This Day On The Street
Continue to site
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

Heritage Financial Group, Inc. Reports First Quarter Net Income Of $1.2 Million Or $0.15 Per Diluted Share

The Company's total risk-based capital ratio at March 31, 2011, was 24.5%, significantly exceeding the required minimum of 10% to be considered a well-capitalized institution. This reflected, in part, the Company's second-step conversion and offering that was completed in November 2010, raising net proceeds of $61.4 million. The ratio of tangible common equity to total tangible assets was 12.3% as of March 31, 2011.

Net interest income for the first quarter increased 37% to $6.0 million from $4.4 million in the year-earlier quarter, primarily reflecting an increase in interest-earning assets related to both acquisitions and organic in-market growth. The Company's net interest margin for the first quarter of 2011 declined 46 basis points to 3.42% on a linked-quarter basis from 3.88% in the fourth quarter of 2010 and 26 basis points from 3.68% in the year-earlier period, reflecting excess liquidity related to the Company's capital raise in the fourth quarter of 2010, as that capital is currently deployed in lower-yielding investments.

Total nonperforming loans, excluding loans acquired in FDIC-assisted acquisitions, were $11.1 million at March 31, 2011, up from $9.9 million at December 31, 2010. OREO and repossessed assets, excluding assets acquired in FDIC-assisted acquisitions, were $3.2 million at March 31, 2011, down from $3.7 million at December 31, 2010. Nonperforming loans to total loans, excluding loans acquired in FDIC-assisted acquisitions, increased during the first quarter versus the fourth quarter of 2010, up to 2.74% as of March 31, 2011, versus 2.50% as of December 31, 2010. Net charge-offs to average outstanding loans, excluding loans acquired in FDIC-assisted acquisitions, on an annualized basis, were 2.80% for the first quarter of 2011 versus 1.84% for the fourth quarter of 2010 and 0.62% 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 local economy.

3 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs