form8k010909.htm
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of
Report: December 10, 2008
(Date
of earliest event reported): January 9, 2009
Heartland
Financial USA, Inc.
(Exact
name of Registrant as specified in its charter)
Delaware
(State or
other jurisdiction of incorporation)
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0-24724
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42-1405748
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(Commission
File Number)
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(I.R.S.
Employer Identification Number)
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1398
Central Avenue, Dubuque, Iowa
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52001
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(Address
of principal executive offices)
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(Zip
Code)
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(563)
589-2100
(Registrant's
telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2 below):
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.02 Results of Operations and Financial Condition
Heartland
Financial USA, Inc. (the Company) reports that in the fourth quarter of 2008 it
expects to record provision for loan losses of approximately $15 million
compared to $7 million recorded during the third quarter of 2008. As a result,
the total provision for loan losses for the year 2008 is expected to
be approximately $30 million compared to $10 million for the year 2007.
The allowance for loan and lease losses as a percent of total loans and leases
is expected to remain unchanged at 1.47% as reported for September 30, 2008.
Nonperforming assets are expected to be approximately $88 million or 2.5% of
total assets at December 31, 2008, compared to $54 million or 1.6% of total
assets at September 30, 2008. The increase in the provision for loan losses is
caused by a variety of factors, most not determined until late in the quarter,
including further deterioration of economic conditions, downgrades in internal
risk ratings, reduction in appraised values, higher levels of charge-offs and an
increase in nonperforming loans, primarily in the Company’s Western markets of
Arizona, Montana and Colorado.
As of a
result of the increased provision for loan losses, the Company expects to record
a net loss in the range of $2 to $3 million for the fourth quarter of 2008. For
the year 2008, the Company’s net income is expected to be between $11 and $12
million.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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HEARTLAND
FINANCIAL USA, INC.
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Date:
January 9, 2009
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By:
/s/ Lynn B. Fuller
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Lynn
B. Fuller
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President
and Chief Executive Officer
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