Heartland BancCorp Earns $5.1 Million, or $2.51 per Diluted Share, in the First Quarter of 2024; Declares Quarterly Cash Dividend of $0.759 per Share
WHITEHALL, Ohio, April 16, 2024 (GLOBE NEWSWIRE) -- Heartland BancCorp (“Heartland” and “the Company”) (OTCQX: HLAN), parent company of Heartland Bank (“Bank”), today reported net income increased 14.2% to $5.1 million, or $2.51 per diluted share, in the first quarter of 2024, compared to $4.5 million, or $2.19 per diluted share, in the first quarter of 2023, and decreased 3.9% compared to $5.3 million, or $2.61 per diluted share, in the preceding quarter.The company also announced that its board of directors declared a quarterly cash dividend of $0.759 per share. The dividend will be payable July 10, 2024, to shareholders of record as of June 25, 2024. Heartland has paid regular quarterly cash dividends since 1993.
“Our first quarter operating performance continued to reflect the success of our community banking strategy, which produced solid earnings, improved operating efficiencies and pristine credit quality,” stated G. Scott McComb, Chairman, President and Chief Executive Officer. “Net loan balances decreased modestly during the first quarter, largely due to a few large loan payoffs coupled with lighter production related to our efforts to slow down loan production near the end of 2023. Despite stiff competition in our markets, we continue to focus on maintaining our credit metrics while remaining disciplined on loan pricing, with newly funded loans having a weighted rate of 8.11% during the first quarter.”
“Our performance continues to be fueled by our market footprints in Columbus and Greater Cincinnati,” said McComb. “Our new branch in Delaware County, just north of Columbus, is realizing a strong start, and we continue to look for ways to expand our market outreach into other surrounding areas.”
*First Quarter 2024 Financial Highlights *(at or for the three months ended March 31, 2024)
· Net income was $5.1 million, or $2.51 per diluted share, compared to $4.5 million, or $2.19 per diluted share, in the first quarter of 2023.
· Heartland recorded no provision for credit losses during the first quarter of 2024, compared to $750,000 for the first quarter a year ago.
· Net interest margin was 3.37%, compared to 3.49% in the preceding quarter and 3.87% in the first quarter a year ago.
· First quarter revenues (net interest income plus noninterest income) increased modestly to $18.0 million, compared to $17.9 million in the first quarter a year ago.
· Annualized return on average assets was 1.09%, compared to 1.06% in the first quarter of 2023.
· Annualized return on average tangible common equity was 13.59%, compared to 13.36% in the first quarter a year ago.
· Net loans decreased modestly during the quarter to $1.51 billion at March 31, 2024, compared to $1.53 billion three months earlier.
· Total deposits decreased modestly during the quarter to $1.63 billion at March 31, 2024, compared to $1.64 billion three months earlier.
· Credit quality remains pristine with nonperforming loans to gross loans of 0.13% and nonperforming assets to total assets of 0.10% at March 31, 2024.
· Tangible book value increased 11.6% to $74.88 per share, compared to $67.09 per share a year ago.
· Declared a quarterly cash dividend of $0.759 per share.*Balance Sheet Review
*Assets
Total assets increased 6.4% to $1.88 billion at March 31, 2024, compared to $1.77 billion a year earlier, and remained unchanged compared to three months earlier. Heartland’s loan-to-deposit ratio was 92.8% at March 31, 2024, compared to 93.2% at December 31, 2023, and 92.6% at March 31, 2023.
Securities increased 39.5% to $222.6 million at March 31, 2024, compared to $159.6 million a year earlier, and increased 5.4% compared to $211.1 million three months earlier. Securities comprise 11.9% of total assets at March 31, 2024, compared to 11.2% three months prior and 9.0% a year ago.
“We’ve continued to grow the investment portfolio, increasing our asset base liquidity during the quarter to 9.10% of assets, compared to 5.85% a year earlier, which has been a strategic focus over the past year,” said Carrie Almendinger, EVP and Chief Financial Officer.
Average earning assets increased to $1.78 billion in the first quarter of 2024, compared to $1.75 billion in the fourth quarter of 2023, and $1.61 billion in the first quarter a year ago. The average yield on interest-earning assets was 5.80% in the first quarter of 2024, up nine basis points from 5.71% in the preceding quarter, and up 62 basis points from 5.18% in the first quarter a year ago.
Loan Portfolio
“While we continued to moderate loan growth during the quarter, an increase in loan payoffs resulted in net loans decreasing 1.2% over the prior quarter end, while average loans remained nearly unchanged compared to the prior quarter,” said Ben Babcanec, EVP and Chief Operating Officer. “While loan demand has been stable, we remain disciplined with loan pricing which is resulting in slower growth.”
Net loans were $1.51 billion at March 31, 2024, compared to $1.53 billion at December 31, 2023, and a 4.1% increase compared to $1.45 billion at March 31, 2023. Commercial loans increased modestly from year ago levels to $166.4 million, and comprise 10.9% of the total loan portfolio at March 31, 2024. Owner occupied commercial real estate loans (CRE) increased 2.8% to $293.5 million at March 31, 2024, compared to a year ago, and comprise 19.2% of the total loan portfolio. Nonowner occupied CRE loans increased 4.6% to $489.7 million, compared to a year ago, and comprise 32.0% of the total loan portfolio at March 31, 2024. 1-4 family residential real estate loans increased 4.4% from year-ago levels to $507.4 million and represent 33.2% of total loans. Home equity loans increased 21.1% from year-ago levels to $54.2 million and represent 3.5% of total loans, while consumer loans increased 1.9% from year-ago levels to $18.9 million and represent 1.2% of the total loan portfolio at March 31, 2024.
Deposits
Total deposits were $1.63 billion at March 31, 2024, a modest decrease, compared to $1.64 billion at December 31, 2023, and a $60.7 million, or 3.9% increase, compared to $1.57 billion at March 31, 2023. “Average deposits increased $17.6 million, or 1.1%, to $1.64 billion in the first quarter of 2024 compared to the preceding quarter, with the growth primarily in money market and CD accounts,” said Babcanec. “We are focused on nurturing client relationships while still being more selective with deposit pricing.”
At March 31, 2024, noninterest bearing demand deposit accounts decreased 13.9% compared to a year ago and represented 25.8% of total deposits; savings, NOW and money market accounts increased 3.0% compared to a year ago and represented 43.3% of total deposits; and CDs increased 27.1% compared to a year ago and comprised 30.9% of total deposits. The average cost of deposits was 2.45% in the first quarter of 2024, compared to 2.21% in the fourth quarter of 2023 and 1.24% in the first quarter of 2023.
Shareholders’ Equity
Shareholders’ equity increased modestly to $163.8 million at March 31, 2024, compared to $162.5 million three months earlier and increased 10.6% compared to $148.1 million a year earlier. At March 31, 2024, Heartland’s tangible book value was $74.88 per share compared to $74.23 at December 31, 2023, and $67.09 at March 31, 2023.
Heartland continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with tangible equity to tangible assets of 8.09% at March 31, 2024, compared to 8.00% at December 31, 2023, and 7.71% at March 31, 2023.
*Liquidity
*Heartland had ample sources of available liquidity as of March 31, 2024, including a $220 million line of credit at the Federal Home Loan Bank, as well as additional credit lines of $120 million. Nearly 70% of Heartland’s client deposit balances were FDIC insured or collateralized as of March 31, 2024.
*Operating Results
*In the first quarter of 2024, Heartland generated a ROAA of 1.09% and a ROATCE of 13.59%, compared to 1.13% and 15.05%, respectively, in the fourth quarter of 2023 and 1.06% and 13.36%, respectively, in the first quarter a year ago.
Net Interest Income/Net Interest Margin
Net interest income, before the provision for credit losses, decreased 3.1% to $14.9 million in the first quarter of 2024, compared to $15.3 million in the first quarter a year ago, and decreased 3.4% compared to $15.4 million in the preceding quarter.
Total revenues (net interest income, before the provision for credit losses, plus noninterest income) were $18.0 million in the first quarter of 2024, a modest increase compared to $17.9 million in the first quarter a year ago, and a 3.4% decrease compared to $18.6 million in the preceding quarter.
Heartland’s net interest margin was 3.37% in the first quarter of 2024, compared to 3.49% in the preceding quarter and 3.87% in the first quarter of 2023. “The largest driver in our net interest margin decline during the quarter was the shift in noninterest bearing DDA balances into higher yielding deposit accounts, which was more than anticipated. Fortunately, noninterest DDA balances still comprise a large portion of our total deposit mix, representing 25.8% of total deposits at March 31, 2024,” said Almendinger. “While we are preparing for moderate deposit pricing pressure over the next quarter as some CDs will reprice, we believe we are near the bottom of the cycle and anticipate our net interest margin should start to rebound during the second half of 2024.”
Heartland’s net interest margin continues to remain above the peer average posted by the Dow Jones U.S. MicroCap Bank Index with total market capitalization under $250 million as of December 31, 2023.^*
Provision for Credit Losses
Due to pristine credit quality, low net loan charge offs and negative loan growth, Heartland recorded no provision for credit losses in the first quarter of 2024. This compared to a $550,000 provision for credit losses in the fourth quarter of 2023, and a $750,000 provision for credit losses in the first quarter of 2023.
*As of December 31, 2023, the Dow Jones U.S. MicroCap Bank Index tracked 178 banks with total common market capitalization under $250 million for the following ratios: NIM* of 3.20%.
Noninterest Income
Noninterest income increased 19.9% to $3.1 million in the first quarter of 2024, compared to $2.6 million in the first quarter a year ago, and decreased 3.0% compared to $3.2 million in the preceding quarter. Gains on sale of loans and originated mortgage servicing rights increased 129.2% to $518,000 in the first quarter of 2024, compared to $226,000 in the first quarter a year ago, but decreased compared to $734,000 in the preceding quarter.
“We experienced good secondary loan activity to start the year, and we were able to take $175,000 in income through our FHLB Lender Risk Account (LRA) during the first quarter of 2024, compared to $35,000 during the first quarter of 2023,” said Almendinger.
Noninterest Expense
Noninterest expenses were $11.8 million during the first quarter of 2024, a 1.2% increase compared to $11.6 million in the preceding quarter and unchanged compared to the first quarter a year ago. Salary and employee benefit expenses, the largest component of noninterest expense, were $7.3 million in the first quarter of 2024, which was a 1.7% decrease compared to $7.4 million in the preceding quarter and a 2.4% decrease compared to $7.5 million in the first quarter of 2023.
“In the first quarter of 2024, we continued with our company-wide efforts to manage operating expenses,” said Almendinger. “Salary and employee benefits, the largest component of noninterest expense, were lower in part due to lower incentive compensation from muted loan growth and fewer full-time employees. This was partly offset by higher FDIC insurance premiums compared to the first quarter a year ago.”
The efficiency ratio for the first quarter of 2024 was 65.5%, compared to 62.5% for the preceding quarter and unchanged compared to the first quarter of 2023.
Income Tax Provision
In the first quarter of 2024, Heartland recorded $1.1 million in state and federal income tax expense for an effective tax rate of 18.1%, compared to $1.1 million, or 17.7%, in the fourth quarter of 2023 and $992,000, or 18.2%, in the first quarter a year ago.
________________________
^*As of December 31, 2023, the Dow Jones U.S. MicroCap Bank Index tracked 178 banks with total common market capitalization under $250 million for the following ratios: NIM* of 3.20%.*
Credit Quality
*“Our overall credit quality metrics continue to remain strong. We continue to see minimal signs of stress in the loan portfolio, and we hold strong collateral positions with all our loans,” said McComb.
At March 31, 2024, the allowance for credit losses plus unfunded commitment liability (ACL + UCL) was $19.4 million, or 1.27% of total loans, compared to $19.4 million, or 1.25% of total loans, at December 31, 2023, and $18.0 million, or 1.22% of total loans, a year ago. As of March 31, 2024, the ACL represented 985% of nonaccrual loans, compared to 1,106% three months earlier and 1,406% one year earlier.
Nonaccrual loans were $1.8 million at March 31, 2024, compared to $1.6 million at December 31, 2023, and $1.1 million at March 31, 2023. At March 31, 2024, nonaccrual loans totaled 11 loans with an average balance of approximately $165,000. There was $149,000 in loans past due 90 days and still accruing at March 31, 2024, compared to $468,000 at December 31, 2023, and $111,000 at March 31, 2023. Net loan charge-offs totaled $30,000 at March 31, 2024, compared to $318,000 in net loan charge-offs at December 31, 2023, and $19,000 in net loan charge-offs at March 31, 2023.
