2010 Financial Review
Net income for the year ended December 31, 2010 was $4.6 million or $2.96 per share compared to net income of $3.6 million or $2.32 per share for the year ended December
31, 2009. The primary source of Heartland BancCorp’s revenue is net interest income from its investment and loan portfolios less its cost of deposits and borrowings. Net
interest income before provision for loan loss for 2010 grew 8% to $20.4 million compared to $18.8 million for 2009. Provision for loan loss of $1.9 million for the full year 2010
compared to $1.6 million for all of 2009. The added provision in 2010 was used to increase the Bank’s allowance for loan loss while 2010 loan charge-offs at .32% of average
loans outstanding remained at 2009 levels. The improvement in net interest income resulted from the combined effect of a 27% decline in the Bank’s cost of funds less a 4% drop
in the yield on earning assets. Lower funding cost resulted from a positive shift in deposit mix to lower cost non-interest bearing transaction and money market accounts that
increased from 2009 18% and 22% respectively. This increase in lower cost deposits enabled Heartland Bank to drive significant reductions in its funding cost and improvement
in its net interest income. These favorable contributors to net interest income were partially offset by a reduction in the yield in the loan portfolio and an increase in lower
yielding securities both the result of continuation of the low interest rate environment during 2010.
Total non-interest income of $2.7 million in 2010 compares to $1.9 million for 2009. The lower level of non-interest income in 2009 was due to a one time charge to earnings
totaling $990 thousand resulting from the mark-to-market of an other than temporarily impaired investment security. The decline in service charges during 2010 resulted from
the implementation of changes to Regulation E during the third quarter of 2010. Regulation E restricts banking institutions from charging overdraft fees on ATM and debit card
transactions absent a customer’s opt-in to overdraft coverage.
Non-interest or operating expense of $14.9 million in 2010 increased 6% over non-interest expense of $14.0 million in 2009. Salary and employee benefits expense for 2010
increased $313 thousand or 4% verses the year ended 2009. The increase was partially attributable to a 2% increase in staffing added due to the increasing banking related
regulatory requirements and higher health insurance costs in 2010. Other operating expense increased $310 thousand year-over-year due to increased loan related collection
expenses in 2010.
Total assets outstanding increased 2% to $537 million at year-end 2010, an increase of $13 million from assets of $524 million at the end of 2009. Loan and deposit volumes
have been influenced significantly during 2010 and 2009 by overall economic factors including market interest rates, consumer confidence, fluctuations in the unemployment
rate, lower levels of business and consumer spending as well as changes in regulations affecting banking institutions. We continued to implement initiatives to enhance our loan
quality and grow our retail deposit relationships while improving our productivity during 2010. Net loans outstanding declined slightly to $388 million, down 1% under loans of
$393 million at the end of 2009. The decline in loans outstanding resulted from continued weak demand in both the commercial and retail lending sectors. Deposits increased
2% to $462 million at December 31, 2010. A key element of Heartland’s deposit strategy was focused on growing our transaction account deposit base while reducing our
dependence on public funds and larger non-core certificate of deposit accounts in 2010.
Total shareholders’ equity remained strong growing to $45.2 million, up 2% from $44.3 million at year-end 2009. Based upon shares outstanding the book value of shareholders’
equity increased from $28.83 at year-end 2009 to $29.46 per share at December 31, 2010. Among the financial strengths of Heartland BancCorp is our capital position, which
exceeds regulatory guidelines and compares favorably to our peers and other Ohio based banks. Tier1 leverage, Tier 1 Risk based and Total Risk Based Capital ratios were 8.6%,
12.4%, and 13.4% respectively as of December 31, 2010. Regulatory requirements for a well-capitalized bank are 5%, 6%, and 10% for Tier 1 Leverage; Tier 1 Risk based and
Total Risk Based Capital Ratios respectively. Further enhancing shareholder value dividends per share of common stock totaled $1.28 representing a dividend yield of 5.63% on
the average market price of $22.73 per share for 2010. Dividends paid resulted in a dividend payout ratio of 43% for 2010.
Our conservative culture, risk management practices, and quality people throughout the last 100 years have enabled Heartland BancCorp to successfully reach and celebrate our
Centennial. We believe Heartland BancCorp continues to be strategically positioned to capitalize on opportunities enhancing our shareholders’ interest as the economy improves.
I would like to take this opportunity to thank our shareholders, directors, ambassadors, customers and employees for their continued support and confidence in Heartland
BancCorp. We truly value your business and look forward to serving you for another 100 years.
Best personal regards,
Tiney M. McComb
Chairman and CEO
Heartland BancCorp and Bank Directors
Heartland BancCorp Officers
I. Robert Amerine
Chairman, ISCO, Inc.
Arthur G.H. Bing M.D.
Plastic & Reconstructive Surgeon
Tiney M. McComb
Chairman & CEO
G. Scott McComb
Vice Chairman & President
Jay B. Eggspuehler, Esq.
Wiles, Boyle, Burkholder & Bringardner Co., L.P.A.
I. Robert Amerine
Secretary
Jodi L Garrison, CPA
Partner, Hirth, Norris & Garrsion, LLP
George R. Smith
Executive Vice President, Chief Financial Officer
John R. Haines
Retired, John R. Haines Insurance Agency
David C. Kotary
Principal, Brower Insurance Agency, LLC
Gerald K. McClain
President, The Jerry McClain Company, Inc.
G. Scott McComb
President & CEO, Heartland Bank
Tiney M. McComb
Chairman of the Board
Jack J. Eggspuehler
President, Aerosafe, Inc., Director Emeritus
Cheryl C. Poulton
President, Tech International, Director Emeritus
Heartland Investment Services
Mark Posey
Investment Representative
Jason Ellinger
Investment Representative
Heartland Bank Senior Management
Tiney M. McComb
Chairman
G. Scott McComb
President and CEO
George R. Smith
Executive Vice President, Chief Financial Officer
David P. Curby
Senior Vice President, Mortgage Lending
Robert F. Halley
Senior Vice President,
Commercial Relationship Manager
Steven C. Hines
Senior Vice President,
Commercial Relationship Manager
Mark S. Kelly
Senior Vice President,
Business Development & Support Services
Donna J. Holycross
Vice President, Director of Marketing
Cheryl L. Krouse
Vice President, Retail Administration Manager
Mark A. Matthews
Vice President, Credit Review
Linda E. Miller
Vice President, Corporate Secretary
Edmund W. Smallwood, Jr.
Vice President, Retail Sales Administrative Officer
Stephanie W. Toalston
Vice President, Director of Human Resources
Lois E. Ellis
Assistant Vice President, Compliance Officer
Original Croton Bank 1911
heartlandbank.com
Heartland Bank
Launches iPhone
App! Feb. 2, 2011
Member
FDIC
1996 Groundbreaking
of Corporate Office
in Gahanna
Groundbreaking
of Corporate Office
in Gahanna 1995
Heartland BancCorp is a registered Ohio Bank Holding company and the parent of Heartland Bank, which operates eleven full-service banking offices. Alternative investment services are provided through Infinex Financial Group. Heartland Bank is a member of the Federal Reserve, a member of the FDIC, and an Equal Housing Lender. Heartland BancCorp is currently quoted on the over-the-counter (OTC) Bulletin Board Service under the symbol HLAN. Worldwide access at heartlandbank.com.
To Our Shareholders, Customers, and Friends:
Congratulations on our Centennial!! It was 100 years ago that The Croton Bank Co. was incorporated by Jason Potter, George B. Van
Fossen, Clarence W. Wells, Otis H. Davidson, John M. Curry, and Stanton E. Hoover, the original stockholders, and George Van Fossen
was the first President. A great deal has changed in banking since the birth of your community bank. The first deposits were made
by traveling by horse and buggy to the one bank branch and then came the expansion of the bank’s footprint to all of central Ohio and
now we can make our deposits from our desktops via the Internet. However, one thing has not changed and that is our commitment to
the community in which this bank was founded, which remains as strong as ever and continues to be the guidance for our existence.
I am pleased to announce another successful year for Heartland. This year we were honored by US Banker Magazine by improving our
ranking from 159 to 112 in the “Top 200” community banks nationwide based on ROAE (return on average equity). This achievement
continues to be a true indication of the prudent underwriting standards, dedication to technology and efficiency, and management
of risk that is Heartland Bank. Strong and prudent banks continue to emerge as the survivors of this industry and these banks will
reap the benefits of a shrinking legion of banks as the economy and financial reform continue to be a major focus. Heartland was also
recognized by Business First of Columbus as the #3 SBA Lender in Central Ohio, placing it above many far larger institutions. This is
another indication that further demonstrates the creativity, flexibility, and risk management of the institution. Heartland is proud to
receive these honors and is dedicated to remaining focused on prudent banking principles to benefit our communities and maximize
shareholder value.
Tiney M. McComb
Chairman & CEO
of Heartland BancCorp
Chairman of
Heartland Bank
We are seeing signs that our economy is recovering. Unemployment in central Ohio is beginning to decline slightly, consumer spending seems to be picking up, and businesses
are starting to seek growth strategies to further their business plans. While there are some good signs, we remain cautiously optimistic about the local and national economy
and have advised our clients that we are not on the road to complete recovery just yet. Housing starts are at a 23-year low, housing values are still settling in at the floor, and the
consumer is, for the most part, still on the sidelines as they build up their savings and/or retire debt. Our country’s national debt is at an all time high and needs to be dealt with
very soon. Until this occurs with just prudence, the economy will remain very fragile and extremely vulnerable to world events and economies abroad.
2010 was a banner year for Heartland BancCorp as we continued our mission to be Central Ohio’s Community Bank. The bank achieved record earnings of $4.6 million for the first
time. We solidified our commitment to the Westside of Columbus, and the Hilltop Community, by renovating our Wilson Road Office to look and feel like all of the other Heartland
Offices. In a year that found many consumers and businesses searching for a relationship with a bank, we focused on introducing those displaced customers to Heartland. Growing
core banking relationships was again the focus for the entire year, and I’m proud to report we were very successful in growing our client base.
The massive Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (FinReg Bill) was passed and we are beginning to see the effects of this legislation in the market
place. While the Act contains a multitude of new regulations, we feel that compliance with these new rules will be a competitive strength of our enterprise. Regulating non-bank
financial companies such as mortgage lenders, new FDIC premium guidelines, and tighter controls of the securitization markets are all things that are positive to community
banks. Our entire staff has also participated in this effort by repeatedly writing and calling their respective members of Congress to voice their opinion on these issues and how
it will affect their personal lives and their bank. One of the many items that were not a benefit, the Durbin Amendment on debit card interchange fees, is most likely going to be
delayed until a proper study of the measure and its effects on community banks can be studied further. In short, the FinReg Bill was in some ways a victory for community banks
and we feel that our adaptability to comply with this new legislation is a competitive strength as many of our competitors find it easier to be a part of the consolidation wave.
Ultimately, our success flows directly from the quality of our employees and their commitment to delivering superior service to our customers. We continue to invest in our
“people portfolio,” growing Heartland Community Bankers throughout our enterprise. Our internal training department has enhanced its course offerings, we have record
enrollment in the Bank’s Principles of Banking program, several associates are attending secondary industry education, and our front line Client Service Representative (CSR)
movement to encourage consultative interaction has been a great success. Management has reinforced the theme of personal empowerment across all departments, recognizing
that client satisfaction is a direct result of their experience. Investing in this strength to become a “best of breed organization” is the goal and we are well on our way to achieving
this distinction. Now here are the financial highlights of 2010.
Glenn S. Potter
Past President
of Croton Bank Co.
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Heartland BancCorp
Consolidated Balance Sheets
December 31, 2010 and 2009
Heartland BancCorp
Consolidated Statements of Income
Years Ended December 31, 2010 and 2009
Assets
2010
__________
2009
__________
Cash and cash equivalents
$ 7,825,727
$ 10,432,823
Available-for-sale securities
Held-to-maturity securities
115,223,173
5,756,962
95,408,139
5,905,720
Loans, net of allowance for loan losses of
$3,871,640 and $3,244,003 at
December 31, 2010 and 2009, respectively
Premises and equipment
Federal Reserve and Federal Home Loan Bank stock
Foreclosed assets held for sale
Interest receivable
Goodwill
Prepaid FDIC insurance premium
Other
Total assets
387,867,015
9,479,273
1,230,450
2,615,688
1,804,636
417,353
1,770,653
2,756,864
__________
392,969,857
9,670,790
1,230,300
1,468,093
1,973,311
417,353
2,605,235
1,853,552
__________
$ 536,747,794
__________
__________
$ 523,935,173
__________
__________
Liabilities and Shareholders’ Equity
Liabilities
Deposits
Demand
Savings, NOW and money market
Time
Total deposits
Short-term borrowings
Long-term debt
Interest payable and other liabilities
$ 50,519,453
159,720,953
251,484,773
__________
$ 42,795,604
130,752,542
280,372,012
__________
461,725,179
__________
453,920,158
__________
23,500,430
3,093,000
3,185,929
__________
19,601,594
3,093,000
3,064,088
__________
Interest Income
Loans
Securities
Taxable
Tax-exempt
Other
Federal funds sold
Total interest income
Interest Expense
Deposits
Borrowings
Total interest expense
Net Interest Income
__________
2010
2009
__________
$ 23,893,785
$ 24,490,400
2,676,959
1,394,671
44,540
161
__________
3,500,090
1,172,805
40,286
123
__________
28,010,116
__________
29,203,704
__________
7,244,675
382,357
__________
9,974,546
413,723
__________
7,627,032
__________
10,388,269
__________
20,383,084
18,815,435
Provision for Loan Losses
1,921,000
__________
1,625,000
__________
Net Interest Income After Provision for
Loan Losses
Noninterest Income
Service charges
Net gains and commissions on loan sales
Net realized gains on sales of
available-for-sale securities
Net realized (losses) gains on sales of
foreclosed assets
Other-than-temporary impairment loss on
available-for-sale security
Other
Total noninterest income
Total liabilities
491,504,538
__________
479,678,840
__________
Noninterest Expense
Shareholders’ Equity
Common stock, without par value; authorized
5,000,000 shares; issued 2010 - 1,535,832 shares,
2009 - 1,535,224 shares
Retained earnings
Accumulated other comprehensive income
Treasury stock, at cost
Common; 2009 - 139 shares
Total shareholders’ equity
23,047,347
21,282,467
913,442
23,038,474
18,691,579
2 ,532,118
-
__________
(5,838)
__________
45,243,256
__________
44,256,333
__________
Total liabilities and shareholders’ equity
$ 536,747,794
__________
__________
$ 523,935,173
__________
__________
Salaries and employee benefits
Net occupancy and equipment expense
Data processing fees
Professional fees
Marketing expense
Printing and office supplies
State franchise taxes
FDIC Insurance premiums
Other
Total noninterest expense
Income Before Income Tax
Provision for Income Taxes
Net Income
Basic Earnings Per Share
Diluted Earnings Per Share
18,462,084
__________
17,190,435
__________
2,287,251
99,020
2,316,108
54,242
274,350
210,993
(373,261)
49,558
-
445,295
__________
(989,559)
247,658
__________
2,732,655
__________
1,889,000
__________
8,030,257
1,828,933
754,310
616,568
407,902
220,232
539,393
908,756
1,565,490
__________
7,717,296
1,736,900
798,562
520,142
379,654
196,717
522,030
913,865
1,255,476
__________
14,871,841
__________
14,040,642
__________
6,322,898
1,753,258
__________
5,038,793
1,447,114
__________
$ 4,569,640
__________
__________
$ 3,591,679
__________
__________
$ 2 .98
__________
__________
$ 2.33
__________
__________
$ 2 .96
__________
__________
$ 2.32
__________
__________
Since 1911
Heartland Locations
CORPORATE OFFICE
850 North Hamilton Road
Gahanna, Ohio 43230
(614) 337-4600
COLUMBUS
CAPITOL SQUARE
65 East State Street
Columbus, Ohio 43215
(614) 416-0244
CROTON
12 North Main Street
Croton, Ohio 43013
(740) 893-2191
DUBLIN
6500 Frantz Road
Dublin, Ohio 43017
(614) 798-8818
FRIENDSHIP VILLAGE OF DUBLIN
6000 Riverside Drive
Dublin, Ohio 43017
(614) 923-0575
GAHANNA
850 North Hamilton Road
Gahanna, Ohio 43230
(614) 337-4605
GAHANNA
NORTH STYGLER ROAD
67 North Stygler Road
Gahanna, Ohio 43230
(614) 475-7024
GROVE CITY
2365 Old Stringtown Road
Grove City, Ohio 43123
(614) 875-1884
JOHNSTOWN
730 West Coshocton Street
Johnstown, Ohio 43031
(740) 967-6500
NEWARK
6 North Park Place
Newark, Ohio 43055
(740) 349-7888
REYNOLDSBURG
6887 East Main Street
Reynoldsburg, Ohio 43068
(614) 416-0400
WEST COLUMBUS
130 North Wilson Road
Columbus, Ohio 43204
(614) 351-2100
WESTERVILLE
450 South State Street
Westerville, Ohio 43081
(614) 839-2265
To Our Shareholders, Customers, and Friends:
Congratulations on our Centennial!! It was 100 years ago that The Croton Bank Co. was incorporated by Jason Potter, George B. Van
Fossen, Clarence W. Wells, Otis H. Davidson, John M. Curry, and Stanton E. Hoover, the original stockholders, and George Van Fossen
was the first President. A great deal has changed in banking since the birth of your community bank. The first deposits were made
by traveling by horse and buggy to the one bank branch and then came the expansion of the bank’s footprint to all of central Ohio and
now we can make our deposits from our desktops via the Internet. However, one thing has not changed and that is our commitment to
the community in which this bank was founded, which remains as strong as ever and continues to be the guidance for our existence.
I am pleased to announce another successful year for Heartland. This year we were honored by US Banker Magazine by improving our
ranking from 159 to 112 in the “Top 200” community banks nationwide based on ROAE (return on average equity). This achievement
continues to be a true indication of the prudent underwriting standards, dedication to technology and efficiency, and management
of risk that is Heartland Bank. Strong and prudent banks continue to emerge as the survivors of this industry and these banks will
reap the benefits of a shrinking legion of banks as the economy and financial reform continue to be a major focus. Heartland was also
recognized by Business First of Columbus as the #3 SBA Lender in Central Ohio, placing it above many far larger institutions. This is
another indication that further demonstrates the creativity, flexibility, and risk management of the institution. Heartland is proud to
receive these honors and is dedicated to remaining focused on prudent banking principles to benefit our communities and maximize
shareholder value.
Tiney M. McComb
Chairman & CEO
of Heartland BancCorp
Chairman of
Heartland Bank
We are seeing signs that our economy is recovering. Unemployment in central Ohio is beginning to decline slightly, consumer spending seems to be picking up, and businesses
are starting to seek growth strategies to further their business plans. While there are some good signs, we remain cautiously optimistic about the local and national economy
and have advised our clients that we are not on the road to complete recovery just yet. Housing starts are at a 23-year low, housing values are still settling in at the floor, and the
consumer is, for the most part, still on the sidelines as they build up their savings and/or retire debt. Our country’s national debt is at an all time high and needs to be dealt with
very soon. Until this occurs with just prudence, the economy will remain very fragile and extremely vulnerable to world events and economies abroad.
2010 was a banner year for Heartland BancCorp as we continued our mission to be Central Ohio’s Community Bank. The bank achieved record earnings of $4.6 million for the first
time. We solidified our commitment to the Westside of Columbus, and the Hilltop Community, by renovating our Wilson Road Office to look and feel like all of the other Heartland
Offices. In a year that found many consumers and businesses searching for a relationship with a bank, we focused on introducing those displaced customers to Heartland. Growing
core banking relationships was again the focus for the entire year, and I’m proud to report we were very successful in growing our client base.
The massive Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (FinReg Bill) was passed and we are beginning to see the effects of this legislation in the market
place. While the Act contains a multitude of new regulations, we feel that compliance with these new rules will be a competitive strength of our enterprise. Regulating non-bank
financial companies such as mortgage lenders, new FDIC premium guidelines, and tighter controls of the securitization markets are all things that are positive to community
banks. Our entire staff has also participated in this effort by repeatedly writing and calling their respective members of Congress to voice their opinion on these issues and how
it will affect their personal lives and their bank. One of the many items that were not a benefit, the Durbin Amendment on debit card interchange fees, is most likely going to be
delayed until a proper study of the measure and its effects on community banks can be studied further. In short, the FinReg Bill was in some ways a victory for community banks
and we feel that our adaptability to comply with this new legislation is a competitive strength as many of our competitors find it easier to be a part of the consolidation wave.
Ultimately, our success flows directly from the quality of our employees and their commitment to delivering superior service to our customers. We continue to invest in our
“people portfolio,” growing Heartland Community Bankers throughout our enterprise. Our internal training department has enhanced its course offerings, we have record
enrollment in the Bank’s Principles of Banking program, several associates are attending secondary industry education, and our front line Client Service Representative (CSR)
movement to encourage consultative interaction has been a great success. Management has reinforced the theme of personal empowerment across all departments, recognizing
that client satisfaction is a direct result of their experience. Investing in this strength to become a “best of breed organization” is the goal and we are well on our way to achieving
this distinction. Now here are the financial highlights of 2010.
Glenn S. Potter
Past President
of Croton Bank Co.
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Heartland BancCorp
Consolidated Balance Sheets
December 31, 2010 and 2009
Heartland BancCorp
Consolidated Statements of Income
Years Ended December 31, 2010 and 2009
Assets
2010
__________
2009
__________
Cash and cash equivalents
$ 7,825,727
$ 10,432,823
Available-for-sale securities
Held-to-maturity securities
115,223,173
5,756,962
95,408,139
5,905,720
Loans, net of allowance for loan losses of
$3,871,640 and $3,244,003 at
December 31, 2010 and 2009, respectively
Premises and equipment
Federal Reserve and Federal Home Loan Bank stock
Foreclosed assets held for sale
Interest receivable
Goodwill
Prepaid FDIC insurance premium
Other
Total assets
387,867,015
9,479,273
1,230,450
2,615,688
1,804,636
417,353
1,770,653
2,756,864
__________
392,969,857
9,670,790
1,230,300
1,468,093
1,973,311
417,353
2,605,235
1,853,552
__________
$ 536,747,794
__________
__________
$ 523,935,173
__________
__________
Liabilities and Shareholders’ Equity
Liabilities
Deposits
Demand
Savings, NOW and money market
Time
Total deposits
Short-term borrowings
Long-term debt
Interest payable and other liabilities
$ 50,519,453
159,720,953
251,484,773
__________
$ 42,795,604
130,752,542
280,372,012
__________
461,725,179
__________
453,920,158
__________
23,500,430
3,093,000
3,185,929
__________
19,601,594
3,093,000
3,064,088
__________
Interest Income
Loans
Securities
Taxable
Tax-exempt
Other
Federal funds sold
Total interest income
Interest Expense
Deposits
Borrowings
Total interest expense
Net Interest Income
__________
2010
2009
__________
$ 23,893,785
$ 24,490,400
2,676,959
1,394,671
44,540
161
__________
3,500,090
1,172,805
40,286
123
__________
28,010,116
__________
29,203,704
__________
7,244,675
382,357
__________
9,974,546
413,723
__________
7,627,032
__________
10,388,269
__________
20,383,084
18,815,435
Provision for Loan Losses
1,921,000
__________
1,625,000
__________
Net Interest Income After Provision for
Loan Losses
Noninterest Income
Service charges
Net gains and commissions on loan sales
Net realized gains on sales of
available-for-sale securities
Net realized (losses) gains on sales of
foreclosed assets
Other-than-temporary impairment loss on
available-for-sale security
Other
Total noninterest income
Total liabilities
491,504,538
__________
479,678,840
__________
Noninterest Expense
Shareholders’ Equity
Common stock, without par value; authorized
5,000,000 shares; issued 2010 - 1,535,832 shares,
2009 - 1,535,224 shares
Retained earnings
Accumulated other comprehensive income
Treasury stock, at cost
Common; 2009 - 139 shares
Total shareholders’ equity
23,047,347
21,282,467
913,442
23,038,474
18,691,579
2 ,532,118
-
__________
(5,838)
__________
45,243,256
__________
44,256,333
__________
Total liabilities and shareholders’ equity
$ 536,747,794
__________
__________
$ 523,935,173
__________
__________
Salaries and employee benefits
Net occupancy and equipment expense
Data processing fees
Professional fees
Marketing expense
Printing and office supplies
State franchise taxes
FDIC Insurance premiums
Other
Total noninterest expense
Income Before Income Tax
Provision for Income Taxes
Net Income
Basic Earnings Per Share
Diluted Earnings Per Share
18,462,084
__________
17,190,435
__________
2,287,251
99,020
2,316,108
54,242
274,350
210,993
(373,261)
49,558
-
445,295
__________
(989,559)
247,658
__________
2,732,655
__________
1,889,000
__________
8,030,257
1,828,933
754,310
616,568
407,902
220,232
539,393
908,756
1,565,490
__________
7,717,296
1,736,900
798,562
520,142
379,654
196,717
522,030
913,865
1,255,476
__________
14,871,841
__________
14,040,642
__________
6,322,898
1,753,258
__________
5,038,793
1,447,114
__________
$ 4,569,640
__________
__________
$ 3,591,679
__________
__________
$ 2 .98
__________
__________
$ 2.33
__________
__________
$ 2 .96
__________
__________
$ 2.32
__________
__________
Since 1911
Heartland Locations
CORPORATE OFFICE
850 North Hamilton Road
Gahanna, Ohio 43230
(614) 337-4600
COLUMBUS
CAPITOL SQUARE
65 East State Street
Columbus, Ohio 43215
(614) 416-0244
CROTON
12 North Main Street
Croton, Ohio 43013
(740) 893-2191
DUBLIN
6500 Frantz Road
Dublin, Ohio 43017
(614) 798-8818
FRIENDSHIP VILLAGE OF DUBLIN
6000 Riverside Drive
Dublin, Ohio 43017
(614) 923-0575
GAHANNA
850 North Hamilton Road
Gahanna, Ohio 43230
(614) 337-4605
GAHANNA
NORTH STYGLER ROAD
67 North Stygler Road
Gahanna, Ohio 43230
(614) 475-7024
GROVE CITY
2365 Old Stringtown Road
Grove City, Ohio 43123
(614) 875-1884
JOHNSTOWN
730 West Coshocton Street
Johnstown, Ohio 43031
(740) 967-6500
NEWARK
6 North Park Place
Newark, Ohio 43055
(740) 349-7888
REYNOLDSBURG
6887 East Main Street
Reynoldsburg, Ohio 43068
(614) 416-0400
WEST COLUMBUS
130 North Wilson Road
Columbus, Ohio 43204
(614) 351-2100
WESTERVILLE
450 South State Street
Westerville, Ohio 43081
(614) 839-2265
To Our Shareholders, Customers, and Friends:
Congratulations on our Centennial!! It was 100 years ago that The Croton Bank Co. was incorporated by Jason Potter, George B. Van
Fossen, Clarence W. Wells, Otis H. Davidson, John M. Curry, and Stanton E. Hoover, the original stockholders, and George Van Fossen
was the first President. A great deal has changed in banking since the birth of your community bank. The first deposits were made
by traveling by horse and buggy to the one bank branch and then came the expansion of the bank’s footprint to all of central Ohio and
now we can make our deposits from our desktops via the Internet. However, one thing has not changed and that is our commitment to
the community in which this bank was founded, which remains as strong as ever and continues to be the guidance for our existence.
I am pleased to announce another successful year for Heartland. This year we were honored by US Banker Magazine by improving our
ranking from 159 to 112 in the “Top 200” community banks nationwide based on ROAE (return on average equity). This achievement
continues to be a true indication of the prudent underwriting standards, dedication to technology and efficiency, and management
of risk that is Heartland Bank. Strong and prudent banks continue to emerge as the survivors of this industry and these banks will
reap the benefits of a shrinking legion of banks as the economy and financial reform continue to be a major focus. Heartland was also
recognized by Business First of Columbus as the #3 SBA Lender in Central Ohio, placing it above many far larger institutions. This is
another indication that further demonstrates the creativity, flexibility, and risk management of the institution. Heartland is proud to
receive these honors and is dedicated to remaining focused on prudent banking principles to benefit our communities and maximize
shareholder value.
Tiney M. McComb
Chairman & CEO
of Heartland BancCorp
Chairman of
Heartland Bank
We are seeing signs that our economy is recovering. Unemployment in central Ohio is beginning to decline slightly, consumer spending seems to be picking up, and businesses
are starting to seek growth strategies to further their business plans. While there are some good signs, we remain cautiously optimistic about the local and national economy
and have advised our clients that we are not on the road to complete recovery just yet. Housing starts are at a 23-year low, housing values are still settling in at the floor, and the
consumer is, for the most part, still on the sidelines as they build up their savings and/or retire debt. Our country’s national debt is at an all time high and needs to be dealt with
very soon. Until this occurs with just prudence, the economy will remain very fragile and extremely vulnerable to world events and economies abroad.
2010 was a banner year for Heartland BancCorp as we continued our mission to be Central Ohio’s Community Bank. The bank achieved record earnings of $4.6 million for the first
time. We solidified our commitment to the Westside of Columbus, and the Hilltop Community, by renovating our Wilson Road Office to look and feel like all of the other Heartland
Offices. In a year that found many consumers and businesses searching for a relationship with a bank, we focused on introducing those displaced customers to Heartland. Growing
core banking relationships was again the focus for the entire year, and I’m proud to report we were very successful in growing our client base.
The massive Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (FinReg Bill) was passed and we are beginning to see the effects of this legislation in the market
place. While the Act contains a multitude of new regulations, we feel that compliance with these new rules will be a competitive strength of our enterprise. Regulating non-bank
financial companies such as mortgage lenders, new FDIC premium guidelines, and tighter controls of the securitization markets are all things that are positive to community
banks. Our entire staff has also participated in this effort by repeatedly writing and calling their respective members of Congress to voice their opinion on these issues and how
it will affect their personal lives and their bank. One of the many items that were not a benefit, the Durbin Amendment on debit card interchange fees, is most likely going to be
delayed until a proper study of the measure and its effects on community banks can be studied further. In short, the FinReg Bill was in some ways a victory for community banks
and we feel that our adaptability to comply with this new legislation is a competitive strength as many of our competitors find it easier to be a part of the consolidation wave.
Ultimately, our success flows directly from the quality of our employees and their commitment to delivering superior service to our customers. We continue to invest in our
“people portfolio,” growing Heartland Community Bankers throughout our enterprise. Our internal training department has enhanced its course offerings, we have record
enrollment in the Bank’s Principles of Banking program, several associates are attending secondary industry education, and our front line Client Service Representative (CSR)
movement to encourage consultative interaction has been a great success. Management has reinforced the theme of personal empowerment across all departments, recognizing
that client satisfaction is a direct result of their experience. Investing in this strength to become a “best of breed organization” is the goal and we are well on our way to achieving
this distinction. Now here are the financial highlights of 2010.
Glenn S. Potter
Past President
of Croton Bank Co.
s
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a
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n
a
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F
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e
t
a
d
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Heartland BancCorp
Consolidated Balance Sheets
December 31, 2010 and 2009
Heartland BancCorp
Consolidated Statements of Income
Years Ended December 31, 2010 and 2009
Assets
2010
__________
2009
__________
Cash and cash equivalents
$ 7,825,727
$ 10,432,823
Available-for-sale securities
Held-to-maturity securities
115,223,173
5,756,962
95,408,139
5,905,720
Loans, net of allowance for loan losses of
$3,871,640 and $3,244,003 at
December 31, 2010 and 2009, respectively
Premises and equipment
Federal Reserve and Federal Home Loan Bank stock
Foreclosed assets held for sale
Interest receivable
Goodwill
Prepaid FDIC insurance premium
Other
Total assets
387,867,015
9,479,273
1,230,450
2,615,688
1,804,636
417,353
1,770,653
2,756,864
__________
392,969,857
9,670,790
1,230,300
1,468,093
1,973,311
417,353
2,605,235
1,853,552
__________
$ 536,747,794
__________
__________
$ 523,935,173
__________
__________
Liabilities and Shareholders’ Equity
Liabilities
Deposits
Demand
Savings, NOW and money market
Time
Total deposits
Short-term borrowings
Long-term debt
Interest payable and other liabilities
$ 50,519,453
159,720,953
251,484,773
__________
$ 42,795,604
130,752,542
280,372,012
__________
461,725,179
__________
453,920,158
__________
23,500,430
3,093,000
3,185,929
__________
19,601,594
3,093,000
3,064,088
__________
Interest Income
Loans
Securities
Taxable
Tax-exempt
Other
Federal funds sold
Total interest income
Interest Expense
Deposits
Borrowings
Total interest expense
Net Interest Income
__________
2010
2009
__________
$ 23,893,785
$ 24,490,400
2,676,959
1,394,671
44,540
161
__________
3,500,090
1,172,805
40,286
123
__________
28,010,116
__________
29,203,704
__________
7,244,675
382,357
__________
9,974,546
413,723
__________
7,627,032
__________
10,388,269
__________
20,383,084
18,815,435
Provision for Loan Losses
1,921,000
__________
1,625,000
__________
Net Interest Income After Provision for
Loan Losses
Noninterest Income
Service charges
Net gains and commissions on loan sales
Net realized gains on sales of
available-for-sale securities
Net realized (losses) gains on sales of
foreclosed assets
Other-than-temporary impairment loss on
available-for-sale security
Other
Total noninterest income
Total liabilities
491,504,538
__________
479,678,840
__________
Noninterest Expense
Shareholders’ Equity
Common stock, without par value; authorized
5,000,000 shares; issued 2010 - 1,535,832 shares,
2009 - 1,535,224 shares
Retained earnings
Accumulated other comprehensive income
Treasury stock, at cost
Common; 2009 - 139 shares
Total shareholders’ equity
23,047,347
21,282,467
913,442
23,038,474
18,691,579
2 ,532,118
-
__________
(5,838)
__________
45,243,256
__________
44,256,333
__________
Total liabilities and shareholders’ equity
$ 536,747,794
__________
__________
$ 523,935,173
__________
__________
Salaries and employee benefits
Net occupancy and equipment expense
Data processing fees
Professional fees
Marketing expense
Printing and office supplies
State franchise taxes
FDIC Insurance premiums
Other
Total noninterest expense
Income Before Income Tax
Provision for Income Taxes
Net Income
Basic Earnings Per Share
Diluted Earnings Per Share
18,462,084
__________
17,190,435
__________
2,287,251
99,020
2,316,108
54,242
274,350
210,993
(373,261)
49,558
-
445,295
__________
(989,559)
247,658
__________
2,732,655
__________
1,889,000
__________
8,030,257
1,828,933
754,310
616,568
407,902
220,232
539,393
908,756
1,565,490
__________
7,717,296
1,736,900
798,562
520,142
379,654
196,717
522,030
913,865
1,255,476
__________
14,871,841
__________
14,040,642
__________
6,322,898
1,753,258
__________
5,038,793
1,447,114
__________
$ 4,569,640
__________
__________
$ 3,591,679
__________
__________
$ 2 .98
__________
__________
$ 2.33
__________
__________
$ 2 .96
__________
__________
$ 2.32
__________
__________
Since 1911
Heartland Locations
CORPORATE OFFICE
850 North Hamilton Road
Gahanna, Ohio 43230
(614) 337-4600
COLUMBUS
CAPITOL SQUARE
65 East State Street
Columbus, Ohio 43215
(614) 416-0244
CROTON
12 North Main Street
Croton, Ohio 43013
(740) 893-2191
DUBLIN
6500 Frantz Road
Dublin, Ohio 43017
(614) 798-8818
FRIENDSHIP VILLAGE OF DUBLIN
6000 Riverside Drive
Dublin, Ohio 43017
(614) 923-0575
GAHANNA
850 North Hamilton Road
Gahanna, Ohio 43230
(614) 337-4605
GAHANNA
NORTH STYGLER ROAD
67 North Stygler Road
Gahanna, Ohio 43230
(614) 475-7024
GROVE CITY
2365 Old Stringtown Road
Grove City, Ohio 43123
(614) 875-1884
JOHNSTOWN
730 West Coshocton Street
Johnstown, Ohio 43031
(740) 967-6500
NEWARK
6 North Park Place
Newark, Ohio 43055
(740) 349-7888
REYNOLDSBURG
6887 East Main Street
Reynoldsburg, Ohio 43068
(614) 416-0400
WEST COLUMBUS
130 North Wilson Road
Columbus, Ohio 43204
(614) 351-2100
WESTERVILLE
450 South State Street
Westerville, Ohio 43081
(614) 839-2265
2010 Financial Review
Net income for the year ended December 31, 2010 was $4.6 million or $2.96 per share compared to net income of $3.6 million or $2.32 per share for the year ended December
31, 2009. The primary source of Heartland BancCorp’s revenue is net interest income from its investment and loan portfolios less its cost of deposits and borrowings. Net
interest income before provision for loan loss for 2010 grew 8% to $20.4 million compared to $18.8 million for 2009. Provision for loan loss of $1.9 million for the full year 2010
compared to $1.6 million for all of 2009. The added provision in 2010 was used to increase the Bank’s allowance for loan loss while 2010 loan charge-offs at .32% of average
loans outstanding remained at 2009 levels. The improvement in net interest income resulted from the combined effect of a 27% decline in the Bank’s cost of funds less a 4% drop
in the yield on earning assets. Lower funding cost resulted from a positive shift in deposit mix to lower cost non-interest bearing transaction and money market accounts that
increased from 2009 18% and 22% respectively. This increase in lower cost deposits enabled Heartland Bank to drive significant reductions in its funding cost and improvement
in its net interest income. These favorable contributors to net interest income were partially offset by a reduction in the yield in the loan portfolio and an increase in lower
yielding securities both the result of continuation of the low interest rate environment during 2010.
Total non-interest income of $2.7 million in 2010 compares to $1.9 million for 2009. The lower level of non-interest income in 2009 was due to a one time charge to earnings
totaling $990 thousand resulting from the mark-to-market of an other than temporarily impaired investment security. The decline in service charges during 2010 resulted from
the implementation of changes to Regulation E during the third quarter of 2010. Regulation E restricts banking institutions from charging overdraft fees on ATM and debit card
transactions absent a customer’s opt-in to overdraft coverage.
Non-interest or operating expense of $14.9 million in 2010 increased 6% over non-interest expense of $14.0 million in 2009. Salary and employee benefits expense for 2010
increased $313 thousand or 4% verses the year ended 2009. The increase was partially attributable to a 2% increase in staffing added due to the increasing banking related
regulatory requirements and higher health insurance costs in 2010. Other operating expense increased $310 thousand year-over-year due to increased loan related collection
expenses in 2010.
Total assets outstanding increased 2% to $537 million at year-end 2010, an increase of $13 million from assets of $524 million at the end of 2009. Loan and deposit volumes
have been influenced significantly during 2010 and 2009 by overall economic factors including market interest rates, consumer confidence, fluctuations in the unemployment
rate, lower levels of business and consumer spending as well as changes in regulations affecting banking institutions. We continued to implement initiatives to enhance our loan
quality and grow our retail deposit relationships while improving our productivity during 2010. Net loans outstanding declined slightly to $388 million, down 1% under loans of
$393 million at the end of 2009. The decline in loans outstanding resulted from continued weak demand in both the commercial and retail lending sectors. Deposits increased
2% to $462 million at December 31, 2010. A key element of Heartland’s deposit strategy was focused on growing our transaction account deposit base while reducing our
dependence on public funds and larger non-core certificate of deposit accounts in 2010.
Total shareholders’ equity remained strong growing to $45.2 million, up 2% from $44.3 million at year-end 2009. Based upon shares outstanding the book value of shareholders’
equity increased from $28.83 at year-end 2009 to $29.46 per share at December 31, 2010. Among the financial strengths of Heartland BancCorp is our capital position, which
exceeds regulatory guidelines and compares favorably to our peers and other Ohio based banks. Tier1 leverage, Tier 1 Risk based and Total Risk Based Capital ratios were 8.6%,
12.4%, and 13.4% respectively as of December 31, 2010. Regulatory requirements for a well-capitalized bank are 5%, 6%, and 10% for Tier 1 Leverage; Tier 1 Risk based and
Total Risk Based Capital Ratios respectively. Further enhancing shareholder value dividends per share of common stock totaled $1.28 representing a dividend yield of 5.63% on
the average market price of $22.73 per share for 2010. Dividends paid resulted in a dividend payout ratio of 43% for 2010.
Our conservative culture, risk management practices, and quality people throughout the last 100 years have enabled Heartland BancCorp to successfully reach and celebrate our
Centennial. We believe Heartland BancCorp continues to be strategically positioned to capitalize on opportunities enhancing our shareholders’ interest as the economy improves.
I would like to take this opportunity to thank our shareholders, directors, ambassadors, customers and employees for their continued support and confidence in Heartland
BancCorp. We truly value your business and look forward to serving you for another 100 years.
Best personal regards,
Tiney M. McComb
Chairman and CEO
Heartland BancCorp and Bank Directors
Heartland BancCorp Officers
I. Robert Amerine
Chairman, ISCO, Inc.
Arthur G.H. Bing M.D.
Plastic & Reconstructive Surgeon
Tiney M. McComb
Chairman & CEO
G. Scott McComb
Vice Chairman & President
Jay B. Eggspuehler, Esq.
Wiles, Boyle, Burkholder & Bringardner Co., L.P.A.
I. Robert Amerine
Secretary
Jodi L Garrison, CPA
Partner, Hirth, Norris & Garrsion, LLP
George R. Smith
Executive Vice President, Chief Financial Officer
John R. Haines
Retired, John R. Haines Insurance Agency
David C. Kotary
Principal, Brower Insurance Agency, LLC
Gerald K. McClain
President, The Jerry McClain Company, Inc.
G. Scott McComb
President & CEO, Heartland Bank
Tiney M. McComb
Chairman of the Board
Jack J. Eggspuehler
President, Aerosafe, Inc., Director Emeritus
Cheryl C. Poulton
President, Tech International, Director Emeritus
Heartland Investment Services
Mark Posey
Investment Representative
Jason Ellinger
Investment Representative
Heartland Bank Senior Management
Tiney M. McComb
Chairman
G. Scott McComb
President and CEO
George R. Smith
Executive Vice President, Chief Financial Officer
David P. Curby
Senior Vice President, Mortgage Lending
Robert F. Halley
Senior Vice President,
Commercial Relationship Manager
Steven C. Hines
Senior Vice President,
Commercial Relationship Manager
Mark S. Kelly
Senior Vice President,
Business Development & Support Services
Donna J. Holycross
Vice President, Director of Marketing
Cheryl L. Krouse
Vice President, Retail Administration Manager
Mark A. Matthews
Vice President, Credit Review
Linda E. Miller
Vice President, Corporate Secretary
Edmund W. Smallwood, Jr.
Vice President, Retail Sales Administrative Officer
Stephanie W. Toalston
Vice President, Director of Human Resources
Lois E. Ellis
Assistant Vice President, Compliance Officer
Original Croton Bank 1911
heartlandbank.com
Heartland Bank
Launches iPhone
App! Feb. 2, 2011
Member
FDIC
1996 Groundbreaking
of Corporate Office
in Gahanna
Groundbreaking
of Corporate Office
in Gahanna 1995
Heartland BancCorp is a registered Ohio Bank Holding company and the parent of Heartland Bank, which operates eleven full-service banking offices. Alternative investment services are provided through Infinex Financial Group. Heartland Bank is a member of the Federal Reserve, a member of the FDIC, and an Equal Housing Lender. Heartland BancCorp is currently quoted on the over-the-counter (OTC) Bulletin Board Service under the symbol HLAN. Worldwide access at heartlandbank.com.
2010 Financial Review
Net income for the year ended December 31, 2010 was $4.6 million or $2.96 per share compared to net income of $3.6 million or $2.32 per share for the year ended December
31, 2009. The primary source of Heartland BancCorp’s revenue is net interest income from its investment and loan portfolios less its cost of deposits and borrowings. Net
interest income before provision for loan loss for 2010 grew 8% to $20.4 million compared to $18.8 million for 2009. Provision for loan loss of $1.9 million for the full year 2010
compared to $1.6 million for all of 2009. The added provision in 2010 was used to increase the Bank’s allowance for loan loss while 2010 loan charge-offs at .32% of average
loans outstanding remained at 2009 levels. The improvement in net interest income resulted from the combined effect of a 27% decline in the Bank’s cost of funds less a 4% drop
in the yield on earning assets. Lower funding cost resulted from a positive shift in deposit mix to lower cost non-interest bearing transaction and money market accounts that
increased from 2009 18% and 22% respectively. This increase in lower cost deposits enabled Heartland Bank to drive significant reductions in its funding cost and improvement
in its net interest income. These favorable contributors to net interest income were partially offset by a reduction in the yield in the loan portfolio and an increase in lower
yielding securities both the result of continuation of the low interest rate environment during 2010.
