The financial institution Dubuque announces a solid year 2021
A Dubuque-based financial institution announced a strong end to 2021 on Monday, with a strong fourth quarter.
HTLF officials expressed optimism during a quarterly earnings call that the winds in their sails will continue to strengthen this year, while acknowledging that the headwinds generated by an altered economic landscape in the wake of the pandemic of COVID-19 could create unexpected turbulence.
“It really is a story of growth,” chairman and chief executive Bruce Lee told the Telegraph Herald after the call. “We had record deposit growth for the year. … The other thing is that our credit is just outstanding.
HTLF, formerly known as Heartland Financial USA, reported net income of $47.6 million for the fourth quarter, which ended Dec. 31. This represents an increase of 26% compared to the same quarter of the previous year.
HTLF posted net income of nearly $212 million in 2021, compared to $133.5 million in 2020.
Based in Dubuque, HTLF is a diversified financial services provider, which offers banking, mortgage, investment and other financial services and has a presence in 12 states, including Iowa, Illinois and Wisconsin.
Total assets in 2021 grew to $19.3 billion at the end of the fourth quarter, an increase of approximately $278 million from the prior quarter and $1.36 billion higher than the previous quarter. same point a year earlier.
Another highlight was the growth in deposits. Total deposits in 2021 were $16.4 billion, an increase of $1.4 billion from 2020.
Company executives linked its strong performance to its talent pool.
As a testament to HTLF’s recruiting efforts, Lee said, the company was able to expand its presence in California’s Central Valley food and agribusiness sector, where it provided loans to growers and processors.
The company also expanded its reach into “high-growth markets” in the Midwest, opening branches in St. Paul, Minnesota; Des Moines and Cedar Rapids, Iowa; and two offices in suburban Chicago. This resulted in the addition of 15 commercial bankers in these regions.
HTLF also said it would continue to run administrative functions from the Roshek building, now called “700 Locust”, with a staff of around 400.
The company expects to increase commercial loans by $200 million to $250 million in the first quarter of 2022, Lee said.
But unknowns remain.
“Clients are managing the challenges of COVID, supply chain disruptions, labor shortages and wage pressures and inflation,” Lee said on Monday’s call.
Regarding stock performance, Bryan McKeag, Chief Financial Officer, believes that while difficult to predict, the company is in a “good position” heading into next year given the momentum that HTLF seen in loan growth.
“That’s really the engine of the bank,” he said.