Net Loans (Ex. PPP) Increased $56.9 Million, or 5.3%, on a Linked Quarter Basis
Increases Quarterly Cash Dividend by 10% to $0.69 per Share
WHITEHALL, Ohio, Jan. 24, 2022 (GLOBE NEWSWIRE) — Heartland BancCorp (�Heartland and the Company) (OTCQX: HLAN) today reported net income was $5.0 million, or $2.48 per diluted share in the fourth quarter of 2021, compared to $5.8 million, or $2.87 per diluted share in the fourth quarter of 2020, and increased 5.5% compared to earnings of $4.8 million, or $2.34 per diluted share, in the preceding quarter. For the year 2021, net income increased 25.9% to $18.6 million, or $9.17 per diluted share, compared to $14.8 million, or $7.33 per diluted share, in 2020.
The company also announced its board of directors increased its quarterly cash dividend by 10% to $0.69 per share. The dividend will be payable April 10, 2022, to shareholders of record as of March 25, 2022. Heartland has paid regular quarterly cash dividends since 1993.
Heartland produced strong net income for the quarter, and record earnings for the year, as we continue to deliver value, grow core loans and expand our market outreach, stated G. Scott McComb, Chairman, President and Chief Executive Officer. Our results were augmented by robust loan growth (ex. PPP), record net interest income generation and an expanding net interest margin. Operating revenue increased during the quarter driven by increased loan balances across all loan categories, lower cost of funds and an increase in non-interest-bearing deposits. We are seeing exceptional opportunities in Northern Kentucky after entering that new market last year with our acquisition of Victory Community Bank. Additionally, we entered the Cincinnati market organically during the fourth quarter and anticipate similar successes. We are operating from a position of strength as we enter 2022, and we will continue to work to create value for our shareholders, our clients and our communities.
Fourth Quarter Financial Highlights (at or for the three months ended December 31, 2021)
2021 Full Year Financial Highlights (at or for the twelve months ended December 31, 2021)
Paycheck Protection Program
During the second and third quarters of 2020, Heartland originated 1,075 PPP loans, for a total of $129.0 million in PPP loans, and generated total PPP loan fees receivable of approximately $4.9 million. During the first and second quarters of 2021, Heartland originated 770 PPP loans, or $70 million in loans, and generated total PPP loan fees receivable of approximately $3.7 million. As of December 31, 2021, Heartland had received forgiveness from the SBA for $171.4 million. Approximately $846,000 of the income recognized during the fourth quarter of 2021 was related to recognizing origination fees for PPP loan payoffs or forgiveness, compared to $788,000 of income recognized during the third quarter of 2021.
The balance of net unamortized PPP fees, remaining to be recognized in fee income over the life of the associated loans, is $541,000 as of December 31, 2021.
Balance Sheet Review
Our team did an excellent job of replacing the $33.4 million in PPP loan forgiveness with new loan originations during the fourth quarter, said Ben Babcanec, EVP and Chief Operating Officer. Net loan growth (ex. PPP) during the quarter was at record levels, increasing $56.9 million, or 5.3% on a linked quarter basis with an uptick in every loan category. Excluding PPP loans, net loans were $1.13 billion at December 31, 2021, which was a 5.3% increase compared to $1.07 billion at September 30, 2021, and a 10.7% increase compared to $1.02 billion a year earlier. Including PPP loans, net loans were $1.16 billion at December 31, 2021, which was a 3.1% increase compared to $1.12 billion at December 31, 2020, and a 2.1% increase compared to three months earlier. Commercial loans decreased 28.7% from year ago levels to $154.2 million and comprise 13.2% of the total loan portfolio at December 31, 2021. Owner occupied commercial real estate loans (CRE) increased 19.4% to $286.7 million at December 31, 2021, compared to a year ago, and comprise 24.5% of the total loan portfolio. Non-owner occupied CRE loans increased 16.8% to $358.7 million, compared to a year ago, and comprise 30.6% of the total loan portfolio at December 31, 2021. At December 31, 2021, 1-4 family residential real estate loans increased modestly from year ago levels to $323.7 million and represent 27.6% of total loans. Home equity loans decreased 5.2% from year ago levels to $36.3 million and represent 3.1% of total loans at December 31, 2021. Consumer loans increased 11.3% from year ago levels to $12.6 million and represent 1.1% of the total loan portfolio at December 31, 2021.
Total deposits were $1.26 billion at December 31, 2021, compared to $1.31 billion a year earlier and $1.24 billion three months earlier. We were able to capitalize on our excess liquidity during the year and improve our deposit mix, remaining focused on low cost deposits and paying back long term FHLB advances in the first quarter of 2021, said Babcanec. At December 31, 2021, noninterest bearing demand deposit accounts increased 12.1% compared to a year ago and represented 38.1% of total deposits; savings, NOW and money market accounts increased 11.4% compared to a year ago and represented 46.9% of total deposits; and CDs decreased 47.3% compared to a year ago and comprised 15.0% of total deposits.
Total assets decreased 5.1% to $1.47 billion at December 31, 2021, compared to $1.55 billion a year earlier, and increased nominally compared to $1.45 billion three months earlier. The slight increase compared to the prior quarter was the combined effect of strong linked quarter loan growth, which was substantially offset by PPP loan forgiveness and a reduction in excess liquidity. Shareholders equity increased 8.7% to $153.2 million at December 31, 2021, compared to $140.9 million a year earlier. At December 31, 2021, Heartlands tangible book value was $69.76 per share, compared to $63.85 one year earlier.
Operating Results
The decline in excess cash reserves, our improved deposit mix, as well as PPP loan forgiveness helped our net interest margin expand 23 basis points during the quarter, said Carrie Almendinger, EVP, and Chief Financial Officer. Heartlands net interest margin improved by 23 basis points to 3.86% in the fourth quarter of 2021, compared to 3.63% in the preceding quarter and improved by 37 basis points compared to the fourth quarter of 2020. For the year 2021, the net interest margin was 3.56%, compared to 3.66% in 2020. PPP loan forgiveness had a 15 basis point positive effect on net interest margin for the fourth quarter of 2021 and a 7 basis point positive effect for the third quarter of 2021. Excluding PPP loans, the net interest margin was 3.71% for the fourth quarter of 2021 and 3.56% for the third quarter of 2021. Excluding excess cash balances at the Federal Reserve Bank, net interest margin was 4.01% for the fourth quarter of 2021 and 3.85% for the third quarter of 2021.
Heartlands total revenues (net interest income before the provision for loan losses, plus noninterest income) was $17.2 million in the fourth quarter, which was unchanged compared to the fourth quarter a year ago and increased 4.8% compared to $16.4 million in the preceding quarter. For the year, total revenues increased 7.2% to $64.8 million, compared to $60.5 million 2020.
Net interest income, before the provision for loan losses, increased 7.7% to $13.4 million in the fourth quarter of 2021, compared to $12.4 million in the fourth quarter a year ago, and increased 4.9% compared to $12.8 million in the preceding quarter. For the year 2021, net interest income increased 8.9% to $50.5 million, compared to $46.4 million in 2020.
Noninterest income decreased 20.7% to $3.8 million in the fourth quarter, compared to $4.8 million in the fourth quarter a year ago, and increased 4.5% compared to $3.6 million in the preceding quarter. The gains on sale of loans and originated mortgage servicing rights decreased 55.6% to $1.3 million in the fourth quarter of 2021, compared to $3.0 million in the fourth quarter a year ago, and increased 27.8% compared to $1.0 million in the preceding quarter. While lower, long-term mortgage rates continued to attract mortgage refinancing, the pace has slowed compared to the record setting levels of the third and fourth quarters of 2020, said Almendinger. Additionally, increased competition has led to a tightening in gain on sale margins. For the year 2021, noninterest income increased 1.5% to $14.3 million, compared to $14.1 million in 2020.
During the fourth quarter, we exited the Destin, Florida, market and closed our LPO, said McComb. We determined that little growth was coming out of our efforts there, and we made the decision to focus our growth efforts in our Northern Kentucky and Cincinnati markets. We do not anticipate any future costs associated with this closure.
Heartlands fourth quarter noninterest expenses totaled $10.4 million, compared to $9.9 million in the preceding quarter and $9.4 million in the fourth quarter a year ago. For the year 2021, noninterest expense totaled $39.7 million, compared to $36.1 million in 2020. Salary and employee benefit expenses were $6.5 million in the fourth quarter compared to $6.3 million in the third quarter of 2021 and $5.7 million in the fourth quarter of 2020. The increase in salary and employee benefits during the fourth quarter of 2021 was primarily due to year end incentive-based compensation for lenders, added Almendinger.
The efficiency ratio for the fourth quarter of 2021 was 60.5%, compared to 60.4% for the preceding quarter and 55.1% for the fourth quarter of 2020. The efficiency ratio for the full-year 2021 was 61.5% compared to 59.9% for 2020.
Credit Quality
While asset quality remained exemplary, and economic indicators in our markets remain strong, we continue to make additions to the allowance for loan losses to reflect the high levels of new loan growth, said McComb. Heartland recorded a $480,000 provision for loan losses in the fourth quarter, which was the same amount recorded in the preceding quarter. The Company booked a $750,000 provision for loan losses in the fourth quarter a year ago. For the year 2021, Heartlands provision for loan losses was $1.9 million, compared to $6.4 million in 2020.
At December 31, 2021, the allowance for loan losses (ALLL) was $15.0 million, or 1.28% of total loans, compared to $14.4 million, or 1.25% of total loans at September 30, 2021, and $14.1 million, or 1.25% of total loans a year ago. Excluding PPP loans, the ALLL was 1.31% of total loans at December 31, 2021, compared to 1.32% of total loans at September 30, 2021, and 1.37% of total loans a year ago. As of December 31, 2021, the ALLL represented 924.9% of nonaccrual loans, compared to 521.9% three months earlier and 476.5% one year earlier.
Nonaccrual loans decreased 41.2% to $1.6 million at December 31, 2021, compared to $2.8 million at September 30, 2021, and decreased 45.5% when compared to $3.0 million at December 31, 2020. Heartland had net loan recoveries of $133,000 at December 31, 2021. This compared to $6,000 in net loan recoveries at September 30, 2021, and $420,000 in net loan charge-offs at December 31, 2020. There was $16,000 in loans past due 90 days and still accruing at December 31, 2021. This compared to no loans past due and still accruing at September 30, 2021, and December 31, 2020.
Heartlands performing restructured loans, that were not included in nonaccrual loans, increased to $5.1 million at December 31, 2021, compared to $610,000 at September 30, 2021. Borrowers who are in financial difficulty, and who have been granted concessions, including interest rate reductions, term extensions, or payment alterations, are categorized as restructured loans.
There was $5,000 in other real estate owned and other non-performing assets on the books at December 31, 2021, unchanged from three months earlier and one year earlier. Non-performing assets (NPAs), consisting of non-performing loans and loans past due 90 days or more, decreased 40.5% to $1.6 million, or 0.11% of total assets inclusive of PPP loans, at December 31, 2021, compared to $2.8 million, or 0.19% of total assets, at September 30, 2021, and decreased 44.9% when compared to $3.0 million, or 0.19% of total assets a year ago.
About Heartland BancCorp
Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates 18 full-service banking offices and TransCounty Title Agency, LLC. Heartland Bank, founded in 1911, provides full-service commercial, small business, and consumer banking services; professional financial planning 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 OTC Markets (OTCQX) under the symbol HLAN. Learn more about Heartland Bank at Heartland.Bank.
In May of 2021, Heartland was ranked #82 on the American Banker Magazines list of Top 200 Publicly Traded Community Banks and Thrifts based on three-year average return on equity as of December 31, 2020.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) the benefits of a merger between Heartland Bank and Victory Community Bank, including future financial and operating results, cost savings enhancements to revenue and accretion to reported earnings that may be realized from the merger; (ii) Heartlands plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (iii) other statements identified by words such as expects, anticipates, intends, plans, believes, seeks, estimates, targets, projects, or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of Heartlands management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Heartland. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of the following factors, among others: (1) the assumptions and estimates used by Heartlands management include both assumptions as to certain business decisions that are subject to change and, in many respects, subjective judgment, and thus is susceptible to multiple interpretations and periodic revisions based on actual experience and business developments, and thus, may not be realized; (2) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which Heartland is engaged; (3) changes in the interest rate environment may adversely affect net interest income; (4) results may be adversely affected by continued diversification of assets and adverse changes to credit quality; (5) competition from other financial services companies in Heartlands markets could adversely affect operations; (6) the impact of the coronavirus (COVID-19) pandemic on the employees and customers of Heartland, as well as the resulting effect on the business, financial condition and results of operations on Heartland; and (7) the current economic slowdown could adversely affect credit quality and loan originations.
