investment security. An improving net-interest margin has partially offset the effect of these items. Net interest income for the 3rd quarter of 2009 totaled $4.928 million, an increase of 15% over the prior year 3rd quarter. The increase in net interest income was due to a 29% decline in interest expense partially reduced by a 5% decline in interest income, as interest rates have remained low throughout 2009. Heartland’s provision expense during the 3rd quarter of 2009 totaled $375 thousand representing 10 basis points of average loans outstanding compared to $152 thousand or 4 basis points of average loans outstanding for the prior year 3rd quarter. Net loan charge-offs for both current and prior year remain extremely low by industry standards reflecting the overall quality of the Bank’s loan portfolio.Net income for the nine-month period ending September 30, 2009 totaled $2.543 million or $1.65 per diluted share, compared to $3.057 million or $1.95 per diluted share for the same nine-month period in 2008. Earnings for 2009 have been negatively impacted by higher FDIC insurance expense. The recurring premium per deposit dollar assessed by the FDIC on Banks increased substantially during 2009. In addition, during 2009 the FDIC implemented a special assessment on the banking industry to help replenish the insurance fund. As a result FDIC insurance expense has increased $445 thousand, an increase of 371% for the 1st 9 months of 2009 versus the same period in 2008. The special assessment and the increase in quarterly premiums have been imposed on all FDIC insured financial institutions.
Heartland BancCorp recorded total asset growth of 2% during the annual period ending September 30, 2009. Assets at September 30, 2009 totaled $524 million, an increase of $12.2 million over assets of $512 million at September 30, 2008. Net loans outstanding increased by $15.6 million to $388.6 million at September 30, 2009, up 4% compared to net loans of $373 million at September 30, 2008. Deposits increased $11.2 million during the past year to $456 million at September 30, 2009, an increase of 3%. Total shareholders’ equity grew to $43.5 million or $28.30 per share, an increase of 10% from $39.7 million or $25.66 per share at September 30, 2008. Heartland Bank continues to be classified as a well capitalized banking institution with Leverage, Tier 1 risk-based and Total Risk-based capital ratios totaling 8.21%, 11.56% and 12.40% respectively at September 30, 2009, and are higher than the same period in 2008. Heartland’s earnings and capital ratios compare favorably to its peer banks.
During their October 2009 meeting, the Directors of Heartland BancCorp declared a 4th quarter 2009 cash dividend of $0.3217 per share to shareholders of record December 25, 2009, payable January 10, 2010. McComb noted, “Based on the closing price of our common stock on September 30, 2009, this dividend represents an annualized dividend yield of 5.72%. I am pleased with Heartland’s solid year over year growth in assets, loans, deposits and shareholders’ equity, and I expect to see continuing net interest margin improvement in the months ahead. This dividend further underscores our commitment to our investors for the confidence they have demonstrated through their continued investment in Heartland BancCorp. As we look forward, we see significant opportunity for well capitalized and well managed financial institutions to grow and prosper. We continue our focus on balanced growth, risk management, asset quality and operational efficiency while maintaining our pursuit of exceeding our customers’ expectations. Achievement of these goals enables us to reward our shareholders, our customers and our employees.”
Heartland Bank provides a complete line of loan and deposit products accessible from any of our banking offices and ATMs, as well as from home or office using Heartland’s telephone banking at 416-BANK or internet banking at www.heartlandbank.com
Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates eleven full-service banking offices. Alternative investment services are provided through Infinex Financial Group. Heartland Bank is a member of the Federal Reserve, a member of the FDIC and an Equal Housing Lender. Heartland BancCorp is currently quoted on the over-the-counter (OTC) Bulletin Board Service under the symbol HLAN.
For Immediate Release: November 4, 2009 – 9:00 a.m.
Contact: Tiney M. McComb – Chairman or G. Scott McComb – Vice Chairman & President
Phone: 614-337-4600
© 2010 Heartland Bank. | Member FDIC
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