Confidence in Strength

Brian Halverson
Brian Halverson – President & CEO

The recent news of Silicon Valley Bank (SVB) and Signature Bank failures should not be too surprising to anyone who understands the timelines and the ways they were conducting their business.

SVB and Signature did not utilize proper risk management and had client bases that were concentrated in riskier industries such as venture capital financing and cryptocurrency. A perfect storm led to the demise of these institutions: rising interest rates, a slowdown in venture capital activity, and clients who reduced their exposure to riskier assets.

As a trust company, we are NOT a broker-dealer. Nor are we a traditional bank that accepts client deposits and lends them out. Our clients’ assets are NOT reflected on our balance sheet. Heartland Trust is entrusted with our clients’ assets and maintains good stewardship on their behalf. As a trust company, we are regulated and routinely examined by the North Dakota Department of Financial Institutions. We are required to have a certain amount of our own assets pledged on our balance sheet. These funds come from our own revenue and commitments from our shareholders.

The assets we manage are ALWAYS our clients’ assets. They are NEVER ours to use in any way shape or form. We are a financial institution that maintains assets and invests funds on behalf of those we work for. This is the way we have done business since our founding and the way we will continue to operate. I get to tell the wonderful story of HTC and how strong our business is. We are proud to have been chosen by the individuals, families, charities, foundations, and businesses that make up our client base. The entire team of professionals at Heartland makes us so strong. We appreciate your confidence in us to help you along life’s journey.

Brian Halverson - President & CEOConfidence in Strength
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HTC Team News and Honors

We have celebrated two promotions this year. Jana Samek was promoted to Vice President/Director of Retirement Services. Dustin Sobolik was promoted to Vice President/Director of Investments. Congratulations Jana and Dustin!

Jana Samek
Jana Samek
Dustin Sobolik
Dustin Sobolik

HTC team members enjoyed a St. Patrick’s Day Crawl through our office to celebrate the March holiday.

We enjoyed stops at:

  • Gary’s Irish Tap
  • Amy’s 4- Leaf Trivia
  • Mary’s Pub Dublin Sliders Shop
  • Kevin’s Clovergreen Country Club
  • Jen’s Snacks O’ the Irish, and
  • Jill’s Shamrock Hoops

Heartland has some of the most creative team members in town!

Join us in July for Heartland Trust’s semi-annual Market Update webinar. For more details or to get on the invite list, give us a call at 701-235-2002 or send us an email at [email protected]. Dustin Sobolik, Director of Investments at HTC, will give a 45-minute review of the market in 2023 and what to watch for the rest of the year.

Heartland TrustHTC Team News and Honors
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Meet Maureen Jelinek

Maureen Jelinek
Maureen Jelinek

Maureen Jelinek joined Heartland in December as our Executive Vice President / Chief Operating Officer. She has already become a cherished team member. She has extensive experiences in the financial industry – and you won’t want to miss her recipe for Green Enchilada Chicken Soup.

Tell us about yourself.

I am originally from Grand Forks. I graduated from the University of North Dakota where I studied business administration and marketing. In 1997, I moved to Fargo when I was promoted to Manager of Deposit Acquisition and Operations at Gate City Bank.

I worked at Gate City Bank for 27 years. Most recently I served as Executive Vice President, overseeing information technology, information security, project management, business intelligence, deposit acquisition and operations, digital banking, call center, compliance and loan servicing.

My husband Doug and I have three kids, two grandkids, and two dogs.

What do you like to do in your spare time?

I love to support and cheer for my kids at their activities. I also like to relax in the boat at the lake and make memories. I love comedy whether it’s watching comedians and comedy shows or catching the latest funny movie. I love to laugh!

Tell us about your favorite life experience

My favorite life experience is being a mom. I’m amazed at how unique each child is even when they are raised in the same environment. I enjoy seeing the world through their eyes.

What is your favorite movie/play/book?

The Other Sister, a romantic comedy.

If you could meet one person, dead or alive, who would it be and why?

I would want to meet my paternal grandpa. He died prior to my parents’ engagement. My dad shared wonderful memories of him and emulated the many admirable attributes he talked about such as integrity, kindness, respectful, loving, loyal, encouraging, supportive, strong work ethic, etc.

What is your favorite part about working at Heartland Trust?

The commitment of all team members to the company mission, vision, and values. This is an amazing team of professionals and a truly enjoyable culture!

Green Enchilada Chicken Soup
(Thank you, Pinterest, with a few tweaks!)

2½ pounds of shredded boneless skinless chicken breasts or thighs (I use a rotisserie chicken for great flavor and to save time!)

28 ounces green enchilada sauce

24 ounces chicken stock

1 cup half-and-half

2 cups monterey jack cheese shredded

4 ounces cream cheese cubed and softened

4 ounces green salsa verde

4 ounces diced green chiles

1 bunch of chopped cilantro

Salt and pepper to taste

  1. In a large stockpot, add chicken and chicken stock. Simmer until chicken is done and can easily be pulled apart. Remove chicken and shred. (Skip this step if using rotisserie chicken.)

  2. To chicken stock, add shredded chicken (or diced rotisserie chicken) and remaining ingredients. Stir and heat soup until it is warm, and the cheese is melted.

  3. You can make this as mild or spicy as you prefer by using various heat options in the ingredients (mild to hot), adding more green salsa, adding green chili hot sauce or adding diced jalapenos.

  4. Serve with additional green salsa, hot sauce and sour cream on the side. We prefer diced green onions. Enjoy!
Heartland TrustMeet Maureen Jelinek
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A New Year

By Brian Halverson, President

Last year was unique on many levels. The stock and bond markets had some of their worst years on record. Interest rates hit a 12-year high and the job market saw a lot of movement while unemployment remained low. It was a stressful and confusing year but, like all bad things, it came to an end and a new day started. The bond market has begun to rebound, the stock market is already up almost 7% as of this writing, and we have more or less returned to normal since COVID first flipped our lives upside down three years ago.

We experienced many changes at Heartland Trust in 2022 as well. We completed our conversion to Fidelity on our wealth management side. We added several new employees, including a chief operating officer who makes sure our business operations are running as smoothly as possible. We also promoted several team members. On top of that, we kicked off an office remodel project to add more workspace and to update other areas of the building.

While I am not disappointed to see 2022 gone, I am reminded of how our entire team came together. Through all of the challenges, we kept our commitment to deliver personalized service to help our clients reach their financial goals.

I am excited for what this year will bring. And I know we will stay dedicated to our company mission of serving the people, companies, and communities we work for. We wish everyone a happy and successful 2023!

Brian Halverson - President & CEOA New Year
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HTC Team News and Honors

• Our team continues to grow. We are excited to announce the following promotions and new hires.
Jana Samek was promoted to Director of Retirement Services.

Jana Samek

We recently welcomed two new employees to our team: Jennifer Schmidt, Administrative Associate-Personal Trusts; and Maureen Jelinek, Chief Operating Officer

Jen Schmidt

Maureen Jelinek

• We enjoyed participating in the 22nd annual Festival of Trees, a community event that supports Fraser, Ltd. Thanks to our team members who decorated our tree: Mary Fridgen, Jen Schmidt, Ethan Linder, Jace Gilleshammer and Jen Johnston

• We embraced the holiday spirit with our team Ugly Sweater Christmas Celebration. The entries were festive and fun. Congratulations to Amy Remmick (left) who won the Most Creative award and Steve Halverson whose sweater was voted the Ugliest.

Amy Remmick

Steve Harlverson

• We are thrilled that we were able to participate in the 2023 Giving Hearts Day. Each team member picked a charity in which HTC made a donation in their honor. Here are the charities we supported:

  1. Ronald McDonald House Charities of the Red River Valley
  2. St. Gianna & Pietro Molla Maternity Home in Minto, ND
  3. Hospice of the Red River Valley
  4. Great Plains Food Bank
  5. Veterans Honor Flight of ND/MN
  6. Red River Zoo
  7. Landon’s Light
  8. Crosses For Cameron
  9. DMF 4-6-3 Foundation
  10. Arthritis Foundation of North Dakota
  11. Grace Lutheran School
  12. Lake Agassiz Habitat for Humanity
  13. Cats Cradle
  14. YWCA
  15. Park Christian School
  16. Henrik’s Heroes Fund
  17. Churches United
  18. Rape and Abuse Crisis Center

• Congratulations to Denise Lies who celebrated 30 years with HTC on January 14. Denise is our Senior Retirement Services Operations and Compliance. Congratulations, Denise!

Denise Lies

Heartland TrustHTC Team News and Honors
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Meet: Tim Rensch

Tim Rensch joined us in July as our Retirement Services Relationship Manager. He likes to spend time outside and read – and he’s already become a valuable part of our team. 

Tell us about yourself.
I am a native of Garrison, North Dakota, and moved to Fargo in 1993 to start college at North Dakota State University. I graduated with a BS in accounting and, after college, started my career in hotel management. In 2008, I started my first job in the financial services industry.  

What do you like to do in your spare time?
I like to go camping and hiking with my wife and dogs. I also like to ride my bicycle, kayak, golf, and read.  

Tell us about your favorite life experience.
I don’t have a single favorite life experience. I look at my past experiences, good and bad, as something to learn from so I am moving forward as the best possible person I can be.  

What is your favorite movie/play/book?
My favorite book is the next one I’m going to read. I love to learn new things and to be able to look at situations through the perspective of others. Books and movies are great opportunities to expand my perspective and awareness, but I don’t get hung up on a favorite. Each one has given me a different, thought-provoking experience. 

What was the first car you owned?
The first car I owned was a 1980 Pontiac 6000.  

How long have you been at Heartland Trust?
I started at HTC on July 13, 2022. 

What is your favorite part about working at Heartland Trust?
Heartland Trust is a place that treats people with respect and dignity. This holds true in the way the company treats employees, employees treat customers, and co-workers treat each other. Companies often spend a lot of time promoting their corporate culture, but I’ve found the companies with the best corporate culture show it and that is certainly true of Heartland Trust. 

Heartland TrustMeet: Tim Rensch
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On a Mission

Brian Halverson, President

Most businesses have a mission statement that guides them in their day-to-day responsibilities and directs their decision-making process. Think of it as how a business speaks to the purpose and understanding of what they do.  

Heartland Trust Company’s mission is “To provide a lifelong commitment to the well-being of those we serve.” It’s intended to be clean, precise, and all-encompassing. We use it to guide our decisions from the types of accounts we administer and the benefits we offer our employees to how we serve our community. 

We want our clients to have a strong sense of financial well-being so they are prepared for the next phases in their life. We want our employees to have a work environment that is motivating and joyful. We want the communities we live in to be vibrant and successful. 

Our IRA and investment account clients at Heartland Trust Company know we are going through a conversion with one of our vendors. This change has been thought through, discussed, and researched for years. We have experienced growth in both those we serve and the size of our team. At the root of this vendor change is our commitment to the well-being of those we serve. 

We want to work smarter, not harder, so we can stay focused on our mission and prioritize the things that matter most to us: our clients, our team, and our communities. 

Brian Halverson - President & CEOOn a Mission
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Year-End Tax Planning

Adapted from Broadridge Investor Communication Services

As the end of the year approaches, it’s time to consider strategies that could help you reduce your tax bill. But most tax tips, suggestions, and strategies are of little practical help without a good understanding of your current tax situation. This is particularly true for year-end planning. You can’t know where to go next if you don’t know where you are now.

