This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Heritage Financial Group, Inc. Reports Third Quarter Net Income Of $1.3 Million Or $0.18 Per Diluted Share

In the third quarter of 2013, the Company continued to achieve loan growth, with its core loan portfolio increasing $27.5 million organically on a linked-quarter basis and advancing $123.7 million overall compared with the year-earlier quarter. For the third quarter of 2013, the Company's loan portfolio, including FDIC-acquired loans, totaled $789.1 million, increasing $19.2 million on a linked-quarter basis from $769.9 million and from $634.9 million compared with the year-earlier quarter. The organic loan growth for the linked quarter was primarily driven by growth in Statesboro, Albany, Valdosta, and Macon, Georgia and Auburn, Alabama markets. For the third quarter of 2013, the Company's loans held for sale totaled $38.0 million, decreasing $5.5 million, or 13%, on a linked-quarter basis from $43.5 million, but significantly increased $30.8 million, or 81%, from $7.2 million compared with the year-earlier quarter. Total deposits stood at $1.052 billion at the end of the third quarter of 2013, down 1% from $1.065 billion on a linked-quarter basis, but up 25% from $845.1 million at September 30, 2012.

Non-interest income for the third quarter of 2013 decreased 19% to $3.9 million from $4.8 million in the year-earlier quarter, primarily driven by a decline in the gain on sale of securities of $1.5 million and an increase in negative accretion for the FDIC loss-share receivable of $377,000, partially offset by increases in service charges on deposit accounts of $292,000 and mortgage banking fees of $264,000. Non-interest expense for the third quarter of 2013 increased 23% to $15.3 million from $12.5 million in the year-earlier quarter, primarily driven by increased salaries and employee benefits of $1.7 million associated with the hiring of employees from the Frontier acquisition and for the mortgage division. The increased equipment and occupancy expense of $615,000 related to the Company's continued efforts to expand the mortgage division and the Frontier acquisition. The increased acquisition-related expense resulted from final expenses associated to the conversion of the Frontier operating system.

4 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,987.51 -61.49 -0.36%
S&P 500 1,985.54 -11.91 -0.60%
NASDAQ 4,567.5980 -24.2080 -0.53%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs