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Heritage Financial Group, Inc. Reports Higher Third Quarter Net Income Of $2.0 Million Or $0.25 Per Diluted Share

Stocks in this article: HBOS

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 23 full-service branch locations, 11 mortgage offices, and 4 investment offices. As of September 30, 2012, the Company reported total assets of approximately $1.1 billion 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. 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 Nine Months Ended

September 30,

September 30,   June 30,
2012   2011 2012 2012   2011
Total interest income $ 14,651 $ 10,148 $ 12,077 $ 38,387 $ 27,881

Loan held for sale – fair value election

  (156 )           (156 )    
Adjusted interest income $ 14,495   $ 10,148   $ 12,077   $ 38,231   $ 27,881  
 
Total non-interest income $ 4,361 $ 5,892 $ 3,679 $ 10,824 $ 14,294

Mortgage banking activities – fair value election

(336 ) (336 )
Gain on sale of securities (1,484 ) (213 ) (1,554 ) (666 )

Accrual of FDIC acquisitions estimated true-up liability

484 484
Bargain purchase (gain) loss   90     (2,000 )   (34 )   56     (4,217 )
Adjusted non-interest income $ 3,115   $ 3,679   $ 3,645   $ 9,474   $ 9,411  
 
Total non-interest expense $ 11,978 $ 9,779 $ 10,674 $ 33,453 $ 28,218
Salaries and employee benefits – early retirement program (641 ) (641 )
Acquisition-related expenses   (14 )   (299 )   (69 )   (414 )   (1,056 )
Adjusted non-interest expense $ 11,323   $ 9,480   $ 10,605   $ 32,398   $ 27,162  
 
Net income as reported $ 1,998 $ 1,740 $ 1,360 $ 4,349 $ 2,474
Adjustments for interest income, interest expense, non-interest income and non-interest expense, net of tax*   (472 )   (1,318 )   23     (298 )   (2,584 )
Adjusted net income (loss) $ 1,526   $ 422   $ 1,383   $ 4,051   $ (110 )
 
Diluted earnings per share $ 0.25 $ 0.21 $ 0.17 $ 0.54 $ 0.30
Adjustments for interest income, interest expense, non-interest income and non-interest expense, net of tax*   (0.06 )   (0.16 )   0.00     (0.04 )   (0.31 )
Adjusted diluted earnings (loss) per share $ 0.19   $ 0.05   $ 0.17   $ 0.50   $ (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 September 30,

Nine Months Ended September 30,

2012   2011 2012   2011
Interest income $ 14,651 $ 10,148 $ 38,387 $ 27,881
Interest expense   1,938   2,735   5,791   7,993
Net interest income 12,713 7,413 32,596 19,888
Provision for loan losses 750 1,000 1,900 2,300
Provision for loan losses – covered 1,172 1,513
Provision for loan losses – non covered   12     12  

Net interest income after provision

for loan losses

10,779 6,413 29,171 17,588
Non-interest income 4,361 5,892 10,824 14,294
Non-interest expense   11,978   9,779   33,453   28,218
Income before income taxes 3,162 2,526 6,542 3,664
Income tax expense   1,164   786   2,213   1,190
Net income $ 1,998 $ 1,740 $ 4,329 $ 2,474
Net income per share:
Basic $ 0.25 $ 0.21 $ 0.54 $ 0.30
Diluted $ 0.25 $ 0.21 $ 0.54 $ 0.30
Weighted average shares outstanding:
Basic   7,942,852   8,305,615   8,052,462   8,205,305
Diluted   7,944,983   8,307,010   8,054,183   8,206,906
Dividends declared per share $ 0.04 $ 0.03 $ 0.12 $ 0.09
 

Sept. 30, 2012

June 30, 2012

Sept. 30, 2011

Total assets $ 1,054,899 $ 1,063,426 $ 1,102,504
Cash and cash equivalents 22,016 22,499 23,292
Interest-bearing deposits in banks 17,026 32,153 99,211
Securities available for sale 209,287 227,984 218,384
Loans 634,932 605,001 560,940
Allowance for loan losses 8,530 8,099 6,936
Total deposits 845,079 860,268 900,103
Federal Home Loan Bank advances 35,000 35,000 35,000
Stockholders' equity 121,792 123,291 123,638
 
