Heartland Financial USA Inc. of Dubuque, Iowa, has lowered its first-quarter earnings by $1.2 million, to $4.5 million.
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The company lowered its diluted earnings per share by 8 cents, to 27 cents. The average of analysts' estimates was 35 cents.
After the markets closed Friday the $2.8 billion-asset Heartland said decisions in two lawsuits forced the restatement. On May 3, Heartland was told it had lost a breach of contract suit over the sale of a branch that belonged to its Wisconsin Community Bank. The ruling raised its noninterest expenses by $2.4 million, to $28.6 million, up 25% from a year earlier. Its revised net income was down 15% from the first quarter last year.
