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PARENT COMPANY ONLY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY ONLY FINANCIAL INFORMATION
PARENT COMPANY ONLY FINANCIAL INFORMATION

Condensed financial information for Heartland Financial USA, Inc. is as follows:
BALANCE SHEETS
(Dollars in thousands)
 December 31,
 20202019
Assets:  
Cash and interest bearing deposits$84,728 $61,866 
Investment in subsidiaries2,234,813 1,765,995 
Other assets68,263 49,002 
Total assets$2,387,804 $1,876,863 
Liabilities and Stockholders’ equity:
Other borrowings$265,168 $271,046 
Accrued expenses and other liabilities43,405 27,680 
Total liabilities308,573 298,726 
Stockholders’ equity:
Preferred stock110,705 — 
Common stock42,094 36,704 
Capital surplus1,062,083 839,857 
Retained earnings791,630 702,502 
Accumulated other comprehensive income (loss)72,719 (926)
Total stockholders’ equity2,079,231 1,578,137 
Total liabilities and stockholders’ equity$2,387,804 $1,876,863 

INCOME STATEMENTS
(Dollars in thousands)
 For the Years Ended December 31,
 202020192018
Operating revenues:   
Dividends from subsidiaries$83,000 $137,000 $85,000 
Other1,948 893 493 
Total operating revenues84,948 137,893 85,493 
Operating expenses: 
Interest13,573 15,044 14,371 
Salaries and employee benefits8,147 4,072 3,639 
Professional fees4,310 3,029 2,841 
Other operating expenses4,939 15,559 12,510 
Total operating expenses30,969 37,704 33,361 
Equity in undistributed earnings73,430 34,307 52,570 
Income before income tax benefit127,409 134,496 104,702 
Income tax benefit10,529 14,633 12,296 
Net income137,938 149,129 116,998 
Preferred dividends(4,451)— (39)
Net income available to common stockholders$133,487 $149,129 $116,959 
STATEMENTS OF CASH FLOWS
(Dollars in thousands)
 For the Years Ended December 31,
 202020192018
Cash flows from operating activities:   
Net income$137,938 $149,129 $116,998 
Adjustments to reconcile net income to net cash provided  by operating activities: 
Undistributed earnings of subsidiaries(73,430)(34,307)(52,570)
Gain on extinguishment of debt— (375)— 
Increase in accrued expenses and other liabilities8,419 3,274 5,336 
Increase in other assets(19,168)(12,248)(1,559)
Excess tax (expense) benefit from stock based compensation(93)270 674 
Other, net6,375 4,103 5,401 
Net cash provided by operating activities60,041 109,846 74,280 
Cash flows from investing activities: 
Capital contributions to subsidiaries(70,000)(46,583)(30,696)
Repayment of advances from subsidiaries — 6,000 — 
Net assets acquired(41,982)(594)(13,504)
Net cash used by investing activities(111,982)(41,177)(44,200)
Cash flows from financing activities: 
Proceeds on short-term revolving credit line— — 25,000 
Proceeds from borrowings— — 30,000 
Repayments on short-term revolving credit line— — (25,000)
Repayments of borrowings(7,000)(20,023)(25,759)
Payment for the redemption of debt— (2,500)— 
Cash dividends paid(31,906)(24,607)(19,357)
Purchase of treasury stock— — (97)
Proceeds from issuance of preferred stock110,705 — — 
Proceeds from issuance of common stock3,004 661 489 
Net cash provided by (used in) by financing activities74,803 (46,469)(14,724)
Net increase in cash and cash equivalents22,862 22,200 15,356 
Cash and cash equivalents at beginning of year61,866 39,666 24,310 
Cash and cash equivalents at end of year$84,728 $61,866 $39,666 
Supplemental disclosure:
Cumulative effect adjustment from the adoption of ASU 2016-13
on January 1, 2020		$14,891 $— $— 
Dividends declared, not paid 2,013 — — 
Conversion/redemption of Series D preferred stock to common stock— — 938 
Stock consideration granted for acquisitions217,202 92,258 238,075