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Heritage Financial Group Q1 net income down

Heritage Financial Group, the mid-tier holding company for HeritageBank, has reported net income of $580,000 or $0.06 per diluted share for the first quarter of 2008, compared to $719,000 or $0.07 per diluted share for the same period of 2007.

The net interest income for the first quarter of 2008 increased 6% to $3.69 million from $3.49 million reported for the same period of 2007. The company’s net interest margin was 3.56% in the first quarter of 2008, reflecting a decline of 11 basis points from 3.67% in the fourth quarter of 2007 and 14 basis points from the first quarter of 2007, underscoring the dramatic drop in interest rates during the first quarter of 2008.

For the first quarter of 2008, net interest income after provision for loan losses declined 1% to $3.29 million for the first quarter of 2008, compared to $3.33 million for the same period of 2007.

The non-interest income for the first quarter of 2008 increased 11% to $1.76 million from $1.59 million in the same period of 2007, primarily due to an increase in overdraft, A and check card transaction fees, and revenues from brokerage services.

Leonard Dorminey, president and CEO of Heritage Financial Group, said: We are pleased to post solid operating results for the first quarter, which we believe are especially noteworthy considering the current economic and rate environment that typically hampers loan growth and pressures margins.