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TheStreet Open House

Heritage Financial Group Reports Third Quarter Results

The Company's total assets at September 30, 2010, increased 45% to $683,324,000 from $470,458,000 at September 30, 2009. Gross loans were $413,980,000 at September 30, 2010, up 38% from $299,296,000 in the year-earlier quarter. Deposits rose 66% to $535,392,000 at September 30, 2010, from $322,311,000 at September 30, 2009. Total shareholders' equity was $63,085,000 at September 30, 2010, versus $62,823,000 at the end of the third quarter of 2009.

Heritage Financial Group is the mid-tier holding company for HeritageBank of the South, a community-oriented bank serving primarily South Georgia and North Central Florida through 16 full-service banking offices. As of September 30, 2010, the Company reported total assets of approximately $683 million and total stockholders' equity of approximately $63 million. For more information about the Company, visit HeritageBank of the South on the Web at www.eheritagebank.com and see Investor Relations under About Us.

Heritage, MHC, a mutual holding company formed in 2002, holds approximately 76% of the shares of Heritage Financial Group. The remaining 24% of Heritage Financial Group's shares are held by public stockholders.

Except for historical information contained herein, the matters included in this news release and other information in the Company's filings with the Securities and Exchange Commission may contain certain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995 and include this statement for purposes of these safe harbor provisions. Further information concerning the Company and its business, including additional factors that could materially affect our financial results, is included in our other filings with the SEC.

A registration statement relating to the securities being offered in the second-step offering of the Company has been filed with the SEC. This news release is not an offer to sell or the solicitation of an offer to buy common stock, which is made only pursuant to a prospectus, nor shall there be any sale of common stock in any state in which such offer, solicitation or sale would be unlawful before registration or qualification under the securities laws of any such state.

       

HERITAGE FINANCIAL GROUP

Unaudited Reconciliation of Net Income to Adjusted Net Income

(In thousands, except per share amounts)

 
 

Third Quarter Ended September 30,

Nine Months Ended September 30,

2010   2009 2010   2009
Net income (loss) as reported $ (443 ) $ (467 ) $ 484 $ 82

Impairment of intangible asset (Florida bank charter), net of tax

  709     --     709   --
Adjusted earnings $ 266   $ (467 ) $ 1,193 $ 82

Diluted earnings per share

$ (0.04 ) $ (0.05 ) $ 0.05 $ 0.01

Impairment of intangible asset (Florida bank charter), net of tax

  0.07     --     0.07   --
Adjusted earnings per diluted share $ 0.03   $ (0.05 ) $ 0.12 $ 0.01
 

Net Income and Diluted Earnings Per Share are presented in accordance with Generally Accepted Accounting Principles (GAAP). Adjusted Net Income and Adjusted Diluted Earnings Per Share are non-GAAP financial measures. The Company believes that these non-GAAP measures aid in understanding and comparing current-year and prior-year results, both of which include unusual items of different natures. These non-GAAP measures should be viewed in addition to, and not as a substitute for, the Company’s reported results.

     

Reconciliation of Shareholders' Equity and Total Assets to Tangible Common Equity and Tangible Assets, Including Calculation of Tangible Common Equity Ratio (Unaudited)

(Dollars in thousands)

 
 

Sept. 30, 2010

Dec. 31, 2009

Sept. 30, 2009

Total shareholders' equity $ 63,085 $ 60,817 $ 62,823
Less intangible assets 1,489 1,571 1,000
Tangible common equity $ 61,596 $ 59,246 $ 61,823
 
Total assets $ 683,324 $ 571,948 $ 470,458
Less intangible assets 1,489 1,571 1,000
Tangible assets $ 681,835 $ 570,377 $ 469,458
 
Total shareholders' equity to total assets 9.2% 10.6% 13.4%
Tangible common equity to tangible assets 9.0% 10.4% 13.2%
 

Total Shareholders' Equity and Total Assets are presented in accordance with Generally Accepted Accounting Principles (GAAP). Tangible Common Equity and Tangible Assets are non-GAAP financial measures. The Company provides these balances and resulting Tangible Common Equity Ratio, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy.

   

Unaudited Financial Highlights

(In thousands, except per share amounts)

 
 

Third Quarter Ended September 30,

Nine Months Ended September 30,

2010   2009 2010   2009
Interest income $ 7,396 $ 5,685 $ 20,699 $ 17,566
Interest expense   2,290     1,979     6,488     6,879  
Net interest income 5,106 3,706 14,211 10,687
Provision for loan losses   950     2,500     2,100     3,800  

Net interest income after provision for loan losses

4,156 1,206 12,111 6,887
Noninterest income 2,478 2,244 6,245 5,928
Noninterest expense   7,779     4,450     18,508     13,307  
Income before income taxes (1,145 ) (1,000 ) (152 ) (492 )
Income tax (benefit) expense   (702 )   (533 )   (636 )   (574 )
Net income $ (443 ) $ (467 ) $ 484   $ 82  
Net income per share:
Basic $ (0.04 ) $ (0.05 ) $ 0.05   $ 0.01  
Diluted $ (0.04 ) $ (0.05 ) $ 0.05   $ 0.01  
Weighted average shares outstanding:
Basic   10,139     10,072     10,073     10,046  
Diluted   10,141     10,072     10,075     10,046  
Dividends declared per share $ 0.09   $ 0.08   $ 0.27   $ 0.24  
 
                                   

Sept. 30, 2010

Dec. 31, 2009

Sept. 30, 2009

Total assets $ 683,324 $ 571,948 $ 470,458
Cash and cash equivalents 33,275 14,922 12,680
Interest-bearing deposits in banks 10,579 43,236 5,075
Securities available for sale 161,798 120,527 101,338
Loans 413,980 334,139 299,296
Allowance for loan losses 6,534 6,060 8,028
Total deposits 535,392 426,607 322,311
Federal Home Loan Bank advances 42,500 42,500 42,500
Shareholders' equity 63,085 60,817 62,823
 
       
Heritage Financial Group
Third Quarter 2010 Earnings Release Supplement
(Dollars in thousands)
 
 
Third Quarter Ended For the nine months ended
September 30, September 30,
2010 2009 2010 2009
Income Statement Data

Interest income

Loans $ 6,142 $ 4,600 $ 17,225 $ 13,722
Securities - taxable 1,006 781 2,572 2,921
Securities - nontaxable 212 296 749 882
Federal funds sold 11 7 38 40
Interest bearing deposits in banks   25     1     115     1  
Total interest income   7,396     5,685     20,699     17,566  

Interest expense

Deposits 1,631 1,479 4,668 5,050
Other borrowings   659     500     1,820     1,829  
Total interest expense   2,290     1,979     6,488     6,879  
Net interest income 5,106 3,706 14,211 10,687
Provision for loan losses   950     2,500     2,100     3,800  
Net interest income after provision for loan losses

 

  4,156     1,206     12,111     6,887  

Non-interest income

Service charges on deposit accounts 1,112 951 2,918 2,595
Other service charges, fees & commissions 643 338 1,511 1,061
Brokerage fees 253 252 733 662
Mortgage origination fees 227 66 337 275
Bank owned life insurance 153 155 459 465
Gain (loss) on sale of securities 71 469 230 836
Impairment loss on securities - - - -
Other   19     13     57     34  
Total non-interest income   2,478     2,244     6,245     5,928  

Non-interest expense

Salaries and employee benefits 3,446 2,296 8,985 6,720
Equipment 304 221 810 760
Occupancy 424 312 1,059 901
Advertising & marketing 166 147 410 345
Legal & accounting 112 118 440 391
Consulting & other professional fees 71 70 208 222
Director fees & retirement 142 155 419 461
Telecommunications 132 53 304 169
Supplies 98 46 251 131
Data processing fees 604 431 1,596 1,145

(Gain) loss on sale and write-downs of other real estate owned

- 80 (343 ) 384
Foreclosed asset expenses 181 78 779 172
FDIC insurance and other regulatory fees 283 136 682 501
Impairment loss on intangible assets 1,000 - 1,000 -
Other operating   816     307     1,908     1,005  
Total non-interest expense   7,779     4,450     18,508     13,307  
Income before taxes (1,145 ) (1,000 ) (152 ) (492 )
Applicable income tax (benefit)   (702 )   (533 )   (636 )   (574 )
Net income $ (443 ) $ (467 ) $ 484   $ 82  
 
Weighted average shares - basic 10,139 10,072 10,073 10,046
Weighted average shares - diluted 10,141 10,072 10,075 10,046
 
Basic earnings per share $ (0.04 ) $ (0.05 ) $ 0.05 $ 0.01
Diluted earnings per share (0.04 ) (0.05 ) 0.05 0.01
Cash dividend declared per share 0.09 0.08 0.27 0.24
 
       
Heritage Financial Group
Third Quarter 2010 Earnings Release Supplement
(Dollars in thousands)
 
 
For the nine months ended
September 30,
2010 2009
Balance Sheet Data (at period end)
Total loans $ 413,980 $ 299,296
Allowance for loan losses 6,534 8,028
Intangible assets 1,489 1,000
Total assets 683,324 470,458
Non-interest bearing deposits 48,014 18,811
Interest bearing deposits 487,378 303,500
Federal home loan bank advances 42,500 42,500

Federal funds purchased and securities sold under agreement to repurchase

35,092 35,211
Stockholders' equity 63,085 62,823
 
Total shares outstanding 11,454 11,452
Less treasury shares   1,056     1,042  
Net shares outstanding   10,398     10,410  
 
Shares held by Heritage, MHC 7,869 7,869
Unearned ESOP shares 209 253
 
Book value per share $ 6.19 $ 6.19
Tangible book value per share (non-GAAP) 6.05 6.09
Market value per share 8.42 8.28
 
 
Third Quarter Ended For the nine months ended
September 30, September 30,
2010 2009 2010 2009
Average Balance Sheet Data
Average interest bearing deposits in banks $ 19,003 $ 751 $ 31,130 $ 585
Average federal funds sold 17,320 11,746 19,569 20,934
Average investment securities 158,781 109,338 129,841 117,980
Average loans 397,421 296,800 366,091 297,289

Average mortgage loans held for sale

595 - 209 -
Average earning assets 593,120 418,635 546,840 436,788
Average assets 676,789 471,517 621,386 490,066
Average noninterest bearing deposits 48,258 21,212 38,724 20,097
Average interest bearing deposits 480,785 302,408 435,600 309,411
Average total deposits 529,043 323,620 474,324 329,508

Average federal funds purchased and securities sold under agreement to repurchase

34,607 35,903 33,718 42,208
Average Federal Home Loan Bank advances 42,500 42,500 42,500 48,833
Average interest bearing liabilities 557,892 380,811 511,818 400,452
Average stockholders' equity 62,983 62,975 62,126 63,089
 
Performance Ratios
Annualized return on average assets -0.26 % -0.40 % 0.10 % 0.02 %
Annualized return on average equity -2.81 % -2.97 % 1.04 % 0.17 %
Net interest margin 3.50 % 3.68 % 3.57 % 3.41 %
Net interest spread 3.40 % 3.49 % 3.46 % 3.22 %
Efficiency ratio 102.57 % 74.79 % 90.48 % 80.09 %
 
Capital Ratios
Average stockholders' equity to average assets 9.31 % 13.36 % 10.00 % 12.87 %
Tangible equity to tangible assets (non-GAAP) 9.03 % 13.17 % 9.03 % 13.17 %
Tier 1 leverage ratio 8.7 % 13.2 % 8.7 % 13.2 %
Tier 1 risk-based capital ratio 13.3 % 18.0 % 13.3 % 18.0 %
Total risk-based capital ratio 14.5 % 19.3 % 14.5 % 19.3 %
 
Other Information
Full-time equivalent employees 206 117 206 117
Number of full-service offices 16 8 16 8
 
         
Heritage Financial Group
Third Quarter 2010 Earnings Release Supplement
(Dollars in thousands)
 
 
Five Quarter Comparison
9/30/09 12/31/09 3/31/10 6/30/10 9/30/10
Income Statement Data

Interest income

Loans $ 4,600 $ 4,834 $ 5,320 $ 5,763 $ 6,142
Securities - taxable 781 682 776 790 1,006
Securities - nontaxable 296 292 298 239 212
Federal funds sold 7 14 9 18 11
Interest bearing deposits in banks   1     13     44     45     25  
Total interest income   5,685     5,835     6,447     6,855     7,396  

Interest expense

Deposits 1,479 1,422 1,524 1,512 1,631
Other borrowings   500     492     513     647     659  
Total interest expense   1,979     1,914     2,037     2,159     2,290  
Net interest income 3,706 3,921 4,410 4,696 5,106
Provision for loan losses   2,500     3,700     500     650     950  
Net interest income after provision for loan losses   1,206     221     3,910     4,046     4,156  

Non-interest income

Service charges on deposit accounts 951 950 824 982 1,112
Other service charges, fees & commissions 338 345 403 466 643
Brokerage fees 252 252 222 257 253
Mortgage origination fees 66 68 38 71 227
Bank owned life insurance 155 156 152 154 153
Gain (loss) on sale of securities 470 73 152 8 71
Impairment loss on securities - - - - -
Other   12     15     21     17     19  
Total non-interest income   2,244     1,859     1,812     1,955     2,478  

Non-interest expense

Salaries and employee benefits 2,296 2,177 2,565 2,974 3,446
Equipment 221 225 255 252 304
Occupancy 312 297 306 329 424
Advertising & marketing 147 94 120 124 166
Legal & accounting 118 102 149 179 112
Consulting & other professional fees 70 74 71 66 71
Director fees & retirement 155 92 139 139 142
Telecommunications 53 70 69 103 132
Supplies 46 47 58 96 98
Data processing fees 431 461 481 511 604

(Gain) loss on sale and write-downs of other real estate owned

80 38 (231 ) (112 ) -
Foreclosed asset expenses 78 86 171 427 181
FDIC insurance and other regulatory fees 136 371 170 228 283
Impairment loss on premises held for sale - 502 - - 1,000
Other operating   307     328     382     710     816  
Total non-interest expense   4,450     4,964     4,705     6,026     7,779  
Income (loss) before taxes (1,000 ) (2,884 ) 1,017 (25 ) (1,145 )
Applicable income tax (benefit)   (533 )   (1,148 )   219     (153 )   (702 )
Net income (loss) $ (467 ) $ (1,736 ) $ 798   $ 128   $ (443 )
 
Weighted average shares - basic 10,072 10,053 10,081 10,110 10,139
Weighted average shares - diluted 10,072 10,053 10,081 10,112 10,141
 
Basic earnings (loss) per share $ (0.05 ) $ (0.17 ) $ 0.08 $ 0.01 $ (0.04 )
Diluted earnings (loss) per share (0.05 ) (0.17 ) 0.08 0.01 (0.04 )
Cash dividend declared per share 0.08 0.08 0.09 0.09 0.09
 
         
Heritage Financial Group
Third Quarter 2010 Earnings Release Supplement
(Dollars in thousands)
 
 
Five Quarter Comparison
9/30/09 12/31/09 3/31/10 6/30/10 9/30/10
Balance Sheet Data (at period end)
Total loans $ 299,296 $ 334,138 $ 342,495 $ 388,737 $ 413,980
Allowance for loan losses 8,028 6,060 5,816 6,027 6,534
Intangible assets 1,000 1,571 1,540 2,604 1,489
Total assets 470,458 571,948 574,363 661,876 683,324
Non-interest bearing deposits 18,811 28,882 28,375 46,221 48,014
Interest bearing deposits 303,500 397,724 400,028 469,491 487,378
Federal home loan bank advances 42,500 42,500 42,500 42,500 42,500

Federal funds purchased and securities sold under agreement to repurchase

35,211 32,843 32,778 33,954 35,092
Stockholders' equity 62,823 60,817 61,615 62,359 63,085
 
Total shares outstanding 11,452 11,454 11,454 11,454 11,454
Less treasury shares   1,042     1,055     1,055     1,056     1,056  
Net shares outstanding   10,410     10,399     10,399     10,398     10,398  
 
Shares held by Heritage, MHC 7,869 7,869 7,869 7,869 7,869
Unearned ESOP shares 253 242 231 220 209
 
Book value per share $ 6.19 $ 5.99 $ 6.06 $ 6.13 $ 6.19
Tangible book value per share (non-GAAP) 6.09 5.83 5.91 5.87 6.05
Market value per share 8.28 7.25 12.08 10.82 8.42
 
 
Five Quarter Comparison
9/30/09 12/31/09 3/31/10 6/30/10 9/30/10
Average Balance Sheet Data
Average interest bearing deposits in banks $ 751 $ 5,954 $ 33,419 $ 37,193 $ 31,130
Average federal funds sold 11,746 21,607 14,002 20,693 19,569
Average investment securities 109,338 103,410 117,578 115,370 129,841
Average loans 296,800 305,694 336,801 350,438 366,091
Average earning assets 418,635 436,665 501,800 523,694 546,631
Average assets 471,517 494,889 569,898 593,696 621,386
Average noninterest bearing deposits 21,212 23,208 29,171 33,957 38,724
Average interest bearing deposits 302,408 325,547 395,033 413,008 435,600
Average total deposits 323,620 348,755 424,204 446,965 474,324

Average federal funds purchased and securities sold under agreement to repurchase

35,903 33,827 33,048 33,273 33,718
Average Federal Home Loan Bank advances 42,500 42,572 42,500 42,500 42,500
Average interest bearing liabilities 380,811 401,946 470,581 488,781 511,818
Average stockholders' equity 62,975 63,067 61,145 61,699 62,126
 
Performance Ratios
Annualized return on average assets -0.40 % -1.40 % 0.56 % 0.62 % -0.29 %
Annualized return on average equity -2.97 % -7.28 % 5.22 % 6.00 % -2.85 %
Net interest margin 3.68 % 3.72 % 3.68 % 3.61 % 3.57 %
Net interest spread 3.49 % 3.57 % 3.57 % 3.50 % 3.46 %
Efficiency ratio 74.79 % 85.88 % 75.62 % 83.36 % 102.57 %
 
Capital Ratios
Average stockholders' equity to average assets 13.4 % 12.7 % 10.7 % 10.4 % 10.0 %
Tangible equity to tangible assets (non-GAAP) 13.2 % 10.4 % 10.5 % 9.2 % 9.0 %
Tier 1 leverage ratio 13.2 % 11.2 % 9.3 % 9.3 % 8.7 %
Tier 1 risk-based capital ratio 18.0 % 14.2 % 14.0 % 14.0 % 13.3 %
Total risk-based capital ratio 19.3 % 15.5 % 15.3 % 15.3 % 14.5 %
 
Other Information
Full-time equivalent employees 117 134 139 194 206
Number of full-service offices 8 10 10 16 16
 
         
Heritage Financial Group
Third Quarter 2010 Earnings Release Supplement
(Dollars in thousands)
 
 
Third Quarter Ended For the nine months ended
Total Portfolio September 30, September 30,
2010 2009 2010 2009
Loans by Type
Construction and land loans $ 25,636 $ 31,585 $ 25,636 $ 31,585
Farmland loans 21,689 7,101 21,689 7,101
Permanent 1 - 4 129,188 75,182 129,188 75,182
Permanent 1 - 4 - junior liens and revolving 27,352 23,556 27,352 23,556
Multifamily 13,754 10,899 13,754 10,899
Nonresidential 112,257 67,771 112,257 67,771
Commercial business loans 51,343 44,778 51,343 44,778
Consumer and other loans 33,244 38,424 33,244 38,424
Fair market value adjustments   (483 )   0     (483 )   0  
  413,980     299,296     413,980     299,296  
 
Asset Quality Data
Allowance for loan losses to total loans 1.58 % 2.68 % 1.58 % 2.68 %
Allowance for loan losses to average loans 1.64 % 2.70 % 1.78 % 2.70 %
Allowance for loan losses to non-performing loans 53.56 % 61.80 % 53.56 % 61.80 %
Accruing past due loans $ 899 $ 1,277 $ 899 $ 1,277
Nonaccrual loans 12,199 12,990 12,199 12,990
Loans - 90 days past due & still accruing - - - -
Total non-performing loans 12,199 12,990 12,199 12,990
OREO and repossessed assets 2,787 898 2,787 898
Total non-performing assets 14,986 13,888 14,986 13,888
Non-performing loans to total loans 2.95 % 2.66 % 2.95 % 4.34 %
Non-performing assets to total assets 2.19 % 1.63 % 2.19 % 2.95 %
Net charge-offs to average loans (annualized) 0.45 % 0.29 % 0.59 % 0.32 %
Net charge-offs $ 443 $ 219 $ 1,626 $ 723
 
