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Heritage Financial Group, Inc. 2012 Net Income Up 77% Versus 2011, Increasing To $6.8 Million Or $0.85 Per Diluted Share

     

HERITAGE FINANCIAL GROUP, INC.

Unaudited Reconciliation of Non-GAAP Measures Presented in Earnings Release

(Dollars in thousands, except per share data)

 
Three Months Ended Twelve Months Ended

December 31,

December 31,   Sept. 30,
2012   2011 2012 2012   2011
Total interest income $ 16,351 $ 11,569 $ 14,651 $ 54,738 $ 39,449
Loan held for sale – fair

value election

          (156 )   (156 )    
Adjusted interest income $ 16,351   $ 11,569   $ 14,495   $ 54,582   $ 39,449  
 
Total non-interest income $ 2,873 $ 3,172 $ 4,361 $ 13,696 $ 17,467
Mortgage banking activities – fair value election (336 ) (336 )
(Gain) loss on sale of securities and securities impairment (1,285 ) 25 (1,484 ) (2,838 ) (684 )
Accrual of FDIC acquisitions estimated true-up liability 219 484 703
(Gain) loss on acquisitions           90     56     (4,217 )
Adjusted non-interest income $ 1,807   $ 3,197   $ 3,115   $ 11,281   $ 12,566  
 
Total non-interest expense $ 12,095 $ 10,528 $ 11,978 $ 45,549 $ 38,746
Salaries and employee benefits – early retirement program (641 ) (641 )
Acquisition-related expenses   (3 )   (254 )   (14 )   (418 )   (1,309 )
Adjusted non-interest expense $ 12,092   $ 10,274   $ 11,323   $ 44,490   $ 37,437  
 
Net income as reported $ 2,428 $ 1,352 $ 1,998 $ 6,757 $ 3,825
Total adjustments, net of tax* (922 ) 160 (472 ) (1,396 ) (2,259 )
Adjustment for state tax credits   (264 )   (477 )            
Adjusted net income $ 1,242   $ 1,035   $ 1,526   $ 5,361   $ 1,566  
 
Diluted earnings per share $ 0.31 $ 0.17 $ 0.25 $ 0.85 $ 0.47
Total adjustments, net of tax*   (0.15 )   (0.04 )   (0.06 )   (0.18 )   (0.28 )
Adjusted diluted earnings

per share

$ 0.16   $ 0.13   $ 0.19   $ 0.67   $ 0.19  
 

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

 

Net Income and Diluted Earnings Per Share are presented in accordance with Generally Accepted Accounting Principles (GAAP). Adjusted Noninterest Income, Adjusted Noninterest Expense, Adjusted Net Income and Adjusted Diluted Earnings 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 December 31,

Twelve Months Ended

December 31,

2012   2011 2012   2011
Interest income $ 16,351 $ 11,569 $ 54,738 $ 39,449
Interest expense   1,821   2,357     7,613   10,350
Net interest income 14,530 9,212 47,125 29,099
Provision for loan losses 600 595 2,500 2,895
Provision for loan losses – covered 1,907 3,418
Provision for loan losses – non covered         12  
Net interest income after provision

for loan losses

12,023 8,617 41,195 26,204
Non-interest income 2,873 3,172 13,696 17,467
Non-interest expense   12,095   10,528     45,549   38,746
Income before income taxes 2,801 1,261 9,342 4,925
Income tax expense (benefit)   373   (91 )   2,585   1,100
Net income $ 2,428 $ 1,352   $ 6,757 $ 3,825
Net income per share:
Basic $ 0.31 $ 0.17   $ 0.85 $ 0.47
Diluted $ 0.31 $ 0.17   $ 0.85 $ 0.47
Weighted average shares outstanding:
Basic   7,720,839   8,139,992     7,969,104   8,188,843
Diluted   7,722,867   8,140,905     7,970,903   8,190,062
Dividends declared per share $ 0.24 $ 0.03   $ 0.36 $ 0.12
 
Dec. 31,

2012

Sept. 30,

2012

Dec. 31,

2011

Total assets $ 1,097,506 $ 1,054,899 $ 1,089,852
Cash and cash equivalents 23,993 22,016 34,521
Interest-bearing deposits in banks 15,393 17,026 43,101
Securities available for sale 221,406 209,287 259,017
Loans 670,004 634,932 560,620
Allowance for loan losses 9,061 8,530 7,494
Total deposits 869,554 845,079 884,187
Federal Home Loan Bank advances 60,000 35,000 35,000
Stockholders' equity 120,649 121,792 124,136
           
Heritage Financial Group, Inc.
Fourth Quarter 2012 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
Income Statement Data

Interest income

Loans $ 15,084 $ 9,945 $ 48,831 $ 33,428
Loans held for sale 238 198 967 297
Securities - taxable 762 1,095 3,681 4,536
Securities - nontaxable 232 251 1,123 880
Federal funds sold 9 15 30 60
Interest-bearing deposits in banks   26     65     106     248  
Total interest income   16,351     11,569     54,738     39,449  

Interest expense

Deposits 1,108 1,671 4,874 7,550
Other borrowings   713     686     2,739     2,800  
Total interest expense   1,821     2,357     7,613     10,350  
Net interest income 14,530 9,212 47,125 29,099
Provision for loan losses 600 595 2,500 2,895
Provision for loan losses - FDIC acquired covered 1,907 - 3,418 -
Provision for loan losses - FDIC acquired non covered   -     -     12     -  
Net interest income after provision for loan losses   12,023     8,617     41,195     26,204  

Non-interest income

Service charges on deposit accounts 1,307 1,237 4,748 4,777
Bankcard services income 794 691 3,231 2,637
Other service charges, fees & commissions 89 99 326 305
Brokerage fees 463 298 1,838 1,386
Mortgage banking activities 1,451 763 4,768 2,377
Bank owned life insurance 210 148 771 588
Impairment loss on securities available for sale - (43 ) - (43 )
Gain on sale of securities 1,285 18 2,838 684
Gain (loss) on acquisitions - - (56 ) 4,217
Accretion of FDIC loss-share receivable (2,792 ) (72 ) (5,028 ) 381
Other   66     33     260     158  
Total non-interest income   2,873     3,172     13,696     17,467  

Non-interest expense

Salaries and employee benefits 6,167 5,758 23,543 20,393
Equipment and occupancy 1,597 1,314 5,632 4,276
Advertising & marketing 147 233 656 785
Professional fees 387 224 1,319 1,303
Information services expenses 1,184 1,130 4,641 3,676

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

277 (30 ) 219 767

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

(204 ) (92 ) (313 ) (383 )
Foreclosed asset expenses 353 22 970 725
Foreclosed FDIC acquired asset expenses 575 118 1,767 118
FDIC insurance and other regulatory fees 252 179 1,037 954
Acquisition related expenses 3 254 418 1,309
Deposit Intangible expense 191 207 781 692
Other operating   1,166     1,211     4,879     4,131  
Total non-interest expense   12,095     10,528     45,549     38,746  
Income before taxes 2,801 1,261 9,342 4,925
Applicable income tax (benefit)   373     (91 )   2,585     1,100  
Net income $ 2,428   $ 1,352   $ 6,757   $ 3,825  
 
Weighted average shares - basic 7,720,839 8,139,992 7,969,104 8,188,843
Weighted average shares - diluted 7,722,867 8,140,905 7,970,903 8,190,062
 
Basic earnings per share $ 0.31 $ 0.17 $ 0.85 $ 0.47
Diluted earnings per share 0.31 0.17 0.85 0.47
Cash dividend declared per share 0.24 0.03 0.36 0.12
 
Heritage Financial Group, Inc.
Fourth Quarter 2012 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
          December 31,
2012   2011
Balance Sheet Data (Ending Balance)
Total loans $ 670,004 $ 560,620
Loans held for sale 15,608 7,471
Covered loans 72,425 107,457
Allowance for loan losses 9,061 7,494
Total foreclosed assets 12,709 13,441
Covered other real estate owned 9,457 10,084
FDIC loss-share receivable 60,731 83,901
Intangible assets 4,235 4,848
Total assets 1,097,506 1,089,852
Non-interest-bearing deposits 116,272 78,823
Interest-bearing deposits 753,282 805,364
Federal Home Loan Bank advances 60,000 35,000

Federal funds purchased and securities sold under agreement to repurchase

33,219 35,049
Stockholders' equity 120,649 124,136
 
Total shares outstanding 8,172,486 8,712,031
Unearned ESOP shares   385,836     439,138  
Total shares outstanding net of unearned ESOP   7,786,650     8,272,893  
 
Book value per share $ 15.49 $ 15.01
Book value per share including unearned ESOP (non-GAAP) 14.76 14.25
Tangible book value per share (non-GAAP) 14.95 14.42
Tangible book value per share including unearned ESOP (non-GAAP) 14.24 13.69
Market value per share 13.79 11.80
 
Three Months Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
Average Balance Sheet Data
Average interest-bearing deposits in banks $ 29,422 $ 56,025 $ 27,112 $ 55,090
Average federal funds sold 12,842 22,805 11,670 23,416
Average investment securities 211,524 240,101 240,198 220,163
Average loans 647,476 559,556 604,351 513,027
Average mortgage loans held for sale 11,161 7,599 6,871 4,154
Average FDIC loss-share receivable 65,534 86,544 75,813 61,128
Average earning assets 912,134 878,487 887,702 815,686
Average assets 1,087,078 1,085,490 1,071,075 988,496
Average noninterest-bearing deposits 115,014 80,376 96,077 70,120
Average interest-bearing deposits 747,632 801,246 765,287 707,286
Average total deposits 862,646 881,622 861,364 777,406

Average federal funds purchased and securities sold under agreement to repurchase

34,324 36,621 33,528 33,390
Average Federal Home Loan Bank advances 50,489 35,000 38,975 46,365
Average interest-bearing liabilities 131,706 872,867 108,692 78,627
Average stockholders' equity 122,927 124,257 124,593 122,727
 
Performance Ratios
Annualized return on average assets 0.89 % 0.51 % 1.26 % 0.77 %
Annualized return on average equity 7.90 % 4.49 % 10.85 % 6.23 %
Net interest margin 6.37 % 4.19 % 5.35 % 3.41 %
Net interest spread 6.30 % 4.17 % 5.30 % 3.58 %
Core net interest margin 3.19 % 2.42 % 3.20 % 2.98 %
Core net interest spread 3.05 % 2.27 % 3.07 % 2.81 %
Efficiency ratio 69.50 % 85.01 % 74.89 % 83.21 %
 
Capital Ratios
Average stockholders' equity to average assets 11.3 % 12.7 % 11.6 % 12.4 %
Tangible equity to tangible assets (non-GAAP) 10.6 % 12.3 % 10.6 % 11.0 %
Tier 1 leverage ratio (1) 11.0 % 11.2 % 11.0 % 11.2 %
Tier 1 risk-based capital ratio (1) 17.2 % 21.2 % 17.2 % 21.2 %
Total risk-based capital ratio (1) 18.4 % 22.4 % 18.4 % 22.4 %
 
Other Information
Full-time equivalent employees 321 327 321 327
Banking 264 286 264 286
Mortgage 50 34 50 34
Investments 7 7 7 7
Number of full-service offices 20 22 20 22
Mortgage loan offices 13 11 13 11
Investment offices 4 3 4 3
 

(1)

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

Interest income

Loans $ 15,084 $ 13,067 $ 10,532 $ 10,147 $ 9,945
Loans held for sale 238 342 204 182 198
Securities - taxable 762 924 1,016 979 1,095
Securities - nontaxable 232 298 295 299 251
Federal funds sold 9 3 4 15 15
Interest-bearing deposits in banks   26     17     26     37     65  
Total interest income   16,351     14,651     12,077     11,659     11,569  

Interest expense

Deposits 1,108 1,257 1,246 1,263 1,671
Other borrowings   713     681     672     672     686  
Total interest expense   1,821     1,938     1,918     1,935     2,357  
Net interest income 14,530 12,713 10,159 9,724 9,212
Provision for loan losses 600 750 750 400 595
Provision for loan losses - FDIC acquired covered 1,907 1,172 338 - -
Provision for loan losses - FDIC acquired non covered   -     12     3     -     -  
Net interest income after provision for loan losses   12,023     10,779     9,068     9,324     8,617  

Non-interest income

Service charges on deposit accounts 1,307 1,285 1,135 1,020 1,237
Bankcard services income 794 783 831 824 691
Other service charges, fees & commissions 89 80 73 85 188
Brokerage fees 463 467 462 446 298
Mortgage banking activities 1,451 1,689 938 689 674
Bank owned life insurance 210 210 211 140 148
Life insurance proceeds - - -

-

-
Impairment loss on securities available for sale - - -

-

(43 )
Gain on sale of securities 1,285 1,484 27 42 18
Gain (loss) on acquisitions - (90 ) 34 - 0
Accretion of FDIC loss-share receivable (2,792 ) (1,606 ) (133 ) (498 ) (72 )
Other   66     59     101     35     33  
Total non-interest income   2,873     4,361     3,679     2,783     3,172  

Non-interest expense

Salaries and employee benefits 6,167 6,380 5,460 5,536 5,758
Equipment and occupancy 1,597 1,317 1,395 1,324 1,314
Advertising & marketing 147 114 214 180 233
Professional fees 387 354 340 238 224
Information services expenses 1,184 1,240 1,163 1,052 1,130

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

277 90 (141 ) (7 ) (27 )

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

(204 ) (33 ) (249 ) 174 (92 )
Foreclosed asset expenses 353 177 218 221 22
Foreclosed FDIC acquired asset expenses 575 563 466 162 118
FDIC insurance and other regulatory fees 252 276 265 245 179
Acquisition related expenses 3 14 69 331 254
Deposit intangible expense 191 194 195 201 207
Other operating   1,166     1,292     1,279     1,144     1,208  
Total non-interest expense   12,095     11,978     10,674     10,801     10,528  
Income before taxes 2,801 3,162 2,073 1,306 1,261
Applicable income tax (benefit)   373     1,164     713     335     (91 )
Net income $ 2,428   $ 1,998   $ 1,360   $ 971   $ 1,352  
 
Weighted average shares - basic 7,720,839 7,942,852 8,071,354 8,144,382 8,229,293
Weighted average shares - diluted 7,722,867 7,944,983 8,072,935 8,145,730 8,230,206
 
Basic earnings per share $ 0.31 $ 0.25 $ 0.17 $ 0.12 $ 0.17
Diluted earnings per share 0.31 0.25 0.17 0.12 0.17
Cash dividend declared per share 0.24 0.04 0.04 0.04 0.03
           
Heritage Financial Group, Inc.
Fourth Quarter 2012 Earnings Release Supplement
(Unaudited)
(Dollars in thousands, except per share data)
 
Five Quarter Comparison
12/31/12 9/30/12 6/30/12 3/31/12 12/31/11
Balance Sheet Data (at period end)
Total loans $ 670,004 $ 634,932 $ 605,001 $ 562,495 $ 560,620
Loans held for sale 15,608 7,236 6,017 4,731 7,471
Covered loans 72,425 78,757 87,386 95,493 107,457
Allowance for loan losses 9,061 8,530 8,099 7,629 7,494
Total foreclosed assets 12,709 11,458 9,290 12,117 13,441
Covered other real estate owned 9,457 9,457 7,571 8,445 10,084
FDIC loss-share receivable 60,731 67,698 76,294 82,925 83,901
Intangible assets 4,235 4,426 4,621 4,647 4,848
Total assets 1,097,506 1,054,899 1,063,426 1,075,510 1,089,852
Non-interest-bearing deposits 116,272 108,767 87,815 88,582 78,823
Interest-bearing deposits 753,282 736,312 772,453 780,161 805,364
Federal home loan bank advances 60,000 35,000 35,000 35,000 35,000

Federal funds purchased and securities sold under agreement to repurchase

33,219 35,833 31,746 37,227 35,049
Stockholders' equity 120,649 121,793 123,291 125,067 124,136
 
Total shares outstanding 8,172,486 8,229,955 8,490,247 8,668,752 8,712,031
Unearned ESOP shares   385,836     399,162     412,487     425,813     439,138  
Total shares outstanding net of unearned ESOP   7,786,650     7,830,793     8,077,760     8,242,939     8,272,893  
 
Book value per share $ 15.49 $ 15.55 $ 15.26 $ 15.17 $ 15.01

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

14.76 14.80 14.52 14.43 14.25
Tangible book value per share (non-GAAP) 14.95 14.99 14.69 14.61 14.42

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

14.24 14.26 13.98 13.89 13.69
Market value per share 13.79 13.14 12.87 11.82 11.80
 
Five Quarter Comparison
12/31/12 9/30/12 6/30/12 3/31/12 12/31/11
Average Balance Sheet Data
Average interest-bearing deposits in banks $ 29,422 $ 19,343 $ 21,897 $ 37,999 $ 56,025
Average federal funds sold 12,842 5,471 6,038 22,363 22,805
Average investment securities 211,524 235,862 252,894 257,863 240,101
Average loans 647,476 625,464 583,366 560,385 559,556
Average mortgage loans held for sale 11,161 6,198 5,519 4,550 7,599
Average FDIC Loss-Share Receivable 65,534 74,045 79,812 84,017 86,544
Average earning assets 912,134 883,319 869,393 883,160 878,487
Average assets 1,087,078 1,070,130 1,053,140 1,074,260 1,085,490
Average noninterest-bearing deposits 115,014 94,453 89,763 84,920 80,376
Average interest-bearing deposits 747,632 768,247 760,409 784,944 801,246
Average total deposits 862,646 862,700 850,172 869,864 881,622

Average federal funds purchased and securities sold under agreement to repurchase

34,324 33,916 32,043 33,822 36,621
Average Federal Home Loan Bank advances 50,489 35,326 35,000 35,000 35,000
Average interest-bearing liabilities 131,706 837,489 827,452 853,766 872,867
Average stockholders' equity 122,927 124,884 125,083 125,503 124,257
 
Performance Ratios
Annualized return on average assets 0.89 % 0.75 % 0.52 % 0.36 % 0.51 %
Annualized return on average equity 7.90 % 6.40 % 4.35 % 3.09 % 4.49 %
Net interest margin 6.37 % 5.77 % 4.75 % 4.49 % 4.19 %
Net interest spread 6.30 % 5.72 % 4.70 % 4.46 % 4.17 %
Efficiency ratio 69.50 % 70.15 % 77.14 % 86.36 % 85.01 %
 
Capital Ratios
Average stockholders' equity to average assets 11.3 % 11.7 % 11.9 % 11.7 % 11.4 %
Tangible equity to tangible assets (non-GAAP) 10.6 % 11.2 % 11.2 % 11.2 % 11.0 %
Tier 1 leverage ratio 11.0 % 10.9 % 11.3 % 11.4 % 11.2 %
Tier 1 risk-based capital ratio 17.2 % 18.0 % 19.1 % 21.0 % 21.2 %
Total risk-based capital ratio 18.4 % 19.2 % 20.3 % 22.2 % 22.4 %
 
Other Information
Full-time equivalent employees 321 316 319 324 327
Banking 264 270 279 283 286
Mortgage 50 39 33 34 34
Investments 7 7 7 7 7
Number of full-service offices 20 23 22 21 22
Mortgage loan offices 13 11 11 11 11
Investment offices 4 4 3 3 3
         
Heritage Financial Group, Inc.
Fourth Quarter 2012 Earnings Release Supplement
(Dollars in thousands)
 
Three Months Ended
December 31,
2012 2011
Loans by Type
Construction and land $ 33,340 $ 26,804
Farmland 20,141 17,921
Permanent 1 - 4 161,883 129,745
Permanent 1 - 4 - junior liens and revolving 27,345 26,154
Multifamily 21,293 15,797
Nonresidential 212,570 138,970
Commercial business 83,659 55,179
Consumer and other   25,498     23,872  
  585,729     434,442  
Loans acquired through FDIC-assisted acquisitions:
Non covered 11,850 18,721
Covered   72,425     107,457  
  84,275     126,178  
  670,004     560,620  
 
OREO (excluding assets acquired through FDIC-assisted acquisitions): 2,650 2,851
 
OREO assets acquired through FDIC-assisted acquisitions:
Non Covered 602 511
Covered   9,457     10,047  
  12,709     12,355  
 
Asset Quality Data (excluding assets acquired through FDIC-assisted acquisitions):
Allowance for loan losses to total loans 1.55 % 1.72 %
Allowance for loan losses to average loans 1.62 % 1.32 %
Allowance for loan losses to non-performing loans 61.73 % 106.41 %
Accruing past due loans $ 2,131 $ 371
Nonaccrual loans 14,678 7,043
Loans - 90 days past due & still accruing - -
Total non-performing loans 14,678 7,043
OREO and repossessed assets 2,650 3,356
Total non-performing assets 17,328 10,399
Non-performing loans to total loans 2.51 % 1.62 %
Non-performing assets to total assets 1.58 % 0.95 %
QTD Net charge-offs to average loans (annualized) 0.05 % 0.04 %
Net charge-offs QTD $ 68 $ 37
YTD Net charge-offs to average loans 0.19 % 0.82 %
Net charge-offs YTD $ 933 $ 3,502
 
Trouble debt restructuring - nonaccrual $ 6,856 $ 4,176
Trouble debt restructuring - accruing 7 6,231
Total trouble debt restructuring 6,863 10,407
 
Total criticized assets 28,194 33,226
Total classified assets $ 25,129 $ 23,853

         
Heritage Financial Group, Inc.
Fourth Quarter 2012 Earnings Release Supplement
(Dollars in thousands)
 
Five Quarter Comparison for the Quarter Ended
12/31/12 9/30/12 6/30/12 3/31/12 12/31/11
Loans by Type
Construction and land $ 33,340 $ 30,010 $ 31,134 $ 24,375 $ 26,804
Farmland 20,141 20,298 18,121 17,150 17,921
Permanent 1 - 4 161,883 157,551 148,162 132,172 129,745
Permanent 1 - 4 - junior liens and revolving 27,345 25,507 25,289 25,220 26,154
Multifamily 21,293 19,805 19,639 18,577 15,797
Nonresidential 212,570 193,392 177,307 150,492 138,970
Commercial business 83,659 68,800 58,589 59,697 55,179
Consumer and other   25,498     26,519     24,172     21,935     23,872  
  585,729     541,882     502,413     449,618     434,442  
 
Loans acquired through FDIC-assisted acquisitions:
Non covered 11,850 14,291 15,202 17,384 18,721
Covered   72,425     78,757     87,386     95,493     107,457  
  670,004     634,930     605,001     562,495     560,620  
 
 
Asset Quality Data (excluding Loans acquired through FDIC-assisted acquisitions):
Allowance for loan losses to total loans 1.55 % 1.57 % 1.61 % 1.70 % 1.72 %
Allowance for loan losses to average loans 1.62 % 1.61 % 1.70 % 1.35 % 1.32 %
Allowance for loan losses to non-performing loans 61.73 % 52.15 % 81.27 % 71.42 % 106.40 %
Accruing past due loans $ 2,131 $ 1,038 $ 3,215 $ 452 $ 371
Nonaccrual loans 14,678 16,358 9,965 10,681 7,043
Loans - 90 days past due & still accruing - - - - -
Total non-performing loans 14,678 16,358 9,965 10,681 7,043
OREO and repossessed assets 2,650 1,403 1,519 2,992 2,851
Total non-performing assets 17,328 17,761 11,484 13,673 10,399
Non-performing loans to total loans 2.51 % 3.02 % 1.98 % 2.38 % 1.62 %
Non-performing assets to total assets 1.58 % 1.68 % 1.08 % 1.75 % 0.95 %
Net charge-offs to average loans (annualized) 0.05 % 0.24 % 0.23 % 0.24 % 0.04 %
Net charge-offs $ 68 $ 320 $ 279 $ 265 $ 37
 
 

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 acquisitions of Citizens Bank of Effingham and First Southern National Bank involved a 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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Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

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