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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Heritage Commerce Corporation | NASDAQ:HTBK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.18 | -2.20% | 8.00 | 7.79 | 8.21 | 8.02 | 7.66 | 7.85 | 827,652 | 21:11:13 |
California
|
000-23877
|
77-0469558
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
150 Almaden Boulevard, San Jose, California
|
95113
|
||
(Address of principal executive offices)
|
(Zip Code)
|
||
Registrant’s telephone number, including area code: (408) 947-6900
|
|||
Not Applicable
|
|||
(Former name or former address, if changed since last report.)
|
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press Release, dated October 23, 2014, entitled “Heritage Commerce Corp Earns $3.4 Million for the Third Quarter of 2014; Loans Increased 15% and Deposits Increased 12% Year-Over-Year” |
99.2 | Press Release, dated October 23, 2014, entitled “Heritage Commerce Corp Declares Quarterly Cash Dividend of $0.05 Per Share” |
|
|
99.1
|
Press Release, dated October 23, 2014, entitled “Heritage Commerce Corp Earns $3.4 Million for the Third Quarter of 2014; Loans Increased 15% and Deposits Increased 12% Year-Over-Year”
|
99.2
|
Press Release, dated October 23, 2014, entitled “Heritage Commerce Corp Declares Quarterly Cash Dividend of $0.05 Per Share”
|
|
¨
|
Diluted earnings per share increased to $0.11 for the third quarter of 2014, compared to $0.10 for the third quarter of 2013 and the second quarter of 2014. Diluted earnings per share increased 19% to $0.31 for the nine months ended September 30, 2014, compared to $0.26 per diluted share for the nine months ended September 30, 2013.
|
¨
|
Driven primarily by loan growth and increases in core deposits, net interest income increased 9% to $14.0 million for the third quarter of 2014, compared to $12.8 million for the third quarter of 2013, and increased 2% from $13.7 million for the second quarter of 2014. Net interest income increased 10% to $41.0 million for the nine months ended September 30, 2014, compared to $37.1 million for the nine months ended September 30, 2013.
|
¨
|
The fully tax equivalent (“FTE”) net interest margin decreased one basis point to 3.93% for the third quarter of 2014, from 3.94% for the third quarter of 2013 and decreased 14 basis points from 4.07% for the second quarter of 2014. The decrease for the third quarter of 2014 was primarily due to a higher average balance of low interest earning short-term deposits at the Federal Reserve Bank in anticipation of the BVF acquisition. For the nine months ended September 30, 2014, the net interest margin increased 17 basis points to 4.02%, from 3.85% for the nine months ended September 30, 2013, reflecting loan growth, higher yields on securities, and a lower cost of funds.
|
¨
|
Loans (excluding loans-held-for-sale) increased 15% to $1.03 billion at September 30, 2014, compared to $893.1 million at September 30, 2013, and increased 4% from $990.3 million at June 30, 2014.
|
¨
|
Nonperforming assets (“NPAs”) declined to $7.7 million, or 0.50% of total assets, at September 30, 2014, compared to $15.7 million, or 1.12% of total assets, at September 30, 2013, and $8.7 million, or 0.59% of total assets, at June 30, 2014.
|
¨
|
Classified assets, net of Small Business Administration (“SBA”) guarantees, decreased 24% to $17.7 million at September 30, 2014, from $23.3 million at September 30, 2013, and decreased 23% from $23.1 million at June 30, 2014.
|
¨
|
Net charge-offs totaled $27,000 for the third quarter of 2014, compared to net recoveries of $534,000 for the third quarter of 2013, and net charge-offs of $27,000 for the second quarter of 2014.
|
¨
|
There was a $24,000 credit to the provision for loan losses for the third quarter of 2014, compared to a $534,000 credit to the provision for loan losses for the third quarter of 2013, and a $198,000 credit to the provision for loan losses for the second quarter of 2014.
|
¨
|
The allowance for loan losses (“ALLL”) decreased to 1.80% of total loans at September 30, 2014, compared to 2.17% at September 30, 2013, and 1.88% at June 30, 2014.
|
¨
|
Deposits totaled $1.34 billion at September 30, 2014, compared to $1.20 billion at September 30, 2013, and $1.27 billion at June 30, 2014. Deposits (excluding all time deposits and CDARS deposits) increased $180.4 million, or 20%, to $1.1 billion at September 30, 2014, from $901.0 million at September 30, 2013, and increased $78.0 million, or 8%, from $1.0 billion at June 30, 2014.
|
¨
|
Capital ratios exceeded regulatory requirements for a well-capitalized financial institution on a holding company and bank level at September 30, 2014:
|
Capital Ratios
|
Heritage Commerce Corp
|
Heritage Bank of Commerce
|
Well-Capitalized Financial Institution Regulatory Guidelines
|
||
|
|
|
|
|
|
Total Risk-Based
|
15.3%
|
14.3%
|
|
10.0%
|
|
Tier 1 Risk-Based
|
14.0%
|
13.1%
|
|
6.0%
|
|
Leverage
|
11.7%
|
10.9%
|
|
5.0%
|
|
NONPERFORMING ASSETS
|
|||||
(in $000's, unaudited)
|
Balance
|
% of Total
|
|||
SBA loans
|
$
|
2,875
|
37%
|
||
Commercial real estate loans
|
1,672
|
22%
|
|||
Land and construction loans
|
1,655
|
21%
|
|||
Commercial and industrial loans
|
323
|
4%
|
|||
Home equity and consumer loans
|
485
|
6%
|
|||
Foreclosed assets
|
532
|
7%
|
|||
Restructured and loans over 90 days past due and accruing
|
200
|
3%
|
|||
Total nonperforming assets
|
$
|
7,742
|
100%
|
|
For the Quarter Ended
|
||||||||
ALLOWANCE FOR LOAN LOSSES
|
September 30,
|
June 30,
|
September 30,
|
||||||
(in $000's, unaudited)
|
2014
|
2014
|
2013
|
||||||
Balance at beginning of period
|
$
|
18,592
|
$
|
18,817
|
$
|
19,342
|
|||
Provision (credit) for loan losses during the period
|
(24)
|
(198)
|
(534)
|
||||||
Net (charge-offs) recoveries during the period
|
(27)
|
(27)
|
534
|
||||||
Balance at end of period
|
$
|
18,541
|
$
|
18,592
|
$
|
19,342
|
|||
|
|||||||||
Total loans
|
$
|
1,029,596
|
$
|
990,341
|
$
|
893,052
|
|||
Total nonperforming loans
|
$
|
7,210
|
$
|
8,142
|
$
|
15,117
|
|||
|
|||||||||
Allowance for loan losses to total loans
|
1.80%
|
1.88%
|
2.17%
|
||||||
Allowance for loan losses to total nonperforming loans
|
257.16%
|
228.35%
|
127.95%
|
|
For the Quarter Ended:
|
Percent Change From:
|
For the Nine Months Ended:
|
||||||||||||||||||
CONSOLIDATED INCOME STATEMENTS
|
September 30,
|
June 30,
|
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
Percent
|
|||||||||||||
(in $000's, unaudited)
|
2014
|
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
Change
|
|||||||||||||
Interest income
|
$
|
14,492
|
$
|
14,192
|
$
|
13,458
|
2%
|
8%
|
$
|
42,539
|
$
|
39,163
|
9%
|
||||||||
Interest expense
|
500
|
507
|
627
|
-1%
|
-20%
|
1,528
|
2,026
|
-25%
|
|||||||||||||
Net interest income before provision for loan losses
|
13,992
|
13,685
|
12,831
|
2%
|
9%
|
41,011
|
37,137
|
10%
|
|||||||||||||
Provision (credit) for loan losses
|
(24)
|
(198)
|
(534)
|
88%
|
96%
|
(232)
|
(804)
|
71%
|
|||||||||||||
Net interest income after provision for loan losses
|
14,016
|
13,883
|
13,365
|
1%
|
5%
|
41,243
|
37,941
|
9%
|
|||||||||||||
Noninterest income:
|
|||||||||||||||||||||
Service charges and fees on deposit accounts
|
631
|
646
|
645
|
-2%
|
-2%
|
1,897
|
1,840
|
3%
|
|||||||||||||
Increase in cash surrender value of life insurance
|
401
|
397
|
414
|
1%
|
-3%
|
1,196
|
1,240
|
-4%
|
|||||||||||||
Servicing income
|
316
|
313
|
331
|
1%
|
-5%
|
977
|
1,081
|
-10%
|
|||||||||||||
Gain on sales of SBA loans
|
259
|
442
|
103
|
-41%
|
151%
|
858
|
373
|
130%
|
|||||||||||||
Gain on sales of securities
|
47
|
-
|
-
|
N/A
|
N/A
|
97
|
38
|
155%
|
|||||||||||||
Other
|
216
|
249
|
245
|
-13%
|
-12%
|
909
|
744
|
22%
|
|||||||||||||
Total noninterest income
|
1,870
|
2,047
|
1,738
|
-9%
|
8%
|
5,934
|
5,316
|
12%
|
|||||||||||||
|
|||||||||||||||||||||
Noninterest expense:
|
|||||||||||||||||||||
Salaries and employee benefits
|
6,228
|
6,819
|
5,772
|
-9%
|
8%
|
19,290
|
17,647
|
9%
|
|||||||||||||
Occupancy and equipment
|
1,055
|
987
|
986
|
7%
|
7%
|
2,987
|
3,082
|
-3%
|
|||||||||||||
Professional fees
|
617
|
126
|
602
|
390%
|
2%
|
1,329
|
1,984
|
-33%
|
|||||||||||||
Other
|
2,239
|
3,002
|
3,020
|
-25%
|
-26%
|
8,201
|
8,837
|
-7%
|
|||||||||||||
Total noninterest expense
|
10,139
|
10,934
|
10,380
|
-7%
|
-2%
|
31,807
|
31,550
|
1%
|
|||||||||||||
Income before income taxes
|
5,747
|
4,996
|
4,723
|
15%
|
22%
|
15,370
|
11,707
|
31%
|
|||||||||||||
Income tax expense
|
2,322
|
1,672
|
1,510
|
39%
|
54%
|
5,545
|
3,521
|
57%
|
|||||||||||||
Net income
|
3,425
|
3,324
|
3,213
|
3%
|
7%
|
9,825
|
8,186
|
20%
|
|||||||||||||
Dividends on preferred stock
|
(280)
|
(224)
|
(168)
|
25%
|
67%
|
(728)
|
(168)
|
333%
|
|||||||||||||
Net income available to common shareholders
|
3,145
|
3,100
|
3,045
|
1%
|
3%
|
9,097
|
8,018
|
13%
|
|||||||||||||
Undistributed earnings allocated to Series C Preferred Stock
|
(320)
|
(358)
|
(395)
|
-11%
|
-19%
|
(993)
|
(1,268)
|
-22%
|
|||||||||||||
Distributed and undistributed earnings allocated to common
|
|||||||||||||||||||||
shareholders
|
$
|
2,825
|
$
|
2,742
|
$
|
2,650
|
3%
|
7%
|
$
|
8,104
|
$
|
6,750
|
20%
|
||||||||
|
|||||||||||||||||||||
PER COMMON SHARE DATA
|
|||||||||||||||||||||
(unaudited)
|
|||||||||||||||||||||
Basic earnings per share
|
$
|
0.11
|
$
|
0.10
|
$
|
0.10
|
10%
|
10%
|
$
|
0.31
|
$
|
0.26
|
19%
|
||||||||
Diluted earnings per share
|
$
|
0.11
|
$
|
0.10
|
$
|
0.10
|
10%
|
10%
|
$
|
0.31
|
$
|
0.26
|
19%
|
||||||||
Weighted average shares outstanding - basic
|
26,371,413
|
26,370,510
|
26,340,080
|
0%
|
0%
|
26,367,314
|
26,335,222
|
0%
|
|||||||||||||
Weighted average shares outstanding - diluted
|
26,516,863
|
26,503,401
|
26,387,049
|
0%
|
0%
|
26,501,960
|
26,381,965
|
0%
|
|||||||||||||
Common shares outstanding at period-end
|
26,374,980
|
26,370,510
|
26,341,021
|
0%
|
0%
|
26,374,980
|
26,341,021
|
0%
|
|||||||||||||
Pro forma common shares outstanding at period-end, assuming
|
|||||||||||||||||||||
Series C preferred stock was converted into common stock
|
31,975,980
|
31,971,510
|
31,941,021
|
0%
|
0%
|
31,975,980
|
31,942,021
|
0%
|
|||||||||||||
Book value per share
|
$
|
6.20
|
$
|
6.14
|
$
|
5.73
|
1%
|
8%
|
$
|
6.20
|
$
|
5.73
|
8%
|
||||||||
Tangible book value per share
|
$
|
6.15
|
$
|
6.09
|
$
|
5.67
|
1%
|
8%
|
$
|
6.15
|
$
|
5.67
|
8%
|
||||||||
Pro forma tangible book value per share, assuming Series C
|
|||||||||||||||||||||
preferred stock was converted into common stock
|
$
|
5.68
|
$
|
5.64
|
$
|
5.29
|
1%
|
7%
|
$
|
5.68
|
$
|
5.29
|
7%
|
||||||||
|
|||||||||||||||||||||
KEY FINANCIAL RATIOS
|
|||||||||||||||||||||
(unaudited)
|
|||||||||||||||||||||
Annualized return on average equity
|
7.46%
|
7.45%
|
7.58%
|
0%
|
-2%
|
7.34%
|
6.44%
|
14%
|
|||||||||||||
Annualized return on average tangible equity
|
7.51%
|
7.51%
|
7.65%
|
0%
|
-2%
|
7.40%
|
6.51%
|
14%
|
|||||||||||||
Annualized return on average assets
|
0.88%
|
0.91%
|
0.90%
|
-3%
|
-2%
|
0.88%
|
0.78%
|
13%
|
|||||||||||||
Annualized return on average tangible assets
|
0.88%
|
0.91%
|
0.90%
|
-3%
|
-2%
|
0.88%
|
0.78%
|
13%
|
|||||||||||||
Net interest margin
|
3.93%
|
4.07%
|
3.94%
|
-3%
|
0%
|
4.02%
|
3.85%
|
4%
|
|||||||||||||
Efficiency ratio
|
63.92%
|
69.50%
|
71.25%
|
-8%
|
-10%
|
67.75%
|
74.32%
|
-9%
|
|||||||||||||
|
|||||||||||||||||||||
AVERAGE BALANCES
|
|||||||||||||||||||||
(in $000's, unaudited)
|
|||||||||||||||||||||
Average assets
|
$
|
1,543,254
|
$
|
1,469,085
|
$
|
1,419,481
|
5%
|
9%
|
$
|
1,490,714
|
$
|
1,411,784
|
6%
|
||||||||
Average tangible assets
|
$
|
1,542,007
|
$
|
1,467,718
|
$
|
1,417,765
|
5%
|
9%
|
$
|
1,489,349
|
$
|
1,409,952
|
6%
|
||||||||
Average earning assets
|
$
|
1,441,792
|
$
|
1,373,957
|
$
|
1,316,037
|
5%
|
10%
|
$
|
1,392,850
|
$
|
1,310,288
|
6%
|
||||||||
Average loans held-for-sale
|
$
|
1,485
|
$
|
4,135
|
$
|
6,780
|
-64%
|
-78%
|
$
|
3,073
|
$
|
5,088
|
-40%
|
||||||||
Average total loans
|
$
|
1,002,786
|
$
|
970,538
|
$
|
870,637
|
3%
|
15%
|
$
|
966,959
|
$
|
826,240
|
17%
|
||||||||
Average deposits
|
$
|
1,325,734
|
$
|
1,257,121
|
$
|
1,211,678
|
5%
|
9%
|
$
|
1,277,938
|
$
|
1,199,044
|
7%
|
||||||||
Average demand deposits - noninterest-bearing
|
$
|
471,326
|
$
|
436,018
|
$
|
418,657
|
8%
|
13%
|
$
|
445,585
|
$
|
423,807
|
5%
|
||||||||
Average interest-bearing deposits
|
$
|
854,408
|
$
|
821,103
|
$
|
793,021
|
4%
|
8%
|
$
|
832,353
|
$
|
775,237
|
7%
|
||||||||
Average interest-bearing liabilities
|
$
|
854,460
|
$
|
822,660
|
$
|
797,931
|
4%
|
7%
|
$
|
832,909
|
$
|
783,161
|
6%
|
||||||||
Average equity
|
$
|
182,095
|
$
|
178,963
|
$
|
168,254
|
2%
|
8%
|
$
|
178,967
|
$
|
169,865
|
5%
|
||||||||
Average tangible equity
|
$
|
180,848
|
$
|
177,596
|
$
|
166,538
|
2%
|
9%
|
$
|
177,602
|
$
|
168,033
|
6%
|
|
End of Period:
|
Percent Change From:
|
|||||||||||
CONSOLIDATED BALANCE SHEETS
|
September 30,
|
June 30,
|
September 30,
|
June 30,
|
September 30,
|
||||||||
(in $000's, unaudited)
|
2014
|
2014
|
2013
|
2014
|
2013
|
||||||||
ASSETS
|
|||||||||||||
Cash and due from banks
|
$
|
23,905
|
$
|
32,162
|
$
|
32,571
|
-26%
|
-27%
|
|||||
Federal funds sold and interest-bearing
|
|||||||||||||
deposits in other financial institutions
|
130,170
|
17,256
|
9,327
|
654%
|
1296%
|
||||||||
Securities available-for-sale, at fair value
|
191,680
|
261,489
|
280,471
|
-27%
|
-32%
|
||||||||
Securities held-to-maturity, at amortized cost
|
94,759
|
95,972
|
89,732
|
-1%
|
6%
|
||||||||
Loans held-for-sale - SBA, including deferred costs
|
673
|
2,269
|
6,975
|
-70%
|
-90%
|
||||||||
Loans:
|
|||||||||||||
Commercial
|
436,481
|
415,557
|
410,933
|
5%
|
6%
|
||||||||
Real estate:
|
|||||||||||||
Commercial and residential
|
464,991
|
454,676
|
387,777
|
2%
|
20%
|
||||||||
Land and construction
|
53,064
|
47,758
|
30,780
|
11%
|
72%
|
||||||||
Home equity
|
61,079
|
56,743
|
50,100
|
8%
|
22%
|
||||||||
Consumer
|
14,609
|
16,112
|
13,712
|
-9%
|
7%
|
||||||||
Loans
|
1,030,224
|
990,846
|
893,302
|
4%
|
15%
|
||||||||
Deferred loan fees
|
(628)
|
(505)
|
(250)
|
24%
|
151%
|
||||||||
Total loans, net of deferred fees
|
1,029,596
|
990,341
|
893,052
|
4%
|
15%
|
||||||||
Allowance for loan losses
|
(18,541)
|
(18,592)
|
(19,342)
|
0%
|
-4%
|
||||||||
Loans, net
|
1,011,055
|
971,749
|
873,710
|
4%
|
16%
|
||||||||
Company owned life insurance
|
50,853
|
50,452
|
49,598
|
1%
|
3%
|
||||||||
Premises and equipment, net
|
7,377
|
7,237
|
7,390
|
2%
|
0%
|
||||||||
Intangible assets
|
1,182
|
1,297
|
1,645
|
-9%
|
-28%
|
||||||||
Accrued interest receivable and other assets
|
46,660
|
40,736
|
49,216
|
15%
|
-5%
|
||||||||
Total assets
|
$
|
1,558,314
|
$
|
1,480,619
|
$
|
1,400,635
|
5%
|
11%
|
|||||
|
|||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||||||||||
Liabilities:
|
|||||||||||||
Deposits:
|
|||||||||||||
Demand, noninterest-bearing
|
$
|
488,987
|
$
|
456,235
|
$
|
409,269
|
7%
|
19%
|
|||||
Demand, interest-bearing
|
223,121
|
193,041
|
178,783
|
16%
|
25%
|
||||||||
Savings and money market
|
369,378
|
354,175
|
312,991
|
4%
|
18%
|
||||||||
Time deposits - under $100
|
20,067
|
20,379
|
22,029
|
-2%
|
-9%
|
||||||||
Time deposits - $100 and over
|
197,562
|
195,619
|
195,321
|
1%
|
1%
|
||||||||
Time deposits - brokered
|
28,099
|
33,614
|
62,833
|
-16%
|
-55%
|
||||||||
CDARS - money market and time deposits
|
14,608
|
14,785
|
14,311
|
-1%
|
2%
|
||||||||
Total deposits
|
1,341,822
|
1,267,848
|
1,195,537
|
6%
|
12%
|
||||||||
Accrued interest payable and other liabilities
|
33,576
|
31,246
|
34,613
|
7%
|
-3%
|
||||||||
Total liabilities
|
1,375,398
|
1,299,094
|
1,230,150
|
6%
|
12%
|
||||||||
|
|||||||||||||
Shareholders' Equity:
|
|||||||||||||
Series C preferred stock, net
|
19,519
|
19,519
|
19,519
|
0%
|
0%
|
||||||||
Common stock
|
133,195
|
132,911
|
132,298
|
0%
|
1%
|
||||||||
Retained earnings
|
31,014
|
29,187
|
22,949
|
6%
|
35%
|
||||||||
Accumulated other comprehensive loss
|
(812)
|
(92)
|
(4,281)
|
-783%
|
81%
|
||||||||
Total shareholders' equity
|
182,916
|
181,525
|
170,485
|
1%
|
7%
|
||||||||
Total liabilities and shareholders' equity
|
$
|
1,558,314
|
$
|
1,480,619
|
$
|
1,400,635
|
5%
|
11%
|
|
End of Period:
|
Percent Change From:
|
|||||||||||
|
September 30,
|
June 30,
|
September 30,
|
June 30,
|
September 30,
|
||||||||
|
2014
|
2014
|
2013
|
2014
|
2013
|
||||||||
CREDIT QUALITY DATA
|
|||||||||||||
(in $000's, unaudited)
|
|||||||||||||
Nonaccrual loans - held-for-investment
|
$
|
7,010
|
$
|
7,688
|
$
|
14,615
|
-9%
|
-52%
|
|||||
Restructured and loans over 90 days past due and still accruing
|
200
|
454
|
502
|
-56%
|
-60%
|
||||||||
Total nonperforming loans
|
7,210
|
8,142
|
15,117
|
-11%
|
-52%
|
||||||||
Foreclosed assets
|
532
|
525
|
631
|
1%
|
-16%
|
||||||||
Total nonperforming assets
|
$
|
7,742
|
$
|
8,667
|
$
|
15,748
|
-11%
|
-51%
|
|||||
Other restructured loans still accruing
|
$
|
-
|
$
|
1,180
|
$
|
10
|
-100%
|
-100%
|
|||||
Net charge-offs (recoveries) during the quarter
|
$
|
27
|
$
|
27
|
$
|
(534)
|
0%
|
105%
|
|||||
Provision (credit) for loan losses during the quarter
|
$
|
(24)
|
$
|
(198)
|
$
|
(534)
|
88%
|
96%
|
|||||
Allowance for loan losses
|
$
|
18,541
|
$
|
18,592
|
$
|
19,342
|
0%
|
-4%
|
|||||
Classified assets*
|
$
|
17,725
|
$
|
23,092
|
$
|
23,342
|
-23%
|
-24%
|
|||||
Allowance for loan losses to total loans
|
1.80%
|
1.88%
|
2.17%
|
-4%
|
-17%
|
||||||||
Allowance for loan losses to total nonperforming loans
|
257.16%
|
228.35%
|
127.95%
|
13%
|
101%
|
||||||||
Nonperforming assets to total assets
|
0.50%
|
0.59%
|
1.12%
|
-15%
|
-55%
|
||||||||
Nonperforming loans to total loans
|
0.70%
|
0.82%
|
1.69%
|
-15%
|
-59%
|
||||||||
Classified assets* to Heritage Commerce Corp Tier 1
|
|||||||||||||
capital plus allowance for loan losses
|
9%
|
12%
|
13%
|
-25%
|
-31%
|
||||||||
Classified assets* to Heritage Bank of Commerce Tier 1
|
|||||||||||||
capital plus allowance for loan losses
|
10%
|
13%
|
14%
|
-23%
|
-29%
|
||||||||
|
|||||||||||||
OTHER PERIOD-END STATISTICS
|
|||||||||||||
(in $000's, unaudited)
|
|||||||||||||
Heritage Commerce Corp:
|
|||||||||||||
Tangible equity
|
$
|
181,734
|
$
|
180,228
|
$
|
168,840
|
1%
|
8%
|
|||||
Tangible common equity
|
$
|
162,215
|
$
|
160,709
|
$
|
149,321
|
1%
|
9%
|
|||||
Shareholders' equity / total assets
|
11.74%
|
12.26%
|
12.17%
|
-4%
|
-4%
|
||||||||
Tangible equity / tangible assets
|
11.67%
|
12.18%
|
12.07%
|
-4%
|
-3%
|
||||||||
Tangible common equity / tangible assets
|
10.42%
|
10.86%
|
10.67%
|
-4%
|
-2%
|
||||||||
Loan to deposit ratio
|
76.73%
|
78.11%
|
74.70%
|
-2%
|
3%
|
||||||||
Noninterest-bearing deposits / total deposits
|
36.44%
|
35.98%
|
34.23%
|
1%
|
6%
|
||||||||
Total risk-based capital ratio
|
15.3%
|
15.1%
|
15.2%
|
1%
|
1%
|
||||||||
Tier 1 risk-based capital ratio
|
14.0%
|
13.9%
|
14.0%
|
1%
|
0%
|
||||||||
Leverage ratio
|
11.7%
|
12.0%
|
11.5%
|
-2%
|
2%
|
||||||||
|
|||||||||||||
Heritage Bank of Commerce:
|
|||||||||||||
Total risk-based capital ratio
|
14.3%
|
14.1%
|
13.7%
|
1%
|
4%
|
||||||||
Tier 1 risk-based capital ratio
|
13.1%
|
12.9%
|
12.5%
|
2%
|
5%
|
||||||||
Leverage ratio
|
10.9%
|
11.2%
|
10.2%
|
-3%
|
7%
|
||||||||
|
|||||||||||||
*Net of SBA guarantees
|
|
For the Quarter Ended
|
For the Quarter Ended
|
||||||||||||||
|
September 30, 2014
|
September 30, 2013
|
||||||||||||||
|
Interest
|
Average
|
Interest
|
Average
|
||||||||||||
NET INTEREST INCOME AND NET INTEREST MARGIN
|
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
||||||||||
(in $000's, unaudited)
|
Balance
|
Expense
|
Rate
|
Balance
|
Expense
|
Rate
|
||||||||||
Assets:
|
||||||||||||||||
Loans, gross(1)
|
$
|
1,004,271
|
$
|
12,077
|
4.77%
|
$
|
877,417
|
$
|
10,733
|
4.85%
|
||||||
Securities - taxable
|
249,105
|
1,851
|
2.95%
|
310,460
|
2,247
|
2.87%
|
||||||||||
Securities - tax exempt(2)
|
79,926
|
779
|
3.87%
|
69,866
|
671
|
3.81%
|
||||||||||
Federal funds sold and interest-bearing
|
||||||||||||||||
deposits in other financial institutions
|
108,490
|
58
|
0.21%
|
58,294
|
42
|
0.29%
|
||||||||||
Total interest earning assets(2)
|
1,441,792
|
14,765
|
4.06%
|
1,316,037
|
13,693
|
4.13%
|
||||||||||
Cash and due from banks
|
26,535
|
23,724
|
||||||||||||||
Premises and equipment, net
|
7,435
|
7,513
|
||||||||||||||
Intangible assets
|
1,247
|
1,716
|
||||||||||||||
Other assets
|
66,245
|
70,491
|
||||||||||||||
Total assets
|
$
|
1,543,254
|
$
|
1,419,481
|
||||||||||||
|
||||||||||||||||
Liabilities and shareholders' equity:
|
||||||||||||||||
Deposits:
|
||||||||||||||||
Demand, noninterest-bearing
|
$
|
471,326
|
$
|
418,657
|
||||||||||||
|
||||||||||||||||
Demand, interest-bearing
|
212,579
|
89
|
0.17%
|
169,233
|
57
|
0.13%
|
||||||||||
Savings and money market
|
379,733
|
171
|
0.18%
|
316,247
|
140
|
0.18%
|
||||||||||
Time deposits - under $100
|
20,163
|
16
|
0.31%
|
22,600
|
19
|
0.33%
|
||||||||||
Time deposits - $100 and over
|
196,062
|
158
|
0.32%
|
197,464
|
179
|
0.36%
|
||||||||||
Time deposits - brokered
|
31,116
|
63
|
0.80%
|
71,105
|
178
|
0.99%
|
||||||||||
CDARS - money market and time deposits
|
14,755
|
3
|
0.08%
|
16,372
|
2
|
0.05%
|
||||||||||
Total interest-bearing deposits
|
854,408
|
500
|
0.23%
|
793,021
|
575
|
0.29%
|
||||||||||
Total deposits
|
1,325,734
|
500
|
0.15%
|
1,211,678
|
575
|
0.19%
|
||||||||||
|
||||||||||||||||
Subordinated debt
|
-
|
-
|
-
|
4,819
|
51
|
4.20%
|
||||||||||
Short-term borrowings
|
52
|
-
|
0.00%
|
91
|
1
|
4.36%
|
||||||||||
Total interest-bearing liabilities
|
854,460
|
500
|
0.23%
|
797,931
|
627
|
0.31%
|
||||||||||
Total interest-bearing liabilities and demand,
|
||||||||||||||||
noninterest-bearing / cost of funds
|
1,325,786
|
500
|
0.15%
|
1,216,588
|
627
|
0.20%
|
||||||||||
Other liabilities
|
35,373
|
34,639
|
||||||||||||||
Total liabilities
|
1,361,159
|
1,251,227
|
||||||||||||||
Shareholders' equity
|
182,095
|
168,254
|
||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,543,254
|
$
|
1,419,481
|
||||||||||||
|
||||||||||||||||
Net interest income(2) / margin
|
14,265
|
3.93%
|
13,066
|
3.94%
|
||||||||||||
Less tax equivalent adjustment(2)
|
(273)
|
(235)
|
||||||||||||||
Net interest income
|
$
|
13,992
|
$
|
12,831
|
||||||||||||
|
||||||||||||||||
(1)Includes loans held-for-sale. Yield amounts earned on loans include loan fees and costs. Nonaccrual loans are included in average balance.
|
||||||||||||||||
(2)Reflects tax equivalent adjustment for tax exempt income based on a 35% tax rate.
