This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Heritage Financial Group Posts Higher First Quarter Net Income

Heritage Financial Group (NASDAQ: HBOS), the holding company for HeritageBank of the South, today announced financial results for the first quarter ended March 31, 2010. The Company's first quarter net income totaled $798,000 or $0.08 per diluted share, more than doubling net income of $395,000 or $0.04 per diluted share reported for the year-earlier quarter. Other highlights of the quarter included a strong increase in net interest income versus the year-earlier quarter, a 38% decrease in the loan loss provision – reflecting stabilizing quality in the Company's loan portfolio, and solid year-over-year advances in total assets, loans receivable, and deposits.

Separately, the Company also announced that it has received regulatory approval on its previously announced purchase of five bank branches from PAB Bankshares, Inc. (NASDAQ: PABK), the Valdosta, Georgia-based holding company for The Park Avenue Bank. These branches, all in Georgia, are located in Statesboro (2), Baxley, Hazlehurst, and Adel. The transaction, which is expected to add approximately $52 million to the Bank's loan portfolio and approximately $98 million to its deposit base, now is expected to close on or about May 24, 2010.

Commenting on the results, Leonard Dorminey, President and Chief Executive Officer of Heritage Financial Group, said, "We are pleased to post a solid start to the new year, with significantly higher earnings for the first quarter and strengthening credit quality. These results also reflect the positive impact of the recent addition of three branches – one in Florida by acquisition and two in Georgia by means of a FDIC-assisted whole-bank purchase and assumption – that has contributed to the substantial loan and deposit growth we have experienced since the first quarter of 2009.

"We are excited about the growth opportunities we see for our company and bank," Dorminey added. "Our increased expansion activity over the past year has taken us to new markets, helped fill in our branch footprint between Albany and Ocala, and has allowed us to deploy our capital position. We look forward to continuing these efforts with the conclusion of our purchase of five branches from PAB Bankshares later this month, which will mark nearly a doubling of our branch network in just the past year. We also remain cautiously optimistic about the prospects for an improving economy over the course of the year and the new, organic growth opportunities that may accompany such a recovery."

1 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs