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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, 2024
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)
1800 Larimer Street, Suite 1800, Denver, Colorado 80202
(Address of principal executive offices) (Zip Code)
(303) 285-9200
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the 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 7, 2024, the Registrant had outstanding 42,790,564 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, 2024 (Unaudited)December 31, 2023
ASSETS  
Cash and due from banks$208,176 $275,554 
Interest bearing deposits with other banks and other short-term investments236,190 47,459 
Cash and cash equivalents444,366 323,013 
Time deposits in other financial institutions1,240 1,240 
Securities: 
Carried at fair value (cost of $4,886,304 at March 31, 2024, and $5,100,344 at December 31, 2023)
4,418,222 4,646,891 
Held to maturity, net of allowance for credit losses of $0 at both March 31, 2024, and December 31, 2023 (fair value of $813,752 at March 31, 2024, and $816,399 at December 31, 2023)
841,055 838,241 
Other investments, at cost68,524 91,277 
Loans held for sale352,744 5,071 
Loans receivable: 
Held to maturity11,644,641 12,068,645 
Allowance for credit losses(123,934)(122,566)
Loans receivable, net11,520,707 11,946,079 
Premises, furniture and equipment, net160,518 177,001 
Premises, furniture and equipment held for sale 16,064 4,069 
Other real estate, net2,590 12,548 
Goodwill576,005 576,005 
Core deposit intangibles, net 16,923 18,415 
Cash surrender value on life insurance197,671 197,085 
Other assets516,198 574,772 
TOTAL ASSETS$19,132,827 $19,411,707 
LIABILITIES AND EQUITY  
LIABILITIES:  
Deposits:  
Demand$4,264,390 $4,500,304 
Savings8,669,221 8,805,597 
Time2,368,555 2,895,813 
Total deposits15,302,166 16,201,714 
Deposits held for sale596,328  
Borrowings650,033 622,255 
Term debt372,652 372,396 
Accrued expenses and other liabilities232,815 282,225 
TOTAL LIABILITIES17,153,994 17,478,590 
STOCKHOLDERS' EQUITY:  
Preferred stock (par value $1 per share; authorized 188,500 and 188,500 shares at March 31, 2024, and December 31, 2023; none issued or outstanding at both March 31, 2024, and December 31, 2023)
  
