Dorminey noted that in May the Bank completed the purchase of five Park Avenue Bank branches in Georgia. Early in the third quarter, the Bank also opened a branch in Valdosta, after attracting a seasoned and locally experienced team of commercial and retail bankers in that market. While the de novo branch in Valdosta added start-up expenses in the third quarter disproportionate to its revenues, it is seen as a strategically attractive addition to the Bank's presence in South Georgia.Speaking to asset quality, Dorminey commented, "Although we witnessed an uptick in nonperforming loans in the third quarter on a linked-quarter basis, we believe we will not exceed the top reached in the third quarter last year, as we continue to work through and aggressively write-off problem loans. However, we recognize that the risk of deteriorating credit quality remains so long as unemployment remains high and until real estate values stabilize. As a result, credit costs likely will continue at elevated levels for at least the near term."
Heritage Financial Group Reports Third Quarter Results
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