Heartland BancCorp of Gahanna, Ohio, reported third quarter net income increased to $2.0 million, or $1.26 per diluted share, compared to $1.9 million, or $1.22 per diluted share, in the third quarter of 2015. In the first nine months of 2016, Heartlandís net income increased 9.5 percent to $5.8 million, or $3.64 per diluted share, compared to $5.3 million, or $3.36 per diluted share, in the first nine months of 2015.
The company also announced its board of directors declared its regular quarterly cash dividend of 39.1 cents per share. The dividend will be payable Jan. 10, 2017, to shareholders of record as of Dec. 25, providing a 2.80 percent current yield at recent market prices.
“We continue to execute our strategic growth plan and consistently generate solid results,” said G. Scott McComb, chairman, president and CEO. “With 13.5 percent year-over-year loan growth, our net interest income grew 9 percent in the first nine months of 2016, compared to the first nine months of 2015. New client acquisition continues to be an area of strength for us, reflecting our ability to gain market share. Our consistency in delivery of consultative solutions has also contributed to our solid growth. Our strong business fundamentals and practicing our employee defined shared values continues to be the foundation for our strength.”
Net income in the third quarter was $2.0 million, up from $1.9 million a year ago. Net interest margin was 3.90 percent compared to 3.92% in the preceding quarter and 3.96 percent in the third quarter a year ago. Annualized return on average assets was 1.06 percent. For comparison, the average of the 604 banks in the SNL MicroCap U.S. Bank Index was 0.80 percent. Annualized return on average equity was 11.61 percent, compared to the average of 8.01 percent generated by the SNL MicroCap U.S. Bank Index.
Total deposits increased 9.8 percent to $667.9 million from a year ago. Net loans increased 13.5 percent to $601.4 million from a year ago. Non-performing assets were $5.2 million, or 0.66 percent of total assets, at Sept. 30, 2016, compared to $5.7 million, or 0.75 percent, three months earlier and $4.1 million, or 0.59 percent, one year earlier.
Heartland BancCorp is an Ohio bank holding company and the parent of Heartland Bank, which operates 13 full-service offices. Heartland Bank, founded in 1911, provides full service commercial, small business, and consumer banking services; alternative investment services; insurance services; and other financial products and services. Heartland BancCorp is currently quoted on the OTC Markets (OTCQB) under the symbol HLAN. Learn more about Heartland Bank at HeartlandBank.com.