- Net income of $2.7 million or $0.36 per diluted share, up almost twofold from net income of $1.4 million or $0.17 per diluted share for the year-earlier quarter, but down 32% from $3.9 million or $0.52 per diluted share for the linked quarter, primarily due to the recording of a bargain purchase gain on an acquisition in the first quarter of 2013;
- Excluding special items for each quarter, net income was $2.9 million or $0.39 per diluted share, up twofold from net income of $1.4 million or $0.17 per diluted share for the year-earlier quarter and up 43% from net income of $2.0 million or $0.27 per diluted share for the linked quarter (see reconciliation of non-GAAP items);
- Loan growth, excluding loans acquired through FDIC-assisted acquisitions, of $34.4 million or 6% on a linked-quarter basis;
- Loans held for sale increased $24.6 million or 130% on a linked-quarter basis;
- A decrease in FDIC-acquired loans of $17.3 million or 12% on a linked-quarter basis;
- A decrease in the provision for loan losses, excluding FDIC-acquired loans, to $640,000 compared with $750,000 for the year-earlier quarter, and an increase from $450,000 for the linked quarter; and
- A decline in the provision for loan losses for FDIC-acquired loans, with approximately 80% of the losses reimbursable by the FDIC, to $28,000 compared with $341,000 for the year-earlier quarter and $35,000 for the linked quarter.
Heritage Financial Group, Inc. (NASDAQ: HBOS), the holding company for HeritageBank of the South, today announced unaudited financial results for the quarter ended June 30, 2013. Highlights of the Company's results for the second quarter of 2013 include: