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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For quarterly period ended September 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For transition period from __________ to __________

Commission File Number: 001-15393

HEARTLAND FINANCIAL USA, INC.

(Exact name of Registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization)

42-1405748

(I.R.S. employer identification number)

1800 Larimer Street, Suite 1800, Denver, Colorado 80202

(Address of principal executive offices) (Zip Code)

(303) 285-9200

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $1.00 per share	HTLF	Nasdaq Stock Market
Depositary Shares, each representing 1/400th interest in a share of 7.00% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E	HTLFP	Nasdaq Stock Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated Filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the classes of Registrant's common stock as of the latest practicable date: As of November 4, 2024, the Registrant had outstanding 42,885,498 shares of common stock, $1.00 par value per share.

HEARTLAND FINANCIAL USA, INC.

Form 10-Q Quarterly Report

Table of Contents


Part I
Item 1.			Financial Statements
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.			Quantitative and Qualitative Disclosures About Market Risk
Item 4.			Controls and Procedures
Part II
Item 1.			Legal Proceedings
Item 1A.			Risk Factors
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.			Defaults Upon Senior Securities
Item 4.			Mine Safety Disclosures
Item 5.			Other Information
Item 6.			Exhibits

PART I

ITEM 1. FINANCIAL STATEMENTS


HEARTLAND FINANCIAL USA, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data)
	September 30, 2024 (Unaudited)		December 31, 2023
ASSETS
Cash and due from banks	$	228,719	$	275,554
Interest-bearing deposits with other banks and other short-term investments	359,675		47,459
Cash and cash equivalents	588,394		323,013
Time deposits in other financial institutions	1,050		1,240
Securities:

Carried at fair value (cost of $4,395,743 at September 30, 2024, and $5,100,344 at December 31, 2023)	4,057,335		4,646,891
Held to maturity, net of allowance for credit losses of $0 at both September 30, 2024, and December 31, 2023 (fair value of $844,296 at September 30, 2024, and $816,399 at December 31, 2023)	839,623		838,241
Other investments, at cost	69,511		91,277
Loans held for sale	—		5,071
Loans receivable:
Held to maturity	11,440,917		12,068,645

Allowance for credit losses	(106,797)		(122,566)
Loans receivable, net	11,334,120		11,946,079
Premises, furniture and equipment, net	145,276		177,001
Premises, furniture and equipment held for sale	9,864		4,069
Other real estate, net	6,805		12,548
Goodwill	576,005		576,005
Core deposit intangibles, net	14,157		18,415

Cash surrender value on life insurance	199,998		197,085

Other assets	430,155		574,772
TOTAL ASSETS	$	18,272,293	$	19,411,707
LIABILITIES AND EQUITY
LIABILITIES:
Deposits:
Demand	$	4,009,218	$	4,500,304
Savings	8,926,192		8,805,597
Time	2,017,806		2,895,813
Total deposits	14,953,216		16,201,714

Borrowings	546,219		622,255
Term debt	373,324		372,396
Accrued expenses and other liabilities	259,161		282,225
TOTAL LIABILITIES	16,131,920		17,478,590
STOCKHOLDERS' EQUITY:


Preferred stock (par value $1 per share; authorized 188,500 and 188,500 shares at September 30, 2024, and December 31, 2023; none issued or outstanding at both September 30, 2024, and December 31, 2023)	—		—




Series E Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock (par value $1 per share; 11,500 shares authorized at both September 30, 2024, and December 31, 2023; 11,500 shares issued and outstanding at both September 30, 2024, and December 31, 2023)	110,705		110,705
Common stock (par value $1 per share; 60,000,000 shares authorized at both September 30, 2024, and December 31, 2023; issued 42,883,865 shares at September 30, 2024, and 42,688,008 shares at December 31, 2023)	42,884		42,688
Capital surplus	1,098,837		1,090,740
Retained earnings	1,252,247		1,141,501
Accumulated other comprehensive loss	(364,300)		(452,517)



TOTAL STOCKHOLDERS' EQUITY	2,140,373		1,933,117
TOTAL LIABILITIES AND EQUITY	$	18,272,293	$	19,411,707

See accompanying notes to consolidated financial statements.


HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share data)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
INTEREST INCOME:
Interest and fees on loans	$	192,506	$	182,394	$	587,328	$	505,136
Interest on securities:
Taxable	51,116		54,800		145,511		168,948
Nontaxable	5,979		6,584		18,062		18,990
Interest on federal funds sold	—		3		—		3
Interest on interest-bearing deposits in other financial institutions	4,193		1,651		10,244		4,833
TOTAL INTEREST INCOME	253,794		245,432		761,145		697,910
INTEREST EXPENSE:
Interest on deposits	82,976		92,744		247,609		231,617
Interest on borrowings	7,378		1,167		25,727		4,437
Interest on term debt (includes $(247) and $(63) of interest income related to derivatives reclassified from accumulated other comprehensive income for the three months ended September 30, 2024 and 2023, respectively, and $(457) and $638 of interest (income) expense related to derivatives reclassified from accumulated other comprehensive income for the nine months ended September 30, 2024 and 2023, respectively)	5,543		5,765		16,956		16,756
TOTAL INTEREST EXPENSE	95,897		99,676		290,292		252,810
NET INTEREST INCOME	157,897		145,756		470,853		445,100
Provision for credit losses	6,276		1,516		16,270		9,969
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	151,621		144,240		454,583		435,131
NONINTEREST INCOME:
Service charges and fees	17,100		18,553		51,127		55,316
Loan servicing income	111		278		349		1,403
Trust fees	5,272		4,734		15,847		15,810
Brokerage and insurance commissions	853		692		2,501		2,065
Capital markets fees	2,116		1,845		5,003		8,331
Securities losses, net (includes $(9,299) and $59 of net security (losses) gains reclassified from accumulated other comprehensive income for the three months ended September 30, 2024 and 2023, respectively, and $(19,855) and $(1,370) of net security losses reclassified from accumulated other comprehensive income for the nine months ended September 30, 2024 and 2023, respectively)	(9,520)		(114)		(19,573)		(1,532)


Unrealized gain on equity securities, net	377		13		605		165
Net gains on sale of loans held for sale	—		905		104		3,786

Income on bank owned life insurance	1,107		858		3,610		3,042
Other noninterest income	1,576		619		5,289		2,489
TOTAL NONINTEREST INCOME	18,992		28,383		64,862		90,875
NONINTEREST EXPENSES:
Salaries and employee benefits	62,742		62,262		191,817		186,510
Occupancy	6,318		6,438		19,843		20,338
Furniture and equipment	2,062		2,720		6,554		8,698
Professional fees	17,448		13,616		48,351		41,607
FDIC insurance assessments	3,035		3,313		11,344		9,627
Advertising	1,937		1,633		4,663		6,670
Core deposit intangibles amortization	1,345		1,625		4,258		5,128
Other real estate and loan collection expenses	395		481		1,422		984
Loss (gain) on sales/valuations of assets, net	(26,419)		108		(26,012)		(2,149)
Acquisition, integration and restructuring costs	2,026		2,429		9,374		5,994
Partnership investment in tax credit projects	222		1,136		938		1,828
Other noninterest expenses	14,816		15,292		43,214		46,307
TOTAL NONINTEREST EXPENSES	85,927		111,053		315,766		331,542
INCOME BEFORE INCOME TAXES	84,686		61,570		203,679		194,464
Income taxes (includes $(5,729) and $9,877 of income tax (expense) benefit reclassified from accumulated other comprehensive income for the three months ended September 30, 2024 and 2023, respectively, and $5,352 and $19,253 of income tax benefit reclassified from accumulated other comprehensive income for the nine months ended September 30, 2024 and 2023, respectively)	20,533		13,479		48,077		44,181
NET INCOME	64,153		48,091		155,602		150,283


Preferred dividends	(2,013)		(2,013)		(6,038)		(6,038)

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	62,140	$	46,078	$	149,564	$	144,245
EARNINGS PER COMMON SHARE - BASIC	$	1.45	$	1.08	$	3.49	$	3.38
EARNINGS PER COMMON SHARE - DILUTED	$	1.44	$	1.08	$	3.47	$	3.37
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.30	$	0.30	$	0.90	$	0.90

See accompanying notes to consolidated financial statements.


HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Dollars in thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
NET INCOME	$	64,153	$	48,091	$	155,602	$	150,283
OTHER COMPREHENSIVE INCOME (LOSS)
Changes in available for sale ("AFS") securities:
Net change in unrealized loss on securities	104,064		(128,987)		95,190		(106,378)
Reclassification adjustment for net losses (gains) on hedged AFS securities	(34,374)		36,362		(5,825)		65,872
Reclassification adjustment for net losses (gains) realized in net income	9,299		(59)		19,855		1,370
Income tax benefit (expense)	(19,715)		22,943		(26,968)		8,388
Other comprehensive income (loss) on AFS securities	59,274		(69,741)		82,252		(30,748)
Changes in securities held to maturity:

Net amortization of unrealized losses on securities transferred from AFS	2,707		2,893		8,100		8,401
Income tax expense	(676)		(709)		(1,799)		(2,462)
Other comprehensive income on held to maturity securities	2,031		2,184		6,301		5,939
Change in cash flow hedges:
Net change in unrealized gain on derivatives	—		—		—		1,952
Reclassification adjustment for net losses (gains) on derivatives realized in net income	(247)		(63)		(457)		638
Income tax benefit (expense)	60		22		121		(613)
Other comprehensive income (loss) on cash flow hedges	(187)		(41)		(336)		1,977
Other comprehensive income (loss)	61,118		(67,598)		88,217		(22,832)
TOTAL COMPREHENSIVE INCOME (LOSS)	$	125,271	$	(19,507)	$	243,819	$	127,451

See accompanying notes to consolidated financial statements.


HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands)
	Nine Months Ended September 30,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	155,602	$	150,283
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,423		15,467
Provision for credit losses	16,270		9,969
Net amortization of premium on securities	12,670		23,332
Securities losses, net	19,573		1,532

Unrealized gain on equity securities, net	(605)		(165)
Stock based compensation	8,247		7,742

Loans originated for sale	—		(122,764)
Proceeds on sales of loans held for sale	5,175		138,603
Net gains on sale of loans held for sale	(104)		(3,762)
Decrease (increase) in accrued interest receivable	6,967		(9,203)
Decrease in prepaid expenses	4,580		964
(Decrease) increase in accrued interest payable	(8,562)		46,697

Capitalization of servicing rights	—		(24)

(Gain) loss on sales/valuations of assets, net	(26,012)		(2,149)
Net excess tax expense from stock based compensation	(189)		(115)
Income from fair value hedge activity	772		—
Other, net	105,946		140,670
NET CASH PROVIDED BY OPERATING ACTIVITIES	313,753		397,077
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of time deposits in other financial institutions	190		—
Proceeds from the sale of securities available for sale	128,872		331,196



Proceeds from the maturity of and principal paydowns on securities available for sale	748,070		480,362
Proceeds from the maturity of and principal paydowns on securities held to maturity	7,322		2,325
Proceeds from the maturity of time deposits in other financial institutions	—		250
Proceeds from the sale, maturity of, redemption of and principal paydowns on other investments	50,144		13,255
Purchase of securities available for sale	(204,864)		(276,635)

Purchase of other investments	(28,096)		(28,851)
Net decrease (increase) in loans	247,337		(505,924)
Purchase of bank owned life insurance policies	(223)		(226)

Proceeds from sale of mortgage servicing rights	—		6,714
Capital expenditures and investments	(1,199)		(5,701)

Proceeds from the sale of premises, furniture and equipment	1,955		4,446
Net cash expended in divestitures	(176,764)		—
Proceeds on sale of OREO and other repossessed assets	10,224		5,672
NET CASH PROVIDED BY INVESTING ACTIVITIES	782,968		26,883


HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands)
	Nine Months Ended September 30,
	2024		2023
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in demand deposits	$	(359,349)	$	(908,527)
Net increase (decrease) in savings deposits	404,939		(1,239,480)
Net (decrease) increase in time deposit accounts	(762,215)		1,735,991


Net decrease in borrowings	(50,545)		(285,255)
Proceeds from Bank Term Funding Program advances	500,000		—
Proceeds from short-term FHLB advances	643,309		617,391
Repayments of short-term FHLB advances	(1,164,495)		(315,619)

Repayments of term debt	—		(740)





Proceeds from issuance of common stock	1,643		1,527
Dividends paid	(44,627)		(44,340)
NET CASH USED BY FINANCING ACTIVITIES	(831,340)		(439,052)
Net increase (decrease) in cash and cash equivalents	265,381		(15,092)
Cash and cash equivalents at beginning of year	323,013		363,087
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	588,394	$	347,995
Supplemental disclosures:
Cash paid for income/franchise taxes	$	25,190	$	47,240
Cash paid for interest	299,899		206,113
Loans transferred to OREO	5,215		12,776
Transfer of premises from premises, furniture and equipment, net, to premises, furniture and equipment held for sale	8,478		4,091
Transfer of premises from premises, furniture and equipment held for sale to premises, furniture and equipment, net	350		5,825


Dividends declared, not paid	2,434		2,141







See accompanying notes to consolidated financial statements.


