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Heartland BancCorp Earns Record $5.8 Million in Fourth Quarter 2020 and Record $14.8 Million for the Year; Increases Quarterly Cash Dividend by 10% to $0.627 per Share

WHITEHALL, Ohio, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Heartland BancCorp (“Heartland” and “the company”) (OTCQX: HLAN) today reported record earnings for the fourth quarter of 2020. Net income increased 89.0% to $5.8 million, or $2.87 per diluted share in the fourth quarter of 2020, compared to $3.1 million, or $1.52 per diluted share in the preceding quarter, and increased 67.2% compared to $3.4 million, or $1.67 per diluted share in the fourth quarter of 2019. For the year 2020, net income increased 11.9% to a record $14.8 million, or $7.33 per diluted share, compared to $13.2 million, or $6.45 per diluted share in 2019.

The company also announced its board of directors increased its quarterly cash dividend by 10% to $0.627 per share. The dividend will be payable April 10, 2021, to shareholders of record as of March 25, 2020. Heartland has paid regular quarterly cash dividends since 1993.

“Our record results for both the fourth quarter and the year were highlighted by higher mortgage loan production as a result of the historically low interest rate environment, strong PPP loans generated during the year and the successful integration of our acquisition of Victory Community Bank,” stated G. Scott McComb, Chairman, President and Chief Executive Officer. “Our operating results benefitted from the larger scale and reach of the combined company, with double digit loan and deposit growth year-over-year, and an annualized return on average assets of 1.50% and an annualized return on average equity of 16.57% for the fourth quarter. I am extremely proud of our team of bankers who under very difficult circumstances rose to the challenge to meet the needs of our client and communities.”

Fourth Quarter Financial Highlights (at or for the period ended December 31, 2020)

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  • Net income increased 67.2% to $5.8 million, compared to $3.4 million in the fourth quarter a year ago.

  • Earnings per diluted share were $2.87, compared to $1.67 in the fourth quarter a year ago.

  • Provision for loan losses was $750,000, compared to $375,000 in the fourth quarter a year ago.

  • Net interest margin was 3.50%, compared to 3.38% in the preceding quarter, and 3.87% in the fourth quarter a year ago.

  • Total revenues (net interest income plus noninterest income) increased 37.1% to $17.2 million, compared to $12.6 million in the fourth quarter a year ago.

  • Noninterest income increased 110.8% to $4.8 million, compared to $2.3 million in the fourth quarter a year ago.

  • Annualized return on average assets was 1.50%, compared to 1.21% in the fourth quarter a year ago.

  • Annualized return on average equity was 16.57%, compared to 10.75% in the fourth quarter a year ago.

  • Total assets increased 38.8% to $1.55 billion, compared to $1.11 billion a year ago.

  • Net loans increased 26.4% to $1.13 billion, compared to $890.9 million a year ago.

  • Noninterest bearing demand deposits increased 66.7% to $426.8 million, compared to $256.0 million a year ago.

  • Total deposits increased 39.0% to $1.31 billion, compared to $944.2 million a year ago.

  • Tangible book value per share was $63.87 per share, compared to $62.49 per share a year ago.

  • Increased its quarterly cash dividend to $0.627 per share.

COVID-19 Response

Heartland has implemented several pandemic preparations to assist its clients with their financial needs, and remains committed to helping its borrowers who have been affected by the declining economic activity. The sectors that have been most heavily impacted in our loan portfolio include hospitality and food services, healthcare, manufacturing, and retail trade loans.

Heartland continues to offer payment and financial relief programs for borrowers impacted by the pandemic. These programs include loan payment deferrals or interest-only payments for up to 90 days. Deferred loans are re-evaluated at the end of the initial deferral period and will either return to the original loan terms or may be eligible for an additional deferral period for up to 90 days. Heartland has deferred payment on 29 loans totaling $51.9 million at December 31, 2020, which includes 13 loans totaling $28.0 million that had received a second deferral. Of the $51.9 million in loans on deferral at December 31, 2020, $44.5 million are for businesses within the accommodation & food industry, $3.8 million are businesses in the RE rental and leasing sector, $2.7 million are in manufacturing and $200,000 are in retail trade.

Paycheck Protection Program

During the second and third quarters of 2020, Heartland originated 1,075 Paycheck Protection Program (“PPP”) loans, for a total of $129 million in PPP loans, and generated total PPP loan fees receivable of approximately $4.9 million. “As of December 31, 2020, we have 517 forgiveness applications outstanding with the SBA and received payment from the SBA for 157 borrowers totaling $28.0 million. Approximately $764,000 of the income recognized during the fourth quarter was related to recognizing origination fees for PPP loan payoffs,” said McComb.

Subordinated Notes Offering

On May 15, 2020, Heartland completed its private placement of $25 million of 5.0% fixed-to-floating rate subordinated notes due 2030 (the “Notes”) to certain qualified institutional buyers and accredited investors, including the exchange of approximately $5.4 million of the Company’s subordinated promissory notes due 2025. The Notes have been structured to qualify as Tier 2 capital for Heartland for regulatory capital purposes. Heartland intends to use the net proceeds of the offering for general corporate operating purposes, including repaying indebtedness, to support organic growth and to fund potential acquisitions.

Victory Community Bank Acquisition

On April 7, 2020, Heartland completed the acquisition of Victory Community Bank. At closing, Victory Community Bank had three banking locations in Boone, Kenton, and Campbell counties in Kentucky. Pursuant to previously announced terms, Victory Mortgage Holding, Inc. (formerly known as Victory Bancorp, Inc.) (as the sole shareholder of Victory Community Bank) received 58,934 shares of Heartland common stock and approximately $35.5 million in cash.

The closed acquisition added approximately $238.3 million in assets, $149.9 million in deposits and $120.2 million in loans to Heartland Bank. Victory Community Bank’s former sister company, Victory Mortgage, LLC, which is affiliated with Fischer Homes, has mortgage lending offices in Louisville, Columbus, Indianapolis, and Atlanta. As part of the merger, Victory Mortgage, LLC entered into a cooperation agreement with Heartland Bank for certain products and services to be provided to Heartland Bank post-closing.

Balance Sheet Review

“The Victory Community Bank acquisition contributed meaningfully to loan growth year-over-year, primarily in the 1-4 family loan segment,” said Carrie Almendinger, EVP and Chief Financial Officer. Net loans increased to $1.13 billion at December 31, 2020, a 26.4% increase compared to $890.9 million at December 31, 2019, and a modest decrease compared to $1.17 billion at September 30, 2020. Owner occupied commercial real estate loans (CRE) increased 1% to $240.2 million at December 31, 2020, compared to a year ago, and comprise 21.3% of the total loan portfolio. Non-owner occupied CRE loans increased 10.7% to $307.1 million, compared to a year ago, and comprise 26.9% of the total loan portfolio at December 31, 2020. At December 31, 2020, 1-4 family residential real estate loans were up 41.2% from year ago levels to $327.6 million and represent 28.7% of total loans. Commercial loans were up 96.8% from year ago levels to $216.1 million, and comprise 18.9% of the total loan portfolio at December 31, 2020. Home equity loans increased 22.0% from year ago levels to $38.2 million and represent 3.1% of total loans at December 31, 2020. Consumer loans increased 3.1% from year ago levels to $11.3 million and represent 1.0% of the total loan portfolio at December 31, 2020.

Total deposits increased 39.0% to $1.31 billion at December 31, 2020, compared to $944.2 million a year earlier and increased 2.0% compared to $1.29 billion three months earlier. Deposit growth for the year was reflective of the Victory Community Bank acquisition, while federal programs such as the PPP and stimulus checks also boosted demand deposit balances. At December 31, 2020, noninterest bearing demand deposit accounts increased 66.7% compared to a year ago and represented 32.5% of total deposits, savings, NOW and money market accounts increased 48.3% compared to a year ago and represented 40.3% of total deposits, and CDs increased 7.7% compared to a year ago and comprised 27.2% of total deposits.

Total assets increased 38.8% to $1.55 billion at December 31, 2020, compared to $1.11 billion a year earlier, and increased 1.9% compared to $1.52 billion three months earlier. The year-over-year increase is largely due to the Victory Community Bank acquisition and PPP loans. Excluding these items, total assets increased 8.4% year-over-year. Shareholders’ equity increased 9.7% to $140.9 million at December 31, 2020, compared to $128.4 million a year earlier. On December 31, 2020, Heartland’s tangible book value was $63.87 per share, compared to $62.49 one year earlier.

Operating Results

Heartland’s net interest margin was 3.50% in the fourth quarter of 2020, compared to 3.38% in the preceding quarter and 3.87% in the fourth quarter of 2019. “Positive tailwinds relating to PPP loan forgiveness and liability repricing were offset slightly by the negative impacts of excess liquidity, leading to a modest net interest margin expansion during the fourth quarter,” said Almendinger. For the year, the net interest margin was 3.63%, compared to 3.94% in 2019. Excluding PPP loans, net interest margin was 3.49% for the fourth quarter and 3.71% for all of 2020.

Total revenues (net interest income before the provision for loan losses, plus noninterest income) increased 37.1% to $17.2 million in the fourth quarter, compared to $12.6 million in the fourth quarter a year ago, and increased 10.1% from $15.7 million in the preceding quarter. For the year, total revenues increased 25.3% to $60.5 million, compared to $48.2 million in 2019.

Net interest income, before the provision for loan losses, increased 20.9% to $12.4 million in the fourth quarter of 2020, compared to $10.3 million in the fourth quarter a year ago, and increased 4.6% compared to $11.9 million in the preceding quarter. For the year, net interest income before the provision for loan losses increased 14.8% to $46.4 million, compared to $40.4 million in 2019.

Heartland’s noninterest income increased 110.8% to $4.8 million in the fourth quarter, compared to $2.3 million in the fourth quarter a year ago, and increased 27.6% compared to $3.8 million in the preceding quarter. The net gain and commission on sales and servicing of loans increased 266.4% to $2.8 million in the fourth quarter of 2020, compared to $766,000 in the fourth quarter a year ago, and increased 38.3% compared to $2.0 million in the preceding. Sustained low long-term mortgage rates continued to attract mortgage refinancing, and produced higher loan sales. For the year, noninterest income increased 79.7% to $14.1 million from $7.8 million in 2019.

Fourth quarter noninterest expenses totaled $9.4 million, which was unchanged compared to the preceding quarter. In the fourth quarter a year ago, noninterest expense was $8.0 million. Salary and employee benefit expenses were $5.7 million for the fourth quarter compared to $5.6 million in the third quarter of 2020, and $4.8 million in the fourth quarter a year ago.

For the year, noninterest expense increased to $36.1 million, from $30.6 million in 2019. The year-over-year increase was due to $1.3 million in acquisition costs related to the acquisition of Victory Community Bank that closed in April 2020, in addition to Heartland’s organic expansion, including its new Upper Arlington branch, and investments in new technology. The efficiency ratio for the fourth quarter of 2020 was 55.1%, compared to 60.3% for the preceding quarter and 63.6% for the fourth quarter of 2019.

Credit Quality

“The provision for loan losses during the quarter primarily reflects our current assessment of risks associated with the COVID-19 pandemic, as well as the higher provisions taken during the second and third quarters of the year 2020,” said McComb. Heartland booked a $750,000 provision for loan losses in the fourth quarter, compared to a $2.6 million provision in the preceding quarter and a $375,000 provision for loan losses in the fourth quarter a year ago. For the year, Heartland’s loan loss provision totaled $6.4 million, compared to $1.5 million in 2019.

At December 31, 2020, the allowance for loan losses (ALLL) increased to $14.1 million, or 1.24% of total loans, compared to $13.8 million, or 1.17% of total loans at September 30, 2020, and $8.8 million, or 0.97% of total loans a year ago. Excluding PPP loans, the ALLL was 1.36% of total loans at December 31, 2020 and 1.31% of total loans at September 30, 2020. As of December 31, 2020, the ALLL represented 476.5% of nonaccrual loans, compared to 329.3% three months earlier and 471.9% one year earlier.

Nonaccrual loans decreased 29.2% during the quarter to $3.0 million at December 31, 2020, compared to $4.2 million at September 30, 2020 and increased compared to $1.9 million at December 31, 2019. There were no loans past due 90 days and still accruing at December 31, 2020. This compared to $132,000 in loans past due 90 days at September 30, 2020, and $491,000 in loans past due 90 days at December 31, 2019.

Heartland’s performing restructured loans that were not included in nonaccrual loans were $285,000 at December 31, 2020, which was unchanged compared to the preceding quarter end. 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 (OREO) and other non-performing assets on the books at December 31, 2020, and at September 30, 2020, and none reported at December 31, 2019. Non-performing assets (NPAs), consisting of non-performing loans and loans past due 90 days or more, were $3.0 million, or 0.19% of total assets inclusive of PPP loans, at December 31, 2020, compared to $4.3 million, or 0.29% of total assets, at September 30, 2020 and $2.3 million, or 0.21% of total assets at December 31, 2019. NPAs, consisting of non-performing loans and loans past due 90 days or more, were 0.21% of total assets excluding PPP loans, at December 31, 2020.

Heartland recorded net loan charge offs of $420,000 in the fourth quarter of 2020. This compares to net loan recoveries of $141,000 in the third quarter of 2020 and net loan charge offs of $142,000 in the fourth quarter a year ago.

About Heartland BancCorp

Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates 19 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 2020, Heartland was ranked #58 on the American Banker Magazine’s list of Top 200 Publicly Traded Community Banks and Thrifts based on three-year average return on equity as of December 31, 2019. In September of 2019, Heartland stock uplisted to the OTCQX® Best Market after previously trading on the OTCQB® Venture Market.

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) Heartland’s 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 Heartland’s 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 Heartland’s 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) the businesses of Heartland Bank and Victory Community Bank may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected, and the expected growth opportunities or cost savings from the merger may not be fully realized or may take longer to realize than expected;; (3) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which Heartland is engaged; (4) changes in the interest rate environment may adversely affect net interest income; (5) results may be adversely affected by continued diversification of assets and adverse changes to credit quality; (6) competition from other financial services companies in Heartland’s 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, 2020

Sep. 30, 2020

Dec. 31, 2019

Cash and cash equivalents

$

189,874

$

114,764

$

19,475

Interest bearing time deposits

277

276

0

Available-for-sale securities

144,377

149,513

139,218

Held-to-maturity securities, fair values of, $202,339, $352,203 and $760,122 respectively

202

351

758

Commercial

216,108

244,054

109,827

CRE (Owner occupied)

240,185

239,608

238,129

CRE (Non Owner occupied)

307,054

289,115

277,425

1-4 Family

327,555

358,570

231,913

Home Equity

38,232

40,504

31,330

Consumer

11,343

10,851

10,998

Allowance for loan losses

(14,147

)

(13,818

)

(8,767

)

Net Loans

1,126,329

1,168,884

890,855

Premises and equipment

30,220

30,501

30,186

Nonmarketable equity securities

6,017

5,601

4,440

Foreclosed assets held for sale

5

5

-

Interest receivable

6,115

7,789

4,835

Goodwill

12,388

12,388

1,206

Intangible Assets

1,253

1,321

935

Deferred income taxes

600

600

600

Life insurance assets

17,468

17,366

17,057

Lease - Right of Use Asset

3,051

2,455

2,569

Other

9,571

7,286

2,723

Total assets

$

1,547,747

$

1,519,102

$

1,114,857

Liabilities and Shareholders' Equity

Liabilities

Deposits

Demand

$

426,795

$

387,107

$

255,971

Saving, NOW and money market

528,836

506,877

356,484

Time

357,203

393,435

331,768

Total deposits

1,312,834

1,287,419

944,223

Short-term borrowings

10,636

8,707

11,344

Long-term debt

69,380

73,378

20,460

Lease Liability

3,051

2,455

2,569

Interest payable and other liabilities

10,950

11,294

7,871

Total liabilities

1,406,851

1,383,253

986,467

Shareholders' Equity

Common stock, without par value; authorized 5,000,000 shares; 2,083,117, 2,082,657 and 2,020,273 shares issued, respectively

60,402

60,267

56,091

Retained earnings

81,061

76,433

70,853

Accumulated other comprehensive income (expense)

4,427

4,143

1,446

Treasury stock at Cost, Common; 90,612, 90,612 and 0 shares held, respectively

(4,994

)

(4,994

)

-

Total shareholders' equity

140,896

135,849

128,390

Total liabilities and shareholders' equity

$

1,547,747

$

1,519,102

$

1,114,857

Book value per share

$

70.71

$

68.20

$

63.55


Heartland BancCorp

Consolidated Statements of Income

Three Months Ended

Twelve Months Ended

Interest Income

Dec. 31, 2020

Sep. 30, 2020

Dec. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Loans

$

13,447

$

13,157

$

12,071

$

51,882

$

46,270

Securities

Taxable

363

415

513

1,708

2,722

Tax-exempt

604

610

490

2,335

1,828

Other

34

20

164

129

605

Total interest income

14,448

14,202

13,238

56,054

51,425

Interest Expense

Deposits

1,476

1,796

2,779

7,952

10,251

Borrowings

524

504

160

1,732

778

Total interest expense

2,000

2,300

2,939

9,684

11,029

Net Interest Income

12,448

11,902

10,299

46,370

40,396

Provision for Loan Losses

750

2,550

375

6,350

1,500

Net Interest Income After Provision for Loan Losses

11,698

9,352

9,924

40,020

38,896

Noninterest income

Service charges

587

571

533

2,168

2,151

Net gains and commissions on loan sales and servicing

2,807

2,029

766

7,333

2,083

Title insurance income

400

344

292

1,311

1,109

Net realized gains on sales of available-for-sale securities

221

29

-

250

-

(Loss) gain on sale of premises and equipment

10

-

-

5

-

Increase in cash value of life insurance

102

101

177

411

502

Other

663

681

504

2,604

1,991

Total noninterest income

4,790

3,755

2,272

14,082

7,836

Noninterest Expense

Salaries and employee benefits

5,650

5,645

4,816

20,389

18,485

Net occupancy and equipment expense

1,269

1,278

1,088

4,856

3,939

Data processing fees

485

543

361

1,996

1,509

Professional fees

278

269

213

1,893

956

Marketing expense

176

85

224

954

951

Printing and office supplies

102

102

86

387

311

State financial institution tax

244

256

269

1,012

905

FDIC insurance premiums

183

146

4

423

106

Other

984

1,097

934

4,164

3,458

Total noninterest expense

9,371

9,421

7,995

36,074

30,620

Income before Income Tax

7,117

3,686

4,201

18,028

16,112

Provision for Income Taxes

1,353

636

754

3,260

2,916

Net Income

$

5,764

$

3,050

$

3,447

$

14,768

$

13,196

Basic Earnings Per Share

$

2.89

$

1.53

$

1.71

$

7.39

$

6.54

Diluted Earnings Per Share

$

2.87

$

1.52

$

1.67

$

7.33

$

6.45


ADDITIONAL FINANCIAL INFORMATION

(Dollars in thousands except per share amounts)(Unaudited)

Three Months Ended

Twelve Months Ended

Dec. 31, 2020

Sep. 30, 2020

Dec. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Performance Ratios:

Return on average assets

1.50%

0.80%

1.21%

1.08%

1.21%

Return on average equity

16.57%

9.01%

10.75%

11.10%

10.81%

Return on average tangible common equity

18.39%

10.02%

10.94%

12.00%

10.82%

Net interest margin

3.50%

3.38%

3.87%

3.63%

3.94%

Efficiency ratio

55.07%

60.28%

63.60%

59.92%

63.48%

Asset Quality Ratios and Data:

As of or for the Three Months Ended

Dec. 31, 2020

Sep. 30, 2020

Dec. 31, 2019

Nonaccrual loans

$ 2,969

$ 4,196

$ 1,858

Loans past due 90 days and still accruing

-

132

491

Non-performing investment securities

-

-

-

OREO and other non-performing assets

5

5

-

Total non-performing assets

$ 2,974

$ 4,333

$ 2,349

Non-performing assets to total assets

0.19%

0.29%

0.21%

Net charge-offs quarter ending

$ 420

$ (141)

$ 142

Allowance for loan loss

$ 14,147

$ 13,818

$ 8,767

Nonaccrual loans

$ 2,969

$ 4,196

$ 1,858

Allowance for loan loss to non accrual loans

476.49%

329.31%

471.85%

Allowance for loan losses to loans outstanding

1.24%

1.17%

0.97%

Restructured loans included in non-accrual

$ 285

$ 285

$ 289

Performing restructured loans (RC-C)

$ 648

$ 338

$ 341

Book Values:

Total shareholders' equity

$ 140,896

$ 135,849

$ 128,390

Less: goodwill and intangible assets

13,641

13,709

2,141

Shareholders' equity less goodwill and intangible assets

$ 127,255

$ 122,140

$ 126,249

Common shares outstanding

2,083,117

2,082,657

2,020,273

Less: treasury shares

(90,612)

(90,612)

-

Common shares as adjusted

1,992,505

1,992,045

2,020,273

Book value per common share

$ 70.71

$ 68.20

$ 63.55

Tangible book value per common share

$ 63.87

$ 61.31

$ 62.49

Contact:
G. Scott McComb, Chairman, President & CEO
Heartland BancCorp 614-337-4600