HLAN - Heartland BancCorp GAAP EPS of $2.39 revenue of $18.43M

2023-07-24 16:53:26 ET

• Heartland BancCorp press release ( OTCQX:HLAN ): Q2 GAAP EPS of $2.39.
• Revenue of $18.43M.
• Provision for credit losses was $800,000, compared to $480,000 for the second quarter a year ago.
• Net interest margin was 3.61%, compared to 3.87% in the preceding quarter and 3.92% in the second quarter a year ago.
• Second quarter revenues (net interest income plus noninterest income) increased 13.9% to $18.4 million, compared to $16.2 million in the second quarter a year ago.
• Annualized return on average assets was 1.10%, unchanged compared to the second quarter of 2022.
• Annualized return on average tangible common equity was 14.19%, compared to 11.97% in the second quarter a year ago.
• Net loans increased $36.1 million during the quarter, or 2.5%, to $1.49 billion at June 30, 2023, compared to $1.45 billion three months earlier.
• Total deposits decreased $9.9 million during the quarter, or less than 1%, to $1.56 billion at June 30, 2023, compared to $1.57 billion three months earlier.
• Credit quality remains pristine, with nonperforming loans to gross loans of 0.14% and nonperforming assets to total assets of 0.12%, at June 30, 2023.
• Tangible book value was $68.54 per share, compared to $64.06 per share a year ago.
• Declared a quarterly cash dividend of $0.759 per share.

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