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

Stocks in this article: HBOS

The non-accretable discount increased to $98.8 million at the end of the third quarter of 2011 from $67.3 million on a linked-quarter basis, due primarily to the First Southern acquisition, partially offset by net charge-offs in the FDIC-assisted loan portfolios and a transfer to accretable discount. The accretable discount increased to $8.8 million for the current quarter from $4.1 million for the second quarter of 2011, primarily driven by the First Southern acquisition.

Asset Quality

Total non-performing loans, excluding loans acquired in FDIC-assisted acquisitions, were $8.0 million at September 30, 2011, down from $8.6 million at June 30, 2011. Other real estate owned and repossessed assets, excluding assets acquired in FDIC-assisted acquisitions, were $1.8 million at September 30, 2011, down from $2.7 million at June 30, 2011. Non-performing loans to total loans, excluding loans acquired in FDIC-assisted acquisitions, decreased to 1.90% as of September 30, 2011, from 2.06% as of June 30, 2011. Net charge-offs to average outstanding loans, excluding loans acquired in FDIC-assisted acquisitions, on an annualized basis, were 0.73% for the third quarter of 2011 versus 0.26% for the second quarter of 2011, while the annualized year-to-date net charge-offs were 1.30% as of September 30, 2011, versus 0.58% as of September 30, 2010.

The provision for loan losses increased to $1.0 million for the third quarter of 2011 from $700,000 for the second quarter of 2011, driven primarily by an increase in annualized net charge-offs. At September 30, 2011, the allowance for loan losses represented 1.65% of total loans outstanding, excluding loans acquired in FDIC-assisted acquisitions, versus 1.58% at June 30, 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 23 full-service branch locations and 11 mortgage offices. As of September 30, 2011, the Company reported total assets of approximately $1.1 billion and total stockholders' equity of approximately $124 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. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often use words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "intends" or similar expressions. The forward-looking statements made herein represent the current expectations, plans or forecasts of the Company's future results and revenues. The Company intends 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. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond the Company's control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. Investors should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks, discussed under Item 1A. "Risk Factors" of the Company's 2010 Annual Report on Form 10-K and in any of the Company's subsequent SEC filings. Further information concerning the Company and its business, including additional factors that could materially affect the Company's financial results, is included in its 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

September 30,

Nine Months Ended

September 30,

2011   2010 2011   2010
Total non-interest income $ 5,892 $ 2,478 $ 14,294 $ 6,245
Bargain purchase gain   (2,000 )   --     (4,217 )   --  
Adjusted non-interest income $ 3,892   $ 2,478   $ 10,077   $ 6,245  
 
Total non-interest expense $ 9,779 $ 7,779 $ 28,218 $ 18,509
Acquisition related expense (299 ) (257 ) (1,056 ) (524 )

Impairment of intangible asset (Florida bank charter)

  --     (1,000 )   --     (1,000 )
Adjusted non-interest expense $ 9,480   $ 6,522   $ 27,162   $ 16,985  
 
 
Net income (loss) as reported $ 1,740 $ (443 ) $ 2,474 $ 484
Bargain purchase gain and acquisition related expense, net of tax (1,172 ) 182 (2,134 ) 372

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

  --     709     --     709  
Adjusted net income $ 568   $ 448   $ 340   $ 1,565  
 
Diluted earnings (loss) per share $ 0.21 $ (0.05 ) $ 0.30 $ 0.06
Bargain purchase gain and acquisition related expense, net of tax (0.14 ) 0.02 (0.26 ) 0.04

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

  --     0.08     --     0.08  
Adjusted diluted earnings per share $ 0.07   $ 0.05   $ 0.04   $ 0.18  
 

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

 

Third Quarter Ended

September 30,

Nine Months Ended

September 30,

2011   2010 2011   2010
Interest income $ 10,148 $ 7,396 $ 27,881 $ 20,699
Interest expense   2,735   2,290     7,993   6,487  
Net interest income 7,413 5,106 19,888 14,211
Provision for loan losses   1,000   950     2,300   2,100  