HEARTLAND FINANCIAL USA, INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Dollars in thousands, except per share data)
	Heartland Financial USA, Inc. Stockholders' Equity
	Preferred Stock		Common Stock		Capital Surplus		Retained Earnings		Accumulated Other Comprehensive Loss		Total Equity
Balance at June 30, 2023	$	110,705	$	42,645	$	1,087,358	$	1,193,522	$	(575,240)	$	1,858,990
Comprehensive income (loss)							48,091		(67,598)		(19,507)

Cash dividends declared:
Preferred, $175.00 per share							(2,013)				(2,013)
Common, $0.30 per share							(12,860)				(12,860)


Issuance of 11,759 shares of common stock			11		60						71
Stock based compensation					849						849
Balance at September 30, 2023	$	110,705	$	42,656	$	1,088,267	$	1,226,740	$	(642,838)	$	1,825,530

Balance at January 1, 2023	$	110,705	$	42,467	$	1,080,964	$	1,120,925	$	(620,006)	$	1,735,055


Comprehensive income (loss)							150,283		(22,832)		127,451



Cash dividends declared:
Preferred, $525.00 per share							(6,038)				(6,038)

Common, $0.90 per share							(38,430)				(38,430)




Issuance of 188,909 shares of common stock			189		(439)						(250)
Stock based compensation					7,742						7,742
Balance at September 30, 2023	$	110,705	$	42,656	$	1,088,267	$	1,226,740	$	(642,838)	$	1,825,530

Balance at June 30, 2024	$	110,705	$	42,852	$	1,096,619	$	1,203,092	$	(425,418)	$	2,027,850
Comprehensive income (loss)							64,153		61,118		125,271

Cash dividends declared:
Preferred, $175.00 per share							(2,013)				(2,013)
Common, $0.30 per share							(12,985)				(12,985)

Issuance of 31,685 shares of common stock			32		80						112
Stock based compensation					2,138						2,138
Balance at September 30, 2024	$	110,705	$	42,884	$	1,098,837	$	1,252,247	$	(364,300)	$	2,140,373

Balance at January 1, 2024	$	110,705	$	42,688	$	1,090,740	$	1,141,501	$	(452,517)	$	1,933,117


Comprehensive income (loss)							155,602		88,217		243,819

Cash dividends declared:

Preferred, $525.00 per share							(6,038)				(6,038)
Common, $0.90 per share							(38,818)				(38,818)




Issuance of 195,857 shares of common stock			196		(150)						46
Stock based compensation					8,247						8,247
Balance at September 30, 2024	$	110,705	$	42,884	$	1,098,837	$	1,252,247	$	(364,300)	$	2,140,373

See accompanying notes to consolidated financial statements.

HEARTLAND FINANCIAL USA, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1: BASIS OF PRESENTATION

The interim unaudited consolidated financial statements contained herein should be read in conjunction with the audited consolidated financial statements and accompanying notes to the consolidated financial statements for the fiscal year ended December 31, 2023, included in the Annual Report on Form 10-K of Heartland Financial USA, Inc. ("HTLF") filed with the Securities and Exchange Commission ("SEC") on February 23, 2024. Footnote disclosures to the interim unaudited consolidated financial statements which would substantially duplicate the disclosure contained in the footnotes to the audited consolidated financial statements have been omitted.

The financial information included herein has been prepared in accordance with U.S. generally accepted accounting principles for interim financial reporting and has been prepared pursuant to the rules and regulations for reporting on Form 10-Q and Rule 10-01 of Regulation S-X. Such information reflects all adjustments (consisting of normal recurring adjustments), that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented. The results of the interim period ended September 30, 2024, are not necessarily indicative of the results expected for the year ending December 31, 2024.

On April 28, 2024 (the “Signing Date”), HTLF entered into an Agreement and Plan of Merger (the “Merger Agreement”) with UMB Financial Corporation, a Missouri corporation (“UMB”) and Blue Sky Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of UMB (“Blue Sky Merger Sub”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, (i) Blue Sky Merger Sub will merge with and into HTLF (the “Merger”), with HTLF surviving the Merger as a wholly owned subsidiary of UMB (the “Surviving Entity”) and (ii) immediately following the effective time of the Merger (the “Effective Time”) and as part of a single, integrated transaction, the Surviving Entity will merge with and into UMB (the “Second Merger”, and together with the Merger, the “Mergers”), with UMB surviving the Second Merger (the “Surviving Corporation”). On the day immediately following the closing date of the Mergers, UMB will cause HTLF’s wholly owned banking subsidiary, HTLF Bank, to merge with and into UMB’s wholly owned banking subsidiary, UMB Bank, National Association (the “Bank Merger”), with UMB Bank, National Association continuing as the surviving bank in the Bank Merger. The Merger Agreement was unanimously approved by the Board of Directors of each of HTLF and UMB.

Upon the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each share of common stock, par value $1.00 per share, of HTLF (“HTLF Common Stock”) issued and outstanding immediately prior to the Effective Time, other than certain shares held by UMB or HTLF, will be converted into the right to receive 0.55 shares (the “Exchange Ratio,” and such shares, the “Merger Consideration”) of common stock, $1.00 par value, of UMB (“UMB Common Stock”) and cash in lieu of fractional shares. At the Effective Time, each share of 7.00% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E, par value $1.00 per share of HTLF (the “HTLF Preferred Stock”), issued and outstanding immediately before the Effective Time will be converted into the right to receive one share of a newly created series of preferred stock of UMB (“UMB Preferred Stock”) with such rights, preferences, privileges and powers (including voting powers) as set forth in the Certificate of Designations attached as an exhibit to the Merger Agreement.

Earnings Per Share

Basic earnings per share is determined using net income available to common stockholders and weighted average common shares outstanding. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average common shares and assumed incremental common shares issued. Amounts used in the determination of basic and diluted earnings per share for the three- and nine- months ended September 30, 2024 and 2023, are shown in the table below, dollars and number of shares in thousands, except per share data:


	Three Months Ended September 30,
	2024		2023
Net income attributable to HTLF	$	64,153	$	48,091
Preferred dividends	(2,013)		(2,013)


Net income available to common stockholders	$	62,140	$	46,078

Weighted average common shares outstanding for basic earnings per share	43,000		42,761
Assumed incremental common shares issued upon vesting of outstanding restricted stock units	195		52
Weighted average common shares for diluted earnings per share	43,195		42,813
Earnings per common share — basic	$	1.45	$	1.08
Earnings per common share — diluted	$	1.44	$	1.08
Number of antidilutive common stock equivalents excluded from diluted earnings per share computation	—		204
Number of antidilutive stock options excluded from diluted earnings per share computation	31		58

	Nine Months Ended September 30,
	2024		2023
Net income	$	155,602	$	150,283
Preferred dividends	(6,038)		(6,038)

Net income available to stockholders	$	149,564	$	144,245

Weighted average common shares outstanding for basic earnings per share	42,908		42,681
Assumed incremental common shares issued upon vesting of outstanding restricted stock units	172		89
Weighted average common shares for diluted earnings per share	43,080		42,770
Earnings per common share — basic	$	3.49	$	3.38
Earnings per common share — diluted	$	3.47	$	3.37
Number of antidilutive common stock equivalents excluded from diluted earnings per share computation	—		107
Number of antidilutive stock options excluded from diluted earnings per share computation	53		62

Subsequent Events - HTLF has evaluated subsequent events that may require recognition or disclosure through the filing date of this Quarterly Report on Form 10-Q with the SEC.

In early October, HTLF terminated the interest rate swaps designated as fair value hedges with initial notional amounts totaling $838.1 million which were primarily designed to provide protection against unrealized securities losses. Additionally in early October, HTLF terminated the interest rate swaps designated as fair value hedges with total original notional amounts of $2.50 billion which were used to convert certain long-term fixed rate loans to floating rates to hedge interest rate risk exposure. The $1.8 million net fair value basis will be amortized over the remaining life of the underlying assets.

In early November, HTLF paid off the $500.0 million advance from the Bank Term Funding Program ("BTFP"). The BTFP advance was obtained during the first quarter of 2024 and was due in 2025, prepayable at any time without penalty. HTLF Bank pledged $501.8 million of securities to support the borrowings as of September 30, 2024.

Effect of New Financial Accounting Standards

ASU 2023-02

In March 2023, the FASB issued ASU 2023-02 "Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)." ASU 2023-02 expands the permitted use of the proportional amortization method, which is currently only available to low-income housing tax credit investments, to other tax equity investments if certain conditions are met. Under the proportional amortization method, the initial cost of an investment is amortized in proportion to the income tax benefits received and both the amortization of the investment and the income tax benefits received are recognized as a component of income tax expense. This ASU was effective on January 1, 2024. HTLF has elected to use the proportional amortization method for investments in low-income housing projects. The amendments in this ASU do not have a material impact on the results of operations or financial position.

ASU 2023-06

In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative." The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to, or technical corrections of, the current requirements. Each amendment in the ASU will only become effective if the SEC removes the related disclosure or presentation requirement from its existing regulations by June 30, 2027. The amendments in this ASU are not expected to have a material impact on the results of operations or financial position.

ASU 2023-07

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" to improve disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This update does not change how a public entity identifies its operating segments; however, it does require that an entity that has single reportable segment provide all the disclosures required by the amendments in this update. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the consolidated financial statements. Early adoption is permitted. We currently have one reportable operating segment. This ASU will not impact our consolidated financial statements and will have minimal impact to our disclosures, requiring identification of the chief operating decision maker and the information used to make operating decisions and to allocate resources.

ASU 2023-09

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” that require public business entities to annually disclose (1) specific categories in their rate reconciliation; (2) additional information for reconciling items that meet a quantitative threshold; (3) the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes; (4) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which the income taxes paid that meet a quantitative threshold; (5) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign; and (6) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. The ASU eliminates the requirement to disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months and to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures. For public business entities, the amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis, but retrospective application is permitted. HTLF is currently evaluating the impact of the standard and does not anticipate it will have a significant impact on the results of operations, financial position, or liquidity.

Qualified Affordable Housing Investments

HTLF uses the proportional amortization method for investments in low-income housing projects. HTLF’s net investments in low-income housing projects were $5.2 million and $5.9 million as of September 30, 2024, and December 31, 2023, respectively, and are included in other assets in the consolidated balance sheets.

With respect to HTLF’s investment in low-income housing projects for the quarter ended September 30, 2024, we recognized income tax credits and other income tax benefits of $257,000 and $33,000, respectively. The total income tax benefits of $290,000 are partially offset in the “income taxes” item in the consolidated statements of income by $235,000 of investment amortization recognized, for a net income tax benefit of $55,000. The cash flows related to the total income tax benefits are presented in the following line items in the consolidated statement of cash flows:

•$55,000 Net Income Tax Benefit, in the "Net income" line item in operating activities;

•$235,000 Investment Amortization, in the "Other, net" line item, which is an adjustment to reconcile net income to cash from operating activities;

•$257,000 Tax Credits, in the "Other, net" line item, which is also an adjustment to reconcile net income to cash from operating activities; and

•$33,000 Other Tax Benefits Recognized, in the "Other, net" line item, which is also an adjustment to reconcile net income to cash from operating activities.

There was no non-income-tax-related activity or impairment losses related to the low-income housing investments this reporting period.

With respect to HTLF’s investment in low-income housing projects for the nine months ended September 30, 2024, we recognized income tax credits and other income tax benefits of $770,000 and $98,000, respectively. The total income tax benefits of $868,000 are partially offset in the “income taxes” item in the consolidated statements of income by $704,000 of investment amortization recognized, for a net income tax benefit of $164,000. The cash flows related to the total income tax benefits are presented in the following line items in the consolidated statement of cash flows:

•$164,000 Net Income Tax Benefit, in the "Net income" line item in operating activities;

•$704,000 Investment Amortization, in the "Other, net" line item, which is an adjustment to reconcile net income to cash from operating activities;

•$770,000 Tax Credits, in the "Other, net" line item, which is also an adjustment to reconcile net income to cash from operating activities; and

•$98,000 Other Tax Benefits Recognized, in the "Other, net" line item, which is also an adjustment to reconcile net income to cash from operating activities.

There was no non-income-tax-related activity or impairment losses related to the low-income housing investments this reporting period.

NOTE 2: SECURITIES

The amortized cost, gross unrealized gains and losses, and estimated fair values of debt securities available for sale and equity securities with a readily determinable fair value that are carried at fair value as of September 30, 2024, and December 31, 2023, are summarized in the table below, in thousands:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
September 30, 2024
U.S. treasuries	$	7,999	$	12	$	(48)	$	7,963
U.S. agencies	11,540		—		(100)		11,440
Obligations of states and political subdivisions	831,693		41		(91,110)		740,624
Mortgage-backed securities - agency	1,529,857		54		(184,934)		1,344,977
Mortgage-backed securities - non-agency	1,274,395		4,627		(42,326)		1,236,696
Commercial mortgage-backed securities - agency	71,504		—		(8,971)		62,533
Commercial mortgage-backed securities - non-agency	394,298		28		(6,385)		387,941
Asset-backed securities	129,896		—		(7,166)		122,730
Corporate bonds	122,444		—		(2,130)		120,314
Total debt securities	4,373,626		4,762		(343,170)		4,035,218
Equity securities with a readily determinable fair value	22,117		—		—		22,117
Total	$	4,395,743	$	4,762	$	(343,170)	$	4,057,335
December 31, 2023
U.S. treasuries	$	32,459	$	—	$	(341)	$	32,118
U.S. agencies	14,724		—		(194)		14,530
Obligations of states and political subdivisions	839,754		25		(98,534)		741,245
Mortgage-backed securities - agency	1,620,409		13		(226,793)		1,393,629
Mortgage-backed securities - non-agency	1,616,414		363		(87,649)		1,529,128
Commercial mortgage-backed securities - agency	76,076		—		(11,288)		64,788
Commercial mortgage-backed securities - non-agency	526,974		—		(12,116)		514,858
Asset-backed securities	232,140		—		(14,770)		217,370
Corporate bonds	120,338		—		(2,169)		118,169
Total debt securities	5,079,288		401		(453,854)		4,625,835
Equity securities with a readily determinable fair value	21,056		—		—		21,056
Total	$	5,100,344	$	401	$	(453,854)	$	4,646,891