Heartland cautions that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements are expressly qualified in their entirety by the cautionary statements above. Heartland does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
Heartland BancCorp | ||||||||||||
Consolidated Balance Sheets | ||||||||||||
Assets | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |||||||||
Cash and cash equivalents | $ | 64,255 | $ | 65,355 | $ | 189,874 | ||||||
Interest bearing time deposits | – | 283 | 277 | |||||||||
Available-for-sale securities | 156,505 | 166,187 | 144,377 | |||||||||
Held-to-maturity securities, fair values of, $49, $202 and $202 respectively | 49 | 202 | 202 | |||||||||
Loans held for sale | 3,539 | 3,013 | 4,382 | |||||||||
Commercial | 154,182 | 179,776 | 216,108 | |||||||||
CRE (Owner occupied) | 286,668 | 274,368 | 240,185 | |||||||||
CRE (Non Owner occupied) | 358,713 | 326,919 | 307,054 | |||||||||
1-4 Family | 323,667 | 319,662 | 323,173 | |||||||||
Home Equity | 36,250 | 36,106 | 38,232 | |||||||||
Consumer | 12,620 | 11,118 | 11,343 | |||||||||
Allowance for loan losses | (14,965 | ) | (14,352 | ) | (14,147 | ) | ||||||
Net Loans | 1,157,135 | 1,133,597 | 1,121,947 | |||||||||
Premises and equipment | 29,410 | 29,495 | 30,220 | |||||||||
Nonmarketable equity securities | 6,024 | 6,024 | 6,017 | |||||||||
Mortgage serving rights, net | 3,096 | 2,882 | 2,662 | |||||||||
Foreclosed assets held for sale | 5 | 5 | 5 | |||||||||
Goodwill | 12,388 | 12,388 | 12,388 | |||||||||
Intangible Assets | 990 | 1,052 | 1,253 | |||||||||
Deferred income taxes | 929 | 929 | 955 | |||||||||
Life insurance assets | 18,120 | 18,019 | 17,468 | |||||||||
Accrued interest recievable and other assets | 14,967 | 14,964 | 15,053 | |||||||||
Total assets | $ | 1,467,412 | $ | 1,454,396 | $ | 1,547,080 | ||||||
Liabilities and Shareholders’ Equity | ||||||||||||
Liabilities | ||||||||||||
Deposits | ||||||||||||
Demand | $ | 478,264 | $ | 440,531 | $ | 426,795 | ||||||
Saving, NOW and money market | 588,959 | 577,831 | 528,836 | |||||||||
Time | 188,193 | 223,534 | 357,203 | |||||||||
Total deposits | 1,255,416 | 1,241,896 | 1,312,834 | |||||||||
Repurchase agreements | 9,032 | 10,060 | 10,632 | |||||||||
FHLB Advances | 12,000 | 14,000 | 44,670 | |||||||||
Subordinated debt | 24,651 | 24,641 | 24,709 | |||||||||
Interest payable and other liabilities | 13,155 | 13,717 | 13,338 | |||||||||
Total liabilities | 1,314,254 | 1,304,314 | 1,406,183 | |||||||||
Shareholders’ Equity | ||||||||||||
Common stock, without par value; authorized 5,000,000 shares; 2,094,396, 2,091,451 and 2,083,487 shares issued, respectively | 61,231 | 61,039 | 60,402 | |||||||||
Retained earnings | 94,638 | 90,874 | 81,061 | |||||||||
Accumulated other comprehensive income (expense) | 2,283 | 3,164 | 4,427 | |||||||||
Treasury stock at Cost, Common; 90,612, 90,612 and 90,612 shares held, respectively | (4,994 | ) | (4,994 | ) | (4,994 | ) | ||||||
Total shareholders’ equity | 153,158 | 150,082 | 140,896 | |||||||||
