Heartland BancCorp Earns $5.1 Million, or $2.51 per Diluted Share, in the First Quarter of 2024; Declares Quarterly Cash Dividend of $0.759 per Share

Published

WHITEHALL, Ohio, April 16, 2024 (GLOBE NEWSWIRE) -- Heartland BancCorp (“Heartland” and “the Company”) (OTCQX: HLAN), parent company of Heartland Bank (“Bank”), today reported net income increased 14.2% to $5.1 million, or $2.51 per diluted share, in the first quarter of 2024, compared to $4.5 million, or $2.19 per diluted share, in the first quarter of 2023, and decreased 3.9% compared to $5.3 million, or $2.61 per diluted share, in the preceding quarter.

The company also announced that its board of directors declared a quarterly cash dividend of $0.759 per share. The dividend will be payable July 10, 2024, to shareholders of record as of June 25, 2024. Heartland has paid regular quarterly cash dividends since 1993.

“Our first quarter operating performance continued to reflect the success of our community banking strategy, which produced solid earnings, improved operating efficiencies and pristine credit quality,” stated G. Scott McComb, Chairman, President and Chief Executive Officer. “Net loan balances decreased modestly during the first quarter, largely due to a few large loan payoffs coupled with lighter production related to our efforts to slow down loan production near the end of 2023. Despite stiff competition in our markets, we continue to focus on maintaining our credit metrics while remaining disciplined on loan pricing, with newly funded loans having a weighted rate of 8.11% during the first quarter.”

“Our performance continues to be fueled by our market footprints in Columbus and Greater Cincinnati,” said McComb. “Our new branch in Delaware County, just north of Columbus, is realizing a strong start, and we continue to look for ways to expand our market outreach into other surrounding areas.”

First Quarter 2024 Financial Highlights (at or for the three months ended March 31, 2024)

  • Net income was $5.1 million, or $2.51 per diluted share, compared to $4.5 million, or $2.19 per diluted share, in the first quarter of 2023.
  • Heartland recorded no provision for credit losses during the first quarter of 2024, compared to $750,000 for the first quarter a year ago.
  • Net interest margin was 3.37%, compared to 3.49% in the preceding quarter and 3.87% in the first quarter a year ago.
  • First quarter revenues (net interest income plus noninterest income) increased modestly to $18.0 million, compared to $17.9 million in the first quarter a year ago.
  • Annualized return on average assets was 1.09%, compared to 1.06% in the first quarter of 2023.
  • Annualized return on average tangible common equity was 13.59%, compared to 13.36% in the first quarter a year ago.
  • Net loans decreased modestly during the quarter to $1.51 billion at March 31, 2024, compared to $1.53 billion three months earlier.
  • Total deposits decreased modestly during the quarter to $1.63 billion at March 31, 2024, compared to $1.64 billion three months earlier.
  • Credit quality remains pristine with nonperforming loans to gross loans of 0.13% and nonperforming assets to total assets of 0.10% at March 31, 2024.
  • Tangible book value increased 11.6% to $74.88 per share, compared to $67.09 per share a year ago.
  • Declared a quarterly cash dividend of $0.759 per share.

Balance Sheet ReviewAssetsTotal assets increased 6.4% to $1.88 billion at March 31, 2024, compared to $1.77 billion a year earlier, and remained unchanged compared to three months earlier. Heartland’s loan-to-deposit ratio was 92.8% at March 31, 2024, compared to 93.2% at December 31, 2023, and 92.6% at March 31, 2023.

Securities increased 39.5% to $222.6 million at March 31, 2024, compared to $159.6 million a year earlier, and increased 5.4% compared to $211.1 million three months earlier. Securities comprise 11.9% of total assets at March 31, 2024, compared to 11.2% three months prior and 9.0% a year ago.

“We’ve continued to grow the investment portfolio, increasing our asset base liquidity during the quarter to 9.10% of assets, compared to 5.85% a year earlier, which has been a strategic focus over the past year,” said Carrie Almendinger, EVP and Chief Financial Officer.

Average earning assets increased to $1.78 billion in the first quarter of 2024, compared to $1.75 billion in the fourth quarter of 2023, and $1.61 billion in the first quarter a year ago. The average yield on interest-earning assets was 5.80% in the first quarter of 2024, up nine basis points from 5.71% in the preceding quarter, and up 62 basis points from 5.18% in the first quarter a year ago.

Loan Portfolio“While we continued to moderate loan growth during the quarter, an increase in loan payoffs resulted in net loans decreasing 1.2% over the prior quarter end, while average loans remained nearly unchanged compared to the prior quarter,” said Ben Babcanec, EVP and Chief Operating Officer. “While loan demand has been stable, we remain disciplined with loan pricing which is resulting in slower growth.”

Net loans were $1.51 billion at March 31, 2024, compared to $1.53 billion at December 31, 2023, and a 4.1% increase compared to $1.45 billion at March 31, 2023. Commercial loans increased modestly from year ago levels to $166.4 million, and comprise 10.9% of the total loan portfolio at March 31, 2024. Owner occupied commercial real estate loans (CRE) increased 2.8% to $293.5 million at March 31, 2024, compared to a year ago, and comprise 19.2% of the total loan portfolio. Nonowner occupied CRE loans increased 4.6% to $489.7 million, compared to a year ago, and comprise 32.0% of the total loan portfolio at March 31, 2024. 1-4 family residential real estate loans increased 4.4% from year-ago levels to $507.4 million and represent 33.2% of total loans. Home equity loans increased 21.1% from year-ago levels to $54.2 million and represent 3.5% of total loans, while consumer loans increased 1.9% from year-ago levels to $18.9 million and represent 1.2% of the total loan portfolio at March 31, 2024.

DepositsTotal deposits were $1.63 billion at March 31, 2024, a modest decrease, compared to $1.64 billion at December 31, 2023, and a $60.7 million, or 3.9% increase, compared to $1.57 billion at March 31, 2023. “Average deposits increased $17.6 million, or 1.1%, to $1.64 billion in the first quarter of 2024 compared to the preceding quarter, with the growth primarily in money market and CD accounts,” said Babcanec. “We are focused on nurturing client relationships while still being more selective with deposit pricing.”

At March 31, 2024, noninterest bearing demand deposit accounts decreased 13.9% compared to a year ago and represented 25.8% of total deposits; savings, NOW and money market accounts increased 3.0% compared to a year ago and represented 43.3% of total deposits; and CDs increased 27.1% compared to a year ago and comprised 30.9% of total deposits. The average cost of deposits was 2.45% in the first quarter of 2024, compared to 2.21% in the fourth quarter of 2023 and 1.24% in the first quarter of 2023.

Shareholders’ EquityShareholders’ equity increased modestly to $163.8 million at March 31, 2024, compared to $162.5 million three months earlier and increased 10.6% compared to $148.1 million a year earlier. At March 31, 2024, Heartland’s tangible book value was $74.88 per share compared to $74.23 at December 31, 2023, and $67.09 at March 31, 2023.

Heartland continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with tangible equity to tangible assets of 8.09% at March 31, 2024, compared to 8.00% at December 31, 2023, and 7.71% at March 31, 2023.

LiquidityHeartland had ample sources of available liquidity as of March 31, 2024, including a $220 million line of credit at the Federal Home Loan Bank, as well as additional credit lines of $120 million. Nearly 70% of Heartland’s client deposit balances were FDIC insured or collateralized as of March 31, 2024.

Operating ResultsIn the first quarter of 2024, Heartland generated a ROAA of 1.09% and a ROATCE of 13.59%, compared to 1.13% and 15.05%, respectively, in the fourth quarter of 2023 and 1.06% and 13.36%, respectively, in the first quarter a year ago.

Net Interest Income/Net Interest MarginNet interest income, before the provision for credit losses, decreased 3.1% to $14.9 million in the first quarter of 2024, compared to $15.3 million in the first quarter a year ago, and decreased 3.4% compared to $15.4 million in the preceding quarter.

Total revenues (net interest income, before the provision for credit losses, plus noninterest income) were $18.0 million in the first quarter of 2024, a modest increase compared to $17.9 million in the first quarter a year ago, and a 3.4% decrease compared to $18.6 million in the preceding quarter.

Heartland’s net interest margin was 3.37% in the first quarter of 2024, compared to 3.49% in the preceding quarter and 3.87% in the first quarter of 2023. “The largest driver in our net interest margin decline during the quarter was the shift in noninterest bearing DDA balances into higher yielding deposit accounts, which was more than anticipated. Fortunately, noninterest DDA balances still comprise a large portion of our total deposit mix, representing 25.8% of total deposits at March 31, 2024,” said Almendinger. “While we are preparing for moderate deposit pricing pressure over the next quarter as some CDs will reprice, we believe we are near the bottom of the cycle and anticipate our net interest margin should start to rebound during the second half of 2024.”

Heartland’s net interest margin continues to remain above the peer average posted by the Dow Jones U.S. MicroCap Bank Index with total market capitalization under $250 million as of December 31, 2023.*

Provision for Credit LossesDue to pristine credit quality, low net loan charge offs and negative loan growth, Heartland recorded no provision for credit losses in the first quarter of 2024. This compared to a $550,000 provision for credit losses in the fourth quarter of 2023, and a $750,000 provision for credit losses in the first quarter of 2023.

*As of December 31, 2023, the Dow Jones U.S. MicroCap Bank Index tracked 178 banks with total common market capitalization under $250 million for the following ratios: NIM* of 3.20%.

Noninterest IncomeNoninterest income increased 19.9% to $3.1 million in the first quarter of 2024, compared to $2.6 million in the first quarter a year ago, and decreased 3.0% compared to $3.2 million in the preceding quarter. Gains on sale of loans and originated mortgage servicing rights increased 129.2% to $518,000 in the first quarter of 2024, compared to $226,000 in the first quarter a year ago, but decreased compared to $734,000 in the preceding quarter.

“We experienced good secondary loan activity to start the year, and we were able to take $175,000 in income through our FHLB Lender Risk Account (LRA) during the first quarter of 2024, compared to $35,000 during the first quarter of 2023,” said Almendinger.

Noninterest ExpenseNoninterest expenses were $11.8 million during the first quarter of 2024, a 1.2% increase compared to $11.6 million in the preceding quarter and unchanged compared to the first quarter a year ago. Salary and employee benefit expenses, the largest component of noninterest expense, were $7.3 million in the first quarter of 2024, which was a 1.7% decrease compared to $7.4 million in the preceding quarter and a 2.4% decrease compared to $7.5 million in the first quarter of 2023.

“In the first quarter of 2024, we continued with our company-wide efforts to manage operating expenses,” said Almendinger. “Salary and employee benefits, the largest component of noninterest expense, were lower in part due to lower incentive compensation from muted loan growth and fewer full-time employees. This was partly offset by higher FDIC insurance premiums compared to the first quarter a year ago.”

The efficiency ratio for the first quarter of 2024 was 65.5%, compared to 62.5% for the preceding quarter and unchanged compared to the first quarter of 2023.

Income Tax ProvisionIn the first quarter of 2024, Heartland recorded $1.1 million in state and federal income tax expense for an effective tax rate of 18.1%, compared to $1.1 million, or 17.7%, in the fourth quarter of 2023 and $992,000, or 18.2%, in the first quarter a year ago.

________________________ *As of December 31, 2023, the Dow Jones U.S. MicroCap Bank Index tracked 178 banks with total common market capitalization under $250 million for the following ratios: NIM* of 3.20%.

Credit Quality“Our overall credit quality metrics continue to remain strong. We continue to see minimal signs of stress in the loan portfolio, and we hold strong collateral positions with all our loans,” said McComb.

At March 31, 2024, the allowance for credit losses plus unfunded commitment liability (ACL + UCL) was $19.4 million, or 1.27% of total loans, compared to $19.4 million, or 1.25% of total loans, at December 31, 2023, and $18.0 million, or 1.22% of total loans, a year ago. As of March 31, 2024, the ACL represented 985% of nonaccrual loans, compared to 1,106% three months earlier and 1,406% one year earlier.

Nonaccrual loans were $1.8 million at March 31, 2024, compared to $1.6 million at December 31, 2023, and $1.1 million at March 31, 2023. At March 31, 2024, nonaccrual loans totaled 11 loans with an average balance of approximately $165,000. There was $149,000 in loans past due 90 days and still accruing at March 31, 2024, compared to $468,000 at December 31, 2023, and $111,000 at March 31, 2023. Net loan charge-offs totaled $30,000 at March 31, 2024, compared to $318,000 in net loan charge-offs at December 31, 2023, and $19,000 in net loan charge-offs at March 31, 2023.

There were no other real estate owned and other nonperforming assets on the books at March 31, 2024, compared to $10,000 at December 31, 2023, and $5,000 at March 31, 2023. Nonperforming assets (NPAs), consisting of nonperforming loans and loans past due 90 days or more, were $2.0 million, or 0.10% of total assets, at March 31, 2024, compared to $2.1 million, or 0.11% at December 31, 2023, and $1.3 million, or 0.07% of total assets, at March 31, 2023.

About Heartland BancCorpHeartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates 20 full-service banking offices and TransCounty Title Agency, LLC. Heartland Bank, founded in 1911, provides full-service commercial, small business and consumer banking services; professional financial planning services; and other financial products and services. Heartland Bank is a member of the Federal Reserve, a member of the FDIC and an Equal Housing Lender. Heartland BancCorp is currently quoted on the OTC Markets (OTCQX) under the symbol HLAN. Learn more about Heartland Bank at Heartland.Bank.

In June of 2023, Heartland was ranked #119 on the American Banker Magazine’s list of Top 200 Publicly Traded Community Banks and Thrifts based on three-year average return on equity as of December 31, 2022.

Safe Harbor StatementThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) Heartland’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of Heartland’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Heartland. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of the following factors, among others: (1) the assumptions and estimates used by Heartland’s management include both assumptions as to certain business decisions that are subject to change and, in many respects, subjective judgment, and thus is susceptible to multiple interpretations and periodic revisions based on actual experience and business developments, and thus, may not be realized; (2) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which Heartland is engaged; (3) changes in the interest rate environment may adversely affect net interest income; (4) results may be adversely affected by continued diversification of assets and adverse changes to credit quality; (5) competition from other financial services companies in Heartland’s markets could adversely affect operations; and (6) the current economic slowdown could adversely affect credit quality and loan originations.

Heartland cautions that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements are expressly qualified in their entirety by the cautionary statements above. Heartland does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

 
Heartland BancCorp
Quarterly Financial Summary
            
  Three Months Ended
Earnings and dividends:Mar. 31, 2024Dec. 31, 2023Sep. 30, 2023Jun. 30, 2023Mar. 31, 2023
 Interest income$25,626 $25,195 $24,194 $22,476 $20,521 
 Interest expense 10,764  9,807  8,928  7,437  5,180 
 Net interest income 14,862  15,388  15,266  15,039  15,341 
 Provision for credit losses -  550  500  800  750 
 Noninterest income 3,119  3,217  3,232  3,390  2,601 
 Noninterest expense 11,775  11,632  11,975  11,695  11,750 
 Provision for income taxes 1,124  1,135  1,091  1,088  992 
 Net income 5,082  5,288  4,932  4,846  4,450 
            
Share data:          
 Basic earnings per share$2.52 $2.62 $2.45 $2.41 $2.21 
 Diluted earnings per share 2.51  2.61  2.43  2.39  2.19 
 Dividends declared per share 0.76  0.76  0.76  0.76  0.76 
 Book value per share 81.28  80.66  74.24  75.02  73.60 
 Tangible book value per share 74.88  74.23  67.78  68.54  67.09 
            
 Common shares outstanding, 20,000,000 authorized 2,105,737  2,105,737  2,105,737  2,105,237  2,103,537 
 Treasury shares (90,612) (90,612) (90,612) (90,612) (90,612)
 Common shares, net 2,015,125  2,015,125  2,015,125  2,014,625  2,012,925 
 Average common shares outstanding, net 2,015,125  2,015,125  2,014,936  2,013,607  2,009,782 
            
Balance sheet - average balances:          
 Loans receivable, net$1,519,946 $1,520,331 $1,498,257 $1,465,920 $1,415,215 
 Earning assets 1,776,073  1,749,160  1,718,549  1,672,994  1,606,350 
 Goodwill & intangible assets 12,934  12,982  13,031  13,077  13,132 
 Total assets 1,878,171  1,854,191  1,822,084  1,772,998  1,705,675 
 Demand deposits 453,581  476,992  473,373  467,301  495,443 
 Deposits 1,639,911  1,622,335  1,598,495  1,553,882  1,488,181 
 Borrowings 58,938  60,857  51,856  49,965  54,257 
 Shareholders' equity 163,283  152,393  152,720  150,017  148,195 
            
Ratios:          
 Return on average assets 1.09% 1.13% 1.07% 1.10% 1.06%
 Return on average equity 12.52% 13.77% 12.81% 12.96% 12.18%
 Return on average tangible common equity 13.59% 15.05% 14.01% 14.19% 13.36%
 Yield on earning assets 5.80% 5.71% 5.59% 5.39% 5.18%
 Cost of deposits 2.45% 2.21% 2.05% 1.76% 1.24%
 Cost of funds 2.55% 2.31% 2.15% 1.86% 1.36%
 Net interest margin 3.37% 3.49% 3.52% 3.61% 3.87%
 Efficiency ratio 65.49% 62.52% 64.74% 63.46% 65.48%
            
Asset quality:          
 Net loan charge-offs to average loans 0.01% 0.08% 0.01% 0.01% 0.01%
 Nonperforming loans to gross loans 0.13% 0.13% 0.14% 0.14% 0.09%
 Nonperforming assets to total assets 0.10% 0.11% 0.11% 0.12% 0.07%
 Allowance for credit losses to gross loans 1.17% 1.16% 1.13% 1.13% 1.13%
 ACL + UCL to gross loans 1.27% 1.25% 1.26% 1.24% 1.22%
            

Heartland BancCorp
Consolidated Balance Sheets
       
AssetsMar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023
 Cash and due from$18,314  $16,750  $20,993  $16,304  $14,121 
 Interest bearing deposits 15,717   19,932   24,222   20,017   37,297 
 Interest bearing time deposits -   -   -   -   - 
 Available-for-sale securities 222,609   211,130   179,817   178,031   159,622 
 Held-to-maturity securities 0   0   5   5   5 
                
 Loans held for sale 2,210   1,145   1,706   2,748   1,200 
                
 Commercial 166,413   172,658   169,405   176,972   165,736 
 CRE (Owner occupied) 293,542   295,996   277,092   273,526   285,575 
 CRE (Non Owner occupied) 489,709   501,056   502,012   490,900   468,163 
 1-4 Family 507,374   508,826   499,953   495,578   486,077 
 Home Equity 54,178   51,697   52,466   48,542   44,749 
 Consumer 18,859   18,974   19,857   19,848   18,502 
 Allowance for credit losses (17,897)  (17,928)  (17,143)  (17,063)  (16,644)
 Net Loans 1,512,178   1,531,279   1,503,642   1,488,303   1,452,158 
                
 Premises and equipment 33,298   33,649   33,586   31,919   30,926 
 Nonmarketable equity securities 6,941   6,866   6,863   6,635   6,631 
 Mortgage servicing rights, net 3,384   3,373   3,346   3,208   3,119 
 Foreclosed assets held for sale 0   10   0   5   5 
 Goodwill 12,388   12,388   12,388   12,388   12,388 
 Intangible Assets 517   565   613   661   710 
 Deferred income taxes 6,662   7,087   8,323   6,702   6,157 
 Life insurance assets 20,545   20,315   20,140   20,020   19,903 
 Accrued interest receivable and other assets 22,429   18,661   19,148   18,744   20,848 
 Total assets$1,877,192  $1,883,150  $1,834,792  $1,805,690  $1,765,090 
                
Liabilities and Shareholders' Equity              
Liabilities              
 Deposits              
 Demand$419,864  $487,631  $454,764  $462,232  $487,238 
 Saving, NOW and money market 705,942   711,198   695,106   677,833   685,233 
 Time 502,848   443,772   429,480   418,046   395,525 
 Total deposits 1,628,654   1,642,601   1,579,350   1,558,111   1,567,996 
 Repurchase agreements 4,472   4,583   4,446   4,594   5,095 
 FHLB Advances 38,000   31,000   56,000   50,000   0 
 Subordinated debt 24,044   24,034   24,024   24,213   24,703 
 Interest payable and other liabilities 18,228   18,400   21,377   17,635   19,153 
 Total liabilities 1,713,398   1,720,618   1,685,197   1,654,553   1,616,947 
                
Shareholders' Equity              
 Common stock, without par value 62,797   62,725   62,615   62,473   62,173 
 Retained earnings 123,617   120,064   116,306   112,904   108,962 
 Accumulated other comprehensive income (expense) (17,626)  (15,263)  (24,332)  (19,246)  (17,998)
 Treasury stock at Cost, Common (4,994)  (4,994)  (4,994)  (4,994)  (4,994)
 Total shareholders' equity 163,794   162,532   149,595   151,137   148,143 
 Total liabilities and shareholders' equity$1,877,192  $1,883,150  $1,834,792  $1,805,690  $1,765,090 
                

Heartland BancCorp
Consolidated Statements of Income
                  
  Three Months Ended
Interest IncomeMar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023
 Loans$23,015  $22,850  $22,080  $20,609  $18,885 
 Securities                
 Taxable 1,637   1,374   1,173   928   845 
 Tax-exempt 657   629   619   596   598 
 Other 317   342   322   343   193 
 Total interest income 25,626   25,195   24,194   22,476   20,521 
Interest Expense                
 Deposits 10,006   9,017   8,272   6,837   4,564 
 Borrowings 758   790   656   600   616 
 Total interest expense 10,764   9,807   8,928   7,437   5,180 
Net Interest Income 14,862   15,388   15,266   15,039   15,341 
Provision for Credit Losses -   550   500   800   750 
Net Interest Income After Provision for Credit Losses 14,862   14,838   14,766   14,239   14,591 
Noninterest income                
 Service charges 952   1,002   1,020   1,015   975 
 Gains on sale of loans and originated MSR 518   734   708   704   226 
 Loan servicing fees, net 494   354   408   337   431 
 Title insurance income 210   214   196   311   171 
 Increase in cash value of life insurance 230   175   120   117   114 
 Other 715   738   780   906   684 
 Total noninterest income 3,119   3,217   3,232   3,390   2,601 
Noninterest Expense                
 Salaries and employee benefits 7,300   7,430   7,393   7,252   7,483 
 Net occupancy and equipment expense 1,106   1,052   1,057   1,055   1,067 
 Software and data processing fees 1,156   1,163   1,205   1,069   1,025 
 Professional fees 233   242   225   288   266 
 Marketing expense 310   320   271   309   299 
 State financial institution tax 292   260   259   259   261 
 FDIC insurance premiums 284   299   341   298   228 
 Other 1,094   866   1,224   1,165   1,121 
 Total noninterest expense 11,775   11,632   11,975   11,695   11,750 
Income before Income Tax 6,206   6,423   6,023   5,934   5,442 
Provision for Income Taxes 1,124   1,135   1,091   1,088   992 
Net Income$5,082  $5,288  $4,932  $4,846  $4,450 
Basic Earnings Per Share$2.52  $2.62  $2.45  $2.41  $2.21 
Diluted Earnings Per Share$2.51  $2.61  $2.43  $2.39  $2.19 
                  

Heartland BancCorp
ADDITIONAL FINANCIAL INFORMATION          
(Dollars in thousands except per share amounts)(Unaudited)          
           
Asset Quality Ratios and Data:  
  Mar. 31, 2024 Dec. 31, 2023 Sep. 30, 2023 Jun. 30, 2023 Mar. 31, 2023
Nonaccrual loans (excluding restructured loans) $1,817  $1,621  $1,942  $2,163  $1,140 
Nonaccrual restructured loans  -   -   -   -   - 
Loans past due 90 days and still accruing  149   468   146   -   111 
Total non-performing loans  1,966   2,089   2,088   2,163   1,251 
           
OREO and other non-performing assets  -   10   -   5   5 
Total non-performing assets $1,966  $2,099  $2,088  $2,168  $1,256 
           
Nonperforming loans to gross loans  0.13%  0.13%  0.14%  0.14%  0.09%
Nonperforming assets to total assets  0.10%  0.11%  0.11%  0.12%  0.07%
Allowance for credit losses to gross loans  1.17%  1.16%  1.13%  1.13%  1.13%
Unfunded commitment liability to gross loans  0.10%  0.09%  0.13%  0.11%  0.09%
ACL + UCL to gross loans  1.27%  1.25%  1.26%  1.24%  1.22%
                     
Performing restructured loans (RC-C) $-  $-  $-  $-  $- 
                     
Net charge-offs quarter ending $30  $318  $47  $43  $19 
                     

ContactG. Scott McComb, Chairman, President & CEO                Heartland BancCorp 614-337-4600

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Source: Heartland BancCorp

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