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Heartland Financial USA's unusual acquisition of Freedom Bank in Sterling, Ill., seems to be more about collecting on a debt than strategic M&A. Such moves are uncommon but have happened in the last few years and they can work.
November 27 -
Heartland Financial (HTLF) in Dubuque, Iowa, has purchased a bank of River Valley Bancorp in Davenport, Iowa.
November 25 -
Heartland Financial USA (HTLF) in Dubuque, Iowa, has named a veteran executive as interim chief financial officer.
June 17 -
Heartland Financial USA in Dubuque, Iowa, has agreed to buy Morrill Bancshares in Merriam, Kan.
June 13
Heartland Financial USA in Dubuque, Iowa, posted higher second-quarter earnings after growing loans organically and through acquisitions.
The $5.9 billion-asset company reported that profit increased almost 13%, to $10.6 million, from a year earlier. Earnings per share increased more than 3%, to 56 cents.
Total earning assets increased roughly 19% as net loans and leases rose 27%, to $3.6 billion. This was driven by a 29% jump in commercial and commercial real estate loans while residential mortgage loans increased by nearly 28%.
The allowance for loan and lease losses was also increased almost 6%, to roughly $40 million.
Second-quarter profit was helped by the acquisition of the $751 million-asset
Heartland also
Net interest income was up roughly 31%, to $50.8 million. Noninterest income totaled $20.7 million, down almost 11% from a year earlier, as the company posted lower gains on sale of loans held for sale.