ALBANY—Heritage Financial Group, Inc. (NASDAQ: HBOS), the holding company for HeritageBank of the South, announced that its board of directors has approved a new stock repurchase program.
The program authorizes the company to repurchase up to approximately 5 percent of its outstanding common stock, or approximately 435,000 shares.
Repurchases may be made from time to time in open-market or negotiated transactions as deemed appropriate by the company and will depend on market conditions. The new program will expire in December 2012 unless completed sooner or otherwise extended.
Heritage Financial Group, Inc. is the holding company for HeritageBank of the South, a community-oriented bank serving primarily south Georgia and north central Florida through 23 full-service branch locations and 11 mortgage offices.
As of Sept. 30, 2011, the company reported total assets of approximately $1.1 billion and total stockholders’ equity of approximately $124 million.
For more information about the company, visit HeritageBank of the South on the Web at www.eheritagebank.com and see Investor Relations under About Us.
A stock repurchase by a company takes shares off the open market. Earnings per share are based on number of shares on open market so tsking them off the open market increases the earnings per share.