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