Total liabilities and shareholders’ equity | $ | 1,467,412 | $ | 1,454,396 | $ | 1,547,080 | ||||||
Book value per share | $ | 76.43 | $ | 75.01 | $ | 70.70 | ||||||
Heartland BancCorp | |||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||
Three Months Ended | Twevle Months Ended | ||||||||||||||||
Interest Income | Dec. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | ||||||||||||
Loans | $ | 13,251 | $ | 12,826 | $ | 13,447 | $ | 51,307 | $ | 51,882 | |||||||
Securities | |||||||||||||||||
Taxable | 467 | 448 | 363 | 1,676 | 1,708 | ||||||||||||
Tax-exempt | 586 | 589 | 604 | 2,356 | 2,335 | ||||||||||||
Other | 33 | 49 | 34 | 169 | 129 | ||||||||||||
Total interest income | 14,337 | 13,912 | 14,448 | 55,508 | 56,054 | ||||||||||||
Interest Expense | |||||||||||||||||
Deposits | 523 | 715 | 1,476 | 3,254 | 7,952 | ||||||||||||
Borrowings | 402 | 411 | 524 | 1,748 | 1,732 | ||||||||||||
Total interest expense | 925 | 1,126 | 2,000 | 5,002 | 9,684 | ||||||||||||
Net Interest Income | 13,412 | 12,786 | 12,448 | 50,506 | 46,370 | ||||||||||||
Provision for Loan Losses | 480 | 480 | 750 | 1,920 | 6,350 | ||||||||||||
Net Interest Income After Provision for Loan Losses | 12,932 | 12,306 | 11,698 | 48,586 | 40,020 | ||||||||||||
Noninterest income | |||||||||||||||||
Service charges | 834 | 812 | 587 | 2,911 | 2,168 | ||||||||||||
Gains on sale of loans and originated MSR | 1,339 | 1,048 | 3,016 | 4,743 | 6,837 | ||||||||||||
Loan servicing fees, net | 462 | 463 | (209 | ) | 1,353 | 496 | |||||||||||
Title insurance income | 313 | 421 | 400 | 1,434 | 1,311 | ||||||||||||
Net realized gains on sales of available-for-sale securities | – | – | 221 | 223 | 250 | ||||||||||||
Net realized gain/(loss) on sales of foreclosed assets | – | – | – | (1 | ) | – | |||||||||||
Gain/(loss) on sale of premises and equipment | – | – | 10 | – | 5 | ||||||||||||
Increase in cash value of life insurance | 101 | 101 | 102 | 399 | 411 | ||||||||||||
Other | 748 | 790 | 663 | 3,236 | 2,604 | ||||||||||||
Total noninterest income | 3,797 | 3,635 | 4,790 | 14,298 | 14,082 | ||||||||||||
Noninterest Expense | |||||||||||||||||
Salaries and employee benefits | 6,520 | 6,318 | 5,650 | 23,592 | 20,389 | ||||||||||||
Net occupancy and equipment expense | 1,246 | 1,246 | 1,269 | 5,318 | 4,856 | ||||||||||||
Data processing fees | 503 | 513 | 485 | 1,961 | 1,996 | ||||||||||||
Professional fees | 262 | 230 | 278 | 1,132 | 1,893 | ||||||||||||
Marketing expense | 218 | 275 | 176 | 1,049 | 954 | ||||||||||||
Printing and office supplies | 87 | 75 | 102 | 329 | 387 | ||||||||||||
State financial institution tax | 313 | 167 | 244 | 1,104 | 1,012 | ||||||||||||
FDIC insurance premiums | 128 | 60 | 183 | 400 | 423 | ||||||||||||
Other | 1,130 | 1,033 | 984 | 4,841 | 4,164 | ||||||||||||
Total noninterest expense | 10,407 | 9,917 | 9,371 | 39,726 | 36,074 | ||||||||||||
Income before Income Tax | 6,322 | 6,024 | 7,117 | 23,158 | 18,028 | ||||||||||||
Provision for Income Taxes | 1,299 | 1,265 | 1,353 | 4,565 | 3,260 | ||||||||||||