There were no other real estate owned and other nonperforming assets on the books at March 31, 2024, compared to $10,000 at December 31, 2023, and $5,000 at March 31, 2023. Nonperforming assets (NPAs), consisting of nonperforming loans and loans past due 90 days or more, were $2.0 million, or 0.10% of total assets, at March 31, 2024, compared to $2.1 million, or 0.11% at December 31, 2023, and $1.3 million, or 0.07% of total assets, at March 31, 2023.
*About Heartland BancCorp
*Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates 20 full-service banking offices and TransCounty Title Agency, LLC. Heartland Bank, founded in 1911, provides full-service commercial, small business and consumer banking services; professional financial planning services; and other financial products and services. Heartland Bank is a member of the Federal Reserve, a member of the FDIC and an Equal Housing Lender. Heartland BancCorp is currently quoted on the OTC Markets (OTCQX) under the symbol HLAN. Learn more about Heartland Bank at Heartland.Bank.
In June of 2023, Heartland was ranked #119 on the American Banker Magazine’s list of Top 200 Publicly Traded Community Banks and Thrifts based on three-year average return on equity as of December 31, 2022.
*Safe Harbor Statement
*This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) Heartland’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of Heartland’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Heartland. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of the following factors, among others: (1) the assumptions and estimates used by Heartland’s management include both assumptions as to certain business decisions that are subject to change and, in many respects, subjective judgment, and thus is susceptible to multiple interpretations and periodic revisions based on actual experience and business developments, and thus, may not be realized; (2) legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which Heartland is engaged; (3) changes in the interest rate environment may adversely affect net interest income; (4) results may be adversely affected by continued diversification of assets and adverse changes to credit quality; (5) competition from other financial services companies in Heartland’s markets could adversely affect operations; and (6) the current economic slowdown could adversely affect credit quality and loan originations.
Heartland cautions that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements are expressly qualified in their entirety by the cautionary statements above. Heartland does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
*Heartland BancCorp*
Quarterly Financial Summary Three Months Ended
*Earnings and dividends:* *Mar. 31, 2024* *Dec. 31, 2023* *Sep. 30, 2023* *Jun. 30, 2023* *Mar. 31, 2023* Interest income $ 25,626 $ 25,195 $ 24,194 $ 22,476 $ 20,521 Interest expense 10,764 9,807 8,928 7,437 5,180 Net interest income 14,862 15,388 15,266 15,039 15,341 Provision for credit losses - 550 500 800 750 Noninterest income 3,119 3,217 3,232 3,390 2,601 Noninterest expense 11,775 11,632 11,975 11,695 11,750 Provision for income taxes 1,124 1,135 1,091 1,088 992 Net income 5,082 5,288 4,932 4,846 4,450
*Share data:* Basic earnings per share $ 2.52 $ 2.62 $ 2.45 $ 2.41 $ 2.21 Diluted earnings per share 2.51 2.61 2.43 2.39 2.19 Dividends declared per share 0.76 0.76 0.76 0.76 0.76 Book value per share 81.28 80.66 74.24 75.02 73.60 Tangible book value per share 74.88 74.23 67.78 68.54 67.09 Common shares outstanding, 20,000,000 authorized 2,105,737 2,105,737 2,105,737 2,105,237 2,103,537 Treasury shares (90,612 ) (90,612 ) (90,612 ) (90,612 ) (90,612 ) Common shares, net 2,015,125 2,015,125 2,015,125 2,014,625 2,012,925 Average common shares outstanding, net 2,015,125 2,015,125 2,014,936 2,013,607 2,009,782
*Balance sheet - average balances:* Loans receivable, net $ 1,519,946 $ 1,520,331 $ 1,498,257 $ 1,465,920 $ 1,415,215 Earning assets 1,776,073 1,749,160 1,718,549 1,672,994 1,606,350 Goodwill & intangible assets 12,934 12,982 13,031 13,077 13,132 Total assets 1,878,171 1,854,191 1,822,084 1,772,998 1,705,675 Demand deposits 453,581 476,992 473,373 467,301 495,443 Deposits 1,639,911 1,622,335 1,598,495 1,553,882 1,488,181 Borrowings 58,938 60,857 51,856 49,965 54,257 Shareholders' equity 163,283 152,393 152,720 150,017 148,195
*Ratios:* Return on average assets 1.09 % 1.13 % 1.07 % 1.10 % 1.06 % Return on average equity 12.52 % 13.77 % 12.81 % 12.96 % 12.18 % Return on average tangible common equity 13.59 % 15.05 % 14.01 % 14.19 % 13.36 % Yield on earning assets 5.80 % 5.71 % 5.59 % 5.39 % 5.18 % Cost of deposits 2.45 % 2.21 % 2.05 % 1.76 % 1.24 % Cost of funds 2.55 % 2.31 % 2.15 % 1.86 % 1.36 % Net interest margin 3.37 % 3.49 % 3.52 % 3.61 % 3.87 % Efficiency ratio 65.49 % 62.52 % 64.74 % 63.46 % 65.48 %
*Asset quality:* Net loan charge-offs to average loans 0.01 % 0.08 % 0.01 % 0.01 % 0.01 % Nonperforming loans to gross loans 0.13 % 0.13 % 0.14 % 0.14 % 0.09 % Nonperforming assets to total assets 0.10 % 0.11 % 0.11 % 0.12 % 0.07 % Allowance for credit losses to gross loans 1.17 % 1.16 % 1.13 % 1.13 % 1.13 % ACL + UCL to gross loans 1.27 % 1.25 % 1.26 % 1.24 % 1.22 % *Heartland BancCorp*
Consolidated Balance Sheets
*Assets* *Mar. 31, 2024* *Dec. 31, 2023* *Sep. 30, 2023* *Jun. 30, 2023* *Mar. 31, 2023* Cash and due from $ 18,314 $ 16,750 $ 20,993 $ 16,304 $ 14,121 Interest bearing deposits 15,717 19,932 24,222 20,017 37,297 Interest bearing time deposits - - - - - Available-for-sale securities 222,609 211,130 179,817 178,031 159,622 Held-to-maturity securities 5 5 5 Loans held for sale 2,210 1,145 1,706 2,748 1,200 Commercial 166,413 172,658 169,405 176,972 165,736 CRE (Owner occupied) 293,542 295,996 277,092 273,526 285,575 CRE (Non Owner occupied) 489,709 501,056 502,012 490,900 468,163 1-4 Family 507,374 508,826 499,953 495,578 486,077 Home Equity 54,178 51,697 52,466 48,542 44,749 Consumer 18,859 18,974 19,857 19,848 18,502 Allowance for credit losses (17,897 ) (17,928 ) (17,143 ) (17,063 ) (16,644 ) Net Loans 1,512,178 1,531,279 1,503,642 1,488,303 1,452,158 Premises and equipment 33,298 33,649 33,586 31,919 30,926 Nonmarketable equity securities 6,941 6,866 6,863 6,635 6,631 Mortgage servicing rights, net 3,384 3,373 3,346 3,208 3,119 Foreclosed assets held for sale 10 5 5 Goodwill 12,388 12,388 12,388 12,388 12,388 Intangible Assets 517 565 613 661 710 Deferred income taxes 6,662 7,087 8,323 6,702 6,157 Life insurance assets 20,545 20,315 20,140 20,020 19,903 Accrued interest receivable and other assets 22,429 18,661 19,148 18,744 20,848 Total assets $ 1,877,192 $ 1,883,150 $ 1,834,792 $ 1,805,690 $ 1,765,090
*Liabilities and Shareholders' Equity*
*Liabilities* Deposits Demand $ 419,864 $ 487,631 $ 454,764 $ 462,232 $ 487,238 Saving, NOW and money market 705,942 711,198 695,106 677,833 685,233 Time 502,848 443,772 429,480 418,046 395,525 Total deposits 1,628,654 1,642,601 1,579,350 1,558,111 1,567,996 Repurchase agreements 4,472 4,583 4,446 4,594 5,095 FHLB Advances 38,000 31,000 56,000 50,000 Subordinated debt 24,044 24,034 24,024 24,213 24,703 Interest payable and other liabilities 18,228 18,400 21,377 17,635 19,153 Total liabilities 1,713,398 1,720,618 1,685,197 1,654,553 1,616,947
