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TheStreet Open House

Heritage Financial Group, Inc. Reports Second Quarter Net Loss Of $481,000 Or $0.06 Per Diluted Share

The non-accretable discount decreased to $67.3 million at the end of the second quarter of 2011 from $71.0 million on a linked-quarter basis, due primarily to net charge-offs for the FDIC-assisted loan portfolios and a transfer to accretable discount. The accretable discount increased to $4.1 million for the current quarter from $2.7 million for the first quarter of 2011, reflecting a transfer from non-accretable, while $224,000 in accretable discount was recognized as interest income for the current quarter.

Asset Quality

Total nonperforming loans, excluding loans acquired in FDIC-assisted acquisitions, were $8.6 million at June 30, 2011, down from $9.1 million at March 31, 2011. OREO and repossessed assets, excluding assets acquired in FDIC-assisted acquisitions, were $2.7 million at June 30, 2011, down from $3.2 million at March 31, 2011, reflecting primarily one OREO write-down of $490,000. Nonperforming loans to total loans, excluding loans acquired in FDIC-assisted acquisitions, decreased to 2.06% as of June 30, 2011, from 2.24% as of March 31, 2011. Net charge-offs to average outstanding loans, excluding loans acquired in FDIC-assisted acquisitions, on an annualized basis, were 0.26% for the second quarter of 2011 versus 2.80% for the first quarter of 2011. Although improvement was noted in nonperforming assets and net charge-offs, management believes nonperforming assets will likely remain at elevated levels, at least in the near term, as a result of the continued weakness in the economy.

On a linked-quarter basis, the provision for loan losses increased to $700,000 for the second quarter of 2011 from $600,000 for the first quarter of 2011, driven primarily by growth in the non-FDIC-assisted loan portfolio. At June 30, 2011, the allowance for loan losses represented 1.58% of total loans outstanding, excluding loans acquired in FDIC-assisted acquisitions, versus 1.51% at March 31, 2011.

About Heritage Financial Group, Inc. and HeritageBank of the South

Heritage Financial Group, Inc. is the holding company for HeritageBank of the South, a community-oriented bank serving primarily South Georgia and North Central Florida through 21 full-service branch locations and 10 mortgage offices. As of June 30, 2011, the Company reported total assets of approximately $964 million and total stockholders' equity of approximately $122 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.

Cautionary Note Regarding Forward Looking Statements

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.

 
 
 
 

 

 

HERITAGE FINANCIAL GROUP, INC.

Unaudited Reconciliation of Non-GAAP Measures Presented in Earnings Release

(In thousands, except per share amounts)

 
    Three Months Ended

June 30,

2011     2010
Total noninterest income $ 3,560 $ 1,955
Bargain purchase gain adjustment   117     --
Adjusted noninterest income $ 3,677   $ 1,955
 
Total noninterest expense $ 10,040 $ 6,026
Acquisition related expense   (474 )   --
Adjusted noninterest expense $ 9,566   $ 6,026
 
 
Net income (loss) as reported $ (481 ) $ 128
Bargain purchase gain & acquisition related expense, net of tax   385     --
Adjusted net income (loss) $ (96 ) $ 128
 
Diluted earnings (loss) per share $ (0.06 ) $ 0.02
Bargain purchase gain & acquisition related expense, net of tax   0.05     --
Adjusted diluted earnings (loss) per share $ (0.01 ) $ 0.02
 

Net Income (Loss) and Diluted Earnings (Loss) Per Share are presented in accordance with Generally Accepted Accounting Principles (GAAP). Adjusted Noninterest Income, Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) 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.

 
 
 
 
 
 
 

HERITAGE FINANCIAL GROUP, INC.

Unaudited Financial Highlights

(In thousands, except per share amounts)

 
   

Second Quarter Ended

June 30,

    Six Months Ended

June 30,

2011     2010 2011   2010
Interest income $ 9,109 $ 6,855 $ 17,733 $ 13,303
Interest expense   2,667     2,159     5,258   4,197
Net interest income 6,442 4,696 12,475 9,106
Provision for loan losses   700     650     1,300   1,150

Net interest income after provision for loan losses

5,742 4,046 11,175 7,956
Noninterest income 3,560 1,955 8,401 3,767
Noninterest expense   10,040     6,026     18,438   10,730
Income (loss) before income taxes (738 ) (25 ) 1,138 993
Income tax (benefit) expense   (257 )   (153 )   404   66
Net income (loss) $ (481 ) $ 128   $ 734 $ 927
Net income (loss) per share:
Basic* $ (0.06 ) $ 0.02   $ 0.09 $ 0.11
Diluted* $ (0.06 ) $ 0.02   $ 0.09 $ 0.11
Weighted average shares outstanding:
Basic   8,214     8,469     8,200   10,151
Diluted   8,215     8,471     8,202   10,153
Dividends declared per share* $ 0.03   $ 0.10   $ 0.03 $ 0.18
 
 
 
June 30,

2011

December 31,

2010

June 30,

2010

Total assets $ 963,571 $ 755,436 $ 661,876
Cash and cash equivalents 15,225 28,803 28,142
Interest-bearing deposits in banks 100,309 10,911 21,008
Securities available for sale 186,867 238,377 156,359
Loans 500,725 418,997 388,737
Allowance for loan losses 6,585 8,101 6,027
Total deposits 763,673 534,243 515,712
Federal Home Loan Bank advances 35,000 62,500 42,500
Stockholders' equity 122,038 119,340 62,359
 

* Prior-period share and per share data have been adjusted throughout this press release to reflect the 0.8377:1 conversion ratio used in conjunction with the completion of the Company's second-step offering on November 30, 2010.

 
 
 
 
 
 
 
Heritage Financial Group, Inc.
Second Quarter 2011 Earnings Release Supplement
(Dollars in thousands)
 
    Quarter Ended   Six Months Ended
June 30, June 30,
2011   2010 2011   2010
Income Statement Data

Interest income

Loans $ 7,564 $ 5,763 $ 14,709 $ 11,083
Loans held for sale 46 - 54 -
Securities - taxable 1,221 790 2,428 1,566
Securities - nontaxable 211 239 422 537
Federal funds sold 16 18 29 27
Interest-bearing deposits in banks   51     45     91     90  
Total interest income   9,109     6,855     17,733     13,303  

Interest expense

Deposits 1,983 1,512 3,831 3,036
Other borrowings   684     647     1,427     1,161  
Total interest expense   2,667     2,159     5,258     4,197  
Net interest income 6,442 4,696 12,475 9,106
Provision for loan losses   700     650     1,300     1,150  
Net interest income after provision for loan losses   5,742     4,046     11,175     7,956  

Non-interest income

Service charges on deposit accounts 1,222 982 2,273 1,806
Other service charges, fees & commissions 749 466 1,409 868
Brokerage fees 406 257 760 479
Mortgage origination fees 624 71 892 110
Bank owned life insurance 149 154 294 306
Gain on sale of securities 453 8 453 160
Bargain purchase gain (117 ) - 2,217 -
Other   42     17     71     38  
Total non-interest income   3,560     1,955     8,401     3,767  

Non-interest expense

Salaries and employee benefits 4,923 2,974 9,251 5,539
Equipment 428 252 779 507
Occupancy 536 329 981 636
Advertising & marketing 220 124 384 244
Legal & accounting 167 179 377 328
Consulting & other professional fees 198 66 377 137
Director fees & retirement 161 139 388 277
Telecommunications 204 103 349 173
Supplies 145 96 240 153
Data processing fees 615 511 1,133 991

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

535 (112 ) 937 (344 )
Foreclosed asset expenses 245 427 415 598
FDIC insurance and other regulatory fees 354 228 647 399
Acquisition related expenses 474 267 757 267
Other operating   835     443     1,423     825  
Total non-interest expense   10,040     6,026     18,438     10,730  
Income before taxes (738 ) (25 ) 1,138 993
Applicable income tax   (257 )   (153 )   404     66  
Net income $ (481 ) $ 128   $ 734   $ 927  
 
Weighted average shares - basic 8,214 8,469 8,200 8,457
Weighted average shares - diluted 8,215 8,471 8,202 8,458
 
Basic earnings per share $ (0.06 ) $ 0.02 $ 0.09 $ 0.11
Diluted earnings per share (0.06 ) 0.02 0.09 0.11
Cash dividend declared per share 0.03 0.10 0.03 0.11
 
 
 
 
 
 
 
 
Heritage Financial Group, Inc.
Second Quarter 2011 Earnings Release Supplement
(Dollars in thousands)
 
June 30,
2011 2010
Balance Sheet Data (Ending Balance)
Total loans $ 500,724 $ 388,737
Loans held for sale 5,579 448
Covered loans 60,427 -
Allowance for loan losses 6,585 6,027
Total foreclosed assets 9,693 3,019
Covered other real estate owned 6,968 -
FDIC loss-share receivable 58,152 -
Intangible assets 4,388 2,604
Total assets 963,571 661,876
Non-interest-bearing deposits 73,382 46,221
Interest-bearing deposits 690,291 469,491
Federal Home Loan Bank advances 35,000 42,500

Federal funds purchased and securities sold under agreement to repurchase

31,989 -33,954
Stockholders' equity 122,038 62,359
-
Total shares outstanding 8,713 9,595
Less treasury shares   -     885  
Net shares outstanding   8,713     8,710  
 
Shares held by Heritage, MHC - 6,592
Unearned ESOP shares 465 184
 
Book value per share $ 14.80 $ 7.31
Tangible book value per share (non-GAAP) 14.26 7.01
Market value per share 11.92 12.92
 
 
 
 
Quarter Ended Six Months Ended
June 30, June 30,
2011 2010 2011 2010
Average Balance Sheet Data
Average interest-bearing deposits in banks $ 44,525 $ 40,967 $ 30,338 $ 37,193
Average federal funds sold 20,447 27,384 22,279 20,693
Average investment securities 210,261 112,447 219,396 115,370
Average loans 501,929 364,052 479,390 350,426
Average mortgage loans held for sale 3,878 30 2,307 15
Average FDIC loss-share receivable 58,149 - 42,733 -
Average earning assets 781,040 544,880 753,710 523,697
Average assets 966,962 617,472 912,680 593,685
Average noninterest-bearing deposits 70,346 38,743 61,380 33,957
Average interest-bearing deposits 680,424 430,983 633,277 413,008
Average total deposits 750,770 469,726 694,657 446,965

Average federal funds purchased and securities sold under agreement to repurchase

31,664 33,498 31,616 33,273
Average Federal Home Loan Bank advances 54,143 42,500 57,946 42,500
Average interest-bearing liabilities 766,231 506,981 722,839 488,781
Average stockholders' equity 122,528 62,251 121,388 61,698
 
Performance Ratios
Annualized return on average assets -0.20 % 0.08 % 0.16 % 0.31 %
Annualized return on average equity -1.57 % 0.82 % 1.21 % 3.00 %
Net interest margin 3.36 % 3.55 % 3.39 % 3.61 %
Net interest spread 3.34 % 3.43 % 3.33 % 3.50 %
Efficiency ratio 100.38 % 90.60 % 88.32 % 83.35 %
 
Capital Ratios
Average stockholders' equity to average assets 12.67 % 10.08 % 13.30 % 10.39 %
Tangible equity to tangible assets (non-GAAP) 12.27 % 9.06 % 12.27 % 9.06 %
Tier 1 leverage ratio 12.4 % 9.4 % 12.4 % 9.4 %
Tier 1 risk-based capital ratio 22.2 % 13.6 % 22.2 % 13.6 %
Total risk-based capital ratio 23.4 % 14.9 % 23.4 % 14.9 %
 
Other Information
Full-time equivalent employees 295 194 295 194
Number of full-service offices 21 16 21 16
Mortgage loan offices 10 1 10 1
 
 
 
 
 
 
 
 
Heritage Financial Group, Inc.
Second Quarter 2011 Earnings Release Supplement
(Dollars in thousands)
 
Five Quarter Comparison for the Three Months Ended
6/30/11 3/31/11 12/31/10 9/30/10 6/30/10
Income Statement Data

Interest income

Loans $ 7,564 $ 7,145 $ 6,584 $ 6,136 $ 5,763
Loans held for sale 46 8 4 6 -
Securities - taxable 1,221 1,207 923 1,006 790
Securities - nontaxable 211 211 211 212 239
Federal funds sold 16 13 7 11 18
Interest-bearing deposits in banks   51     40     15     25     45  
Total interest income   9,109     8,624     7,740     7,396     6,855  

Interest expense

Deposits 1,983 1,848 1,092 1,631 1,512
Other borrowings   684     743     695     659     647  
Total interest expense   2,667     2,591     1,787     2,290     2,159  
Net interest income 6,442 6,033 5,953 5,106 4,696
Provision for loan losses   700     600     3,400     950     650  

Net interest income after provision for loan losses

  5,742     5,433     2,553     4,156     4,046  

Non-interest income

Service charges on deposit accounts 1,222 1,051 1,194 1,112 982
Other service charges, fees & commissions 749 660 553 643 466
Brokerage fees 406 354 337 253 257
Mortgage origination fees 624 268 270 227 71
Bank owned life insurance 149 145 151 153 154
Life insurance proceeds 32 - 916 - -
Gain on sale of securities 453 - 63 71 8
Bargain purchase gain (117 ) 2,334 2,722 - -
Other   42     29     32     19     17  
Total non-interest income   3,560     4,841     6,238     2,478     1,955  

Non-interest expense

Salaries and employee benefits 4,923 4,328 3,691 3,446 2,974
Equipment 428 351 320 304 252
Occupancy 536 445 452 424 329
Advertising & marketing 220 164 183 166 124
Legal & accounting 167 210 176 112 179
Consulting & other professional fees 198 179 156 71 66
Director fees & retirement 161 227 144 142 139
Telecommunications 204 145 213 132 103
Supplies 145 95 99 98 96
Data processing fees 615 518 594 604 511

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

535 402 326 - (112 )
Foreclosed asset expenses 245 170 234 181 427
FDIC insurance and other regulatory fees 354 293 242 283 228
Impairment loss on premises held for sale - - - - -
Impairment loss on intangible assets - - - 1,000 -
Acquisition related expenses 474 282 103 256 267
Other operating   835     589     607     560     443  
Total non-interest expense   10,040     8,398     7,540     7,779     6,026  
Income (loss) before taxes (738 ) 1,876 1,251 (1,145 ) (25 )
Applicable income tax (benefit)   (257 )   661     329     (702 )   (153 )
Net income (loss) $ (481 ) $ 1,215   $ 922   $ (443 ) $ 128  
 
Weighted average shares - basic 8,214 8,186 8,485 8,493 8,469
Weighted average shares - diluted 8,215 8,187 8,486 8,495 8,471
 
Basic earnings (loss) per share $ (0.06 ) $ 0.15 $ 0.11 $ (0.05 ) $ 0.02
Diluted earnings (loss) per share (0.06 ) 0.15 0.11 (0.05 ) 0.02
Cash dividend declared per share 0.03 0.03 0.11 0.11 0.11
 

 

 
 
 
 
 
 

Heritage Financial Group, Inc.

Second Quarter 2011 Earnings Release Supplement
(Dollars in thousands)
Five Quarter Comparison
6/30/11 3/31/11 12/31/10 9/30/10 6/30/10
Balance Sheet Data (at period end)
Total loans $ 500,724 $ 496,067 $ 418,997 $ 413,980 $ 388,737
Loans held for sale 5,579 2,642 225 700 448
Covered loans 60,427 62,372 - - -
Allowance for loan losses 6,585 6,138 8,101 6,534 6,027
Total foreclosed assets 9,693 10,577 3,689 2,787 3,019
Covered other real estate owned 6,968 7,361 - - -
FDIC loss-share receivable 58,152 58,174 - - -
Intangible assets 4,388 4,713 2,912 1,489 2,604
Total assets 963,571 951,918 755,436 683,324 661,876
Non-interest-bearing deposits 73,382 63,134 44,769 48,014 46,221
interest-bearing deposits 690,291 667,954 489,474 487,378 469,491
Federal home loan bank advances 35,000 60,000 62,500 42,500 42,500

Federal funds purchased and securities sold under agreement to repurchase

31,989 31,509 32,421 35,092 33,954
Stockholders' equity 122,038 121,331 119,340 63,085 62,359
 
Total shares outstanding 8,713 8,713 8,711 9,595 9,595
Less treasury shares   -     -     -     885     885  
Net shares outstanding   8,713     8,713     8,711     8,710     8,710  
 
Unearned ESOP shares 465 479 492 175 184
 
Book value per share $ 14.80 $ 14.74 $ 14.52 $ 7.39 $ 7.31
Tangible book value per share (non-GAAP) 14.26 14.16 14.17 7.22 7.01
Market value per share 11.92 12.73 12.42 10.05 12.92
 
 
 
 
Five Quarter Comparison
6/30/11 3/31/11 12/31/10 9/30/10 6/30/10
Average Balance Sheet Data
Average interest-bearing deposits in banks $ 44,525 $ 16,150 $ 10,910 $ 19,003 $ 40,967
Average federal funds sold 20,447 24,111 11,181 17,320 27,384
Average investment securities 210,261 228,530 179,682 158,781 112,447
Average loans 501,929 456,851 419,572 397,421 364,052
Average mortgage loans held for sale 3,878 737 315 595 30
Average FDIC Loss-Share Receivable 58,149 58,174 - - -
Average earning assets 777,162 725,642 621,345 593,120 544,880
Average assets 966,962 858,398 712,689 676,789 617,472
Average noninterest-bearing deposits 70,346 52,414 49,612 48,258 38,743
Average interest-bearing deposits 680,424 586,129 491,903 480,785 430,983
Average total deposits 750,770 638,543 541,515 529,043 469,726

Average federal funds purchased and securities sold under agreement to repurchase

31,664 31,568 35,234 34,607 33,498
Average Federal Home Loan Bank advances 54,143 61,749 44,435 42,500 42,500
Average interest-bearing liabilities 766,231 679,446 571,572 557,892 506,981
Average stockholders' equity 122,528 120,248 83,154 62,983 62,251
 
Performance Ratios
Annualized return on average assets -0.20 % 0.57 % 0.52 % -0.26 % 0.08 %
Annualized return on average equity -1.57 % 4.04 % 4.44 % -2.81 % 0.82 %
Net interest margin 3.36 % 3.42 % 3.88 % 3.50 % 3.55 %
Net interest spread 3.34 % 3.32 % 3.78 % 3.40 % 3.43 %
Efficiency ratio 100.38 % 77.23 % 61.85 % 102.57 % 90.60 %
 
Capital Ratios
Average stockholders' equity to average assets 12.67 % 14.01 % 11.67 % 9.31 % 10.08 %
Tangible equity to tangible assets (non-GAAP) 12.27 % 12.31 % 15.47 % 9.03 % 9.06 %
Tier 1 leverage ratio 12.4 % 13.4 % 16.1 % 8.7 % 9.4 %
Tier 1 risk-based capital ratio 22.2 % 23.3 % 25.1 % 13.4 % 13.6 %
Total risk-based capital ratio 23.4 % 24.5 % 26.4 % 14.7 % 14.9 %
 
Other Information
Full-time equivalent employees 295 273 217 206 194
Number of full-service offices 21 20 16 16 16
Mortgage loan offices 10 5 1 1 1
 
 
 
 
 
 
 
Heritage Financial Group, Inc.
Second Quarter 2011 Earnings Release Supplement
(Dollars in thousands)
         
Six Months Ended
June 30,
6/30/11 6/30/10
Loans by Type
Construction and land loans $ 26,688 $ 23,637
Farmland loans 13,276 14,702
Permanent 1 - 4 131,596 110,325
Permanent 1 - 4 - junior liens and revolving 26,140 27,178
Multifamily 12,755 12,601
Nonresidential 131,027 98,353
Commercial business loans 50,997 46,603
Consumer and other loans   23,592     32,684  
416,071 366,083
Loans acquired through FDIC-assisted acquisitions:
Non covered loans 24,227 22,654
Covered loans   60,427     -  
  500,725     388,737  
 
 
Asset Quality Data (excluding Loans acquired through FDIC-assisted acquisitions):
Allowance for loan losses to total loans 1.58 % 1.65 %
Allowance for loan losses to average loans 1.48 % 1.77 %
Allowance for loan losses to non-performing loans 76.67 % 80.21 %
Accruing past due loans $ 727 $ 2,498
Nonaccrual loans 8,589 7,514
Loans - 90 days past due & still accruing - -
Total non-performing loans 8,589 7,514
OREO and repossessed assets 2,725 3,019
Total non-performing assets 11,314 10,533
Non-performing loans to total loans 2.06 % 2.05 %
Non-performing assets to total assets 1.17 % 1.59 %
QTD Net charge-offs to average loans (annualized) 0.26 % 0.51 %
Net charge-offs QTD $ 253 $ 439
 
YTD Net charge-offs to average loans (annualized) 1.43 % 0.69 %
Net charge-offs YTD $ 2,816 $ 1,184
 
 
 
 
 
 
 
 
Heritage Financial Group, Inc.
Second Quarter 2011 Earnings Release Supplement
(Dollars in thousands)
 
Five Quarter Comparison for the Quarter Ended
6/30/11 3/31/11 12/31/10 9/30/10 6/30/10
Loans by Type
Construction and land loans $ 26,688 $ 27,580 $ 24,522 $ 24,263 $ 23,637
Farmland loans 13,276 13,707 12,339 14,658 14,702
Permanent 1 - 4 131,596 129,371 131,293 123,275 110,325
Permanent 1 - 4 - junior liens and revolving 26,140 25,642 26,091 26,922 27,178
Multifamily 12,755 12,110 13,598 13,737 12,601
Nonresidential 131,027 119,325 110,079 108,440 98,353
Commercial business loans 50,997 52,662 52,589 50,230 46,603
Consumer and other loans   23,592     25,046     27,115     31,168     32,684  
  416,071     405,443     397,626     392,693     366,083  
 
Loans acquired through FDIC-assisted acquisitions:
Non covered 24,227 28,252 21,371 21,287 22,654
Covered loans   60,427     62,372     -     -     -  
  500,725     496,067     418,997     413,980     388,737  
 
 
Asset Quality Data (excluding Loans acquired through FDIC-assisted acquisitions):
Allowance for loan losses to total loans 1.58 % 1.51 % 2.04 % 1.66 % 1.65 %
Allowance for loan losses to average loans 1.48 % 1.59 % 2.03 % 1.74 % 1.77 %
Allowance for loan losses to non-performing loans 76.67 % 67.63 % 81.79 % 53.56 % 80.21 %
Accruing past due loans $ 727 $ 1,245 $ 1,879 $ 899 $ 2,498
Nonaccrual loans 8,589 9,077 9,905 12,199 7,514
Loans - 90 days past due & still accruing - - - - -
Total non-performing loans 8,589 9,077 9,905 12,199 7,514
OREO and repossessed assets 2,725 3,215 3,689 2,787 3,019
Total non-performing assets 11,314 12,292 13,594 14,986 10,533
Non-performing loans to total loans 2.06 % 2.24 % 2.49 % 3.11 % 2.05 %
Non-performing assets to total assets 1.17 % 1.29 % 1.80 % 2.19 % 1.59 %
Net charge-offs to average loans (annualized) 0.26 % 2.80 % 1.84 % 0.47 % 0.51 %
Net charge-offs $ 253 $ 2,563 $ 1,833 $ 443 $ 439
 

Note:

Certain prior-period amounts have been reclassified to conform with current presentation.
 
Prior period share and per share data have been adjusted for the 0.8377:1 conversion ratio in conjunction with the completion of the second step stock offering on November 30, 2010.
 
Loans acquired through FDIC-assisted acquisitions include loans acquired in the acquisition of The Tattnall Bank in December of 2009 and the acquisition of Citizens Bank of Effingham in February 2011. The acquisition of The Tattnall Bank did not involve a loss-share agreement with the FDIC. The acquisition of Citizens Bank of Effingham involved a loss-share agreement in which the FDIC will, for a specified number of years, reimburse the Bank for 80% of all losses and related expenses on covered assets.
 
 
 




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