A financial institution with a large Dubuque presence reported having strong momentum going into the rest of the year.
HTLF, which moved its headquarters from Dubuque to Denver in January, reported net income available to common shareholders of $47.4 million for the second quarter, which ended June 30. That represents a 5% decrease from the second quarter of 2022, when it was $49.9 million.
The company also reported net income available to common shareholders of $98.2 million for the six month period that ended June 30, an 8% increase from the $90.9 million recorded in the same time period last year.
“HTLF’s strength and diverse geography enabled us to continue executing our strategies, despite recent industry challenges,” said Bruce Lee, president and CEO of HTLF, on Monday during a conference call with investors. “…Our stable deposit base and growth strategies gives us momentum heading into the second half of the year.”
At the end of the second quarter, HTLF also reported total assets of $20.22 billion, down slightly from $20.24 billion at the end of 2022.
Total deposits increased to $17.66 billion at the end of the most-recent quarter, compared to $17.51 billion from the end of last year.
Lee added that HTLF has been making positive gains in reaching customers and adding new consumer accounts.
“We’re really excited about all of our customer outreach and all the calls management is making,” Lee told the Telegraph Herald following Monday’s conference call. “… We’re reinforcing the fact that we are open for business, and we’re also out recruiting in the marketplace.”
HTLF officials also updated its efforts to consolidate the company’s 11 bank charters into one based in Colorado.
To date, nine of the 11 charters have been consolidated, with the consolidation expected to be completed early in the fourth quarter and result in $20 million in annual savings.
“The charter consolidation restructuring costs are expected to be $2.5 million to $3 million per quarter over the next two quarters,” said Bryan McKeag, HTLF executive vice president and chief financial officer, on the conference call.
Work has also begun on moving Dubuque Bank & Trust out of 1398 Central Ave., and into 700 Locust, formerly known as the Roshek Building. HTLF and Cottingham & Butler purchased the building in late 2019.
Lee said some DB&T leadership has already moved into 700 Locust. Wealth management, private banking and mortgage teams will move into the building in October, while the opening of a new retail lobby for customers is slated for November in the southwest corner of the first floor.
“The relocation comes with many benefits. 700 Locust offers employees state-of-the-art facilities with a fitness center, restaurants, rooftop lounge and other amenities, and allows DB&T to collaborate more closely with partners at HTLF,” said Ryan Lund, director of corporate communication for HTLF, in an email following Monday’s call. “…The relocation provides DB&T the opportunity to serve customers in a new space, and they’ll be very impressed when they see firsthand the new and remodeled 700 Locust building.”