Heartland BancCorp Earns $4.0 Million, or $1.99 Per Diluted
Heartland BancCorp Earns .0 Million, or .99 Per Diluted

WHITEHALL, Ohio, April 19, 2022 (GLOBE NEWSWIRE) — Heartland BancCorp (“Heartland” and “the Company”) (OTCQX: HLAN) today reported net income of $4.0 million, or $1.99 per diluted share in the first quarter of 2022, compared to $4.6 million, or $2.29 per diluted share in the first quarter of 2021, and $5.0 million, or $2.48 per diluted share, in the preceding quarter. Results for the first quarter of 2022 reflect lower interest and fees on Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans compared to the prior quarter and the year ago quarter, due to slowing PPP loan forgiveness as the program nears its conclusion.

The company announced that its board of directors declared a quarterly cash dividend of $0.69 per share. The dividend will be payable July 10, 2022, to shareholders of record as of June 25, 2022. Heartland has paid regular quarterly cash dividends since 1993.

“The continued success of our outreach to new and existing customers generated solid net interest income and had a substantial impact on core loan and demand deposit growth during the first quarter,” stated G. Scott McComb, Chairman, President and Chief Executive Officer. “Strong economic factors in our greater Columbus and northern Kentucky markets, along with new opportunities in the Cincinnati market that we entered into organically late last year, poise us well for growth in the year ahead. We continue to focus on growing our core deposit franchise by expanding into new markets, capturing market share in our existing markets, diversifying our revenue streams and obtaining operational leverage through enhanced technology systems. With our solid credit quality and CRE risk management culture, and the infrastructure and people in place for future expansion, we are well positioned for future growth.”

First Quarter Financial Highlights (at or for the three months ended March 31, 2022)

  • Net income was $4.0 million, or $1.99 per diluted share, compared to $4.6 million, or $2.06 per diluted share, in the first quarter of 2021.
  • Provision for loan losses was $480,000, which was unchanged compared to the first quarter a year ago.
  • Net interest margin contracted three basis points to 3.83%, compared to 3.86% in the preceding quarter and improved 47 basis points compared to 3.36% in the first quarter a year ago.
  • First quarter revenues (net interest income plus noninterest income) increased 1.8% to $16.1 million, compared to $15.8 million in the first quarter a year ago.
  • Annualized return on average assets was 1.14%, compared to 1.20% in the first quarter of 2021.
  • Annualized return on average equity was 10.66%, compared to 13.25% in the first quarter a year ago.
  • Excluding Paycheck Protection Program (PPP) loans, gross loans increased 11.5% to $1.15 billion at March 31, 2022, compared to $1.03 billion a year ago.
  • Credit quality remains pristine, with nonperforming loans to gross loans of 0.11% and nonperforming assets to total assets of 0.09% at March 31, 2022.
  • Tangible book value per share of $66.92 per share, compared to $64.56 per share a year ago.
  • Declared a quarterly cash dividend of $0.69 per share.

Balance Sheet Review

Assets

Total assets decreased 7.4% to $1.45 billion at March 31, 2022, compared to $1.57 billion a year earlier, and decreased nominally compared to $1.47 billion three months earlier. The slight decrease compared to the prior quarter was the due to both PPP loan forgiveness and a reduction in excess liquidity, which offset the quarterly loan growth . Heartland’s loan-to-deposit ratio was 91.9% at March 31, 2022, compared to 93.4% at December 31, 2021, and 84.6% at March 31, 2021.

Liquidity levels continued to decline, with interest bearing deposits in other banks at $56.3 million, representing 4.1% of interest-earning assets as of March 31, 2022, compared to 12.3% at March 31, 2021.

Average interest-earning assets were $1.35 billion in the first quarter of 2022, from $1.38 billion in the fourth quarter of 2021 and $1.46 billion in the first quarter a year ago. The average yield on interest-earning assets was 4.07% in the first quarter of 2022, down from 4.13% in the preceding quarter and up from 3.81% in the first quarter a year ago.

Loan Portfolio

Over the course of the SBA’s Paycheck Protection Program (“PPP”), Heartland originated 1,845 PPP loans, or $199.0 million in loans, and generated total PPP loan fees receivable of approximately $8.6 million. As of March 31, 2022, Heartland had received forgiveness from the SBA for $189.8 million. Approximately $347,000 of the income recognized during the first quarter of 2022 was related to recognizing origination fees for PPP loan payoffs or forgiveness, compared to $846,000 of income recognized during the fourth quarter of 2021, and $896,000 of income recognized during the first quarter of 2021. The balance of net unamortized PPP fees remaining to be recognized in fee income over the life of the associated loans, was $194,000 as of March 31, 2022.

“Core loan growth remains stable, although activity has tapered off a bit compared to the record production during the prior quarter, as we continue to battle prepayment activity. However, we are optimistic with our loan pipelines, with the construction pipeline being particularly strong, and we are seeing growth across most loan categories,” said Ben Babcanec, EVP and Chief Operating Officer.

The total loan portfolio balance was reduced due to $18.7 million in PPP loan forgiveness during the quarter. Excluding PPP loans, gross loans increased modestly to $1.15 billion at March 31, 2022, compared to $1.14 billion at December 31, 2021, and increased 11.5% compared to $1.03 billion a year earlier. Including PPP loans, net loans were $1.14 billion at March 31, 2022, which was a 1.6% decrease compared to $1.16 billion at December 31, 2021, and a nominal increase compared to $1.13 billion at March 31, 2021.

Commercial loans decreased 39.8% from year ago levels to $142.9 million, and comprise 12.4% of the total loan portfolio at March 31, 2022. The decrease was primarily due to the $111.6 million reduction in PPP loan balances compared to a year ago. Owner occupied commercial real estate loans (CRE) increased 16.4% to $285.3 million at March 31, 2022, compared to a year ago, and comprise 24.7% of the total loan portfolio. Non-owner occupied CRE loans increased 15.1% to $346.3 million, compared to a year ago, and comprise 30.0% of the total loan portfolio at March 31, 2022. 1-4 family residential real estate loans increased 4.1% from year ago levels to $331.3 million and represent 28.7% of total loans. Home equity loans decreased modestly from year ago levels to $35.9 million and represent 3.1% of total loans, and consumer loans increased 30.3% from year ago levels to $13.2 million and represent 1.1% of the total loan portfolio at March 31, 2022.

Deposits

Total deposits were $1.26 billion at both March 31, 2022, and at December 31, 2021. This compared to $1.36 billion a year earlier. The decrease compared to a year ago was largely due to the reduction in CD’s as the Company continues to focus on shifting its deposit mix to gathering and retaining low-cost deposits. “We were able to capitalize on our excess liquidity during the year and improve our deposit mix, remaining focused on low-cost deposits and paying off long-term FHLB advances in the first quarter of 2022. As a result, FHLB advances were at zero at March 31, 2022,” said Babcanec. At March 31, 2022, noninterest bearing demand deposit accounts increased 11.9% compared to a year ago and represented 39.8% of total deposits; savings, NOW and money market accounts decreased 3.9% compared to a year ago and represented 46.0% of total deposits, and CDs decreased 42.1% compared to a year ago and comprised 14.2% of total deposits.   The average cost of deposits decreased to 0.15% in the first quarter of 2022, compared to 0.17% in the fourth quarter of 2021, and 0.34% in the first quarter of 2021.

Shareholders’ Equity

Shareholders’ equity increased 3.8% to $147.7 million at March 31, 2022, compared to $142.2 million a year earlier. At March 31, 2022, Heartland’s tangible book value was $66.92 per share, compared to $64.56 one year earlier.

Heartland continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Leverage to Average Assets of 9.79% at March 31, 2022, compared to 9.55% at December 31, 2021, and 8.30% at March 31, 2021.

Operating Results

In the first quarter of 2022, Heartland generated a ROAA of 1.14% and a ROAE of 10.66%, compared to 1.36% and 13.14%, respectively, in the fourth quarter of 2021 and 1.20% and 13.25%, respectively, in the first quarter a year ago.

Net Interest Income/Net Interest Margin

Net interest income, before the provision for loan losses, increased 5.9% to $12.8 million in the first quarter of 2022, compared to $12.1 million in the first quarter a year ago, and decreased 4.6% compared to $13.4 million in the preceding quarter. Interest income benefitted from the amortization of PPP loan fees and the full recognition of the deferred PPP loan fees upon forgiveness by the SBA. During the first quarter of 2022, Heartland received $18.7 million in loan forgiveness through the SBA, compared to $33.4 million in loan forgiveness during the prior quarter, resulting in total net PPP fee income of $347,000 and $841,000, respectively. As of March 31, 2022, there was $194,000 of net deferred PPP fee income remaining.  

Total revenues (net interest income before the provision for loan losses, plus noninterest income) was $16.1 million in the first quarter, a 1.8% increase compared to $15.8 million in the first quarter a year ago, and a 6.7% decrease compared to $17.2 million in the preceding quarter.

Heartland’s net interest margin was 3.83% in the first quarter of 2022, compared to 3.86% in the preceding quarter and improved by 37 basis points compared to 3.36% in the first quarter of 2021. “While our liquidity position remains elevated, our net interest margin improved compared to the first quarter a year ago, reflecting increasing net interest income and strong core loan growth. New core loans that carry a higher interest rate are replacing lower rate PPP loans, which is helping our net interest margin expand compared to a year ago,” said Carrie Almendinger, EVP, and Chief Financial Officer. “We expect continued net interest margin improvement with increases in interest rates in 2022, as approximately 33% of our loan portfolio will reprice within the next 12 months. Also notable during the first quarter was the impact of SBA PPP loan fees and interest on net interest income, which increased our net interest margin by 7 basis points during the first quarter of 2022, and by 15 basis points during the prior quarter, compared to what our net interest margin would have been if we had not made any PPP loans. The increase from PPP loans is the result of recognition of fee income on loans that were forgiven.” Excluding PPP loans, Heartland’s net interest margin was 3.76% for the first quarter of 2022, 3.71% for the fourth quarter of 2021 and 3.29% for the first quarter of 2021. Net interest margin continues to be impacted by the excess cash balances at the Federal Reserve Bank. Excluding these excess balances, Heartland’s net interest margin was 3.95% for the first quarter of 2022 and 4.01% for the fourth quarter of 2021.

“Our strategy of patience in deploying excess liquidity in the investment portfolio will benefit us as we ladder into significantly higher yields in the near term,” said McComb.

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, 2021.*

Provision for Loan Losses

“While we are encouraged with the overall performance in the loan portfolio, and economic indicators in our markets remain strong, we continue to make additions to the allowance for loan losses to reflect the steady level of new loan growth,” said McComb.

Heartland recorded a $480,000 provision for loan losses in the first quarter of 2022, which was the same amount recorded in both the preceding quarter and the year ago quarter.

Noninterest Income

Noninterest income decreased 11.7% to $3.3 million in the first quarter of 2022, compared to $3.7 million in the first quarter a year ago, and decreased 13.9% compared to $3.8 million in the preceding quarter. Gains on sale of loans and originated mortgage servicing rights decreased 55.9% to $683,000 in the first quarter of 2022, compared to $1.6 million in the first quarter a year ago, and decreased 49.0% compared to $1.3 million in the preceding quarter.

“The mortgage market continued to be strong for long term mortgage originations through the first quarter of 2022, although lower refinance activity has caused total volumes to decrease and increased competition has led to a tightening in gain on sale margins,” said Almendinger.

Noninterest Expense

Heartland’s first quarter noninterest expenses totaled $10.6 million, compared to $10.4 million in the preceding quarter and $9.6 million in the first quarter a year ago. The increase compared to the year ago quarter was primarily due to deferred expenses associated with PPP loans originated during the first quarter of 2021, that resulted in a $1.2 million reduction to noninterest expense during the first quarter of 2021. Salary and employee benefit expenses, the largest component of noninterest expense, were $6.9 million in the first quarter of 2022, compared to $6.5 million in the fourth quarter of 2021 and $5.2 million in the first quarter of 2021. Excluding the above-mentioned deferred expenses associated with PPP loan originations, salary expenses ex PPP would have been $6.4 million in the first quarter of 2021. “The modest increase in noninterest expenses during the quarter is primarily a result of higher production-related compensation and our expansion into the Cincinnati market during the preceding quarter,” said Almendinger. “We now have the infrastructure and many talented employees in place to facilitate organic growth, and as a result were able to expand our client base and our operations without significantly increasing our operating expenses.”

The efficiency ratio for the first quarter of 2022 was 65.9%, compared to 60.5% for the preceding quarter and 60.9% for the first quarter of 2021.

Income Tax Provision

In the first quarter of 2022, Heartland recorded $952,000 in state and federal income tax expense for an effective tax rate of 19.1%, compared to $1.3 million, or 20.5% in the fourth quarter of 2021 and $1.1 million, or 18.6% in the first quarter a year ago.

*As of December 31, 2021, the Dow Jones U.S. MicroCap Bank Index tracked 161 banks with total common market capitalization under $250 million for the following ratios: NIM* of 3.23%.

Credit Quality

At March 31, 2022, the allowance for loan losses (ALLL) was $15.5 million, or 1.34% of total loans, compared to $15.0 million, or 1.28% of total loans at December 31, 2021, and $14.6 million, or 1.28% of total loans a year ago. As of March 31, 2022, the ALLL represented 1,636.7% of nonaccrual loans, compared to 924.9% three months earlier and 324.5% one year earlier.

Nonaccrual loans decreased 41.7% to $944,000 at March 31, 2022, compared to $1.6 million at December 31, 2021, and decreased 79.1% when compared to $4.5 million at March 31, 2021. Heartland had net loan recoveries of $5,000 at March 31, 2022. This compared to $133,000 in net loan recoveries at December 31, 2021, and $22,000 in net loan recoveries at March 31, 2021.   There was $383,000 in loans past due 90 days and still accruing at March 31, 2022, compared to $16,000 at December 31, 2021, and $18,000 at March 31, 2021.

Heartland’s performing restructured loans, that were not included in nonaccrual loans, totaled $5.1 million at March 31, 2022, compared to $5.1 million at December 31, 2021. Borrowers who are in financial difficulty, and who have been granted concessions, including interest rate reductions, term extensions, or payment alterations, are categorized as restructured loans.

There was $5,000 in other real estate owned and other non-performing assets on the books at March 31, 2022, unchanged from three months earlier and one year earlier. Non-performing assets (NPAs), consisting of non-performing loans and loans past due 90 days or more, decreased 18.7% to $1.3 million, or 0.09% of total assets inclusive of PPP loans, at March 31, 2022, compared to $1.6 million, or 0.11% of total assets, at December 31, 2021, and decreased 70.6% when compared to $4.5 million, or 0.29% of total assets a year ago.

About Heartland BancCorp

Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates 18 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 May of 2021, Heartland was ranked #82 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, 2020.

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) the benefits of a merger between Heartland Bank and Victory Community Bank, including future financial and operating results, cost savings enhancements to revenue and accretion to reported earnings that may be realized from the merger; (ii) Heartland’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (iii) 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; (6) the impact of the coronavirus (COVID-19) pandemic on the employees and customers of Heartland, as well as the resulting effect on the business, financial condition and results of operations on Heartland; and (7) 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
Consolidated Balance Sheets
             
                               
Assets Mar. 31, 2022   Dec. 31, 2021   Sep. 30, 2021   Jun. 30, 2021   Mar. 31, 2021
  Cash and due from $ 16,698     $ 10,469     $ 14,985     $ 12,925     $ 18,027  
  Interest bearing deposits   56,284       54,415       50,370       114,042       179,088  
  Interest bearing time deposits               283       281       279  
  Available-for-sale securities   150,674       156,505       166,187       159,683       151,971  
  Held-to-maturity securities   49       49       202       202       202  
                               
  Loans held for sale   2,573       4,648       3,013       1,221       1,025  
                               
  Commercial   142,925       154,182       179,776       219,421       237,418  
  CRE (Owner occupied)   285,287       288,261       274,368       275,727       245,092  
  CRE (Non Owner occupied)   346,326       358,713       326,919       292,955       300,923  
  1-4 Family   331,255       322,558       319,662       314,630       318,068  
  Home Equity   35,948       36,250       36,106       35,527       36,550  
  Consumer   13,218       12,620       11,118       9,995       10,142  
  Allowance for loan losses   (15,450 )     (14,965 )     (14,352 )     (13,867 )     (14,649 )
  Net Loans   1,139,508       1,157,619       1,133,597       1,134,390       1,133,545  
                               
  Premises and equipment   29,583       29,410       29,495       29,937       30,264  
  Nonmarketable equity securities   6,028       6,024       6,024       6,024       6,024  
  Mortgage serving rights, net   3,261       3,096       2,882       2,665       2,702  
  Foreclosed assets held for sale   5       5       5       5       5  
  Goodwill   12,388       12,388       12,388       12,388       12,388  
  Intangible Assets   929       990       1,052       1,113       1,185  
  Deferred income taxes   1,404       1,404       929       929       955  
  Life insurance assets   18,218       18,120       18,019       17,919       17,567  
  Accrued interest receivable and other assets   17,023       13,967       14,964       15,456       15,688  
  Total assets $ 1,454,626     $ 1,469,109     $ 1,454,396     $ 1,509,179     $ 1,570,915  
                               
Liabilities and Shareholders’ Equity                            
Liabilities                            
  Deposits                            
  Demand $ 500,733     $ 478,893     $ 440,531     $ 441,836     $ 447,646  
  Saving, NOW and money market   578,633       588,959       577,831       582,782       602,181  
  Time   178,000       188,193       223,534       274,336       307,525  
  Total deposits   1,257,366       1,256,045       1,241,896       1,298,954       1,357,352  
  Repurchase agreements   8,275       9,032       10,060       9,754       9,866  
  FHLB Advances   0       12,000       14,000       17,000       24,290  
  Subordinated debt   24,661       24,651       24,641       24,630       24,620  
  Interest payable and other liabilities   16,628       14,223       13,717       12,312       12,554  
  Total liabilities   1,306,930       1,315,951       1,304,314       1,362,650       1,428,682  
                               
Shareholders’ Equity                            
  Common stock, without par value   61,488       61,231       61,039       60,917       60,529  
  Retained earnings   97,294       94,638       90,874       87,370       84,435  
  Accumulated other comprehensive income (expense)   (6,091 )     2,283       3,164       3,237       2,262  
  Treasury stock at Cost, Common   (4,994 )     (4,994 )     (4,994 )     (4,994 )     (4,994 )
  Total shareholders’ equity   147,696       153,158       150,082       146,529       142,233  
  Total liabilities and shareholders’ equity $ 1,454,626     $ 1,469,109     $ 1,454,396     $ 1,509,179     $ 1,570,915  
                               
Heartland BancCorp
Consolidated Statements of Income
                               
    Three Months Ended
Interest Income Mar. 31, 2022   Dec. 31, 2021   Sep. 30, 2021   Jun. 30, 2021   Mar. 31, 2021
  Loans $ 12,544   $ 13,251   $ 12,826   $ 12,484   $ 12,746
  Securities                            
  Taxable   471     467     448     437     324
  Tax-exempt   574     586     589     580     601
  Other   22     33     49     40     48
  Total interest income   13,611     14,337     13,912     13,541     13,719
Interest Expense                            
  Deposits   454     523     715     886     1,130
  Borrowings   365     402     411     423     512
  Total interest expense   819     925     1,126     1,309     1,642
Net Interest Income   12,792     13,412     12,786     12,232     12,077
Provision for Loan Losses   480     480     480     480     480
Net Interest Income After Provision for Loan Losses   12,312     12,932     12,306     11,752     11,597
Noninterest income                            
  Service charges   861     834     812     692     573
  Gains on sale of loans and originated MSR   683     1,339     1,048     805     1,550
  Loan servicing fees, net   509     462     463     223     205
  Title insurance income   290     313     421     382     318
  Net realized gains on sales of available-for-sale securities                   223
  Increase in cash value of life insurance   98     101     101     99     99
  Other   827     748     790     967     732
  Total noninterest income   3,268     3,797     3,635     3,168     3,700
Noninterest Expense                            
  Salaries and employee benefits   6,905     6,520     6,318     5,550     5,204
  Net occupancy and equipment expense   994     948     981     966     1,020
  Software and data processing fees   833     801     778     1,027     758
  Professional fees   233     262     230     263     378
  Marketing expense   259     218     275     279     276
  State financial institution tax   277     313     167     309     315
  FDIC insurance premiums   69     128     60     85     128
  Other   1,019     1,217     1,108     1,310     1,535
  Total noninterest expense   10,589     10,407     9,917     9,789     9,614
Income before Income Tax   4,991     6,322     6,024     5,131     5,683
Provision for Income Taxes   952     1,299     1,265     942     1,059
Net Income $ 4,039   $ 5,023   $ 4,759   $ 4,189   $ 4,624
Basic Earnings Per Share $ 2.02   $ 2.51   $ 2.38   $ 2.10   $ 2.32
Diluted Earnings Per Share $ 1.99   $ 2.48   $ 2.34   $ 2.06   $ 2.29
                               
                               
Heartland BancCorp
ADDITIONAL FINANCIAL INFORMATION                    
(Dollars in thousands except per share amounts)(Unaudited)                    
                     
Asset Quality Ratios and Data:                                        
    Mar. 31, 2022   Dec. 31, 2021   Sep. 30, 2021   Jun. 30, 2021   Mar. 31, 2021
Nonaccrual loans (excluding restructured loans)   $ 659     $ 1,333     $ 1,657     $ 1,748     $ 2,109  
Nonaccrual restructured loans     285       285       1,093       1,093       2,405  
Loans past due 90 days and still accruing     383       16             359       18  
Total non-performing loans     1,327       1,634       2,750       3,200       4,532  
                     
OREO and other non-performing assets     5       5       5       5       5  
Total non-performing assets   $ 1,332     $ 1,639     $ 2,755     $ 3,205     $ 4,537  
                     
Nonperforming loans to gross loans     0.11%       0.14%       0.24%       0.28%       0.39%  
Nonperforming assets to total assets     0.09%       0.11%       0.22%       0.21%       0.29%  
Allowance for loan losses to gross loans     1.34%       1.28%       1.25%       1.21%       1.28%  
                     
Performing restructured loans (RC-C)   $ 5,106     $ 5,119     $ 610     $ 621     $ 632  
                     
Net charge-offs quarter ending   $ (5 )   $ (133 )   $ (6 )   $ 1,263     $ (22 )
                     
Contact: G. Scott McComb, Chairman, President & CEO
  Heartland BancCorp 614-337-4600

 

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