Heritage Financial Group Inc. in Albany, Ga., said Monday that it swung to a $922,000 profit in the fourth quarter from a $1.7 million loss a year earlier.
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The $755.4 million-asset company said it was aided by a $2.7 million bargain purchase gain tied to its December 2009 acquisition of Tattnall Bank.
For the year Heritage Financial reported a profit of $1.4 million, compared with a net loss of $1.7 million in 2009.
Its loan portfolio grew by 25% for the 12 months, to $419 million.
Deposits also grew by 25% compared with 2009, to $534.2 million.
In November Heritage took the second step to convert from a mutual holding company to a stock company, raising $65.9 million and boosting the total risk-based capital ratio to 26.4% at Dec. 31.
