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Heritage Financial Group, Inc. Reports Second Quarter Net Income Of $1.4 Million Or $0.17 Per Diluted Share

The non-accretable discount decreased to $66.5 million at the end of the second quarter of 2012 from $84.1 million on a linked-quarter basis, primarily driven by the clearing of $9.4 million of discount in conjunction with the resolution of FDIC-assisted loans and transfers to accretable discount of $8.2 million. The accretable discount increased to $18.8 million for the second quarter of 2012 from $12.7 million on a linked-quarter basis, primarily due to the transfer from the non-accretable discount as a result of the improvement in cash flows, partially offset by loan discount accretion of $2.1 million.

Asset Quality

Net charge-offs to average outstanding loans on an annualized basis, excluding loans acquired in FDIC-assisted acquisitions, were down to 0.23% for the second quarter of 2012 versus 0.26% for the second quarter of 2011. Total nonperforming assets, excluding assets acquired in FDIC-assisted acquisitions, have significantly improved as a percentage of assets compared with the prior year and were $11.5 million or 1.08% of total assets for the second quarter of 2012 compared with $11.3 million or 1.17% of total assets for the same quarter in 2011. Other real estate owned and repossessed assets, excluding assets acquired in FDIC-assisted acquisitions, totaled $1.5 million for the second quarter of 2012, down from $2.7 million for the same quarter in 2011.

The provision for loan losses on non-FDIC-acquired loans increased to $750,000 for the second quarter of 2012 from $700,000 for the same quarter in 2011, primarily driven by organic loan growth. For the second quarter in 2012, the allowance for loan losses represented 1.61% of total loans outstanding, excluding loans acquired in FDIC-assisted acquisitions, versus 1.58% for the same quarter in 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, North Central Florida and Eastern Alabama through 22 full-service branch locations, 11 mortgage offices, and 3 investment offices. As of June 30, 2012, the Company reported total assets of approximately $1.1 billion and total stockholders' equity of approximately $123 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 includes 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 2011 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

(Dollars in thousands, except per share data)

 
Three Months Ended

June 30,

Six Months Ended

June 30,

2012     2011 2012     2011
Total noninterest income $ 3,679 $ 3,560 $ 6,462 $ 8,401
Bargain purchase gain   (34 )   117     (34 )   (2,217 )
Adjusted noninterest income $ 3,645   $ 3,677   $ 6,428   $ 6,184  
 
Total noninterest expense $ 10,674 $ 10,040 $ 21,475 $ 18,438
Acquisition-related expenses   (69 )   (474 )   (400 )   (756 )
Adjusted noninterest expense $ 10,605   $ 9,566   $ 21,075   $ 17,682  
 
Net income (loss) as reported $ 1,360 $ (481 ) $ 2,331 $ 734
Bargain purchase gain and acquisition-related expenses, net of tax*   23     385     269     (833 )
Adjusted net income (loss) $ 1,383   $ (96 ) $ 2,600   $ (99 )
 
Diluted earnings (loss) per share $ 0.17 $ (0.06 ) $ 0.29 $ 0.09
Bargain purchase gain and acquisition-related expenses, net of tax*   0.00     0.05     0.03     (0.10 )
Adjusted diluted earnings (loss) per share $ 0.17   $ (0.01 ) $ 0.32   $ (0.01 )
 

* 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 Noninterest Expense, 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

(Dollars in thousands, except per share data)

 
   

Three Months Ended June 30,

   

Six Months Ended June 30,

2012     2011 2012     2011
Interest income $ 12,077 $ 9,109 $ 23,736 $ 17,733
Interest expense   1,918   2,667     3,853   5,258
Net interest income 10,159 6,442 19,883 12,475
Provision for loan losses 750 700 1,150 1,300
Provision for loan losses – covered 338 338
Provision for loan losses – non covered   3       3  

Net interest income after provision for loan losses

9,068 5,742 18,392 11,175
Noninterest income 3,679 3,560 6,463 8,401
Noninterest expense   10,674   10,040     21,475   18,438
Income (loss) before income taxes 2,073 (738 ) 3,380 1,138
Income tax expense (benefit)   713   (257 )   1,049   404
Net income (loss) $ 1,360 $ (481 ) $ 2,331 $ 734
Net income (loss) per share:
Basic $ 0.17 $ (0.06 ) $ 0.29 $ 0.09
Diluted $ 0.17 $ (0.06 ) $ 0.29 $ 0.09
Weighted average shares outstanding:
Basic   8,071,354   8,213,761     8,107,868   8,200,207
Diluted   8,072,935   8,215,090     8,109,356   8,201,633
Dividends declared per share $ 0.04 $ 0.03   $ 0.08 $ 0.06
 

June 30, 2012

Dec. 31, 2011

June 30, 2011

Total assets $ 1,063,426 $ 1,089,852 $ 963,571
Cash and cash equivalents 22,499 34,521 15,225
Interest-bearing deposits in banks 32,153 43,101 100,309
Securities available for sale 227,984 259,017 186,867
Loans 605,001 560,620 500,725
Allowance for loan losses 8,099 7,494 6,585
Total deposits 860,268 884,187 763,673
Federal Home Loan Bank advances 35,000 35,000 35,000
Stockholders' equity 123,291 124,136 122,038
 
               
Heritage Financial Group, Inc.

 

Second Quarter 2012 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
Income Statement Data

Interest income

Loans $ 10,532 $ 7,564 $ 20,680 $ 14,709
Loans held for sale 204 46 387 54
Securities - taxable 1,016 1,221 1,995 2,428
Securities - nontaxable 295 211 593 422
Federal funds sold 4 16 18 29
Interest-bearing deposits in banks   26     51     63     91  
Total interest income   12,077     9,109     23,736     17,733  

Interest expense

Deposits 1,246 1,983 2,509 3,831
Other borrowings   672     684     1,344     1,427  
Total interest expense   1,918     2,667     3,853     5,258  
Net interest income 10,159 6,442 19,883 12,475
Provision for loan losses 750 700 1,150 1,300
Provision for loan losses - covered 338 - 338 -
Provision for loan losses - uncovered   3     -     3     -  
Net interest income after provision for loan losses   9,068     5,742     18,392     11,175  

Non-interest income

Service charges on deposit accounts 1,135 1,222 2,156 2,273
Bankcard services income 831 674 1,654 1,260
Other service charges, fees & commissions 73 69 158 144
Brokerage fees 462 406 908 760
Mortgage banking fees 938 624 1,627 892
Bank owned life insurance 211 149 351 294
Gain on sale of securities 27 453 70 453
Bargain purchase gain 34 (117 ) 34 2,217
Accretion of FDIC loss-share receivable (133 ) 5 (630 ) 5
Other   101     75     135     103  

Total non-interest income

  3,679     3,560     6,463     8,401  

Non-interest expense

Salaries and employee benefits 5,460 4,923 10,995 9,251
Equipment 707 428 1,374 779
Occupancy 688 536 1,344 981
Advertising & marketing 214 220 395 384
Legal & accounting 222 167 341 377
Consulting & other professional fees 118 198 237 377
Director fees & retirement 126 161 290 388
Telecommunications 288 204 520 349
Supplies 145 145 299 240
Data processing fees 875 615 1,696 1,133

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

(141 ) 535 (148 ) 937

Gain on sale and write-downs of FDIC acquired other real estate

(249 ) (45 ) (75 ) (45 )
Foreclosed asset expenses 218 245 440 415
Foreclosed FDIC acquired asset expenses 466 - 628 -
FDIC insurance and other regulatory fees 265 354 509 647
Acquisition related expenses 69 474 400 757
Deposit Intangible expense 195 207 396 302
Other operating   1,008     673     1,834     1,166  
Total non-interest expense   10,674     10,040     21,475     18,438  
Income before taxes 2,073 (738 ) 3,380 1,138
Applicable income tax   713     (257 )   1,049     404  
Net income $ 1,360   $ (481 ) $ 2,331   $ 734  
 
Weighted average shares - basic 8,071,354 8,213,761 8,107,868 8,200,207
Weighted average shares - diluted 8,072,935 8,215,090 8,109,356 8,201,633
 
Basic earnings per share $ 0.17 $ (0.06 ) $ 0.29 $ 0.09
Diluted earnings per share 0.17 (0.06 ) 0.29 0.09
Cash dividend declared per share 0.04 0.03 0.08 0.06
 
               
Heritage Financial Group, Inc.

 

Second Quarter 2012 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
June 30,
2012 2011
Balance Sheet Data (Ending Balance)
Total loans $ 605,001 $ 500,724
Loans held for sale 6,017 5,579
Covered loans 87,386 60,426
Allowance for loan losses 8,099 6,585
Total foreclosed assets 9,290 9,693
Covered other real estate owned 7,571 6,968
FDIC loss-share receivable 76,294 58,152
Intangible assets 4,621 4,388
Total assets 1,063,426 963,571
Non-interest-bearing deposits 87,815 73,382
Interest-bearing deposits 772,453 690,291
Federal Home Loan Bank advances 35,000 35,000

Federal funds purchased and securities sold under agreement to repurchase

31,746 31,989
Stockholders' equity   123,291     122,038  
Total shares outstanding   8,668,752     8,712,750  
 
Unearned ESOP shares 412,487 465,673
 
Book value per share $ 14.93 $ 14.80
Tangible book value per share (non-GAAP) 14.37 14.27
Market value per share 12.87 11.92
 
Three Months Ended Six Months Ended
June 30, June 30,
2012 2011 2012 2011
Average Balance Sheet Data
Average interest-bearing deposits in banks $ 21,897 $ 44,525 $ 29,872 $ 30,301
Average federal funds sold 6,038 20,447 14,211 21,955
Average investment securities 252,894 210,261 256,884 217,581
Average loans 583,366 501,929 571,880 479,613
Average mortgage loans held for sale 5,519 3,878 5,043 2,315
Average FDIC loss-share receivable 79,812 58,149 81,902 42,733
Average earning assets 869,393 777,162 877,569 751,467
Average assets 1,053,140 966,962 1,063,466 912,806
Average noninterest-bearing deposits 89,763 70,346 87,325 61,483
Average interest-bearing deposits 760,409 680,424 772,718 633,601
Average total deposits 850,172 750,770 860,043 695,084

Average federal funds purchased and securities sold under agreement to repurchase

32,043 31,664 32,926 31,617
Average Federal Home Loan Bank advances 35,000 54,143 35,000 57,917
Average interest-bearing liabilities 827,452 766,231 840,644 723,135
Average stockholders' equity 125,083 122,528 125,288 121,384
 
Performance Ratios
Annualized return on average assets 0.52 % -0.20 % 0.44 % 0.16 %
Annualized return on average equity 4.35 % -1.57 % 3.72 % 1.21 %
Net interest margin 4.75 % 3.36 % 4.60 % 3.39 %
Net interest spread 4.70 % 3.34 % 4.56 % 3.33 %
Efficiency ratio 77.14 % 100.38 % 81.51 % 88.32 %
 
Capital Ratios
Average stockholders' equity to average assets 11.9 % 12.7 % 11.8 % 13.3 %
Tangible equity to tangible assets (non-GAAP) 11.2 % 12.3 % 11.2 % 12.3 %
Tier 1 leverage ratio (1) 11.3 % 12.1 % 11.3 % 12.1 %
Tier 1 risk-based capital ratio (1) 19.6 % 22.2 % 19.6 % 22.2 %
Total risk-based capital ratio (1) 20.8 % 23.4 % 20.8 % 23.4 %
 
Other Information
Full-time equivalent employees 319 295 319 295
Number of full-service offices 22 21 22 21
Mortgage loan offices 11 10 11 10
Investment offices 3 2 3 2
 
(1) June 30, 2012 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.

 

Second Quarter 2012 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
Five Quarter Comparison for the Three Months Ended
6/30/12 3/31/12 12/31/11 9/30/11 6/30/11
Income Statement Data

Interest income

Loans $ 10,532 $ 10,147 $ 9,945 $ 8,774 $ 7,564
Loans held for sale 204 182 198 45 46
Securities - taxable 1,016 979 1,095 1,013 1,221
Securities - nontaxable 295 299 251 207 211
Federal funds sold 4 15 15 16 16
Interest-bearing deposits in banks   26     37     65     93     51  
Total interest income   12,077     11,659     11,569     10,148     9,109  

Interest expense

Deposits 1,246 1,263 1,671 2,048 1,983
Other borrowings   672     672     686     687     684  
Total interest expense   1,918     1,935     2,357     2,735     2,667  
Net interest income 10,159 9,724 9,212 7,413 6,442
Provision for loan losses   1,091     400     595     1,000     700  
Net interest income after provision for loan losses   9,068     9,324     8,617     6,413     5,742  

Non-interest income

Service charges on deposit accounts 1,135 1,020 1,237 1,267 1,222
Bankcard services income 831 824 691 684 674
Other service charges, fees & commissions 73 85 188 62 75
Brokerage fees 462 446 298 328 406
Mortgage banking fees 938 689 674 719 624
Bank owned life insurance 211 140 148 146 149
Life insurance proceeds - - - - 32
Gain on sale of securities 27 42 18 213 453
Bargain purchase gain 34 - - 2,000 (117 )
Accretion of FDIC loss-share receivable (133 ) (498 ) (72 ) 448 5
Other   101     35     33     25     37  
Total non-interest income   3,679     2,783     3,215     5,892     3,560  

Non-interest expense

Salaries and employee benefits 5,460 5,536 5,758 5,384 4,923
Equipment 707 667 701 516 428
Occupancy 688 657 613 685 536
Advertising & marketing 214 180 233 167 220
Legal & accounting 222 119 93 118 167
Consulting & other professional fees 118 119 131 208 198
Director fees & retirement 126 165 151 160 161
Telecommunications 288 231 274 206 204
Supplies 145 154 151 156 145
Data processing fees 875 821 856 857 615

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

(141 ) (7 ) (27 ) (139 ) 535

Loss (gain) on sale and write-downs of FDIC acquired other real estate

(249 ) 174 (92 ) (246 ) (45 )
Foreclosed asset expenses 218 221 22 216 244
Foreclosed FDIC acquired asset expenses 466 162 118 72 1
FDIC insurance and other regulatory fees 265 245 179 128 354
Acquisition related expenses 69 331 254 299 474
Deposit intangible expense 195 201 207 183 207
Other operating   1,008     825     906     809     673  
Total non-interest expense   10,674     10,801     10,528     9,779     10,040  
Income (loss) before taxes 2,073 1,306 1,304 2,526 (738 )
Applicable income tax (benefit)   713     335     (91 )   786     (257 )
Net income (loss) $ 1,360   $ 971   $ 1,395   $ 1,740   $ (481 )
 
Weighted average shares - basic 8,071,354 8,144,382 8,229,293 8,215,077 8,213,761
Weighted average shares - diluted 8,072,935 8,145,730 8,230,206 8,216,472 8,215,090
 
Basic earnings (loss) per share $ 0.17 $ 0.12 $ 0.17 $ 0.21 $ (0.05 )
Diluted earnings (loss) per share 0.17 0.12 0.17 0.21 (0.05 )
Cash dividend declared per share 0.04 0.04 0.03 0.03 0.03
 
                   
Heritage Financial Group, Inc.

 

Second Quarter 2012 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
Five Quarter Comparison
6/30/12 3/31/12 12/31/11 9/30/11 6/30/11
Balance Sheet Data (at period end)
Total loans $ 605,001 $ 562,495 $ 560,620 $ 560,940 $ 500,724
Loans held for sale 6,017 4,731 7,471 5,538 5,579
Covered loans 87,386 95,493 107,457 116,206 60,426
Allowance for loan losses 8,099 7,629 7,494 6,936 6,585
Total foreclosed assets 9,290 12,117 13,441 12,355 9,693
Covered other real estate owned 7,571 8,445 10,084 10,514 6,968
FDIC loss-share receivable 76,294 82,925 83,901 87,757 58,152
Intangible assets 4,621 4,647 4,848 5,056 4,388
Total assets 1,063,426 1,075,510 1,089,852 1,102,504 963,571
Non-interest-bearing deposits 87,815 88,582 78,823 84,716 73,382
Interest-bearing deposits 772,453 780,161 805,364 815,387 690,291
Federal home loan bank advances 35,000 35,000 35,000 35,000 35,000

Federal funds purchased and securities sold under agreement to repurchase

31,746 37,227 35,049 36,118 31,989
Stockholders' equity 123,291 125,067 124,136 123,638 122,038
 
Total shares outstanding 8,668,752 8,668,752 8,712,031 8,712,140 8,712,750
Unearned ESOP shares 412,487 425,813 439,138 452,348 465,673
 
Book value per share $ 14.93 $ 15.17 $ 15.01 $ 14.97 $ 14.80
Tangible book value per share (non-GAAP) 14.37 14.61 14.42 14.36 14.26
Market value per share 12.87 11.82 11.80 10.36 11.92
 
Five Quarter Comparison
6/30/12 3/31/12 12/31/11 9/30/11 6/30/11
Average Balance Sheet Data
Average interest-bearing deposits in banks $ 21,897 $ 37,999 $ 56,025 $ 102,769 $ 44,525
Average federal funds sold 6,038 22,363 22,805 26,889 20,447
Average investment securities 252,894 257,863 240,101 201,762 210,261
Average loans 583,366 560,385 559,556 533,487 501,929
Average mortgage loans held for sale 5,519 4,550 7,599 4,336 3,878
Average FDIC Loss-Share Receivable 79,812 84,017 86,544 71,942 58,149
Average earning assets 869,393 883,160 878,487 864,907 777,162
Average assets 1,053,140 1,074,260 1,085,490 1,040,575 966,962
Average noninterest-bearing deposits 89,763 84,920 80,376 76,940 70,346
Average interest-bearing deposits 760,409 784,944 801,246 761,344 680,424
Average total deposits 850,172 869,864 881,622 838,284 750,770

Average federal funds purchased and securities sold under agreement to repurchase

32,043 33,822 36,621 33,678 31,664
Average Federal Home Loan Bank advances 35,000 35,000 35,000 35,000 54,143
Average interest-bearing liabilities 827,452 853,766 872,867 830,022 766,231
Average stockholders' equity 125,083 125,503 124,257 123,844 122,528
 
Performance Ratios
Annualized return on average assets 0.52 % 0.36 % 0.51 % 0.67 % -0.20 %
Annualized return on average equity 4.35 % 3.09 % 4.49 % 5.62 % -1.57 %
Net interest margin 4.75 % 4.49 % 4.19 % 3.44 % 3.36 %
Net interest spread 4.70 % 4.46 % 4.17 % 3.38 % 3.34 %
Efficiency ratio 77.14 % 86.36 % 85.01 % 73.50 % 100.38 %
 
Capital Ratios
Average stockholders' equity to average assets 11.9 % 11.7 % 11.4 % 11.9 % 12.7 %
Tangible equity to tangible assets (non-GAAP) 11.2 % 11.2 % 11.0 % 10.8 % 12.3 %
Tier 1 leverage ratio 11.3 % 11.4 % 11.2 % 11.3 % 12.1 %
Tier 1 risk-based capital ratio 19.6 % 21.0 % 21.2 % 21.2 % 22.2 %
Total risk-based capital ratio 20.8 % 22.2 % 22.4 % 22.4 % 23.4 %
 
Other Information
Full-time equivalent employees 319 324 327 313 295
Number of full-service offices 22 21 22 23 21
Mortgage loan offices 11 11 11 11 10
Investment offices 3 3 3 3 2
 
       
Heritage Financial Group, Inc.

 

Second Quarter 2012 Earnings Release Supplement
(Dollars in thousands)
Three Months Ended
June 30,
2012 2011
Loans by Type
Construction and land loans $ 31,134 $ 26,688
Farmland loans 18,121 13,276
Permanent 1 - 4 148,162 131,596
Permanent 1 - 4 - junior liens and revolving 25,289 26,140
Multifamily 19,639 12,755
Nonresidential 177,307 131,027
Commercial business loans 58,589 50,997
Consumer and other loans   24,172     23,592  
502,413 416,071
Loans acquired through FDIC-assisted acquisitions:
Non covered loans 15,202 24,227
Covered loans   87,386     60,427  
  605,001     500,725  
 
OREO 1,519 2,659
 
OREO assets acquired through FDIC-assisted acquisitions:
Non Covered 200 556
Covered   7,571     -  
  9,290     3,215  
 
Asset Quality Data (excluding assets acquired through FDIC-assisted acquisitions):
Allowance for loan losses to total loans 1.61 % 1.58 %
Allowance for loan losses to average loans 1.70 % 1.48 %
Allowance for loan losses to non-performing loans 81.27 % 76.68 %
Accruing past due loans $ 3,215 $ 727
Nonaccrual loans 9,965 8,589
Loans - 90 days past due & still accruing - -
Total non-performing loans 9,965 8,589
OREO and repossessed assets 1,519 2,725
Total non-performing assets 11,484 11,314
Non-performing loans to total loans 1.98 % 2.06 %
Non-performing assets to total assets 1.08 % 1.17 %
QTD Net charge-offs to average loans (annualized) 0.23 % 0.26 %
Net charge-offs QTD $ 279 $ 253
 
                   
Heritage Financial Group, Inc.

 

First Quarter 2012 Earnings Release Supplement
(Dollars in thousands)
Five Quarter Comparison for the Quarter Ended
6/30/12 3/31/12 12/31/11 9/30/11 6/30/11
Loans by Type
Construction and land loans $ 31,134 $ 24,375 $ 26,804 $ 28,115 $ 26,688
Farmland loans 18,121 17,150 17,921 18,272 13,276
Permanent 1 - 4 148,162 132,172 129,745 134,269 131,596
Permanent 1 - 4 - junior liens and revolving 25,289 25,220 26,154 26,071 26,140
Multifamily 19,639 18,577 15,797 13,754 12,755
Nonresidential 177,307 150,492 138,970 129,730 131,027
Commercial business loans 58,589 59,697 55,179 47,854 50,997
Consumer and other loans   24,172     21,935     23,872     21,955     23,592  
  502,413     449,618     434,442     420,020     416,071  
 
Loans acquired through FDIC-assisted acquisitions:
Non covered loans 15,202 17,384 18,721 24,713 24,227
Covered loans   87,386     95,493     107,457     116,206     60,427  
  605,001     562,495     560,620     560,939     500,725  
 
 
Asset Quality Data (excluding Loans acquired through FDIC-assisted acquisitions):
Allowance for loan losses to total loans 1.61 % 1.70 % 1.72 % 1.65 % 1.58 %
Allowance for loan losses to average loans 1.70 % 1.35 % 1.32 % 1.29 % 1.48 %
Allowance for loan losses to non-performing loans 81.27 % 71.42 % 106.40 % 86.76 % 76.67 %
Accruing past due loans $ 3,215 $ 452 $ 371 $ 1,487 $ 727
Nonaccrual loans 9,965 10,681 7,043 7,994 8,589
Loans - 90 days past due & still accruing - - - - -
Total non-performing loans 9,965 10,681 7,043 7,994 8,589
OREO and repossessed assets 1,519 2,992 3,356 1,841 2,725
Total non-performing assets 11,484 13,673 10,399 9,835 11,314
Non-performing loans to total loans 1.98 % 2.38 % 1.62 % 1.90 % 1.72 %
Non-performing assets to total assets 1.08 % 1.75 % 0.95 % 0.89 % 1.17 %
Net charge-offs to average loans (annualized) 0.23 % 0.24 % 0.04 % 0.73 % 0.26 %
Net charge-offs $ 279 $ 265 $ 37 $ 650 $ 253
 

Note:

Certain prior-period amounts have been reclassified to conform with current presentation.
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. 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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