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Heartland BancCorp in Top 200 Community Banks and Thrifts in the Nation, Four Years Running12-May-2014

Gahanna, Ohio – May 1, 2014…Leading business management publication American Banker Magazine has just released its annual list of the..

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 Higher First Quarter 2014 Earnings

Heartland BancCorp Announces Higher First Quarter 2014 Earnings

15-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 million or $0.79 per diluted share up 13% over earnings of $1.091 million or $0.70 per diluted share for the first quarter of 2013. Earnings for the first quarter of 2014 as compared with the first quarter of 2013 reflect higher interest income, up $189 thousand or 3% and lower interest expense down $200 thousand or 23%. Provision for loan loss for the first quarter 2014 totaled $405 thousand, a reduction of $150 thousand or 27% lower than provision of $555 thousand for the first quarter of 2013. The lower provision in 2014 reflects continuing improvement in overall asset quality evidenced by reduced levels of non-performing assets. At March 31, 2014 non-performing assets fell to $5.8 million a decrease of $7.5 million or 56% compared to non-performing assets of $ 13.3 million as of March 31, 2013. Net interest income after provision for loan loss increased $539 thousand or 12% in 2014 compared to the first quarter of 2013. Non-interest income of $669 thousand for the first quarter of 2014 declined $182 thousand or 21% below the prior year first quarter due primarily to net gains recorded on sales of securities held for sale totaling $219 thousand in the first quarter of 2013 that did not reoccur in 2014. Operating expenses for the first quarter of 2014 increased $112 thousand or 3% compared to the 1st quarter of 2013.

Other Financial highlights for the first quarter 2014 compared to the same period in 2013 include:

• Total assets outstanding increased $30 million to reach $601 million as of March 31, 2014,

• Net loans increased 8% or $33.5 million to $429 million,

• Total deposits increased $25 million or 5% while interest bearing and non-interest bearing transaction accounts increased $32 million in 2014 over 2013. Certificates of deposits declined $7.5 million or 3% year over year,

• Shareholders’ equity increased slightly year over year to $56 million and includes a $3.455 million decrease in the net after tax fair market value of securities held for sale at March 31, 2014 compared to the end of the first quarter of 2013.

McComb stated that “First quarter 2014 financial results for Heartland BancCorp represent a very positive start to the year. Factors contributing to the earnings increase reflect improved operating results throughout the balance sheet favorably impacted by the improving local economy and the reduction in non-current loan balances and lower net charge-offs. In addition, earnings for the first quarter of 2014 were positively impacted by management’s decision in the first quarter of 2013 to redeem $3 million of capital securities eliminating a 10.60% borrowing cost. The elimination of this borrowing contributes $0.14 quarterly to our earnings per share. Consistent and quality earnings enabled us to retire this expensive source of capital. Protecting the net interest margin and growing our franchise with quality assets remains amongst our primary objectives. We are pleased that our capital strength supports our plans for this and continued balance sheet initiatives focused on earnings growth. In addition, the strength of our capital enabled our board to approve, in January 2014, a previously announced 5% increase in our quarterly cash dividend to $0.3547 per share raising our dividend payout ratio to 44.6% for the first quarter of 2014.”

About Heartland Bank
Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates eleven full-service banking offices. Heartland Bank, founded in 1911, provides full service commercial, small business, and consumer banking services; alternative investment services; insurance services; and other financial products and services. 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.
Learn more about Heartland Bank at HeartlandBank.com.

 

Heartland BancCorp

Earnings Profile

First Quarter

March 31, 2014 and 2013

 

 

               2014

               2013

Net Interest Income (after provision)

Non-Interest Income

$5,195,515

669,070

$4,656,470

851,072

Net Income

1,233,977

1,090,555

Basic Earnings Per Common Share

$0.80

$0.71

Diluted Earnings Per Common Share

$0.79

$0.70


About Heartland Bank
Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates eleven full-service banking offices. Heartland Bank, founded in 1911, provides full service commercial, small business, and consumer banking services; alternative investment services; insurance services; and other financial products and services. 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.
Learn more about Heartland Bank at HeartlandBank.com.

 

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