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Heartland BancCorp Announces Higher First Quarter 2014 Earnings15-Apr-2014

G. Scott McComb, Chairman and CEO of Heartland BancCorp, parent company of Heartland Bank, today reported first quarter 2014 net income of $1.234 mill..

William J. Schottenstein elected to the Board of Directors of Heartland Bank09-Apr-2014

G. Scott McComb, Chairman, President and CEO of Heartland Bank announced today that William J. Schottenstein was elected to the Board of Directors..

Columbus Business First: Heartland Bank stepping into limelight: Q&A with CEO Scott McComb20-Mar-2014

Mar 19, 2014, 12:00pm EDT Heartland Bank always has aimed to be the friendly neighborhood bank, and CEO Scott McComb (http://www.bizjournals.com/..

Heartland Bank’s Downtown Columbus Branch Opens This Week31-Jan-2014

Gahanna, Ohio – G. Scott McComb, Chairman, President and CEO of Heartland Bank is pleased to announce that the recently purchased 101 South ..

Heartland Bank to Accept Franklin County Property Tax Payments11-Dec-2013

Gahanna, Ohio - Scott McComb, Chairman, President and CEO of Heartland Bank, in partnership with the Franklin County Treasurer’s Office, is ..

Columbus Business First: Heartland Bank CEO remains hopeful despite industry’s mortgage slump12-Nov-2013

by Evan Weese, Columbus Business First. Banks in the second half of 2013 have grappled with how best to generate mortgage banking income ..

Heartland Bank teams up with Columbus Crew28-Oct-2013

Gahanna, Ohio – Scott McComb, Chairman, President and CEO of Heartland Bank, today announced an exciting partnership with central Ohio&rsqu..

Pennies to Dollars to Help Johnstown-Northridge Community Food Pantry28-Oct-2013

Heartland Bank is proud to support the Johnstown-Northridge Community Food Pantry. To learn more and see how you can support this great cause, p..

Heartland BancCorp Announces Higher 3rd Quarter 2013 Earnings: Directors Increase Dividend17-Oct-2013

Gahanna, Ohio - Scott McComb, Chairman & CEO of Heartland BancCorp, parent company of Heartland Bank, today reported a 2% increase in third quarte..

Pennies to Dollars to Help Glenwood Center for Early Child Development11-Sep-2013

Heartland Bank is proud to support the Glenwood Center for Early Child Development. To learn more and see how you can support this great cause, ..

Hampton Inn construction kicks off after financing finalized with Heartland Bank - Business First20-Aug-2013

Columbus hotel investor and operator David Patel has completed financing on a 152-room Hampton Inn & Suites and wasted no time in getting construc..

Pennies to Dollars to Help Reynoldsburg Church of the Nazarene20-Aug-2013

Heartland Bank is proud to support the Reynoldsburg Church of the Nazarene. To learn more and see how you can support this great cause, please..

Heartland Bank Receives 2013 WWR Outstanding Community Partner Award14-Aug-2013

August 13, 2013, Gahanna, Ohio – Weltman, Weinberg & Reis Co., LPA (WWR) presented Heartland Bank of Gahanna, Ohio with the annual 2013..

Heartland BancCorp Announces 2nd Quarter and Year-To-Date 2013 Earnings17-Jul-2013

Gahanna, Ohio - Scott McComb, Chairman & CEO of Heartland BancCorp, parent company of Heartland Bank, today reported earnings for the 2nd quarter ..

Heartland Bank to serve as Presenting Sponsor of 40th annual Westerville Music & Arts Festival05-Jun-2013

Gahanna, Ohio – June 4, 2013 Heartland Bank is proud to announce their support of the 40th annual Westerville Area Chamber of Commerce Music &am..

Heartland BancCorp Ranks 62nd in American Banker Magazine Top 200 Community Banks in the Nation08-May-2013

GAHANNA, OHIO – May 8, 2013….Leading business management publication American Banker Magazine has just released its annual list of th..

Pennies to Dollars to Help Gahanna Animal Hospital08-May-2013

Heartland Bank is proud to support the Gahanna Animal Hospital. To learn more and see how you can support this great cause, please feel free t..

Heartland BancCorp Announces 1st Quarter 2013 Earnings 15-Apr-2013

G. Scott McComb, Chairman and CEO of Heartland BancCorp, parent company of Heartland Bank, today reported 1st quarter 2013 net income of $1.091 millio..

Pennies to Dollars to Help the Licking County Humane Society15-Apr-2013

Heartland Bank is proud to support the Licking County Humane Society. To learn more and see how you can support this great cause, please feel ..

Over 300 Registered for Heartland Bank’s 6th Annual Money Matters Free Financial Summit11-Mar-2013

GAHANNA, OH – March 11, 2013 – Continuing the tradition of being a financial solutions resource, Heartland Bank was proud to present t..

