January 28, 2025 HEARTLAND FINANCIAL USA, INC. ("HTLF") REPORTS ANNUAL EARNINGS AND FOURTH QUARTER RESULTS AS OF DECEMBER 31, 2024 Fourth Quarter Highlights • Quarterly net income available to common stockholders of $14.0 million or $0.32 per common share. • Common equity tier 1 ratio increased 50 basis points in the fourth quarter to 13.16%. • Net interest margin decreased to 3.46% for the quarter ended December 31, 2024 from 3.73% for the quarter ended September 30, 2024 primarily as a result of the termination in early October of the interest rate swaps designated as fair value hedges. • Customer deposits were $14.55 billion, an increase of $201.7 million, or 6% annualized, from the quarter ended September 30, 2024, with the cost of deposits decreasing 5 basis points to 2.13% from the prior quarter. • Nonperforming loans were $116.6 million or 1.04% of total loans, compared to $69.9 million at September 30, 2024, and $97.9 million at December 31, 2023. • Charge-offs of $48.9 million were recorded for the fourth quarter, of which $43.1 million was associated with five non-owner occupied real estate properties. "HTLF delivered a solid fourth quarter. Our common equity tier 1 ratio improved to 13.16%. Customer deposits grew at a 6% annual pace. We are delivering a strong balance sheet as we anticipate closing our merger with UMB Bank on January 31, 2025. In preparation for the merger we took strategic action to charge off lower performing loans and to divest of certain investment securities. I am very proud of the HTLF team, which has worked tirelessly to serve our customers over the years. I am truly excited for what this merger means for our employees, customers, stockholders and communities.” Bruce K. Lee, President and Chief Executive Officer, HTLF About HTLF Heartland Financial USA, Inc., is a Denver, Colorado-based bank holding company operating under the brand name HTLF, with assets of $17.29 billion as of December 31, 2024. HTLF's banks serve customers in the West, Southwest and Midwest regions. HTLF is committed to serving the banking needs of privately owned businesses, their owners, executives and employees. Our core commercial business is supported by a strong retail banking operation, in addition to a diversified line of financial services including treasury management, wealth management and investments. Additional information is available at www.htlf.com. Safe Harbor Statement This release (including any information incorporated herein by reference), and future oral and written statements of the company and its management, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, financial condition, results of operations, plans, objectives and future performance of HTLF. Any statements about the company's expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Forward-looking statements may include information about possible or assumed future results of the company's operations or performance. These forward- looking statements are generally identified by the use of the words such as "believe", "expect", "intent", "anticipate", "plan", "intend", "estimate", "project", "may", "will", "would", "could", "should", "may", "view", "opportunity", "potential", or similar or negative expressions of these words or phrases that are used in this release, and future oral and written statements of the company and its management. Although the company may make these statements based on management’s experience, beliefs, expectations, assumptions and best estimate of future events, the ability of the company to predict results or the actual effect or outcomes of plans or strategies is inherently
