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Heritage Financial Group Reports Third Quarter Results.

Article Excerpt
Company Declares Quarterly Cash Dividend of $0.08 Per Share

ALBANY, Ga. -- Heritage Financial Group (NASDAQ: HBOS), the mid-tier holding company for HeritageBank of the South, today announced financial results for the third quarter and nine months ended September 30, 2009. For the third quarter, the Company's net loss totaled $467,000 or $0.05 per diluted share compared with a net loss of $1,762,000 or $0.17 per diluted share in the same quarter last year, with the prior-year period including an after-tax impairment loss on securities totaling $1,811,000 or $0.18 per diluted share. For the nine months ended September 30, 2009, net income totaled $83,000 or $0.01 per diluted share compared with a net loss of $494,000 or $0.05 per diluted share in the year-earlier period.

Separately, Heritage Financial Group announced that its Board of Directors has declared a regular quarterly cash dividend of $0.08 per share. The dividend will be paid on November 20, 2009, to stockholders of record as of November 6, 2009. Heritage, MHC, which holds 7,868,875 shares or approximately 76% of the Company's total outstanding stock, will waive receipt of the dividend on its shares.

Commenting on the results, Leonard Dorminey, President and Chief Executive Officer of Heritage Financial Group, said, "We are pleased that, in some respects, the fundamentals of our business are beginning to show some improvement. Even though loan demand remains weak, we were able to generate better production in the third quarter, reversing a decline in the size of our loan portfolio in the first half of the year. Outside of the problem loans we already have identified, our loan portfolio appears to be stabilizing, as indicated by a steady level of past-due...

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