A Man’s Dream Comes True22-Feb-2013

Gahanna, Ohio – February 21, 2013 – G. Scott McComb, Chairman, President & CEO of Heartland Bank is pleased to announce a partners..

Heartland Bank Reinvests in Downtown Columbus08-Feb-2013

February 7, 2013 - Gahanna, Ohio – G. Scott McComb, Chairman, President & CEO of Heartland Bank is pleased to announce Heartland Bank&rs..

Heartland BancCorp Announces 2012 Earnings22-Jan-2013

Gahanna, Ohio – G. Scott McComb, Chairman & CEO of Heartland BancCorp, parent company of Heartland Bank, today announced 2012 earnings. ..

Early Dividend Payout to Heartland BancCorp Shareholders29-Nov-2012

GAHANNA, OHIO – November 29, 2012 - G. Scott McComb, Chairman & CEO of Heartland BancCorp, parent company of Heartland Bank announced at..

Gerald McClain Family Honored During Heartland Bank’s Newark Office Grand Opening Celebration13-Nov-2012

GAHANNA, OHIO – November 13, 2012 … Over 150 people were in attendance at the Grand Opening Celebration and Ribbon Cutting Ceremony of He..

Heartland BancCorp Announces: Higher 3rd Quarter and Year-to-Date 2012 Earnings11-Oct-2012

Gahanna, Ohio – October 11, 2012 - G. Scott McComb, Chairman & CEO of Heartland BancCorp, parent company of Heartland Bank, today report..


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Heartland BancCorp Announces 1st Quarter 2013 Earnings

Heartland BancCorp Announces 1st Quarter 2013 Earnings

15-Apr-2013 G. Scott McComb, Chairman and CEO of Heartland BancCorp, parent company of Heartland Bank, today reported 1st quarter 2013 net income of $1.091 million or $0.70 per diluted share compared to earnings of $1.276 million or $0.82 per diluted share for the 1st quarter of 2012.

Earnings for the 1st quarter of 2013 as compared with the 1st quarter of 2012 reflect lower interest income, down $383 thousand or 6% partially offset by lower interest expense down $210 thousand or 17% for 2013 compared to the prior year. Provision for loan loss for the 1st quarter 2013 totaled $555 thousand, up 24% or $109 thousand higher than provision of $446 thousand recorded in the 1st quarter 2012.  Net interest income after provision for loan loss declined $282 thousand or 6% in 2013 compared to the 1st quarter 2012. The allowance for loan loss increased to $5.7 million up 39% compared to $4.1 million at March 31, 2012. The allowance totaled 1.42% of gross loans outstanding an increase of 33% compared to 1.07% as of 3/31/2012.  Included in interest expense in the 1st quarter of 2013 is $162 thousand representing the premium paid to redeem $3,000,000 of 10.60% Capital Securities issued through one of Heartland BancCorp’s subsidiaries as part of a pooled offering during September 2000.  These securities became eligible for early redemption on September 7, 2010 and were redeemed on March 7, 2013 with a redemption premium of 4.24%. It is projected that the cost of this redemption will be recovered in approximately six months and will be accretive to Heartland BancCorp’s earnings thereafter.  

Non-interest income of $851 thousand for the 1st quarter of 2013 increased $16 thousand or 2% over the prior year 1st quarter.  Operating expenses for 2013 increased $56 thousand or 1% compared to the 1st quarter of 2012.

Other Financial highlights for the 1st quarter 2013 compared to the same period in 2012 include:

  • Net loans increased 3% or $10 million to $396 million,
  • Interest bearing and non-interest bearing transaction deposit accounts increased $20 million in 2013 over 2012 representing an increase of 8% in 2013.
  • Shareholders’ equity increased $4.3 million or 8% to $55.9 million,
  • Book value per share increased to $36.23 as of March 31, 2013 up 8% from $33.49 in 2012.

McComb stated that “Heartland BancCorp had a very good start to the year.  Even though 1st quarter earnings were negatively impacted by the early redemption of our capital securities we will eliminate a 10.60% borrowing cost that will positively impact earnings for the remainder of this year and beyond. Consistent quality earnings enabled us to retire this expensive capital. Protecting our net interest margin and growing our franchise with quality assets remains our primary objective.  We are pleased that our capital strength supports our plans for continued growth”. 

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 worldwide access 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.

 

Heartland BancCorp

Earnings Profile

First Quarter

March 31, 2013 and 2012

 

 

 

               2013

               2012

Net Interest Income (after provision)

Non-Interest Income

$4,529,270

851,072

$4,811,228

834,860

Net Income

1,090,555

1,275,968

Basic Earnings Per Common Share

$0.71

$0.83

Diluted Earnings Per Common Share

$0.70

$0.82

 

 

 

 

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