Heritage Financial Group, Inc. Reports Second Quarter Net Income Of $1.8 Million Or $0.23 Per Diluted Share

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, 2014. Key aspects of the Company's results for the second quarter of 2014 include:
  • Net income of $1.8 million or $0.23 per diluted share, up 32% from $1.3 million or $0.18 per diluted share for the linked quarter, but down 33% from $2.7 million or $0.36 per diluted share for the year-earlier quarter;
  • Excluding special items for each quarter, net income of $2.4 million or $0.31 per diluted share, up 33% from $1.8 million or $0.24 per diluted share for the linked quarter, but down 17% from $2.9 million or $0.39 per diluted share for the year-earlier quarter (see non-GAAP reconciliation);
  • Loan growth, excluding loans acquired through FDIC-assisted acquisitions, of $42.2 million or 6% on a linked-quarter basis and $106.7 million or 17% compared with the year-earlier quarter;
  • A decline in nonperforming loans, excluding FDIC-acquired loans, of 24% on a linked-quarter basis and 43% compared with the year-earlier quarter;
  • An increase in the provision for loan losses, excluding FDIC-acquired loans, to $510,000, up from $65,000 for the linked quarter and down 20% compared with $640,000 for the year-earlier quarter;
  • Mortgage originations increased to $249.9 million for the quarter, up $114.4 million or 84% from the linked quarter and up $133.2 million or 114% from the year-earlier quarter; and
  • FDIC-acquired portfolios experienced improvement in cash flows, which resulted in $12.7 million of non-accretable discount transferred to the accretable discount and also resulted in an increase in the FDIC clawback expenses to $882,000.

Commenting on the results, Leonard Dorminey, President and Chief Executive Officer, said, "We are pleased to report ongoing improvements in our operating results. Our core loan portfolio continued to grow in the second quarter, reflecting overall expansion along with continued organic growth, while at the same time credit quality metrics demonstrated further improvements in portfolio risks. Cash flows from our FDIC-acquired portfolios also have continued to improve, which have increased our interest income, but likewise resulted in a large increase in our clawback liability during the quarter. Additionally, our mortgage expansion efforts continue to cement as a solid platform for future growth, evidenced by a substantial increase in originations during the second quarter and a significantly larger pipeline of loans in process at quarter's end." Dorminey noted that HeritageBank Mortgage turned solidly profitable in the second quarter of 2014 as the Company begins to benefit from the investment it has made in these operations over the past two years.

Referring to the April 2014 announcement of the Company's pending acquisition of Alarion Bank, the banking subsidiary of Alarion Financial Services, Inc. ("Alarion"), Dorminey noted that the Company expects to complete the acquisition during the third quarter of 2014, assuming approval by regulatory authorities and Alarion's shareholders as well as the satisfaction of other customary closing conditions. Alarion has called a special meeting of its shareholders to be held on August 19, 2014, to consider and vote on the transaction, which is valued at approximately $22.3 million. Integration planning relating to the proposed transaction is continuing and, related to this, the Company has hired David C. Wilson to assist with preparation for the Company's entry into the Gainesville market. Wilson, with more than 30 years of lending experience, was most recently Gainesville City President for BBVA – Compass Bank.

Dorminey also noted that the Company's Board of Directors has declared a regular quarterly cash dividend of $0.07 per share, which will be paid on August 22, 2014, to stockholders of record as of August 8, 2014.

Second Quarter 2014 Results of Operations

The $429,000 increase in reported quarterly earnings for the second quarter of 2014 compared with the linked quarter resulted primarily from the following items:
  • Increased interest income of $1.9 million, driven by growth in interest earning assets coupled with improved loan discount accretion from FDIC-acquired loans of $793,000;
  • Solid growth in revenue from mortgage banking activities of $2.9 million; offset by
  • Increased provision for loan losses expense of $445,000, driven by core loan growth;
  • Accelerated negative accretion of the FDIC loss-share receivable of $1.3 million; and
  • Increased salaries and employee benefits of $1.7 million, driven by mortgage banking expansion.

The $888,000 decrease in reported quarterly earnings for the second quarter of 2014 compared with the year-earlier quarter primarily resulted from the following items:
  • Increased salaries and employee benefits of $2.1 million;
  • Reduced interest income on loans of $972,000;
  • Growth in FDIC loss-share clawback expenses of $758,000; offset by
  • Increased revenue from mortgage banking activities of $1.6 million; and
  • Improved interest income on loans held for sale of $1.2 million

Net interest income for the second quarter of 2014 increased 1% to $15.8 million from $15.6 million in the year-earlier quarter, primarily reflecting an increase in interest-earning assets related to acquisitions and organic growth. The Company's net interest margin was 4.92% for the second quarter of 2014, a decline of 48 basis points from 5.40% for the year-earlier period. The reduction in net interest margin for the second quarter of 2014 compared with the year-earlier quarter was driven by a decline in the yield on loans, offset in part by an increase in the yield on investment securities. Excluding FDIC-acquired loan discount adjustments from the net interest margin, the core net interest margin was 3.34% for the second quarter of 2014, an improvement of 27 basis points from 3.07% compared with the year-earlier quarter. The improvement in the core net interest margin was driven by an increase in the yield on core loans compared with the year-earlier quarter.

In the second quarter of 2014, the Company continued to achieve loan growth, with its core loan portfolio increasing $42.2 million organically on a linked-quarter basis and advancing $106.7 million overall compared with the year-earlier quarter. For the second quarter of 2014, the Company's loan portfolio, including FDIC-acquired loans, totaled $845.1 million, increasing $35.1 million on a linked-quarter basis from $810.0 million and from $769.9 million compared with the year-earlier quarter. The organic loan growth from the linked quarter was primarily driven by growth in the Albany, South Atlanta, and Macon, Georgia markets, as well as in the Birmingham, Alabama market. Total deposits stood at $1.209 billion at the end of the second quarter of 2014, up 7% from $1.127 billion on a linked-quarter basis, and up 13% from $1.066 billion for the year-earlier quarter.

For the second quarter of 2014, the Company's loans held for sale totaled $127.2 million, increasing $750,000 or 1% on a linked-quarter basis from $126.4 million, and increasing $83.6 million or 192% from $43.5 million compared with the year-earlier quarter. The slight increase in the loans held for sale for the current quarter occurred as loan sales paced current production for the quarter. Loan sales to the agencies for the second quarter totaled $158.0 million and, separately, the Company recorded a gain of $1.3 million related to the mortgage servicing rights for those loans. Total mortgage production for the second quarter was $249.9 million, up 84% on a linked-quarter basis from $135.5 million and up 114% from $116.7 million compared with the year-earlier quarter.

Noninterest income for the second quarter of 2014 improved 65% to $5.3 million from $3.2 million in the year-earlier quarter, primarily driven by increases in revenue from mortgage banking activities of $1.6 million, service charges on deposit accounts of $206,000, gain on sales of securities of $138,000 and bankcard services income of $110,000. Noninterest expense for the second quarter of 2014 increased 24% to $18.1 million from $14.6 million in the year-earlier quarter, primarily driven by increases in salaries and employee benefits of $2.1 million related to the expansion of the mortgage division and an increase in FDIC loss-share clawback expenses of $758,000 related to the improvement in cash flows experienced on covered loss-share loan portfolios.

Accounting for FDIC-Assisted Acquisitions

The Company performs ongoing assessments of the estimated cash flows of its FDIC-acquired loan portfolios. The fair value of the FDIC-acquired loan portfolios consisted of $43.4 million in covered and $56.9 million in non-covered loans at the end of the second quarter of 2014 compared with $57.2 million in covered and $74.6 million in non-covered loans for the year-earlier quarter. The outstanding principal balance of the FDIC-acquired loan portfolios totaled $153.0 million at the end of the second quarter of 2014 compared with $210.0 million for the year-earlier quarter. The details of the accounting for the FDIC-acquired loan portfolios for the second quarter of 2014 are as follows:
  • Covered FDIC-acquired loans decreased $4.2 million and non-covered FDIC-acquired loans decreased $2.9 million from the linked quarter;
  • The negative accretion for the FDIC loss-share receivable was $3.4 million and the FDIC loss-share clawback accrual increased to $3.4 million;
  • Provision expense for FDIC-acquired covered loans increased to $25,000 while non-covered loans decreased to negative $61,000; and
  • Loan discount accretion recognized in interest income increased to $4.6 million.

For the second quarter of 2014, loan discount accretion recognized in interest income improved 21% to $4.6 million from $3.9 million for the linked quarter, but declined 24% from $6.1 million for the year-earlier quarter. Provision expense of $25,000 was recorded for loan charge-offs on covered individually assessed FDIC-acquired loans not provided for by the discount, with approximately 80% of the charge-offs reimbursable by the FDIC. The provision expense for these covered loans did not affect the Company's loan loss reserve. Negative provision expense of $61,000 was recorded for non-covered FDIC-acquired loans, driven by the reversal of the $105,000 valuation allowance recorded during the first quarter of 2014, offset in part by $44,000 in loan charge-offs on non-covered individually assessed loans not provided by the discount. The FDIC loss-share receivable associated with covered FDIC-acquired assets decreased 12% to $33.2 million from $37.6 million for the linked quarter and declined 31% from $48.1 million for the year-earlier quarter. The reduction in the FDIC loss-share receivable for the linked quarter was primarily driven by negative accretion of $3.4 million, affecting the loss-share receivable asset associated with the improvement in expected cash flows of the covered FDIC-acquired performing loan portfolios and FDIC reimbursements received of $896,000. An increase to the FDIC clawback liability accrual was recorded as an expense for the current quarter of $882,000, which increased the total accrual to $3.4 million. This clawback was caused by an improvement in estimates of expected cash flows for both FDIC-assisted acquisitions covered under loss-sharing agreements.

The covered FDIC-acquired loan discount affecting the loss-share receivable was $29.9 million, or 89.8% of the loss-share receivable, for the second quarter of 2014 compared with $45.4 million, or 94.5% of the loss-share receivable, for the year-earlier quarter. The gross balance of covered FDIC-acquired assets decreased to $89.5 million for the second quarter of 2014 compared with $125.6 million for the year-earlier quarter. The FDIC loss-share receivable as a percent of the covered FDIC-acquired assets decreased to 37.1% compared with 38.3% for the year-earlier quarter.

Asset Quality

Total nonperforming assets, excluding FDIC-acquired assets, decreased to $7.5 million, or 0.50% of total assets, compared with $10.3 million, or 0.73% of total assets, for the linked quarter and declined from $15.3 million, or 1.14% of total assets, for the year-earlier quarter. Annualized net charge-offs to average outstanding loans, excluding FDIC-acquired loans, were 0.05% for the second quarter of 2014 compared with annualized net recoveries of 0.01% for the linked quarter and annualized net charge-offs of 0.45% for the year-earlier quarter. Nonperforming loans, excluding FDIC-acquired loans, totaled $7.0 million for the second quarter of 2014, down from $9.2 million for the linked quarter and from $12.2 million for the year-earlier quarter. Other real estate owned and repossessed assets, excluding FDIC-acquired assets, totaled $507,000 for the second quarter of 2014, down from $1.1 million for the linked quarter and from $3.0 million for the year-earlier quarter.

The provision for loan losses on non-FDIC-acquired loans increased to $510,000 for the second quarter of 2014 from $65,000 for the linked quarter, but decreased from $640,000 for the year-earlier quarter, primarily driven by improving trends in total criticized and classified loans offset in part by core loan growth. For the second quarter in 2014, the allowance for loan losses represented 1.27% of total loans outstanding, excluding FDIC-acquired loans, versus 1.30% for the linked quarter and 1.42% for the year-earlier quarter.

Capital Management Initiatives

The Company intends to maintain its capital strength at the current level to support growth and its acquisition activities. Accordingly, future stock buybacks and future dividends will be premised largely on the Company's future earnings power rather than a return of capital to stockholders.

The Company's estimated total risk-based capital ratio at June 30, 2014, was 14.0%, significantly exceeding the required minimum of 10% to be considered a well-capitalized institution. The ratio of tangible common equity to total tangible assets was 8.5% as of June 30, 2014.