uncertain, and there may be events or factors that management has not anticipated. Therefore, the accuracy and achievement of such forward-looking statements and estimates are subject to a number of risks, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which the company currently believes could have a material effect on its operations and future prospects, are detailed below and in the risk factors in HTLF's reports filed with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section under Item 1A of Part I of the company’s Annual Report on Form 10-K for the year ended December 31, 2023 and updates in HTLF's Forms 10-Q filed thereafter, and include, among others: • Economic and Market Conditions Risks, including risks related to the deterioration of the U.S. economy in general and in the local economies in which HTLF conducts its operations and future civil unrest, natural disasters, pandemics and governmental measures addressing them, climate change and climate-related regulations, persistent inflation, higher interest rates, supply chain issues, labor shortages, terrorist threats or acts of war; • Credit Risks, including risks of increasing credit losses due to deterioration in the financial condition of HTLF's borrowers, changes in asset and collateral values due to climate and other borrower industry risks, which may impact the provision for credit losses and net charge-offs; • Liquidity and Interest Rate Risks, including the impact of capital market conditions, rising interest rates and changes in monetary policy on our borrowings and net interest income; • Risks related to the planned merger with UMB Financial Corporation (the “Merger”), the fluctuation of the market value of the merger consideration, risks related to combining our businesses, including expenses related to the Merger and integration of the combined entity, risks that the Merger may not occur, and the risk of litigation related to the Merger; • Operational Risks, including processing, information systems, cybersecurity, vendor, business interruption, and fraud risks; • Strategic and External Risks, including economic, political, and competitive forces impacting our business; • Legal, Compliance and Reputational Risks, including regulatory and litigation risks; and • Risks of Owning Stock in HTLF, including stock price volatility and dilution as a result of future equity offerings and acquisitions. There can be no assurance that other factors not currently anticipated by HTLF will not materially and adversely affect HTLF's business, financial condition and results of operations. Additionally, all statements in this release, including forward-looking statements speak only as of the date they are made. HTLF does not undertake and specifically disclaims any obligation to publicly release the results of any revisions which may be made to or correct or update any forward-looking statement to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events or to otherwise update any statement in light of new information or future events. Further information concerning HTLF and its business, including additional factors that could materially affect HTLF's financial results, is included in HTLF’s filings with the SEC. -FINANCIAL TABLES FOLLOW- ###
HEARTLAND FINANCIAL USA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA For the Quarter Ended December 31, For the Year Ended December 31, 2024 2023 2024 2023 Interest Income Interest and fees on loans $ 177,188 $ 192,861 $ 764,516 $ 697,997 Interest on securities: Taxable 42,366 54,573 187,877 223,521 Nontaxable 5,117 6,278 23,179 25,268 Interest on federal funds sold — — — 3 Interest on deposits with other banks and short-term investments 5,892 2,174 16,136 7,007 Total Interest Income 230,563 255,886 991,708 953,796 Interest Expense Interest on deposits 79,744 88,071 327,353 319,688 Interest on borrowings 3,093 5,874 28,820 10,311 Interest on term debt 5,372 5,804 22,328 22,560 Total Interest Expense 88,209 99,749 378,501 352,559 Net Interest Income 142,354 156,137 613,207 601,237 Provision for credit losses 37,166 11,738 53,436 21,707 Net Interest Income After Provision for Credit Losses 105,188 144,399 559,771 579,530 Noninterest Income Service charges and fees 16,126 18,708 67,253 74,024 Loan servicing income 107 158 456 1,561 Trust fees 5,366 4,905 21,213 20,715 Brokerage and insurance commissions 817 729 3,318 2,794 Capital market fees 1,884 1,676 6,887 10,007 