The amortized cost, gross unrealized gains and losses and estimated fair values of held to maturity securities as of September 30, 2024, and December 31, 2023, are summarized in the table below, in thousands:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
September 30, 2024

Obligations of states and political subdivisions	$	839,623	$	9,913	(5,240)		$	844,296
Total	$	839,623	$	9,913	$	(5,240)	$	844,296
December 31, 2023

Obligations of states and political subdivisions	$	838,241	$	3,622	$	(25,464)	$	816,399
Total	$	838,241	$	3,622	$	(25,464)	$	816,399

As of September 30, 2024, and December 31, 2023, HTLF had $24.1 million and $28.0 million, respectively, of accrued interest receivable, which is included in other assets on the consolidated balance sheets. HTLF does not consider accrued interest receivable in the carrying amount of financial assets held at amortized cost basis or in the allowance for credit losses calculation.

The amortized cost and estimated fair value of investment securities carried at fair value at September 30, 2024, by contractual maturity, are as follows, in thousands. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties.


	September 30, 2024
	Amortized Cost		Estimated Fair Value
Due in 1 year or less	$	6,008	$	5,941
Due in 1 to 5 years	57,089		55,615
Due in 5 to 10 years	28,718		26,262
Due after 10 years	881,861		792,523
Total debt securities	973,676		880,341
Mortgage and asset-backed securities	3,399,950		3,154,877
Equity securities with a readily determinable fair value	22,117		22,117
Total investment securities	$	4,395,743	$	4,057,335

The amortized cost and estimated fair value of debt securities held to maturity at September 30, 2024, by contractual maturity, are as follows, in thousands. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without penalties.


	September 30, 2024
	Amortized Cost		Estimated Fair Value
Due in 1 year or less	$	5,723	$	5,770
Due in 1 to 5 years	96,350		97,899
Due in 5 to 10 years	223,032		227,641
Due after 10 years	514,518		512,986
Total debt securities	$	839,623	$	844,296

As of September 30, 2024, and December 31, 2023, securities with a carrying value of $3.47 billion and $2.63 billion, respectively, were pledged to secure public and trust deposits, short-term borrowings and for other purposes as required or permitted by law.

Gross gains and losses realized related to the sales of securities carried at fair value for the three and nine months ended September 30, 2024 and 2023, are summarized as follows, in thousands:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Proceeds from sales	$	31,036	$	44,457	$	128,872	$	331,196
Gross security gains	—		803		—		1,286
Gross security losses	9,299		744		19,855		2,656

The following table summarizes, in thousands, the amount of unrealized losses, defined as the amount by which cost or amortized cost exceeds fair value, and the related fair value of investments with unrealized losses in the securities portfolio as of September 30, 2024, and December 31, 2023. The investments were segregated into two categories: those that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 months or more. The reference point for determining how long an investment was in an unrealized loss position was September 30, 2023, and December 31, 2022, respectively.


Debt securities available for sale	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Losses		Count	Fair Value		Unrealized Losses		Count	Fair Value		Unrealized Losses		Count
September 30, 2024
U.S. treasuries	$	—	$	—	—	$	4,955	$	(48)	1	$	4,955	$	(48)	1
U.S. agencies	—		—		—	11,440		(100)		4	11,440		(100)		4
Obligations of states and political subdivisions	1,690		(10)		3	732,155		(91,100)		146	733,845		(91,110)		149
Mortgage-backed securities - agency	—		—		—	1,338,682		(184,934)		158	1,338,682		(184,934)		158
Mortgage-backed securities - non-agency	738		(7,756)		1	666,901		(34,570)		29	667,639		(42,326)		30
Commercial mortgage-backed securities - agency	—		—		—	62,533		(8,971)		15	62,533		(8,971)		15
Commercial mortgage-backed securities - non-agency	7,708		(106)		1	375,513		(6,279)		13	383,221		(6,385)		14
Asset-backed securities	91,131		(4,334)		3	31,599		(2,832)		4	122,730		(7,166)		7
Corporate bonds	—		—		—	54,768		(2,130)		6	54,768		(2,130)		6


Total temporarily impaired securities	$	101,267	$	(12,206)	8	$	3,278,546	$	(330,964)	376	$	3,379,813	$	(343,170)	384
December 31, 2023
U.S. treasuries	$	2,985	$	(12)	1	$	26,138	$	(329)	3	$	29,123	$	(341)	4
U.S. agencies	—		—		—	14,530		(194)		4	14,530		(194)		4
Obligations of states and political subdivisions	1,440		(65)		1	736,653		(98,469)		150	738,093		(98,534)		151
Mortgage-backed securities - agency	194		(2)		2	1,392,769		(226,791)		166	1,392,963		(226,793)		168
Mortgage-backed securities - non-agency	415,934		(24,568)		12	902,291		(63,081)		35	1,318,225		(87,649)		47
Commercial mortgage-backed securities - agency	—		—		—	64,788		(11,288)		17	64,788		(11,288)		17
Commercial mortgage-backed securities - non-agency	—		—		—	507,044		(12,116)		16	507,044		(12,116)		16
Asset-backed securities	148,063		(9,723)		4	69,307		(5,047)		7	217,370		(14,770)		11
Corporate bonds	61,031		(111)		1	57,138		(2,058)		8	118,169		(2,169)		9


Total temporarily impaired securities	$	629,647	$	(34,481)	21	$	3,770,658	$	(419,373)	406	$	4,400,305	$	(453,854)	427



Securities held to maturity	Less than 12 months					12 months or longer					Total
	Fair Value		Unrealized Losses		Count	Fair Value		Unrealized Losses		Count	Fair Value		Unrealized Losses		Count
September 30, 2024

Obligations of states and political subdivisions	$	—	$	—	—	$	359,221	$	(5,240)	66	$	359,221	$	(5,240)	66
Total temporarily impaired securities	$	—	—		—	$	359,221	$	(5,240)	66	$	359,221	(5,240)		66
December 31, 2023

Obligations of states and political subdivisions	$	145,471	$	(3,706)	23	$	569,691	$	(21,758)	126	$	715,162	$	(25,464)	149
Total temporarily impaired securities	$	145,471	$	(3,706)	23	$	569,691	$	(21,758)	126	$	715,162	$	(25,464)	149

HTLF reviews each security in the investment securities portfolio on a quarterly basis for potential credit losses, taking into consideration numerous factors, and the relative significance of any single factor can vary by security. Some factors HTLF may consider include changes in security ratings, financial condition of the issuer, and security and industry specific economic conditions. With regard to debt securities, HTLF may also evaluate payment structure, whether there are defaulted payments or expected defaults, prepayment speeds and the value of any underlying collateral. For certain debt securities in unrealized loss positions, HTLF prepares cash flow analyses to compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security.

The unrealized losses on HTLF's commercial mortgage, mortgage and asset-backed securities are the result of changes in market interest rates or widening of market spreads subsequent to HTLF's purchase of the securities. The losses are not related to concerns regarding the underlying credit of the issuers or the underlying collateral. It is expected that the securities will not be settled at a price less than the amortized cost of the investment. Because the decline in fair value is attributable to changes in interest rates or widening market spreads and not credit quality, and because, as of September 30, 2024, HTLF has the intent and ability to hold these investments until a market price recovery or to maturity and does not believe it will be required to sell the securities before maturity, no credit losses were recognized on these securities during the three and nine months ended September 30, 2024 and 2023.

The unrealized losses on HTLF's obligations of states and political subdivisions available for sale are the result of changes in market interest rates or widening of market spreads subsequent to the initial purchase of the securities. Management monitors the published credit ratings of these securities and the stability of the underlying municipalities. Because the declines in fair value are attributable to changes in interest rates or widening market spreads due to insurance company downgrades and not underlying credit quality, and because, as of September 30, 2024, HTLF has the intent and ability to hold these investments until a market price recovery or to maturity and does not believe it will be required to sell the securities before maturity, no credit losses were recognized on these securities during the three and nine months ended September 30, 2024 and 2023.

The following table summarizes, in thousands, the carrying amount of HTLF's held to maturity debt securities by investment rating as of September 30, 2024, and December 31, 2023, which are updated quarterly and used to monitor the credit quality of the securities:


	September 30, 2024		December 31, 2023
Rating
AAA	$	99,869	$	88,550
AA, AA+, AA-	562,582		583,816
A+, A, A-	149,549		139,658
BBB	19,762		20,133
Not Rated	7,861		6,084
Total	$	839,623	$	838,241

Included in other investments were shares of stock in Federal Home Loan Bank (the "FHLB") at an amortized cost of $2.2 million at September 30, 2024, and $25.8 million at December 31, 2023.

HTLF Bank is required by federal law to maintain FHLB stock as a member of the FHLB. These equity securities are "restricted" in that they can only be sold back to the respective institutions from which they were acquired or another member institution at par. Therefore, the FHLB stock is less liquid than other marketable equity securities, and the fair value approximates amortized cost. HTLF considers its FHLB stock as a long-term investment that provides access to competitive products and liquidity. HTLF evaluates impairment in these investments based on the ultimate recoverability of the par value and, at September 30, 2024, and December 31, 2023, did not consider the investments to be impaired.

NOTE 3: LOANS

Loans as of September 30, 2024, and December 31, 2023, were as follows, in thousands:


	September 30, 2024		December 31, 2023
Loans receivable held to maturity:
Commercial and industrial	$	3,503,093	$	3,652,047
Paycheck Protection Program ("PPP")	1,582		2,777
Owner occupied commercial real estate	2,489,697		2,638,175
Non-owner occupied commercial real estate	2,455,396		2,553,711
Real estate construction	1,119,922		1,011,716
Agricultural and agricultural real estate	701,211		919,184
Residential real estate	707,984		797,829
Consumer	462,032		493,206
Total loans receivable held to maturity	11,440,917		12,068,645






Allowance for credit losses	(106,797)		(122,566)
Loans receivable, net	$	11,334,120	$	11,946,079

As of September 30, 2024, and December 31, 2023, HTLF had $60.1 million and $65.4 million, respectively, of accrued interest receivable, which is included in other assets on the consolidated balance sheets. HTLF does not consider accrued interest receivable in the allowance for credit losses calculation.

The following table shows the balance in the allowance for credit losses at September 30, 2024, and December 31, 2023, and the related loan balances, disaggregated on the basis of measurement methodology, in thousands. If a loan no longer shares similar risk characteristics with other loans in the pool, it is evaluated on an individual basis and is not included in the collective evaluation. Lending relationships on nonaccrual with $500,000 or more of total exposure are individually assessed using a collateral dependency calculation. All other loans are collectively evaluated for losses.


	Allowance For Credit Losses						Gross Loans Receivable Held to Maturity
	Individually Evaluated for Credit Losses		Collectively Evaluated for Credit Losses		Total		Loans Individually Evaluated for Credit Losses		Loans Collectively Evaluated for Credit Losses		Total
September 30, 2024
Commercial and industrial	$	3,185	$	20,234	$	23,419	$	18,428	$	3,484,665	$	3,503,093
PPP	—		—		—		—		1,582		1,582
Owner occupied commercial real estate	2		13,249		13,251		2,633		2,487,064		2,489,697
Non-owner occupied commercial real estate	4,447		12,972		17,419		10,108		2,445,288		2,455,396
Real estate construction	22		35,458		35,480		697		1,119,225		1,119,922
Agricultural and agricultural real estate	2,277		1,526		3,803		18,204		683,007		701,211
Residential real estate	—		5,355		5,355		727		707,257		707,984
Consumer	—		8,070		8,070		—		462,032		462,032

Total	$	9,933	$	96,864	$	106,797	$	50,797	$	11,390,120	$	11,440,917

December 31, 2023
Commercial and industrial	$	18,425	$	22,254	$	40,679	$	41,847	$	3,610,200	$	3,652,047
PPP	—		—		—		—		2,777		2,777
Owner occupied commercial real estate	—		17,156		17,156		30,400		2,607,775		2,638,175
Non-owner occupied commercial real estate	—		17,249		17,249		—		2,553,711		2,553,711
Real estate construction	56		28,717		28,773		697		1,011,019		1,011,716
Agricultural and agricultural real estate	1,932		2,360		4,292		6,700		912,484		919,184
Residential real estate	—		5,845		5,845		741		797,088		797,829
Consumer	—		8,572		8,572		—		493,206		493,206

Total	$	20,413	$	102,153	$	122,566	$	80,385	$	11,988,260	$	12,068,645

The following tables show the amortized cost basis as of September 30, 2024 and September 30, 2023, of the loans modified during the three and nine months ended September 30, 2024 and September 30, 2023, to borrowers experiencing financial difficulty by loan category and type of concession granted, dollars in thousands.


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Term Extension				Term Extension and Interest Only Payments				Term Extension and Interest Rate Reduction
For the Three Months Ended September 30, 2024	Amortized Cost Basis		% of Loan Category		Amortized Cost Basis		% of Loan Category		Amortized Cost Basis		% of Loan Category
Commercial and industrial	$	1,068	0.03	%	$	—	—	%	$	—	—	%



Real estate construction	86		0.01		—		—		—		—
Agricultural and agricultural real estate	—		—		—		—		—		—


Total	$	1,154	0.01	%	$	—	—	%	$	—	—	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Term Extension				Term Extension and Interest Only Payments				Term Extension and Interest Rate Reduction
For the Three Months Ended September 30, 2023	Amortized Cost Basis		% of Loan Category		Amortized Cost Basis		% of Loan Category		Amortized Cost Basis		% of Loan Category
Commercial and industrial	$	—	—	%	$	—	—	%	$	—	—	%



Real estate construction	—		—		—		—		—		—
Agricultural and agricultural real estate	1,992		0.24		—		—		—		—


Total	$	1,992	0.02	%	$	—	—	%	$	—	—	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Term Extension				Term Extension and Interest Only Payments					Term Extension and Interest Rate Reduction
For the Nine Months Ended September 30, 2024	Amortized Cost Basis		% of Loan Category		Amortized Cost Basis			% of Loan Category		Amortized Cost Basis		% of Loan Category
Commercial and industrial	$	1,285	0.04	%	$	—		—	%	$	—	—	%

Owner occupied commercial real estate	—		—		—			—		—		—
Non-owner occupied commercial real estate	614		0.03		—		0	—		—		—
Real estate construction	86		0.01		—			—		3,116		0.28

Residential real estate	1,347		0.19		—			—		—		—
Consumer	163		0.04		—			—
Total	$	3,495	0.03	%	$	—		—	%	$	3,116	0.03	%


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Term Extension				Term Extension and Interest Only Payments				Term Extension and Interest Rate Reduction
For the Nine Months Ended September 30, 2023	Amortized Cost Basis		% of Loan Category		Amortized Cost Basis		% of Loan Category		Amortized Cost Basis		% of Loan Category
Commercial and industrial	$	4,233	0.12	%	$	—	—	%	$	—	—	%

Owner occupied commercial real estate	—		—		5,043		0.21		—		—
Non-owner occupied commercial real estate	—		—		—		—		—		—
Real estate construction	1,453		0.14		—		—		—		—
Agricultural and agricultural real estate	3,546		0.42		—		—		—		—
Residential real estate	741		0.09		—		—		—		—

Total	$	9,973	0.08	%	$	5,043	0.04	%	$	—	—	%

The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty in the nine months ending September 30, 2024 and September 30, 2023.


For the Nine Months Ended September 30, 2024	Weighted Average Term Extension (Months)	Weighted Average Term Extension and Interest Only Payments (Months)	Weighted Average Term Extension and Interest Rate Reduction (Months)
Commercial and industrial	8	0	0


Non-owner occupied commercial real estate	13	0	25
Real estate construction	13	0	0

Residential real estate	4	0	0
Consumer	83	0	0


For the Nine Months Ended September 30, 2023	Weighted Average Term Extension (Months)	Weighted Average Term Extension and Interest Only Payments (Months)	Weighted Average Term Extension and Interest Rate Reduction (Months)
Commercial and industrial	8	0	0

Owner occupied commercial real estate	0	12	0

Real estate construction	6	0	0
Agricultural and agricultural real estate	11	0	0
Residential real estate	12	0	0

At September 30, 2024, there were no unfunded commitments to extend credit to the borrowers experiencing financial difficulty.

HTLF had no loans to borrowers experiencing financial difficulty that had a payment default during the three and nine months ended September 30, 2024, that had been modified in the twelve-month period prior to the default.

HTLF closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables show the performance of loans that have been modified in the nine months ended September 30, 2024 and September 30, 2023, dollars in thousands.


	Accruing Loans
	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Nonaccrual
September 30, 2024
Commercial and industrial	$	—	$	—	$	—	$	—	$	1,285	$	—


Non-owner occupied commercial real estate	—		614		—		614		—		—
Real estate construction	—		—		—		—		3,116		86

Residential real estate	—		1,347		—		1,347		—		—
Consumer	—		—		—		—		—		163
Total	$	—	$	1,961	$	—	$	1,961	$	4,401	$	249


	Accruing Loans
	30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Nonaccrual
September 30, 2023
Commercial and industrial	$	—	$	—	$	—	$	—	$	4,233	$	—

Owner occupied commercial real estate	—		—		—		—		5,043		—

Real estate construction	—		—		—		—		—		1,453
Agricultural and agricultural real estate	—		—		—		—		3,546		—
Residential real estate	—		—		—		—		—		741

Total	$	—	$	—	$	—	$	—	$	12,822	$	2,194

HTLF's internal rating system is a series of grades reflecting management's credit risk assessment, based on its analysis of the borrower's financial condition. The "pass" category consists of all loans that are not in the "nonpass" category and consists of a range of loan grades that reflect increasing, though still acceptable, risk. Movement of risk through the various grade levels in the pass category is monitored for early identification of credit deterioration and risk rating migration analysis.

The "nonpass" category consists of watch, substandard, doubtful and loss rated loans. The "watch" rating is attached to loans where the borrower exhibits negative trends in financial circumstances due to borrower specific or systemic conditions that, if left uncorrected, threaten the borrower's capacity to meet its debt obligations. The borrower is believed to have sufficient financial flexibility to react to and resolve its negative financial situation. These credits are closely monitored for improvement or deterioration.

The "substandard" rating is assigned to loans that are inadequately protected by the current net worth and repaying capacity of the borrower and that may be further at risk due to deterioration in the value of collateral pledged. Well-defined weaknesses jeopardize liquidation of the debt. These loans are still considered collectible; however, a distinct possibility exists that HTLF will sustain some loss if deficiencies are not corrected. Substandard loans may exhibit some or all of the following weaknesses: deteriorating financial trends, insufficient earnings, inadequate debt service capacity, excessive debt and/or lack of liquidity.

The "doubtful" rating is assigned to loans where identified weaknesses in the borrowers' ability to repay these loans make collection or liquidation in full, on the basis of existing facts, conditions and values, highly questionable and improbable. These borrowers are usually in default, lack liquidity, capital, and the resources necessary to remain as an operating entity. Specific pending events, such as capital injections, liquidations or perfection of liens on additional collateral, may strengthen the credit, thus deferring the rating of the loan as "loss" until the exact status of the loan can be determined. The "loss" rating is assigned to loans considered uncollectible. HTLF had no loans classified as "loss" or "doubtful" as of September 30, 2024, and December 31, 2023.

