Company Declares Quarterly Cash Dividend of
$0.07 Per Share
Heritage Financial Group, Inc. (NASDAQ: HBOS), the holding
company for HeritageBank of the South, today announced unaudited
financial results for the quarter ended March 31, 2015. Key
highlights of the Company's report for the first quarter of 2015
include:
- Net income of $3.9 million or $0.43 per
diluted share, up 56% from $2.5 million or $0.28 per diluted share
for the linked quarter, and up 189% from $1.3 million or $0.18 per
diluted share for the year-earlier quarter;
- Net income, excluding special items for
each quarter, of $4.0 million or $0.44 per diluted share, up 36%
from $2.9 million or $0.32 per diluted share for the linked
quarter, and up 123% from $1.8 million or $0.24 per diluted share
for the year-earlier quarter (see non-GAAP reconciliation);
- Core net interest margin expanded to
3.60%, up 16 basis points from 3.44% for the linked quarter and up
37 basis points from 3.23% for the year-earlier quarter;
- Loan growth, excluding acquired loans,
of $7.3 million or 1% on a linked-quarter basis and $104.5 million
or 15% compared with the year-earlier quarter;
- A decline in nonperforming loans,
excluding acquired loans, of 9% on a linked-quarter basis and 40%
compared with the year-earlier quarter;
- A decrease in the provision for loan
losses, excluding acquired loans, to $75,000 from $285,000 for the
linked-quarter, but up from $65,000 for the year-earlier quarter;
and
- An increase in mortgage originations to
$448.1 million, up $103.4 million or 30% from the linked-quarter
and up $312.6 million or 231% from the year-earlier quarter.
Commenting on the announcement, Leonard Dorminey, President and
Chief Executive Officer, said, "During the first quarter of 2015,
our company continued to make significant and meaningful progress
on a number of fronts. First, and most important, we were pleased
to see continued improvement in our operations, building on the
momentum evident in our business as 2014 came to an end. We
continue to successfully assimilate the purchase of a branch of The
PrivateBank in our Atlanta market and the acquisition of Alarion
Bank, which provided for our entry into the Gainesville market and
expanded our presence in Ocala. Additionally, we continue to see
solid growth in our mortgage lending business. Together, these
factors helped drive attractive earnings growth for the Company in
the first quarter of 2015.
"Another area in which we have made important headway during
2015 is with our previously announced merger with Renasant Bank,"
Dorminey continued. "Both companies have scheduled special meetings
of stockholders for June 16, 2015, to consider and approve the
merger, and we currently expect to mail proxy materials for that
meeting to stockholders on or about May 1, 2015. Pending
stockholder approvals, and other conditions set forth in the merger
agreement, we expect the merger to close during the third quarter
of 2015."
Dorminey 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 May 22, 2015, to stockholders of record as of
May 8, 2015.
First Quarter 2015 Results of Operations
The $1.4 million increase in reported quarterly earnings for the
first quarter of 2015 compared with the linked-quarter resulted
primarily from the following items:
- Increased net interest income of
$976,000;
- Growth in revenue from mortgage banking
activities of $3.1 million;
- Decreased acquisition-related expenses
of $173,000; offset by
- Increased salaries and employee
benefits of $1.1 million, driven primarily by mortgage banking
expansion;
- Decreased gain on sales of securities
of $190,000; and
- Decreased service charges on deposit
accounts of $243,000.
The $2.5 million increase in reported quarterly earnings for the
first quarter of 2015 compared with the year-earlier quarter
primarily reflected the following items:
- Increased salaries and employee
benefits of $7.1 million due primarily to personnel additions
related to mortgage banking expansion and the Alarion merger;
- Increased equipment and occupancy
expense of $709,000; offset by
- Growth in revenue from mortgage banking
activities of $8.9 million; and
- Increased net interest income of $4.5
million.
Net interest income for the first quarter of 2015 increased 32%
to $18.4 million from $14.0 million in the year-earlier quarter,
primarily reflecting an increase in interest-earning assets related
to acquisitions, mortgage and organic growth. The Company's net
interest margin was 4.80% for the first quarter of 2015, an
increase of 13 basis points from 4.67% for the year-earlier period.
The increase in the net interest margin for the first quarter of
2015 compared with the year-earlier quarter was driven by a decline
in the yield on interest-bearing liabilities of 14 basis points,
reflecting lower cost of deposits and borrowings. Excluding
acquired credit impaired loan discount adjustments from the net
interest margin, the core net interest margin was 3.60% for the
first quarter of 2015, an improvement of 37 basis points from 3.23%
for the year-earlier quarter.
In the first quarter of 2015, the Company continued to achieve
loan growth, with its non-acquired loan portfolio increasing $7.3
million organically on a linked-quarter basis and advancing $104.5
million overall compared with the year-earlier quarter. For the
first quarter of 2015, the Company's loan portfolio, including
acquired loans, totaled $1.104 billion, increasing $28.8 million on
a linked-quarter basis from $1.075 billion and $303.4 million from
$800.1 million compared with the year-earlier quarter, driven
primarily by the Alarion merger and to a lesser extent The
PrivateBank branch acquisition and organic loan growth. The organic
loan growth from the linked-quarter reflected primarily growth in
the Gainesville/Ocala, Macon, Birmingham, Auburn/Columbus, and
Atlanta markets. Total deposits stood at $1.394 billion at the end
of the first quarter of 2015, up 5% from $1.322 billion on a
linked-quarter basis, and up 24% from $1.127 billion for the
year-earlier quarter, driven primarily by the Alarion merger and
The PrivateBank branch acquisition.
For the first quarter of 2015, the Company's loans held for sale
totaled $233.5 million, increasing $72.4 million or 45% on a
linked-quarter basis from $161.1 million, and increasing $107.0
million or 85% from $126.4 million compared with the year-earlier
quarter. The increase in the loans held for sale is due to the
increase in mortgage loan production. Total mortgage production for
the first quarter was $448.1 million, up 30% on a linked-quarter
basis from $344.7 million and up 231% from $135.5 million compared
with the year-earlier quarter.
Noninterest income for the first quarter of 2015 improved 234%
to $11.7 million from $3.5 million in the year-earlier quarter,
primarily reflecting increases in revenue from mortgage banking
activities of $8.9 million. Noninterest expense for the first
quarter of 2015 increased 56% to $24.1 million from $15.5 million
in the year-earlier quarter, driven primarily by increases in
salaries and employee benefits of $7.1 million related to the
expansion of the mortgage division and the Alarion merger.
Asset Quality
Total nonperforming assets, excluding acquired assets, increased
to $7.5 million, or 0.41% of total assets compared with $6.7
million or 0.39% of total assets, for the linked-quarter and
declined from $10.3 million or 0.73% of total assets for the
year-earlier quarter. Annualized net charge-offs to average
outstanding loans, excluding acquired loans, were 0.04% for the
first quarter of 2015 compared with annualized net charge-offs of
0.07% for the linked-quarter and annualized net recoveries of 0.01%
for the year-earlier quarter. Nonperforming loans, excluding
acquired loans, totaled $5.6 million for the first quarter of 2015,
down from $6.1 million for the linked-quarter and down from $9.2
million for the year-earlier quarter. Other real estate owned and
repossessed assets, excluding acquired assets, totaled $2.0 million
for the first quarter of 2015, up from $577,000 for the
linked-quarter and from $1.1 million for the year-earlier
quarter.
The provision for loan losses on non-acquired loans decreased to
$75,000 for the first quarter of 2015 from $285,000 for the
linked-quarter, primarily driven by lower loan growth, but
increased from $65,000 for the year-earlier quarter. For the first
quarter of 2015, the allowance for loan losses represented 1.24% of
total loans outstanding, excluding acquired loans, versus 1.25% for
the linked quarter and 1.30% for the year-earlier quarter.
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 36 banking
locations, 21 mortgage offices, and 5 investment offices. As of
March 31, 2015, the Company reported total assets of approximately
$1.8 billion and total stockholders' equity of approximately $164
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 such as "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 2014 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 March 31, December
31, 2015 2014 2014 Total noninterest
income $ 11,657 $ 3,487 $ 9,551 Gain on sale of securities – – (190
) Gain on acquisitions – – –
Adjusted noninterest income $ 11,657 $ 3,487 $
9,361 Total noninterest expense $ 24,100 $ 15,476 $ 23,165
Acquisition-related expenses (253 ) (52 ) (426 ) Impairment loss on
assets held for sale – – (172 )
Realized loss on the disposition of assets
held for sale
– – (6 )
Accrual of FDIC acquisitions estimated
clawback liability
(11 ) (543 ) (191 ) Adjusted noninterest
expense $ 23,836 $ 14,881 $ 22,370 Net income
as reported $ 3,884 $ 1,343 $ 2,494 Total adjustments, net of tax*
91 441 422 Adjusted net
income $ 3,975 $ 1,784 $ 2,916 Diluted
earnings per share $ 0.43 $ 0.18 $ 0.28 Total adjustments, net of
tax* 0.01 0.06 0.04
Adjusted diluted earnings per share $ 0.44 $ 0.24 $
0.32
* 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) March 31, December 31, 2015
2014*
ASSETS
Cash and due from banks $ 31,947 $ 29,107 Interest-bearing deposits
in banks 3,419 6,135 Federal funds sold 979
141 Cash and cash equivalents 36,345 35,383 Securities
available for sale, at fair value 262,856 269,678 Federal Home Loan
Bank stock, at cost 9,139 8,510 Other equity securities, at cost
1,010 1,010 Loans held for sale 233,466 161,104 Loans: Non-acquired
loans 807,101 799,793 Acquired non-credit impaired loans 182,213
156,513 Acquired credit impaired loans non-covered 84,123 86,763
Acquired credit impaired loans covered 40,834 42,404 Less allowance
for non-acquired loans 10,010 10,034
Loans, net 1,104,261 1,075,439
Non-acquired other real estate owned 1,951 577 Acquired non-covered
other real estate owned 2,623 2,721 Acquired covered other real
estate owned 4,714 5,107 Total other
real estate owned 9,288 8,405 FDIC
loss-share receivable 20,170 23,837 Premises and equipment, net
49,810 50,041 Goodwill and intangible assets 24,889 18,177 Cash
surrender value of bank owned life insurance 25,114 24,931 Other
assets 31,480 29,100
Total
assets $ 1,807,828 $
1,705,615
LIABILITIES AND
SHAREHOLDERS' EQUITY
Non-interest-bearing deposits $ 253,811
$
217,869 Interest-bearing deposits 1,140,300
1,104,240 Total deposits 1,394,111
1,322,109 Federal funds purchased Federal funds purchased
and securities sold under repurchase agreements 41,128 43,339 Other
borrowings 181,981 159,247 Other liabilities 26,750
20,902
Total liabilities
1,643,970 1,545,597
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; 9,239,498 and 9,238,973 shares issued and
outstanding, respectively
92 92 Capital surplus 106,331 105,965 Retained earnings 66,527
63,289 Accumulated other comprehensive loss, net of tax of $4,277
and $4,333, respectively (6,415 ) (6,500 ) Unearned employee stock
ownership plan (ESOP), 265,909 and 279,234 shares, respectively
(2,677 ) (2,828 )
Total shareholders' equity
163,858 160,018 Total
liabilities & shareholders' equity $
1,807,828 $ 1,705,615
* 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 March 31,
March 31, 2015 2014
Interest
income:
Interest and fees on loans $ 17,376 $ 13,350 Interest on loans held
for sale 1,730 1,025 Interest on taxable securities 958 1,206
Interest on nontaxable securities 351 354 Interest on federal funds
sold 2 1 Interest on deposits in other banks 12
19
Total interest income 20,429
15,955
Interest
expense:
Interest on deposits 1,202 1,140 Interest on other borrowings
778 844
Total interest expense
1,980 1,984 Net
interest income 18,449 13,971 Provision for loan
losses 75 170
Net interest income
after provision for loan losses 18,374
13,801
Noninterest
income:
Service charges on deposit accounts 1,386 1,443 Bankcard services
income 923 889 Other service charges, commissions and fees 261 162
Brokerage fees 597 566 Mortgage banking activities 11,080 2,166
Bank-owned life insurance 182 189 Accretion of FDIC loss-share
receivable (2,883 ) (2,031 ) Other 111 103
Total noninterest income 11,657
3,487
Noninterest
expense:
Salaries and employee benefits 15,654 8,580 Equipment and occupancy
2,704 1,995 Advertising and marketing 392 228 Professional fees 272
451 Information services expenses 1,594 1,200 Net loss on sales and
write-downs of other real estate owned 123 318 Net gain on sales
and write-downs of acquired other real estate owned (98 ) (264 )
Foreclosed asset expenses 113 87 Foreclosed acquired asset expenses
120 333 FDIC insurance and other regulatory fees 334 244
Acquisition related expenses 253 52 Deposit intangible expenses 321
196 FDIC loss-share clawback expenses 11 543 Other operating
expenses 2,307 1,513
Total
noninterest expense 24,100
15,476 Income before income taxes 5,931
1,812 Applicable income tax 2,047 469
Net income $ 3,884 $
1,343
Earnings per
common share:
Basic earnings per share $ 0.44 $ 0.18 Diluted
earnings per share $ 0.43 $ 0.18
Weighted
average-common shares outstanding:
Basic
8,889,252 7,422,044
Diluted
9,117,388 7,581,775
Heritage
Financial Group, Inc. and Subsidiary Consolidated Statements
of Income (Unaudited) (Dollars in thousands except
share and per share data) Five Quarter Comparison
3/31/2015 12/31/2014 9/30/2014
6/30/2014 3/31/2014
Interest
income:
Interest and fees on loans $ 17,376 $ 16,372 $ 14,901 $ 14,730 $
13,350 Interest on loans held for sale 1,730 1,759 1,493 1,466
1,025 Interest on taxable securities 958 1,143 1,180 1,215 1,206
Interest on nontaxable securities 351 380 381 368 354 Interest on
federal funds sold 2 2 2 1 1 Interest on deposits in other banks
12 14 20 30
19
Total interest income 20,429
19,670 17,977
17,810 15,955
Interest
expense:
Interest on deposits 1,202 1,337 1,192 1,176 1,140 Interest on
other borrowings 778 860 856
860 844
Total interest
expense 1,980 2,197
2,048 2,036
1,984 Net interest income 18,449
17,473 15,929 15,774 13,971 Provision
for loan losses - non-acquired 75 285 575 510 65 Provision for loan
losses - acquired covered - - 65 25 - Provision for loan losses -
acquired non-covered - - -
(61 ) 105
Net interest income after
provision for loan losses 18,374
17,188 15,289
15,300 13,801
Noninterest
income:
Service charges on deposit accounts 1,386 1,629 1,612 1,503 1,443
Bankcard services income 923 950 919 941 889 Other service charges,
commissions and fees 261 185 178 154 162 Brokerage fees 597 611 644
615 566 Mortgage banking activities 11,080 7,946 6,723 5,026 2,166
Bank-owned life insurance 182 182 190 187 189 Gain on sales of
securities - 190 628 138 - Accretion of FDIC loss-share receivable
(2,883 ) (2,349 ) (2,669 ) (3,377 ) (2,031 ) Other 111
207 49 99
103
Total noninterest income 11,657
9,551 8,274
5,286 3,487
Noninterest
expense:
Salaries and employee benefits 15,654 14,559 11,382 10,310 8,580
Equipment and occupancy 2,704 2,589 2,234 2,153 1,995 Advertising
and marketing 392 359 288 221 228 Professional fees 272 472 446 523
451 Information services expenses 1,594 1,404 1,080 1,150 1,200 Net
loss on sales and write-downs of other real estate owned 123 92 8
107 318 Net (gain) loss on sales and write-downs of acquired other
real estate owned (98 ) (216 ) (37 ) 173 (264 ) Foreclosed asset
expenses 113 45 77 82 87 Foreclosed acquired asset expenses 120 331
217 285 333 FDIC insurance and other regulatory fees 334 332 274
299 244 Impairment loss on assets held for sale - 172 - - -
Acquisition related expenses 253 426 2,543 101 52 Deposit
intangible expenses 321 305 186 192 196 FDIC loss-share clawback
expenses 11 191 (35 ) 882 543 Other operating expenses 2,307
2,104 1,934 1,638
1,513
Total noninterest expense
24,100 23,165
20,597 18,116
15,476 Income before income taxes 5,931
3,574 2,966 2,470 1,812 Applicable
income tax 2,047 1,080 1,007
698 469
Net income
$ 3,884 $ 2,494 $
1,959 $ 1,772 $
1,343
Earnings per
common share:
Basic earnings per share $ 0.44 $ 0.28 $ 0.26
$ 0.24 $ 0.18 Diluted earnings per share $ 0.43
$ 0.28 $ 0.26 $ 0.23 $ 0.18
Dividends $ 0.07 $ 0.07 $ 0.07 $ 0.07 $
0.07
Weighted
average-common shares outstanding:
Basic
8,889,252 8,826,740
7,485,528 7,436,717
7,422,044 Diluted
9,117,388
9,057,258 7,676,233
7,607,501 7,581,775
Other Financial
Items:
Fixed compensation $ 6,677 $ 6,841 $ 5,787 $ 5,431 $ 5,092 Variable
compensation $ 5,097 $ 4,201 $ 3,321 $ 3,074 $ 1,617 Employee
benefits and taxes $ 3,880 $ 3,517 $ 2,274 $ 1,805 $ 1,871
Heritage Financial
Group, Inc. and Subsidiary Condensed Average Balances,
Interest Rates and Yields (Unaudited) (Dollars
in thousands) Three Months Ended December 31,
2014 2013 Average Average
Average Average Balance Interest
Rate Balance Interest Rate
Interest-earning
assets:
Loans(1)(2) $ 1,286,665 $ 19,108 6.02 % $ 903,153 $ 14,379 6.46 %
Investment securities (2) 267,574 1,429 2.17 % 301,407 1,680 2.26 %
Other short-term investments 13,930 14 0.41 %
20,715 20 0.39 %
Total interest-earning assets
1,568,169 20,551 5.31 %
1,225,275 16,079 5.32 %
Non-interest earning assets 193,889 163,312
Total
assets $ 1,762,058 $ 1,388,587
Interest-bearing
liabilities:
Deposits:
Interest checking, money market and savings $ 670,843 $ 385 0.23 %
