HTLF Strength. Insight. Growth. 4th Quarter 2021 Financials Safe Harbor This release (including any information incorporated herein by reference), and future oral and written statements of HTLF and its management, may contain forwardlooking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, financial condition, results of operations, plans, objectives and future performance ...

Heartland Financial USA, Inc. (NASDAQ:HTLF) Q4 2021 Earnings Conference Call January 31, 2022 5:00 PM ET Company Participants Lynn Fuller - Executive Operating Chairman Bruce Lee - President and CEO Bryan McKeag - Executive Vice President and CFO Nathan Jones - Executive Vice President and CCO Conference Call Participants Jeff Rulis - D.A. Davidson Terry McEvoy - Stephens Andrew Liesch - Piper Sandler David Long - Raymond James Damon DelMonte - KBW Operator Greetings. And welcome to the HTLF Fourth Quarter ...

Part I - Financial Information [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Heartland Financial USA, Inc. (HTLF) as of September 30, 2021, and for the three and nine-month periods then ended It includes the Consolidated Balance Sheets, Statements of Income, Statements of Comprehensive Income, Statements of Cash Flows, Statements of Changes in Equity, and the accompanying notes which provide detailed explanations of accounting policies and financial data [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2021, total assets grew to $19.00 billion, a 6% increase from $17.91 billion at year-end 2020 This growth was driven by increases in securities and deposits Total loans receivable, net, slightly decreased to $9.74 billion from $9.89 billion Total liabilities increased to $16.82 billion, primarily due to a 7% rise in total deposits to $16.02 billion Total stockholders' equity rose to $2.17 billion Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 (Unaudited) | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$18,996,225** | **$17,908,339** | | Cash and cash equivalents | $327,405 | $337,903 | | Securities | $7,535,290 | $6,216,814 | | Loans receivable, net | $9,737,374 | $9,891,445 | | Goodwill | $576,005 | $576,005 | | **Total Liabilities** | **$16,823,973** | **$15,829,108** | | Total deposits | $16,022,243 | $14,979,905 | | **Total Stockholders' Equity** | **$2,172,252** | **$2,079,231** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) For the third quarter of 2021, net income available to common stockholders was $53.9 million, or $1.27 per diluted share, an 18% increase from $45.5 million, or $1.23 per diluted share, in Q3 2020 The improvement was driven by a 16% increase in net interest income to $142.5 million and a significant provision benefit for credit losses of $4.5 million, compared to a $1.7 million provision expense in the prior-year quarter For the nine months ended September 30, 2021, net income available to common stockholders surged 72% to $164.3 million from $95.7 million year-over-year Income Statement Highlights (in thousands, except per share data) | Metric | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $142,543 | $122,497 | $423,366 | $359,154 | | Provision (benefit) for credit losses | ($4,534) | $1,678 | ($12,262) | $49,994 | | Noninterest Income | $32,724 | $31,216 | $96,205 | $87,670 | | Noninterest Expenses | $110,627 | $90,396 | $316,426 | $271,694 | | Net Income | $55,924 | $47,958 | $170,343 | $98,129 | | Net Income Available to Common Stockholders | $53,911 | $45,521 | $164,305 | $95,692 | | Earnings Per Common Share - Diluted | $1.27 | $1.23 | $3.88 | $2.59 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2021, net cash provided by operating activities was $232.9 million, a significant increase from $83.0 million in the same period of 2020 Net cash used in investing activities was $1.29 billion, primarily due to the purchase of securities Net cash provided by financing activities was $1.05 billion, driven by a net increase in demand and savings deposits Overall, cash and cash equivalents experienced a net decrease of $10.5 million during the period Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $232,851 | $83,044 | | Net Cash Used by Investing Activities | ($1,291,359) | ($2,312,742) | | Net Cash Provided by Financing Activities | $1,048,010 | $2,182,619 | | **Net Decrease in Cash and Cash Equivalents** | **($10,498)** | **($47,079)** | [Note 2: Acquisitions](index=12&type=section&id=Note%202%3A%20Acquisitions) In December 2020, HTLF completed two key acquisitions Its subsidiary, Arizona Bank & Trust, acquired four Johnson Bank branches in Arizona, adding assets of $419.7 million and deposits of $415.5 million Additionally, HTLF acquired AIM Bancshares, Inc. and its subsidiary AimBank in Texas for approximately $264.5 million, which added $1.97 billion in assets and $1.67 billion in deposits The AimBank systems conversion was completed in February 2021 - Completed the acquisition of Johnson Bank's four Arizona branches, acquiring **$419.7 million** in assets and **$415.5 million** in deposits[23](index=23&type=chunk) - Completed the acquisition of AIM Bancshares, Inc. for approximately **$264.5 million**, adding **$1.97 billion** in assets and **$1.67 billion** in deposits The systems conversion was finished in February 2021[24](index=24&type=chunk) [Note 3: Securities](index=13&type=section&id=Note%203%3A%20Securities) The total securities portfolio grew to $7.62 billion as of September 30, 2021, from $6.29 billion at year-end 2020 Securities available for sale, carried at a fair value of $7.45 billion, comprised the majority of the portfolio The portfolio is primarily composed of obligations of states and political subdivisions, and various mortgage-backed securities As of September 30, 2021, securities with a carrying value of $1.88 billion were pledged to secure deposits and borrowings Securities Portfolio Composition (in thousands) | Security Type | Fair Value (Sep 30, 2021) | Fair Value (Dec 31, 2020) | | :--- | :--- | :--- | | **Total Debt Securities (Available for Sale)** | **$7,429,146** | **$6,108,346** | | Obligations of states and political subdivisions | $1,823,465 | $1,635,227 | | Mortgage-backed securities - agency | $2,371,264 | $1,355,270 | | Mortgage-backed securities - non-agency | $1,627,903 | $1,449,116 | | Asset-backed securities | $877,646 | $1,069,266 | | **Total Held to Maturity Securities** | **$95,010** | **$100,041** | - As of September 30, 2021, securities with a carrying value of **$1.88 billion** were pledged to secure public and trust deposits and short-term borrowings, down from **$2.12 billion** at year-end 2020[28](index=28&type=chunk) - The allowance for credit losses on held-to-maturity securities was reduced to **$0** at September 30, 2021, from **$51,000** at December 31, 2020[36](index=36&type=chunk) [Note 4: Loans](index=17&type=section&id=Note%204%3A%20Loans) Total loans held to maturity decreased by 2% to $9.85 billion at September 30, 2021, from $10.02 billion at year-end 2020 This was primarily due to a 57% reduction in Paycheck Protection Program (PPP) loans, which fell to $409.2 million Excluding PPP loans, the portfolio grew by 4% The largest segments are commercial and industrial loans (25.8%) and owner-occupied commercial real estate (21.7%) Credit quality showed improvement, with nonpass loans decreasing to 9.15% of total loans from 10.80% at year-end 2020 Loan Portfolio Composition (in thousands) | Loan Category | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Commercial and industrial | $2,538,369 | $2,534,799 | | Paycheck Protection Program (PPP) | $409,247 | $957,785 | | Owner occupied commercial real estate | $2,135,227 | $1,776,406 | | Non-owner occupied commercial real estate | $2,020,487 | $1,921,481 | | **Total loans receivable held to maturity** | **$9,854,907** | **$10,023,051** | - Nonaccrual loans decreased to **$82.4 million** at Q3 2021 from **$87.4 million** at year-end 2020 Loans delinquent 30-89 days also fell significantly to **0.12%** of total loans from **0.23%**[55](index=55&type=chunk) - Nonpass loans (rated watch, substandard, doubtful, or loss) decreased to **$901.4 million** (**9.15%** of total loans) at Q3 2021, down from **$1.08 billion** (**10.80%** of total loans) at year-end 2020[53](index=53&type=chunk)[249](index=249&type=chunk) [Note 5: Allowance for Credit Losses](index=24&type=section&id=Note%205%3A%20Allowance%20for%20Credit%20Losses) The allowance for credit losses on loans decreased to $117.5 million at September 30, 2021, from $131.6 million at year-end 2020 This reduction was driven by a provision benefit of $10.9 million for the first nine months of 2021, reflecting improved economic forecasts and credit quality trends The allowance for unfunded commitments also decreased slightly to $14.0 million from $15.3 million over the same period Changes in Allowance for Credit Losses - Loans (in thousands) | Period | Beginning Balance | Provision (Benefit) | Net Charge-offs | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | **Q3 2021** | $120,726 | ($4,448) | ($1,255) | $117,533 | | **Nine Months 2021** | $131,606 | ($10,898) | ($3,175) | $117,533 | - The allowance for unfunded commitments decreased to **$14.0 million** at Q3 2021 from **$15.3 million** at year-end 2020, with a provision benefit of **$1.3 million** recorded for the nine-month period[61](index=61&type=chunk) [Note 6: Goodwill, Core Deposit Premium and Other Intangible Assets](index=25&type=section&id=Note%206%3A%20Goodwill%2C%20Core%20Deposit%20Premium%20and%20Other%20Intangible%20Assets) Goodwill remained stable at $576.0 million as of September 30, 2021, with no impairment identified during the annual assessment Net amortizing intangible assets, including core deposit intangibles and servicing rights, decreased to $41.5 million from $48.4 million at year-end 2020 due to amortization Mortgage loans serviced for others were approximately $711.6 million, and the fair value of related mortgage servicing rights was estimated at $5.8 million - Goodwill was unchanged at **$576.0 million** at September 30, 2021 The most recent annual assessment as of September 30 found no goodwill impairment[62](index=62&type=chunk) Intangible Assets (in thousands) | Asset Type | Net Carrying Amount (Sep 30, 2021) | Net Carrying Amount (Dec 31, 2020) | | :--- | :--- | :--- | | Core deposit intangibles | $35,016 | $42,215 | | Mortgage servicing rights | $5,801 | $5,189 | | Commercial servicing rights | $550 | $863 | | **Total Amortizing Intangibles** | **$41,508** | **$48,435** | [Note 7: Derivative Financial Instruments](index=28&type=section&id=Note%207%3A%20Derivative%20Financial%20Instruments) HTLF utilizes derivative instruments, primarily interest rate swaps and forward commitments, to manage interest rate risk As of September 30, 2021, the company had no derivative instruments designated as cash flow hedges, having terminated the remaining ones during Q3 The largest derivative exposure comes from back-to-back loan swaps with customers, with a notional amount of $428.8 billion and a corresponding fair value asset and liability of $25.8 million each Other free-standing derivatives include interest rate lock commitments and forward commitments related to mortgage banking - HTLF terminated its remaining interest rate swaps designated as cash flow hedges during the third quarter of 2021[79](index=79&type=chunk)[80](index=80&type=chunk) - The company facilitates back-to-back loan swaps for customers to manage interest rate risk, with a notional amount of **$428.8 billion** at September 30, 2021[85](index=85&type=chunk) - Free-standing derivatives used for mortgage banking activities include interest rate lock commitments with a fair value of **$1.2 million** and forward commitments with a net fair value asset of **$219,000**[89](index=89&type=chunk) [Note 8: Fair Value](index=31&type=section&id=Note%208%3A%20Fair%20Value) This note details the fair value measurement of HTLF's financial instruments As of September 30, 2021, total assets measured at fair value on a recurring basis were $7.48 billion, overwhelmingly classified as Level 2 These assets are primarily securities available for sale and derivative instruments Liabilities measured at fair value on a recurring basis were $27.8 million Assets measured on a nonrecurring basis, such as collateral-dependent loans and OREO, are primarily valued using Level 3 inputs like third-party appraisals Assets and Liabilities Measured at Fair Value on a Recurring Basis (in thousands) | Category | Sep 30, 2021 | Level 1 | Level 2 | Level 3 | | :--- | :--- | :--- | :--- | :--- | | **Total Assets at Fair Value** | **$7,477,650** | **$1,013** | **$7,475,433** | **$1,204** | | Securities available for sale | $7,449,936 | $1,013 | $7,448,923 | $0 | | Derivative financial instruments | $26,510 | $0 | $26,510 | $0 | | Interest rate lock commitments | $1,204 | $0 | $0 | $1,204 | | **Total Liabilities at Fair Value** | **$27,841** | **$0** | **$27,841** | **$0** | - The fair value of the loan portfolio was estimated at **$9.76 billion**, slightly above its carrying amount of **$9.74 billion** The valuation is based on a discounted cash flow methodology (Level 2 and Level 3 inputs)[119](index=119&type=chunk)[125](index=125&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial performance for the third quarter and first nine months of 2021, highlighting strong earnings growth driven by increased net interest income and a significant provision benefit for credit losses Total assets grew to $19.0 billion, fueled by a 22% increase in securities and a 7% increase in deposits Key strategic developments include the successful systems conversion of AimBank, a branding change to HTLF, issuance of $150 million in subordinated debt, and ongoing branch optimization Management notes improved credit quality but remains cautious due to potential economic headwinds from COVID-19 variants and supply chain issues [Financial Highlights](index=49&type=section&id=Financial%20Highlights) HTLF reported strong performance for Q3 2021, with net income available to common stockholders rising 18% year-over-year to $53.9 million Diluted EPS was $1.27 For the first nine months, net income available to common stockholders surged 72% to $164.3 million Key performance ratios for Q3 2021 include an annualized return on average assets of 1.19% and an annualized return on average tangible common equity (non-GAAP) of 15.14% Book value per common share increased to $48.79 from $46.11 a year prior Key Performance Ratios | Ratio | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Annualized return on average assets | 1.19% | 1.26% | 1.25% | 0.92% | | Annualized return on average tangible common equity (non-GAAP) | 15.14% | 16.11% | 16.34% | 12.10% | | Annualized net interest margin (GAAP) | 3.30% | 3.51% | 3.37% | 3.70% | | Efficiency ratio, fully tax-equivalent (non-GAAP) | 60.38% | 54.67% | 58.05% | 57.28% | - Book value per common share increased to **$48.79** at September 30, 2021, compared to **$46.77** at year-end 2020[163](index=163&type=chunk)[174](index=174&type=chunk) [Results of Operations](index=54&type=section&id=Results%20of%20Operations) For Q3 2021, net interest income grew 16% to $142.5 million, though the net interest margin compressed to 3.30% from 3.51% YoY due to lower asset yields A provision benefit of $4.5 million was recorded, reflecting improved credit quality and economic outlook Noninterest income rose 5% to $32.7 million, driven by higher service charges, while noninterest expense increased 22% to $110.6 million, largely due to higher compensation and professional fees related to growth and technology projects - Q3 2021 net interest margin was **3.30%** (**3.34%** tax-equivalent), down from **3.51%** (**3.55%** tax-equivalent) in Q3 2020, primarily due to lower yields on earning assets[186](index=186&type=chunk) - A provision benefit for credit losses of **$4.5 million** was recorded in Q3 2021, a significant reversal from the **$1.7 million** provision expense in Q3 2020, driven by improved credit quality and stable macroeconomic factors[200](index=200&type=chunk)[203](index=203&type=chunk) - Noninterest income increased **5%** in Q3 2021, led by a **32%** rise in service charges and fees, partially offset by a **41%** decline in net gains on sale of loans[204](index=204&type=chunk) - Noninterest expenses rose **22%** in Q3 2021, with notable increases in salaries and benefits (**+19%**), professional fees (**+35%**), and other expenses (**+54%**) related to acquisitions, technology investments, and increased business activity[213](index=213&type=chunk) [Financial Condition](index=66&type=section&id=Financial%20Condition) As of September 30, 2021, HTLF's financial condition remained strong with total assets at $19.0 billion The loan portfolio, net of a 57% decrease in PPP loans, grew 4% since year-end 2020 Credit quality improved, with nonperforming assets decreasing to 0.46% of total assets The securities portfolio expanded by 22% to $7.62 billion as a key use of funds Deposits grew by 7% to $16.02 billion, enhancing liquidity Capital ratios remained well above regulatory minimums, with a Common Equity Tier 1 ratio of 11.40% - Excluding PPP loans, total loans held to maturity increased **$380.4 million** or **4%** since year-end 2020, driven by a **20%** increase in owner-occupied commercial real estate loans[234](index=234&type=chunk)[237](index=237&type=chunk) - The total allowance for lending related credit losses was **$131.5 million**, or **1.39%** of total loans excluding PPP loans, down from **1.62%** at year-end 2020[240](index=240&type=chunk) - Total nonperforming assets decreased by **7%** since year-end 2020 to **$88.1 million**, representing **0.46%** of total assets[255](index=255&type=chunk) - Total deposits increased by **$1.04 billion** (**7%**) since year-end 2020, with demand deposits growing **15%** and savings deposits growing **5%**, while time deposits decreased **16%**[259](index=259&type=chunk)[260](index=260&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=78&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) HTLF's primary market risk is interest rate risk arising from its core banking activities The company manages this risk through regular reviews by its asset/liability committee and by using simulation models As of September 30, 2021, an immediate 200 basis point increase in rates is projected to increase net interest income by 5.56% in the first year Conversely, a 100 basis point decrease is projected to reduce net interest income by 2.15% The company also uses derivative financial instruments and manages off-balance-sheet risk from credit commitments to mitigate market risk Net Interest Income Sensitivity Analysis (as of Sep 30, 2021) | Rate Scenario | Year 1 % Change From Base | Year 2 % Change From Base | | :--- | :--- | :--- | | Down 100 Basis Points | (2.15)% | (10.12)% | | Up 200 Basis Points | 5.56% | 8.10% | - HTLF uses derivative financial instruments to manage interest rate risk and enters into financial instruments with off-balance-sheet risk, such as commitments to extend credit and standby letters of credit, in the normal course of business[295](index=295&type=chunk)[296](index=296&type=chunk) [Item 4. Controls and Procedures](index=79&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation conducted by management, including the CEO and CFO, as of September 30, 2021, the company's disclosure controls and procedures were concluded to be effective There were no material changes in internal controls over financial reporting during the third quarter of 2021 - Management concluded that HTLF's disclosure controls and procedures were effective as of the end of the period covered by the report[297](index=297&type=chunk) - No changes in internal controls over financial reporting occurred during Q3 2021 that have materially affected, or are reasonably likely to materially affect, these controls[298](index=298&type=chunk) Part II - Other Information [Item 1. Legal Proceedings](index=81&type=section&id=Item%201.%20Legal%20Proceedings) As of September 30, 2021, HTLF and its subsidiaries are involved in certain legal proceedings that are considered ordinary routine litigation incidental to their business - The company is subject to ordinary routine litigation incidental to its business[300](index=300&type=chunk) [Item 1A. Risk Factors](index=81&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors applicable to HTLF from those disclosed in its 2020 Annual Report on Form 10-K - No material changes in risk factors were reported compared to the 2020 Annual Report on Form 10-K[301](index=301&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=81&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) HTLF and its affiliated purchasers did not make any purchases of the company's common stock during the quarter ended September 30, 2021 A board authorization from March 2020 allows for the acquisition of up to 5% of capital as treasury shares - No purchases of the company's common stock were made during the third quarter of 2021[302](index=302&type=chunk) [Item 6. Exhibits](index=82&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the Chief Executive Officer and Chief Financial Officer pursuant to the Securities Exchange Act and the Sarbanes-Oxley Act of 2002, as well as financial statements formatted in Inline XBRL - Exhibits filed include CEO and CFO certifications (31.1, 31.2, 32.1, 32.2) and financial statements in Inline XBRL format (101)[304](index=304&type=chunk)

3rd Quarter 2021 Financials HTLF Strength. Insight. Growth. Safe Harbor This release (including any information incorporated herein by reference), and future oral and written statements of the company and its management, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, financial condition, results of operations, plans, objectives and future perf ...

Heartland Financial USA, Inc. (NASDAQ:HTLF) Q3 2021 Earnings Conference Call October 25, 2021 5:00 PM ET Company Participants Lynn Fuller - Executive Operating Chairman Bruce Lee - President and Chief Executive Officer Bryan McKeag - Executive Vice President and Chief Financial Officer Conference Call Participants Jeff Rulis - D.A. Davidson Terry McEvoy - Stephens Andrew Liesch - Piper Sandler Damon DelMonte - KBW Disclaimer*: This transcript is designed to be used alongside the freely available audio recor ...