So take a break from the usual fall chores and pull out last year’s tax return, along with your current pay stubs and account statements. Doing a few quick projections will help you estimate your present tax situation and identify any glaring issues you’ll need to address while there’s still time.

When it comes to withholding, don’t shortchange yourself

If you project that you’ll owe a substantial amount when you file this year’s income tax return, ask your employer to increase your federal income tax withholding amounts. If you have both wage and consulting income and are making estimated tax payments, there’s an added benefit to doing this: Even though the additional withholding may need to come from your last few paychecks, it’s generally treated as having been withheld evenly throughout the year. This may help you avoid paying an estimated tax penalty due to underwithholding.

Of course, if you’ve significantly overpaid your taxes and estimate you’ll be receiving a large refund, you can reduce your withholding accordingly, putting money back in your pocket this year instead of waiting for your refund check to come next year.

Will you suffer the alternative?

Originally intended to prevent the very rich from using “loopholes” to avoid paying taxes, the alternative minimum tax (AMT) now reaches further into the ranks of middle-income taxpayers. The AMT is governed by a separate set of rules that exist in parallel to those for the regular income tax system. These rules disallow certain deductions that you are allowed to include in computing your regular income tax liability, and treat specific items, such as incentive stock options, differently. As a result, AMT liability may be triggered by such items as:

  • The standard deduction
  • Large deductions for state, local, personal property, and real estate taxes
  • Exercising incentive stock options

So when you sit down to project your taxes, calculate your regular income tax on Form 1040, and then consider your potential AMT liability using Form 6251. If it appears you’ll be subject to the AMT, you’ll need to take a very different planning approach during the last few months of the year. Even some of the most basic year-end tax planning strategies can have unintended consequences under AMT rules. For example, accelerating certain deductions into this year may prove counterproductive since AMT rules may require you to add them back into your income. If you think AMT is going to be a factor, consider talking to a tax professional about your specific tax situation.

Timing is everything

The last few months of the year may be the time to consider delaying or accelerating income and deductions, taking into consideration the impact on both this year’s taxes and next. If you expect to be in a different tax bracket next year, doing so may help you minimize your tax liability. For instance, if you expect to be in a lower tax bracket next year, you might want to postpone income from this year to next so that you will pay tax on it next year instead. At the same time, you may want to accelerate your deductions in order to pay less tax this year.

To delay income to the following year, you might be able to:

  • Defer year-end bonuses
  • Defer the sale of capital gain property (or take installment payments rather than a lump-sum payment)
  • Postpone receipt of distributions (other than required minimum distributions) from retirement accounts

To accelerate deductions into this year:

  • Consider paying medical expenses in December rather than January, if doing so will allow you to qualify for the medical expense deduction
  • Prepay deductible interest
  • Make alimony payments early
  • Make next year’s charitable contributions this year

The gifts that give back

If you itemize your deductions, consider donating money or property to charity before the end of the current tax year in order to increase the amount you can deduct on your taxes. As an aside, now is also a good time to consider making noncharitable gifts. You may give up to $16,000 (in 2022; twice that amount for a married couple) to as many individuals as you want without incurring any federal gift tax consequences. If you gift an appreciated asset, you won’t have to pay tax on the gain; any tax is deferred until the recipient of your gift disposes of the property.

Postpone the inevitable

To reduce your taxable income this year, consider maximizing pretax contributions to an employer-sponsored retirement plan such as a 401(k). You won’t be taxed on the contributions you make now, and you may be in a lower tax bracket when you do eventually withdraw the funds and report the income. (Note that if you take withdrawals from the plan before age 59½, you’ll generally be subject to a 10% penalty tax in addition to any income tax due, unless an exception applies.)

If you qualify, you might also consider making either a tax-deductible contribution to a traditional IRA or an after-tax contribution to a Roth IRA. In the first instance, a current income tax deduction effectively defers income — and its taxation — to future years (as with a retirement plan, an additional 10% penalty tax will apply to withdrawals made prior to age 59½ in addition to any income tax due, unless an exception applies); in the second, while there’s no current tax deduction allowed, qualifying distributions you take later will be tax free. You’ll generally have until the due date of your federal income tax return to make these contributions.

