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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For quarterly period ended March 31, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For transition period from __________ to __________

Commission File Number: 001-15393

HEARTLAND FINANCIAL USA, INC.
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
42-1405748
(I.R.S. employer identification number)
1398 Central Avenue, Dubuque, Iowa  52001
(Address of principal executive offices)(Zip Code)
(563) 589-2100
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of Each ClassTrading SymbolName of each exchange on which registered
Common Stock, par value $1.00 per shareHTLFNasdaq Stock Market
Depositary Shares, each representing 1/400th interest in a share of 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series EHTLFPNasdaq Stock Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes No
 
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.    
Large accelerated filerAccelerated Filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes No





Indicate the number of shares outstanding of each of the classes of Registrant's common stock as of the latest practicable date:  As of May 6, 2022, the Registrant had outstanding 42,370,210 shares of common stock, $1.00 par value per share.



HEARTLAND FINANCIAL USA, INC.
Form 10-Q Quarterly Report
Table of Contents




PART I
ITEM 1. FINANCIAL STATEMENTS
HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
 March 31, 2022 (Unaudited)December 31, 2021
ASSETS  
Cash and due from banks$198,559 $163,895 
Interest bearing deposits with other banks and other short-term investments406,343 271,704 
Cash and cash equivalents604,902 435,599 
Time deposits in other financial institutions2,894 2,894 
Securities: 
Carried at fair value (cost of $7,411,885 at March 31, 2022, and $7,536,338 at December 31, 2021)
7,025,243 7,530,374 
Held to maturity, net of allowance for credit losses of $0 at both March 31, 2022, and December 31, 2021 (fair value of $86,486 at March 31, 2022, and $94,139 at December 31, 2021)
81,785 84,709 
Other investments, at cost82,751 82,567 
Loans held for sale22,685 21,640 
Loans receivable: 
Held to maturity10,177,385 9,954,572 
Allowance for credit losses(100,522)(110,088)
Loans receivable, net10,076,863 9,844,484 
Premises, furniture and equipment, net199,679 204,999 
Premises, furniture and equipment held for sale 14,073 10,828 
Other real estate, net1,422 1,927 
Goodwill576,005 576,005 
Core deposit intangibles and customer relationship intangibles, net 30,934 32,988 
Servicing rights, net8,102 6,890 
Cash surrender value on life insurance192,267 191,722 
Other assets311,274 246,923 
TOTAL ASSETS$19,230,879 $19,274,549 
LIABILITIES AND EQUITY  
LIABILITIES:  
Deposits:  
Demand$6,376,249 $6,495,326 
Savings9,236,427 8,897,909 
Time1,054,008 1,024,020 
Total deposits16,666,684 16,417,255 
Short-term borrowings107,372 131,597 
Other borrowings372,290 372,072 
Accrued expenses and other liabilities152,676 171,447 
TOTAL LIABILITIES17,299,022 17,092,371 
STOCKHOLDERS' EQUITY:  
Preferred stock (par value $1 per share; authorized 6,104 shares at both March 31, 2022, and December 31, 2021; none issued or outstanding at both March 31, 2022, and December 31, 2021)
  
Series A Junior Participating preferred stock (par value $1 per share; authorized 16,000 shares; none issued or outstanding at both March 31, 2022, and December 31, 2021)
  
Series B Fixed Rate Cumulative Perpetual Preferred Stock (par value $1 per share; 81,698 shares authorized at both March 31, 2022 and December 31, 2021; none issued or outstanding at both March 31, 2022 and December 31, 2021)
  
Series C Senior Non-Cumulative Perpetual Preferred Stock (par value $1 per share; 81,698 shares authorized at both March 31, 2022, and December 31, 2021; none issued or outstanding at both March 31, 2022, and December 31, 2021)
  
Series D Senior Non-Cumulative Perpetual Convertible Preferred Stock (par value $1 per share; 3,000 shares authorized at both March 31, 2022, and December 31, 2021; none issued or outstanding at both March 31, 2022, and December 31, 2021)
  
Series E Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock (par value $1 per share; 11,500 shares authorized at both March 31, 2022, and December 31, 2021; 11,500 shares issued and outstanding at both March 31, 2022 and December 31, 2021)
110,705 110,705 
Common stock (par value $1 per share; 60,000,000 shares authorized at both March 31, 2022, and December 31, 2021; issued 42,369,908 shares at March 31, 2022, and 42,275,264 shares at December 31, 2021)
42,370 42,275 
Capital surplus1,073,048 1,071,956 
Retained earnings992,655 962,994 
Accumulated other comprehensive loss (286,921)(5,752)
TOTAL STOCKHOLDERS' EQUITY1,931,857 2,182,178 
TOTAL LIABILITIES AND EQUITY$19,230,879 $19,274,549 
See accompanying notes to consolidated financial statements.




HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
 Three Months Ended
March 31,
 20222021
INTEREST INCOME:  
Interest and fees on loans$102,369 $112,439 
Interest on securities:
Taxable32,620 30,443 
Nontaxable6,202 4,503 
Interest on federal funds sold 1 
Interest on interest bearing deposits in other financial institutions71 66 
TOTAL INTEREST INCOME141,262 147,452 
INTEREST EXPENSE: 
Interest on deposits2,977 4,395 
Interest on short-term borrowings46 152 
Interest on other borrowings (includes $0 and $(591) of interest benefit related to derivatives reclassified from accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021, respectively)
3,560 3,300 
TOTAL INTEREST EXPENSE6,583 7,847 
NET INTEREST INCOME134,679 139,605 
Provision (benefit) for credit losses3,245 (648)
NET INTEREST INCOME AFTER PROVISION (BENEFIT) FOR CREDIT LOSSES131,434 140,253 
NONINTEREST INCOME: 
Service charges and fees15,251 13,671 
Loan servicing income286 838 
Trust fees6,079 5,777 
Brokerage and insurance commissions869 853 
Securities gains (losses), net (includes $1,991 and $(30) of net security gains (losses) reclassified from accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021, respectively)
2,872 (30)
Unrealized gain on equity securities, net(283)(110)
Net gains on sale of loans held for sale3,411 6,420 
Valuation adjustment on servicing rights1,658 917 
Income on bank owned life insurance524 829 
Other noninterest income3,902 1,152 
TOTAL NONINTEREST INCOME34,569 30,317 
NONINTEREST EXPENSES: 
Salaries and employee benefits66,174 59,062 
Occupancy7,362 7,918 
Furniture and equipment3,519 3,093 
Professional fees15,156 13,490 
Advertising1,555 1,469 
Core deposit and customer relationship intangibles amortization2,054 2,516 
Other real estate and loan collection expenses195 135 
Loss on sales/valuations of assets, net46 194 
Acquisition, integration and restructuring costs576 2,928 
Partnership investment in tax credit projects77 35 
Other noninterest expenses14,083 11,583 
TOTAL NONINTEREST EXPENSES110,797 102,423 
INCOME BEFORE INCOME TAXES55,206 68,147 
Income taxes (includes $503 and $143 of income tax expense reclassified from accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021, respectively)
12,117 15,333 
NET INCOME43,089 52,814 
Preferred dividends(2,013)(2,013)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$41,076 $50,801 
EARNINGS PER COMMON SHARE - BASIC$0.97 $1.20 
EARNINGS PER COMMON SHARE - DILUTED$0.97 $1.20 
CASH DIVIDENDS DECLARED PER COMMON SHARE$0.27 $0.22 
See accompanying notes to consolidated financial statements.



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
20222021
NET INCOME$43,089 $52,814 
OTHER COMPREHENSIVE INCOME (LOSS)
Securities:
Net change in unrealized loss on securities(378,690)(90,869)
Reclassification adjustment for net (gains) losses realized in net income(1,991)30 
Income taxes99,370 23,761 
Other comprehensive loss on securities(281,311)(67,078)
Derivatives used in cash flow hedging relationships:
Net change in unrealized gain on derivatives 1,888 
Reclassification adjustment for net (gains) losses on derivatives realized in net income181 (597)
Income taxes(39)(272)
Other comprehensive income on cash flow hedges142 1,019 
Other comprehensive loss(281,169)(66,059)
TOTAL COMPREHENSIVE INCOME (LOSS)$(238,080)$(13,245)
See accompanying notes to consolidated financial statements.




HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES: 
Net income$43,089 $52,814 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization6,831 6,801 
Provision (benefit) for credit losses3,245 (648)
Net amortization of premium on securities19,352 8,991 
Securities (gains) losses, net(2,872)30 
Unrealized gain on equity securities, net283 110 
Stock based compensation2,704 2,760 
Loans originated for sale(99,331)(124,380)
Proceeds on sales of loans held for sale101,260 145,200 
Net gains on sale of loans held for sale(2,974)(5,908)
Decrease in accrued interest receivable6,282 26 
Increase in prepaid expenses(4,765)(578)
Increase (decrease) in accrued interest payable(100)236 
Capitalization of servicing rights(437)(512)
Valuation adjustment on servicing rights(1,658)(917)
Loss on sales/valuations of assets, net46 194 
Net excess tax benefit from stock based compensation172 153 
Other, net12,652 (17,816)
NET CASH PROVIDED BY OPERATING ACTIVITIES83,779 66,556 
CASH FLOWS FROM INVESTING ACTIVITIES: 
Purchase of time deposits in other financial institutions (9)
Proceeds from the sale of securities available for sale824,071 207,067 
Proceeds from the sale of securities held to maturity2,337  
Proceeds from the maturity of and principal paydowns on securities available for sale290,347 159,773 
Proceeds from the maturity of and principal paydowns on securities held to maturity1,067 3,909 
Proceeds from the sale, maturity of, redemption of and principal paydowns on other investments1,982 1,003 
Purchase of securities available for sale(1,007,992)(709,690)
Purchase of other investments(1,385)(685)
Net increase in loans(235,696)(29,674)
Purchase of bank owned life insurance policies(5)(22)
Capital expenditures(2,544)(3,776)
Proceeds from the sale of equipment214 1,311 
Proceeds on sale of OREO and other repossessed assets1,157 1,209 
NET CASH USED BY INVESTING ACTIVITIES$(126,447)$(369,584)



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED (Unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
20222021
CASH FLOWS FROM FINANCING ACTIVITIES: 
Net increase (decrease) in demand deposits$(119,077)$487,136 
Net increase in savings deposits 338,518 159,547 
Net increase (decrease) in time deposit accounts29,988 (67,537)
Net decrease in short-term borrowings(24,225)(27,275)
Repayments of other borrowings(79)(107,807)
Proceeds from issuance of common stock274 196 
Dividends paid(13,428)(11,273)
NET CASH PROVIDED BY FINANCING ACTIVITIES211,971 432,987 
Net increase in cash and cash equivalents169,303 129,959 
Cash and cash equivalents at beginning of year435,599 337,903 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$604,902 $467,862 
Supplemental disclosures: 
Cash paid for income/franchise taxes$32 $15,744 
Cash paid for interest6,683 7,611 
Loans transferred to OREO653 585 
Transfer of premises from premises, furniture and equipment, net, to premises, furniture and equipment held for sale 3,250 1,140 
Transfer of premises from premises, furniture and equipment held for sale to premises, furniture and equipment, net 6 
Dividends declared, not paid 2,013 2,013 
See accompanying notes to consolidated financial statements.




HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)
(Dollars in thousands, except per share data)
Heartland Financial USA, Inc. Stockholders' Equity
 Preferred
 Stock
Common
 Stock
Capital
 Surplus
Retained
 Earnings
Accumulated Other Comprehensive Income (Loss)Total
 Equity
Balance at January 1, 2021$110,705 $42,094 $1,062,083 $791,630 $72,719 $2,079,231 
Comprehensive income (loss)52,814 (66,059)(13,245)
Cash dividends declared:
Preferred, $175.00 per share
(2,013)(2,013)
Common, $0.22 per share
(9,260)(9,260)
Issuance of 79,813 shares of common stock
80 (1,346)(1,266)
Stock based compensation2,760 2,760 
Balance at March 31, 2021$110,705 $42,174 $1,063,497 $833,171 $6,660 $2,056,207