Heartland BancCorp (HLAN: OTCQX U.S.) | Heartland BancCorp Earns $5.7 Million, or $2.63 Per Diluted Share, in the Fourth Quarter of 2024, and a Record $20.3 Million, or $9.75 Per Diluted Share, for the Year
Heartland BancCorp reported strong financial results for the fourth quarter and full year of 2024:
Fourth Quarter 2024 Highlights
- Net income increased 7.2% to $5.7 million, or $2.63 per diluted share
- Net interest margin was 3.19%
- Total revenues were $18.5 million
- Return on average assets (ROAA) was 1.14%
- Return on average tangible common equity (ROATCE) was 13.90%
Full Year 2024 Highlights
- Record net income of $20.3 million, up 3.8% from 2023
- Earnings per diluted share of $9.75
- Net interest margin was 3.28%
- ROAA was 1.06%
- ROATCE was 13.02%
Key Financial Metrics
- Total assets increased 4.7% year-over-year to $1.97 billion
- Net loans grew modestly to $1.54 billion
- Total deposits increased 6.6% to $1.75 billion
- Tangible book value per share rose to $80.02
Credit Quality
- Nonperforming loans to gross loans ratio of 0.54%
- Nonperforming assets to total assets ratio of 0.43%
- Allowance for credit losses plus unfunded commitment liability to gross loans ratio of 1.22%
Strategic Update
Heartland announced a pending merger with German American Bancorp, expected to close on February 1, 2025, subject to customary closing conditions
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