Tax planning can be complicated. Consider seeking the assistance of a tax professional to determine what year-end tax planning moves, if any, are right for your individual circumstances.

Heartland TrustYear-End Tax Planning
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HTC Team News and Honors

Our team wrapped up our 2022-23 United Way Campaign with a great event featuring taco in a bag, a dunk tank and lots of laughs. Thanks to our brave dunk tank victims: Brian Halverson, Dustin Sobolik, Jana Samek, Jon Benson, Mary Fridgen, and Naomi Schempp!

This fall, HTC team members enjoyed an old-fashioned picnic complete with food and games. Thanks to our amazing event organizers: Amy Remmick, Brian Halverson, Missy Zarak, Monica Millette and Kayla Kranda. What a fun afternoon of team building and fun!

Our Retirement Services team held their annual Retirement Insight event in October. Dustin Sobolik led a presentation on financial planning and Clay Leveritt from American Funds gave us an informative market update.

Heartland TrustHTC Team News and Honors
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Meet Jace Gilleshammer

Jace Gilleshammer – IT Coordinator

Jace Gilleshammer is our IT Coordinator. He recently returned to the Fargo area and we are excited that he is part of our Heartland Trust team. 

Tell us about yourself. 

I was born in Grafton, North Dakota, and spent my schooling years here in north Fargo. A few years after high school I moved to Minneapolis to further my career, which led me on a path to Arizona where I spent the last 13 years. It was there that I met my wife. We have two daughters and couldn’t be more pleased to have our oldest in kindergarten here in the Fargo school system. We are very excited to raise our family in Fargo and to be a part of this community. 

What do you like to do in your spare time? 

I have two kids under 6 so I don’t understand that question anymore. I have really enjoyed getting back to the lakes, playing with my kids on grass instead of rock, and planting a garden again. There’s something soothing about getting some garden dirt under your fingernails.

Tell us about your favorite life experience. 

Nothing will ever compare to the joy and happiness I experienced while being present for the birth of my two daughters. Before that, my favorite experience was my first time flying an airplane. I grew up a super fan of aviation and my biggest childhood (and current) dream is to land on an aircraft carrier. I grew up directly off the east end of the Fargo Jet Center runway so I used to sit and watch planes take off and land all day long. To this day I always look up anytime I hear an aircraft engine.

What is your favorite movie/play/book? 

I don’t have a specific one to point out; however, the one I’ve spent the most time with was The Complete Encyclopedia of World Aircraft. More than 900 pages of just about any aircraft you can think of.

What was the first car you owned? 

 It was a 1986 Dodge 600 SE in faded brown with a red velvety interior. I got it in the summer after my freshman year at Ben Franklin so you can imagine how excited my friends and I were to get our first taste of freedom heading into high school.

If you could meet one person, dead or alive, who would it be and why?

Nikola Tesla. Our technological world wouldn’t be half of what it is if it weren’t for his ideas that pushed boundaries. It would be fun to discuss how his ideas, typically deemed too far-fetched for his place in time, have molded where we are on a global scale today. Look up some of his inventions and see all he was responsible for.

How long have you been at Heartland Trust? 

I’ve been here four months, and I’m delighted to say that I already feel like I am part of a new family. From day one everyone here has been more than willing to help me feel welcome.

What is your favorite part about working at Heartland Trust? 

While my funny answer would be the popcorn, my favorite part about working at Heartland is the people. You’ll meet some of the kindest and most caring individuals here.

Do you have a favorite recipe you would like to share?

It’s my mom’s homemade spaghetti sauce and, unfortunately, I have no clue what was in it other than a sprinkle of love and a touch of sugar and spice. But if I had to eat only one thing for the rest of my life, that would be it.

Heartland TrustMeet Jace Gilleshammer
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