Heartland Bank
Runs Heartland Bank across Illinois, eastern Iowa, and suburban St. Louis.
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Profile
Operates Heartland Bank, providing deposits, loans, digital banking, wealth management, and mortgage services. Its business is concentrated in local Midwestern markets, with acquisition integration, deposit competition, credit quality, interest rates, and regulation shaping performance.
Runs Heartland Bank and Trust Company as a community-bank holding company serving consumers, businesses, and municipal entities. Core products span deposits, commercial and residential lending, digital banking, wealth management, farm-management services, and mortgage origination and servicing.
The footprint is concentrated in Illinois, eastern Iowa, and suburban St. Louis, anchored by long-standing central Illinois roots and expanded through community-bank acquisitions. Management emphasizes relationship-based banking in mid-sized markets, low-cost deposit stability, prudent underwriting, and a centralized credit process.
The business reports a single segment, so performance depends on local deposit gathering, disciplined loan growth, acquisition integration, credit quality, interest rates, cybersecurity, vendors, and bank regulation.
Company facts
Categories
Key statistics
Year to date +39.3% · Average volume (30d) 131.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Hovde Group | Reiterate | Outperform | $44 | ||
| Aug 11, 2026 | DA Davidson | Reiterate | Neutral | $27 | $38 | |
| Apr 28, 2026 | Piper Sandler | Reiterate | Neutral | $27.50 | $32 | |
| Jan 7, 2026 | Raymond James | Upgrade | Market Perform | Outperform | $23 | $30 |
| Oct 21, 2025 | Piper Sandler | Reiterate | Neutral | $24 | $27.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 27, 2026Q2 FY26 | $0.73 | $0.78 | +6.3% | $80.4M | $80.9M | +0.7% | +4.54% |
| Apr 27, 2026Q1 FY26 | $0.62 | $0.68 | +9.7% | $66.8M | $67.3M | +0.9% | +3.06% |
| Jan 26, 2026Q4 FY25 | $0.64 | $0.64 | 0.0% | $61.0M | $60.4M | −0.9% | +0.64% |
| Oct 20, 2025Q3 FY25 | $0.62 | $0.65 | +4.8% | $61.0M | $59.6M | −2.4% | +0.98% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $72.1M | $73.1M | $73.9M | $74.3M | $82.7M | $100.4M | |
| Gross profit | $57.1M | $58.3M | $59.0M | $60.4M | $67.4M | $80.2M | |
| Operating income | $25.5M | $26.4M | $26.7M | $25.9M | $15.1M | $37.8M | |
| Net income | $19.1M | $19.2M | $19.8M | $18.9M | $11.2M | $27.8M | |
| Diluted EPS | $0.60 | $0.61 | $0.63 | $0.60 | $0.34 | $0.76 | |
| Gross margin | 79.2% | 79.8% | 79.8% | 81.4% | 81.5% | 79.9% | |
| Operating margin | 35.4% | 36.1% | 36.2% | 34.9% | 18.2% | 37.6% |
Fiscal years (4-quarter sums)FY21 $164.2M · FY22 $186.7M · FY23 $263.6M · FY24 $285.2M · FY25 $293.3M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $1.67B · Total debt $149.3M · Total assets $6.73B · Shareholders' equity $764.7M
Dividends
Raised for 5 straight years — most recently to $0.25 from $0.23 in Aug 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 11, 2026 | Aug 11 | Aug 18 | $0.25 | raised from $0.23 |
| May 12, 2026 | May 12 | May 19 | $0.23 | |
| Feb 9, 2026 | Feb 9 | Feb 17 | $0.23 | raised from $0.21 |
| Nov 3, 2025 | Nov 3 | Nov 10 | $0.21 | |
| Aug 5, 2025 | Aug 5 | Aug 12 | $0.21 | |
| May 6, 2025 | May 6 | May 13 | $0.21 | |
| Feb 4, 2025 | Feb 4 | Feb 11 | $0.21 | raised from $0.19 |
| Nov 4, 2024 | Nov 4 | Nov 12 | $0.19 |
Ownership
Shares outstanding 36.37M · Float 15.82M · 43.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 1.98M | 5.44% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 726.8K | 2.00% | 13F | Aug 13, 2026 |
| Dimensional Fund Advisors LP | 588.9K | 1.62% | 13F | Aug 11, 2026 |
| Roger A. Baker · director | 532.8K | 1.47% | Form 4 | Aug 19, 2026 |
| Manufacturers Life Insurance Company, the | 490.0K | 1.35% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 28, 2026 | Fred L. Drake | director, 10 percent owner, officer: Executive Chairman | −15,742 | $28.93 |
| Mar 16, 2026 | Patrick F. Busch | director | −15,000 | $26.48 |
| Mar 16, 2026 | Lawrence J. Horvath | officer: EVP & Chief Lending Officer | −5,000 | $26.60 |
| Mar 10, 2026 | Eric E. Burwell | director | +4,000 | $26.24 |
| Feb 20, 2026 | Fred L. Drake | director, 10 percent owner, officer: Executive Chairman | −2,258 | $28.60 |
Peers
- First Mid Bancshares
Broad overlap in Illinois, Iowa, Missouri banking, ag and wealth
- First Busey
Central Illinois and St. Louis scale across banking, wealth and mortgage
- QCR
Eastern Iowa and Quad Cities overlap in banking, deposits and wealth
- Midland States Bancorp
Illinois and St. Louis community-bank peer with wealth and trust overlap
- Old Second Bancorp
Northern Illinois community bank competing in deposits, loans and wealth
- Wintrust Financial
Greater Chicago community-bank scale in banking, mortgage and wealth
- Enterprise Financial Services
St. Louis-based bank competing in business banking and wealth
- Old National Bancorp
Large Midwest bank pressuring deposits, commercial banking and wealth
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Heartland Bank | $35.79 | −0.08% | $1.30B | 15.4 | 11.1 | 3.9 | +37.6% |
| First Mid Bancshares | $50.34 | +0.06% | $1.34B | 12.5 | 10.5 | 2.9 | +26.7% |
| First Busey | $30.29 | 0.00% | $2.56B | 10.9 | 11.4 | 2.7 | −1.9% |
| QCR | $100.63 | −0.11% | $1.66B | 11.9 | 11.8 | 2.7 | +19.0% |
| Midland States Bancorp | $33.00 | +0.09% | $684.8M | 20.6 | 9.7 | 1.5 | −38.7% |
| Old Second Bancorp | $25.24 | −0.04% | $1.30B | 14.5 | 10.8 | 3.0 | +31.2% |
| Wintrust Financial | $161.72 | +5.73% | $10.32B | 12.1 | 11.6 | 2.4 | +10.1% |
| Enterprise Financial Services | $63.59 | +0.05% | $2.30B | 12.6 | 11.2 | 2.3 | +30.9% |
| Old National Bancorp | $25.85 | +0.02% | $9.89B | 11.4 | 9.5 | 2.5 | +12.3% |
| Median | 12.3 | 11.0 | 2.6 | +15.7% |