Heartland Financial USA(US:HTLF)2020-10-28 20:56Financial Performance - Heartland Financial USA, Inc reported total assets of $156 billion as of September 30, 2020[10] - The company's loan to deposit ratio was 7127%[10] - Tangible common equity was $1214 million[11] - The net interest margin, fully tax-equivalent, was 355%[11] - Adjusted return on average assets was 125%[11] - Adjusted return on average tangible common equity was 1686%[11] - The efficiency ratio FTE was 5467%[11] COVID-19 Impact and Response - Loan payment deferrals and modifications amounted to $11 billion, representing 14% of total loans[31] - As of September 30, 2020, approximately $860 million, or 77%, of COVID loan modifications had returned to normal payment status[31, 38] - The company approved approximately 4800 Paycheck Protection Program (PPP) loans, funding approximately $12 billion[31] - The company donated $15 million to organizations responding to COVID-19 needs[31] M&A Activity - Heartland announced the acquisition of AIM Bancshares, Inc on February 11, 2020, with anticipated closing in Q4 2020[10, 25] - The AIM Bancshares, Inc acquisition is valued at approximately $2804 million[22, 25] - Heartland announced Arizona Bank & Trust entered into a purchase and assumption agreement to acquire certain assets and assume substantially all deposits and other liabilities of Johnson Bank's Arizona operations on June 9, 2020[10, 26]