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Heritage Southeast Bancorporation (HSBI) announced the extension of the deadline for regulatory approvals regarding its acquisition by VyStar Credit Union until March 31, 2022. This agreement allows more time to meet regulatory requirements from several agencies, such as the FDIC and NCUA. The parties aim to ensure a smooth transition, but there is no guarantee that all approvals will be obtained within the expected timeframe. HSBI, operating with about $1.7 billion in assets and 23 locations, continues to prepare for the transaction's completion.
Heritage Southeast Bancorporation (OTCQX: HSBI) reported record 2021 earnings of $13.8 million ($1.92 per share), a 211% increase from $4.4 million ($0.62 per share) in 2020. Q4 net income was $3.1 million ($0.43 per share), down from $3.5 million ($0.49). Lower net interest income and rising operating expenses affected Q4 results. Total assets rose slightly to $1.65 billion, and non-performing assets shrank to 0.16% of total assets. The VyStar Credit Union acquisition remains under regulatory review, with approvals needed by February 28, 2022.
Heritage Southeast Bancorporation, Inc. (HSBI) announced an extension of the deadline for regulatory approvals concerning its acquisition by VyStar Credit Union until February 28, 2022. Both parties are continuing to seek necessary approvals from regulatory bodies like the FDIC and the NCUA. Following the completion of the transaction, HSBI shareholders are expected to receive approximately $27.00 per share, subject to variations based on winding down costs. The transaction, already approved by HSBI's shareholders, may close in Q1 2022 but is not guaranteed.
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.
Heritage Southeast Bancorporation (OTCQX: HSBI) reported a quarterly net income of $2.9 million ($0.40 per diluted share) for Q2 2021, down from $4.3 million ($0.60 per diluted share) in Q1 2021. Operating expenses rose due to the upcoming acquisition by VyStar Credit Union, with shareholder approval obtained on July 12, 2021. Core earnings increased to $4.6 million while non-interest income improved to $4.6 million. Classified assets declined to $3.7 million, showing enhanced asset quality. Total shareholder equity rose to $149.1 million, reflecting strong capital ratios well above regulatory requirements.
Heritage Southeast Bancorporation, Inc. (HSBI) announced that its shareholders approved the merger with VyStar Credit Union. The acquisition involves an all-cash transaction where VyStar will acquire Heritage Southeast Bank's assets and liabilities. The deal, signed on March 31, 2021, is expected to close in Q4 2021 post regulatory approvals. Following the transaction, HSBI will wind down operations and distribute remaining assets to shareholders. Heritage Southeast Bank has approximately $1.7 billion in assets and operates 22 locations.
Heritage Southeast Bancorporation (OTCQX: HSBI) reported a net income of $4.3 million or $0.60 per diluted share for Q1 2021, a significant rise from $977,000 or $0.14 per share in Q4 2020. Key factors include increased net interest income of $12.8 million and zero loan loss provisions due to net recoveries of $1.1 million. The bank's assets increased to $1.65 billion, and liquidity remained strong with cash rising to $270.7 million. HSBI is set for an acquisition by VyStar Credit Union at $27.00 per share, subject to shareholder approval.
Heritage Southeast Bancorporation, Inc. (HSBI) has entered into a definitive agreement for VyStar Credit Union to acquire assets and assume liabilities of Heritage Southeast Bank in an all-cash transaction. VyStar is expected to pay HSBI an estimated total of $27.00 per share for distribution to shareholders. The transaction, approved by both boards, is expected to close in late 2021, pending shareholder and regulatory approvals. Following the acquisition, HSBI will wind down its operations, distributing remaining assets to stockholders.
Heritage Southeast Bank announced the appointment of Anastasia Lambert as Senior Vice President and Director of Human Resources. Lambert brings extensive experience in employee relations, training, and performance management, holding both SHRM-CP and SPHR certifications. She will oversee the bank's HR strategy from the corporate office in McDonough, GA. Executive Vice President Kathy Zovlonsky praised Lambert's track record in developing effective leaders and strategies that address employee needs.
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