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Heritage Financial Group, Inc. Reports Second Quarter Net Income of $2.7 Million or $0.36 Per Diluted Share

By   /   July 26, 2013  /   Comments

ALBANY, Ga. — 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:

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.

Commenting on the results, Leonard Dorminey, President and Chief Executive Officer, said, “We are pleased to report ongoing growth in our business and improving financial results. We continue to benefit from our efforts to increase revenue and manage our expenses. Additionally, our mortgage division has again achieved significant increases in volume and our commercial bank network continued to see solid loan growth.

“We remain on schedule with our conversion and integration plans for Frontier Bank,” Dorminey continued. “We continue to make progress with integrating the new team into our system and filling key strategic roles to expand in the former Frontier Bank footprint. We are excited about the opportunities for loan growth in these new markets.”

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