Series E Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock (par value $1 per share; 11,500 shares authorized at both March 31, 2024, and December 31, 2023; 11,500 shares issued and outstanding at both March 31, 2024, and December 31, 2023)
110,705 110,705 
Common stock (par value $1 per share; 60,000,000 shares authorized at both March 31, 2024, and December 31, 2023; issued 42,783,670 shares at March 31, 2024, and 42,688,008 shares at December 31, 2023)
42,784 42,688 
Capital surplus1,093,207 1,090,740 
Retained earnings1,178,330 1,141,501 
Accumulated other comprehensive loss (446,193)(452,517)
TOTAL STOCKHOLDERS' EQUITY1,978,833 1,933,117 
TOTAL LIABILITIES AND EQUITY$19,132,827 $19,411,707 
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,
 20242023
INTEREST INCOME:
Interest and fees on loans$195,661 $153,843 
Interest on securities:
Taxable47,014 55,976 
Nontaxable6,041 6,028 
Interest on interest bearing deposits in other financial institutions3,006 1,131 
TOTAL INTEREST INCOME251,722 216,978 
INTEREST EXPENSE:
Interest on deposits84,134 56,898 
Interest on borrowings7,524 2,422 
Interest on term debt (includes $(35) and $591 of interest (income) expense related to derivatives reclassified from accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023, respectively)
5,849 5,446 
TOTAL INTEREST EXPENSE97,507 64,766 
NET INTEREST INCOME154,215 152,212 
Provision for credit losses986 3,074 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES153,229 149,138 
NONINTEREST INCOME:
Service charges and fees17,063 17,136 
Loan servicing income131 714 
Trust fees5,043 5,657 
Brokerage and insurance commissions754 696 
Capital markets fees 891 2,449 
Securities (losses) gains, net (includes $58 and $(1,104) of net security gains (losses) reclassified from accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023, respectively)
58 (1,104)
Unrealized gain (loss) on equity securities, net95 193 
Net gains on sale of loans held for sale104 1,831 
Income on bank owned life insurance1,177 964 
Other noninterest income2,347 1,463 
TOTAL NONINTEREST INCOME27,663 29,999 
NONINTEREST EXPENSES:
Salaries and employee benefits63,955 62,149 
Occupancy7,263 7,209 
Furniture and equipment2,337 2,915 
Professional fees15,531 12,797 
FDIC insurance assessments4,969 3,279 
Advertising1,358 1,985 
Core deposit intangibles and customer relationship intangibles amortization1,492 1,788 
Other real estate and loan collection expenses512 155 
Loss (gain) on sales/valuations of assets, net214 1,115 
Acquisition, integration and restructuring costs1,375 1,673 
Partnership investment in tax credit projects494 538 
Other noninterest expenses14,095 15,440 
TOTAL NONINTEREST EXPENSES113,595 111,043 
INCOME BEFORE INCOME TAXES67,297 68,094 
Income taxes (includes $5,762 and $426 of income tax benefit reclassified from accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023, respectively)
15,590 15,318 
NET INCOME51,707 52,776 
Preferred dividends(2,013)(2,013)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$49,694 $50,763 
EARNINGS PER COMMON SHARE - BASIC$1.16 $1.19 
EARNINGS PER COMMON SHARE - DILUTED$1.16 $1.19 
CASH DIVIDENDS DECLARED PER COMMON SHARE$0.30 $0.30 
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,
20242023
NET INCOME$51,707 $52,776 
OTHER COMPREHENSIVE INCOME (LOSS)
Changes in available for sale ("AFS") securities:
Net change in unrealized gain (loss) on securities(14,629)66,167 
Reclassification adjustment for net (gains) losses on hedged AFS securities 20,151  
Reclassification adjustment for net (gains) losses realized in net income 1,104 
Income tax benefit (expense)(1,371)(17,921)
Other comprehensive income (loss) on AFS securities4,151 49,350 
Changes in securities held to maturity:
Net amortization of unrealized losses on securities transferred from AFS2,843 2,740 
Income tax benefit (expense)(705)(1,060)
Other comprehensive income (loss) on held to maturity securities2,138 1,680 
Change in cash flow hedges:
Net change in unrealized gain on derivatives 1,952 
Reclassification adjustment for net (gains) losses on derivatives realized in net income34 764 
Income tax benefit (expense)1 (659)
Other comprehensive income (loss) on cash flow hedges35 2,057 
Other comprehensive income (loss)6,324 53,087 
TOTAL COMPREHENSIVE INCOME (LOSS)$58,031 $105,863 
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,
 20242023
CASH FLOWS FROM OPERATING ACTIVITIES: 
Net income$51,707 $52,776 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization4,567 5,484 
Provision for credit losses986 3,074 
Net amortization of premium on securities4,894 7,159 
Securities losses (gains), net(58)1,104 
Unrealized loss (gain) on equity securities, net(95)(193)
Stock based compensation3,746 4,719 
Loans originated for sale (43,257)
Proceeds on sales of loans held for sale5,175 39,916 
Net gains on sale of loans held for sale(104)(1,807)
(Increase) decrease in accrued interest receivable1,731 (130)
Decrease (increase) in prepaid expenses(1,729)806 
Increase (decrease) in accrued interest payable(1,151)13,462 
Capitalization of servicing rights (24)
Loss (gain) on sales/valuations of assets, net214 1,115 
Net excess tax benefit (expense) from stock based compensation(418)46 
Income from fair value hedge activity416  
Other, net60,381 (9,818)
NET CASH PROVIDED BY OPERATING ACTIVITIES130,262 74,432 
CASH FLOWS FROM INVESTING ACTIVITIES: 
Proceeds from the sale of securities available for sale 146,448 
Proceeds from the maturity of and principal paydowns on securities available for sale251,683 150,941 
Proceeds from the maturity of and principal paydowns on securities held to maturity71 69 
Proceeds from the sale, maturity of, redemption of and principal paydowns on other investments23,849 3,644 
Purchase of securities available for sale(42,484)(187,726)
Purchase of other investments(1,038)(1,441)
Net (increase) decrease in loans38,429 (66,180)
Purchase of bank owned life insurance policies(56)(51)
Proceeds from sale of mortgage servicing rights 6,714 
Capital expenditures and investments(565)(248)
Proceeds from the sale of premises, furniture and equipment1,375 1,270 
Proceeds on sale of OREO and other repossessed assets9,826 1,136 
NET CASH PROVIDED BY INVESTING ACTIVITIES$281,090 $54,576 



HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED (Unaudited)
(Dollars in thousands)
Three Months Ended
March 31,
20242023
CASH FLOWS FROM FINANCING ACTIVITIES: 
Net increase (decrease) in demand deposits$(91,892)$(581,786)
Net increase (decrease) in savings deposits 193,906 (737,782)
Net increase (decrease) in time deposit accounts(405,234)1,487,905 
Net increase (decrease) in borrowings48,964 (234,780)
Proceeds from Bank Term Funding Program advances500,000  
Proceeds from short term FHLB advances 1,000 
Repayments of short term FHLB advances(521,186)(50,000)
Repayments of term debt (30)
Proceeds from issuance of common stock263 242 
Dividends paid(14,820)(14,753)
NET CASH USED BY FINANCING ACTIVITIES(289,999)(129,984)
Net increase (decrease) in cash and cash equivalents121,353 (976)
Cash and cash equivalents at beginning of year323,013 363,087 
CASH AND CASH EQUIVALENTS AT END OF PERIOD$444,366 $362,111 
Supplemental disclosures: 
Cash paid for income/franchise taxes$39 $1,264 
Cash paid for interest98,658 51,304 
Loans transferred to OREO 211 
Transfer of premises from premises, furniture and equipment, net, to premises, furniture and equipment held for sale 13,155 3,741 
Transfer of premises from premises, furniture and equipment held for sale to premises, furniture and equipment, net 5,167 
Deposits transferred to held for sale596,328  
Loans transferred to held for sale352,744  
Dividends declared, not paid 2,071 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 LossTotal
 Equity
Balance at January 1, 2023$110,705 $42,467 $1,080,964 $1,120,925 $(620,006)$1,735,055 
Comprehensive income (loss)52,776 53,087 105,863 
Cash dividends declared:
Preferred, $175.00 per share
(2,013)(2,013)
Common, $0.30 per share
(12,740)(12,740)
Issuance of 91,332 shares of common stock
92 (1,571)(1,479)
Stock based compensation4,719 4,719 
Balance at March 31, 2023$110,705 $42,559 $1,084,112 $1,158,948 $(566,919)$1,829,405 
Balance at January 1, 2024$110,705 $42,688 $1,090,740 $1,141,501 $(452,517)$1,933,117 
Comprehensive income (loss)51,707 6,324 58,031 
Cash dividends declared:
Preferred, $175.00 per share
(2,013)(2,013)
Common, $0.30 per share
(12,865)(12,865)
Issuance of 95,662 shares of common stock
96 (1,279)(1,183)
Stock based compensation3,746 3,746 
Balance at March 31, 2024$110,705 $42,784 $1,093,207 $1,178,330 $(446,193)$1,978,833 
See accompanying notes to consolidated financial statements.





HEARTLAND FINANCIAL USA, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1: BASIS OF PRESENTATION

The interim unaudited consolidated financial statements contained herein should be read in conjunction with the audited consolidated financial statements and accompanying notes to the consolidated financial statements for the fiscal year ended December 31, 2023, included in the Annual Report on Form 10-K of Heartland Financial USA, Inc. ("HTLF") filed with the Securities and Exchange Commission ("SEC") on February 23, 2024. Footnote disclosures to the interim unaudited consolidated financial statements which would substantially duplicate the disclosure contained in the footnotes to the audited consolidated financial statements have been omitted.

