Heartland Financial USA Inc., the Dubuque-based bank holding company that has operations in Iowa and 10 other states, reported profits of $20.2 million, or 81 cents per common share, for the quarter ended Sept. 30, compared with $14.4 million, or 69 cents per share, for the same period last year. Return on average common equity was 11.64 percent and return on average assets was 0.98 percent for the third quarter of 2016, compared with 11.40 percent and 0.85 percent, respectively, last year. Through three quarters of this year, net income was $61 million, or $2.48 per share, compared with $44.8 million, or $2.16 per share, for the year-ago period. Return on average common equity was 12.28 percent and return on average assets was 1 percent for the first nine months of 2016, compared with 12.38 percent and 0.91 percent, respectively, for the same period last year. Total assets were $8.20 billion at the end of the third quarter, compared with $7.69 billion at the end of 2015. Heartland said its efficiency ratio, a measure of expenses to revenues, improved to 64 percent in the third quarter from 70 percent a year ago. Heartland reported increases in loans and deposits as well as impaired loans. Heartland also said Monday that it plans to acquire a California-based banking operation. Read more