Heartland Financial Q1 2023 Earnings Report
Key Takeaways
Heartland Financial USA, Inc. reported a strong first quarter with net income available to common stockholders of $50.8 million and diluted earnings per common share of $1.19. The company maintained solid regulatory capital ratios, enhanced its strong liquidity position, and delivered excellent credit metrics.
Net income available to common stockholders was $50.8 million.
Diluted earnings per common share reached $1.19.
Total deposits increased by $168.3 million.
Efficiency ratio, fully tax-equivalent (non-GAAP) was 57.16%.
Heartland Financial
Heartland Financial
Forward Guidance
The remaining four charters are expected to be consolidated by the end of 2023. Total consolidation restructuring costs are projected to be $19-$20 million with approximately $8-$9 million of expenses remaining to be incurred in 2023. Total benefits are estimated to be approximately $20 million annually after the project is completed.