Heritage Commerce Corp. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Announces Impairment Charges for the Fourth Quarter Ended December 31, 2012
January 24, 2013 at 05:24 pm EST
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Heritage Commerce Corp. reported consolidated unaudited earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported interest income was $12,958,000 against $13,010,000 a year ago. Net interest income after provision for loan losses was $11,542,000 against $10,558,000 a year ago. Income before income taxes was $3,847,000 against $3,121,000 a year ago. Net income available to common shareholders was $2,669,000 against $2,286,000 a year ago. Diluted earnings per share were $0.08 against $0.07 a year ago. Book value per share was $5.71 against $5.30 a year ago. Tangible book value per share was $5.63 against $5.20 a year ago. Annualized return on average equity was 6.25% against 5.83% a year ago. Annualized return on average assets was 0.75% against 0.86% year ago.
For the year, the company reported interest income was $52,565,000 against $52,031,000 a year ago. Net interest income after provision for loan losses was $45,594,000 against $41,687,000 a year ago. Income before income taxes was $14,203,000 against $10,537,000 a year ago. Net income available to common shareholders was $8,703,000 against $9,038,000 a year ago. Diluted earnings per share were $0.27 against $0.28 a year ago. Book value per share was $5.71 against $5.30 a year ago. Tangible book value per share was $5.63 against $5.20 a year ago. Annualized return on average equity was 5.75% against 6.02% a year ago. Annualized return on average assets was 0.73% against 0.89% year ago.
The company reported unaudited consolidated impairment charges for the fourth quarter ended December 31, 2012. For the quarter, the company's net charge-offs was $766,000 against $1,579,000 a year ago.
Heritage Commerce Corp is a bank holding company for its wholly owned subsidiary, Heritage Bank of Commerce (the Bank). The Bank offers a full range of commercial banking services to small and medium-sized businesses and their owners, managers and employees. Its lending activities are diversified and include commercial, real estate, construction and land development, consumer and small business administration (SBA) guaranteed loans. The Bank offers a wide range of deposit products for business banking and retail markets. It offers a multitude of other products and services to complement its lending and deposit services. In addition, through its subsidiary, CSNK Working Capital Finance Corp, it provides factoring financing throughout the United States. The Companyâs operations are located in the general San Francisco Bay Area of California in the counties of Alameda, Contra Costa, Marin, San Benito, San Francisco, San Mateo, and Santa Clara.
Heritage Commerce Corp. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Announces Impairment Charges for the Fourth Quarter Ended December 31, 2012