Dubuque financial institution reports continued growth, positive outlook for future

A Dubuque-based financial institution on Monday reported a strong quarter, and officials expressed optimism as they prepare for the final months of the fiscal year.

HTLF, formerly known as Heartland Financial USA, reported net income of $53.9 million for the third quarter, which concluded on Sept. 30. That is 18% higher than the income from the same quarter during the previous year.

Executive Operating Chairman Lynn Fuller called it “another solid quarter” during a conference call Monday afternoon.

Through three quarters, HTLF recorded net income of $164.3 million, up from $95.7 million during the same nine-month stretch the prior year.

Total assets grew to nearly $19 billion at the end of the quarter, an increase of more than $600 million compared to the previous quarter and more than $3.3 billion higher than the same point one year ago.

President and CEO Bruce Lee spoke about this continued growth in an interview with the Telegraph Herald on Monday night.

“This was a normal quarter, not much noise … and we grew over $600 million. That is pretty substantial,” he said. “We feel pretty good about our ability to grow organically with the talent we continue to acquire and the investments we continue to make in technology.”

Lee also expressed optimism about the general direction of the economy, noting that meetings with customers around the country have revealed that growth is taking place despite challenges.

“There are supply-chain disruptions, workforce shortages and wage pressure and then inflation,” he said. “But even with all of those things … our customers are being resilient and creative. They are dealing with it and figuring out how to get through this.”

Between its corporate presence and subsidiary bank, Dubuque Bank & Trust, Heartland has about 600 employees in Dubuque. Lee said the company is still in the process of transitioning workers to the company’s new space within the Roshek Building, with another wave of workers expected to move to that facility in early November.

He also noted that the company is expanding its Iowa presence outside of Dubuque, including increased activity in Cedar Rapids and Des Moines.

Executive Vice President and Chief Financial Officer Bryan McKeag expressed optimism that the good times will continue to roll in the months ahead.

“We should have pretty consistent earnings going forward for at least the next quarter or two. … We are on a good track,” McKeag said.