|
|
For the Nine Months Ended
|
For the Nine Months Ended
|
||||||||||||||
|
September 30, 2014
|
September 30, 2013
|
||||||||||||||
|
Interest
|
Average
|
Interest
|
Average
|
||||||||||||
NET INTEREST INCOME AND NET INTEREST MARGIN
|
Average
|
Income/
|
Yield/
|
Average
|
Income/
|
Yield/
|
||||||||||
(in $000's, unaudited)
|
Balance
|
Expense
|
Rate
|
Balance
|
Expense
|
Rate
|
||||||||||
Assets:
|
||||||||||||||||
Loans, gross(1)
|
$
|
970,032
|
$
|
34,832
|
4.80%
|
$
|
831,328
|
$
|
30,874
|
4.97%
|
||||||
Securities - taxable
|
274,857
|
6,069
|
2.95%
|
351,290
|
7,107
|
2.70%
|
||||||||||
Securities - tax exempt(2)
|
79,905
|
2,336
|
3.91%
|
56,405
|
1,603
|
3.80%
|
||||||||||
Federal funds sold and interest-bearing
|
||||||||||||||||
deposits in other financial institutions
|
68,056
|
120
|
0.24%
|
71,265
|
140
|
0.26%
|
||||||||||
Total interest earning assets(2)
|
1,392,850
|
43,357
|
4.16%
|
1,310,288
|
39,724
|
4.05%
|
||||||||||
Cash and due from banks
|
25,068
|
23,313
|
||||||||||||||
Premises and equipment, net
|
7,295
|
7,548
|
||||||||||||||
Intangible assets
|
1,365
|
1,832
|
||||||||||||||
Other assets
|
64,136
|
68,803
|
||||||||||||||
Total assets
|
$
|
1,490,714
|
$
|
1,411,784
|
||||||||||||
|
||||||||||||||||
Liabilities and shareholders' equity:
|
||||||||||||||||
Deposits:
|
||||||||||||||||
Demand, noninterest-bearing
|
$
|
445,585
|
$
|
423,807
|
||||||||||||
|
||||||||||||||||
Demand, interest-bearing
|
203,713
|
248
|
0.16%
|
167,138
|
174
|
0.14%
|
||||||||||
Savings and money market
|
357,535
|
489
|
0.18%
|
293,801
|
384
|
0.17%
|
||||||||||
Time deposits - under $100
|
20,643
|
49
|
0.32%
|
23,488
|
62
|
0.35%
|
||||||||||
Time deposits - $100 and over
|
195,122
|
473
|
0.32%
|
194,185
|
577
|
0.40%
|
||||||||||
Time deposits - brokered
|
39,249
|
262
|
0.89%
|
81,352
|
594
|
0.98%
|
||||||||||
CDARS - money market and time deposits
|
16,091
|
6
|
0.05%
|
15,273
|
5
|
0.04%
|
||||||||||
Total interest-bearing deposits
|
832,353
|
1,527
|
0.25%
|
775,237
|
1,796
|
0.31%
|
||||||||||
Total deposits
|
1,277,938
|
1,527
|
0.16%
|
1,199,044
|
1,796
|
0.20%
|
||||||||||
|
||||||||||||||||
Subordinated debt
|
-
|
-
|
-
|
7,776
|
229
|
3.94%
|
||||||||||
Short-term borrowings
|
556
|
1
|
0.24%
|
148
|
1
|
0.90%
|
||||||||||
Total interest-bearing liabilities
|
832,909
|
1,528
|
0.25%
|
783,161
|
2,026
|
0.35%
|
||||||||||
Total interest-bearing liabilities and demand,
|
||||||||||||||||
noninterest-bearing / cost of funds
|
1,278,494
|
1,528
|
0.16%
|
1,206,968
|
2,026
|
0.22%
|
||||||||||
Other liabilities
|
33,253
|
34,951
|
||||||||||||||
Total liabilities
|
1,311,747
|
1,241,919
|
||||||||||||||
Shareholders' equity
|
178,967
|
169,865
|
||||||||||||||
Total liabilities and shareholders' equity
|
$
|
1,490,714
|
$
|
1,411,784
|
||||||||||||
|
||||||||||||||||
Net interest income(2) / margin
|
41,829
|
4.02%
|
37,698
|
3.85%
|
||||||||||||
Less tax equivalent adjustment(2)
|
(818)
|
(561)
|
||||||||||||||
Net interest income
|
$
|
41,011
|
$
|
37,137
|
||||||||||||
|
||||||||||||||||
(1)Includes loans held-for-sale. Yield amounts earned on loans include loan fees and costs. Nonaccrual loans are included in average balance.
|
||||||||||||||||
(2)Reflects tax equivalent adjustment for tax exempt income based on a 35% tax rate.
|
1 Year Heritage Commerce Chart |
1 Month Heritage Commerce Chart |
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