Upcoming Investor Conference

At 10:00 a.m. ET on Wednesday, July 30, 2014, the Company's management will make a presentation at Keefe, Bruyette & Woods' 15 th Annual Community Bank Investor Conference, which will be available to investors via a live audio webcast. The presentation used at the conference, updated for second quarter results, is now available on the Company's website at www.eheritagebank.com under the "Investors" tab and will remain available for 90 days.

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 Georgia, Florida and Alabama through 29 banking locations, 15 mortgage offices, and 5 investment offices. As of June 30, 2014, the Company reported total assets of approximately $1.5 billion and total stockholders' equity of approximately $132 million. For more information about the Company, visit HeritageBank of the South on the Web at www.eheritagebank.com under the "Investors" tab.

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 2013 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   Six Months Ended

June 30,
June 30,   March 31,
2014   2013 2014 2014   2013
Total noninterest income $ 5,286 $ 3,195 $ 3,487 $ 8,773 $ 9,959
Gain on sale of securities (138 ) (138 )
Gain on acquisitions                   (4,188 )
Adjusted noninterest income $ 5,148   $ 3,195   $ 3,487   $ 8,635   $ 5,771  
 
Total noninterest expense $ 18,116 $ 14,555 $ 15,476 $ 33,592 $ 27,909
Acquisition-related expenses (101 ) (148 ) (52 ) (153 ) (940 )
Accrual of FDIC acquisitions estimated clawback liability   (882 )   (124 )   (543 )   (1,425 )   (690 )
Adjusted noninterest expense $ 17,133   $ 14,283   $ 14,881   $ 32,014   $ 26,279  
 
Net income as reported $ 1,772 $ 2,660 $ 1,343 $ 3,115 $ 6,588
Total adjustments, net of tax*   606     203     441     1,048     (1,802 )
Adjusted net income $ 2,378   $ 2,863   $ 1,784   $ 4,163   $ 4,786  
 
Diluted earnings per share $ 0.23 $ 0.36 $ 0.18 $ 0.41 $ 0.88
Total adjustments, net of tax*   0.08     0.03     0.06     0.14     (0.24 )

Adjusted diluted earnings per share
$ 0.31   $ 0.39   $ 0.24   $ 0.55   $ 0.64  
 

* The effective tax rate for the period presented is used 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. and Subsidiary
Consolidated Balance Sheets
(Unaudited)
   
(Dollars in thousands)
 
(Unaudited)
June 30, December 31,
2014 2013*
 
 
Cash and due from banks $ 29,305 $ 34,804
Interest-bearing deposits in banks 57,244 3,249
Federal funds sold   2,028     130  
Cash and cash equivalents 88,577 38,183
 
Securities available for sale, at fair value 300,556 294,299
Federal Home Loan Bank stock, at cost 5,604 7,342
Other equity securities, at cost 1,010 1,010
Loans held for sale 127,186 110,669
Loans 801,659 747,862
Covered loans 43,442 50,891
Less allowance for loan losses   9,457     8,955  
Loans, net   835,644     789,798  
 
Other real estate owned 1,845 3,482
Covered other real estate owned   5,865     7,053  
Total other real estate owned   7,710     10,535  
 
FDIC loss-share receivable 33,239 41,306
Premises and equipment, net 38,346 37,978
Goodwill and intangible assets 5,786 4,253
Cash surrender value of bank owned life insurance 24,559 24,183
Other assets   19,214     21,369  
Total assets $ 1,487,431   $ 1,380,925  
 

LIABILITIES AND SHAREHOLDERS' EQUITY
 
Non-interest-bearing deposits $ 168,666 $ 148,253
Interest-bearing deposits   1,040,134     928,168  
Total deposits   1,208,800     1,076,421  
 
Federal funds purchased and securities sold under repurchase agreements 35,350 37,648
Other borrowings 100,789 131,394
Other liabilities   10,832     10,399  
Total liabilities   1,355,771     1,255,862  
 

SHAREHOLDERS' EQUITY
 

Preferred stock, par value; $0.01; 5,000,000 shares authorized; none issued
- -
Common stock, par value $0.01; 45,000,000 shares authorized;
7,851,296 and 7,834,537 shares issued and outstanding, respectively 79 78
Capital surplus 79,288 78,566
Retained earnings 59,769 57,614
Accumulated other comprehensive loss, net of tax of $2,897 and $5,175, respectively (4,346 ) (7,762 )
Unearned employee stock ownership plan (ESOP), 305,885 and 332,535 shares, respectively (3,130 )   (3,433 )
Total shareholders' equity   131,660     125,063  
 
Total liabilities & shareholders' equity $ 1,487,431   $ 1,380,925  
 
* Derived from Audited Consolidated Financial Statements.
 
 
 
 
 
 
Heritage Financial Group, Inc. and Subsidiary
Consolidated Statements of Income
(Unaudited)
         
(Dollars in thousands except share and per share data)
 
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2014 2013 2014 2013
 

Interest income:
Interest and fees on loans $ 14,730 $ 15,702 $ 28,080 $ 29,071
Interest on loans held for sale 1,466 290 2,491 405
Interest on taxable securities 1,215 1,095 2,421 1,961
Interest on nontaxable securities 368 308 722 593
Interest on federal funds sold 1 2 2 3
Interest on deposits in other banks   30     88     49     109  
Total interest income   17,810     17,485     33,765     32,142  
 

Interest expense:
Interest on deposits 1,176 1,041 2,316 2,095
Interest on other borrowings   860     844     1,704     1,593  
Total interest expense   2,036     1,885     4,020     3,688  
 
Net interest income 15,774 15,600 29,745 28,454
 
Provision for loan losses   474     668     644     1,153  
 
Net interest income after provision for loan losses   15,300     14,932     29,101     27,301  
 

Noninterest income:
Service charges on deposit accounts 1,503 1,297 2,946 2,451
Bankcard services income 941 831 1,830 1,593
Other service charges, commissions and fees 158 157 320 256
Brokerage fees 615 536 1,181 1,017
Mortgage banking activities 5,022 3,425 7,188 5,608
Bank-owned life insurance 187 201 376 403
Gain on sales of securities 138 - 138 -
Gain on acquisitions - - - 4,188
Accretion of FDIC loss-share receivable (3,377 ) (3,376 ) (5,408 ) (5,775 )
Other   99     124     202     218  
Total noninterest income   5,286     3,195     8,773     9,959  

Noninterest expense:
Salaries and employee benefits 10,310 8,185 18,890 14,615
Equipment and occupancy 2,153 1,838 4,148 3,504
Advertising and marketing 221 349 449 536
Professional fees 523 302 974 517
Information services expenses 1,150 1,307 2,350 2,489

Net loss on sales and write-downs of other real estate owned
107 58 425 33

Net loss (gain) on sales and write-downs of FDIC-acquired other real estate owned
173 (251 ) (91 ) (227 )
Foreclosed asset expenses 82 227 169 442
Foreclosed FDIC-acquired asset expenses 285 313 618 734
FDIC insurance and other regulatory fees 299 278 543 534
Acquisition related expenses 101 148 153 940
Deposit intangible expenses 192 211 388 405
FDIC loss-share clawback expenses 882 124 1,425 690
Other operating expenses   1,638     1,466     3,151     2,697  
Total noninterest expense   18,116     14,555     33,592     27,909  
 
Income before income taxes 2,470 3,572 4,282 9,351
 
Applicable income tax   698     912     1,167     2,763  
 
Net income $ 1,772   $ 2,660   $ 3,115   $ 6,588  
 

Earnings per common share:
Basic earnings per share $ 0.24   $ 0.36   $ 0.42   $ 0.88  
Diluted earnings per share $ 0.23   $ 0.36   $ 0.41   $ 0.88  
 

Weighted average-common shares outstanding:
Basic   7,436,717     7,381,370     7,429,421     7,453,457  
Diluted   7,607,501     7,383,992     7,594,730     7,455,892  
 
 
 
 
 
 
Heritage Financial Group, Inc. and Subsidiary
Consolidated Statements of Income
(Unaudited)
           
(Dollars in thousands except share and per share data)
 
 
Five Quarter Comparison
6/30/2014   3/31/2014   12/31/2013   9/30/2013   6/30/2013
 

Interest income:
Interest and fees on loans $ 14,730 $ 13,350 $ 15,911 $ 13,452 $ 15,702
Interest on loans held for sale 1,466 1,025 619 434 290
Interest on taxable securities 1,215 1,206 1,231 1,155 1,095
Interest on nontaxable securities 368 354 337 318 308
Interest on federal funds sold 1 1 2 4 2
Interest on deposits in other banks   30     19     15     30     88  
Total interest income   17,810     15,955     18,115     15,393     17,485  
 

Interest expense:
Interest on deposits 1,176 1,140 1,000 982 1,041
Interest on other borrowings   860     844     862     853     844  
Total interest expense   2,036     1,984     1,862     1,835     1,885  
 
Net interest income 15,774 13,971 16,253 13,558 15,600
 
 
Provision for loan losses 510 65 220 350 640
Provision for loan losses- FDIC-acquired covered 25 - - - 28
Provision for loan losses- FDIC-acquired non-covered (61 ) 105 12 - -
         
Net interest income after provision for loan losses   15,300     13,801     16,021     13,208     14,932  
 

Noninterest income:
Service charges on deposit accounts 1,503 1,443 1,642 1,577 1,297
Bankcard services income 941 889 890 852 831
Other service charges, commissions and fees 158 162 121 136 157
Brokerage fees 615 566 560 561 536
Mortgage banking activities 5,022 2,166 2,949 1,953 3,425
Bank-owned life insurance 187 189 198 200 201
Gain on sales of securities 138 - 85 - -
Gain on acquisitions - - - - -
Accretion of FDIC loss-share receivable (3,377 ) (2,031 ) (2,021 ) (1,499 ) (3,376 )
Other   99     103     112     138     124  
Total noninterest income   5,286     3,487     4,536     3,918     3,195  

Noninterest expense:
Salaries and employee benefits 10,310 8,580 8,722 8,108 8,185
Equipment and occupancy 2,153 1,995 1,922 1,932 1,838
Advertising and marketing 221 228 299 335 349
Professional fees 523 451 559 340 302
Information services expenses 1,150 1,200 1,285 1,335 1,307

Net loss on sales and write-downs of other real estate owned
107 318 38 335 58

Net loss (gain) on sales and write-downs of FDIC-acquired other real estate owned
173 (264 ) (536 ) (206 ) (251 )
Foreclosed asset expenses 82 87 240 337 227
Foreclosed FDIC-acquired asset expenses 285 333 286 366 313
FDIC insurance and other regulatory fees 299 244 254 293 278
Impairment loss on assets held for sale - - 328 - -
Acquisition related expenses 101 52 102 280 148
Deposit intangible expenses 192 196 200 204 211
FDIC loss-share clawback expenses 882 543 261 286 124
Other operating expenses   1,638     1,513     1,746     1,389     1,466  
Total noninterest expense   18,116     15,476     15,706     15,334     14,555  
 
Income before income taxes 2,470 1,812 4,851 1,792 3,572
 
Applicable income tax   698     469     1,446     470     912  
 
Net income $ 1,772   $ 1,343   $ 3,405   $ 1,322   $ 2,660  
 

Earnings per common share:
Basic earnings per share $ 0.24   $ 0.18   $ 0.46   $ 0.18   $ 0.36  
Diluted earnings per share $ 0.23   $ 0.18   $ 0.45   $ 0.18   $ 0.36  
Dividends $ 0.07   $ 0.07   $ 0.00   $ 0.00   $ 0.00  
 

Weighted average-common shares outstanding:
Basic   7,436,717     7,422,044     7,407,722     7,371,804     7,381,370  
Diluted   7,607,501     7,581,775     7,530,606     7,483,812     7,383,992  
 

Other Financial Items:
Fixed compensation 5,431 5,092 4,979 5,175 5,354
Variable compensation 3,074 1,617 1,531 1,336 1,163
Employee benefits and taxes 1,805 1,871 2,212 1,597 1,668
 
 
 
 
 
 
Heritage Financial Group, Inc. and Subsidiary
Condensed Average Balances, Interest Rates and Yields
(Unaudited)
                       
(Dollars in thousands)
 
Three Months Ended Six Months Ended
June 30, June 30,
2014 2013 2014 2013
Average Average Average Average Average Average Average Average
Balance Interest Rate Balance Interest Rate Balance Interest Rate Balance Interest Rate

Interest-earning assets:
 
Loans (1)(2) $ 955,685 $ 16,199 6.80 % $ 793,576 $ 15,994 8.08 % $ 929,563 $ 30,577 6.63 % $ 746,503 $ 29,480 7.96 %

Investment securities (2)
302,132 1,707 2.27 % 293,516 1,508 2.06 % 301,772 3,388 2.26 % 265,777 2,756 2.09 %
Other short-term investments   39,427   31 0.32 %   80,554   90 0.45 %   30,124   51 0.34 %   63,180   112 0.36 %
Total interest-earning assets   1,297,244   17,937 5.55 %   1,167,646   17,592 6.04 %   1,261,459   34,016 5.44 %   1,075,460   32,348 6.07 %
 
Non-interest earning assets   159,701   185,264   161,496   175,982
Total assets $ 1,456,945 $ 1,352,910 $ 1,422,955 $ 1,251,442
 

Interest-bearing liabilities:

Deposits:
Interest checking, money market and savings $ 608,590 $ 357 0.24 % $ 570,606 $ 324 0.23 % $ 582,355 $ 685 0.24 % $ 523,154 $ 611 0.24 %
Time deposits   380,141   819 0.86 %   362,264   717 0.79 %   381,306   1,631 0.86 %   342,229   1,484 0.87 %
Total interest-bearing deposits   988,731   1,176 0.48 %   932,870   1,041 0.45 %   963,661   2,316 0.48 %   865,383   2,095 0.49 %
 

Federal Funds purchased and securities sold under repurchase agreements
34,430 333 3.88 % 33,305 332 4.00 % 35,198 663 3.80 % 33,787 660 3.94 %
Other Borrowings   132,453   527 1.60 %   102,115   512 2.01 %   125,968   1,041 1.67 %   84,140   933 2.24 %
Total interest-bearing liabilities   1,155,614   2,036 0.71 %   1,068,290   1,885 0.71 %   1,124,827   4,020 0.72 %   983,310   3,688 0.76 %
 

Non-interest bearing liabilities:
Demand Deposits 162,431 147,376 160,518 133,296
Other Liabilities   7,862   15,546   8,170   13,585
Total non-interest bearing liabilities   170,293   162,922   168,688   146,881
 
Total liabilities   1,325,907   1,231,212   1,293,515   1,130,191
 
Shareholders' equity 131,038 121,698 129,440 121,251
 
Total liabilities & shareholders' equity $ 1,456,945 $ 1,352,910 $ 1,422,955 $ 1,251,442
 
Net interest income $ 15,901 $ 15,707 $ 29,996 $ 28,660
 
Interest rate spread 4.84 % 5.34 % 4.72 % 5.31 %
 
Net yield on interest-earning assets (net interest margin) 4.92 % 5.40 % 4.80 % 5.37 %
 
Core net interest margin (non-GAAP):
Loans (1)(2) $ 955,685 $ 16,199 6.80 % $ 793,576 $ 15,994 8.08 % $ 929,563 $ 30,577 6.63 % $ 746,503 $ 29,480 7.96 %

FDIC-acquired loan discount adjustments (3)
  56,445   4,644 33.00 %   82,508   6,144 29.87 %   58,738   8,494 29.16 %   75,167   10,732 28.79 %
Adjusted loans   1,012,130   11,555 4.58 %   876,084   9,850 4.51 %   988,301   22,083 4.51 %   821,670   18,748 4.60 %
                       
Adjusted total interest-earning assets $ 1,353,689   13,293 3.94 % $ 1,250,154   11,448 3.67 % $ 1,320,197   25,522 3.90 % $ 1,150,627   21,616 3.79 %
                       
Total interest-bearing liabilities $ 1,155,614   2,036 0.71 % $ 1,068,290   1,885 0.71 % $ 1,124,827   4,020 0.72 % $ 983,310   3,688 0.76 %
 
Core Net interest income $ 11,257 $ 9,563 $ 21,502 $ 17,928
 
Core Interest rate spread 3.23 % 2.97 % 3.18 % 3.03 %
 
Core Net yield on interest-earning assets (net interest margin non-GAAP) 3.34 % 3.07 % 3.28 % 3.14 %
 

(1)

Average loan balances includes nonaccrual loans for the periods presented.

(2)
Fully Taxable Equivalent (“FTE”) at the rate of 34%. The FTE basis adjusts for the tax benefits of income on certain tax-exempt loans and investments using the federal statutory rate of 34% for each period presented. The Company believes this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts.

(3)
FDIC-acquired loan discount adjustments include the reduction of interest income for FDIC-acquired loan discount accretion excluding contractual interest payments and the increase of core loans for the total balance of FDIC-acquired loan discounts.
 
 
 
 
 
 
Heritage Financial Group, Inc. and Subsidiary
Consolidated Financial Highlights
(Unaudited)
             
(Dollars in thousands except share and per share data)
 
Five Quarter Comparison

Financial Condition Data:
6/30/2014   3/31/2014   12/31/2013   9/30/2013   6/30/2013
 
Total loans $ 845,101 $ 810,028 $ 798,753 $ 789,092 $ 769,921
Loans held for sale 127,186 126,436 110,669 38,042 43,545
Covered loans 43,442 47,684 50,891 53,843 57,176
Allowance for loan losses 9,457 9,145 8,955 8,894 9,047
Total other real estate owned 7,710 8,727 10,535 10,244 11,949
Covered other real estate owned 5,865 6,095 7,053 5,909 7,815
FDIC loss-share receivable 33,239 37,637 41,306 44,527 48,106
Goodwill and intangible assets 5,786 4,757 4,253 4,251 4,455
Total assets 1,487,431 1,413,540 1,380,925 1,322,309 1,334,016
Non-interest-bearing deposits 168,666 163,090 148,253 153,163 148,219
Interest-bearing deposits 1,040,134 963,564 928,168 899,318 917,712
Other borrowings 100,789 116,127 131,394 101,667 101,940

Federal funds purchased and securities sold under agreement to repurchase
35,350 33,785 37,648 35,393 33,094
Stockholders' equity 131,660 127,984 125,063 120,534 118,540
 
Total shares outstanding 7,851,296 7,834,517 7,834,537 7,834,765 7,803,910
Unearned ESOP shares   305,885     319,210     332,535     345,860     359,186  
Total shares outstanding net of unearned ESOP   7,545,411     7,515,307     7,502,002     7,488,905     7,444,724  
 
Book value per share $ 17.45 $ 17.03 $ 16.67 $ 16.10 $ 15.92

Book value per share including unearned ESOP (non-GAAP)
16.77 16.34 15.96 15.38 15.19
Tangible book value per share (non-GAAP) 16.68 16.40 16.10 15.53 15.32

Tangible book value per share including unearned ESOP (non-GAAP)
16.03 15.73 15.42 14.84 14.62
Market value per share 19.83 19.65 19.25 17.42 14.75
 
 
 
 
Five Quarter Comparison
6/30/2014   3/31/2014   12/31/2013   9/30/2013   6/30/2013

Key Financial Ratios and other information:
 
Performance Ratios
Annualized return on average assets 0.49 % 0.39 % 1.00 % 0.40 % 0.79 %
Annualized return on average equity 5.42 % 4.26 % 11.10 % 4.41 % 8.74 %
Net interest margin 4.92 % 4.66 % 5.50 % 4.73 % 4.78 %
Net interest spread 4.84 % 4.59 % 5.43 % 4.66 % 4.71 %
Core net interest margin 3.34 % 3.23 % 3.20 % 3.23 % 3.28 %
Core net interest spread 3.23 % 3.12 % 3.10 % 3.13 % 3.17 %
Efficiency ratio 82.07 % 84.20 % 71.66 % 82.29 % 74.17 %
 
Capital Ratios
Average stockholders' equity to average assets 9.0 % 9.2 % 9.0 % 9.0 % 9.0 %
Tangible equity to tangible assets (non-GAAP) 8.5 % 8.7 % 8.8 % 8.8 % 8.6 %
Tier 1 leverage ratio 9.1 % 9.0 % 9.5 % 9.4 % 9.0 %
Tier 1 risk-based capital ratio 13.0 % 12.8 % 13.5 % 14.3 % 14.3 %
Total risk-based capital ratio 14.0 % 13.8 % 14.5 % 15.4 % 15.3 %
 
Other Information
Full-time equivalent employees 490 455 426 412 401
Banking 312 305 306 308 316
Mortgage 171 143 113 97 79
Investments 7 7 7 7 6
Number of banking offices 29 29 27 27 29
Mortgage loan offices 15 15 14 12 12
Investment offices 5 5 4 4 4
 
 
 
 
 
 
 
Heritage Financial Group, Inc. and Subsidiary
Consolidated Financial Highlights
(Unaudited)
             
(Dollars in thousands)
Five Quarter Comparison

Loans
6/30/2014   3/31/2014   12/31/2013   9/30/2013   6/30/2013
Construction and land $ 57,863 $ 53,138 $ 50,167 $ 48,808 $ 42,753
Farmland 28,502 30,116 23,420 22,561 23,447
Permanent 1 - 4 174,026 173,581 174,565 169,105 166,199
Permanent 1 - 4 - junior liens and revolving 35,827 34,661 32,038 30,180 29,432
Multifamily 26,436 25,718 22,650 27,468 26,301
Nonresidential 277,295 262,753 256,567 250,859 234,259
Commercial business 116,926 101,696 101,161 95,108 88,828
Consumer and other   27,918     20,907     23,976     21,499     26,889  
Total core loans $ 744,793   $ 702,570   $ 684,544   $ 665,588   $ 638,108  
 
FDIC-acquired non-covered   56,866     59,774     63,318     69,661     74,637  
Total loans   801,659     762,344     747,862     735,249     712,745  
 
FDIC-acquired covered 43,442 47,684 50,891 53,843 57,176
 
Allowance for loan losses   9,457     9,145     8,955     8,894     9,047  
$ 835,644   $ 800,883   $ 789,798   $ 780,198   $ 760,874  
 
 
 

Loan Balances by Geographical Region (excluding FDIC-acquired loans):
Five Quarter Comparison
6/30/2014   3/31/2014   12/31/2013   9/30/2013   6/30/2013
 
Albany, Georgia $ 321,566 $ 302,664 $ 294,033 $ 288,089 $ 282,509
Valdosta, Georgia 103,231 103,479 100,936 101,729 96,485
Ocala, Florida 55,231 57,322 58,343 58,115 58,240
Statesboro, Georgia 128,421 121,636 122,928 124,667 118,056
Auburn, Alabama 36,023 36,171 36,130 31,485 26,061
Macon, Georgia 80,323 75,722 68,638 60,197 55,935
Birmingham, Alabama 10,834 2,091 1,590 344 822
South Atlanta   9,164     3,485     1,946     962     -  
$ 744,793   $ 702,570   $ 684,544   $ 665,588   $ 638,108  
 
 
 

Asset Quality Data (excluding FDIC-acquired loans):
Five Quarter Comparison
6/30/2014   3/31/2014   12/31/2013   9/30/2013   6/30/2013
 
 
Nonaccrual loans $ 7,003 $ 9,245 $ 9,435 $ 10,986 $ 12,223
Loans - 90 days past due & still accruing   -     -     -     -     -  
Total non-performing loans   7,003     9,245     9,435     10,986     12,223  
 
OREO   507     1,104     1,789     2,654     3,046  
Total non-performing assets $ 7,510   $ 10,349   $ 11,224   $ 13,640   $ 15,269  
 
 
Trouble debt restructuring - nonaccrual $ 3,426 $ 5,702 $ 5,763 $ 5,840 $ 6,496
Trouble debt restructuring - accruing   4,392     1,968     1,983     1,996     2,009  
Total trouble debt restructuring $ 7,818   $ 7,670   $ 7,746   $ 7,836   $ 8,505  
 
Accruing past due loans $ 750 $ 830 $ 1,001 $ 669 $ 934
 
Total criticized assets 21,553 22,026 22,741 26,116 25,785
Total classified assets 18,573 18,717 19,582 23,048 22,985
 
Allowance for loan losses 9,457 9,145 8,955 8,894 9,047
Net charge-offs (recoveries) $ 92 $ (20 ) $ 160 $ 503 $ 698
 
 

Asset Quality Ratios:
 
Allowance for loan losses to total core loans 1.27 % 1.30 % 1.31 % 1.34 % 1.42 %
Allowance for loan losses to average core loans 1.31 % 1.32 % 1.33 % 1.37 % 1.45 %
Allowance for loan losses to non-performing loans 135.04 % 98.92 % 94.91 % 80.96 % 74.02 %
Non-performing loans to total core loans 0.94 % 1.32 % 1.38 % 1.65 % 1.92 %
Non-performing assets to total assets 0.50 % 0.73 % 0.81 % 1.03 % 1.14 %
   

Net charge-offs (recoveries) to average core loans (annualized)
    0.05 %     -0.01 %     0.10 %     0.31 %     0.45 %
 
 
 
 
 
 
Heritage Financial Group, Inc. and Subsidiary
Consolidated Financial Highlights
(Unaudited)
           
(Dollars in thousands)
Five Quarter Comparison

FDIC-acquired assets
6/30/2014   3/31/2014   12/31/2013   9/30/2013   6/30/2013
 

FDIC-acquired non-covered loans:
Commercial real estate $ 21,020 $ 21,269 $ 22,268 $ 25,027 $ 27,258
Residential real estate 26,456 28,115 30,134 32,318 33,452
Construction and land 4,934 5,573 5,156 5,195 5,941
Commercial and industrial 1,800 1,926 2,604 3,638 4,106
Consumer and other   2,656     2,891     3,156     3,483     3,880  
Total 56,866 59,774 63,318 69,661 74,637

FDIC-acquired covered loans:
Commercial real estate 12,295 14,044 14,161 14,956 15,384
Residential real estate 19,637 22,372 23,886 25,082 27,283
Construction and land 10,679 10,332 11,642 12,469 12,645
Commercial and industrial 762 801 864 924 1,340
Consumer and other   69     135     338     412     524  
Total   43,442     47,684     50,891     53,843     57,176  
Total carrying value of FDIC-acquired loans $ 100,308   $ 107,458   $ 114,209   $ 123,504   $ 131,813  
Non-accrete discount for FDIC-acquired loans 16,600 30,818 36,746 48,545 55,170
Accretable discount for FDIC-acquired loans   36,066     27,492     26,860     23,445     23,007  
Total discount for FDIC-acquired loans   52,666     58,310     63,606     71,990     78,177  
Outstanding principal balance for FDIC-acquired loans $ 152,974   $ 165,768   $ 177,815   $ 195,494   $ 209,989  
 

FDIC-acquired OREO:
Non-covered $ 1,338 $ 1,527 $ 1,694 $ 1,680 $ 1,087
Covered   5,865     6,095     7,053     5,909     7,815  
Total carrying value of FDIC-acquired OREO $ 7,203   $ 7,622   $ 8,747   $ 7,589   $ 8,902  
Total discount for FDIC-acquired OREO   7,593     10,255     11,186     12,038     11,013  
Gross carrying value of FDIC-acquired OREO $ 14,796   $ 17,877   $ 19,933   $ 19,627   $ 19,915  
 

Total loan discount accretion recognized in income:
Individual assessed discount accretion $ 1,681 $ 808 $ 3,132 $ 791 $ 2,336
Pooled assessed discount accretion   2,963     3,042     3,140     2,927     3,808  
Total loan discount accretion recognized in income $ 4,644   $ 3,850   $ 6,272   $ 3,718   $ 6,144  
 

FDIC-acquired ratios:
Total discount to principal balance for FDIC-acquired loans 34.4 % 35.2 % 35.8 % 36.8 % 37.2 %
 
 
Five Quarter Comparison

Non-covered FDIC-acquired assets
6/30/2014   3/31/2014   12/31/2013   9/30/2013   6/30/2013
 

Outstanding principal balance:
FDIC-acquired non-covered loan pools $ 54,899 $ 58,294 $ 61,893 $ 66,294 $ 70,144
FDIC-acquired non-covered loans individually assessed   19,497     20,644     22,214     27,627     31,603  
Total non-covered outstanding principal loan balance 74,396 78,938 84,107 93,921 101,747
Gross carrying value for FDIC-acquired non-covered OREO   3,892     4,254     4,470     4,993     2,529  
Total gross balance of non-covered assets $ 78,288   $ 83,192   $ 88,577   $ 98,914   $ 104,276  

Non-covered non-accretable discount for estimated credit losses:
FDIC-acquired non-covered loan pools $ 2,883 $ 7,337 $ 8,932 $ 9,297 $ 9,341
FDIC-acquired non-covered loans individually assessed   3,524     4,283     5,397     12,294     14,894  
Total non-covered non-accretable discount 6,407 11,620 14,329 21,591 24,235
FDIC-acquired non-covered OREO discount   2,554     2,728     2,776     3,313     1,442  
Total non-covered discount for estimated credit losses $ 8,961   $ 14,348   $ 17,105   $ 24,904   $ 25,677  

Non-covered accretable discount:
Non-covered accretable discount for improvement in cash flows $ 10,270 $ 6,603 $ 5,458 $ 380 $ 318
Other non-covered accretable discount   855     941     1,002     2,288     2,558  
Total non-covered accretable discount   11,125     7,544     6,460     2,668     2,876  
Total non-covered discount $ 20,086   $ 21,892   $ 23,565   $ 27,572   $ 28,553  
 

Non-covered loan discount accretion recognized in income:
Individual assessed discount accretion $ 690 $ 428 $ 2,375 $ 619 $ 974
Pooled assessed discount accretion   321     187     249     184     174  
Total non-covered discount accretion recognized in income $ 1,011   $ 615   $ 2,624   $ 803   $ 1,148  
 

Non-covered FDIC-acquired ratios:
Total discount to principal balance for non-covered FDIC-acquired assets 25.7 % 26.3 % 26.6 % 27.9 % 27.4 %
Gross balance of non-covered loans to total FDIC-acquired loans 48.6 % 47.6 % 47.3 % 48.0 % 48.5 %
 
 
Five Quarter Comparison

Covered FDIC-acquired assets
6/30/2014   3/31/2014   12/31/2013   9/30/2013   6/30/2013
 

Outstanding principal balance:
FDIC-acquired covered loan pools $ 57,567 $ 63,789 $ 69,192 $ 74,020 $ 79,552
FDIC-acquired covered loans individually assessed   21,010     23,041     24,517     27,554     28,690  
Total covered outstanding principal loan balance 78,577 86,830 93,709 101,574 108,242
Gross carrying value for FDIC-acquired OREO covered   10,904     13,622     15,463     14,634     17,385  
Total gross balance of covered assets $ 89,481   $ 100,452   $ 109,172   $ 116,208   $ 125,627  

Covered non-accretable discount for estimated credit losses:
FDIC-acquired covered loan pools $ 5,401 $ 12,215 $ 15,284 $ 16,281 $ 19,917
FDIC-acquired covered loans individually assessed   4,792     6,983     7,133     10,673     11,018  
Total covered non-accretable discount 10,193 19,198 22,417 26,954 30,935

FDIC-acquired covered OREO discount
  5,039     7,528     8,410     8,725     9,570  
Total covered discount for estimated credit losses $ 15,232   $ 26,726   $ 30,827   $ 35,679   $ 40,505  

Covered accretable discount:
Covered accretable discount for improvement in cash flows $ 22,084 $ 18,156 $ 18,012 $ 17,676 $ 16,297

 
Other covered accretable discount   2,858     1,792     2,389     3,101     3,834  

 
Total covered accretable discount   24,942     19,948     20,401     20,777     20,131  
Total covered discount $ 40,174   $ 46,674   $ 51,228   $ 56,456   $ 60,636  
 

Covered loan discount accretion recognized in income:
Individual assessed accretion $ 991 $ 380 $ 757 $ 172 $ 1,362
Pooled assessed accretion   2,642     2,855     2,891     2,743     3,634  
Total covered discount accretion recognized in income $ 3,633   $ 3,235   $ 3,648   $ 2,915   $ 4,996  
 

Covered FDIC-acquired ratios:
Total discount to principal balance for covered FDIC-acquired assets 44.9 % 46.5 % 46.9 % 48.6 % 48.3 %
 
 
 
Five Quarter Comparison

FDIC loss-share receivable
6/30/2014   3/31/2014   12/31/2013   9/30/2013   6/30/2013
 

FDIC loss-share receivable:
Single family estimated credit losses $ 7,506 $ 8,446 $ 8,995 $ 9,134 $ 9,764
Non-single family estimated credit losses 22,347 27,459 30,077 33,550 35,678
Pending reimbursements and other   3,386     1,732     2,234     1,843     2,664  
Total $ 33,239   $ 37,637   $ 41,306   $ 44,527   $ 48,106  
 
FDIC loss-share clawback liability $ 3,366   $ 2,484   $ 1,941   $ 1,681   $ 1,393  
 
Total covered discount $ 40,174   $ 46,674   $ 51,228   $ 56,456   $ 60,636  
Total covered discount impacting FDIC loss-share receivable $ 37,316   $ 44,882   $ 48,839   $ 53,355   $ 56,802  
Total covered discount impacting FDIC loss-share receivable at 80% $ 29,853   $ 35,906   $ 39,071   $ 42,684   $ 45,442  
 

FDIC loss-share receivable ratios:
FDIC receivable as % of gross balance of covered assets 37.1 % 37.5 % 37.8 % 38.3 % 38.3 %
Covered discount at 80% as of % of FDIC receivable 89.8 % 95.4 % 94.6 % 95.9 % 94.5 %
 
 
 
 
 
 
 
Heritage Financial Group, Inc. and Subsidiary
Consolidated Financial Highlights
(Unaudited)
 
 

Mortgage Segment Information
         
Five Quarter Comparison
6/30/2014   3/31/2014   12/31/2013   9/30/2013   6/30/2013
 
Net interest income $ 924 $ 825 $ 114 $ 218 $ 112
Provision for loan losses - - - - -
Noninterest income 6,153 2,392 2,951 1,952 3,424
Noninterest expense 6,178 3,815 3,149 2,968 3,239
Income tax expense (benefit)   278     (185 )   (26 )   (247 )   92  
Mortgage profit (loss) $ 621   $ (413 ) $ (58 ) $ (551 ) $ 205  
 
Mortgage segment assets $ 139,024   $ 136,662   $ 120,716   $ 44,588   $ 46,854  
 

Other Financial Items:
Fixed compensation $ 1,375 $ 1,106 $ 1,037 $ 1,010 $ 1,123
Variable compensation 2,832 1,402 1,311 1,121 969
 
 
 

Mortgage Segment Selected Other Information:
Five Quarter Comparison
6/30/2014   3/31/2014   12/31/2013   9/30/2013   6/30/2013
 
Retail production $ 187,669 $ 98,554 $ 84,381 $ 83,657 $ 97,608
Wholesale production   62,228     36,941     36,030     31,646     19,072  
Total production $ 249,897 $ 135,495 $ 120,411 $ 115,303 $ 116,680
Purchase as a % of total production 84 % 80 % 78 % 76 % 66 %
Refi as a % of total production 16 % 20 % 22 % 24 % 34 %
End of period locks $ 117,940 $ 71,121 $ 43,054 $ 47,871 $ 53,910
 
 
 
 

Copyright Business Wire 2010

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