Heritage Financial Group, Inc.
Third Quarter 2012 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
  Three Months Ended   Nine Months Ended
September 30, September 30,
2012   2011 2012   2011
Income Statement Data

Interest income

Loans $ 13,067 $ 8,774 $ 33,747 $ 23,483
Loans held for sale 342 45 729 99
Securities - taxable 924 1,013 2,919 3,441
Securities - nontaxable 298 207 891 629
Federal funds sold 3 16 21 45
Interest-bearing deposits in banks   17     93     80     184  
Total interest income   14,651     10,148     38,387     27,881  

Interest expense

Deposits 1,257 2,048 3,766 5,879
Other borrowings   681     687     2,025     2,114  
Total interest expense   1,938     2,735     5,791     7,993  
Net interest income 12,713 7,413 32,596 19,888
Provision for loan losses 750 1,000 1,900 2,300
Provision for loan losses - FDIC acquired covered 1,172 - 1,513 -
Provision for loan losses - FDIC acquired non covered   12     -     12     -  
Net interest income after provision for loan losses   10,779     6,413     29,171     17,588  

Non-interest income

Service charges on deposit accounts 1,285 1,267 3,441 3,540
Bankcard services income 783 685 2,437 1,946
Other service charges, fees & commissions 80 61 238 205
Brokerage fees 467 328 1,375 1,088
Mortgage banking activities 1,689 719 3,316 1,611
Bank owned life insurance 210 146 561 440
Gain on sale of securities 1,484 213 1,554 666
Gain (loss) on acquisitions (90 ) 2,000 (56 ) 4,217
Accretion of FDIC loss-share receivable (1,606 ) 448 (2,236 ) 453
Other   59     25     194     128  
Total non-interest income   4,361     5,892     10,824     14,294  

Non-interest expense

Salaries and employee benefits 6,380 5,384 17,375 14,635
Equipment and occupancy 1,317 1,201 4,035 2,961
Advertising & marketing 114 167 509 551
Professional fees 354 326 932 1,079
Information services expenses 1,240 1,063 3,456 2,546

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

90 (139 ) (58 ) 798

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

(33 ) (246 ) (108 ) (291 )
Foreclosed asset expenses 177 288 617 703
Foreclosed FDIC acquired asset expenses 563 - 1,191 -
FDIC insurance and other regulatory fees 276 128 785 775
Acquisition related expenses 14 299 414 1,056
Deposit Intangible expense 194 183 590 485
Other operating   1,292     1,125     3,715     2,920  
Total non-interest expense   11,978     9,779     33,453     28,218  
Income before taxes 3,162 2,526 6,542 3,664
Applicable income tax   1,164     786     2,213     1,190  
Net income $ 1,998   $ 1,740   $ 4,329   $ 2,474  
 
Weighted average shares - basic 7,942,852 8,305,615 8,052,462 8,205,305
Weighted average shares - diluted 7,944,983 8,307,010 8,054,183 8,206,906
 
Basic earnings per share $ 0.25 $ 0.21 $ 0.54 $ 0.30
Diluted earnings per share 0.25 0.21 0.54 0.30
Cash dividend declared per share 0.04 0.03 0.12 0.09
 
 
Heritage Financial Group, Inc.
Third Quarter 2012 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
      September 30,
2012   2011
Balance Sheet Data (Ending Balance)
Total loans $ 634,932 $ 560,940
Loans held for sale 7,236 5,538
Covered loans 78,757 116,206
Allowance for loan losses 8,530 6,936
Total foreclosed assets 11,458 12,355
Covered other real estate owned 9,457 10,514
FDIC loss-share receivable 67,698 87,757
Intangible assets 4,426 5,056
Total assets 1,054,899 1,102,504
Non-interest-bearing deposits 108,767 84,716
Interest-bearing deposits 736,312 815,387
Federal Home Loan Bank advances 35,000 35,000

Federal funds purchased and securities sold under agreement to repurchase

35,833 36,118
Stockholders' equity 121,793 123,637
 
Total shares outstanding 8,229,955 8,712,140
Unearned ESOP shares   399,162     452,348  
Total shares outstanding net of unearned ESOP   7,830,793     8,259,792  
 
Book value per share $ 15.55 $ 14.97
Book value per share including unearned ESOP (non-GAAP)

 

14.80

 

14.19
Tangible book value per share (non-GAAP) 14.99 14.36
Tangible book value per share including unearned ESOP (non-GAAP) 14.26 13.61
Market value per share 13.14 10.39
 
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
Average Balance Sheet Data
Average interest-bearing deposits in banks $ 19,343 $ 102,769 $ 26,337 $ 54,737
Average federal funds sold 5,471 26,889 11,276 23,607
Average investment securities 235,862 201,762 249,826 213,518
Average loans 625,464 533,487 589,871 497,353
Average mortgage loans held for sale 6,198 4,336 5,430 2,998
Average FDIC loss-share receivable 74,045 71,942 79,264 52,568
Average earning assets 883,319 864,907 879,499 792,220
Average assets 1,070,130 1,040,575 1,065,701 956,622
Average noninterest-bearing deposits 94,453 76,940 89,719 66,664
Average interest-bearing deposits 768,247 761,344 771,214 675,966
Average total deposits 862,700 838,284 860,933 742,630

Average federal funds purchased and securities sold under agreement to repurchase

33,916 33,678 33,259 32,304
Average Federal Home Loan Bank advances 35,326 35,000 35,109 50,195
Average interest-bearing liabilities 837,489 830,022 839,582 758,567
Average stockholders' equity 124,884 123,844 125,152 122,210
 
Performance Ratios
Annualized return on average assets 0.75 % 0.67 % 0.81 % 0.52 %
Annualized return on average equity 6.40 % 5.62 % 6.92 % 4.05 %
Net interest margin 5.77 % 3.44 % 5.00 % 3.41 %
Net interest spread 5.72 % 3.38 % 4.96 % 3.35 %
Efficiency ratio 70.15 % 73.50 % 77.05 % 82.55 %
 
Capital Ratios
Average stockholders' equity to average assets 11.7 % 12.7 % 11.7 % 12.8 %
Tangible equity to tangible assets (non-GAAP) 11.2 % 12.3 % 11.2 % 10.8 %
Tier 1 leverage ratio (1) 10.9 % 11.3 % 10.9 % 11.3 %
Tier 1 risk-based capital ratio (1) 18.0 % 20.2 % 18.0 % 20.2 %
Total risk-based capital ratio (1) 19.2 % 21.4 % 19.2 % 21.4 %
 
Other Information
Full-time equivalent employees 316 313 316 313
Banking 270 270 270 270
Mortgage 39 36 39 36
Investments 7 7 7 7
Number of full-service offices 23 23 23 23
Mortgage loan offices 11 11 11 11
Investment offices 4 3 4 3
 
(1) September 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.
Third Quarter 2012 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
  Five Quarter Comparison for the Three Months Ended
9/30/12   6/30/12   3/31/12   12/31/11   9/30/11
Income Statement Data

Interest income

Loans $ 13,067 $ 10,532 $ 10,147 $ 9,945 $ 8,774
Loans held for sale 342 204 182 198 45
Securities - taxable 924 1,016 979 1,095 1,013
Securities - nontaxable 298 295 299 251 207
Federal funds sold 3 4 15 15 16
Interest-bearing deposits in banks   17     26     37     65     93  
Total interest income   14,651     12,077     11,659     11,569     10,148  

Interest expense

Deposits 1,257 1,246 1,263 1,671 2,048
Other borrowings   681     672     672     686     687  
Total interest expense   1,938     1,918     1,935     2,357     2,735  
Net interest income 12,713 10,159 9,724 9,212 7,413
Provision for loan losses 750 750 400 595 1,000
Provision for loan losses - FDIC acquired covered 1,172 338 - - -
Provision for loan losses - FDIC acquired non covered   12     3     -     -     -  
Net interest income after provision for loan losses   10,779     9,068     9,324     8,617     6,413  

Non-interest income

Service charges on deposit accounts 1,285 1,135 1,020 1,237 1,267
Bankcard services income 783 831 824 691 684
Other service charges, fees & commissions 80 73 85 188 62
Brokerage fees 467 462 446 298 328
Mortgage banking activities 1,689 938 689 674 719
Bank owned life insurance 210 211 140 148 146
Life insurance proceeds - - - - -
Gain on sale of securities 1,484 27 42 18 213
Bargain purchase gain (90 ) 34 - - 2,000
Accretion of FDIC loss-share receivable (1,606 ) (133 ) (498 ) (72 ) 448
Other   59     101     35     33     25  
Total non-interest income   4,361     3,679     2,783     3,215     5,892  

Non-interest expense

Salaries and employee benefits 6,380 5,460 5,536 5,758 5,384
Equipment and occupancy 1,317 1,395 1,324 1,314 1,201
Advertising & marketing 114 214 180 233 167
Professional fees 354 340 238 224 326
Information services expenses 1,240 1,163 1,052 1,130 1,063

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

90 (141 ) (7 ) (27 ) (139 )

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

(33 ) (249 ) 174 (92 ) (246 )
Foreclosed asset expenses 177 218 221 22 216
Foreclosed FDIC acquired asset expenses 563 466 162 118 72
FDIC insurance and other regulatory fees 276 265 245 179 128
Acquisition related expenses 14 69 331 254 299
Deposit intangible expense 194 195 201 207 183
Other operating   1,292     1,279     1,144     1,208     1,125  
Total non-interest expense   11,978     10,674     10,801     10,528     9,779  
Income (loss) before taxes 3,162 2,073 1,306 1,304 2,526
Applicable income tax (benefit)   1,164     713     335     (91 )   786  
Net income (loss) $ 1,998   $ 1,360   $ 971   $ 1,395   $ 1,740  
 
Weighted average shares - basic 7,942,852 8,071,354 8,144,382 8,229,293 8,305,615
Weighted average shares - diluted 7,944,983 8,072,935 8,145,730 8,230,206 8,307,010
 
Basic earnings (loss) per share $ 0.25 $ 0.17 $ 0.12 $ 0.17 $ 0.21
Diluted earnings (loss) per share 0.25 0.17 0.12 0.17 0.21
Cash dividend declared per share 0.04 0.04 0.04 0.03 0.03
 
Heritage Financial Group, Inc.
Third Quarter 2012 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
  Five Quarter Comparison
9/30/12   6/30/12   3/31/12   12/31/11   9/30/11
Balance Sheet Data (at period end)
Total loans $ 634,932 $ 605,001 $ 562,495 $ 560,620 $ 560,940
Loans held for sale 7,236 6,017 4,731 7,471 5,538
Covered loans 78,757 87,386 95,493 107,457 116,206
Allowance for loan losses 8,530 8,099 7,629 7,494 6,936
Total foreclosed assets 11,458 9,290 12,117 13,441 12,355
Covered other real estate owned 9,457 7,571 8,445 10,084 10,514
FDIC loss-share receivable 67,698 76,294 82,925 83,901 87,757
Intangible assets 4,426 4,621 4,647 4,848 5,056
Total assets 1,054,899 1,063,426 1,075,510 1,089,852 1,102,504
Non-interest-bearing deposits 108,767 87,815 88,582 78,823 84,716
Interest-bearing deposits 736,312 772,453 780,161 805,364 815,387
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

35,833 31,746 37,227 35,049 36,118
Stockholders' equity 121,793 123,291 125,067 124,136 123,637
 
Total shares outstanding 8,229,955 8,490,247 8,668,752 8,712,031 8,712,140
Unearned ESOP shares   399,162     412,487     425,813     439,138     452,348  
Total shares outstanding net of unearned ESOP   7,830,793     8,077,760     8,242,939     8,272,893     8,259,792  
 
Book value per share $ 15.55 $ 15.26 $ 15.17 $ 15.01 $ 14.97

Book value per share including unearned ESOP (non-GAAP)

14.80 14.52 14.43 14.25 14.19
Tangible book value per share (non-GAAP) 14.99 14.69 14.61 14.42 14.36

Tangible book value per share including unearned ESOP (non-GAAP)

14.26 13.98 13.89 13.69 13.61
Market value per share 13.14 12.87 11.82 11.80 10.39
 
Five Quarter Comparison
9/30/12 6/30/12 3/31/12 12/31/11 9/30/11
Average Balance Sheet Data
Average interest-bearing deposits in banks $ 19,343 $ 21,897 $ 37,999 $ 56,025 $ 102,769
Average federal funds sold 5,471 6,038 22,363 22,805 26,889
Average investment securities 235,862 252,894 257,863 240,101 201,762
Average loans 625,464 583,366 560,385 559,556 533,487
Average mortgage loans held for sale 6,198 5,519 4,550 7,599 4,336
Average FDIC Loss-Share Receivable 74,045 79,812 84,017 86,544 71,942
Average earning assets 883,319 869,393 883,160 878,487 864,907
Average assets 1,070,130 1,053,140 1,074,260 1,085,490 1,040,575
Average noninterest-bearing deposits 94,453 89,763 84,920 80,376 76,940
Average interest-bearing deposits 768,247 760,409 784,944 801,246 761,344
Average total deposits 862,700 850,172 869,864 881,622 838,284

Average federal funds purchased and securities sold under agreement to repurchase

33,916 32,043 33,822 36,621 33,678
Average Federal Home Loan Bank advances 35,326 35,000 35,000 35,000 35,000
Average interest-bearing liabilities 837,489 827,452 853,766 872,867 830,022
Average stockholders' equity 124,884 125,083 125,503 124,257 123,844
 
Performance Ratios
Annualized return on average assets 0.75 % 0.52 % 0.36 % 0.51 % 0.67 %
Annualized return on average equity 6.40 % 4.35 % 3.09 % 4.49 % 5.62 %
Net interest margin 5.77 % 4.75 % 4.49 % 4.19 % 3.44 %
Net interest spread 5.72 % 4.70 % 4.46 % 4.17 % 3.38 %
Efficiency ratio 70.15 % 77.14 % 86.36 % 85.01 % 73.50 %
 
Capital Ratios
Average stockholders' equity to average assets 11.7 % 11.9 % 11.7 % 11.4 % 11.9 %
Tangible equity to tangible assets (non-GAAP) 11.2 % 11.2 % 11.2 % 11.0 % 10.8 %
Tier 1 leverage ratio 10.9 % 11.3 % 11.4 % 11.2 % 11.3 %
Tier 1 risk-based capital ratio 18.0 % 19.1 % 21.0 % 21.2 % 21.2 %
Total risk-based capital ratio 19.2 % 20.3 % 22.2 % 22.4 % 22.4 %
 
Other Information
Full-time equivalent employees 316 319 324 327 313
Banking 270 279 283 286 270
Mortgage 39 33 34 34 36
Investments 7 7 7 7 7
Number of full-service offices 23 22 21 22 23
Mortgage loan offices 11 11 11 11 11
Investment offices 4 3 3 3

 

3
 
 
Heritage Financial Group, Inc.
Third Quarter 2012 Earnings Release Supplement
(Dollars in thousands)
   
Three Months Ended
September 30,
2012 2011
Loans by Type
Construction and land $ 30,010 $ 28,115
Farmland 20,298 18,272
Permanent 1 - 4 157,551 134,269
Permanent 1 - 4 - junior liens and revolving 25,507 26,071
Multifamily 19,805 13,754
Nonresidential 193,392 129,730
Commercial business 68,800 47,854
Consumer and other   26,519     21,955  
  541,882     420,020  
Loans acquired through FDIC-assisted acquisitions:
Non covered 14,291 24,714
Covered   78,757     116,206  
  93,048     140,920  
   
  634,930     560,940  
 
OREO (excluding assets acquired through FDIC-assisted acquisitions): 1,403 1,596
 
OREO assets acquired through FDIC-assisted acquisitions:
Non Covered 598 245
Covered   9,457     10,514  
  11,458     12,355  
 
Asset Quality Data (excluding assets acquired through FDIC-assisted acquisitions):
Allowance for loan losses to total loans 1.57 % 1.65 %
Allowance for loan losses to average loans 1.61 % 1.29 %
Allowance for loan losses to non-performing loans 52.15 % 86.78 %
Accruing past due loans $ 1,038 $ 1,487
Nonaccrual loans 16,358 7,994
Loans - 90 days past due & still accruing - -
Total non-performing loans 16,358 7,994
OREO and repossessed assets 1,403 1,841
Total non-performing assets 17,761 9,835
Non-performing loans to total loans 3.02 % 1.90 %
Non-performing assets to total assets 1.68 % 0.89 %
QTD Net charge-offs to average loans (annualized) 0.24 % 0.73 %
Net charge-offs QTD $ 320 $ 650
 
         
Heritage Financial Group, Inc.
Third Quarter 2012 Earnings Release Supplement
(Dollars in thousands)
 
Five Quarter Comparison for the Quarter Ended
9/30/12 6/30/12 3/31/12 12/31/11 9/30/11
Loans by Type
Construction and land $ 30,010 $ 31,134 $ 24,375 $ 26,804 $ 28,115
Farmland 20,298 18,121 17,150 17,921 18,272
Permanent 1 - 4 157,551 148,162 132,172 129,745 134,269
Permanent 1 - 4 - junior liens and revolving 25,507 25,289 25,220 26,154 26,071
Multifamily 19,805 19,639 18,577 15,797 13,754
Nonresidential 193,392 177,307 150,492 138,970 129,730
Commercial business 68,800 58,589 59,697 55,179 47,854
Consumer and other   26,519     24,172     21,935     23,872     21,955  
  541,882     502,413     449,618     434,442     420,020  
 
Loans acquired through FDIC-assisted acquisitions:
Non covered 14,291 15,202 17,384 18,721 24,714
Covered   78,757     87,386     95,493     107,457     116,206  
  634,930     605,001     562,495     560,620     560,940  
 
 
Asset Quality Data (excluding Loans acquired through FDIC-assisted acquisitions):
Allowance for loan losses to total loans 1.57 % 1.61 % 1.70 % 1.72 % 1.65 %
Allowance for loan losses to average loans 1.61 % 1.70 % 1.35 % 1.32 % 1.29 %
Allowance for loan losses to non-performing loans 52.15 % 81.27 % 71.42 % 106.40 % 86.76 %
Accruing past due loans $ 1,038 $ 3,215 $ 452 $ 371 $ 1,487
Nonaccrual loans 16,358 9,965 10,681 7,043 7,994
Loans - 90 days past due & still accruing - - - - -
Total non-performing loans 16,358 9,965 10,681 7,043 7,994
OREO and repossessed assets 1,403 1,519 2,992 3,356 1,841
Total non-performing assets 17,761 11,484 13,673 10,399 9,835
Non-performing loans to total loans 3.02 % 1.98 % 2.38 % 1.62 % 1.90 %
Non-performing assets to total assets 1.68 % 1.08 % 1.75 % 0.95 % 0.89 %
Net charge-offs to average loans (annualized) 0.24 % 0.23 % 0.24 % 0.04 % 0.73 %
Net charge-offs $ 320 $ 279 $ 265 $ 37 $ 650
 

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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