Heritage Southeast Bancorporation, Inc. Reports Third Quarter Earnings of $3.5 million, or $0.49 Per Share

Rhea-AI Summary

Heritage Southeast Bancorporation (OTCQX: HSBI) reported a quarterly net income of $3.5 million or $0.49 per diluted share for Q3 2021, a rise from $2.9 million or $0.40 in the preceding quarter. The increase was attributed to higher net interest income of $13.2 million and lower operating expenses, though transaction costs related to the acquisition by VyStar Credit Union affected earnings. Loans increased by 4.6% quarter-over-quarter. Regulatory approvals for the acquisition are pending, with a total asset value of $1.64 billion reported.

Positive

• Quarterly net income increased by 20.7% to $3.5 million from the previous quarter.
• Net interest income rose to $13.2 million, with a net interest margin improvement to 3.45%.
• Loans (excluding PPP) grew by $45.8 million or 4.6% from the prior quarter.

Negative

• Operating expenses remain elevated due to acquisition-related transaction costs of $1.1 million.
• Total assets decreased slightly to $1.64 billion from $1.65 billion.

JONESBORO, Ga., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Heritage Southeast Bancorporation, Inc. (“Company”) (OTCQX: HSBI) today announced quarterly net income of $3.5 million or $0.49 per diluted share for the third quarter ended September 30, 2021, compared to $2.9 million or $0.40 per diluted share for the prior quarter. Third quarter earnings included higher net interest income and lower operating expenses relative to the prior quarter, though expenses remain elevated from transaction costs associated with the pending acquisition by VyStar Credit Union.

Highlights of the Company’s results for the quarter ended September 30, 2021 and status of the VyStar Credit Union acquisition include the following:

• All regulatory applications have been submitted and remain pending.
• Pre-tax core earnings increased to $4.8 million for the third quarter ended September 30, 2021 from $4.6 million for the second quarter ended June 30, 2021. Net income excluding transaction costs was $4.4 million for the third quarter ended September 30, 2021 versus $4.1 million in the previous quarter.
• Loans (excluding PPP) were up $45.8 million, or 4.6% from the previous quarter and $95.5 million, or 10.1% from the third quarter one year earlier.
• Loan loss provisions remained at zero for the quarter ended September 30, 2021, reflecting the overall improved credit outlook.

“Earnings improved during the quarter, as we continue normal banking operations through the approval process of our acquisition by VyStar Credit Union,” said Leonard Moreland, Chief Executive Officer. “While we have received shareholder approval in July, we are still waiting regulatory approvals from the FDIC, Georgia Department of Banking and Finance, the NCUA and Florida Office of Financial Regulation. We are very proud that the team remains focused on serving clients and delivering solid results during this transitionary period with VyStar.”

Net Interest Income

The Company’s net interest income increased to $13.2 million during the third quarter of 2021 from $12.7 million in the second quarter. The Company’s reported net interest margin increased 9 basis points to 3.45% for the third quarter of 2021 from 3.36% for the preceding quarter. Net interest margin was positively impacted by the accretion of PPP related fees of approximately $904,000 and $825,000 for the third quarter and second quarter of 2021, respectively. The earning asset yield increased 6 basis points to 3.78% during the third quarter of 2021 while the cost of funds decreased 3 basis points to 0.33% over the same time frame. The net interest margin excluding PPP loans increased to 3.28% for the third quarter from 3.26% one quarter earlier primarily due to changes in earning asset mix.

Loan Loss Provisions

The Company did not recognize any loan loss provisions for the third quarter. Management believes the improved economic and pandemic climate has provided better clarity on the ability of borrowers to meet their loan obligations. As such, the current level of reserves is believed to be sufficient as of September 30, 2021.

Non-interest Income

Third quarter non-interest income decreased to $4.5 million from $4.6 million for the second quarter of 2021. Higher deposit service charges and fees were more than offset by lower interchange and ATM fees and gains on the sale of SBA loans.

Non-interest Expense

Non-interest expense decreased $567,000 to $12.9 million for the third quarter of 2021 from $13.5 million the prior quarter. The third quarter included approximately $1.1 million in costs associated with the proposed transaction with VyStar Credit Union versus $1.6 million the prior quarter.

Balance Sheet

Total assets declined to $1.64 billion at September 30, 2021, relative to $1.65 billion the previous quarter. Liquidity levels remained elevated, but cash and cash equivalents decreased $18.5 million to $287.5 million, from $306.1 million three months earlier. Securities available for sale decreased slightly by $1.8 million to $171.8 million at September 30, 2021 from $173.6 million three months earlier. Loans, excluding PPP loans, increased $45.8 million to $1.04 billion at September 30, 2021 from $999.1 million at June 30, 2021. Meanwhile, PPP loans decreased to $23.1 million at September 30, 2021 from $59.2 million three months earlier.

Total deposits declined slightly to $1.41 billion at September 30, 2021 from $1.44 billion one quarter earlier. Non-interest bearing deposits remain the largest component of the deposit portfolio representing 34.7% of total deposits followed by money market and savings deposits at 30.2%, interest-bearing demand deposits at 18.3% and time deposits at 16.8%.

Asset Quality

Classified assets, which include nonperforming assets and accruing classified loans, totaled $4.1 million at September 30, 2021, compared with $3.7 million at June 30, 2021. The increase during the third quarter reflected an increase of $781,000 in non-performing loans offset by a decrease of $405,000 in other real estate owned. Nonperforming assets, which exclude accruing classified loans, totaled $3.3 million at September 30, 2021, or 0.20% of total assets compared to $2.9 million, or 0.18% during the prior quarter.

The allowance for loan losses decreased slightly to $14.8 million, or 1.39% of total loans at September 30, 2021 from $15.2 million, or 1.43% of total loans at June 30, 2021. Excluding PPP loans, which are supported by guarantees from the SBA, the allowance for loans losses were 1.42% of total loans at September 30, 2021.

Capital

Total shareholder equity increased to $152.3 million at September 30, 2021 from $149.1 million one quarter earlier. Shareholder equity relative to total assets was 9.29% and tangible shareholder equity relative to tangible assets was 7.26% at September 30, 2021. Tangible book value per share was $16.13 at September 30, 2021, an increase of 10.9% from September 30, 2020. At September 30, 2021, the Bank’s Leverage Ratio was 9.40%, its Common Equity Tier I and Tier 1 Capital ratios were 12.29%, and its Total Risk-Based Capital ratio was 13.50%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation.

About Heritage Southeast Bancorporation, Inc.

Heritage Southeast Bancorporation, Inc. serves as the holding company for Heritage Southeast Bank, which is headquartered in Jonesboro, GA and operates under the names “Heritage Bank,” “The Heritage Bank,” and “Providence Bank” in its various markets. With approximately $1.6 billion in assets, the Bank provides a well-rounded offering of commercial and consumer products through its 23 locations. For additional information, visit the HSBI website at www.myhsbi.com.

Forward Looking Statements: 
This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, statements about the benefits of the proposed acquisition of HSBI by VyStar, statements related to the expected timing of the completion of the acquisition, the combined company's plans, objectives, expectations and intentions, and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as "may," "will," "should," "scheduled," "plans," "intends," "anticipates," "expects," "believes," estimates," "potential," or "continue" or negatives of such terms or other comparable terminology. All forward-looking statements in this press release, or in any other written or oral communication that relates to the proposed acquisition or to matters that may affect such proposed acquisition are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of HSBI or VyStar to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others, (1) disruption from the proposed acquisition with customers, suppliers, employees or other business partners, (2) the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement, (3) the ability by the parties to obtain required governmental approvals of the acquisition (4) the failure of the closing conditions in the agreement to be satisfied, or any unexpected delay in closing the acquisition, and (5) general competitive, economic, political and market conditions.

HSBI disclaims any obligation to update or revise any forward-looking statements contained in this communication (which statements speak only as of the date hereof), or in any other written or oral communication that relates to the proposed combination or to matters that may affect such proposed combination, whether as a result of new information, future events or otherwise.

Heritage Southeast Bancorporation, Inc. and its subsidiary disclaim any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT
Leonard A. Moreland                           Philip F. Resch
Chief Executive Officer                        Chief Financial Officer

Heritage Southeast Bancorporation, Inc.
101 North Main Street
P.O. Box 935
Jonesboro, GA 30236
(770) 824-9934

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Financial Highlights
(Unaudited) (in thousands, except per share data)
	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2021			2021			2021			2020			2020
Earnings:
Net Interest Income	$	13,152		$	12,727		$	12,769		$	12,530		$	11,901
Net Income		3,503			2,869			4,333			977			901
Net Income excluding transaction costs		4,368			4,146			4,333			977			901
Per Share Data:
Earnings per share:
Basic	$	0.50		$	0.41		$	0.62		$	0.14		$	0.13
Diluted	$	0.49		$	0.40		$	0.60		$	0.14		$	0.13
Diluted excluding transaction costs	$	0.60		$	0.57		$	0.60		$	0.14		$	0.13
Weighted average number of shares:
Basic		6,976			6,967			6,956			6,924			6,921
Diluted		7,222			7,212			7,179			7,139			7,139
Period-end number of shares (1)		7,220			7,220			7,222			7,227			7,229
Book value per share (period-end)	$	21.91		$	20.65		$	20.18		$	19.76		$	19.62
Tangible book value per share (period-end)	$	16.13		$	15.65		$	15.16		$	14.71		$	14.54
Key Ratios (percent):
Return on average assets		0.84	%		0.69	%		1.10	%		0.25	%		0.24	%
Return on average assets excluding transaction costs		1.05	%		1.00	%		1.10	%		0.25	%		0.24	%
Return on average tangible equity		12.15	%		10.34	%		16.28	%		3.66	%		3.44	%
Return on average tangible equity excluding transaction costs		15.15	%		14.95	%		16.28	%		3.66	%		3.44	%
Yield on interest earning assets		3.78	%		3.72	%		4.00	%		4.05	%		4.03	%
Cost of funds		0.33	%		0.36	%		0.42	%		0.52	%		0.60	%
Net interest margin		3.45	%		3.36	%		3.58	%		3.53	%		3.43	%
Net interest margin, excluding PPP loans		3.28	%		3.26	%		3.48	%		3.50	%		3.67	%
Non-interest income as a percent of total revenue		25.4	%		26.6	%		26.0	%		26.7	%		24.7	%
Efficiency ratio		72.0	%		76.5	%		67.2	%		83.1	%		75.1	%
Efficiency ratio excluding transaction costs		65.9	%		67.2	%		67.2	%		83.1	%		75.1	%
Tangible common equity to tangible assets		7.26	%		6.99	%		6.81	%		6.93	%		7.04	%
Asset Quality (period-end):
Allowance for loan losses to total loans		1.39	%		1.43	%		1.41	%		1.32	%		1.23	%
Allowance for loan losses to loans, excluding PPP loans		1.42	%		1.52	%		1.53	%		1.44	%		1.36	%
Allowance for loan losses to total nonperforming loans		692.3	%		1113.0	%		731.0	%		143.1	%		118.6	%
Nonperforming assets to total assets		0.20	%		0.18	%		0.24	%		0.79	%		1.04	%
Net charge-offs (annualized) to average loans		0.12	%		0.04	%		-0.43	%		0.19	%		0.15	%
Net charge-offs (annualized) to average loans, excluding PPP loans		0.13	%		0.04	%		-0.46	%		0.21	%		0.17	%
Capital (period-end):
Heritage Southeast Bank (HSB) risk based capital ratios:
CET1		12.29	%		12.32	%		12.02	%		11.95	%		12.10	%
Tier 1		12.29	%		12.32	%		12.02	%		11.95	%		12.10	%
Total		13.50	%		13.57	%		13.27	%		13.19	%		13.26	%
Leverage		9.40	%		9.01	%		9.10	%		8.98	%		9.08	%
Other (period-end):
Branches		23			22			22			22			24
FTE		278			276			278			288			289
(1) Includes restricted stock and shares yet to be issued under a supplemental executive retirement plan.

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited) (in thousands, except per share data)
	Three Months Ended
	September 30,		June 30,		March 31,		December 31,			September 30,
	2021		2021		2021		2020			2020
Interest and dividend revenue:
Loans, including fees	$	12,705	$	12,592	$	12,625	$	12,938		$	12,806
PPP loans, including fees		1,014		1,024		1,071		984			666
Investment securities		564		376		516		393			426
Fed funds sold, deposits in banks and other		107		79		55		61			76
Total interest and dividend revenue		14,390		14,071		14,267		14,376			13,974
Interest expense:
Deposits		760		843		986		1,256			1,457
Fed funds purchased and repurchase agreements		8		6		10		15			21
Federal Home Loan Bank advances		-		-		-		-			1
Line of credit		192		124		110		181			196
Subordinated notes		198		290		310		310			313
Junior subordinated debentures		80		81		82		84			85
Total interest expense		1,238		1,344		1,498		1,846			2,073
Net interest income		13,152		12,727		12,769		12,530			11,901
Provision for loan losses		-		-		-		1,700			2,550
Net interest revenue after provision for loan losses		13,152		12,727		12,769		10,830			9,351
Noninterest revenue:
Service charges and fees		1,571		1,291		1,285		1,574			1,433
Interchange and ATM fees		1,517		1,665		1,536		1,480			1,524
Gain on sale of SBA loans		652		738		906		924			275
Other		741		913		765		579			678
Total noninterest revenue		4,481		4,607		4,492		4,557			3,910
Operating expenses:
Salaries and employee benefits		6,760		6,551		6,528		8,309			6,477
Occupancy and equipment		1,434		1,443		1,402		1,404			1,454
Other real estate expenses, including losses
on sales and impairments, net		27		165		7		391			113
Transaction costs		1,069		1,612		-		-			-
Other		3,634		3,720		3,904		4,335			4,070
Total other operating expenses		12,924		13,491		11,841		14,439			12,114
Income before income tax expense		4,709		3,843		5,420		948			1,147
Income tax expense		1,206		974		1,087		(29	)		246
Net income	$	3,503	$	2,869	$	4,333	$	977		$	901
Weighted-average number of shares outstanding:
Basic		6,976		6,967		6,956		6,924			6,921
Diluted		7,222		7,212		7,179		7,139			7,139
Earnings per share:
Basic	$	0.50	$	0.41	$	0.62	$	0.14		$	0.13
Diluted	$	0.49	$	0.40	$	0.60	$	0.14		$	0.13

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Consolidated Statements of Income
(in thousands, except per share data)
	Nine Months Ended
	(Unaudited)		(Unaudited)
	September 30,		September 30,
	2021		2020
Interest and dividend revenue:
Loans, including fees	$	37,923	$	39,118
PPP loans, including fees		3,109		1,189
Investment securities		1,456		1,438
Fed funds sold, deposits in banks and other		241		463
Total interest and dividend revenue		42,729		42,208
Interest expense:
Deposits		2,589		5,152
Fed funds purchased and repurchase agreements		24		91
Federal Home Loan Bank advances		-		38
Line of credit		426		431
Subordinated debt		798		313
Junior subordinated debentures		244		300
Total interest expense		4,081		6,325
Net interest income		38,648		35,883
Provision for loan losses		-		7,650
Net interest revenue after provision for loan losses		38,648		28,233
Noninterest revenue:
Service charges and fees		4,147		4,349
Interchange and ATM fees		4,719		4,219
Securities gains, net		-		1,313
Gain on sale of SBA loans		2,296		887
Other		2,417		2,013
Total noninterest revenue		13,579		12,781
Operating expenses:
Salaries and employee benefits		19,839		19,210
Occupancy and equipment		4,279		4,128
Other real estate expenses, including losses
on sales and impairments, net		198		805
Transaction costs		2,681		-
Other		11,258		12,327
Total other operating expenses		38,255		36,470
Income before income tax expense		13,972		4,544
Income tax expense		3,267		1,079
Net income	$	10,705	$	3,465
Weighted-average number of shares oustanding:
Basic		6,968		6,906
Diluted		7,214		7,126
Earnings per share:
Basic	$	1.54	$	0.50
Diluted	$	1.48	$	0.49

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(in thousands)
	(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,
	2021			2021			2021			2020			2020
Assets
Cash and due from banks	$	28,201		$	27,722		$	23,851		$	29,092		$	23,001
Interest-bearing deposits with banks		259,342			278,360			246,824			189,533			178,473
Cash and cash equivalents		287,543			306,082			270,675			218,625			201,474
Securities available for sale, at fair value		171,804			173,606			174,785			169,329			157,045
Other investments		786			786			786			1,203			1,203
Loans:
Loans, excluding PPP loans		1,044,938			999,127			994,251			980,257			949,473
PPP loans		23,051			59,233			88,201			87,775			103,402
Allowance for loan losses		(14,837	)		(15,159	)		(15,256	)		(14,117	)		(12,925	)
Loans, net		1,053,152			1,043,201			1,067,196			1,053,915			1,039,950
Premises and equipment, net		35,770			36,114			37,220			37,165			37,154
Bank owned life insurance		34,404			34,174			33,925			28,734			28,536
Other real estate owned		1,128			1,533			1,839			2,593			5,043
Goodwill		28,275			28,275			28,275			28,275			28,275
Core deposit intangible, net		7,521			7,758			7,995			8,232			8,470
Deferred tax asset, net		12,261			13,313			14,362			14,900			14,989
Other assets		7,366			7,423			8,140			8,219			8,058
Total Assets	$	1,640,010		$	1,652,265		$	1,645,198		$	1,571,190		$	1,530,197
Liabilities
Deposits:
Noninterest-bearing	$	490,341		$	488,877		$	479,653		$	415,476		$	427,389
Interest-bearing demand		259,811			270,380			269,517			283,009			237,710
Money market and savings		427,272			425,371			422,904			385,246			355,308
Time		237,292			250,839			261,710			278,825			290,521
Total deposits		1,414,716			1,435,467			1,433,784			1,362,556			1,310,928
Securities sold under agreements to repurchase		23,424			15,241			13,413			13,187			15,407
Line of credit		23,688			22,688			14,688			14,688			24,688
Subordinated notes		8,674			13,165			19,656			19,646			19,637
Junior subordinated debentures		9,365			9,327			9,288			9,250			9,211
Accrued expenses and other liabilities		7,862			7,312			8,598			9,030			8,441
Total liabilities		1,487,729			1,503,200			1,499,427			1,428,357			1,388,312
Shareholders' Equity
Common stock		702			702			702			702			702
Additional paid in capital		117,298			117,151			116,972			116,825			116,628
Retained earnings		34,689			31,186			28,316			23,983			23,007
Other comprehensive income (loss)		(408	)		26			(219	)		1,323			1,548
Total Shareholders' Equity		152,281			149,065			145,771			142,833			141,885
Total Liabilities and Shareholders' Equity	$	1,640,010		$	1,652,265		$	1,645,198		$	1,571,190		$	1,530,197

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
GAAP to Non-GAAP Reconciliation
(Unaudited) (in thousands)
	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2021			2021			2021			2020			2020
Income before income tax expense (GAAP)	$	4,709		$	3,843		$	5,420		$	948		$	1,147
Provision for loan losses		-			-			-			1,700			2,550
Other real estate expenses, including losses on sales and impairments, net		27			165			7			391			113
Loss on sub-lease		-			-			-			800			-
Employee restructuring costs		-			-			-			1,310			-
Transaction costs		1,069			1,612			-			-			-
PPP impact		(1,014	)		(1,024	)		(1,396	)		(984	)		(666	)
Pre-tax core earnings	$	4,791		$	4,596		$	4,031		$	4,165		$	3,144

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Loan Portfolio
(Unaudited) (in thousands)
	September 30,			June 30,			March 31,			December 31,			September 30,
	2021			2021			2021			2020			2020
Real estate loans:
Construction and land development	$	154,487		$	144,263		$	152,889		$	142,513		$	136,313
Single-family residential		163,412			162,996			165,362			171,153			166,673
Commercial - owner occupied		275,220			260,186			266,258			259,592			255,277
Commercial - other		228,229			214,995			198,965			192,808			191,313
Multifamily		13,826			14,017			6,746			14,171			11,849
Total real estate loans		835,174			796,457			790,220			780,237			761,425
Commercial loans (not secured by real estate)		197,084			190,095			190,365			184,509			171,251
Consumer loans (not secured by real estate)		14,015			13,874			14,861			16,677			17,844
Gross loans		1,046,273			1,000,426			995,446			981,423			950,520
Unearned income		(1,335	)		(1,299	)		(1,195	)		(1,166	)		(1,047	)
Loans, net of unearned income	$	1,044,938		$	999,127		$	994,251		$	980,257		$	949,473
	September 30,			June 30,			March 31,			December 31,			September 30,
	2021			2021			2021			2020			2020
PPP loans:
Up to $50,000	$	2,344		$	7,033		$	11,718		$	11,701		$	12,762
$50,001 - $150,000		3,936			15,438			24,231			23,448			27,371
$150,001 - $2 million		15,328			26,384			35,498			36,357			47,724
Greater than $2 million		2,155			11,963			17,953			17,953			17,953
Total PPP loans (1)		23,763			60,818			89,400			89,459			105,810
Unearned income		(712	)		(1,585	)		(1,199	)		(1,684	)		(2,408	)
PPP loans, net of unearned income	$	23,051		$	59,233		$	88,201		$	87,775		$	103,402
(1) September 30, 2021 includes $17.8 million and $6.0 million of loans originated in 2021 and 2020, respectively.

HERITAGE SOUTHEAST BANCORPORATION, INC. AND SUBSIDIARY
Asset Quality Information
(Unaudited) (in thousands)
	September 30,			June 30,			March 31,			December 31,			September 30,
	2021			2021			2021			2020			2020
Classified assets:
Nonperforming loans	$	2,143		$	1,362		$	2,087		$	9,866		$	10,902
Other real estate owned		1,128			1,533			1,839			2,593			5,043
Total nonperforming assets		3,271			2,895			3,926			12,459			15,945
Accruing classified loans		804			811			835			888			1,634
Total classified assets	$	4,075		$	3,706		$	4,761		$	13,347		$	17,579
Classified assets to HSB Tier 1 capital plus ALL		2.5	%		2.3	%		3.1	%		8.9	%		11.9	%
Nonperforming assets to total assets		0.20	%		0.18	%		0.24	%		0.79	%		1.04	%
Allowance for loan losses:
Balance at beginning of period	$	15,159		$	15,256		$	14,117		$	12,925		$	10,772
Provision for loan losses		-			-			-			1,700			2,550
Charge-offs		(403	)		(195	)		(198	)		(860	)		(403	)
Recoveries		81			98			1,337			352			6
Balance at end of period	$	14,837		$	15,159		$	15,256		$	14,117		$	12,925
Loans, excluding PPP loans	$	1,044,938		$	999,127		$	994,251		$	980,257		$	949,473
PPP loans		23,051			59,233			88,201			87,775			103,402
Performing past due loans		3,541			1,464			2,500			2,472			2,193
Allowance as % of loans		1.39	%		1.43	%		1.41	%		1.32	%		1.23	%
Allowance as % of loans, excluding PPP loans		1.42	%		1.52	%		1.53	%		1.44	%		1.36	%
Allowance as a % of nonperforming loans		692.3	%		1113.0	%		731.0	%		143.1	%		118.6	%
Average loans, excluding PPP loans		1,017,213			993,346			988,230			960,808			947,177
Average PPP loans		40,910			77,325			83,489			100,725			102,396
Net charge-offs (annualized) to average loans		0.12	%		0.04	%		-0.43	%		0.19	%		0.15	%
Net charge-offs (annualized) to average loans, excluding PPP loans		0.13	%		0.04	%		-0.46	%		0.21	%		0.17	%

FAQ

What were the earnings results for HSBI in Q3 2021?

Heritage Southeast Bancorporation reported net income of $3.5 million or $0.49 per diluted share for Q3 2021.

What is the current status of HSBI's acquisition by VyStar Credit Union?

All regulatory applications for HSBI's acquisition by VyStar Credit Union have been submitted and are pending.

How much did loans increase for HSBI in Q3 2021?

Loans excluding PPP increased by $45.8 million or 4.6% from the previous quarter.

What was the net interest margin for HSBI in Q3 2021?

The net interest margin for HSBI increased to 3.45% in Q3 2021.

What are HSBI's total assets as of September 30, 2021?

As of September 30, 2021, HSBI reported total assets of $1.64 billion.