Dubuque-based bank holding company Heartland Financial USA Inc. reported first-quarter net income of $31.5 million, a 35% increase from $23.3 million in the first quarter of 2018, according to a release. During the quarter, Heartland completed the sale of two branch locations of Wisconsin Bank & Trust and sold the consumer finance loan portfolios totaling approximately $67 million of Citizens’ Finance Co. Also, Heartland said that in a deal expected to close in the second quarter, it has agreed to sell two branches of Dubuque Bank and Trust Co. and branches of Illinois Bank & Trust and Citywide Banks. Heartland also reclassified commercial loans with balances of $11.8 million at March 31 as "held for sale" as part of a plan to exit a small lease portfolio. On Monday, Dubuque Bank and Trust Co. signed an agreement to sell substantially all its mortgage servicing rights to Pittsburgh-based PNC Bank N.A. The servicing rights had an estimated fair value of $37 million and a book value of $21 million as of March 31.