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Heritage Financial Group, Inc. Reports Third Quarter Net Income Of $1.7 Million Or $0.21 Per Diluted Share

Accounting for FDIC-Assisted Loans

The Company performs ongoing assessments of the estimated cash flows of its acquired FDIC-assisted loan portfolios. The fair value of the FDIC-assisted loan portfolios consist of $116.2 million in covered and $24.7 million in non-covered loans as of September 30, 2011, compared with $60.4 million in covered and $24.2 million in non-covered loans as of June 30, 2011. The principal balance of the FDIC-assisted loan portfolios consist of $248.6 million as of September 30, 2011, compared with $156.0 million as of June 30, 2011. The details of the accounting for the FDIC-assisted loan portfolios for the third quarter of 2011 are as follows:
  • Covered loans acquired in FDIC-assisted acquisitions increased $55.8 million to $116.2 million;
  • Non-covered loans acquired in FDIC-assisted acquisitions increased $500,000 to $24.7 million;
  • The FDIC loss-share receivable associated with covered loans acquired in FDIC-assisted acquisitions increased $29.6 million to $87.8 million;
  • The accretion for the FDIC loss-share receivable was $448,000;
  • The non-accretable discount increased $31.5 million to $98.8 million; and
  • The accretable discount increased $4.7 million to $8.8 million.

At September 30, 2011, covered and non-covered loans acquired in FDIC-assisted acquisitions increased to $116.2 million and $24.7 million, respectively, on a linked-quarter basis from $60.7 million and $24.2 million, respectively, driven primarily by the First Southern acquisition, partially offset by a combination of net charge-offs and principal reductions. The net charge-offs for both the covered and non-covered loans were fully provided for by the associated loan discounts and expected reimbursement from the FDIC and did not affect the Company's loan loss reserve. The FDIC loss-share receivable associated with covered FDIC-assisted loans increased $31.5 million from $58.2 million in the prior quarter to $87.8 million, primarily driven by the First Southern acquisition, while $1.6 million was submitted in the third quarter to the FDIC for reimbursement.

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