Heartland BancCorp Annual Report 2019

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FY2019 Annual Report · Heartland BancCorp

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2019

Annual Report

Introducing...

Heartland Bank’s 8th President
Brian T. Mauntel

Heartland BancCorp

Parent Company of Heartland Bank

ANNUAL
REPORT
2019

Published April 9, 2020
Heartland BancCorp

2 I 2019 Year in Review

Exceeding Expectations

4 I Performance & Excellence

Another Year of Achievement

6 I Growing & Committing

Welcome to the Heartland Family

8 I Investing in our Communities

Banking on Relationships

10 I Leadership & Teamwork

Senior Management & Directors

12 I A Foundation for the Future

One Full Year at HBCC

Dear Valued Shareholder,

The past decade has been a very successful one for your community
bank, and 2019 was once again another banner year to close out
a very exciting period for Heartland BancCorp. Your wholly-owned
subsidiary, Heartland Bank, received many accolades in 2019. The
bank was able to complete and move into its new Upper Arlington
branch, name the 8th President of Heartland, add a new director,
improve our people portfolio recruiting and career growth abilities,
and enter into the bank’s first acquisition. At the same time, your
community bank increased deposits by 7%, loans by 9%, and
earnings by 16%, maintained credit quality at an all-time bank high
with well-managed, historically low delinquency levels. As you can
see, your community bankers have achieved a great deal this year as
we continue to strive to be Ohio’s Premier Community Bank.

Heartland was given many kudos this past year for its performance,
community service, and industry activism. We were named #44 on
American Banker Magazine’s Top 200 Publicly Traded Community
Banks and Thrifts List based on a three-year average return on equity
(“ROE”) as of 12/31/18. Our commercial lending team received the
Ohio Statewide Development Corporation’s “Bank of the Year” and
Community Capital Development Corporation’s “Project of the
Year” for our robust activity in the SBA 504 loan arena. Further, the
Small Business Administration awarded Heartland the “Rising Star”
award for our focus on SBA lending. Hats off to all of your Heartland
community bankers for their efforts to achieve more, give back to
our communities, and strengthen the brand.

Our organic growth continued with the opening of our Upper
Arlington branch office at the iconic corner of Lane Avenue and
Northwest Boulevard. This long awaited branch office has already
seen tremendous growth and is sure to be a very successful branch
office for deposits and servicing of many of our existing clientele.
The two-story building, complete with an outdoor patio for 4th of
July parade viewing, also houses the Heartland Planning Associates
team. The community has welcomed us with open arms, and we
have begun to earn their trust through our community involvement
and support.

In April, we named our 8th President and COO of Heartland Bank,
Brian T. Mauntel. Brian has achieved a great deal in his 4 years with
our team, being instrumental in scaling the organization, taking
on additional leadership duties, and building out our business

Heartland BancCorp - ANNUAL REPORT 2019

development, treasury management, deposit operations and
processing support divisions. We are fortunate to have such an
accomplished banker on our team, and we look forward to Brian’s
continued leadership as we expand the enterprise.

William A. Dodson, Jr., director since 2009, was named Director
Emeritus as he and his wife, Judythe, enter retirement. Bill served on
many committees and was an active board member representing
the non-profit industry on the boards of Heartland Bank and
Heartland BancCorp. We thank him for his many years of service to
the shareholders. We were delighted to welcome Greg Ubert, CEO
and founder of Crimson Cup Coffee & Tea, who joined the board in
May. Greg is a graduate of Harvard University and has received many
local and national awards for his innovation, leadership, and out-of-
the-box thinking that has propelled Crimson Cup to be one of the
most highly decorated coffee roasters in America. We look forward
to Greg’s leadership and involvement as we navigate the waters of
change in the banking landscape.

As the bank and it’s related businesses continued to expand, we
identified the need to enhance the training, development, recruiting
and talent management of the company. The training department
was expanded, and we sought out a leader of the rapidly growing
people portfolio. Sarah Ketty joined the company after leading a
much larger effort at a Central Ohio organization. Several initiatives
have been implemented including enhanced training support,
career pathing via people portfolio business partners, and the
expanded use of our automated payroll and benefits system, with
many more objectives underway. You win with happy associates
with unquestionable integrity. This investment was needed as recent
growth prompted the need for additional divisions and talented
associates eager to create their own Heartland story.

