Net charge-offs to average outstanding loans in the total portfolio, on an annualized basis, were 0.48% for the second quarter of 2010 versus 0.88% for the first quarter of 2010 and 0.26% in the year-earlier period. Management believes that nonperforming assets and net charge-offs will likely remain at elevated levels, at least in the near term, because of the continued weakness in the economy. Accordingly, the Company increased its provision for loan losses to $650,000 for the second quarter of 2010 from $500,000 in both the first quarter of 2010 and the year-earlier quarter. At June 30, 2010, the allowance for loan losses represented 1.54% of total loans outstanding versus 1.70% of total loans outstanding at March 31, 2010, and 1.94% of total loans outstanding at June 30, 2009.Noninterest income declined 4% to $1,955,000 for the second quarter of 2010 from $2,039,000 in the year-earlier quarter, primarily reflecting reduced gains on the sale of available-for-sale securities, which more than offset increases in account charges and fees. Noninterest income for the first half of 2010 increased 2% to $3,766,000 from $3,684,000 in the year-earlier period, with the increase reflecting higher account charges and fees, as well as increased brokerage commissions, which together were partially offset by reduced gains on the sale of securities and lower mortgage origination fees.
Heritage Financial Group Second Quarter Net Income Increases 93% To $297,000 Or $0.03 Per Diluted Share
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