Heritage Financial income grows in '13; Atlantic Coast Financial reports loss

ALBANY - Heritage Financial Group Inc. (NASDAQ: HBOS), the holding company for HeritageBank of the South, has announced net income of $11.3 million or $1.50 per diluted share for 2013.

That's up 67 percent from net income of $6.8 million or $0.85 per diluted share for 2012.

When special items are excluded for each year, the company's report said, net income for 2013 was $10.6 million, up 86 percent from $5.7 million for 2012.

Contributing factors included:

• Loan growth, excluding loans acquired through FDIC-assisted acquisitions, of $98.8 million or 17 percent from 2012.

• A decline in the provision for loan losses, excluding FDIC-acquired loans, to $1.7 million, down 34 percent from $2.5 million for 2012.

"We are pleased to announce solid financial results for the fourth quarter and for all of 2013," said Leonard Dorminey, president and CEO. "Our team has been focused on several strategic initiatives, and we are excited to report that those efforts came to fruition in our financial results this past quarter."

"We enter 2014 well positioned on all strategic fronts."

Heritage Financial Group Inc. is the holding company for HeritageBank of the South, which serves south Georgia, north-central Florida and eastern Alabama through 27 full-service branch locations, 14 mortgage offices and four investment offices, including outlets in Rincon, Springfield and Statesboro.

Atlantic Coast Financial releases 4th-quarter, annual results

JACKSONVILLE, Fla. - Atlantic Coast Financial Corp. (NASDAQ: ACFC), the holding company for Atlantic Coast Bank, this week reported a net loss of $6.9 million or $1.05 per diluted share for the fourth quarter of 2013 compared with a net loss of $0.3 million or $0.12 per diluted share in the same quarter in 2012.

For the full year 2013, the net loss totaled $11.4 million or $3.23 per diluted share compared with a net loss for 2012 of $6.7 million or $2.67 per diluted share.

Despite the losses, President and CEO John K. Stephens, Jr. said he was pleased with the position of the bank as of Dec. 31.

"We recently raised more than $45 million in a public offering that was very well received by investors," Stephens said. "During the fourth quarter, we also disposed of most of our non-performing assets. We anticipate completing the sale of two additional other real estate owned assets in the first quarter."

At that point, he said, non-performing assets will represent less than 1 percent of the bank's total assets.

Atlantic Coast Bank has a branch in Garden City.