“ We are committed to the enrichment of our local communities
through our involvement” has always been a Heartland Shared Value,
and this year, we achieved some very wonderful milestones and
accomplishments. The City of Whitehall and the YMCA of Central
Ohio created a public/private partnership to build, create and
launch the YMCA of Whitehall which is located just across the park
from the Heartland Bank Corporate Center. Heartland was proud
to make the initial kickoff gift of $50,000 to begin the furniture and
fixtures campaign of $450,000, making this the largest one-time
gift in the bank’s history. The bank also established the Heartland
Bank Community Foundation and the Heartland Cares Fund. The
Community Foundation will be a resource for the communities we

serve to continue the bank’s focus on youth development, financial
literacy and community growth, while the Cares Fund is a resource
to aid Heartland Bank associates faced with many different financial
hardships and life perils. The bank also was a founding member of
the Affordable Housing Trust, which was a collaborative effort by
many Central Ohio entities to provide mezzanine financing and seed
money for affordable housing projects. All of this was in addition
to our normal community involvement, leadership, volunteerism
and support. Our founder, Tiney McComb, always said, “You give to
get. You must always pay it forward in your community to get the
opportunity to serve the citizens within.” I feel very confident that our
efforts and actions will make a lasting impact on the communities
that we serve and the lives of many individuals, families and
businesses.

We ended the year with an announcement of the merger of Victory
Community Bank into Heartland Bank. Located in Fort Mitchell,
Kentucky, and with $178 Million in total assets, the acquisition
expands Heartland’s footprint to the growing Northern Kentucky/
Cincinnati Metro markets. Victory has expertise in mortgage lending
and is a very profitable and efficient institution. Jack Kenkel, CEO and
founder of Victory, will join the Heartland Bank Board in 2020. His
insights and leadership in this new market will be very valuable to
our combined companies moving forward. We plan on expanding
the Victory team and beginning to offer our same flavor of Heartland
community banking to this new market.

Our team of Heartland associates continues to get stronger, and they
are fully dedicated to serving you and our clients. Thank you for your
continued support and patronage as we continue to deliver value to
you, the shareholders, and to the communities we serve.

Come on over to Heartland, where banking “really” feels good!

Most Sincerely,

G. Scott McComb
Chairman and CEO

2019 YEAR IN REVIEW

Loan Sales &
Servicing Income
$2.08M

Residential RE Loans
$263.0M
221 families serviced

Diluted Earnings
$6.45 per share

Commercial Loans
$625.8M

Demand Deposit
$256.0M

Assets
$1.115B

Tangible Book Value
$62.49 per share

Total Managed
Agribusiness
Portfolio
$157.1M

People Portfolio
214 FTE average
$225,383 revenue per FTE

September 16, 2019

Heartland BancCorp begins trading on
OTCQX under the symbol “HLAN”

Exceeding Expectations in 2019!

American Banker Magazine
Ranked #44 on Top 200 Community
Banks & Thrifts list, May 2019

Bauer Financial
Highest rating for financial
strength & security

CEO Scott McComb named to the
Columbus Business First
Power 100 List 2019

Meet Heartland Bank’s 8th

President

Since June of 2015, Heartland Bank has been
fortunate to have the talent and expertise of
Brian Mauntel within its ranks. With over 25
years of banking experience, Brian was not
only a valued addition to the executive team,
he evolved as an organic leader and was
proudly named president of Heartland Bank
in April of 2019.

Mauntel’s responsibilities include providing
leadership throughout the enterprise
to all customer facing business units -
commercial and small business, consumer
and retail, residential origination, treasury
management, agribusiness banking,

syndication lending and Heartland Planning
Associates. Additional responsibilities
include the functionally aligned support
areas of consumer and commercial credit
underwriting, loan operations and collections.

Born in Covington, Kentucky, Brian later
attended Xavier University in Cincinnati, Ohio,
where he earned his MBA and BSBA degrees.
Mauntel resides in Upper Arlington with his
wife Maria and their two sons, Oliver and
Henry.

Brian T. Mauntel
President & Chief Operating Officer
Heartland Bank

Commitment to
Community

Heartland Bank is deeply invested in the communities where we live and work promoting
understanding of local needs. Whether through direct financial support, in-kind donations
or volunteer hours, our giving is based on the belief that our vitality as a community bank
depends on the well-being of our communities. Each year, a portion of our Marketing
budget is allocated to support these kinds of community development initiatives and
events in our assessment area:

Affordable Housing Trust 2019
Assisted with the establishment the Columbus
and Franklin County Housing Action Fund to
develop additional affordable housing in our
area.

CRA Partners
Provided a loan to CRA Partners, a turnkey
Community Reinvestment Act compliance
program powered by the Senior Housing
Crime Prevention Foundation. The Foundation
operates Senior Crimestoppers, a nationwide
crime prevention program for education and
safeguarding against theft, abuse and neglect.

Junior Achievement
Heartland Bank participated in an in-school
program where bank volunteers presented
personal finance and budgeting information
within the Junior Achievement curriculum.

Aveda Institute of Columbus
Heartland Bank associates provided monthly
financial education presentations to students
entering a cosmetology career at Aveda.

West High School
Heartland Bank associates provided financial
education (Personal Finance) presentations to
juniors and seniors at WHS.

Lawrence Funderburke
Provided financial wellness workshop/seminars
for single adults, married couples, families,
entrepreneurs, employees, and retirees (or soon-
to-be) to help them manage and/or overcome
financial stress. Locations were selected in low
to moderate income focus areas.

Money Matters Financial Summits
Heartland Bank presented their annual Money
Matters Free Financial Summit at four locations
this year, offering free, informative “Focus on
Your Money” seminars that covered 12 different
personal financial topics.

Homeport and COCIC
Heartland Bank is a “preferred lender” with
both of these organizations that assist low to
moderate income individuals with purchasing
homes and providing
income housing
options.

low

Heartland BancCorp - ANNUAL REPORT 20194

PERFORMANCE & EXCELLENCE

Another Year of Achievement

2019 marked yet another consecutive year of strong, consistent financial performance for Heartland BancCorp. Net income for 2019 increased
16% to $13.2 million, or $6.45, per diluted share. This compares to earnings of $11.4 million, or $6.68, per diluted share in 2018. Return on average
assets and equity were 1.21% and 10.81% respectively for 2019, compared to 1.16% and 13.15% for 2018. Operating results were driven by solid
loan and deposit growth, net interest margin expansion, and higher noninterest income. Growth of 9% in loan balances and 10% in demand
deposit balances drove a $4.4 million, or 12%, increase in net interest income. A favorable shift in earning asset mix, including higher loans-
to-deposits, along with strong growth in non-interest DDA balances lead to an increase in net interest margin to 3.94% for 2019 compared to
3.90% in 2018. Loan loss provision expense remained flat at $1.5 million for 2019 and 2018, reflecting excellent asset quality and strong loan
portfolio management. Non-interest income growth was fueled by an increase in loan sales and servicing revenue from residential, agriculture,
and commercial participation lending segments, up $696 thousand, or 50%, compared to 2018; and by an increase in income from Trans County
Title Agency, up $1.6 million to $2.1 million for 2019. Finally, Heartland’s efficiency ratio of 63.48% for 2019, reflects the company’s investment in
talent acquisition, branch expansion and diversification to support continued solid and consistent growth. Heartland’s performance reflects the
strength and commitment of our board of directors, and quality of the Heartland team.

Overview of Operations:

Net interest income before the provision
for loan losses increased 12.4% to $40.4
million, compared to $36.0 million in 2018.
The increase resulted from a $7.9 million, or
18%, increase in interest income, offset by
a $3.5 million, or 46%, increase in interest
expense on deposits and borrowings. The
$7.9 million increase in interest income was
driven primarily by a $7.1 million increase
in interest income on loans, resulting from
an $89 million, or 11.5%, increase in average
loan balances compared to prior year, and
a 30 basis point increase in loan yields. The
$3.5 million increase in interest expense was
due to a $3.6 million increase in interest on
deposits, resulting from an increase of $53
million, or 9%, in average balances of interest
bearing deposits, and a 31 basis point
increase in the cost of deposits to 1.11% for
2019.

Asset quality remained excellent throughout
2019, reflecting the strong performance of
the loan portfolio. Provision for loan loss
remained at $1.5 million for 2019, no change
from 2018. With net loan charge-offs of $280
thousand, the result was an increase of $1.2
million to the allowance for loan loss, which
ended the year at $8.8 million. The allowance
as a percent of loans outstanding was .97%
at the end of 2019 representing an increase
from .92% at the end of 2018. Net interest
income, after provision for loan loss, totaled
$38.9 million, up $4.4 million, or 13%, in 2019
compared to 2018.

Non-interest income of $7.8 million for 2019
increased $2.6 million, or 49%, compared
to 2018, resulting in a 3-year compounded
annual growth
income
of 26.6%. The exceptional year-over-
year increase is due to higher gains and
commissions on sales and servicing revenue
of residential, agriculture and commercial

in non-interest

participation loans, which increased by $696
thousand, or 50%. Additionally, income from
Trans County Title Agency increased $1.7
million to $2.1 million, compared to $455
thousand in 2018.

$263.0 million. Overall asset quality remained
strong during 2019, with non-performing
assets ending the year at .21% of total assets,
up 3 basis points from .18% as of December
31, 2018.

investment

Non-interest expense was $30.6 million for
2019, up $4.8 million, or 19%, over 2018.
Total salary and employee benefit expense
increased $3.6 million, or 24%, in 2019. The
higher employee cost was due to Heartland’s
in growth and
continued
expansion, including a full-year of increased
staff from the addition of Trans County Title,
a new Upper Arlington branch, additional
expansion of the team to position the
company for future growth, and employee
and
incentive costs supporting strong
2019 loan production volume. As a result
of Heartland’s
in technology,
investment
branch expansion, and the full-year impact
of a new title agency, occupancy and
equipment expense, totaling $3.9 million in
2019, increased $546 thousand, or 16%.

Financial Condition:

Total assets increased $67.5 million, or 6%, to
$1.11 billion at December 31, 2019, compared
to $1.05 billion in 2018. This results in a 3-year
compounded annual growth rate of 11.9%.
Net loans outstanding increased to $890.9
million, an increase of $74.1 million, or 9%,
compared to $816.8 million on December
31, 2018. Total commercial loans (excluding
agriculture) increased $30.7 million, up 6%
at December 31, 2019, of which commercial
(non-real estate) loans grew 1% to $79.7
million, and commercial real estate loans
increased 7% to $477.6 million. As a result of
the continued focus on agricultural lending
throughout Ohio, net agricultural
loan
balances grew to $68.5 million at December
31, 2019. Retail loans outstanding totaled
$273.9 million, an increase of 11% over 2018,
with residential real estate loans up 11% to

Heartland BancCorp funds earning asset
growth through its deposit relationships.
Total deposits at December 31, 2019, were
$944.2 million, up 7% from $880.4 million
at December 31, 2018. A key element of
Heartland’s deposit strategy continues to
focus on growing commercial and retail
transaction accounts, which is evidenced
by the $23.3 million, or 10%, growth in non-
interest bearing demand deposit accounts
during 2019.

Shareholders’ Equity:

exceeds

regulatory

Total shareholders’ equity increased $13.4
million, or 11.6%, to $128.4 million in 2019.
Based upon total shares outstanding, the
book value of shareholders’ equity increased
11% from $57.08 at year-end 2018 to $63.55
per share at December 31, 2019. Among the
financial strengths of Heartland Bank and
Heartland BancCorp is its capital position,
guidelines
which
for a “well-capitalized”
institution. Tier 1
leverage, Common equity Tier 1, Tier 1 risk
based and Total risk based capital ratios
for the bank were 10.9% 13.6%, 13.6%,
and 14.5% respectively as of December 31,
2019. Regulatory requirements for a “well-
capitalized” bank are 5%, 6.5%, 8%, and
10% respectively for these measurements,
in addition to a capital conservation buffer
of 2.50%. In 2019, Heartland BancCorp paid
a dividend of $2.08 per share, representing
a yield of 2.19% on the closing stock price
of $95.15 per share on December 31, 2019.
Dividends paid resulted in a payout ratio
of 32.3% for 2019. The market value of
Heartland BancCorp shares increased 17.5%
to $95.15 per share at December 31, 2019.

Heartland BancCorp

CONSOLIDATED BALANCE SHEETS
December 31, 2019 and 2018
(Amounts in thousands, except share data)

CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31, 2019 and 2018
(Amounts in thousands, except share data)

Assets

2019

2018

Interest Income

2019

2018

Cash and cash equivalents

Available-for-sale securities

19,475

139,218

29,922

140,556

Held-to-maturity securities, fair values of,
$760 and $1,568 at December 31, 2019
and 2018, respectively

Loans, net of allowance for loan losses of
$8,767 and $7,547 at December 31, 2019
and 2018, respectively

Premises and equipment

Nonmarketable equity securities

Interest receivable

Goodwill

Intangible Assets

Deferred income taxes

Life insurance assets

Lease - Right of Use Asset

Other

Total assets

Liabilities and Shareholders’ Equity

Liabilities

Deposits

Demand

Saving, NOW and money market
Time

Total deposits

Short-term borrowings

Long-term debt

Lease Liability

Interest payable and other liabilities

Total liabilities

Shareholders’ Equity

Common stock, without par value; authorized
5,000,000 shares; 2,020,273, 2,019,463
and 2,015,276 shares issued, respectively

Retained earnings

Accumulated other comprehensive

income (loss)

Total shareholders’ equity

758

1,565

890,855

30,186

4,440

4,835

1,206
935

600

17,057

2,569

816,783

28,504

3,527

4,169

1,206
446

1,433

16,555

2,723
1,114,857

2,413
1,047,079

255,971
356,484
331,768

944,223

11,344

20,460

2,569

7,871

986,467

56,091

70,853

1,446

128,390

232,683
321,497
326,261

880,441

34,768

10,460

6,382

932,051

55,080

61,855

(1,907)

115,028

Total liabilities and shareholders’ equity

Book value per share

1,114,857

63.55

1,047,079

57.08

Loans

Securities

Taxable

Tax-exempt

Other

Total interest income

Interest Expense

Deposits

Borrowings

Total interest expense

Net Interest Income

Provision for Loan Losses

46,270

39,211

2,722

1,828

605

51,425

10,251

778

11,029

40,396

1,500

2,219

1,642

459

43,531

6,662

914

7,576

35,955

1,500

Net Interest Income After Provision

for Loan Losses

38,896

34,455

Noninterest income

Service charges

Net gains and commissions on loan sales and servicing

Title insurance income

Net realized loss on sales of available-for-sale securities

Net realized gain on sales of foreclosed assets

Increase in cash value of life insurance

Other

Total noninterest income

Noninterest Expense

Salaries and employee benefits

Net occupancy and equipment expense

Data processing fees

Professional fees

Marketing expense

Printing and office supplies

State financial institution tax

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

2,151

2,083

1,109

502

1,991

7,836

18,485

3,939

1,509

956

951

311

905

106

3,458

30,620

16,112

2,916

13,196

6.54

6.45

2,143

1,387

281

(64)

435

1,072

5,264

14,887

3,393

1,392

782

866

300

621

467

3,067

25,775

13,944

2,529

11,415

6.81

6.68

Heartland BancCorp - ANNUAL REPORT 2019

GROWING & COMMITTING

Welcome to the Heartland Family...

Upper Arlington Grand Opening
Opening in April of 2019, Heartland’s Upper Arlington branch and 16th
location is proudly situated on a prime spot anchoring West Lane Avenue
and Northwest Boulevard. The branch is a corner friendly, two-story with
a brownstone-reminiscent exterior, architectural presence and unique
style. The first level is occupied by the bank, and the second level houses
our Heartland Planning Associates team.

As Heartland has been committed to increasing its Central Ohio footprint
over the last several years, the quaint community of Upper Arlington,
positioned just northwest of downtown Columbus, was a natural choice.
With easy access from The Ohio State University, Grandview Heights,
Short North and downtown, this Heartland Bank branch offers top-notch
technology and a modern interior design splashed with a hint Heartland’s
rustic roots.

With the close of a successful year in 2019, Heartland Bank is confident
that its small corner of Upper Arlington will bring lasting relationships and
continuing partnerships within this vibrant and timeless neighborhood.

With strategic goals of growth and expansion, Heartland BancCorp
was proud to announce the merger of Victory Community Bank into
Heartland Bank. Victory Bank was welcomed into the Heartland family
in December of 2019.

A federal savings association with its main office in Ft. Mitchell,
Kentucky, Victory Community Bank is a 16-year-old community bank
with a focus on residential mortgage lending. Beginning as a de novo
bank in 2003, Victory’s mission was to provide great interest rates
accompanied by local service to residents in Northern Kentucky and
Greater Cincinnati. Victory’s current President and CEO John G. “Jack”
Kenkel, Jr. will join the Heartland Bank Board of Directors after the
merger is complete. As part of the merger, Victory Mortgage has
entered into a cooperation agreement with Heartland Bank for certain
products and services.

“Being able to partner with a strong
community bank that is focused on
providing great customer service
and has a deep commitment to the
communities where it operates, is a
great opportunity for us,” commented
Jack Kenkel. “We look forward to
partnering our mortgage business
with Heartland for years to come.”

With a year of transition and
conversion ahead, Heartland and
Victory are excited to partner for the
benefit of their shareholders, directors and associates. Both can be
stronger together, and the possibilities of the future are yet to be seen!

Jack Kenkel and Scott McComb
at Heartland Bank’s 2019 Holiday Party

A 2019 Philanthropic Milestone - HBCF

The Heartland Bank Community Foundation, the bank’s 501(c)3 entity, will
be able to make contributions to nonprofit organizations to fund widespread
community impact programs and/or projects. The Foundation is part of
Heartland’s overall charitable giving initiative, which will enable the bank to
support programs that improve quality of life throughout the state of Ohio,
where our clients and associates live and work.

The Foundation will support four areas of impact aligning with the mission and
vision of the HBCF: Community & Civic Development, Education & Financial
Literacy, Health & Welfare and Youth & Families. This focus allows the Foundation
to be strategic and purposeful with support, while providing funding that is
passionately placed with diverse programs and deserving communities.

Taking stock in Y o u r C o m m u n i

t y

HLAN Heartland BancCorp is currently

quoted on the over-the-counter
(OTCQX) Bulletin Board Service
under the symbol HLAN.

To learn more about Heartland BancCorp shares, please visit ir.Heartland.Bank
or call (614) 337-4600. You may also contact Heartland Planning Associates at
(614) 392-5303 or consult your financial advisor.

Statements made are a reflection of past performance of the bank and holding company and should not be considered a projection of future performance. Investments involve varying degrees of risk, including possible loss of principal. Funds held in
corporate stock are not considered a deposit of the bank or bank holding company, not guaranteed by the bank or holding company and are not insured by the FDIC or any government agency and may lose value.

Heartland BancCorp - ANNUAL REPORT 20198

INVESTING IN OUR COMMUNITIES

A Tradition of Giving - Donations to Local Charities

• 2nd and 7 Foundation

• Athletes for Alzheimers

• Foundation of Knox Community Hospital

• Pelotonia

• Gahanna Jefferson Education Foundation

• Reynoldsburg Helping Hands

• Bishop Griffin Resource Center

• Gahanna Residents in Need (G.R.I.N.)

• Ronald McDonald House

• Boy Scouts of America

• Grove City Food Pantry

• SEMM Foundation

• Children’s Dyslexia Center - In Honor of

• Highland Youth Garden

• Southwestern City Schools Scholarship

Richard J. Luckay

• Crohn’s Colitis Foundation

• Church of the Resurrection Habitat for

Humanity

• Clintonville Beechwold Community

Resource Center

• Columbus Kappa

• Columbus Symphony

• Croton Food Pantry

• Cruising with Cause

• Dublin Food Pantry

• Hilliard Food Pantry

• Homeport

• Johnstown Food Pantry

• Johnstown Mary E. Babcock Library

Expansion Project

Fund

• The Open Shelter

• United Way of Central Ohio

• Upper Arlington Historical Society

• USO of Central & Southern Ohio

• Juvenile Diabetes Research Foundation

• Victory Ministries Center of Hope

• Kids & Clay Foundation (Ronald McDonald

• Whitehall City Schools (auditorium

House Charities)

renovation)

• Licking County Humane Society

• Whitehall Community Park YMCA

• Neighborhood Bridges

• Newark Catholic High School Performing

• Fairfield Community Health Center

Arts & Innovation Center

• Faith Tabernacle Church of God

• Ohio Business Week Foundation

Sponsored Events

Associate Initiatives

• Buckeye Cruise for Cancer

• Pickerington Economic Outlook

• 104.9 The River’s Coats for Kids

• Centerburg Old Time Farming Festival

• Picktown Palooza

• 22nd Annual Heartland Bank Charity Golf

• Reynoldsburg Christmas Tree Lighting

Festival

• Reynoldsburg Farmers Market

• Reynoldsburg Food Truck Festival

• Reynoldsburg Tomato Festival

• Summer Jam at Westgate Park

• USO Salute to Service

• Westerville Evening of Elegance

• Westerville Music and Arts Festival

• Westerville Uptown Untapped

• Whitehall Food Truck Festival

Classic

• Heartland’s 2nd Annual Blood Drive in

coordination with the American Red Cross

• Heartland’s Economic Forum

• Pelotonia ride for cancer research - Tiney’s

Team

• Silent auction and raffle at Heartland
Bank’s annual Holiday Party to benefit
local food banks and non-profits

• Clintonville Car Show

• Clintonville Farmers Market

• Cruise the Ville

• Experience Arnold

• Gahanna Creekside Blues & Jazz Festival

• Gahanna Creekside Hops and Vines

• Grove City Arts in the Alley

• Hartford Days

• Hartford Fair

• Hilliard Police Annual Awards Ceremony

• Hilltop Art Hop

• Hilltop Bean Dinner

• Johnstown Cupola Classic

• Mercy and Grace on Wheels

• Olde Hilliard Bunny Hop

• Olde Hilliard Halloween Haunt

• Pickerington Chamber Farmers Market

Heartland BancCorp - ANNUAL REPORT 201910

LEADERSHIP & TEAMWORK

Our Senior Management Team

G. Scott McComb
Chairman & CEO

Carrie L. Almendinger
EVP, Chief Financial Officer

Brian T. Mauntel
President & COO

Benjamin J. Babcanec
SVP, Public Funds & Wholesale
Deposit Manager

Jennifer L. Eckert
SVP, Compliance & Risk
Management Officer,
Corporate Secretary

Tarne Tassniyom
SVP, Director of Information
Technology

Ashley A. Trout
SVP, Director of Distribution
Strategies

Pat John
President of TransCounty Title
Agency

Alyssa Booms
VP, Director of Branch Banking

BJ Douglass
VP, Manager of Residential
Origination

Paula A. Hughes
VP, Chief Credit Officer

Sarah Ketty
VP, Director of
People Portfolio

Nancy Matney
VP, Director of Treasury
Management & Client Services

Jessica H. McNamee
VP, Director of Financial
Planning

Joel M. Oney
VP, Manager of Agribusiness
Banking

Laurie A. Pfeiffer
VP, Director of Commercial
Banking

Stuart Schloss
VP, Director of Loan
Syndication

Gretchen A. Hof
AVP, Director of Marketing

Heartland BancCorp Directors

Heartland BancCorp Directors Emeriti

William A. Dodson, Jr.
EVP/Community Relations
Director
Rhema Christian Center

Beverly J. Donaldson

President
Inns Management Group

Jay B. Eggspuehler, Esq.

Partner
Isaac Wiles

Jodi L. Garrison

CPA, Partner
Hirth, Norris & Garrsion, LLP

David C. Kotary

Retired, Senior Vice President
Marsh & McLennan Agency,
LLC

Cheryl Krueger

CEO
C. Krueger’s

G. Scott McComb

Chairman and CEO
Heartland Bank

Robert C. Overs

Executive Director
Creative Living

Gary D. Paine

CEO
Accurate Companies
(Paine Holdings, Accurate
Express, Accurate
Transportation, Paine Leasing)

William J. Schottenstein

Principal
Arshot Investment Corporation

George R. Smith

Retired, EVP & CFO
Heartland Bank

Gregory M. Ubert

I. Robert Amerine

Gerald K. McClain

American Apex Corporation

The Jerry McClain Company,
Inc.

Arthur G.H. Bing, M.D.

Plastic & Reconstructive
Surgeon

Jack J. Eggspuehler

Aerosafe, Inc.

John R. Haines

John R. Haines Insurance
Agency

Tiney M. McComb

Heartland BancCorp

Cheryl C. Poulton

Tech International

Heartland BancCorp Officers

G. Scott McComb

Chairman and CEO

Jodi L. Garrison

Secretary

Founder, President and CEO
Crimson Cup Coffee & Tea

Jay B. Eggspuehler, Esq.

Carrie L. Almendinger

Vice Chairman

Treasurer

Richard A. Vincent

Chief Executive Emeritus,
Retired
Osteopathic Heritage
Foundation

Heartland BancCorp - ANNUAL REPORT 201912

A FOUNDATION FOR THE FUTURE

Celebrating our first year at
Heartland Bank’s Corporate Center

Power Breakfast with Kenny McDonald 
Guest speaker Kenny McDonald, president and
chief economic officer for One Columbus (formally
Columbus 2020), joined Power Breakfast attendees for
a morning of food and facts – he provided the facts
and Heartland provided the food!

Kenny shared the outlook for the 11-county Columbus
Region along with his thoughts on building on the
success of the past decade. As the primary leader of
all economic development and business attraction
efforts, he was a great source for sharing the new
standard in economic development in Central Ohio.

 Agribusiness Power Luncheon
Heartland’s Agribusiness department hosted an
Ohio Agriculture Power Luncheon on December
11th focusing on a discussion of industrial hemp
as an emerging Ohio commodity. Guest speakers
were Joel Oney, manager of agribusiness banking at
Heartland; Greg Lyons, economist at Farmer Mac; and
David Miran, director of industrial hemp for the Ohio
Department of Agriculture.

The discussions highlighted current and historical
financial performance levels of the farming
industry, the emerging hemp market along with
the opportunities and issues that accompany this
commodity, and real-time updates resulting from an
audience question/answer session.

 Business First Top Women Networking Group
In October, Heartland was proud to host the October reception for the Business
First Top Women Networking Group. It was an evening of camaraderie and crafts,
culminating with a black cat made of pumpkins as a take home gift. Attendees had
the pleasure of checking out our new home while networking with professionals
from across the city.

Volunteers from the commercial lending department joined forces to provide an
evening to remember!

 YMCA campaign kickoff for Whitehall
In 2019, Heartland Bank welcomed the Whitehall Community Park YMCA to the
block as they became an official inhabitant of the Whitehall Community Park located
in the backyard of the Heartland Bank Corporate Center. This YMCA is the result of a
partnership between the YMCA of Central Ohio and the City of Whitehall.

Heartland BancCorp donated $50,000 as one of two lead gifts for the park’s YMCA
campaign for furniture and equipment for the new space. One hundred percent
of the donation will be used to help offset initial start-up costs. The new YMCA will
focus on unique youth programming as well as health and wellness initiatives for
youth, adults, and families.

 Economic Forum
In February, Heartland Bank held its annual Economic Forecast for
2019 at the Grand Event Center in Grandview Yard. This informational
luncheon was presented in partnership with Overmyer Hall Associates
and Heartland Planning Associates. Ryan Detrick, VP and market
strategist, from the tactical asset allocation committee at LPL Financial
Research was the guest speaker. He discussed emerging and developing
market trends within the current economic environment.

With ancillary presentations from Scott McComb and Greg Overmyer,
attendees were also given the opportunity to mingle with Heartland
bankers, Overmyer Hall associates and other peers and professionals
from the Central Ohio area.

Pictured left: The Schilling family, featured on the cover of our 2019 Money Matters magazine, are pictured with
CEO Scott McComb, speaker Ryan Detrick and VP, Director of Commerical Banking Laurie Pfeiffer

City of Whitehall September Social 
The City of Whitehall held its annual September
Social - a gathering for food, music and big ideas –
at the HBCC on September 30th. The event included
live music, networking, free food, and drinks from
2 Tones Brewing Company.

During the event, the city announced that the
Buckeye Ranch is moving to Whitehall in early
2020. Once again, affirmation that Whitehall is an
amazing choice for businesses of all types!

All Employee Meeting
at the HBCC Fall 2019

INTERSTATE

270

INTERSTATE

CENTRAL OHIO FOOTPRINT

1. Croton

740-893-2191

9. Capitol Square

614-416-0244

17. Friendship Village of Dublin

2. Johnstown

740-967-6500

10. Grove City

614-875-1884

3. Westerville

614-839-2265

11. Wilson Road

614-351-2100

4. Newark

740-349-7888

5. Gahanna

614-337-4605

12. Hilliard

13. Dublin

614-710-1640

614-798-8818

6. Stygler Road

614-475-7024

14. Clintonville

614-745-0070

7. Reynoldsburg

614-416-0400

15. Whitehall

614-416-4601

8. Pickerington

614-321-4919

16. Upper Arlington

614-502-8855

614-923-0575

18. Worthington Christian Village

614-846-6076

19. Friendship Village of Columbus

614-394-8686

Heartland BancCorp is a registered Ohio bank holding company and the parent of Heartland Bank, which operates sixteen full-service banking
offices. Heartland Bank, founded in 1911, provides full-service commercial, small business, and consumer banking services; alternative investment
services; and other financial products and services. 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 OTC markets (OTCQX) under the symbol HLAN.

430 North Hamilton Road
Whitehall, OH 43213

Member FDIC NMLS# 440231 Equal Housing Lender

Heartland.Bank
1(800) 697-0049