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Heritage Financial Group, Inc. 2011 Net Income More Than Doubles Versus 2010, Increasing To $3.8 Million Or $0.47 Per Diluted Share

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 22 full-service branch locations, 11 mortgage offices, and 3 investment offices. As of December 31, 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 "opportunities," "prospects," "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 December 31,

Twelve Months Ended December 31,

2011   2010 2011   2010
Total noninterest income $ 3,172 $ 6,238 $ 17,467 $ 12,483

Bargain purchase gain

--

(2,722

)

(4,217

)

(2,722

)

Life insurance proceeds

 

--

   

(916

)

 

--

   

(916

)

Adjusted noninterest income $ 3,172   $ 2,600   $ 13,250   $ 8,845  
 
Total noninterest expense $ 10,528 $ 7,540 $ 38,746 $ 26,049
Acquisition related expense (254 ) (103 ) (1,309 ) (627 )

Impairment of intangible asset (Florida bank charter)

  --     --     --     (1,000 )
Adjusted noninterest expense $ 10,274   $ 7,437   $ 37,437   $ 24,422  
 
 
Net income as reported $ 1,352 $ 922 $ 3,825 $ 1,406

Bargain purchase gain and acquisition related expense, net of tax*

177 (1,633 ) (2,259 ) (1,633 )
Life insurance proceeds, net of tax* -- (916 ) -- (916 )

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

-- -- -- 709
Adjustment for state tax credits   (477 )   --     --     --  
Adjusted net income (loss) $ 1,052   $ (1,627 ) $ 1,566   $ (434 )
 
Diluted earnings per share $ 0.16 $ 0.11 $ 0.47 $ 0.17
Bargain purchase gain and acquisition related expense, net of tax* 0.02 (0.19 ) (0.28 ) (0.19 )

Life insurance proceeds, net of tax *

-- (0.11 ) -- (0.11 )

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

 

--

 

--

--

0.08

Adjustment for state tax credits   (0.05 )   --     --     --  
Adjusted diluted earnings (loss) per share $ 0.13   $ (0.19 ) $ 0.19   $ (0.05 )
 

* The effective tax rate is used for the period presented to determine net of tax amounts.

 

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)

 
 

 

Three Months Ended December 31,

Twelve Months Ended December 31,

2011   2010 2011   2010
Interest income $ 11,569 $ 7,740 $ 39,449 $ 28,439
Interest expense   2,357     1,787   10,350   8,274  
Net interest income 9,212 5,953 29,099 20,165
Provision for loan losses   595     3,400   2,895   5,500  

Net interest income after provision for loan losses

8,617 2,553 26,204 14,665
Noninterest income 3,172 6,238 17,467 12,484
Noninterest expense   10,528     7,540   38,746   26,050  
Income before income taxes 1,261 1,251 4,925 1,099
Income tax (benefit) expense   (91 )   329   1,100   (307 )
Net income $ 1,352   $ 922 $ 3,825 $ 1,406  
Net income per share:
Basic* $ 0.16   $ 0.11 $ 0.47 $ 0.17  
Diluted* $ 0.16   $ 0.11 $ 0.47 $ 0.17  
Weighted average shares outstanding:
Basic   8,229,293     8,485,215   8,211,302   8,424,394  
Diluted   8,230,206     8,485,733   8,212,521   8,432,282  
Dividends declared per share* $ 0.03   $ 0.11 $ 0.12 $ 0.43  
 
 

Dec. 31, 2011

Sept 30, 2011

Dec. 31, 2010

Total assets $ 1,089,852 $ 1,102,504 $ 755,436
Cash and cash equivalents 34,521 23,292 28,803
Interest-bearing deposits in banks 43,101 99,211 10,911
Securities available for sale 259,017 218,384 238,377
Loans 560,620 560,940 418,997
Allowance for loan losses 7,494 6,936 8,101
Total deposits 884,187 900,103 534,243
Federal Home Loan Bank advances 35,000 35,000 62,500
Stockholders' equity 124,136 123,638 119,340
 

* 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.
Fourth Quarter 2011 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
 
 
Three Months Ended Twelve Months Ended
December 31, December 31,
2011 2010 2011 2010
Income Statement Data

Interest income

Loans $ 9,945 $ 6,581 $ 33,428 $ 23,800
Loans held for sale 198 3 297 10
Securities - taxable 1,095 923 4,536 3,495
Securities - nontaxable 251 211 880 960
Federal funds sold 15 7 60 45
interest-bearing deposits in banks   65     15   248     129  
Total interest income   11,569     7,740   39,449     28,439  

Interest expense

Deposits 1,671 1,092 7,550 5,759
Other borrowings   686     695   2,800     2,515  
Total interest expense   2,357     1,787   10,350     8,274  
Net interest income 9,212 5,953 29,099 20,165
Provision for loan losses   595     3,400   2,895     5,500  
Net interest income after provision for loan losses   8,617     2,553   26,204     14,665  

Non-interest income

Service charges on deposit accounts 1,237 1,194 4,777 4,113
Other service charges, fees & commissions 879 553 3,034 2,064
Brokerage fees 298 337 1,386 1,070
Mortgage banking fees 674 270 2,285 606
Bank owned life insurance 148 151 588 610
Life insurance proceeds - 916 32 916
Impairment loss on securities available for sale (43 ) - (43 ) -
Gain on sale of securities 18 63 684 294
Bargain purchase gain - 2,722 4,217 2,722
Accretion of FDIC loss share receivable (72 ) - 381 -
Other   33     32   126     88  
Total non-interest income   3,172     6,238   17,467     12,483  

Non-interest expense

Salaries and employee benefits 5,758 3,691 20,393 12,676
Equipment 701 320 1,996 1,131
Occupancy 613 452 2,279 1,512
Advertising & marketing 233 183 785 593
Legal & accounting 93 176 588 616
Consulting & other professional fees 131 156 716 364
Director fees & retirement 151 144 699 563
Telecommunications 274 213 829 517
Supplies 151 99 547 350
Data processing fees 856 594 2,846 2,190

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

(119 ) 326 388 (18 )
Foreclosed asset expenses 22 234 725 1,013
FDIC insurance and other regulatory fees 179 242 954 924
Impairment loss on intangible assets - - - 1,000
Acquisition related expenses 254 103 1,309 627
Deposit Intangible expense 207 55 692 276
Other operating   1,024     552   3,000     1,715  
Total non-interest expense   10,528     7,540   38,746     26,049  
Income before taxes 1,261 1,251 4,925 1,099
Applicable income tax   (91 )   329   1,100     (307 )
Net income $ 1,352   $ 922 $ 3,825   $ 1,406  
 
Weighted average shares - basic 8,229,293 8,485,215 8,211,302 8,424,394
Weighted average shares - diluted 8,230,206 8,485,733 8,212,521 8,432,282
 
Basic earnings per share $ 0.16 $ 0.11 $ 0.47 $ 0.17
Diluted earnings per share 0.16 0.11 0.47 0.17
Cash dividend declared per share 0.03 0.11 0.12 0.43
 
       
Heritage Financial Group, Inc.
Fourth Quarter 2011 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
 
 
December 31,
2011 2010
Balance Sheet Data (Ending Balance)
Total loans $ 560,620 $ 418,997
Loans held for sale 7,471 225
Covered loans 107,457 -
Allowance for loan losses 7,494 8,101
Total foreclosed assets 13,441 3,689
Covered other real estate owned 10,084 -
FDIC loss-share receivable 83,901 -
Intangible assets 4,848 2,912
Total assets 1,089,852 755,436
Non-interest-bearing deposits 78,823 44,769
Interest-bearing deposits 805,364 489,474
Federal Home Loan Bank advances 35,000 62,500

Federal funds purchased and securities sold under agreement to repurchase

35,049 32,421
Stockholders' equity 124,136 119,340
Total shares outstanding 8,712,031 8,710,640
 
Unearned ESOP shares 439,138 492,320
 
Book value per share $ 15.01 $ 14.52
Tangible book value per share (non-GAAP) 14.42 14.17
Market value per share 11.80 12.42
 
 
Three Months Ended Twelve Months Ended
December 31, December 31,
2011 2010 2011 2010
Average Balance Sheet Data
Average interest-bearing deposits in banks $ 56,025 $ 10,910 $ 54,867 $ 26,075
Average federal funds sold 22,805 11,181 23,563 17,472
Average investment securities 240,101 179,682 220,164 142,301
Average loans 559,556 419,572 512,956 379,461
Average mortgage loans held for sale 7,599 315 4,137 235
Average FDIC loss-share receivable 86,544 - 71,942 -
Average earning assets 886,086 621,660 815,687 565,544
Average assets 1,085,490 712,686 987,853 644,211
Average noninterest-bearing deposits 80,376 49,612 70,019 41,446
Average interest-bearing deposits 801,246 491,903 707,286 449,676
Average total deposits 881,622 541,515 777,305 491,122

Average federal funds purchased and securities sold under agreement to repurchase

36,621 35,234 33,383 34,097
Average Federal Home Loan Bank advances 35,000 44,435 46,473 42,984
Average interest-bearing liabilities 872,867 571,572 787,142 526,757
Average stockholders' equity 124,257 83,154 122,719 67,383
 
Performance Ratios
Annualized return on average assets 0.50 % 0.52 % 0.39 % 0.22 %
Annualized return on average equity 4.35 % 4.44 % 1.04 % 2.09 %
Net interest margin 4.19 % 3.88 % 3.62 % 3.66 %
Net interest spread 4.17 % 3.78 % 3.58 % 3.55 %
Efficiency ratio 85.01 % 61.85 % 83.21 % 79.79 %
 
Capital Ratios
Average stockholders' equity to average assets 11.4 % 11.7 % 12.4 % 10.5 %
Tangible equity to tangible assets (non-GAAP) 11.0 % 15.5 % 11.0 % 15.5 %
Tier 1 leverage ratio (1) 10.9 % 16.1 % 10.9 % 16.1 %
Tier 1 risk-based capital ratio (1) 18.0 % 25.1 % 18.0 % 25.1 %
Total risk-based capital ratio (1) 19.2 % 26.4 % 19.2 % 26.4 %
 
Other Information
Full-time equivalent employees 327 206 327 206
Number of full-service offices 22 16 22 16
Mortgage loan offices 11 1 11 1
 

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

Interest income

Loans $ 9,945 $ 8,774 $ 7,564 $ 7,145 $ 6,584
Loans held for sale 198 45 46 8 4
Securities - taxable 1,095 1,013 1,221 1,207 923
Securities - nontaxable 251 207 211 211 211
Federal funds sold 15 16 16 13 7
Interest-bearing deposits in banks   65     93     51     40   15
Total interest income   11,569     10,148     9,109     8,624   7,740

Interest expense

Deposits 1,671 2,048 1,983 1,848 1,092
Other borrowings   686     687     684     743   695
Total interest expense   2,357     2,735     2,667     2,591   1,787
Net interest income 9,212 7,413 6,442 6,033 5,953
Provision for loan losses   595     1,000     700     600   3,400
Net interest income after provision for loan losses   8,617     6,413     5,742     5,433   2,553

Non-interest income

Service charges on deposit accounts 1,237 1,267 1,222 1,051 1,194
Other service charges, fees & commissions 879 746 749 660 553
Brokerage fees 298 328 406 354 337
Mortgage banking fees 674 719 624 268 270
Bank owned life insurance 148 146 149 145 151
Life insurance proceeds - - 32 - 916
Gain on sale of securities 18 213 453 - 63
Bargain purchase gain - 2,000 (117 ) 2,334 2,722
Accretion of FDIC loss share receivable (72 ) 448 5 - -
Other   33     25     37     29   32
Total non-interest income   3,215     5,892     3,560     4,841   6,238

Non-interest expense

Salaries and employee benefits 5,758 5,384 4,923 4,328 3,691
Equipment 701 516 428 351 320
Occupancy 613 685 536 445 452
Advertising & marketing 233 167 220 164 183
Legal & accounting 93 118 167 210 176
Consulting & other professional fees 131 208 198 179 156
Director fees & retirement 151 160 161 227 144
Telecommunications 274 206 204 145 213
Supplies 151 156 145 95 99
Data processing fees 856 857 615 518 594

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

(119 ) (385 ) 490 402 326
Foreclosed asset expenses 22 288 245 170 234
FDIC insurance and other regulatory fees 179 128 354 293 242
Impairment loss on intangible assets - - - - -
Acquisition related expenses 254 299 474 282 103
Deposit intangible expense 207 183 207 95 55
Other operating   1,024     809     673     494   552
Total non-interest expense   10,528     9,779     10,040     8,398   7,540
Income (loss) before taxes 1,304 2,526 (738 ) 1,876 1,251
Applicable income tax (benefit)   (91 )   786     (257 )   661   329
Net income (loss) $ 1,395     1,740     (481 ) $ 1,215 $ 922
 
Weighted average shares - basic 8,229,293 8,215,077 8,213,761 8,186,502 8,485,215
Weighted average shares - diluted 8,230,206 8,216,472 8,215,090 8,187,835 8,485,733
 
Basic earnings (loss) per share $ 0.17 $ 0.21 $ (0.05 ) $ 0.15 $ 0.11
Diluted earnings (loss) per share 0.17 0.21 (0.05 ) 0.15 0.11
Cash dividend declared per share 0.03 0.03 0.03 0.03 0.11
 
         
Heritage Financial Group, Inc.
Fourth Quarter 2011 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
 
 
Five Quarter Comparison
12/31/11 9/30/11 6/30/11 3/31/11 12/31/10
Balance Sheet Data (at period end)
Total loans $ 560,620 560,940 500,724 $ 496,067 $ 418,997
Loans held for sale 7,471 5,538 5,579 2,642 225
Covered loans 107,457 116,206 60,426 62,372 -
Allowance for loan losses 7,494 6,936 6,585 6,138 8,101
Total foreclosed assets 13,441 12,355 9,693 10,577 3,689
Covered other real estate owned 10,084 10,514 6,968 7,361 -
FDIC loss-share receivable 83,901 87,757 58,152 58,174 -
Intangible assets 4,848 5,056 4,388 4,713 2,912
Total assets 1,089,852 1,102,504 963,571 951,918 755,436
Non-interest-bearing deposits 78,823 84,716 73,382 63,134 44,769
Interest-bearing deposits 805,364 815,387 690,291 667,954 489,474
Federal home loan bank advances 35,000 35,000 35,000 60,000 62,500

Federal funds purchased and securities sold under agreement to repurchase

35,049 36,118 31,989 31,509 32,421
Stockholders' equity 124,136 123,638 122,038 121,331 119,340
 
Total shares outstanding 8,712,031 8,712,140 8,712,750 8,712,750 8,710,640
 
Unearned ESOP shares 439,138 452,348 465,673 478,996 492,320
 
Book value per share $ 15.01 $ 14.97 $ 14.80 $ 14.74 $ 14.52
Tangible book value per share (non-GAAP) 14.42 14.36 14.26 14.16 14.17
Market value per share 11.80 10.36 11.92 12.73 12.42
 
 
Five Quarter Comparison
12/31/11 9/30/11 6/30/11 3/31/11 12/31/10
Average Balance Sheet Data
Average interest-bearing deposits in banks $ 56,025 $ 102,769 $ 44,525 $ 16,150 $ 10,910
Average federal funds sold 22,805 26,889 20,447 24,111 11,181
Average investment securities 240,101 201,762 210,261 228,530 179,682
Average loans 559,556 533,487 501,929 456,851 419,572
Average mortgage loans held for sale 7,599 4,336 3,878 737 315
Average FDIC Loss-Share Receivable 86,544 71,942 58,149 58,174 -
Average earning assets 878,487 864,907 777,162 725,642 621,345
Average assets 1,085,490 1,040,575 966,962 858,398 712,689
Average noninterest-bearing deposits 80,376 76,940 70,346 52,414 49,612
Average interest-bearing deposits 801,246 761,344 680,424 586,129 491,903
Average total deposits 881,622 838,284 750,770 638,543 541,515

Average federal funds purchased and securities sold under agreement to repurchase

36,621 33,678 31,664 31,568 35,234
Average Federal Home Loan Bank advances 35,000 35,000 54,143 61,749 44,435
Average interest-bearing liabilities 872,867 830,022 766,231 679,446 571,572
Average stockholders' equity 124,257 123,844 122,528 120,248 83,154
 
Performance Ratios
Annualized return on average assets 0.51 % 0.67 % -0.20 % 0.57 % 0.52 %
Annualized return on average equity 4.49 % 5.62 % -1.57 % 4.04 % 4.44 %
Net interest margin 4.19 % 3.44 % 3.36 % 3.42 % 3.88 %
Net interest spread 4.17 % 3.38 % 3.34 % 3.32 % 3.78 %
Efficiency ratio 85.01 % 73.50 % 100.38 % 77.23 % 61.85 %
 
Capital Ratios
Average stockholders' equity to average assets 11.4 % 11.9 % 12.7 % 14.0 % 11.7 %
Tangible equity to tangible assets (non-GAAP) 11.0 % 10.8 % 12.3 % 12.3 % 15.5 %
Tier 1 leverage ratio 10.9 % 11.3 % 12.1 % 13.4 % 16.1 %
Tier 1 risk-based capital ratio 18.0 % 21.2 % 22.2 % 23.3 % 25.1 %
Total risk-based capital ratio 19.2 % 22.4 % 23.4 % 24.5 % 26.4 %
 
Other Information
Full-time equivalent employees 327 313 295 273 217
Number of full-service offices 22 23 21 20 16
Mortgage loan offices 11 11 10 5 1
 
   
Heritage Financial Group, Inc.
Fourth Quarter 2011 Earnings Release Supplement
(Dollars in thousands)
 
 
Twelve Months Ended
December 31,
12/31/11 12/31/10
Loans by Type
Construction and land loans $ 26,804 $ 24,522
Farmland loans 17,921 12,339
Permanent 1 - 4 129,745 131,293
Permanent 1 - 4 - junior liens and revolving 26,154 26,091
Multifamily 15,797 13,598
Nonresidential 138,970 110,079
Commercial business loans 55,178 52,589
Consumer and other loans   23,872     27,115  
434,442 397,626
Loans acquired through FDIC-assisted acquisitions:
Non covered loans 18,721 21,371
Covered loans   107,457     -  
  560,620     418,997  
 
 
Asset Quality Data (excluding Loans acquired through FDIC-assisted acquisitions):
Allowance for loan losses to total loans 1.72 % 2.04 %
Allowance for loan losses to average loans 1.32 % 2.03 %
Allowance for loan losses to non-performing loans 106 % 81.79 %
Accruing past due loans $ 371 $ 1,879
Nonaccrual loans 7,043 9,905
Loans - 90 days past due & still accruing - -
Total non-performing loans 7,043 9,905
OREO and repossessed assets 3,356 3,689
Total non-performing assets 10,399 13,594
Non-performing loans to total loans 1.62 % 2.49 %
Non-performing assets to total assets 0.95 % 1.80 %
QTD Net charge-offs to average loans (annualized) 0.04 % 1.84 %
Net charge-offs QTD $ 37 $ 1,833
 
YTD Net charge-offs to average loans (annualized) 0.91 % 0.87 %
Net charge-offs YTD $ 3,502 $ 3,459
 
         
Heritage Financial Group, Inc.
Fourth Quarter 2011 Earnings Release Supplement
(Dollars in thousands)
 
 
Five Quarter Comparison for the Quarter Ended
12/31/11 9/30/11 6/30/11 3/31/11 12/31/10
Loans by Type
Construction and land loans $ 26,804 $ 28,115 $ 26,688 $ 27,580 $ 24,522
Farmland loans 17,921 18,272 13,276 13,707 12,339
Permanent 1 - 4 129,745 134,269 131,596 129,371 131,293
Permanent 1 - 4 - junior liens and revolving 26,154 26,071 26,140 25,642 26,091
Multifamily 15,797 13,754 12,755 12,110 13,598
Nonresidential 138,970 129,730 131,027 119,325 110,079
Commercial business loans 55,178 47,854 50,997 52,662 52,589
Consumer and other loans   23,872     21,955     23,592     25,046     27,115  
  434,442     420,020     416,071     405,443     397,626  
 
Loans acquired through FDIC-assisted acquisitions:
Non covered 18,721 24,713 24,227 28,252 21,371
Covered loans   107,457     116,206     60,427     62,372     -  
  560,620     560,939     500,725     496,067     418,997  
 
Asset Quality Data (excluding Loans acquired through FDIC-assisted acquisitions):
Allowance for loan losses to total loans 1.72 % 1.65 % 1.58 % 1.51 % 2.04 %
Allowance for loan losses to average loans 1.32 % 1.29 % 1.48 % 1.59 % 2.03 %
Allowance for loan losses to non-performing loans 106.40 % 86.76 % 76.67 % 67.63 % 81.79 %
Accruing past due loans $ 371 $ 1,487 $ 727 $ 1,245 $ 1,879
Nonaccrual loans 7,043 7,994 8,589 9,077 9,905
Loans - 90 days past due & still accruing - - - - -
Total non-performing loans 7,043 7,994 8,589 9,077 9,905
OREO and repossessed assets 3,356 1,841 2,725 3,215 3,689
Total non-performing assets 10,399 9,835 11,314 12,292 13,594
Non-performing loans to total loans 1.62 % 1.90 % 2.06 % 2.24 % 2.49 %
Non-performing assets to total assets 0.95 % 0.89 % 1.17 % 1.29 % 1.80 %
Net charge-offs to average loans (annualized) 0.04 % 0.73 % 0.26 % 2.80 % 1.84 %
Net charge-offs $ 37 $ 650 $ 253 $ 2,563 $ 1,833
 
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 and First Southern National Bank in August 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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