$ 555,828 $ 327 0.24 % Time deposits 473,479 814 0.70
% 382,486 813 0.86 %
Total interest-bearing
deposits 1,144,322 1,199
0.42 % 938,314 1,140
0.49 %
Federal funds purchased and securities
sold under repurchase agreements
42,860 290 2.74 % 35,977 329 3.70 % Other borrowings 149,631
487 1.32 % 119,413 515 1.75 %
Total
interest-bearing liabilities 1,336,813
1,976 0.60 % 1,093,704
1,984 0.74 %
Non-interest
bearing liabilities:
Demand deposits 237,896 158,583 Other liabilities 25,061
8,475
Total non-interest bearing liabilities
262,957 167,058
Total liabilities 1,599,770
1,260,762 Shareholders' equity 162,288 127,825
Total
liabilities & shareholders' equity $
1,762,058 $ 1,388,587 Net interest
income $ 18,575 $ 14,095
Interest rate spread 4.72 % 4.59
%
Net yield on interest-earning assets
(net interest margin)
4.80 % 4.67 % Core net interest
margin (non-GAAP): Loans(1)(2) $ 1,286,665 $ 19,108 6.02 % $
903,153 $ 14,379 6.46 % Acquired credit impaired loan discount
adjustments(3) 48,129 4,246 35.78 % 61,056
3,850 25.57 %
Adjusted loans 1,334,794
14,862 4.52 % 964,209 10,529 4.43 %
Adjusted total
interest-earning assets $ 1,616,298
16,305 4.09 % $ 1,286,331
12,229 3.86 % Total interest-bearing
liabilities $ 1,336,813 1,976
0.60 % $ 1,093,704 1,984
0.74 % Core net interest income $
14,329 $ 10,245 Core interest rate
spread 3.49 % 3.12 %
Core net yield on interest-earning
assets (net interest margin non-GAAP)
3.60 % 3.23 %
(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)
Acquired credit impaired loan discount
adjustments include the reduction of interest income for discount
accretion excluding contractual interest payments and the increase
of core loans for the total balance of acquired credit impaired
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:
3/31/2015 12/31/2014 9/30/2014
6/30/2014 3/31/2014 Total loans $ 1,114,271 $
1,085,473 $ 1,069,108 $ 845,101 $ 810,028 Loans held for sale
233,466 161,104 147,867 127,186 126,436 Acquired credit impaired
loans covered 40,834 86,763 42,447 43,442 47,684 Allowance for loan
losses 10,010 10,034 9,916 9,457 9,145 Total other real estate
owned 9,288 8,405 9,225 7,710 8,727 Acquired other real estate
owned covered 4,714 5,107 5,281 5,865 6,095 FDIC loss-share
receivable 20,170 23,837 27,929 33,239 37,637 Goodwill and
intangible assets 24,889 18,177 16,702 5,786 4,757 Total assets
1,807,828 1,705,614 1,755,534 1,487,431 1,413,540
Non-interest-bearing deposits 253,811 217,869 199,336 168,666
163,090 Interest-bearing deposits 1,140,300 1,104,240 1,141,925
1,040,134 963,564 Other borrowings 181,981 159,247 190,440 100,789
116,127
Federal funds purchased and securities
sold under agreement to repurchase
41,128 43,339 42,815 35,350 33,785 Stockholders' equity 163,858
160,017 159,948 131,660 127,984 Total shares outstanding 9,239,498
9,238,973 9,183,574 7,851,296 7,834,517 Unearned ESOP shares
265,908 279,234 292,559 305,885 319,210
Total shares outstanding net of unearned ESOP 8,973,590
8,959,739 8,891,015 7,545,411 7,515,307
Book value per share $ 18.26 $ 17.86 $ 17.99 $ 17.45 $ 17.03 Book
value per share including unearned ESOP (non-GAAP) 17.73 17.32
17.42 16.77 16.34 Tangible book value per share (non-GAAP) 15.49
15.83 16.11 16.68 16.40
Tangible book value per share including
unearned ESOP (non-GAAP)
15.04 15.35 15.60 16.03 15.73 Market value per share 27.23 25.90
20.19 19.83 19.65
Five Quarter Comparison
3/31/2015 12/31/2014 9/30/2014
6/30/2014 3/31/2014
Key Financial
Ratios and other information:
Performance Ratios Annualized return on average assets 0.89
% 0.57 % 0.52 % 0.49 % 0.39 % Annualized return on average equity
9.71 % 6.10 % 5.82 % 5.42 % 4.26 % Net interest margin 4.80 % 4.48
% 4.80 % 4.92 % 4.66 % Net interest spread 4.72 % 4.40 % 4.72 %
4.84 % 4.59 % Core net interest margin 3.60 % 3.44 % 3.29 % 3.34 %
3.23 % Core net interest spread 3.49 % 3.35 % 3.19 % 3.23 % 3.12 %
Efficiency ratio 77.81 % 83.15 % 84.80 % 82.07 % 84.20 %
Capital
Ratios Average stockholders' equity to average assets 9.0 % 9.3
% 9.0 % 9.0 % 9.2 % Tangible equity to tangible assets (non-GAAP)
7.8 % 8.4 % 8.2 % 8.5 % 8.7 % Tier 1 leverage ratio 8.3 % 8.8 %
10.3 % 9.1 % 9.0 % Tier 1 risk-based capital ratio 11.6 % 12.2 %
12.0 % 13.0 % 12.8 % Total risk-based capital ratio 12.4 % 13.0 %
12.8 % 14.0 % 13.8 %
Other Information Full-time equivalent
employees 579 568 586 490 455 Banking 337 343 371 312 305 Mortgage
236 219 209 171 143 Investments 6 6 6 7 7 Number of banking offices
36 36 36 29 29 Mortgage loan offices 21 21 20 15 15 Investment
offices 5 5 5 5 5
Heritage Financial Group, Inc. and Subsidiary
Consolidated Financial Highlights (Unaudited)
(Dollars in thousands) Five Quarter Comparison
Loans
3/31/2015 12/31/2014 9/30/2014
6/30/2014 3/31/2014 Construction and land $ 87,844 $
81,547 $ 73,137 $ 57,863 $ 53,138 Farmland 26,810 26,821 29,441
28,502 30,116 Permanent 1 - 4 182,258 180,692 176,191 174,026
173,581 Permanent 1 - 4 - junior liens and revolving 42,665 40,741
39,694 35,827 34,661 Multifamily 28,706 29,309 28,742 26,436 25,718
Nonresidential 298,022 286,992 284,218 277,295 262,753 Commercial
business 116,696 120,933 121,073 116,926 101,696 Consumer and other
24,100 32,758 21,612 27,918
20,907 Total non-acquired loans $ 807,101 $ 799,793 $ 774,108 $
744,793 $ 702,570 Allowance for non-acquired loans 10,010
10,034 9,916 9,457 9,145 Net
non-acquired loans $ 797,091 $ 789,759 $ 764,192 $ 735,336 $
693,425 Acquired non-credit impaired loans 182,213 156,513 160,502
- - Acquired credit impaired non-covered 84,123 86,763 92,051
56,866 59,774 Acquired credit impaired covered 40,834
42,404 42,447 43,442 47,684 Total acquired
credit impaired loans 124,957 129,167 134,498
100,308 107,458 Net loans $ 1,104,261 $ 1,075,439 $
1,059,192 $ 835,644 $ 800,883
Loan Balances by
Geographical Region (excluding acquired loans):
Five Quarter Comparison 3/31/2015
12/31/2014 9/30/2014 6/30/2014
3/31/2014 Albany $ 309,399 $ 325,697 $ 314,875 $ 321,566 $
302,664 Valdosta 99,739 100,873 102,751 103,231 103,479 Ocala
72,657 62,719 64,678 55,231 57,322 Statesboro 129,249 133,669
135,861 128,421 121,636 Auburn/Columbus 47,928 45,766 41,092 36,023
36,171 Macon 103,899 94,305 86,041 80,323 75,722 Birmingham 24,369
20,243 14,798 10,834 2,091 South Atlanta 19,861
16,521 14,012 9,164 3,485 $ 807,101 $ 799,793
$ 774,108 $ 744,793 $ 702,570
Heritage Financial Group, Inc. and Subsidiary
Consolidated Financial Highlights (Unaudited)
(Dollars in thousands)
Asset Quality
Data (excluding acquired loans):
Five Quarter Comparison 3/31/2015 12/31/2014
9/30/2014 6/30/2014 3/31/2014 Nonaccrual loans
$ 5,550 $ 6,083 $ 6,895 $ 7,003 $ 9,245 Loans - 90 days past due
& still accruing - - -
- - Total non-performing loans
5,550 6,083 6,895
7,003 9,245 OREO 1,951
577 648 507 1,104
Total non-performing assets $ 7,501 $ 6,660 $ 7,543
$ 7,510 $ 10,349 Trouble debt restructuring -
nonaccrual $ 2,160 $ 3,074 $ 3,097 $ 3,426 $ 5,702 Trouble debt
restructuring - accruing 5,548 5,594
4,683 4,392 1,968 Total
trouble debt restructuring $ 7,708 $ 8,668 $ 7,780
$ 7,818 $ 7,670 Accruing past due loans $ 498
$ 1,805 $ 1,065 $ 752 $ 830 Total criticized assets $ 27,065 $
25,575 $ 23,737 $ 21,553 $ 22,026 Total classified assets $ 18,168
$ 17,449 $ 19,280 $ 18,573 $ 18,717 Allowance for loan losses $
10,010 $ 10,034 $ 9,916 $ 9,457 $ 9,145 Net charge-offs
(recoveries) $ 99 $ 165 $ 117 $ 92 $ (20 )
Asset Quality
Ratios:
Allowance for loan losses to total non-acquired loans 1.24 % 1.26 %
1.28 % 1.27 % 1.30 % Allowance for loan losses to average
non-acquired loans 1.02 % 1.02 % 1.30 % 1.31 % 1.32 % Allowance for
loan losses to non-performing loans 180.36 % 164.95 % 143.81 %
135.04 % 98.92 % Non-performing loans to total non-acquired loans
0.69 % 0.76 % 0.89 % 0.94 % 1.32 % Non-performing assets to total
assets 0.41 % 0.39 % 0.43 % 0.50 % 0.73 %
Net charge-offs (recoveries) to average
non-acquired loans (annualized)
0.04 % 0.07 % 0.06 % 0.05 % -0.01 %
Heritage Financial Group, Inc. and Subsidiary
Consolidated Financial Highlights (Unaudited)
Mortgage Segment
Information
Five Quarter Comparison 3/31/2015 12/31/2014
9/30/2014 6/30/2014 3/31/2014 Net interest
income $ 547 $ 887 $ 716 $ 924 $ 825 Provision for loan losses - -
- - - Noninterest income 11,954 8,806 6,892 6,153 2,392 Noninterest
expense 11,265 9,192 7,103 6,178 3,815 Income tax expense (benefit)
427 155 157 278
(185 ) Mortgage profit (loss) $ 809 $ 346
$ 348 $ 621 $ (413 ) Mortgage segment assets $
260,566 $ 184,606 $ 158,277 $ 139,024 $
136,662
Other Financial
Items:
Fixed compensation $ 2,030 $ 1,861 $ 1,594 $ 1,375 $ 1,106 Variable
compensation $ 7,219 $ 5,682 $ 3,433 $ 2,832 $ 1,402
Mortgage Segment
Selected Other Information:
Five Quarter Comparison 3/31/2015 12/31/2014
9/30/2014 6/30/2014 3/31/2014 Retail
production $ 321,012 $ 255,822 $ 207,315 $ 187,669 $ 98,554
Wholesale production 127,078 88,913
85,294 62,228 36,941
Total production $ 448,090 $ 344,735 $ 292,609 $ 249,897 $ 135,495
Purchase as a % of total production 59 % 77 % 78 % 84 % 80 % Refi
as a % of total production 41 % 23 % 22 % 16 % 20 % End of period
locks $ 235,472 $ 176,262 $ 135,963 $ 117,940 $ 71,121
Heritage Financial Group, Inc.T. Heath Fountain,
229-878-2055Executive Vice President and Chief Financial
Officer
Heritage Financial (NASDAQ:HBOS)
過去 株価チャート
から 4 2024 まで 5 2024
Heritage Financial (NASDAQ:HBOS)
過去 株価チャート
から 5 2023 まで 5 2024