Heritage Commerce Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017
January 25, 2018 at 09:45 pm
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Heritage Commerce Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported interest income of $28,152,000 compared to $23,991,000 a year ago. Income before income taxes was of $14,179,000 compared to $11,646,000 a year ago. Net income available to common shareholders was of $1,383,000 or $0.04 per basic and diluted share compared to $7,215,000 or $0.19 per basic and diluted share a year ago. Annualized return on average equity was 1.98% compared to 11.01% a year ago. Annualized return on average tangible equity was 2.43% compared to 13.81% a year ago. Annualized return on average assets was 1.19% compared to 1.12% a year ago. Book value per share was $7.10 compared to $6.85 a year ago. Tangible book value per share was $5.76 compared to $5.46 a year ago. Net interest income before provision for loan losses was $26,444,000 against $23,124,000 a year ago. Net income was $7.2 million or $0.19 per average diluted common share for the fourth quarter of 2016, and $8.6 million, or $0.22 per average diluted common share for the third quarter of 2017.
For the year, the company reported interest income of $106,911,000 compared to $94,431,000 a year ago. Income before income taxes was of $50,501,000 compared to $43,969,000 a year ago. Net income available to common shareholders was of $23,953,000 or $0.62 per basic and diluted share compared to $25,869,000 or $0.72 per basic and diluted share a year ago. Book value per share was $7.10 compared to $6.85 a year ago. Tangible book value per share was $5.76 compared to $5.46 a year ago. Annualized return on average equity was 8.91% compared to 10.71% a year ago. Annualized return on average tangible equity was 11.04% compared to 13.55% a year ago. Annualized return on average assets was 0.87% compared to 1.13% a year ago. Net interest income before provision for loan losses was $101,524,000 against $91,220,000 a year ago. For the year ended December 31, 2017, net income was $24.0 million, or $0.62 per average diluted common share, compared to $27.4 million, or $0.72 per average diluted common share, for the year ended December 31, 2016.
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 