Part I - Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Heartland Financial USA, Inc.'s unaudited consolidated financial statements, including balance sheets, income, cash flows, and equity changes, with detailed notes on key disclosures [Consolidated Financial Statements Overview](index=4&type=section&id=Consolidated%20Financial%20Statements%20Overview) Total assets grew to **$18.37 billion** by June 30, 2021, with net income available to common stockholders significantly increasing to **$59.6 million** due to higher net interest income and a provision benefit Consolidated Balance Sheet Highlights (Unaudited, in thousands) | (In thousands) | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$18,371,006** | **$17,908,339** | | Total Loans Receivable, net | $9,891,288 | $9,891,445 | | Total Securities | $6,629,417 | $6,216,814 | | Total Deposits | $15,615,118 | $14,979,905 | | **Total Liabilities** | **$16,211,220** | **$15,829,108** | | **Total Stockholders' Equity** | **$2,159,786** | **$2,079,231** | Consolidated Income Statement Highlights (Unaudited, in thousands, except per share data) | (In thousands, except per share data) | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $141,218 | $124,146 | $280,823 | $236,657 | | Provision (benefit) for credit losses | $(7,080) | $26,796 | $(7,728) | $48,316 | | Noninterest Income | $33,164 | $30,637 | $63,481 | $56,454 | | Noninterest Expenses | $103,376 | $90,439 | $205,799 | $181,298 | | **Net Income** | **$61,605** | **$30,131** | **$114,419** | **$50,171** | | **Net Income Available to Common Stockholders** | **$59,593** | **$30,131** | **$110,394** | **$50,171** | | **Earnings Per Common Share - Diluted** | **$1.41** | **$0.82** | **$2.61** | **$1.36** | Consolidated Cash Flow Highlights (Unaudited, in thousands) | (In thousands) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $153,581 | $31,055 | | Net Cash Used by Investing Activities | $(454,858) | $(1,653,630) | | Net Cash Provided by Financing Activities | $412,502 | $1,697,419 | | **Net Increase in Cash and Cash Equivalents** | **$111,225** | **$74,844** | [Note 2: Acquisitions](index=12&type=section&id=Note%202%3A%20Acquisitions) This note details two December 2020 acquisitions, including Johnson Bank's Arizona operations and AIM Bancshares, Inc., significantly increasing assets and deposits - On December 4, 2020, HTLF's subsidiary Arizona Bank & Trust acquired Johnson Bank's Arizona operations, including four banking centers, total assets of **$419.7 million**, and deposits of **$415.5 million**[23](index=23&type=chunk) - On December 4, 2020, HTLF completed the acquisition of AIM Bancshares, Inc. and its subsidiary AimBank for approximately **$264.5 million**, adding **$1.97 billion** in assets, including **$1.09 billion** in loans and **$1.67 billion** in deposits[24](index=24&type=chunk) [Note 3: Securities](index=13&type=section&id=Note%203%3A%20Securities) The securities portfolio grew to **$6.54 billion**, primarily comprising government and mortgage-backed securities, with unrealized losses attributed to interest rate changes, not credit quality Composition of Securities Carried at Fair Value (in thousands) | Security Type | Fair Value at June 30, 2021 | Fair Value at Dec 31, 2020 | | :--- | :--- | :--- | | Obligations of states and political subdivisions | $1,871,786 | $1,635,227 | | Mortgage-backed securities - agency | $1,740,675 | $1,355,270 | | Mortgage-backed securities - non-agency | $1,363,292 | $1,449,116 | | Asset-backed securities | $846,987 | $1,069,266 | | Other Debt & Equity Securities | $693,318 | $618,147 | | **Total** | **$6,543,978** | **$6,127,975** | - As of June 30, 2021, securities with a carrying value of **$1.87 billion** were pledged to secure public and trust deposits and other borrowings, a decrease from **$2.12 billion** at year-end 2020[28](index=28&type=chunk) - The company determined that unrealized losses in its debt securities portfolio, totaling **$38.0 million** as of June 30, 2021, were temporary and primarily due to changes in interest rates and market spreads, not credit quality issues, thus no credit losses were recognized[33](index=33&type=chunk)[35](index=35&type=chunk) [Note 4: Loans](index=17&type=section&id=Note%204%3A%20Loans) Total loans held to maturity remained stable at approximately **$10.0 billion**, with a diversified portfolio and a decrease in PPP loans, while nonpass loans represented **10.37%** of total loans Loan Portfolio Composition (in thousands) | Loan Category | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Commercial and industrial | $2,518,908 | $2,534,799 | | Paycheck Protection Program (PPP) | $829,175 | $957,785 | | Owner occupied commercial real estate | $1,940,134 | $1,776,406 | | Non-owner occupied commercial real estate | $1,987,369 | $1,921,481 | | Real estate construction | $854,295 | $863,220 | | Agricultural and agricultural real estate | $679,608 | $714,526 | | Residential real estate | $800,884 | $840,442 | | Consumer | $401,641 | $414,392 | | **Total loans receivable held to maturity** | **$10,012,014** | **$10,023,051** | - Nonaccrual loans decreased to **$85.3 million** at June 30, 2021, from **$87.4 million** at December 31, 2020[53](index=53&type=chunk) - Nonpass loans (rated watch or substandard) totaled **$1.04 billion** at June 30, 2021, down from **$1.08 billion** at year-end 2020, including **$91.8 million** in 100% government guaranteed nonpass-rated PPP loans with no allowance[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) [Note 5: Allowance for Credit Losses](index=23&type=section&id=Note%205%3A%20Allowance%20for%20Credit%20Losses) The allowance for credit losses on loans decreased to **$120.7 million** due to a **$6.5 million** provision benefit, reflecting improved economic forecasts and credit quality trends Changes in Allowance for Credit Losses - Loans (in thousands) | | Six Months Ended June 30, 2021 | | :--- | :--- | | Balance at December 31, 2020 | $131,606 | | Charge-offs | $(5,623) | | Recoveries | $1,193 | | Provision (benefit) | $(6,450) | | **Balance at June 30, 2021** | **$120,726** | - The allowance for credit losses on unfunded commitments decreased from **$15.3 million** at year-end 2020 to **$14.0 million** at June 30, 2021, following a provision benefit of **$1.3 million** for the six-month period[58](index=58&type=chunk) [Note 6: Goodwill, Core Deposit Premium and Other Intangible Assets](index=24&type=section&id=Note%206%3A%20Goodwill%2C%20Core%20Deposit%20Premium%20and%20Other%20Intangible%20Assets) Goodwill remained stable at **$576.0 million**, while total amortizing intangible assets decreased to **$43.7 million** due to amortization, with no goodwill impairment recorded - Goodwill was stable at **$576.0 million** at both June 30, 2021, and December 31, 2020, with no impairment found in an interim Q2 2020 assessment[59](index=59&type=chunk) Intangible Assets (in thousands) | Intangible Asset Type | Net Carrying Amount at June 30, 2021 | Net Carrying Amount at Dec 31, 2020 | | :--- | :--- | :--- | | Core deposit intangibles | $37,302 | $42,215 | | Customer relationship intangibles | $150 | $168 | | Mortgage servicing rights | $5,559 | $5,189 | | Commercial servicing rights | $642 | $863 | | **Total** | **$43,653** | **$48,435** | [Note 7: Derivative Financial Instruments](index=27&type=section&id=Note%207%3A%20Derivative%20Financial%20Instruments) HTLF uses derivative instruments, primarily interest rate swaps, to manage interest rate risk, holding **$61.3 million** in cash flow hedges and **$438.4 million** in back-to-back loan swaps - The company uses interest rate swaps, caps, floors, and other derivatives as part of its interest rate risk management strategy to add stability to its net interest margin[70](index=70&type=chunk) Key Derivative Positions by Notional Amount (in thousands) | Derivative Type | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Cash Flow Hedges (Interest Rate Swaps) | $61,250 | $118,417 | | Fair Value Hedges | $16,901 | $20,841 | | Back-to-Back Loan Swaps | $438,415 | $440,719 | | Interest Rate Lock Commitments (Mortgage) | $39,922 | $42,078 | [Note 8: Fair Value](index=31&type=section&id=Note%208%3A%20Fair%20Value) This note details fair value measurements, with **$6.58 billion** in recurring fair value assets, mostly Level 2, and the loan portfolio's fair value estimated at **$9.84 billion** - HTLF uses a three-level hierarchy for fair value measurements: Level 1 (quoted prices), Level 2 (observable inputs), and Level 3 (unobservable inputs)[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) Assets and Liabilities at Fair Value on a Recurring Basis (in thousands) | | Total Fair Value at June 30, 2021 | Level 1 | Level 2 | Level 3 | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Securities available for sale | $6,543,978 | $1,016 | $6,542,962 | $— | | Derivative financial instruments | $29,891 | $— | $29,891 | $— | | Interest rate lock commitments | $1,425 | $— | $— | $1,425 | | **Liabilities** | | | | | | Derivative financial instruments | $35,268 | $— | $35,268 | $— | - The estimated fair value of the total loan portfolio was **$9.84 billion** as of June 30, 2021, compared to a carrying amount of **$9.89 billion**[115](index=115&type=chunk) [Note 10: Stock Compensation](index=43&type=section&id=Note%2010%3A%20Stock%20Compensation) HTLF granted **208,513** Restricted Stock Units under its 2020 Long-Term Incentive Plan, incurring **$4.6 million** in compensation cost with **$11.3 million** unrecognized - HTLF's 2020 Long-Term Incentive Plan authorizes the issuance of up to **1,460,000 shares** of common stock, with **1,200,807 shares** available for future awards as of June 30, 2021[139](index=139&type=chunk) Restricted Stock Unit (RSU) Activity (shares) | | Six Months Ended June 30, 2021 | | :--- | :--- | | Outstanding at January 1 | 348,275 shares | | Granted | 208,513 shares | | Vested | (146,381) shares | | Forfeited | (18,861) shares | | **Outstanding at June 30** | **391,546 shares** | - Total compensation cost for RSUs was **$4.6 million** for the first six months of 2021, with **$11.3 million** of unrecognized cost expected to be recognized through 2024[147](index=147&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses HTLF's strong financial performance in Q2 and H1 2021, highlighting growth in assets, deposits, and net income, alongside improved credit quality, capital, and liquidity positions [Overview and 2021 Developments](index=46&type=section&id=Overview%20and%202021%20Developments) HTLF reported strong Q2 2021 performance with net income of **$59.6 million** and total assets of **$18.37 billion**, driven by AimBank integration, PPP loan origination, and strategic branch optimization Q2 2021 Performance Highlights vs. Q2 2020 (in millions, except ratios and per share data) | Metric | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Net income available to common stockholders | $59.6 million | $30.1 million | | Earnings per diluted common share | $1.41 | $0.82 | | Return on average assets | 1.35% | 0.84% | | Return on average tangible common equity (non-GAAP) | 18.05% | 11.97% | - Key strategic activities in 2021 included: - Successful systems conversion of AimBank in February - Origination of **$473.9 million** in second-round PPP loans - Consolidation of nine bank branches as part of an ongoing optimization strategy - A corporate branding change from Heartland Financial to HTLF - A **14%** increase in the quarterly common stock dividend to **$0.25 per share**, effective after Q2[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk) [Results of Operations Analysis](index=53&type=section&id=Results%20of%20Operations%20Analysis) Net interest income increased **14%** to **$141.2 million** in Q2 2021, driven by earning asset growth, while a **$7.1 million** provision benefit for credit losses reflected improved economic conditions - Q2 2021 net interest margin was **3.37%** (**3.41%** tax-equivalent), down from **3.81%** (**3.85%** tax-equivalent) in Q2 2020, primarily due to lower market interest rates and a shift in earning asset mix towards lower-yielding securities[179](index=179&type=chunk)[181](index=181&type=chunk) - A provision benefit for credit losses of **$7.1 million** was recorded in Q2 2021, compared to a **$26.8 million** expense in Q2 2020, driven by improved macroeconomic factors and better credit quality trends[193](index=193&type=chunk)[195](index=195&type=chunk) - Noninterest income increased by **$2.5 million** (**8%**) in Q2 2021 versus Q2 2020, led by a **38%** rise in service charges and fees, partially offset by a **40%** decrease in net gains on sale of loans[196](index=196&type=chunk) - Noninterest expenses rose by **$12.9 million** (**14%**) in Q2 2021 versus Q2 2020, primarily due to a **$7.2 million** increase in salaries and benefits and a **$2.6 million** increase in professional fees, both related to recent acquisitions[205](index=205&type=chunk) [Financial Condition Analysis](index=64&type=section&id=Financial%20Condition%20Analysis) Total assets reached **$18.37 billion** with a stable loan portfolio of **$10.01 billion**, while nonperforming assets decreased and deposits grew, maintaining a well-capitalized position with a **11.45%** Common Equity Tier 1 ratio - Excluding PPP loans, total loans held to maturity grew by **$117.6 million** (**1.30%**) since year-end 2020, with owner-occupied commercial real estate loans showing strong growth of **9%**[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk) - The total allowance for lending related credit losses was **$134.7 million**, or **1.35%** of total loans (**1.47%** excluding PPP loans), down from **1.47%** at year-end 2020[159](index=159&type=chunk)[232](index=232&type=chunk) - Total nonperforming assets decreased by **$3.2 million** since year-end 2020 to **$91.7 million**, representing **0.50%** of total assets[247](index=247&type=chunk) Capital Ratios (%) | Ratio | June 30, 2021 | Minimum Requirement | | :--- | :--- | :--- | | Common Equity Tier 1 | 11.45% | 4.50% | | Tier 1 Capital | 12.36% | 6.00% | | Total Capital | 15.04% | 8.00% | | Tier 1 Leverage | 8.50% | 4.00% | [Quantitative and Qualitative Disclosures About Market Risk](index=76&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details HTLF's management of market risk, primarily interest rate risk, using simulation analysis to assess the impact of rate changes on net interest income, indicating a slightly asset-sensitive position Net Interest Income Sensitivity Analysis (Year 1, in thousands) | Interest Rate Scenario | Estimated Net Interest Margin | % Change From Base | | :--- | :--- | :--- | | Down 100 Basis Points | $500,955 | (1.95)% | | Base | $510,916 | — | | Up 200 Basis Points | $534,488 | 4.61% | - The company's primary market risk is interest rate risk from its core banking activities, managed through asset/liability committees and detailed quarterly reviews, including simulations[285](index=285&type=chunk)[286](index=286&type=chunk) [Controls and Procedures](index=77&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that HTLF's disclosure controls and procedures were effective as of June 30, 2021, with no material changes in internal controls over financial reporting during Q2 2021 - Based on an evaluation as of June 30, 2021, the CEO and CFO concluded that HTLF's disclosure controls and procedures were effective[289](index=289&type=chunk) - No changes in internal controls over financial reporting occurred during the three months ended June 30, 2021, that have materially affected, or are reasonably likely to materially affect, these controls[289](index=289&type=chunk) Part II - Other Information [Legal Proceedings](index=78&type=section&id=Item%201.%20Legal%20Proceedings) As of June 30, 2021, HTLF and its subsidiaries are involved in ordinary legal proceedings incidental to their business operations - The company is subject to ordinary routine litigation incidental to its business, with no specific material proceedings highlighted[291](index=291&type=chunk) [Risk Factors](index=78&type=section&id=Item%201A.%20Risk%20Factors) No material changes to HTLF's risk factors have occurred since those disclosed in its 2020 Annual Report on Form 10-K - No material changes in risk factors have occurred since the company's 2020 Annual Report on Form 10-K[292](index=292&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=78&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) HTLF has board authorization to repurchase up to **5%** of its capital, but made no common stock purchases during the quarter ended June 30, 2021 - HTLF and its affiliated purchasers made no purchases of its common stock during the quarter ended June 30, 2021[293](index=293&type=chunk) [Exhibits](index=79&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including management compensation agreements, a master agreement with Fiserv Solutions LLC, and required CEO/CFO certifications - Key exhibits filed include a Master Agreement with Fiserv Solutions LLC dated July 1, 2021, and certifications by the CEO and CFO pursuant to Sarbanes-Oxley[295](index=295&type=chunk)

| --- | --- | |-------|-------------------------------------------------------------| | | | | | HTLF Strength. Insight. Growth. 2nd Quarter 2021 Financials | Safe Harbor This release (including any information incorporated herein by reference), and future oral and written statements of HTLF and its management, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to ...

Heartland Financial USA, Inc. (NASDAQ:HTLF) Q2 2021 Results Conference Call July 26, 2021 5:00 PM ET Company Participants Lynn Fuller - Executive Operating Chairman Bruce Lee - President and CEO Bryan McKeag - EVP and CFO Nathan Jones - EVP and Chief Credit Officer Conference Call Participants Jeff Rulis - D.A. Davidson Terry McEvoy - Stephens Andrew Liesch - Piper Sandler Damon DelMonte - KBW Operator Greetings, and welcome to the HTLF Second Quarter 2021 Conference Call. This afternoon, HCLF distributed i ...

[Part I - Financial Information](index=4&type=section&id=Part%20I%20-%20Financial%20Information) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Heartland Financial USA, Inc.'s unaudited consolidated financial statements and detailed notes for Q1 2021 [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) For Q1 2021, total assets reached $18.24 billion, with net income available to common stockholders significantly increasing to $50.8 million Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$18,244,427** | **$17,908,339** | | Cash and cash equivalents | $467,862 | $337,903 | | Securities | $6,455,788 | $6,216,814 | | Loans receivable, net | $9,920,284 | $9,891,445 | | Goodwill | $576,005 | $576,005 | | **Total Liabilities** | **$16,188,220** | **$15,829,108** | | Total deposits | $15,559,051 | $14,979,905 | | **Total Stockholders' Equity** | **$2,056,207** | **$2,079,231** | Consolidated Income Statement Highlights (in thousands, except per share data) | Metric | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net Interest Income | $139,605 | $112,511 | | Provision (benefit) for credit losses | $(648) | $21,520 | | Noninterest Income | $30,317 | $25,817 | | Noninterest Expenses | $102,423 | $90,859 | | **Net Income** | **$52,814** | **$20,040** | | Net Income Available to Common Stockholders | $50,801 | $20,040 | | **Earnings Per Common Share - Diluted** | **$1.20** | **$0.54** | - Net cash provided by operating activities was **$66.6 million** for the three months ended March 31, 2021, compared to **$17.1 million** for the same period in 2020. Net cash used in investing activities was **$369.6 million**, while net cash provided by financing activities was **$433.0 million**, driven by a net increase in deposits[13](index=13&type=chunk)[14](index=14&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies and financial components, including recent acquisitions, loan portfolio, credit loss allowance, goodwill, and fair value measurements - In December 2020, the company completed the acquisition of certain assets of Johnson Bank's Arizona operations, acquiring **$419.7 million** in assets and **$415.5 million** in deposits. It also acquired AIM Bancshares, Inc., adding **$1.97 billion** in assets and **$1.67 billion** in deposits[24](index=24&type=chunk)[25](index=25&type=chunk) Loan Portfolio Composition (in thousands) | Loan Category | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Commercial and industrial | $2,421,260 | $2,534,799 | | Paycheck Protection Program (PPP) | $1,155,328 | $957,785 | | Owner occupied commercial real estate | $1,837,559 | $1,776,406 | | Non-owner occupied commercial real estate | $1,967,183 | $1,921,481 | | Real estate construction | $796,027 | $863,220 | | Agricultural and agricultural real estate | $683,969 | $714,526 | | Residential real estate | $786,994 | $840,442 | | Consumer | $402,136 | $414,392 | | **Total loans receivable held to maturity** | **$10,050,456** | **$10,023,051** | - The allowance for credit losses on loans decreased slightly to **$130.2 million** at March 31, 2021, from **$131.6 million** at December 31, 2020. The company recorded a net provision benefit of **$648,000** for the quarter, compared to a provision expense of **$21.5 million** in Q1 2020[57](index=57&type=chunk)[11](index=11&type=chunk) - Goodwill remained unchanged at **$576.0 million** at March 31, 2021. Core deposit and customer relationship intangibles, net, were **$39.9 million**[58](index=58&type=chunk)[62](index=62&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2021 financial performance, emphasizing net income growth driven by increased net interest income and credit loss provision reversal, alongside impacts of acquisitions and PPP loans Key Performance Ratios | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Return on average assets | 1.19% | 0.61% | | Return on average common equity | 10.49% | 4.98% | | Net interest margin (tax-equivalent, non-GAAP) | 3.48% | 3.84% | | Efficiency ratio (tax-equivalent, non-GAAP) | 56.61% | 61.82% | - Net interest income increased by **24%** to **$139.6 million** in Q1 2021 from **$112.5 million** in Q1 2020. This was driven by a **38%** increase in average earning assets, primarily from acquisitions and PPP loans, which offset a **79 basis point** decline in asset yields. Interest expense decreased by **58%** due to lower market rates[177](index=177&type=chunk)[178](index=178&type=chunk) - The company originated a second round of PPP loans totaling **$429.0 million** in Q1 2021. As of March 31, 2021, total PPP loans outstanding were **$1.16 billion**[163](index=163&type=chunk)[211](index=211&type=chunk) - Total deposits grew by **$579.1 million** (**4%**) during the quarter to **$15.56 billion**, with growth in non-time deposits positively impacted by federal government stimulus payments[230](index=230&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=65&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's management of market risk, primarily interest rate risk, using simulation analysis to assess the impact of rate changes on net interest income Net Interest Margin Sensitivity Analysis (Year 1) | Interest Rate Scenario | Estimated Net Interest Margin | % Change From Base | | :--- | :--- | :--- | | Down 100 Basis Points | $492,640,000 | (2.09)% | | Base | $503,131,000 | 0.00% | | Up 200 Basis Points | $529,261,000 | 5.19% | - The company's interest rate risk analysis shows that a gradual **200 basis point** increase in rates over 12 months would increase net interest margin by **5.19%** in the first year. A **100 basis point** decrease would lower it by **2.09%**[264](index=264&type=chunk) [Item 4. Controls and Procedures](index=66&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that as of March 31, 2021, the company's disclosure controls and procedures were effective, with no material changes in internal controls - The CEO and CFO have certified that the company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[267](index=267&type=chunk) - **No changes** in internal control over financial reporting occurred during the first quarter of 2021 that have materially affected, or are reasonably likely to materially affect, these controls[267](index=267&type=chunk) [Part II - Other Information](index=67&type=section&id=Part%20II%20-%20Other%20Information) [Item 1. Legal Proceedings](index=67&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary litigation not expected to have a material financial effect, with a $5.3 million holdback from the AimBank acquisition for potential losses - HTLF is subject to ordinary legal proceedings incidental to its business, which are **not expected to have a material financial impact**[269](index=269&type=chunk) - A **$5.3 million** holdback from the AimBank acquisition consideration was set aside for potential losses from a specific legal case involving a former customer. Management believes this amount is **sufficient** to cover any potential losses[270](index=270&type=chunk) [Item 1A. Risk Factors](index=67&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors disclosed in the company's 2020 Annual Report on Form 10-K - **No material changes** in risk factors were reported since the company's 2020 Annual Report on Form 10-K[271](index=271&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any of its common stock during the quarter ended March 31, 2021 - HTLF and its affiliated purchasers made **no purchases** of its common stock during the first quarter of 2021[272](index=272&type=chunk) [Item 6. Exhibits](index=68&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including amended bylaws, stock award agreements, and CEO/CFO certifications

HTLF Strength. Insight. Growth. 1st Quarter 2021 Financials Safe Harbor This release (including any information incorporated herein by reference), and future oral and written statements of HTLF and its management, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, financial condition, results of operations, plans, objectives and future performance ...