The financial information included herein has been prepared in accordance with U.S. generally accepted accounting principles for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Such information reflects all adjustments (consisting of normal recurring adjustments), that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. The results of the interim period ended March 31, 2024, are not necessarily indicative of the results expected for the year ending December 31, 2024.


Earnings Per Share

Basic earnings per share is determined using net income available to common stockholders and weighted average common shares outstanding. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average common shares and assumed incremental common shares issued. Amounts used in the determination of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023, are shown in the table below, dollars and number of shares in thousands, except per share data:
Three Months Ended
March 31,
20242023
Net income attributable to HTLF$51,707 $52,776 
Preferred dividends(2,013)(2,013)
Net income available to common stockholders$49,694 $50,763 
Weighted average common shares outstanding for basic earnings per share42,807 42,615 
Assumed incremental common shares issued upon vesting of outstanding restricted stock units109 128 
Weighted average common shares for diluted earnings per share42,916 42,743 
Earnings per common share — basic$1.16 $1.19 
Earnings per common share — diluted$1.16 $1.19 
Number of antidilutive common stock equivalents excluded from diluted earnings per share computation27 50 
Number of antidilutive stock options excluded from diluted earnings per share computation5361 

Subsequent Events - On April 28, 2024 (the “Signing Date”), HTLF entered into an Agreement and Plan of Merger (the “Merger Agreement”) with UMB Financial Corporation, a Missouri corporation (“UMB”) and Blue Sky Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of UMB (“Blue Sky Merger Sub”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, (i) Blue Sky Merger Sub will merge with and into HTLF (the “Merger”), with HTLF surviving the Merger as a wholly owned subsidiary of UMB (the “Surviving Entity”) and (ii) immediately following the effective time of the Merger (the “Effective Time”) and as part of a single, integrated transaction, the Surviving Entity will merge with and into UMB (the “Second Merger”, and together with the Merger, the “Mergers”), with UMB surviving the Second Merger (the “Surviving Corporation”). On the day immediately following the closing date of the Mergers, UMB will cause HTLF’s wholly owned banking subsidiary, HTLF Bank, to merge with and into UMB’s wholly owned banking subsidiary, UMB Bank, National Association (the “Bank Merger”), with UMB Bank, National Association continuing as the surviving bank in the Bank Merger. The Merger Agreement was unanimously approved by the Board of Directors of each of HTLF and UMB.




Upon the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each share of common stock, par value $1.00 per share, of HTLF (“HTLF Common Stock”) issued and outstanding immediately prior to the Effective Time, other than certain shares held by UMB or HTLF, will be converted into the right to receive 0.55 shares (the “Exchange Ratio,” and such shares, the “Merger Consideration”) of common stock, $1.00 par value, of UMB (“UMB Common Stock”) and cash in lieu of fractional shares. At the Effective Time, each share of 7.00% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E, par value $1.00 per share of HTLF (the “HTLF Preferred Stock”), issued and outstanding immediately before the Effective Time will be converted into the right to receive one share of a newly created series of preferred stock of UMB (“UMB Preferred Stock”) with such rights, preferences, privileges and powers (including voting powers) as set forth in the Certificate of Designations attached as an exhibit to the Merger Agreement.

HTLF has evaluated subsequent events that may require recognition or disclosure through the filing date of this Quarterly Report on Form 10-Q with the SEC and has concluded there are no other subsequent events that would require recognition in the accompanying consolidated financial statements.

