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EX - 99.1 2 ex991q12021 pressrelease.htm EX - 99.1 HTLF Strength . Insight . Growth . CONTACT : Bryan R. McKeag Executive Vice President Chief Financial Officer ( 563 ) 589-1994 news FOR IMMEDIATE RELEASE April 26 , 2021 BMcKeag@htlf.com HEARTLAND FINANCIAL USA , INC . ( " HTLF " ) REPORTS RECORD QUARTERLY RESULTS AS OF MARCH 31 , 2021 Highlights and Developments § Record net income available to common stockholders of $ 50.8 million compared to $ 20.0 million for the first quarter of 2020 , an increase of $ 30.8 million or 153 % § Diluted earnings per common share of $ 1.20 compared to $ 0.54 for the first quarter of the prior year , an increase of $ 0.66 or 122 % § Annualized net charge off ratio of 0.06 % , nonperforming assets to total assets of 0.54 % , and 30-89 day loan delinquencies of 0.16 % § Net interest income of $ 139.6 million compared to $ 112.5 million for the first quarter of 2020 , an increase of $ 27.1 million or 24 % § Efficiency ratio ( non - GAAP ) 1 of 56.61 % compared to 61.82 % for the first quarter of 2020 § Completed the AimBank systems conversion on February 19 , 2021 § Announced a branding change on April 14 , 2021 from Heartland Financial to HTLF Three Months Ended March 31 , Net income available to common stockholders ( in millions ) Diluted earnings per common share Return on average assets Return on average common equity Return on average tangible common equity ( non - GAAP ) ( 1 ) Net interest margin $ 2021 50.8 2020 20.0 1.20 0.54 1.19 % 0.61 % 10.49 4.98 15.90 8.00 3.44 3.81 Net interest margin , fully tax - equivalent ( non - GAAP ) ( 1 ) Efficiency ratio , fully - tax equivalent ( non - GAAP ) ( 1 ) 3.48 3.84 56.61 61.82 ( 1 ) Refer to " Non - GAAP Measures " in this earnings release for additional information on the usage and presentation of these non - GAAP measures , and refer to the financial tables for reconciliations to the most directly comparable GAAP measures . " HTLF is off to an excellent start in 2021 with record quarterly net income available to common stockholders of $ 50.8 million . The strong quarterly results were driven by increased net interest income , reduced provision for credit losses and an improved efficiency ratio . " Bruce K. Lee , president and chief executive officer , HTLF