This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: HBOS

On a linked-quarter basis, the provision for loan losses declined to $600,000 for the first quarter of 2011 from $3.4 million in the fourth quarter of 2010, but was up from $500,000 in the year-earlier quarter. At March 31, 2011, the allowance for loan losses represented 1.51% of total loans outstanding, excluding loans acquired in FDIC-assisted acquisitions, versus 2.04% at December 31, 2010. The decrease relates primarily to the charge-off of $2.0 million on a $3.9 million relationship during the first quarter of 2011. This relationship, secured primarily by residential rental property in Southwest Georgia, has been criticized for the last four quarters and is a troubled debt restructuring. The charge-off did not affect the provision for loan losses because it was fully reserved in previous quarters.

Noninterest income for the first quarter of 2011, excluding the aforementioned bargain purchase gain, increased 38% to $2.5 million from $1.8 million in the prior-year quarter. This increase reflected higher service charges, fees and commissions from an expanded branch network, as well as increased brokerage and mortgage origination fees. Noninterest expense for the first quarter of 2011 increased 78% to $8.4 million from $4.7 million in the first quarter of 2010, primarily because of higher salaries and employee benefits related to the acquisition or opening of 10 branches over the past 12 months as well as the expansion of the Company's mortgage lending operations. A swing to losses and write-downs on OREO, compared with gains in the same quarter a year-earlier, increased conversion and conversion-related consulting costs, and temporary inefficiencies associated with operating multiple core systems also contributed to the higher amount of noninterest expense in the first quarter of 2011. The Company's efficiency ratio was 77.2% for the first quarter ended March 31, 2011 (98.3% excluding the bargain purchase gain), versus 75.6% for the year-earlier period.

4 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs