As previously announced, Heritage Financial Group and its affiliates have adopted a plan to reorganize from a two-tier mutual holding company to a full stock holding company and will undertake a "second-step" offering of shares of the new holding company's common stock in subscription, community and syndicated offerings. The conversion and offering is expected to be completed early in the fourth quarter of 2010, subject to regulatory, stockholder and depositor approvals. Keefe Bruyette & Woods will manage the subscription and community offerings and will serve as the sole book-running manager for the offering. Sterne Agee & Leach will serve as co-manager for the syndicated offering.Net interest income for the second quarter increased 37% to $4,696,000 from $3,424,000 in the same quarter last year, primarily reflecting a higher level of interest-earning assets as lower yields on interest-earning assets was largely offset by the impact of lower rates on interest-bearing liabilities. The Company's net interest margin increased 28 basis points to 3.55% in the second quarter of 2010 compared with 3.27% in the year-earlier period due primarily to lower funding costs. On a linked-quarter basis, net interest margin decreased 13 basis points to 3.55% in the second quarter from 3.68% in the first quarter of 2010 primarily due to a slight decrease in asset yields. Net interest income for the first six months of 2010 increased 30% to $9,105,000 from $6,980,000 for the year-earlier period. The Company's net interest margin was 3.61% for the first half of 2010, reflecting an increase of 32 basis points from 3.29% in the comparable period last year.
Heritage Financial Group Second Quarter Net Income Increases 93% To $297,000 Or $0.03 Per Diluted Share
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