Securities gains (losses), net (1,571) (140,007) (21,144) (141,539) Unrealized gain (loss) on equity securities, net (66) 75 539 240 Net gains on sale of loans held for sale — 94 104 3,880 Income on bank owned life insurance 1,227 729 4,837 3,771 Other noninterest income 4,201 1,132 9,490 3,621 Total Noninterest Income 28,091 (111,801) 92,953 (20,926) Noninterest Expense Salaries and employee benefits 61,520 64,766 253,337 251,276 Occupancy 6,106 6,509 25,949 26,847 Furniture and equipment 2,046 2,901 8,674 11,599 Professional fees 19,106 17,060 67,457 58,667 FDIC insurance assessments 3,397 10,313 14,741 19,940 Advertising 2,387 1,677 7,050 8,347 Core deposit intangibles amortization 1,333 1,611 5,591 6,739 Other real estate and loan collection expenses, net 71 505 1,493 1,489 (Gain) loss on sales/valuations of assets, net 841 2,072 (25,171) (77) Acquisition, integration and restructuring costs 927 4,365 10,227 10,359 Partnership investment in tax credit projects 5,210 3,573 6,148 5,401 Other noninterest expense 14,046 14,933 57,260 61,240 Total Noninterest Expense 116,990 130,285 432,756 461,827 Income Before Income Taxes 16,289 (97,687) 219,968 96,777 Income taxes 290 (27,324) 48,367 16,857 Net Income/(Loss) 15,999 (70,363) 171,601 79,920 Preferred dividends (2,012) (2,012) (8,050) (8,050) Net Income/(Loss) Available to Common Stockholders $ 13,987 $ (72,375) $ 163,551 $ 71,870 Earnings/(Loss) Per Common Share-Diluted $ 0.32 $ (1.69) $ 3.79 $ 1.68 Weighted Average Shares Outstanding-Diluted 43,276,836 42,838,405 43,149,114 42,791,795
HEARTLAND FINANCIAL USA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA For the Quarter Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 Interest Income Interest and fees on loans $ 177,188 $ 192,506 $ 199,161 $ 195,661 $ 192,861 Interest on securities: Taxable 42,366 51,116 47,381 47,014 54,573 Nontaxable 5,117 5,979 6,042 6,041 6,278 Interest on federal funds sold — — — — — Interest on deposits with other banks and short-term investments 5,892 4,193 3,045 3,006 2,174 Total Interest Income 230,563 253,794 255,629 251,722 255,886 Interest Expense Interest on deposits 79,744 82,976 80,499 84,134 88,071 Interest on borrowings 3,093 7,378 10,825 7,524 5,874 Interest on term debt 5,372 5,543 5,564 5,849 5,804 Total Interest Expense 88,209 95,897 96,888 97,507 99,749 Net Interest Income 142,354 157,897 158,741 154,215 156,137 Provision for credit losses 37,166 6,276 9,008 986 11,738 Net Interest Income After Provision for Credit Losses 105,188 151,621 149,733 153,229 144,399 Noninterest Income Service charges and fees 16,126 17,100 16,964 17,063 18,708 Loan servicing income 107 111 107 131 158 Trust fees 5,366 5,272 5,532 5,043 4,905 Brokerage and insurance commissions 817 853 894 754 729 Capital markets fees 1,884 2,116 1,996 891 1,676 Securities gains (losses), net (1,571) (9,520) (10,111) 58 (140,007) Unrealized gain (loss) on equity securities, net (66) 377 133 95 75 Net gains on sale of loans held for sale — — — 104 94 Income on bank owned life insurance 1,227 1,107 1,326 1,177 729 Other noninterest income 4,201 1,576 1,366 2,347 1,132 Total Noninterest Income 28,091 18,992 18,207 27,663 (111,801) Noninterest Expense Salaries and employee benefits 61,520 62,742 65,120 63,955 64,766 Occupancy 6,106 6,318 6,262 7,263 6,509 Furniture and equipment 2,046 2,062 2,155 2,337 2,901 Professional fees 19,106 17,448 15,372 15,531 17,060 FDIC insurance assessments 3,397 3,035 3,340 4,969 10,313 Advertising 2,387 1,937 1,368 1,358 1,677 Core deposit intangibles amortization 1,333 1,345 1,421 1,492 1,611 Other real estate and loan collection expenses, net 71 395 515 512 505 (Gain) loss on sales/valuations of assets, net 841 (26,419) 193 214 2,072 Acquisition, integration and restructuring costs 927 2,026 5,973 1,375 4,365 Partnership investment in tax credit projects 5,210 222 222 494 3,573 Other noninterest expense 14,046 14,816 14,303 14,095 14,933 Total Noninterest Expense 116,990 85,927 116,244 113,595 130,285 Income Before Income Taxes 16,289 84,686 51,696 67,297 (97,687) Income taxes 290 20,533 11,954 15,590 (27,324) Net Income/(Loss) 15,999 64,153 39,742 51,707 (70,363) Preferred dividends (2,012) (2,013) (2,012) (2,013) (2,012) Net Income/(Loss) Available to Common Stockholders $ 13,987 $ 62,140 $ 37,730 $ 49,694 $ (72,375) Earnings/(Loss) Per Common Share-Diluted $ 0.32 $ 1.44 $ 0.88 $ 1.16 $ (1.69) Weighted Average Shares Outstanding-Diluted 43,276,836 43,195,257 43,060,354 42,915,768 42,838,405
HEARTLAND FINANCIAL USA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA As of 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 Assets Cash and due from banks $ 174,686 $ 228,719 $ 226,735 $ 208,176 $ 275,554 Interest-bearing deposits with other banks and other short-term investments 206,138 359,675 147,211 236,190 47,459 Cash and cash equivalents 380,824 588,394 373,946 444,366 323,013 Time deposits in other financial institutions 800 1,050 1,340 1,240 1,240 Securities: Carried at fair value 3,560,358 4,057,335 4,185,054 4,418,222 4,646,891 Held to maturity, at cost 837,390 839,623 842,980 841,055 838,241 Other investments, at cost 67,890 69,511 70,684 68,524 91,277 Loans held for sale — — 348,761 352,744 5,071 Loans: Held to maturity 11,155,866 11,440,917 11,608,309 11,644,641 12,068,645 Allowance for credit losses (96,500) (106,797) (126,861) (123,934) (122,566) Loans, net 11,059,366 11,334,120 11,481,448 11,520,707 11,946,079 Premises, furniture and equipment, net 152,882 155,140 175,953 176,582 181,070 Goodwill 576,005 576,005 576,005 576,005 576,005 Core deposit intangibles, net 12,823 14,157 15,501 16,923 18,415 Servicing rights, net — — — — — Cash surrender value on life insurance 201,298 199,998 199,036 197,671 197,085 Other real estate, net 4,291 6,805 7,533 2,590 12,548 Other assets 436,490 430,155 534,429 516,198 574,772 Total Assets $ 17,290,417 $ 18,272,293 $ 18,812,670 $ 19,132,827 $ 19,411,707 Liabilities and Equity Liabilities Deposits: Demand $ 3,773,753 $ 4,009,218 $ 4,244,169 $ 4,264,390 $ 4,500,304 Savings 9,249,071 8,926,192 8,470,416 8,669,221 8,805,597 Time 1,613,792 2,017,806 2,242,005 2,368,555 2,895,813 Total deposits 14,636,616 14,953,216 14,956,590 15,302,166 16,201,714 Deposits held for sale — — 538,308 596,328 — Borrowings 73,819 546,219 694,909 650,033 622,255 Term debt 298,661 373,324 372,988 372,652 372,396 Accrued expenses and other liabilities 203,526 259,161 222,025 232,815 282,225 Total Liabilities 15,212,622 16,131,920 16,784,820 17,153,994 17,478,590 Stockholders' Equity Preferred equity 110,705 110,705 110,705 110,705 110,705 Common stock 42,901 42,884 42,852 42,784 42,688 Capital surplus 1,102,084 1,098,837 1,096,619 1,093,207 1,090,740 Retained earnings 1,253,255 1,252,247 1,203,092 1,178,330 1,141,501 Accumulated other comprehensive income/(loss) (431,150) (364,300) (425,418) (446,193) (452,517) Total Stockholders' Equity 2,077,795 2,140,373 2,027,850 1,978,833 1,933,117 Total Liabilities and Stockholders' Equity $ 17,290,417 $ 18,272,293 $ 18,812,670 $ 19,132,827 $ 19,411,707
HEARTLAND FINANCIAL USA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA For the Quarter Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 Average Balances Assets $ 17,888,179 $ 18,439,910 $ 19,043,362 $ 19,296,638 $ 19,667,825 Loans, net of unearned 11,308,241 11,584,999 12,010,289 12,021,930 11,938,272 Total deposits 14,906,568 15,148,944 15,562,920 16,042,402 16,709,394 Customer deposits 14,657,175 14,347,965 14,768,407 14,816,652 14,969,948 Earning assets 16,361,071 16,838,131 17,331,435 17,597,068 17,853,957 Interest-bearing liabilities 11,569,454 11,986,220 12,461,957 12,607,745 12,721,680 Common equity 1,997,830 1,962,334 1,863,236 1,832,959 1,729,086 Total stockholders' equity 2,108,535 2,073,039 1,973,941 1,943,664 1,839,791 Key Performance Ratios Annualized return on average assets 0.36 % 1.38 % 0.84 % 1.08 % (1.42) % Annualized return on average common equity 2.79 12.60 8.14 10.90 (16.61) Annualized ratio of net charge-offs (recoveries) to average loans 1.68 0.99 0.23 0.08 0.01 Annualized net interest margin 3.46 3.73 3.68 3.52 3.47 Annualized cost of deposits 2.13 2.18 2.08 2.11 2.09 Efficiency ratio 68.64 48.58 65.69 62.46 293.86 Annualized ratio of total noninterest expenses to average assets 2.60 1.85 2.46 2.37 2.63 For the Quarter Ended December 31, For the Year Ended December 31, 2024 2023 2024 2023 Average Balances Assets $ 17,888,179 $ 19,667,825 $ 18,664,275 $ 20,053,004 Loans, net of unearned 11,308,241 11,938,272 11,729,809 11,687,313 Total deposits 14,906,568 16,709,394 15,413,091 17,351,294 Customer deposits 14,657,175 14,969,948 14,646,074 14,826,404 Earning assets 16,361,071 17,853,957 17,029,565 18,301,190 Interest-bearing liabilities 11,569,454 12,721,680 12,154,276 12,919,125 Common equity 1,997,830 1,729,086 1,914,451 1,714,983 Total stockholders' equity 2,108,535 1,839,791 2,025,156 1,825,688 Key Performance Ratios Annualized return on average assets 0.36 % (1.42) % 0.92 % 0.40 % Annualized return on average common equity 2.79 (16.61) 8.54 4.19 Annualized ratio of net charge-offs (recoveries) to average loans 1.68 0.01 0.73 0.11 Annualized net interest margin 3.46 3.47 3.60 3.29 Annualized cost of deposits 2.13 2.09 2.12 2.46 Efficiency ratio 68.64 293.86 61.28 79.58 Annualized ratio of total noninterest expenses to average assets 2.60 2.63 2.32 2.30
HEARTLAND FINANCIAL USA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND FULL TIME EQUIVALENT EMPLOYEE DATA As of and for the Quarter Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 Common Share Data Book value per common share $ 45.85 $ 47.33 $ 44.74 $ 43.66 $ 42.69 ASC 320 effect on book value per common share (10.06) (8.78) (10.82) (11.18) (11.00) Common shares outstanding, net of treasury stock 42,901,273 42,883,865 42,852,180 42,783,670 42,688,008 Capital Ratios Common equity ratio 11.00 % 11.11 % 10.19 % 9.76 % 9.39 % Tier 1 leverage ratio 11.15 10.77 10.13 9.84 9.44 Common equity tier 1 ratio(1) 13.16 12.66 11.68 11.40 10.97 Total risk based capital ratio(1) 16.89 16.34 15.32 14.99 14.53 Other Selected Trend Information Effective tax rate 1.78 % 24.25 % 23.12 % 23.17 % 27.97 % Full time equivalent employees 1,703 1,725 1,843 1,888 1,970 Loans Held to Maturity Commercial and industrial $ 3,452,002 $ 3,503,093 $ 3,541,239 $ 3,545,051 $ 3,652,047 Paycheck Protection Program ("PPP") 1,278 1,582 1,864 2,172 2,777 Owner occupied commercial real estate 2,392,059 2,489,697 2,555,964 2,545,033 2,638,175 Commercial and business lending 5,845,339 5,994,372 6,099,067 6,092,256 6,292,999 Non-owner occupied commercial real estate 2,303,467 2,455,396 2,434,258 2,495,068 2,553,711 Real estate construction 1,084,651 1,119,922 1,082,726 1,041,583 1,011,716 Commercial real estate lending 3,388,118 3,575,318 3,516,984 3,536,651 3,565,427 Total commercial lending 9,233,457 9,569,690 9,616,051 9,628,907 9,858,426 Agricultural and agricultural real estate 766,213 701,211 802,958 809,876 919,184 Residential mortgage 684,487 707,984 733,401 756,021 797,829 Consumer 471,709 462,032 455,899 449,837 493,206 Total loans held to maturity $ 11,155,866 $ 11,440,917 $ 11,608,309 $ 11,644,641 $ 12,068,645 Total unfunded loan commitments $ 3,902,458 $ 3,941,268 $ 4,381,565 $ 4,537,718 $ 4,625,768 Deposits Demand-customer $ 3,773,753 $ 4,009,218 $ 4,244,169 $ 4,264,390 $ 4,500,304 Savings-customer 9,165,466 8,713,228 8,151,794 8,269,956 8,411,240 Savings-wholesale and institutional 83,605 212,964 318,622 399,265 394,357 Total savings 9,249,071 8,926,192 8,470,416 8,669,221 8,805,597 Time-customer 1,613,792 1,628,856 1,737,723 1,734,971 1,944,884 Time-wholesale — 388,950 504,282 633,584 950,929 Total time 1,613,792 2,017,806 2,242,005 2,368,555 2,895,813 Total deposits $ 14,636,616 $ 14,953,216 $ 14,956,590 $ 15,302,166 $ 16,201,714 Total customer deposits $ 14,553,011 $ 14,351,302 $ 14,133,686 $ 14,269,317 $ 14,856,428 Total wholesale and institutional deposits 83,605 601,914 822,904 1,032,849 1,345,286 Total deposits $ 14,636,616 $ 14,953,216 $ 14,956,590 $ 15,302,166 $ 16,201,714 (1) December 31, 2024 calculation is preliminary.
Allowance for Credit Losses-Loans Balance, beginning of period $ 106,797 $ 126,861 $ 123,934 $ 122,566 $ 110,208 Provision for credit losses 37,509 8,871 9,737 3,668 12,750 Charge-offs (48,885) (32,137) (7,388) (4,093) (3,886) Recoveries 1,079 3,202 578 1,793 3,494 Balance, end of period $ 96,500 $ 106,797 $ 126,861 $ 123,934 $ 122,566 Allowance for Unfunded Commitments Balance, beginning of period $ 10,462 $ 13,057 $ 13,786 $ 16,468 $ 17,480 Provision for credit losses (343) (2,595) (729) (2,682) (1,012) Balance, end of period $ 10,119 $ 10,462 $ 13,057 $ 13,786 $ 16,468 Allowance for lending related credit losses $ 106,619 $ 117,259 $ 139,918 $ 137,720 $ 139,034 Provision for Credit Losses Provision for credit losses-loans $ 37,509 $ 8,871 $ 9,737 $ 3,668 $ 12,750 Provision for credit losses-unfunded commitments (343) (2,595) (729) (2,682) (1,012) Total provision for credit losses $ 37,166 $ 6,276 $ 9,008 $ 986 $ 11,738 Asset Quality Nonaccrual loans $ 115,403 $ 69,115 $ 103,123 $ 94,800 $ 95,426 Loans past due ninety days or more 1,169 832 663 611 2,507 Other real estate owned 4,291 6,805 7,533 2,590 12,548 Total nonperforming assets $ 120,863 $ 76,752 $ 111,319 $ 98,001 $ 110,481 Nonperforming Assets Activity Balance, beginning of period $ 76,752 $ 111,319 $ 98,001 $ 110,481 $ 66,178 Net loan (charge-offs) recoveries (47,806) (28,935) (6,810) (2,300) (392) New nonperforming loans 111,888 25,441 48,346 5,470 61,193 Reduction of nonperforming loans(1) (14,668) (30,240) (28,050) (5,692) (14,278) OREO/Repossessed assets sales proceeds (5,303) (833) (168) (9,958) (2,220) Balance, end of period $ 120,863 $ 76,752 $ 111,319 $ 98,001 $ 110,481 Asset Quality Ratios Ratio of nonperforming loans to total loans 1.04 % 0.61 % 0.89 % 0.82 % 0.81 % Ratio of nonperforming assets to total assets 0.70 0.42 0.59 0.51 0.57 Annualized ratio of net loan charge-offs (recoveries) to average loans 1.68 0.99 0.23 0.08 0.01 Allowance for loan credit losses as a percent of loans 0.87 0.93 1.09 1.06 1.02 Allowance for lending related credit losses as a percent of loans 0.96 1.02 1.21 1.18 1.15 Allowance for loan credit losses as a percent of nonperforming loans 82.78 152.68 122.23 129.89 125.15 Loans delinquent 30-89 days as a percent of total loans 0.24 0.26 0.25 0.31 0.09 (1) Includes principal reductions, transfers to performing status and transfers to OREO. HEARTLAND FINANCIAL USA, INC. CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA As of and for the Quarter Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023