To my fellow shareholders:
In 2022, HTLF moved forward together. We had tremendous success executing our strategies to deliver Strength, Insight and Growth to our customers and strong results that exceeded expectations to our shareholders.
Financial Highlights for the year include:
- Total revenue was a record $726.5 million, an increase of $37 million or 5 percent
- We delivered net income available to common stockholders of $204.1 million and earnings per diluted common share of $4.79
- We saw tremendous loan growth of $1.5 billion or 15 percent. Excluding decreases in Paycheck Protection Program loans, annual loan growth was $1.7 billion or 17 percent
- And our disciplined credit approach continued to deliver excellent credit quality across our portfolios
Total assets grew to a record $20.2 billion, up $970 million or 5 percent, driven by strong momentum in commercial and consumer loans, and growth in deposits.
HTLF continues to be recognized as a top-performing and admired banking organization. For the seventh consecutive year, HTLF was named by Forbes as one of “America’s Best Banks.”
In addition, our steadfast commitment to improving the customer experience was recognized by Coalition Greenwich, as six of our banks were named 2022 Customer Experience Leaders in the Commercial
Small Business Banking or Commercial Middle Market Banking categories.
Our 11 bank brands leveraged deep local roots and longstanding connections to expand existing commercial and business banking relationships and create new ones. In 2022, we added 1,300 new commercial customers representing $1.2 billion in funded loans.
We expanded our customer base with ambitious, yet disciplined, growth strategies, adding lending and capital markets expertise that extends our capabilities and enhances our growth trajectory.
We drove business in fee generating products, such as our commercial card business, which reached a milestone in 2022 as we surpassed $1 billion in purchase volume. And Nilson Report ranked HTLF among the top U.S. commercial credit card issuers for the seventh year in a row.
HTLF is executing charter consolidation and optimizing branches and geographies to create efficiencies, capacity and scale that support growth organically and through strategic acquisitions of talent and customers.
We successfully executed five bank charter consolidations, with our banks in Arizona, California, Colorado, Illinois and Minnesota becoming divisions of HTLF Bank. The project continues on schedule and on budget. We expect to finish early in the fourth quarter of 2023 and deliver $20 million of annual benefits upon completion.
We’ve invested significantly in our culture and our people. Our employee retention strategy was successful and our Diversity, Equity and Inclusion program, launched in 2021, continues to develop with the introduction of three employee business resource groups.
In December 2022, HTLF’s corporate headquarters moved to Denver, Colorado. Our administrative and operational headquarters continue to be based in Dubuque, Iowa.
HTLF’s momentum continues into 2023 as we strive to better serve our employees, customers, communities and shareholders.
We are executing our strategies. We are delivering results. We are exceeding expectations. And we’re moving forward together.