Dubuque-based Heartland Financial USA Inc. today reported a 29 percent increase in net income for its first quarter as a result of growth in lending and deposits.

For the three months ended March 31, the company’s net income was $5.8 million, or 34 cents per share, compared with $4.5 million, or 27 cents per share, a year ago. Lynn Fuller, Heartland’s chairman, president and CEO, said that in addition to “exceptional growth in loans and steady growth in deposits,” the company’s profits were boosted by maintaining a good net interest margin.

Heartland currently operates 56 banks in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana and Colorado. Fuller said the company continues to focus on growth opportunities; it recently has opened two new bank offices and has three more in development.