Heartland BancCorp Announces 2013 Earnings

Jan 15, 2014, 16:58 ET from Heartland BancCorp

GAHANNA, Ohio, Jan. 15, 2014 /PRNewswire/ -- G. Scott McComb, Chairman and CEO of Heartland BancCorp, parent company of Heartland Bank, today announced 2013 fourth quarter and full year earnings. Net income for the year ended December 31, 2013 totaled $5.216 million or $3.34 per share compared to earnings of $6.699 million or $4.32 per share for the year ended December 31, 2012.  Net interest income, before provision for loan loss for 2013 of $21.658 million declined slightly, $79 thousand, compared to $21.737 million for 2012.  Provision for loan loss of $1.970 million for 2013 declined $1.416 million or 42% compared to provision expense of $3.386 million for the full year 2012. The decrease in the bank's loan loss provision resulted from a continued improvement in credit quality as evidenced by a lower level of non-performing loans at the end of 2013. Total non-interest income of $3.647 million in 2013 declined $1.731 million or 32% compared to $5.378 million for 2012. The higher level of earnings and non-interest income in 2012 was due to the receipt of $2.162 million of net key man life insurance proceeds from the loss of Heartland BancCorp's former chairman during 2012. Non-interest or operating expense of $16.448 million in 2013 increased 6% from $15.506 million in 2012.

Earnings for the 4th quarter ending December 31, 2013 totaled $1.404 million or $0.90 per share up 79% or $619 thousand compared to earnings of $785 thousand or $0.50 per share for the fourth quarter of 2012.  Net interest income before provision for loan loss was $5.761 million up 1% or $70 thousand from the prior year amount of $5.690 million.  Provision for loan loss of $405 thousand for the 4th quarter of 2013 declined $1.575 million or 80% below provision expense of $1.980 million in the 4th quarter of 2012.  Net interest income after the provision for loan loss totaled $5.356 million for the fourth quarter 2013 up 44% from $3.711 million for the prior year 4th quarter.  Non-interest income for the 4th quarter of 2013 was $783 thousand down 28% compared to $1.096 million for the same period in 2012.  Included in fourth quarter 2012 non-interest income were gains recorded on the sale of securities totaling $286 thousand.  Operating expense was $4.315 million up 9% from $3.945 million for the 4th quarter 2012.

Total assets outstanding increased to $580 million at year-end 2013. Net loans outstanding increased to $423 million, up 7% compared to net loans of $396 million at the end of 2012.  Transaction accounts grew $13.4 million or 5% year over year improving the mix of transaction verses time deposits.   Total Shareholders' Equity at the end of 2013 totaled $54.2 million a decrease of 3% from $55.7 million at year-end 2012.  The year over year decline in shareholders' equity resulted from a $4.9 million after tax decrease in the bank's available for sale securities portfolio as rising interest rates have reduced the fair market value of these securities.  Partially offsetting the market value adjustment was a $3.2 million or an 11% increase in retained earnings resulting from current year earnings of $5.2 million reduced by dividends paid totaling $2.1 million  Based upon shares outstanding the book value of shareholders' equity totaled $35.00 as of December 31, 2013 down $1.15 from $36.15 as of year-end 2012.  

"Heartland BancCorp again posted solid earnings in 2013 with net income topping $5.27 million, representing the 2nd highest level of annual earnings historically. While some banks in Columbus are built to sell, Heartland is built to last as our ability to maintain dividend levels and profitability throughout the financial crisis most certainly demonstrate.  We believe the local economy will continue to strengthen in 2014 presenting further growth opportunities for Heartland and continued benefits for our clients and shareholders," said McComb.  

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 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 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

Fourth Quarter and Year-to-Date

December 31, 2013 and 2012


Fourth Quarter


2013

2012


Net Interest Income (after provision)

$5,355,680

$3,710,621


Non-Interest Income

783,373

1,095,567


Net Income

1,404,109

784,916


Basic Earnings Per Share

$0.91

$0.51


Diluted Earnings Per Share

$0.90

$0.50

Full Year





Net Interest Income (after provision)

$19,687,971

$18,351,127


Non-Interest Income

3,646,987

5,378,110


Net Income

5,216,160

6,698,724


Basic Earnings Per Share

$3.38

$4.35


Diluted Earnings Per Share

$3.34

$4.32





 

Contact: G. Scott McComb – Chairman & CEO Phone: 614-337-4600

SOURCE Heartland BancCorp



RELATED LINKS

http://www.heartlandbank.com