 
Five Quarter Comparison
9/30/09 12/31/09 3/31/10 6/30/10 9/30/10
Loans by Type
Construction and land loans $ 31,585 $ 31,474 $ 24,193 $ 25,427 $ 25,636
Farmland loans 7,101 16,387 20,403 22,409 21,689
Permanent 1 - 4 75,182 86,511 92,241 115,372 129,188
Permanent 1 - 4 - junior liens and revolving 23,556 25,930 25,395 28,163 27,352
Multifamily 10,899 12,257 10,254 12,684 13,754
Nonresidential 67,771 81,046 88,476 104,469 112,257
Commercial business loans 44,778 48,578 47,081 47,876 51,343
Consumer and other loans 38,424 39,183 35,397 34,911 33,244
Fair market value adjustments   -     (7,228 )   (945 )   (2,574 )   (483 )
  299,296     334,138     342,495     388,737     413,980  
 
Asset Quality Data
Allowance for loan losses to total loans 2.68 % 1.81 % 1.70 % 1.55 % 1.58 %
Allowance for loan losses to average loans 2.70 % 1.98 % 1.73 % 1.66 % 1.64 %
Allowance for loan losses to non-performing loans 61.80 % 71.61 % 89.23 % 80.21 % 53.56 %
Accruing past due loans $ 1,277 $ 3,247 $ 1,810 $ 2,498 $ 899
Nonaccrual loans 12,990 8,463 6,518 7,514 12,199
Loans - 90 days past due & still accruing - - - - -
Total non-performing loans 12,990 8,463 6,518 7,514 12,199
OREO and repossessed assets 898 1,795 3,567 3,019 2,787
Total non-performing assets 13,888 10,258 10,085 10,533 14,986
Non-performing loans to total loans 4.34 % 2.53 % 1.90 % 1.93 % 2.95 %
Non-performing assets to total assets 2.95 % 1.79 % 1.76 % 1.59 % 2.19 %
Net charge-offs to average loans (annualized) 0.29 % 7.42 % 0.88 % 0.48 % 0.45 %
Net charge-offs $ 219 $ 5,667 $ 744 $ 439 $ 443
 
         
Heritage Financial Group
Third Quarter 2010 Earnings Release Supplement
(Dollars in thousands)
 
 
Third Quarter Ended For the nine months ended
Core Portfolio September 30, September 30,
2010 2009 2010 2009
Loans by Type
Construction and land loans $ 23,257 $ 31,585 23,257 31,585
Farmland loans 13,421 7,101 13,421 7,101
Permanent 1 - 4 96,709 75,182 96,709 75,182
Permanent 1 - 4 - junior liens and revolving 21,191 23,556 21,191 23,556
Multifamily 10,845 10,899 10,845 10,899
Nonresidential 95,854 67,771 95,854 67,771
Commercial business loans 42,377 44,778 42,377 44,778
Consumer and other loans 26,397 38,424 26,397 38,424
Fair market value adjustments   -     -     -     -  
$ 330,051   $ 299,296     330,051     299,296  
 
Asset Quality Data
 
Accruing past due loans $ 641 $ 1,277 641 $ 1,277
Nonaccrual loans 10,854 12,990 10,854 12,990
Loans - 90 days past due & still accruing - - - -
Total non-performing loans 10,854 12,990 10,854 12,990
OREO and repossessed assets 2,551 898 2,551 898
Total non-performing assets 13,405 13,888 13,405 13,888
Non-performing loans to total loans 3.29 % 4.34 % 3.29 % 4.34 %
 
 
Net charge-offs $ 443 $ 219 $ 1,626 $ 723
 
 
Five Quarter Comparison
9/30/09 12/31/09 3/31/10 6/30/10 9/30/10
Loans by Type
Construction and land loans $ 31,762 $ 28,002 $ 22,021 $ 22,030 $ 23,257
Farmland loans 7,101 9,013 12,955 13,039 13,421
Permanent 1 - 4 75,182 81,255 87,552 89,888 96,709
Permanent 1 - 4 - junior liens and revolving 23,556 17,313 17,055 16,915 21,191
Multifamily 10,899 11,650 9,779 9,896 10,845
Nonresidential 67,771 71,013 80,887 80,436 95,854
Commercial business loans 44,778 45,785 44,440 42,903 42,377
Consumer and other loans 38,424 34,981 31,663 29,611 26,397
Fair market value adjustments   -     -     -     -     -  
  299,473     299,012     306,352     304,718     330,051  
 
Asset Quality Data
 
Accruing past due loans $ 1,277 $ 1,826 $ 1,300 $ 369 $ 641
Nonaccrual loans 12,990 7,237 6,441 7,450 10,854
Loans - 90 days past due & still accruing - - - - -
Total non-performing loans 12,990 7,237 6,441 7,450 10,854
OREO and repossessed assets 898 1,190 3,253 2,782 2,551
Total non-performing assets 13,888 8,427 9,694 10,232 13,405
Non-performing loans to total loans, excluding purchased loans 4.34 % 2.42 % 2.10 % 2.44 % 3.29 %
 
 
Net charge-offs $ 219 $ 5,667 $ 744 $ 439 $ 443
 
         
Heritage Financial Group
Third Quarter 2010 Earnings Release Supplement
(Dollars in thousands)
 
 
Third Quarter Ended For the nine months ended
Purchased September 30, September 30,
2010 2009 2010 2009
Loans by Type
Construction and land loans $ 2,379 $ - $ 2,379 $ -
Farmland loans $ 8,268 - 8,268 -
Permanent 1 - 4 $ 32,479 - 32,479 -
Permanent 1 - 4 - junior liens and revolving $ 6,161 - 6,161 -
Multifamily $ 2,909 - 2,909 -
Nonresidential $ 16,403 - 16,403 -
Commercial business loans $ 8,966 - 8,966 -
Consumer and other loans $ 6,847 - 6,847 -
Fair market value adjustments $ (483 )   -     (483 )   -  
  83,929     -     83,929     -  
 
Asset Quality Data
 
Accruing past due loans 258 $ - 258 $ -
Nonaccrual loans 1,345 - 1,345 -
Loans - 90 days past due & still accruing 0 - - -
Total non-performing loans 1,345 - 1,345 -
OREO and repossessed assets 236 - 236 -
Total non-performing assets 1,581 - 1,581 -
Non-performing loans to total loans 1.60 % - 1.60 % -
 
 
Net charge-offs $ - - $ - -
 
 
Five Quarter Comparison
9/30/09 12/31/09 3/31/10 6/30/10 9/30/10
Loans by Type
Construction and land loans - $ 3,472 $ 2,172 $ 3,397 $ 2,379
Farmland loans - 7,374 7,448 9,370 8,268
Permanent 1 - 4 - 5,256 4,689 25,484 32,479
Permanent 1 - 4 - junior liens and revolving - 8,617 8,340 11,248 6,161
Multifamily - 607 475 2,788 2,909
Nonresidential - 10,033 7,589 24,033 16,403
Commercial business loans - 2,793 2,641 4,973 8,966
Consumer and other loans - 4,202 3,734 5,300 6,847
Fair market value adjustments -   (7,228 )   (945 )   (2,574 )   (483 )
-   35,126     36,143     84,019     83,929  
 
Asset Quality Data
 
Accruing past due loans - 1,421 510 2,129 $ 258
Nonaccrual loans - 1,226 77 64 1,345
Loans - 90 days past due & still accruing - 0 0 0 -
Total non-performing loans - 1,226 77 64 1,345
OREO and repossessed assets - 605 314 237 236
Total non-performing assets - 1,831 391 301 1,581
Non-performing loans to total purchased loans - 3.49 % 0.21 % 0.08 % 1.60 %
 
 
Net charge-offs - - - - -
 

Note:

Certain prior-period amounts have been reclassified to conform with current presentation.
For non-GAAP measures see reconciliation to closest GAAP measures contained in this press release.
 




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