The following table shows the risk category of loans by loan category, year of origination and charge-offs as of September 30, 2024, in thousands:


As of September 30, 2024	Amortized Cost Basis of Term Loans by Year of Origination
	2024		2023		2022		2021		2020		2019 and Prior		Revolving		Total
Commercial and industrial
Pass	$	414,619	$	408,974	$	566,449	$	244,760	$	153,020	$	343,559	$	1,068,024	$	3,199,405
Watch	13,954		54,206		48,302		12,535		2,173		6,583		105,711		243,464
Substandard	7,179		3,200		15,092		1,086		5,652		2,865		25,150		60,224
Commercial and industrial total	$	435,752	$	466,380	$	629,843	$	258,381	$	160,845	$	353,007	$	1,198,885	$	3,503,093
Commercial and industrial charge-offs	$	—	$	28	$	14,391	$	813	$	3,299	$	2,358	$	9,328	$	30,217

PPP
Pass	$	—	$	—	$	—	$	1,402	$	22	$	—	$	—	$	1,424
Watch	—		—		—		158		—		—		—		158
Substandard	—		—		—		—		—		—		—		—
PPP total	$	—	$	—	$	—	$	1,560	$	22	$	—	$	—	$	1,582
PPP charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Owner occupied commercial real estate
Pass	$	118,081	$	397,969	$	480,966	$	698,709	$	200,112	$	345,593	$	38,270	$	2,279,700
Watch	6,316		5,595		67,107		1,421		2,811		41,544		3,346		128,140
Substandard	—		23,318		30,964		2,764		10,547		14,264		—		81,857
Owner occupied commercial real estate total	$	124,397	$	426,882	$	579,037	$	702,894	$	213,470	$	401,401	$	41,616	$	2,489,697
Owner occupied commercial real estate charge-offs	$	—	$	—	$	87	$	—	$	247	$	88	$	—	$	422

Non-owner occupied commercial real estate
Pass	$	112,658	$	462,424	$	626,077	$	381,385	$	169,602	$	438,111	$	16,734	$	2,206,991
Watch	11,021		65,250		61,380		20,632		2,825		27,428		—		188,536
Substandard	720		—		134		8,149		362		50,504		—		59,869
Non-owner occupied commercial real estate total	$	124,399	$	527,674	$	687,591	$	410,166	$	172,789	$	516,043	$	16,734	$	2,455,396
Non-owner occupied commercial real estate charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


As of September 30, 2024	Amortized Cost Basis of Term Loans by Year of Origination
	2024		2023		2022		2021		2020		2019 and Prior		Revolving		Total


Real estate construction
Pass	$	126,889	$	343,871	$	374,867	$	81,057	$	7,059	$	8,969	$	6,850	$	949,562
Watch	—		—		40,782		63,207		166		—		—		104,155
Substandard	—		9,375		56,656		11		12		65		86		66,205
Real estate construction total	$	126,889	$	353,246	$	472,305	$	144,275	$	7,237	$	9,034	$	6,936	$	1,119,922
Real estate construction charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Agricultural and agricultural real estate
Pass	$	74,398	$	109,176	$	175,308	$	92,490	$	48,115	$	49,247	$	117,190	$	665,924
Watch	188		1,940		807		273		31		802		7,012		11,053
Substandard	731		1,136		8,610		1,619		121		12,017		—		24,234
Agricultural and agricultural real estate total	$	75,317	$	112,252	$	184,725	$	94,382	$	48,267	$	62,066	$	124,202	$	701,211
Agricultural and agricultural real estate charge-offs	$	—	$	12	$	9,321	$	17	$	12	$	167	$	648	$	10,177

Residential real estate
Pass	$	34,859	$	56,401	$	145,289	$	209,388	$	61,100	$	162,320	$	18,401	$	687,758
Watch	44		1,841		1,174		1,457		2,479		4,545		171		11,711
Substandard	—		773		833		3,161		366		3,382		—		8,515
Residential real estate total	$	34,903	$	59,015	$	147,296	$	214,006	$	63,945	$	170,247	$	18,572	$	707,984


Residential real estate charge-offs	$	—	$	—	$	—	$	—	$	—	$	182	$	—	$	182

Consumer
Pass	$	27,040	$	33,375	$	48,793	$	27,657	$	2,780	$	6,461	$	307,812	$	453,918
Watch	353		663		366		141		20		862		2,248		4,653
Substandard	169		158		254		182		190		1,283		1,225		3,461
Consumer total	$	27,562	$	34,196	$	49,413	$	27,980	$	2,990	$	8,606	$	311,285	$	462,032
Consumer charge-offs	$	12	$	95	$	183	$	245	$	17	$	86	$	1,982	$	2,620

Total Pass	$	908,544	$	1,812,190	$	2,417,749	$	1,736,848	$	641,810	$	1,354,260	$	1,573,281	$	10,444,682
Total Watch	31,876		129,495		219,918		99,824		10,505		81,764		118,488		691,870
Total Substandard	8,799		37,960		112,543		16,972		17,250		84,380		26,461		304,365
Total Loans	$	949,219	$	1,979,645	$	2,750,210	$	1,853,644	$	669,565	$	1,520,404	$	1,718,230	$	11,440,917

Total charge-offs	$	12	$	135	$	23,982	$	1,075	$	3,575	$	2,881	$	11,958	$	43,618

The following table shows the risk category of loans by loan category and year of origination as of December 31, 2023, in thousands.


As of December 31, 2023	Amortized Cost Basis of Term Loans by Year of Origination
	2023		2022		2021		2020		2019		2018 and Prior		Revolving		Total
Commercial and industrial
Pass	$	608,030	$	779,218	$	333,900	$	187,406	$	78,455	$	327,775	$	1,159,397	$	3,474,181
Watch	20,694		19,788		257		3,631		2,398		2,953		28,749		78,470
Substandard	20,171		12,658		2,636		5,447		18,535		7,489		32,460		99,396
Commercial and industrial total	$	648,895	$	811,664	$	336,793	$	196,484	$	99,388	$	338,217	$	1,220,606	$	3,652,047
Commercial and industrial charge-offs	$	245	$	794	$	680	$	1,425	$	563	$	1,949	$	2,966	$	8,622

PPP
Pass	$	—	$	—	$	2,591	$	50	$	—	$	—	$	—	$	2,641
Watch	—		—		89		—		—		—		—		89
Substandard	—		—		47		—		—		—		—		47
PPP total	$	—	$	—	$	2,727	$	50	$	—	$	—	$	—	$	2,777
PPP charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


As of December 31, 2023	Amortized Cost Basis of Term Loans by Year of Origination
	2023		2022		2021		2020		2019		2018 and Prior		Revolving		Total

Owner occupied commercial real estate
Pass	$	443,683	$	547,898	$	799,978	$	225,257	$	225,405	$	224,608	$	41,072	$	2,507,901
Watch	8,052		25,947		13,114		2,662		8,115		7,553		—		65,443
Substandard	31,904		10,489		2,268		11,609		6,390		2,171

HEARTLAND FINANCIAL USA INC 10-Q