Heartland Financial USA, Inc. Reports Fourth Quarter 2010 Results

Heartland Financial USA, Inc. HTLF today reported net income of $6.5 million for the quarter ended December 31, 2010, compared to a net loss of $7.9 million for the fourth quarter of 2009. Net income available to common stockholders was $5.2 million, or $0.31 per diluted common share, for the quarter ended December 31, 2010, compared to a net loss of $9.2 million, or $0.56 per diluted common share, for the fourth quarter of 2009. Return on average common equity was 8.06 percent and return on average assets was 0.50 percent for the fourth quarter of 2010, compared to negative 14.76 percent and negative 0.92 percent, respectively, for the same quarter in 2009. Commenting on Heartland's performance, Lynn B. Fuller, Heartland's chairman, president and chief executive officer said, “We are pleased with Heartland's earnings of $23.8 million for 2010. This is a significant improvement over the previous year and reflects the concerted efforts of our team in weathering the difficult credit conditions that have significantly impacted the banking industry, including our company.”