Dubuque, IA-based, $3.9 billion-asset Heartland Financial USA reported third-quarter brokerage and insurance commissions fell 12.5% to $824,000, down from $942,000 in third quarter 2008, while trust fees decreased 5.8% to $1.95 million, down from $2.07 million. Income from bank-owned life insurance (BOLI) reversed its $247,000 loss a year ago and generated $297,000 in earnings in the quarter. Trust fees, brokerage and insurance commissions, and BOLI earnings comprised, respectively, 6.9%, 16.4%, and 2.5% of noninterest income, which climbed 51.1% to $11.91 million, up from $7.88 million, helped by $1.21 million in securities gains and $998,000 tied to the company’s FDIC-sponsored acquisition of Elizabeth, IL-based The Elizabeth State Bank. Net interest income on a 4.06% net interest margin slipped 0.5% to $22.69 million, down from $22.81 million, as loan loss provisions increased by $4.8 million to $11.9 million. Net income grew 20.7% to $3.5 million, up from $2.9 million a year ago, and Heartland Chairman, President and CEO Lynn Fuller said, “Third quarter results reflect very solid core earnings, aided by an exceptional net interest margin of 4.06%.” In 2008, Heartland Financial USA reported $753,000 in insurance brokerage income and $2.35 million in securities brokerage income, which comprised, respectively, 2.5% and 8.1% of its noninterest income. The company ranked 88th in insurance brokerage earnings and 33rd in securities brokerage income among U.S. bank holding companies (BHCs) with assets between $1 billion and $10 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
Tuesday, December 15, 2009
INSURANCE & SECURITIES BROKERAGE DOWN AT HEARTLAND FINANCIAL
Dubuque, IA-based, $3.9 billion-asset Heartland Financial USA reported third-quarter brokerage and insurance commissions fell 12.5% to $824,000, down from $942,000 in third quarter 2008, while trust fees decreased 5.8% to $1.95 million, down from $2.07 million. Income from bank-owned life insurance (BOLI) reversed its $247,000 loss a year ago and generated $297,000 in earnings in the quarter. Trust fees, brokerage and insurance commissions, and BOLI earnings comprised, respectively, 6.9%, 16.4%, and 2.5% of noninterest income, which climbed 51.1% to $11.91 million, up from $7.88 million, helped by $1.21 million in securities gains and $998,000 tied to the company’s FDIC-sponsored acquisition of Elizabeth, IL-based The Elizabeth State Bank. Net interest income on a 4.06% net interest margin slipped 0.5% to $22.69 million, down from $22.81 million, as loan loss provisions increased by $4.8 million to $11.9 million. Net income grew 20.7% to $3.5 million, up from $2.9 million a year ago, and Heartland Chairman, President and CEO Lynn Fuller said, “Third quarter results reflect very solid core earnings, aided by an exceptional net interest margin of 4.06%.” In 2008, Heartland Financial USA reported $753,000 in insurance brokerage income and $2.35 million in securities brokerage income, which comprised, respectively, 2.5% and 8.1% of its noninterest income. The company ranked 88th in insurance brokerage earnings and 33rd in securities brokerage income among U.S. bank holding companies (BHCs) with assets between $1 billion and $10 billion, according to the Michael White-Prudential Bank Insurance Fee Income Report.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment