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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 September 30, 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 November 4, 2022, the Registrant had outstanding 42,444,820 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)
 September 30, 2022 (Unaudited)December 31, 2021
ASSETS  
Cash and due from banks$250,394 $163,895 
Interest bearing deposits with other banks and other short-term investments149,466 271,704 
Cash and cash equivalents399,860 435,599 
Time deposits in other financial institutions1,740 2,894 
Securities: 
Carried at fair value (cost of $6,739,802 at September 30, 2022, and $7,536,338 at December 31, 2021)
6,060,331 7,530,374 
Held to maturity, net of allowance for credit losses of $0 at both September 30, 2022, and December 31, 2021 (fair value of $782,805 at September 30, 2022, and $94,139 at December 31, 2021)
830,247 84,709 
Other investments, at cost80,286 82,567 
Loans held for sale9,570 21,640 
Loans receivable: 
Held to maturity10,923,532 9,954,572 
Allowance for credit losses(105,715)(110,088)
Loans receivable, net10,817,817 9,844,484 
Premises, furniture and equipment, net194,789 204,999 
Premises, furniture and equipment held for sale 8,796 10,828 
Other real estate, net8,030 1,927 
Goodwill576,005 576,005 
Core deposit intangibles and customer relationship intangibles, net 26,995 32,988 
Servicing rights, net8,379 6,890 
Cash surrender value on life insurance193,184 191,722 
Other assets466,921 246,923 
TOTAL ASSETS$19,682,950 $19,274,549 
LIABILITIES AND EQUITY  
LIABILITIES:  
Deposits:  
Demand$6,083,563 $6,495,326 
Savings10,060,523 8,897,909 
Time1,123,035 1,024,020 
Total deposits17,267,121 16,417,255 
Short-term borrowings147,000 131,597 
Other borrowings371,446 372,072 
Accrued expenses and other liabilities241,425 171,447 
TOTAL LIABILITIES18,026,992 17,092,371 
STOCKHOLDERS' EQUITY:  
Preferred stock (par value $1 per share; authorized 6,104 shares at both September 30, 2022, and December 31, 2021; none issued or outstanding at both September 30, 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 September 30, 2022, and December 31, 2021)
  
Series B Fixed Rate Cumulative Perpetual Preferred Stock (par value $1 per share; 81,698 shares authorized at both September 30, 2022, and December 31, 2021; none issued or outstanding at both September 30, 2022, and December 31, 2021)
  