Total non-interest income of $2.7 million in 2010 compares to $1.9 million for 2009. The lower level of non-interest income in 2009 was due to a one time charge to earnings
totaling $990 thousand resulting from the mark-to-market of an other than temporarily impaired investment security. The decline in service charges during 2010 resulted from
the implementation of changes to Regulation E during the third quarter of 2010. Regulation E restricts banking institutions from charging overdraft fees on ATM and debit card
transactions absent a customer’s opt-in to overdraft coverage.
Non-interest or operating expense of $14.9 million in 2010 increased 6% over non-interest expense of $14.0 million in 2009. Salary and employee benefits expense for 2010
increased $313 thousand or 4% verses the year ended 2009. The increase was partially attributable to a 2% increase in staffing added due to the increasing banking related
regulatory requirements and higher health insurance costs in 2010. Other operating expense increased $310 thousand year-over-year due to increased loan related collection
expenses in 2010.
Total assets outstanding increased 2% to $537 million at year-end 2010, an increase of $13 million from assets of $524 million at the end of 2009. Loan and deposit volumes
have been influenced significantly during 2010 and 2009 by overall economic factors including market interest rates, consumer confidence, fluctuations in the unemployment
rate, lower levels of business and consumer spending as well as changes in regulations affecting banking institutions. We continued to implement initiatives to enhance our loan
quality and grow our retail deposit relationships while improving our productivity during 2010. Net loans outstanding declined slightly to $388 million, down 1% under loans of
$393 million at the end of 2009. The decline in loans outstanding resulted from continued weak demand in both the commercial and retail lending sectors. Deposits increased
2% to $462 million at December 31, 2010. A key element of Heartland’s deposit strategy was focused on growing our transaction account deposit base while reducing our
dependence on public funds and larger non-core certificate of deposit accounts in 2010.
Total shareholders’ equity remained strong growing to $45.2 million, up 2% from $44.3 million at year-end 2009. Based upon shares outstanding the book value of shareholders’
equity increased from $28.83 at year-end 2009 to $29.46 per share at December 31, 2010. Among the financial strengths of Heartland BancCorp is our capital position, which
exceeds regulatory guidelines and compares favorably to our peers and other Ohio based banks. Tier1 leverage, Tier 1 Risk based and Total Risk Based Capital ratios were 8.6%,
12.4%, and 13.4% respectively as of December 31, 2010. Regulatory requirements for a well-capitalized bank are 5%, 6%, and 10% for Tier 1 Leverage; Tier 1 Risk based and
Total Risk Based Capital Ratios respectively. Further enhancing shareholder value dividends per share of common stock totaled $1.28 representing a dividend yield of 5.63% on
the average market price of $22.73 per share for 2010. Dividends paid resulted in a dividend payout ratio of 43% for 2010.
Our conservative culture, risk management practices, and quality people throughout the last 100 years have enabled Heartland BancCorp to successfully reach and celebrate our
Centennial. We believe Heartland BancCorp continues to be strategically positioned to capitalize on opportunities enhancing our shareholders’ interest as the economy improves.
I would like to take this opportunity to thank our shareholders, directors, ambassadors, customers and employees for their continued support and confidence in Heartland
BancCorp. We truly value your business and look forward to serving you for another 100 years.
Best personal regards,
Tiney M. McComb
Chairman and CEO
Heartland BancCorp and Bank Directors
Heartland BancCorp Officers
I. Robert Amerine
Chairman, ISCO, Inc.
Arthur G.H. Bing M.D.
Plastic & Reconstructive Surgeon
Tiney M. McComb
Chairman & CEO
G. Scott McComb
Vice Chairman & President
Jay B. Eggspuehler, Esq.
Wiles, Boyle, Burkholder & Bringardner Co., L.P.A.
I. Robert Amerine
Secretary
Jodi L Garrison, CPA
Partner, Hirth, Norris & Garrsion, LLP
George R. Smith
Executive Vice President, Chief Financial Officer
John R. Haines
Retired, John R. Haines Insurance Agency
David C. Kotary
Principal, Brower Insurance Agency, LLC
Gerald K. McClain
President, The Jerry McClain Company, Inc.
G. Scott McComb
President & CEO, Heartland Bank
Tiney M. McComb
Chairman of the Board
Jack J. Eggspuehler
President, Aerosafe, Inc., Director Emeritus
Cheryl C. Poulton
President, Tech International, Director Emeritus
Heartland Investment Services
Mark Posey
Investment Representative
Jason Ellinger
Investment Representative
Heartland Bank Senior Management
Tiney M. McComb
Chairman
G. Scott McComb
President and CEO
George R. Smith
Executive Vice President, Chief Financial Officer
David P. Curby
Senior Vice President, Mortgage Lending
Robert F. Halley
Senior Vice President,
Commercial Relationship Manager
Steven C. Hines
Senior Vice President,
Commercial Relationship Manager
Mark S. Kelly
Senior Vice President,
Business Development & Support Services
Donna J. Holycross
Vice President, Director of Marketing
Cheryl L. Krouse
Vice President, Retail Administration Manager
Mark A. Matthews
Vice President, Credit Review
Linda E. Miller
Vice President, Corporate Secretary
Edmund W. Smallwood, Jr.
Vice President, Retail Sales Administrative Officer
Stephanie W. Toalston
Vice President, Director of Human Resources
Lois E. Ellis
Assistant Vice President, Compliance Officer
Original Croton Bank 1911
heartlandbank.com
Heartland Bank
Launches iPhone
App! Feb. 2, 2011
Member
FDIC
1996 Groundbreaking
of Corporate Office
in Gahanna
Groundbreaking
of Corporate Office
in Gahanna 1995
Heartland BancCorp is a registered Ohio Bank Holding company and the parent of Heartland Bank, which operates eleven full-service banking offices. Alternative investment services are provided through Infinex Financial Group. Heartland Bank is a member of the Federal Reserve, a member of the FDIC, and an Equal Housing Lender. Heartland BancCorp is currently quoted on the over-the-counter (OTC) Bulletin Board Service under the symbol HLAN. Worldwide access at heartlandbank.com.