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

The covered FDIC-acquired loan discounts affecting the loss-share receivable was $42.7 million, or 95.9% of the loss-share receivable, for the third quarter 2013 compared with $65.8 million, or 97.3% of the loss-share receivable, for the year-earlier quarter. The gross balance of covered FDIC-acquired assets decreased to $116.2 million for the third quarter of 2013 compared with $173.6 million for the year-earlier quarter. The FDIC loss-share receivable as a percent of the covered FDIC-acquired assets decreased to 38.3% compared with 39.0% for the year-earlier quarter.

Asset Quality

Total non-performing assets, excluding FDIC-acquired assets, decreased to $13.6 million, or 1.03% of total assets, compared with $15.3 million, or 1.14% of total assets, for the linked quarter and declined from $17.8 million, or 1.68% of total assets, for the year-earlier quarter. Annualized net charge-offs to average outstanding loans, excluding FDIC-acquired loans, were 0.31% for the third quarter of 2013 compared with 0.45% for the linked quarter and 0.24% for the year-earlier quarter. Non-performing loans totaled $11.0 million, down from $12.2 million for the linked quarter and from $16.4 million for the year-earlier quarter. Other real estate owned and repossessed assets, excluding FDIC-acquired assets, totaled $2.7 million for the third quarter of 2013, down from $3.0 million for the linked quarter, but up from the $1.4 million for the year-earlier quarter. Approximately $900,000 of this increase is related to one relationship in the Albany, Georgia market area, which has been liquated subsequent to the end of the quarter.

The provision for loan losses on non-FDIC-acquired loans decreased to $350,000 for the third quarter of 2013 from $640,000 for the linked quarter and from $750,000 for the year-earlier quarter, primarily driven by improving trends in total criticized and classified assets. For the third quarter in 2013, the allowance for loan losses represented 1.34% of total loans outstanding, excluding FDIC-acquired loans, versus 1.42% for the linked quarter and 1.57% for the year-earlier quarter. The improving loan loss allowance is primarily the result of declining criticized and classified assets as a percentage of total loans.

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