*Shareholders' Equity* Common stock, without par value 62,797 62,725 62,615 62,473 62,173 Retained earnings 123,617 120,064 116,306 112,904 108,962 Accumulated other comprehensive income (expense) (17,626 ) (15,263 ) (24,332 ) (19,246 ) (17,998 ) Treasury stock at Cost, Common (4,994 ) (4,994 ) (4,994 ) (4,994 ) (4,994 ) Total shareholders' equity 163,794 162,532 149,595 151,137 148,143 Total liabilities and shareholders' equity $ 1,877,192 $ 1,883,150 $ 1,834,792 $ 1,805,690 $ 1,765,090 *Heartland BancCorp*
Consolidated Statements of Income Three Months Ended
*Interest Income* *Mar. 31, 2024* *Dec. 31, 2023* *Sep. 30, 2023* *Jun. 30, 2023* *Mar. 31, 2023* Loans $ 23,015 $ 22,850 $ 22,080 $ 20,609 $ 18,885 Securities Taxable 1,637 1,374 1,173 928 845 Tax-exempt 657 629 619 596 598 Other 317 342 322 343 193 Total interest income 25,626 25,195 24,194 22,476 20,521
*Interest Expense* Deposits 10,006 9,017 8,272 6,837 4,564 Borrowings 758 790 656 600 616 Total interest expense 10,764 9,807 8,928 7,437 5,180
*Net Interest Income* 14,862 15,388 15,266 15,039 15,341
*Provision for Credit Losses* - 550 500 800 750
*Net Interest Income After Provision for Credit Losses* 14,862 14,838 14,766 14,239 14,591
*Noninterest income* Service charges 952 1,002 1,020 1,015 975 Gains on sale of loans and originated MSR 518 734 708 704 226 Loan servicing fees, net 494 354 408 337 431 Title insurance income 210 214 196 311 171 Increase in cash value of life insurance 230 175 120 117 114 Other 715 738 780 906 684 Total noninterest income 3,119 3,217 3,232 3,390 2,601
*Noninterest Expense* Salaries and employee benefits 7,300 7,430 7,393 7,252 7,483 Net occupancy and equipment expense 1,106 1,052 1,057 1,055 1,067 Software and data processing fees 1,156 1,163 1,205 1,069 1,025 Professional fees 233 242 225 288 266 Marketing expense 310 320 271 309 299 State financial institution tax 292 260 259 259 261 FDIC insurance premiums 284 299 341 298 228 Other 1,094 866 1,224 1,165 1,121 Total noninterest expense 11,775 11,632 11,975 11,695 11,750
*Income before Income Tax* 6,206 6,423 6,023 5,934 5,442
*Provision for Income Taxes* 1,124 1,135 1,091 1,088 992
*Net Income* $ 5,082 $ 5,288 $ 4,932 $ 4,846 $ 4,450
*Basic Earnings Per Share* $ 2.52 $ 2.62 $ 2.45 $ 2.41 $ 2.21
*Diluted Earnings Per Share* $ 2.51 $ 2.61 $ 2.43 $ 2.39 $ 2.19 *Heartland BancCorp*
*ADDITIONAL FINANCIAL INFORMATION*
(Dollars in thousands except per share amounts)(Unaudited)
*Asset Quality Ratios and Data:* *Mar. 31, 2024* *Dec. 31, 2023* *Sep. 30, 2023* *Jun. 30, 2023* *Mar. 31, 2023*
Nonaccrual loans (excluding restructured loans) $ 1,817 $ 1,621 $ 1,942 $ 2,163 $ 1,140
Nonaccrual restructured loans - - - - -
Loans past due 90 days and still accruing 149 468 146 - 111
Total non-performing loans 1,966 2,089 2,088 2,163 1,251
OREO and other non-performing assets - 10 - 5 5
Total non-performing assets $ 1,966 $ 2,099 $ 2,088 $ 2,168 $ 1,256
Nonperforming loans to gross loans 0.13 % 0.13 % 0.14 % 0.14 % 0.09 %
Nonperforming assets to total assets 0.10 % 0.11 % 0.11 % 0.12 % 0.07 %
Allowance for credit losses to gross loans 1.17 % 1.16 % 1.13 % 1.13 % 1.13 %
Unfunded commitment liability to gross loans 0.10 % 0.09 % 0.13 % 0.11 % 0.09 %
ACL + UCL to gross loans 1.27 % 1.25 % 1.26 % 1.24 % 1.22 %
Performing restructured loans (RC-C) $ - $ - $ - $ - $ -
Net charge-offs quarter ending $ 30 $ 318 $ 47 $ 43 $ 19
Contact
G. Scott McComb, Chairman, President & CEO
Heartland BancCorp 614-337-4600