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Heartland Financial USA Executive Compensation (FY23)

HTLF · Executive and director compensation, fiscal 2022 to 2023
Chief executive, fiscal 2023
◇
Bruce Lee
Latest say-on-pay support
=
May 22, 2024
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Data as of October 11, 2026Latest filing (8-K): May 28, 2024
9 filings cited on this page
A report that fails to generate is refunded in full
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Heartland Financial USA brief$1,500Get the executive brief
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255 figures on this page: 247 cited to the filing that reported them, 8 calculated from figures it prints. See the citations
What changed from fiscal 2022 to fiscal 2023
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Bruce Lee: $3,055,878 → $2,802,714 (8.3% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Heartland Financial USA's chief executive and what were they paid?
Bruce Lee was paid $2,802,714 in total compensation as President and Chief Executive Officer for fiscal 2023. Lee's total was 8.3% lower than the $3,055,878 reported for fiscal 2022.
What was Heartland Financial USA's say-on-pay result?
Shareholders supported the say-on-pay proposal with 90.6% of votes cast for or against in favor at the meeting held May 22, 2024 for fiscal 2023.
Which companies are in Heartland Financial USA's peer group?
The disclosed peer group includes Ameris Bancorp, Associated Banc-Corp, Bank OZK, Banner Corp and Cathay General Bancorp, among others.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Bruce Lee
President and Chief Executive Officer
◇—◇—◇—◇◇
Bryan McKeag
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Kevin Quinn
Executive Vice President and Chief Banking Officer
◇—◇◇◇—◇◇
David Prince
Executive Vice President and Chief Commercial Officer
◇—◇◇◇—◇◇
Jay Kim
Executive Vice President, General Counsel, Chief Administrative Officer
◇—◇◇◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Bruce Lee
President and Chief Executive Officer
◇—◇—◇—◇◇
Kevin Quinn
Executive Vice President and Chief Banking Officer
◇—◇—◇—◇◇
Bryan McKeag
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
David Prince
Executive Vice President and Chief Commercial Officer
◇—◇—◇—◇◇
Jay Kim
Executive Vice President, General Counsel, Chief Administrative Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2023
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Bruce K. LeeRSU◇——◇——◇
Bruce K. LeePSU◇◇◇—◇—◇
Bryan R. McKeagPSU◇◇◇—◇—◇
Bryan R. McKeagRSU◇——◇——◇
David A. PrinceRSU◇——◇——◇
David A. PrincePSU◇◇◇—◇—◇
Jay L. KimRSU◇——◇——◇
Jay L. KimPSU◇◇◇—◇—◇
Kevin G. QuinnRSU◇——◇——◇
Kevin G. QuinnPSU◇◇◇—◇—◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2023 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
David PrinceRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇2/28/23
Bruce LeeRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Jay KimOption◇—◇2/28/23
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Bryan McKeagRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Kevin QuinnRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇2/28/23
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Bruce Lee
President and Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2024 filing
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Bryan McKeag
Executive Vice President and Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2024 filing
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
David Prince
Executive Vice President and Chief Commercial Officer · Terms as described in the company’s compensation discussion · citing a 2024 filing
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Jay Kim
Executive Vice President, General Counsel, Chief Administrative Officer · Terms as described in the company’s compensation discussion · citing a 2024 filing
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇
Kevin Quinn
Executive Vice President and Chief Banking Officer · Terms as described in the company’s compensation discussion · citing a 2024 filing
Severance cash amount◇
Equity acceleration on change in control◇
Benefits continuation on change in control◇
Benefits continuation◇
Excise tax treatment◇

Director compensation

What each non-employee director was paid.
Fiscal 2023
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
John K. Schmidt
Board chair
◇◇————◇
Thomas L. Flynn
◇◇————◇
Susan G. Murphy
◇◇————◇
Martin J. Schmitz
◇◇————◇
Duane E. White
◇◇————◇
Jennifer K. Hopkins
◇◇————◇
Robert B. Engel
◇◇————◇
Kathryn Graves Unger
—◇————◇
Christopher S. Hylen
◇◇————◇
Opal G. Perry
◇◇————◇
Margaret Lazo
—◇————◇
Paul W. Taylor, Bruce K. Lee and Brad J. Henderson served on the board in fiscal 2023 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2023
  • Ameris Bancorp ABCB
  • Associated Banc-Corp ASB
  • Bank OZK OZK
  • Banner Corp BANR
  • Cathay General Bancorp CATY
  • CVB Financial Corp. CVBF
  • Enterprise Financial Services EFSC
  • First Financial Bancorp FFBC
  • First Financial Bankshares FFIN
  • First Interstate BancSystem FIBK
  • First Merchants Corporation FRME
  • Glacier Bancorp Inc. GBCI
  • Hope Bancorp HOPE
  • Independent Bk Group Inc. IBTX
  • Pacific Premier Bancorp PPBI
  • Renasant Corp. RNST
  • Simmons First National Corp. SFNC
  • Trustmark Corp TRMK
  • United Bankshares Inc. UBSI
  • United Community Banks Inc. UCBI
  • Washington Federal Inc. WAFD
  • WesBanco, Inc. WSBC

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2023May 22, 2024=◇◇◇
2022June 14, 2023=◇◇◇
2021June 15, 2022=◇◇◇
2020May 19, 2021=◇◇◇
2019May 20, 2020=◇◇◇
2018May 22, 2019=◇◇◇
2017May 16, 2018=◇◇◇
2016May 17, 2017=◇◇◇

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- Bruce Lee (President and Chief Executive Officer), FY2023 total compensation $2,802,714 (base salary $887,500) [exec_comp, SEC accession 0000920112-24-000086, filed 2024-04-09]

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What this page does not include

Everything above is a fact Heartland Financial USA disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Heartland Financial USA sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
255 figures on this page: 247 cited to the filing that reported them, 8 calculated from figures it prints.
247 cited to the filing
8 calculated from the filing

Documents cited

  1. 0000920112-24-000129
    N-VOTES 28,575,298 2,352,510 149,111 5,714,948 3.
  2. 0000920112-24-000086
    Compensation Discussion and Analysis · Grants Of Plan-Based Awards · Outstanding Equity Awards · Summary Compensation Table
  3. 0000920112-23-000166
    NON-VOTES 29,266,875 414,709 82,116 5,326,867 3.
  4. 0000920112-22-000231
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0000920112-21-000143
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0000920112-20-000168
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0000920112-19-000151
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0000920112-18-000161
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0000920112-17-000203
    Item 5.07 Submission of Matters to a Vote of Security Holders
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Velarion, “Heartland Financial USA executive compensation, FY2022–FY2023.” https://intel.velarion.ai/comp/HTLF (accessed 2026).
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9 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Heartland Financial USA discloses

The companies named in HTLF's own disclosed peer group.

Ameris BancorpAssociated Banc-CorpBank OZKBanner CorpCathay General BancorpCVB Financial Corp.Enterprise Financial ServicesFirst Financial BancorpFirst Financial BanksharesFirst Interstate BancSystemFirst Merchants CorporationGlacier Bancorp Inc.Hope BancorpIndependent Bk Group Inc.Pacific Premier BancorpRenasant Corp.Simmons First National Corp.Trustmark CorpUnited Bankshares Inc.United Community Banks Inc.Washington Federal Inc.WesBanco, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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