Series C Senior Non-Cumulative Perpetual Preferred Stock (par value $1 per share; 81,698 shares authorized at both September 30, 2022, and December 31, 2021; none issued or outstanding at both September 30, 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 September 30, 2022, and December 31, 2021; none issued or outstanding at both September 30, 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 September 30, 2022, and December 31, 2021; 11,500 shares issued and outstanding at both September 30, 2022 and December 31, 2021)
110,705 110,705 
Common stock (par value $1 per share; 60,000,000 shares authorized at both September 30, 2022, and December 31, 2021; issued 42,444,106 shares at September 30, 2022, and 42,275,264 shares at December 31, 2021)
42,444 42,275 
Capital surplus1,079,277 1,071,956 
Retained earnings1,074,168 962,994 
Accumulated other comprehensive loss (650,636)(5,752)
TOTAL STOCKHOLDERS' EQUITY1,655,958 2,182,178 
TOTAL LIABILITIES AND EQUITY$19,682,950 $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
September 30,
Nine Months Ended
September 30,
 2022202120222021
INTEREST INCOME:  
Interest and fees on loans$122,913 $112,062 $334,000 $336,416 
Interest on securities:
Taxable45,648 32,384 116,366 94,373 
Nontaxable6,164 4,609 17,874 13,673 
Interest on federal funds sold   1 
Interest on interest bearing deposits in other financial institutions1,081 132 1,715 258 
TOTAL INTEREST INCOME175,806 149,187 469,955 444,721 
INTEREST EXPENSE: 
Interest on deposits15,158 3,444 24,665 11,629 
Interest on short-term borrowings360 98 494 348 
Interest on other borrowings (includes $189 and $(543) of interest expense (benefit) related to derivatives reclassified from accumulated other comprehensive income (loss) for the three months ended September 30, 2022 and 2021, respectively, and $552 and $(1,601) of interest expense (benefit) related to derivatives reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 and 2021, respectively)
4,412 3,102 11,780 9,378 
TOTAL INTEREST EXPENSE19,930 6,644 36,939 21,355 
NET INTEREST INCOME155,876 142,543 433,016 423,366 
Provision (benefit) for credit losses5,492 (4,534)11,983 (12,262)
NET INTEREST INCOME AFTER PROVISION (BENEFIT) FOR CREDIT LOSSES150,384 147,077 421,033 435,628 
NONINTEREST INCOME: 
Service charges and fees17,282 15,551 50,599 44,354 
Loan servicing income831 784 1,951 2,495 
Trust fees5,372 6,221 17,130 18,037 
Brokerage and insurance commissions649 866 2,357 2,584 
Securities gains (losses), net (includes $(1,070) and $1,535 of net security gains (losses) reclassified from accumulated other comprehensive income (loss) for the three months ended September 30, 2022 and 2021, respectively, and $(1,720) and $4,347 of net security gains (losses) reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 and 2021, respectively)
(1,055)1,535 (272)4,347 
Unrealized gain (loss) on equity securities, net(211)112 (615)85 
Net gains on sale of loans held for sale1,832 5,281 8,144 16,454 
Valuation adjustment on servicing rights 195 1,658 586 
Income on bank owned life insurance694 940 1,741 2,706 
Other noninterest income3,787 1,239 15,596 4,557 
TOTAL NONINTEREST INCOME29,181 32,724 98,289 96,205 
NONINTEREST EXPENSES: 
Salaries and employee benefits62,661 60,689 192,867 177,083 
Occupancy6,794 7,366 21,250 22,683 
Furniture and equipment2,928 3,365 9,480 9,959 
Professional fees16,277 17,242 47,420 46,969 
Advertising1,554 1,921 4,392 5,039 
Core deposit and customer relationship intangibles amortization1,856 2,295 5,993 7,226 
Other real estate and loan collection expenses304 78 577 627 
(Gain)/loss on sales/valuations of assets, net(251)(3)(3,435)374 
Acquisition, integration and restructuring costs2,156 204 5,144 3,342 
Partnership investment in tax credit projects979 2,374 1,793 3,754 
Other noninterest expenses13,625 15,096 40,678 39,370 
TOTAL NONINTEREST EXPENSES108,883 110,627 326,159 316,426 
INCOME BEFORE INCOME TAXES70,682 69,174 193,163 215,407 
Income taxes (includes $302 and $524 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the three months ended September 30, 2022 and 2021, respectively, and $466 and $1,501 of income tax benefit reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2022 and 2021, respectively)
14,118 13,250 41,637 45,064 
NET INCOME56,564 55,924 151,526 170,343 
Preferred dividends(2,013)(2,013)(6,038)(6,038)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$54,551 $53,911 $145,488 $164,305 
EARNINGS PER COMMON SHARE - BASIC$1.28 $1.27 $3.43 $3.89 
EARNINGS PER COMMON SHARE - DILUTED$1.28 $1.27 $3.42 $3.88 
CASH DIVIDENDS DECLARED PER COMMON SHARE$0.27 $0.25 $0.81 $0.69 
See accompanying notes to consolidated financial statements.



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(Dollars in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
NET INCOME$56,564 $55,924 $151,526 $170,343 
OTHER COMPREHENSIVE INCOME (LOSS)
Securities:
Net change in unrealized gain (loss) on securities(218,463)(44,968)(860,365)(65,613)
Reclassification adjustment for net (gains) losses realized in net income1,070 (1,535)1,720 (4,347)
Income taxes53,529 12,181 213,328 18,264 
Other comprehensive loss on securities(163,864)(34,322)(645,317)(51,696)
Derivatives used in cash flow hedging relationships:
Net change in unrealized gain on derivatives 2,220  4,853 
Reclassification adjustment for net (gains) losses on derivatives realized in net income189 (543)552 (1,601)
Income taxes(43)(392)(119)(725)
Other comprehensive income on cash flow hedges146 1,285 433 2,527 
Other comprehensive loss(163,718)(33,037)(644,884)(49,169)
TOTAL COMPREHENSIVE INCOME (LOSS)$(107,154)$22,887 $(493,358)$121,174 
See accompanying notes to consolidated financial statements.




HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
Nine Months Ended
September 30,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES: 
Net income$151,526 $170,343 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization18,758 20,342 
Provision (benefit) for credit losses11,983 (12,262)
Net amortization of premium on securities50,886 30,975 
Securities (gains) losses, net272 (4,347)
Unrealized (gain) loss on equity securities, net615 (85)
Stock based compensation7,411 6,732 
Loans originated for sale(244,908)(364,808)
Proceeds on sales of loans held for sale263,904 401,078 
Net gains on sale of loans held for sale(6,926)(15,399)
(Increase) decrease in accrued interest receivable(5,348)353 
Decrease in prepaid expenses1,479 318 
Increase (decrease) in accrued interest payable483 (271)
Capitalization of servicing rights(1,218)(1,055)
Valuation adjustment on servicing rights(1,658)(586)
(Gain) loss on sales/valuations of assets, net(390)1,970 
Net excess tax benefit from stock based compensation129 304 
Other, net66,142 (751)
NET CASH PROVIDED BY OPERATING ACTIVITIES313,140