Heartland Financial (HTLF) in Dubuque, Iowa, reported that its second-quarter earnings rose about 45% from a year earlier, to $12.9 million, because of higher noninterest income.
The $4.4 billion-asset company reported Monday that its earnings for the first half of the year more than doubles those of a year earlier, at $24.8 million.
Quarterly noninterest income almost doubled from a year earlier, to $28.3 million, as loan-servicing income and gains on the sale of loans increased. Gains on sale of loans totaled $12.7 million compared to $1.3 million a year earlier. Loan servicing income, which includes mortgage-servicing rights, soared 135% from a year earlier.
These gains were partially offset by a 28% increase in noninterest expense from a year earlier, to $41.5 million. Salaries and employee benefits rose 45% from a year earlier, to $25.4 million.
Net interest income edged up 1% from a year earlier, to $37.2 million.