Net interest income for the third quarter increased 45% to $7.4 million from $5.1 million in the year-earlier quarter, primarily reflecting an increase in interest-earning assets related to both acquisitions and organic growth. The Company's net interest margin for the third quarter of 2011 increased eight basis points to 3.44% on a linked-quarter basis from 3.36% in the second quarter of 2011 and declined six basis points from 3.50% in the year-earlier period. The improvement in the third quarter of 2011 net interest margin on a linked-quarter basis was driven by an increase in loan yields on the Company's FDIC-assisted loan portfolios, coupled with a decline in the cost of interest bearing deposits as rates continue to reset lower. The reduction in the third quarter of 2011 net interest margin compared with the year-earlier period reflected a lower interest rate environment and excess liquidity generating a minimal yield associated with the Company's second-step conversion and acquisition activity.The Company's estimated total risk-based capital ratio at September 30, 2011, was 21.4%, significantly exceeding the required minimum of 10% to be considered a well-capitalized institution. The ratio of tangible common equity to total tangible assets was 10.8% as of September 30, 2011.
Heritage Financial Group, Inc. Reports Third Quarter Net Income Of $1.7 Million Or $0.21 Per Diluted Share
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