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Heartland Financial USA (HTLF) in Dubuque, Iowa, has named a veteran executive as interim chief financial officer.
June 17 -
Wisconsin Bank & Trust in Madison has given its longtime president the additional title of chief executive.
June 4 -
A top executive at Heartland Financial in Dubuque, Iowa, is leaving for a job in the manufacturing sector.
June 10 -
Heartland Financial USA (HTLF) in Dubuque, Iowa, reported lower quarterly earnings as compensation expenses rose.
April 29
Quarterly profit at Heartland Financial (HTLF) in Dubuque, Iowa, slipped by 31% from a year earlier as costs rose and gains from loan sales fell.
The $5 billion-asset company reported Monday a second-quarter profit of $9.6 million, down from $14 million a year earlier. Earnings per share of 54 cents were 5 cents below the average estimate of analysts polled by Bloomberg.
Net interest income rose 5% from a year earlier, to $38.9 million, even though the net interest margin compressed by 34 basis points, to 3.71%. Net loans and leases rose 8% from a year earlier, to $2.8 billion.
Noninterest income fell 12% from the second quarter of 2012, to $24.9 million, as gains on loan sales fell 28%, to $9.1 million. Income from trading securities also fell 67% from a year earlier, to $2.1 million.
Noninterest expenses rose 18% from a year earlier, to $48.8 million. Employee compensation costs rose 16% from the second quarter of 2012, to $29.5 million, due to an expansion to Heartland's mortgage-origination staff.
Two recent acquisitions also added to Heartland's staff. Last year, it closed deals for
Heartland agreed last month to