Net interest income after provision for loan losses

6,413 4,156 17,588 12,111
Non-interest income 5,892 2,478 14,294 6,245
Non-interest expense   9,779   7,779     28,218   18,508  
Income (loss) before income taxes 2,526 (1,145 ) 3,664 (152 )
Income tax (benefit) expense   786   (702 )   1,190   (636 )
Net income (loss) $ 1,740 $ (443 ) $ 2,474 $ 484  
Net income (loss) per share:
Basic* $ 0.21 $ (0.05 ) $ 0.30 $ 0.06  
Diluted* $ 0.21 $ (0.05 ) $ 0.30 $ 0.06  
Weighted average shares outstanding:
Basic   8,215   8,494     8,175   8,438  
Diluted   8,216   8,494     8,177   8,440  
Dividends declared per share* $ 0.03 $ 0.11   $

0.09

$

0.33

 
 
Sept. 30,

2011

June 30,

2011

Sept. 30,

2010

Total assets $ 1,102,504 $ 963,571 $ 683,324
Cash and cash equivalents 23,292 15,225 33,275
Interest-bearing deposits in banks 99,211 100,309 10,579
Securities available for sale 218,384 186,867 161,798
Loans 560,940 500,725 413,980
Allowance for loan losses 6,936 6,585 6,534
Total deposits 900,103 763,673 535,392
Federal Home Loan Bank advances 35,000 35,000 42,500
Stockholders' equity 123,638 122,038 63,085
 

*

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.
Third Quarter 2011 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
 
      Quarter Ended   Nine Months Ended
September 30, September 30,
2011   2010 2011   2010
Income Statement Data

Interest income

Loans $ 8,774 $ 6,136 $ 23,483 $ 17,219
Loans held for sale 45 6 99 6
Securities - taxable 1,013 1,006 3,441 2,572
Securities - nontaxable 207 212 629 749
Federal funds sold 16 11 45 38
interest-bearing deposits in banks   93     25     184   115  
Total interest income   10,148     7,396     27,881   20,699  

Interest expense

Deposits 2,048 1,631 5,879 4,667
Other borrowings   687     659     2,114   1,820  
Total interest expense   2,735     2,290     7,993   6,487  
Net interest income 7,413 5,106 19,888 14,212
Provision for loan losses   1,000     950     2,300   2,100  
Net interest income after provision for loan losses   6,413     4,156     17,588   12,112  

Non-interest income

Service charges on deposit accounts 1,267 1,112 3,540 2,918
Other service charges, fees & commissions 746 643 2,151 1,511
Brokerage fees 328 253 1,088 733
Mortgage origination fees 719 227 1,611 337
Bank owned life insurance 146 153 440 459
Gain on sale of securities 213 71 666 230
Bargain purchase gain 2,000 - 4,217 -
Accretion of FDIC loss share receivable 448 - 453 -
Other   25     19     96   57  
Total non-interest income   5,892     2,478     14,294   6,245  

Non-interest expense

Salaries and employee benefits 5,384 3,446 14,635 8,985
Equipment 516 304 1,295 810
Occupancy 685 424 1,666 1,059
Advertising & marketing 167 166 551 411
Legal & accounting 118 112 495 440
Consulting & other professional fees 208 71 585 208
Director fees & retirement 160 142 548 419
Telecommunications 206 132 555 304
Supplies 156 98 396 251
Data processing fees 857 604 1,990 1,596

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

(385 ) - 507 (343 )
Foreclosed asset expenses 288 181 703 779
FDIC insurance and other regulatory fees 128 283 775 682
Impairment loss on intangible assets - 1,000 - 1,000
Acquisition related expenses 299 257 1,056 524
Deposit Intangible expense 183 115 485 221
Other operating   809     444     1,976   1,163  
Total non-interest expense   9,779     7,779     28,218   18,509  
Income before taxes 2,526 (1,145 ) 3,664 (152 )
Applicable income tax   786     (702 )   1,190   (636 )
Net income $ 1,740   $ (443 ) $ 2,474 $ 484  
 
Weighted average shares - basic

8,215,077

8,493,671 8,175,126 8,438,180
Weighted average shares - diluted

8,216,472

8,493,671

8,176,786

8,439,560

 
Basic earnings per share $ 0.21 $ (0.05 ) $ 0.30 $ 0.06
Diluted earnings per share 0.21 (0.05 ) 0.30 0.06
Cash dividend declared per share 0.03 0.11

0.09

0.33

 
 
Heritage Financial Group, Inc.
Third Quarter 2011 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
 
        September 30,
2011   2010
Balance Sheet Data (Ending Balance)
Total loans $ 560,940 $ 413,980
Loans held for sale 5,538 700
Covered loans 116,206 -
Allowance for loan losses 6,936 6,534
Total foreclosed assets 12,355 2,787
Covered other real estate owned 10,514 -
FDIC loss-share receivable 87,757 -
Intangible assets 5,056 1,489
Total assets 1,102,504 683,324
Non-interest-bearing deposits 84,716 48,014
Interest-bearing deposits 815,387 487,378
Federal Home Loan Bank advances 35,000 42,500

Federal funds purchased and securities sold under agreement to repurchase

36,118

35,092

Stockholders' equity 123,638 63,085

 

Total shares outstanding 8,712,140 9,595,304
Less treasury shares   -     884,663  
Net shares outstanding   8,712,140     8,710,641  
 
Shares held by Heritage, MHC - 6,591,757
Unearned ESOP shares 452,348 175,358
 
Book value per share $ 14.97 $ 7.39
Tangible book value per share (non-GAAP) 14.36 7.22
Market value per share 10.39 10.05
 
Quarter Ended Nine Months Ended
September 30, September 30,
2011 2010 2011 2010
Average Balance Sheet Data
Average interest-bearing deposits in banks $ 102,769 $ 19,003 $ 54,481 $ 31,130
Average federal funds sold 26,889 17,320 23,815 19,569
Average investment securities 201,762 158,781 213,518 129,841
Average loans 533,487 397,421 497,422 366,091
Average mortgage loans held for sale 4,336 595 2,984 209
Average FDIC loss-share receivable 71,942 - 58,149 -
Average earning assets 869,243 593,120 792,220 546,840
Average assets 1,040,575 676,789 955,312 621,386
Average non-interest-bearing deposits 76,940 48,258 66,567 38,724
Average interest-bearing deposits 761,344 480,785 675,966 435,600
Average total deposits 838,284 529,043 742,533 474,324

Average federal funds purchased and securities sold under agreement to repurchase

33,678 34,607 32,303 33,718
Average Federal Home Loan Bank advances 35,000 42,500 50,297 42,500
Average interest-bearing liabilities 830,022 557,892 758,566 511,818
Average stockholders' equity 123,844 62,983 122,207 62,126
 
Performance Ratios
Annualized return on average assets 0.67 % -0.26 % 0.35 % 0.10 %
Annualized return on average equity 5.62 % -2.81 % 2.70 % 1.04 %
Net interest margin 3.44 % 3.50 % 3.41 % 3.57 %
Net interest spread 3.38 % 3.40 % 3.35 % 3.46 %
Efficiency ratio 73.50 % 102.57 % 82.55 % 90.48 %
 
Capital Ratios
Average stockholders' equity to average assets 11.9 % 9.3 % 12.8 % 10.0 %
Tangible equity to tangible assets (non-GAAP) 10.8 % 9.0 % 10.8 % 9.0 %
Tier 1 leverage ratio (1) 11.3 % 8.7 % 11.3 % 8.7 %
Tier 1 risk-based capital ratio (1) 20.2 % 13.4 % 20.2 % 13.4 %
Total risk-based capital ratio (1) 21.4 % 14.7 % 21.4 % 14.7 %
 
Other Information
Full-time equivalent employees 313 206 313 206
Number of full-service offices 23 16 23 16
Mortgage loan offices 11 1 11 1
 

(1)

September 30, 2011 consolidated ratios are estimated and may be subject to change pending the filing of the call report; all other periods are presented as filed.

 
 

Heritage Financial Group, Inc.

Third Quarter 2011 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
 
  Five Quarter Comparison for the Three Months Ended
9/30/11   6/30/11   3/31/11   12/31/10   9/30/10
Income Statement Data

Interest income

Loans $ 8,774 $ 7,564 $ 7,145 $ 6,584 $ 6,136
Loans held for sale 45 46 8 4 6
Securities - taxable 1,013 1,221 1,207 923 1,006
Securities - nontaxable 207 211 211 211 212
Federal funds sold 16 16 13 7 11
Interest-bearing deposits in banks   93     51     40   15   25  
Total interest income   10,148     9,109     8,624   7,740   7,396  

Interest expense

Deposits 2,048 1,983 1,848 1,092 1,631
Other borrowings   687     684     743   695   659  
Total interest expense   2,735     2,667     2,591   1,787   2,290  
Net interest income 7,413 6,442 6,033 5,953 5,106
Provision for loan losses   1,000     700     600   3,400   950  
Net interest income after provision for loan losses   6,413     5,742     5,433   2,553   4,156  

Non-interest income

Service charges on deposit accounts 1,267 1,222 1,051 1,194 1,112
Other service charges, fees & commissions 746 749 660 553 643
Brokerage fees 328 406 354 337 253
Mortgage origination fees 719 624 268 270 227
Bank owned life insurance 146 149 145 151 153
Life insurance proceeds - 32 - 916 -
Gain on sale of securities 213 453 - 63 71
Bargain purchase gain 2,000 (117 ) 2,334 2,722 -
Accretion of FDIC loss share receivable 448 5 - - -
Other   25     37     29   32   19  
Total non-interest income   5,892     3,560     4,841   6,238   2,478  

Non-interest expense

Salaries and employee benefits 5,384 4,923 4,328 3,691 3,446
Equipment 516 428 351 320 304
Occupancy 685 536 445 452 424
Advertising & marketing 167 220 164 183 166
Legal & accounting 118 167 210 176 112
Consulting & other professional fees 208 198 179 156 71
Director fees & retirement 160 161 227 144 142
Telecommunications 206 204 145 213 132
Supplies 156 145 95 99 98
Data processing fees 857 615 518 594 604

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

(385 ) 535 402 326 -
Foreclosed asset expenses 288 245 170 234 181
FDIC insurance and other regulatory fees 128 354 293 242 283
Impairment loss on intangible assets - - - - 1,000
Acquisition related expenses 299 474 282 103 256
Deposit intangible expense 183 207 95 55 115
Other operating   809     628     494   552   445  
Total non-interest expense   9,779     10,040     8,398   7,540   7,779  
Income (loss) before taxes 2,526 (738 ) 1,876 1,251 (1,145 )
Applicable income tax (benefit)   786     (257 )   661   329   (702 )
Net income (loss) $ 1,740     (481 ) $ 1,215 $ 922 $ (443 )
 
Weighted average shares - basic 8,215,077 8,213,761 8,186,502 8,485,215 8,493,671
Weighted average shares - diluted 8,216,406 8,215,090 8,187,835 8,485,733 8,493,671
 
Basic earnings (loss) per share $ 0.21 $ (0.05 ) $ 0.15 $ 0.11 $ (0.05 )
Diluted earnings (loss) per share 0.21 (0.05 ) 0.15 0.11 (0.05 )
Cash dividend declared per share 0.03 0.03 0.03 0.11 0.11
 
 
Heritage Financial Group, Inc.
Third Quarter 2011 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
 
  Five Quarter Comparison
9/30/11   6/30/11   3/31/11   12/31/10   9/30/10
Balance Sheet Data (at period end)
Total loans $ 560,940 500,724 $ 496,067 $ 418,997 $ 413,980
Loans held for sale 5,538 5,579 2,642 225 700
Covered loans 116,206 60,426 62,372 - -
Allowance for loan losses 6,936 6,585 6,138 8,101 6,534
Total foreclosed assets 12,355 9,693 10,577 3,689 2,787
Covered other real estate owned 10,514 6,968 7,361 - -
FDIC loss-share receivable 87,757 58,152 58,174 - -
Intangible assets 5,056 4,388 4,713 2,912 1,489
Total assets 1,102,504 963,571 951,918 755,436 683,324
Non-interest-bearing deposits 84,716 73,382 63,134 44,769 48,014
Interest-bearing deposits 815,387 690,291 667,954 489,474 487,378
Federal home loan bank advances 35,000 35,000 60,000 62,500 42,500

Federal funds purchased and securities sold under agreement to repurchase

36,118 31,989 31,509 32,421 35,092
Stockholders' equity 123,638 122,038 121,331 119,340 63,085
 
Total shares outstanding 8,712,140 8,712,750 8,712,750 8,710,640 9,595,304
Less treasury shares   -     -     -     -     884,663  
Net shares outstanding   8,712,140     8,712,750     8,712,750     8,710,640     8,710,641  
 
Unearned ESOP shares 452,348 465,673 478,996 492,320 175,358
 
Book value per share $ 14.97 $ 14.80 $ 14.74 $ 14.52 $ 7.39
Tangible book value per share (non-GAAP) 14.36 14.26 14.16 14.17 7.22
Market value per share 10.39 11.92 12.73 12.42 10.05
 
Five Quarter Comparison
9/30/11 6/30/11 3/31/11 12/31/10 9/30/10
Average Balance Sheet Data
Average interest-bearing deposits in banks $ 102,769 $ 44,525 $ 16,150 $ 10,910 $ 19,003
Average federal funds sold 26,889 20,447 24,111 11,181 17,320
Average investment securities 201,762 210,261 228,530 179,682 158,781
Average loans 533,487 501,929 456,851 419,572 397,421
Average mortgage loans held for sale 4,336 3,878 737 315 595
Average FDIC Loss-Share Receivable 71,942 58,149 58,174 - -
Average earning assets 864,907 777,162 725,642 621,345 593,120
Average assets 1,040,575 966,962 858,398 712,689 676,789
Average non-interest-bearing deposits 76,940 70,346 52,414 49,612 48,258
Average interest-bearing deposits 761,344 680,424 586,129 491,903 480,785
Average total deposits 838,284 750,770 638,543 541,515 529,043

Average federal funds purchased and securities sold under agreement to repurchase

33,678 31,664 31,568 35,234 34,607
Average Federal Home Loan Bank advances 35,000 54,143 61,749 44,435 42,500
Average interest-bearing liabilities 830,022 766,231 679,446 571,572 557,892
Average stockholders' equity 123,844 122,528 120,248 83,154 62,983
 
Performance Ratios
Annualized return on average assets 0.67 % -0.20 % 0.57 % 0.52 % -0.26 %
Annualized return on average equity 5.62 % -1.57 % 4.04 % 4.44 % -2.81 %
Net interest margin 3.44 % 3.36 % 3.42 % 3.88 % 3.50 %
Net interest spread 3.38 % 3.34 % 3.32 % 3.78 % 3.40 %
Efficiency ratio 73.50 % 100.38 % 77.23 % 61.85 % 102.57 %
 
Capital Ratios
Average stockholders' equity to average assets

11.9

%

12.7

%

14.0

%

11.7

%

9.3

%
Tangible equity to tangible assets (non-GAAP)

10.8

%

12.3

%

12.3

%

15.5

%

9.0

%
Tier 1 leverage ratio 11.3 % 12.10 % 13.4 % 16.1 % 8.7 %
Tier 1 risk-based capital ratio 20.2 % 22.20 % 23.3 % 25.1 % 13.4 %
Total risk-based capital ratio 21.4 % 23.40 % 24.5 % 26.4 % 14.7 %
 
Other Information
Full-time equivalent employees 313 295 273 217 206
Number of full-service offices 23 21 20 16 16
Mortgage loan offices 11 10 5 1 1
 
 
Heritage Financial Group, Inc.
Third Quarter 2011 Earnings Release Supplement
(Dollars in thousands)
           
Nine Months Ended
September 30,
9/30/11 9/30/10
Loans by Type
Construction and land loans $ 28,115 $ 24,263
Farmland loans 18,272 14,658
Permanent 1 - 4 134,269 123,275
Permanent 1 - 4 - junior liens and revolving 26,071 26,922
Multifamily 13,754 13,737
Nonresidential 129,730 108,440
Commercial business loans 47,854 50,230
Consumer and other loans   21,955     31,168  
420,020 392,693
Loans acquired through FDIC-assisted acquisitions:
Non-covered loans 24,713 21,287
Covered loans   116,206     -  
  560,940     413,980  
 
 
Asset Quality Data (excluding Loans acquired through FDIC-assisted acquisitions):
Allowance for loan losses to total loans 1.65 % 1.66 %
Allowance for loan losses to average loans 1.29 % 1.74 %
Allowance for loan losses to non-performing loans 86.76 % 53.56 %
Accruing past due loans $ 1,487 $ 899
Nonaccrual loans 7,994 12,199
Loans - 90 days past due & still accruing - -
Total non-performing loans 7,994 12,199
OREO and repossessed assets 1,841 2,787
Total non-performing assets 9,835 14,986
Non-performing loans to total loans 1.90 % 3.11 %
Non-performing assets to total assets 0.89 % 2.19 %
QTD Net charge-offs to average loans (annualized) 0.73 % 0.47 %
Net charge-offs QTD $ 650 $ 443
 
YTD Net charge-offs to average loans (annualized) 1.30 % 0.58 %
Net charge-offs YTD $ 3,466 $ 1,626
 
 
Heritage Financial Group, Inc.
Third Quarter 2011 Earnings Release Supplement
(Dollars in thousands)
       
Five Quarter Comparison for the Quarter Ended
9/30/11 6/30/11 3/31/11 12/31/10 9/30/10
Loans by Type
Construction and land loans $ 28,115 $ 26,688 $ 27,580 $ 24,522 $ 24,263
Farmland loans 18,272 13,276 13,707 12,339 14,658
Permanent 1 - 4 134,269 131,596 129,371 131,293 123,275
Permanent 1 - 4 - junior liens and revolving 26,071 26,140 25,642 26,091 26,922
Multifamily 13,754 12,755 12,110 13,598 13,737
Nonresidential 129,730 131,027 119,325 110,079 108,440
Commercial business loans 47,854 50,997 52,662 52,589 50,230
Consumer and other loans   21,955     23,592     25,046     27,115     31,168  
  420,020     416,071     405,443     397,626     392,693  
 
Loans acquired through FDIC-assisted acquisitions:
Non-covered 24,713 24,227 28,252 21,371 21,287
Covered loans   116,206     60,427     62,372     -     -  
  560,940     500,725     496,067     418,997     413,980  
 
 
Asset Quality Data (excluding Loans acquired through FDIC-assisted acquisitions):
Allowance for loan losses to total loans 1.65 % 1.58 % 1.51 % 2.04 % 1.66 %
Allowance for loan losses to average loans 1.29 % 1.48 % 1.59 % 2.03 % 1.74 %
Allowance for loan losses to non-performing loans 86.76 % 76.67 % 67.63 % 81.79 % 53.56 %
Accruing past due loans $ 1,487 $ 727 $ 1,245 $ 1,879 $ 899
Nonaccrual loans 7,994 8,589 9,077 9,905 12,199
Loans - 90 days past due & still accruing - - - - -
Total non-performing loans 7,994 8,589 9,077 9,905 12,199
OREO and repossessed assets 1,841 2,725 3,215 3,689 2,787
Total non-performing assets 9,835 11,314 12,292 13,594 14,986
Non-performing loans to total loans 1.90 % 2.06 % 2.24 % 2.49 % 3.11 %
Non-performing assets to total assets 0.89 % 1.17 % 1.29 % 1.80 % 2.19 %
Net charge-offs to average loans (annualized) 0.73 % 0.26 % 2.80 % 1.84 % 0.47 %
Net charge-offs $ 650 $ 253 $ 2,563 $ 1,833 $ 443
 

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, the acquisition of Citizens Bank of Effingham in February 2011, and First Southern National Bank in August 2011.  The acquisition of The Tattnall Bank did not involve a loss-share agreement with the FDIC; however, the acquisitions of Citizens Bank of Effingham and First Southern National Bank both involved loss-share agreements 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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