Effect of New Financial Accounting Standards

ASU 2023-02
In March 2023, the FASB issued ASU 2023-02 "Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)." ASU 2023-02 expands the permitted use of the proportional amortization method, which is currently only available to low-income housing tax credit investments, to other tax equity investments if certain conditions are met. Under the proportional amortization method, the initial cost of an investment is amortized in proportion to the income tax benefits received and both the amortization of the investment and the income tax benefits received are recognized as a component of income tax expense. This ASU was effective on January 1, 2024. HTLF has elected to use the proportional amortization method for investments in low-income housing projects. The amendments in this ASU are not expected to have a material impact on the results of operations or financial position.

ASU 2023-06
In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to, or technical corrections of, the current requirements. Each amendment in the ASU will only become effective if the SEC removes the related disclosure or presentation requirement from its existing regulations by June 30, 2027. The amendments in this ASU are not expected to have a material impact on the results of operations or financial position.

ASU 2023-07
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" to improve disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This update does not change how a public entity identifies its operating segments; however, it does require that an entity that has single reportable segment provide all the disclosures required by the amendments in this update. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the consolidated financial statements. Early adoption is permitted. We currently have one reportable operating segment. This ASU will not impact our consolidated financial statements and will have minimal impact to our disclosures, requiring identification of the chief operating decision maker and the information used to make operating decisions and to allocate resources.

ASU 2023-09
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” that require public business entities to annually disclose (1) specific categories in their rate reconciliation; (2) additional information for reconciling items that meet a quantitative threshold; (3) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes; (4) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which the income taxes paid that meet a quantitative threshold; (5) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; and (6) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. The ASU eliminates the requirement to disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months and to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. For public business entities, the amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, but retrospective application is permitted. HTLF is



currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the results of operations, financial position, or liquidity.

Qualified Affordable Housing Investments

HTLF elected to use the proportional amortization method for investments in low-income housing projects. HTLF’s net investments in low-income housing projects were $5.7 million and $5.9 million as of March 31, 2024, and December 31, 2023, respectively, and are included in other assets in the consolidated balance sheet. With respect to HTLF’s investment in low-income housing projects for the three months ended March 31, 2024, we recognized income tax credits and other income tax benefits of $257,000 and $33,000, respectively. The total income tax benefits of $290,000 are partially offset in the “income taxes” item in the consolidated statements of income by $235,000 of investment amortization recognized, for a net income tax benefit of $55,000. The cash flows related to the total income tax benefits are presented in the following line items in the statement of cash flows:
$55,000 Net Income Tax Benefit, in the "Net income" line item in operating activities;
$235,000 Investment Amortization, in the "Other, net" line item, which is an adjustment to reconcile net income (loss) to cash from (used for) operating activities;
$257,000 Tax Credits, in the "Other, net" line item, which is also an adjustment to reconcile net income (loss) to cash from (used for) operating activities; and
$33,000 Other Tax Benefits Recognized, in the "Other, net" line item, which is also an adjustment to reconcile net income (loss) to cash from (used for) operating activities.
There was no non-income-tax-related activity or impairment losses related to the low-income housing investments this reporting period.




NOTE 2: SECURITIES

The amortized cost, gross unrealized gains and losses, and estimated fair values of debt securities available for sale and equity securities with a readily determinable fair value that are carried at fair value as of March 31, 2024, and December 31, 2023, are summarized in the table below, in thousands:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
March 31, 2024    
U.S. treasuries$32,481 $ $(259)$32,222 
U.S. agencies14,084  (192)13,892 
Obligations of states and political subdivisions836,830 5 (109,344)727,491 
Mortgage-backed securities - agency1,590,782 13 (231,254)1,359,541 
Mortgage-backed securities - non-agency1,542,986 37 (85,225)1,457,798 
Commercial mortgage-backed securities - agency75,782  (11,708)64,074 
Commercial mortgage-backed securities - non-agency436,274  (10,180)426,094 
Asset-backed securities214,676  (17,568)197,108 
Corporate bonds121,108  (2,407)118,701 
Total debt securities4,865,003 55 (468,137)4,396,921 
Equity securities with a readily determinable fair value21,301 — — 21,301 
Total$4,886,304 $55 $(468,137)$4,418,222 
December 31, 2023
U.S. treasuries$32,459 $ $(341)$32,118 
U.S. agencies14,724  (194)14,530 
Obligations of states and political subdivisions839,754 25 (98,534)741,245 
Mortgage-backed securities - agency1,620,409 13 (226,793)1,393,629 
Mortgage-backed securities - non-agency1,616,414 363 (87,649)1,529,128 
Commercial mortgage-backed securities - agency76,076  (11,288)64,788 
Commercial mortgage-backed securities - non-agency526,974  (12,116)514,858 
Asset-backed securities232,140  (14,770)217,370 
Corporate bonds120,338  (2,169)118,169 
Total debt securities5,079,288 401 (453,854)4,625,835 
Equity securities with a readily determinable fair value21,056 — — 21,056 
Total$5,100,344 $401 $(453,854)$4,646,891 

The amortized cost, gross unrealized gains and losses and estimated fair values of held to maturity securities as of March 31, 2024, and December 31, 2023, are summarized in the table below, in thousands:
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair
Value
March 31, 2024    
Obligations of states and political subdivisions$841,055 $3,158 (30,461)$813,752 
Total$841,055 $3,158 $(30,461)$813,752 
December 31, 2023
Obligations of states and political subdivisions$838,241 $3,622 $(25,464)$816,399 
Total$838,241 $3,622 $(25,464)$816,399 

As of March 31, 2024, and December 31, 2023, HTLF had $25.3 million and $28.0 million, respectively, of accrued interest receivable, which is included in other assets on the consolidated balance sheets. HTLF does not consider accrued interest receivable in the carrying amount of financial assets held at amortized cost basis or in the allowance for credit losses calculation.




The amortized cost and estimated fair value of investment securities carried at fair value at March 31, 2024, by contractual maturity, are as follows, in thousands. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties.
March 31, 2024
Amortized CostEstimated Fair Value
Due in 1 year or less$25,192 $25,066 
Due in 1 to 5 years62,702 61,628 
Due in 5 to 10 years21,452 19,054 
Due after 10 years895,157 786,558 
Total debt securities1,004,503 892,306 
Mortgage and asset-backed securities3,860,500 3,504,615 
Equity securities with a readily determinable fair value 21,301 21,301 
Total investment securities$4,886,304 $4,418,222 

The amortized cost and estimated fair value of debt securities held to maturity at March 31, 2024, by contractual maturity, are as follows, in thousands. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties.
March 31, 2024
Amortized CostEstimated Fair Value
Due in 1 year or less$8,147 $8,149 
Due in 1 to 5 years91,287 90,939 
Due in 5 to 10 years207,209 204,220 
Due after 10 years534,412 510,444 
Total debt securities$841,055 $813,752 

As of March 31, 2024, and December 31, 2023, securities with a carrying value of $2.61 billion and $2.63 billion, respectively, were pledged to secure public and trust deposits, short-term borrowings and for other purposes as required or permitted by law.

Gross gains and losses realized related to the sales of securities carried at fair value for the three months ended March 31, 2024 and 2023, are summarized as follows, in thousands:
Three Months Ended
March 31,
20242023
Proceeds from sales$ $146,448 
Gross security gains  
Gross security losses 1,104 

The following table summarizes, in thousands, the amount of unrealized losses, defined as the amount by which cost or amortized cost exceeds fair value, and the related fair value of investments with unrealized losses in the securities portfolio as of March 31, 2024, and December 31, 2023. The investments were segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or more. The reference point for determining how long an investment was in an unrealized loss position was March 31, 2023, and December 31, 2023, respectively.



Debt securities available for saleLess than 12 months12 months or longerTotal
 Fair
Value
Unrealized
Losses
CountFair
Value
Unrealized
Losses
CountFair
Value
Unrealized
Losses
Count
March 31, 2024
U.S. treasuries$2,975 $(20)1 $29,247 $(239)4 $32,222 $(259)5 
U.S. agencies   13,892 (192)