XML 18 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
Value of Initial Fixed $100 Investment Based on:Company- Selected Measure
Year
Summary Compensation Table Total
for CEO
Mr. Carter(1)
Compensation Actually Paid
to CEO
Mr. Carter(2)
Summary Compensation Table Total
for CEO
Mr. Drake(1)
Compensation Actually Paid
to CEO
Mr. Drake(2)
Average Summary Compensation Table Total
for non-CEO NEOs(3)
Average Compensation Actually Paid
to non-CEO NEOs(4)
Total Shareholder Return(5)
Peer Group Total Shareholder Return(6)
Net Income(7)
Adjusted Earnings Per Share - Diluted(8)
2024$1,218,259 $1,335,195 $— $— $616,527 $688,248 $130.02 $103.80 $71,780,000 $2.37 
2023$1,015,465 $1,137,797 $924,763 $1,079,179 $595,741 $623,058 $120.66 $90.55 $65,842,000 $2.46 
2022$— $— $1,165,497 $1,163,578 $946,185 $943,896 $108.06 $92.12 $56,456,000 $1.93 
    
Named Executive Officers, Footnote On May 24, 2023, Mr. Carter transitioned to the role of President and Chief Executive Officer of the Company and Heartland Bank. Prior to May 24, 2023, Mr. Drake served as our Chief Executive Officer.Our non-CEO NEOs were Messrs. Drake, Chapman, Horvath, and Scheirer for 2024; Mr. Chapman for 2023; and Messrs. Carter and Busch for 2022.    
Peer Group Issuers, Footnote Reflects the cumulative total shareholder return of the S&P Small Cap 600 Bank Index, as of the last day of each reported year, based on an initial fixed investment of $100 on December 31, 2021. The S&P Small Cap 600 Bank Index is the published industry or line-of-business index used by the Company for purposes of 201(e) of Regulation S-K under the Exchange Act in our Annual Report on Form 10-K for the year ended December 31, 2024.    
PEO Total Compensation Amount $ 1,218,259   $ 1,165,497
PEO Actually Paid Compensation Amount $ 1,335,195   1,163,578
Adjustment To PEO Compensation, Footnote The dollar amounts reported represent compensation actually paid, as calculated in accordance with SEC rules, to our CEO for the covered fiscal year. See the "Calculation of Compensation Actually Paid" section below for further details.
To calculate the amounts of "compensation actually paid" to our CEO and, on an average basis, our other NEOs, as reported in the table above, the following adjustments were made to total compensation as reported in the Summary Compensation Table.
202420232022
CEO
Mr. Carter		Non-CEO
NEOs (Average)		CEO
Mr. Carter		CEO
Mr. Drake		Non-CEO
NEOs (Average)		CEO
Mr. Drake		Non-CEO
NEOs (Average)
Total Compensation from Summary Compensation Table$1,218,259 $616,527 $1,015,465 $924,763 $595,741 $1,165,497 $946,185 
Equity Awards Adjustments
Deduct: Summary Compensation Table grant date fair value of equity awards granted during fiscal year
208,020 116,523 187,258 237,197 64,002 234,848 181,045 
Add: Fair value as of fiscal year end of equity awards granted during the fiscal year that are outstanding and unvested as of the fiscal year end
298,782 167,360 173,989 220,389 59,467 240,124 185,113 
Add: Change as of fiscal year end in fair value of equity awards granted in any prior year that are outstanding and unvested as of fiscal year end
57,614 39,934 120,594 152,475 31,852 (8,710)(7,450)
Add: Change as of the vesting date (from end of prior fiscal year) in fair value of any equity awards granted in any prior year that vested during or at the end of the fiscal year
(31,440)(19,050)15,007 18,749 — 1,515 1,093 
Total Equity Awards Adjustments116,936 71,721 122,332 154,416 27,317 (1,919)(2,289)
Compensation Actually Paid$1,335,195 $688,248 $1,137,797 $1,079,179 $623,058 $1,163,578 $943,896 
    
Non-PEO NEO Average Total Compensation Amount $ 616,527 $ 595,741 946,185
Non-PEO NEO Average Compensation Actually Paid Amount $ 688,248 623,058 943,896
Adjustment to Non-PEO NEO Compensation Footnote The dollar amounts reported represent average compensation actually paid, as calculated in accordance with SEC rules, to our non-CEO NEOs for the covered fiscal year. See the "Calculation of Compensation Actually Paid" section below for further details.
To calculate the amounts of "compensation actually paid" to our CEO and, on an average basis, our other NEOs, as reported in the table above, the following adjustments were made to total compensation as reported in the Summary Compensation Table.
202420232022
CEO
Mr. Carter		Non-CEO
NEOs (Average)		CEO
Mr. Carter		CEO
Mr. Drake		Non-CEO
NEOs (Average)		CEO
Mr. Drake		Non-CEO
NEOs (Average)
Total Compensation from Summary Compensation Table$1,218,259 $616,527 $1,015,465 $924,763 $595,741 $1,165,497 $946,185 
Equity Awards Adjustments
Deduct: Summary Compensation Table grant date fair value of equity awards granted during fiscal year
208,020 116,523 187,258 237,197 64,002 234,848 181,045 
Add: Fair value as of fiscal year end of equity awards granted during the fiscal year that are outstanding and unvested as of the fiscal year end
298,782 167,360 173,989 220,389 59,467 240,124 185,113 
Add: Change as of fiscal year end in fair value of equity awards granted in any prior year that are outstanding and unvested as of fiscal year end
57,614 39,934 120,594 152,475 31,852 (8,710)(7,450)
Add: Change as of the vesting date (from end of prior fiscal year) in fair value of any equity awards granted in any prior year that vested during or at the end of the fiscal year
(31,440)(19,050)15,007 18,749 — 1,515 1,093 
Total Equity Awards Adjustments116,936 71,721 122,332 154,416 27,317 (1,919)(2,289)
Compensation Actually Paid$1,335,195 $688,248 $1,137,797 $1,079,179 $623,058 $1,163,578 $943,896 
    
Compensation Actually Paid vs. Total Shareholder Return
The following charts present the relationship between the "compensation actually paid" to our CEO and to, on an average basis, our other NEOs and the following:
•the Company’s cumulative total shareholder return and the peer group’s cumulative total shareholder return;
•net income; and
•the company-selected measure, adjusted earnings per share – diluted.
549755816557
    
Compensation Actually Paid vs. Net Income
549755816574
    
Compensation Actually Paid vs. Company Selected Measure
549755816580
    
Total Shareholder Return Vs Peer Group
The following charts present the relationship between the "compensation actually paid" to our CEO and to, on an average basis, our other NEOs and the following:
•the Company’s cumulative total shareholder return and the peer group’s cumulative total shareholder return;
•net income; and
•the company-selected measure, adjusted earnings per share – diluted.
549755816557
    
Tabular List, Table Adjusted Earnings Per Share – Diluted(1)*
•Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries)(2)
•Adjusted Return on Average Assets(2)
•Adjusted Efficiency Ratio (Tax-Equivalent Basis)(2)
•Nonperforming Assets to Total Assets
    
Total Shareholder Return Amount $ 130.02 120.66 108.06
Peer Group Total Shareholder Return Amount 103.80 90.55 92.12
Net Income (Loss) $ 71,780,000 $ 65,842,000 $ 56,456,000
Company Selected Measure Amount 2.37 2.46 1.93
PEO Name Mr. Carter   Mr. Drake
Additional 402(v) Disclosure The Company’s cumulative total shareholder return, as of the last day of each reported year, is based on an initial fixed investment of $100 on December 31, 2021.The Company's net income is reported in the Company's audited financial statements on our Annual Report on Form 10-K for the applicable fiscal year.
Financial Performance Measures
As described in greater detail in the CD&A, a substantial portion our NEOs’ compensation is directly linked to the achievement of financial and operational metrics, as well as other strategic goals with rigorous targets that align with the Company’s business strategy, compensation philosophy, shareholder interests and most importantly, our long-term goals.
In addition to the Pay Versus Performance Table above, the following are the most important financial measures we use to link compensation actually paid to our CEO and our non-CEO NEOs for the most recently completed year to the Company’s performance. The measures in this list are not ranked, but the company-selected measure is denoted with an asterisk.
__________________________________________
(1)For additional information on the Company-Selected Measure, see footnote eight of the above Pay Versus Performance Table.
(2)For additional information on non-GAAP measures, including an explanation of their calculation and their reconciliation with related GAAP measures, see the "Compensation Discussion and Analysis – Short-Term Incentive Bonuses" section of this Proxy Statement.
    
Measure:: 1      
Pay vs Performance Disclosure      
Name Adjusted Earnings Per Share – Diluted    
Non-GAAP Measure Description Adjusted earnings per share – diluted is the company-selected measure and is a non-GAAP financial measure. As calculated from the Company's audited financial statements, adjusted earnings per share – diluted equals Adjusted Net Income allocated to common shares divided by weighted average common shares outstanding, including all dilutive potential shares. See pages 68 to 75 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for a reconciliation of non-GAAP measures to their most closely comparable GAAP measures.    
Measure:: 2      
Pay vs Performance Disclosure      
Name Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries)    
Measure:: 3      
Pay vs Performance Disclosure      
Name Adjusted Return on Average Assets    
Measure:: 4      
Pay vs Performance Disclosure      
Name Adjusted Efficiency Ratio (Tax-Equivalent Basis)    
Measure:: 5      
Pay vs Performance Disclosure      
Name Nonperforming Assets to Total Assets    
Mr. Carter [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount $ 1,218,259 $ 1,015,465  
PEO Actually Paid Compensation Amount 1,335,195 $ 1,137,797  
PEO Name   Mr. Carter  
Mr. Drake [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount   $ 924,763 $ 1,165,497
PEO Actually Paid Compensation Amount   $ 1,079,179 1,163,578
PEO Name   Mr. Drake  
PEO      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 116,936   (1,919)
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (208,020)   (234,848)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 298,782   240,124
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 57,614   (8,710)
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (31,440)   1,515
PEO | Mr. Carter [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   $ 122,332  
PEO | Mr. Carter [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   (187,258)  
PEO | Mr. Carter [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   173,989  
PEO | Mr. Carter [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   120,594  
PEO | Mr. Carter [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   15,007  
PEO | Mr. Drake [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   154,416  
PEO | Mr. Drake [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   (237,197)  
PEO | Mr. Drake [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   220,389  
PEO | Mr. Drake [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   152,475  
PEO | Mr. Drake [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   18,749  
Non-PEO NEO      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 71,721 27,317 (2,289)
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (116,523) (64,002) (181,045)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 167,360 59,467 185,113
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 39,934 31,852 (7,450)
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (19,050) $ 0 $ 1,093