Businessweek

Heartland BancCorp reported earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income of $1,090,555 or $0.70 per diluted share compared to earnings of $1,275,968 or $0.82 per diluted share for the first quarter of 2012. Earnings for the first quarter of 2013 as compared with the first quarter of 2012 reflect lower interest income, down $383,000 or 6% partially offset by lower interest expense down $210,000 or 17% for 2013 compared to the prior year. Net Interest Income (after provision) was $4,529,270 against $4,811,228 a year ago. Net interest income after provision for loan loss declined $282,000 or 6% in 2013 compared to the first quarter of 2012. Book value per share increased to $36.23 as of March 31, 2013 up 8% from $33.49 in 2012.

Heartland Bancorp announced earnings results for the fourth quarter and full year ended December 31, 2012. Earnings for the fourth quarter ended December 31, 2012 totaled $785,000 or $0.50 per share compared to earnings of $1.228 million or $0.79 per share for the fourth quarter of 2011. Net interest income before provision for loan loss was $5.691 million up 8% or $401,000 from the prior year amount of $5.290 million. Net income for the year ended December 31, 2012 increased 32% or $1.630 million to $6.699 million or $4.31 per share compared to earnings of $5.069 million or $3.27 per share for the prior year ended December 31, 2011. Net interest income, before provision for loan loss for 2012, increased 3% to $21.737 million compared to $21.128 million for 2011. The company announced the board of directors declared first quarter 2013 cash dividend of $0.3217 per share to shareholders of record March 25, 2013 payable April 10, 2013 resulting in an annual dividend yield of 4.37% based on the closing price of shares at December 31, 2012.

Heartland Bancorp announced the Board of Directors declared a fourth quarter 2012 cash dividend of $0.3217 per share to shareholders of record December 14, 2012, payable on December 24, 2012.

Heartland Bancorp reported earnings results for the third quarter ended September 30, 2012. Net income of $1.412 million or $0.91 per diluted share for the three months ended September 30, 2012 compares to net income of $1.284 million or $0.83 per diluted share for the third quarter of 2011. Earnings were higher for the third quarter of 2012 as a result of higher net interest income and non-interest income and lower provision expense. Net interest income after provision increased 6% to $4.911 million for the third quarter of 2012 over net interest income after provision of $4.621 million for the third quarter of 2011. Interest income totaled $6.408 million during the third quarter of 2012 a decrease of 6% compared to interest income of $6.795 million for the same period in 2011. Net income for the nine-month period ended September 30, 2012 increased 54% to $5.914 million or $3.80 per diluted share, compared to earnings of $3.840 million or $2.47 per diluted share for the same nine-month period in 2011. Year to date 2012 earnings improved over the prior year due to higher net interest income, lower provision expense and higher non-interest income. Net interest income after provision was $14.64 million compared to $13.99 million a year ago. Net interest income increased 1% in 2012 to $16 million, up $209,000 due primarily to a 24% decrease in the cost of funds for the nine months ended September 30, 2012. Year to date earnings include net tax exempt life insurance proceeds totaling $1.983 million recorded in other non-interest income from Heartland Bank's key-man insurance policies on its former Chairman and Founder. The company's book value per share of $36.28 represents an 11% increase over the prior year.

Heartland Bancorp reported earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company announced sharply higher earnings with net income increased 149% over the same period in 2011. Net income of $3.2 million or $2.08 per diluted share for the three months ended June 30, 2012 compared to net income of $1.297 million or $0.83 per diluted share for the second quarter of 2011. Net interest income after provision of $4.918 million exceeded the prior year 2nd quarter amount by 4% or $176,000. Book value per share increased $4.34 or 14% to $35.47. For the six months, the company announced net income increased 76% over the same period in 2011. Net income of $4.501 million or $2.90 per diluted share compares to earnings of $2.557 million or $1.65 per diluted share for the first six months of 2011. Net interest income after provision expense was $9.729 million for the first six months of 2012, up 4% compared to $9.378 million for the same period in 2011. The increase in net interest income was due to a 22% decrease in interest expense partially offset by a 3% decline in interest income on earning assets. Both declined as a result of continued low market interest rates. Both second quarter and year to date 2012 earnings include net tax exempt life insurance proceeds totaling $1.983 million recorded in other non-interest income from Heartland Bank's key-man insurance policies on its former Chairman and Founder Tiney M. McComb who lost his battle with cancer in April of this year. The Directors of company declared third quarter 2012 cash dividend of $0.3217 per share to shareholders of record September 25, 2012, payable October 10, 2012.