Heartland Bancshares Inc. Third Quarter Results and Heartland Community Bank Reaches $50 million in Total Assets

Business Wire, Oct 14, 1998

FRANKLIN, Ind.--(BUSINESS WIRE)--Oct. 14, 1998--Heartland Bancshares Inc. IN (OTC BB:HRTB) announced results from the quarter ended Sept. 30, 1998.

Highlights include growth in total consolidated assets to $50.5 million as of Sept. 30, 1998 from the June 30, 1998 level of $38.7 million, an increase of $11.8 million or 30.51 percent. Total loans increased $13.7 million to $38.3 million at Sept. 30, 1998. Likewise, total deposits increased $11.8 million to $39.4 million at quarter end.

Operating results also improved for the second consecutive quarter as net loss for the quarter ended Sept. 30, 1998 was $156,000 or 12 cents per share compared to $197,000 or 16 cents per share for the quarter ended June 30, 1998. Net loss for the nine months ended Sept. 30, 1998 was $636,000 or 50 cents

per share.

Heartland Community Bank, wholly owned subsidiary of Heartland Bancshares Inc., achieved total assets in excess of $50 million as of Oct. 9, 1998. The Bank began operations Dec. 17, 1997. President Steve Bechman attributes the early success of the Bank to support by the local community. That support appears to be attributable to the vast experience and community involvement by the Bank's staff, along with the merger and acquisition environment of the banking industry in recent past.