Net Income | $ | 5,023 | $ | 4,759 | $ | 5,764 | $ | 18,593 | $ | 14,768 | |||||||
Basic Earnings Per Share | $ | 2.51 | $ | 2.38 | $ | 2.89 | $ | 9.30 | $ | 7.39 | |||||||
Diluted Earnings Per Share | $ | 2.48 | $ | 2.34 | $ | 2.87 | $ | 9.17 | $ | 7.33 |
ADDITIONAL FINANCIAL INFORMATION | ||||||||||||||||||
(Dollars in thousands except per share amounts)(Unaudited) | Three Months Ended | Twelve Months Ended | ||||||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | ||||||||||||||
Performance Ratios: | ||||||||||||||||||
Return on average assets | 1.36 | % | 1.27 | % | 1.49 | % | 1.23 | % | 1.08 | % | ||||||||
Return on average equity | 13.14 | % | 12.73 | % | 16.53 | % | 12.68 | % | 11.10 | % | ||||||||
Return on average tangible common equity | 14.42 | % | 14.00 | % | 18.34 | % | 13.97 | % | 11.91 | % | ||||||||
Net interest margin | 3.86 | % | 3.63 | % | 3.49 | % | 3.56 | % | 3.66 | % | ||||||||
Efficiency ratio | 60.47 | % | 60.39 | % | 55.07 | % | 61.51 | % | 59.92 | % | ||||||||
Asset Quality Ratios and Data: | As of or for the Three Months Ended | |||||||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | ||||||||||||||||
Nonaccrual loans | $ | 1,618 | $ | 2,750 | $ | 2,969 | ||||||||||||
Loans past due 90 days and still accruing | 16 | # | – | – | ||||||||||||||
Non-performing investment securities | – | – | – | |||||||||||||||
OREO and other non-performing assets | 5 | 5 | 5 | |||||||||||||||
Total non-performing assets | $ | 1,639 | $ | 2,755 | $ | 2,974 | ||||||||||||
Non-performing assets to total assets | 0.11 | % | 0.19 | % | 0.19 | % | ||||||||||||
Net charge-offs quarter ending | $ | (133 | ) | $ | (6 | ) | $ | 420 | ||||||||||
Allowance for loan loss | $ | 14,965 | $ | 14,352 | $ | 14,147 | ||||||||||||
Nonaccrual loans | $ | 1,618 | $ | 2,750 | $ | 2,969 | ||||||||||||
Allowance for loan loss to non accrual loans | 924.91 | % | 521.89 | % | 476.49 | % | ||||||||||||
Allowance for loan losses to loans outstanding | 1.28 | % | 1.25 | % | 1.25 | % | ||||||||||||
Restructured loans included in non-accrual | $ | 285 | $ | 1,093 | $ | 285 | ||||||||||||
Performing restructured loans (RC-C) | $ | 5,119 | $ | 610 | $ | 648 | ||||||||||||
Book Values: | ||||||||||||||||||
Total shareholders’ equity | $ | 153,158 | $ | 150,082 | $ | 140,896 | ||||||||||||
Less: goodwill and intangible assets | 13,378 | 13,440 | 13,641 | |||||||||||||||
Shareholders’ equity less goodwill and intangible assets | $ | 139,780 | $ | 136,642 | $ | 127,255 | ||||||||||||
Common shares outstanding | 2,094,396 | 2,091,451 | 2,083,487 | |||||||||||||||
Less: treasury shares | (90,612 | ) | (90,612 | ) | (90,612 | ) | ||||||||||||
Common shares as adjusted | 2,003,784 | 2,000,839 | 1,992,875 | |||||||||||||||
Book value per common share | $ | 76.43 | $ | 75.01 | $ | 70.70 | ||||||||||||
Tangible book value per common share | $ | 69.76 | $ | 68.29 | $ | 63.85 |
Contact: | G. Scott McComb, Chairman, President & CEO |
Heartland BancCorp 614-337-4600 |
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