Contact: Tiney M. McComb – Chairman & CEO or, Phone: 614-337-4600
G. Scott McComb – Vice Chairman & President
GAHANNA, OHIO - Tiney M. McComb, Chairman and CEO of Heartland BancCorp, parent company of Heartland Bank, today announced record full year 2011 earnings.
Net income for the year ended December 31, 2011 increased 11% or $499 thousand to $5.069 million or $3.27 per share compared to earnings of $4.570 million or $2.96 per share for the prior year ended December 31, 2010. Net interest income before provision for loan loss for 2011 increased 4% to $21.128 million compared to $20.383 million for 2010. Provision for loan loss of $2.589 million for the full year 2011 compared to $1.921 million for all of 2010. The added provision in 2011 was used to increase the Bank’s allowance for loan loss, strengthening its financial position. Total non-interest income increased $294 thousand or 11% to $3.027 million in 2011 compared to $2.733 million for 2010. Non-interest or overhead expense of $14.650 million in 2011 decreased $222 thousand or 1% compared to non-interest expense of $14.872 million in 2010.
Total assets outstanding increased 6% to $571 million at year-end 2011, an increase of $34.3 million compared to assets outstanding of $537 million at the end of 2010. Net loans outstanding increased to $390 million, up 1% compared to net loans of $388 million at the end of 2010. Deposits increased 6% to $489 million at December 31, 2011. Deposit growth in non-interest bearing transaction accounts increased $12 million or 24% ending the year at $62.6 million compared to $50.5 million at the end of 2010. Savings deposits increased 9% to $173.9 million an increase of $14.2 million compared to $159.7 million at the end of 2010. Total shareholders’ equity grew to $50.8 million, up 12% from $45.2 million at year-end 2010. Based upon shares outstanding the book value of shareholders’ equity increased 12% from $29.40 at year-end 2010 to $33.00 per share at December 31, 2011.
“Heartland BancCorp again posted record earnings in 2011, with net income topping $5 million, well above the previous record set in 2010 marking another successful year for Heartland BancCorp. Our capital position and earnings rose to record levels while we continued to focus on ways to maintain our high level of customer service and streamline our expenses to become more profitable. As we begin our 2nd century of operations, we believe we have positioned our bank with the fundamentals to grow and prosper,” said Tiney McComb, Chairman.
In recognition of the accomplishments during 2011 the Board of Directors declared a 1st quarter 2012 cash dividend of $0.3217 per share to shareholders of record March 25, 2012 payable April 10, 2012 resulting in an annual dividend yield of 5.15% based on the closing price of our shares at December 31, 2011.
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.
About Heartland Bank
Heartland BancCorp is a Financial Holding Company and 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.