PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets

Condensed financial information for Heartland Financial USA, Inc. is as follows:

BALANCE SHEETS (Dollars in thousands)
	December 31,
	2022		2021
Assets:
Cash and interest bearing deposits	$	307,026	$	259,830
Investment in subsidiaries	1,747,188		2,263,037
Other assets	94,953		81,020
Total assets	$	2,149,167	$	2,603,887
Liabilities and Stockholders’ equity:
Other borrowings	$	370,930	$	369,581
Accrued expenses and other liabilities	43,182		52,128
Total liabilities	414,112		421,709
Stockholders’ equity:
Preferred stock	110,705		110,705
Common stock	42,467		42,275
Capital surplus	1,080,964		1,071,956
Retained earnings	1,120,925		962,994
Accumulated other comprehensive loss	(620,006)		(5,752)
Total stockholders’ equity	1,735,055		2,182,178
Total liabilities and stockholders’ equity	$	2,149,167	$	2,603,887

Schedule of Condensed Income Statements

INCOME STATEMENTS (Dollars in thousands)
	For the Years Ended December 31,
	2022		2021		2020
Operating revenues:
Dividends from subsidiaries	$	142,500	$	163,500	$	83,000
Other	1,200		1,885		1,948
Total operating revenues	143,700		165,385		84,948
Operating expenses:
Interest	16,886		12,851		13,573
Salaries and employee benefits	7,225		7,509		8,147
Professional fees	11,594		5,161		4,310
Other operating expenses	10,474		10,984		4,939
Total operating expenses	46,179		36,505		30,969
Equity in undistributed earnings	98,983		75,368		73,430
Income before income tax benefit	196,504		204,248		127,409
Income tax benefit	15,676		15,675		10,529
Net income	212,180		219,923		137,938
Preferred dividends	(8,050)		(8,050)		(4,451)
Net income available to common stockholders	$	204,130	$	211,873	$	133,487

Schedule of Condensed Statements of Cash Flows

STATEMENTS OF CASH FLOWS (Dollars in thousands)
	For the Years Ended December 31,
	2022		2021		2020
Cash flows from operating activities:
Net income	$	212,180	$	219,923	$	137,938
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries	(98,983)		(75,368)		(73,430)
Increase (decrease) in accrued expenses and other liabilities	(8,946)		8,723		8,419
Increase in other assets	(13,933)		(13,069)		(19,168)
Excess tax (expense) benefit from stock based compensation	131		312		(93)
Other, net	9,958		12,632		6,375
Net cash provided by operating activities	100,407		153,153		60,041
Cash flows from investing activities:
Capital contributions to subsidiaries	—		(34,000)		(70,000)
Net assets acquired	—		—		(41,982)
Net cash used by investing activities	—		(34,000)		(111,982)
Cash flows from financing activities:
Proceeds from borrowings	—		147,614		—
Repayments of borrowings	—		(44,417)		(7,000)
Cash dividends paid	(54,249)		(48,559)		(31,906)
Proceeds from issuance of preferred stock	—		—		110,705
Proceeds from issuance of common stock	1,038		1,311		3,004
Net cash provided by (used in) by financing activities	(53,211)		55,949		74,803
Net increase in cash and cash equivalents	47,196		175,102		22,862
Cash and cash equivalents at beginning of year	259,830		84,728		61,866
Cash and cash equivalents at end of year	$	307,026	$	259,830	$	84,728
Supplemental disclosure:
Cumulative effect adjustment from the adoption of ASU 2016-13 on January 1, 2020	$	—	$	—	$	14,891
Dividends declared, not paid	2,013		2,013		2,013
Stock consideration granted for acquisitions	—		—		217,202