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"When we recognized that there was a substantial problem with the validity of the collateral on our loan relationship with Boots Del Biaggio, we took the conservative approach by immediately placing all of his loans on nonaccrual and increasing our loan loss provision for the entire $5.1 million in loans outstanding to him," said Walter Kaczmarek, President and Chief Executive Officer. "We are pursuing all avenues for recovery of these funds from the borrower, as well as other parties. Due to the problems with the securities pledged as collateral for the majority of the debt and the bankruptcy filing of the borrower, we do not expect a quick resolution to this issue."
Boots Del Biaggio is not, and has not been, a director, officer or employee of Heritage Bank of Commerce or Heritage Commerce Corp for over ten years. He is the son of William J. Del Biaggio, Jr., an executive officer and former director with Heritage Bank of Commerce and Heritage Commerce Corp.
"Despite the Boots Del Biaggio loans, we have generated strong loan growth by gaining traction in the new markets we entered last year and building strength in our traditional footprint in the greater Silicon Valley market," said Mr. Kaczmarek. "The outstanding banking team we have built over the past few years remains focused and has gained market share by filling the pipeline with new business. Their performance has exceeded our expectations."
Second Quarter 2008 Financial Highlights
* As of June 30, 2008, total assets were $1.49 billion, an increase of 10% from June 30, 2007 and 5% from March 31, 2008. * Loans increased to $1.21 billion, an increase of $283 million or 31% from the second quarter of 2007 and an increase of $77 million or 7% compared to March 31, 2008. Loans increased $173 million or 17% in the first six months of 2008 from $1.04 billion at December 31, 2007. * Commercial loans accounted for 42% of the loan portfolio at June 30, 2008, compared to 37% a year ago. * The Company has no exposure to subprime and mortgage company loans. * Deposits were $1.16 billion, an increase of $40 million or 4% from the second quarter of 2007 and a decrease of $12 million or 1% from March 31, 2008. * The leverage ratio was 8.36% at June 30, 2008. * Heritage Commerce Corp completed its previously announced stock repurchase program during the second quarter of 2008 by repurchasing 394,387 shares of its common stock.
Balance Sheet and Capital Management
Heritage's assets totaled $1.49 billion at June 30, 2008, compared to $1.35 billion a year ago and $1.41 billion at March 31, 2008. Total loans, excluding loans held for sale, were $1.21 billion at June 30, 2008, compared to $0.93 billion at June 30, 2007 and $1.13 billion at March 31, 2008. Deposits totaled $1.16 billion at June 30, 2008, compared to $1.12 billion at June 30, 2007 and $1.17 billion at March 31, 2008.
The Company's loan portfolio at June 30, 2008 consisted of 42% commercial loans, 33% commercial real estate mortgage loans, 20% land and construction and 5% consumer and other loans. Of the land and construction portfolio, 58% was secured by "for sale" residential properties and 42% was secured by commercial properties and owner-occupied housing properties.
The Company's deposits increased by 4% over the same period in the previous year, which included a $43 million increase in Brokered deposits. The decrease in savings and money market balances was primarily due to a reduction of 1031 exchange company deposits which had a significant reduction in business due to market conditions.
During the second quarter of 2008, the Company repurchased 394,387 shares of its common stock at an average price of $17.47 and a cost of $6.9 million. This, along with the second quarter net loss, reduced shareholders' equity to $142 million, or $12.01 book value per share and $7.96 tangible book value per share, at June 30, 2008. Shareholders' equity was $170 million, or $12.72 book value per share and $9.12 tangible book value per share at June 30, 2007, and $153 million, or $12.55 book value per share and $8.61 tangible book value per share, at March 31, 2008. The Company adopted the guidance in Emerging Issues Task Force (EITF) Issue 06-4, Accounting for Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance Arrangements, on January 1, 2008. The adoption of EITF 06-4 resulted in a cumulative effect adjustment to decrease retained earnings by $3.2 million, net of deferred income taxes, at January 1, 2008.
The share repurchases completed the previously announced common stock repurchase program. Shares were repurchased on the open market using available cash rather than debt. The Company's Board of Directors had authorized the repurchase of up to $30 million of its common stock over two years. From August 13, 2007 through May 27, 2008, the Company bought back 1,645,607 shares at a cost of $29.9 million.
Credit Quality
Nonperforming assets (NPAs) totaled $14.3 million, or 0.96% of total assets, at June 30, 2008, compared to $6.3 million, or 0.47% of total assets, at June 30, 2007 and $5.4 million, or 0.38% of total assets, at March 31, 2008. Excluding the $5.1 million of Boots Del Biaggio loans and the $2.0 million SBA guaranteed portion of SBA loans, nonperforming assets were $7.3 million or 0.49% of total assets at June 30, 2008. At June 30, 2007, nonperforming assets were $6.0 million or 0.45% of total assets, excluding the $0.3 million SBA guaranteed portion of SBA loans. At March 31, 2008, nonperforming assets were $3.4 million or 0.24% of total assets, excluding the $2.0 million SBA guaranteed portion of SBA loans.
Net charge-offs in the second quarter of 2008 were $370,000 or 0.13% of average loans, compared to net charge-offs of $35,000 or 0.02% of average loans in the second quarter of 2007 and $434,000 or 0.16% of average loans in the first quarter of 2008.
The Company's provision for loan losses in the second quarter of 2008 was $7.8 million, compared to no provision in the second quarter of 2007 and $1.7 million in the first quarter of 2008. The second quarter 2008 provision for loan losses includes $5.1 million for the Boots Del Biaggio loans. The rest of the second quarter 2008 provision is primarily due to $77 million of loan growth and additional risk in the loan portfolio.
When excluding the $5.1 million specific loss allocation for the Boots Del Biaggio loans, the allowance for loan losses at June 30, 2008 was $15.8 million, or 1.30% of total loans, and represented 183% of nonperforming loans. The allowance for loan losses at June 30, 2007 was $11.1 million, or 1.20% of total loans, and represented 192% of nonperforming loans. The allowance for loan losses at March 31, 2008 was $13.4 million, or 1.19% of total loans, and represented 293% of nonperforming loans.
Operating Results
Comparison of 2008 operating results to 2007 includes the effects of acquiring Diablo Valley Bank ("DVB") on June 20, 2007. In the DVB transaction, the Company acquired $269 million of tangible assets, including $204 million of net loans, and assumed $249 million of deposits.
Net interest income increased 5% to $13.0 million for the second quarter of 2008 from $12.4 million for the second quarter of 2007 and decreased 1% from $13.1 million for the first quarter of 2008. For the first six months of 2008, net interest income increased 8% to $26.1 million from $24.1 million for the same period of 2007, primarily due to an increase in interest-earning assets. The net interest margin was 4.00% for the second quarter of 2008, compared to 5.11% for the second quarter of 2007 and 4.32% for the first quarter of 2008. For the first six months of 2008, the net interest margin decreased to 4.15% from 5.09% for the first six months of 2007. Decreases in the net interest margin are primarily the result of the 325 basis point decline in short-term interest rates from September 2007 through March 2008.
Noninterest income was $1.8 million for the second quarter of 2008, compared to $2.3 million for the second quarter of 2007 and $1.5 million for the first quarter of 2008. In the first six months of 2008, noninterest income was $3.3 million, compared to $4.8 million in the first six months a year ago. Noninterest income declined in 2008 primarily due to the strategic shift to retain, rather than sell, SBA loan production. Gains on sales of SBA loans were $695,000 in the second quarter of 2007 and $1.7 million in the first six months of 2007, with no corresponding income in 2008. Noninterest income was primarily comprised of loan servicing income, the increase in cash surrender value of Company owned life insurance, and service charges on deposit accounts.
Noninterest expense was $11.0 million for the second quarter of 2008, compared to $8.5 million in the second quarter of 2007 and $10.6 million in the first quarter of 2008. In the first six months of 2008, noninterest expense was $21.6 million, compared to $16.8 million in the first six months a year ago. Operating expenses increased in 2008 due to the acquisition of DVB, the new office in Walnut Creek, and the addition of experienced banking professionals.
The efficiency ratio was 74.51% in the second quarter of 2008, compared to 58.00% in the second quarter of 2007 and 72.38% in the first quarter of 2008. The efficiency ratio for the first six months of 2008 increased to 73.45% from 58.13% a year ago. The efficiency ratio increased in 2008 primarily due to compression of the net interest margin, a decrease in noninterest income and an increase in expenses, as discussed above. The annualized returns on average assets and average equity for the second quarter of 2008 were (0.85%) and (8.34%), compared to 1.50% and 12.17% for the quarter ended June 30, 2007, respectively. Returns on average assets and average equity for the first six months of 2008 were (0.20%) and (1.81%), compared to 1.53% and 12.63% for the first six months of 2007, respectively.
Heritage Commerce Corp, a bank holding company established in February 1998, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose with full-service branches in Los Gatos, Fremont, Danville, Pleasanton, Walnut Creek, Morgan Hill, Gilroy, Mountain View, and Los Altos. Heritage Bank of Commerce is an SBA Preferred Lender with Loan Production Offices in Fresno, Sacramento, Oakland and Santa Rosa, California. For more information, please visit www.heritagecommercecorp.com.
Forward Looking Statement Disclaimer
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include, but are not necessarily limited to, the Company's ability to sustain dividend payments, fluctuations in interest rates and monetary policy established by the Federal Reserve, inflation, government regulations, general economic conditions, competition within the business areas in which the Company is conducting its operations, including the real estate market in California, the ability to recognize identified cost savings, and other factors beyond the Company's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. For a discussion of factors which could cause results to differ, please see the Company's reports on Forms 10-K and 10-Q as filed with the Securities and Exchange Commission and the Company's press releases. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
CONSOLIDATED INCOME STATEMENTS (in $000's, unaudited) --------------------------------------------------------------------- Percent Change For the Three Months Ended: From: ---------------------------------- ----------------- June 30, March 31, June 30, March 31, June 30, 2008 2008 2007 2008 2007 --------------------------------------------------- ----------------- Interest Income $ 18,699 $ 19,895 $ 18,317 -6% 2% Interest Expense 5,731 6,791 5,924 -16% -3% ---------------------------------- Net Interest Income 12,968 13,104 12,393 -1% 5% Provision for Loan Losses 7,800 1,650 -- 373% N/A ---------------------------------- Net Interest income after Provision for Loan Losses 5,168 11,454 12,393 -55% -58% Noninterest Income: Gain on Sale of SBA Loans -- -- 695 N/A -100% Servicing Income 377 479 534 -21% -29% Increase in Cash Surrender Value of Life Insurance 418 398 353 5% 18% Service Charges and Other Fees on Deposit Accounts 537 415 336 29% 60% Other 460 222 344 107% 34% ---------------------------------- Total Noninterest Income 1,792 1,514 2,262 18% -21% ---------------------------------- Noninterest Expense: Salaries & Employee Benefits 5,970 6,059 4,685 -1% 27% Occupancy & Equipment 1,044 1,119 889 -7% 17% Other 3,984 3,402 2,926 17% 36% ---------------------------------- Total Noninterest Expense 10,998 10,580 8,500 4% 29% ---------------------------------- Income (Loss) Before Income Taxes (4,038) 2,388 6,155 -269% -166% Income Tax Expense (Benefit) (955) 684 2,140 -240% -145% ---------------------------------- Net Income (Loss) $ (3,083) $ 1,704 $ 4,015 -281% -177% ================================== PER SHARE DATA (unaudited) Basic Earnings (Loss) Per Share $ (0.26) $ 0.14 $ 0.34 -286% -176% Diluted Earnings (Loss) Per Share $ (0.26) $ 0.14 $ 0.33 -286% -179% Common Shares Outstanding at Period End 11,806,167 12,170,346 13,375,163 -3% -12% Book Value Per Share $ 12.01 $ 12.55 $ 12.72 -4% -6% Tangible Book Value Per Share $ 7.96 $ 8.61 $ 9.12 -8% -13% KEY FINANCIAL RATIOS (unaudited) Annualized Return on Average Equity -8.34% 4.33% 12.17% -293% -169% Annualized Return on Average Tangible Equity -12.30% 6.21% 12.65% -298% -197% Annualized Return on Average Assets -0.85% 0.50% 1.50% -270% -157% Annualized Return on Average Tangible Assets -0.88% 0.52% 1.50% -269% -159% Net Interest Margin 4.00% 4.32% 5.11% -7% -22% Efficiency Ratio 74.51% 72.38% 58.00% 3% 28% AVERAGE BALANCES (in $000's, unaudited) Average Assets $1,456,396 $1,376,217 $1,075,271 6% 35% Average Tangible Assets $1,408,536 $1,328,133 $1,070,251 6% 32% Average Earning Assets $1,304,987 $1,218,888 $ 972,016 7% 34% Average Total Loans $1,170,274 $1,075,605 $ 730,337 9% 60% Average Loans Held For Sale $ -- $ -- $ 12,823 N/A -100% Average Deposits $1,169,860 $1,102,706 $ 880,079 6% 33% Average Demand Deposits - Noninterest Bearing $ 260,361 $ 249,173 $223,415 4% 17% Average Interest Bearing Deposits $ 909,499 $ 853,533 $656,664 7% 39% Average Interest Bearing Liabilities $1,018,685 $ 940,498 $696,773 8% 46% Average Equity $ 148,660 $ 158,428 $132,347 -6% 12% Average Tangible Equity $ 100,800 $ 110,344 $127,327 -9% -21% --------------------------------------------------------------------- For the Six Months Ended: ---------------------- June 30, June 30, Percent 2008 2007 Change --------------------------------------------------------------------- Interest Income $ 38,594 $ 35,551 9% Interest Expense 12,522 11,427 10% ---------------------- Net Interest Income 26,072 24,124 8% Provision for Loan Losses 9,450 (236) 4104% ---------------------- Net Interest income after Provision for Loan Losses 16,622 24,360 -32% Noninterest Income: Gain on Sale of SBA Loans -- 1,706 -100% Servicing Income 856 1,050 -18% Increase in Cash Surrender Value of Life Insurance 816 697 17% Service Charges and Other Fees on Deposit Accounts 952 610 56% Other 682 713 -4% ---------------------- Total Noninterest Income 3,306 4,776 -31% ---------------------- Noninterest Expense: Salaries & Employee Benefits 12,029 9,573 26% Occupancy & Equipment 2,163 1,764 23% Other 7,386 5,463 35% ---------------------- Total Noninterest Expense 21,578 16,800 28% ---------------------- Income (Loss) Before Income Taxes (1,650) 12,336 -113% Income Tax Expense (Benefit) (271) 4,288 -106% ---------------------- Net Income (Loss) $ (1,379) $ 8,048 -117% ====================== PER SHARE DATA (unaudited) Basic Earnings (Loss) Per Share $ (0.11) $ 0.69 -116% Diluted Earnings (Loss) Per Share $ (0.11) $ 0.68 -116% Common Shares Outstanding at Period End 11,806,167 13,375,163 -12% Book Value Per Share $ 12.01 $ 12.72 -6% Tangible Book Value Per Share $ 7.96 $ 9.12 -13% KEY FINANCIAL RATIOS (unaudited) Annualized Return on Average Equity -1.81% 12.63% -114% Annualized Return on Average Tangible Equity -2.63% 12.89% -120% Annualized Return on Average Assets -0.20% 1.53% -113% Annualized Return on Average Tangible Assets -0.20% 1.53% -113% Net Interest Margin 4.15% 5.09% -18% Efficiency Ratio 73.45% 58.13% 26% AVERAGE BALANCES (in $000's, unaudited) Average Assets $1,415,295 $1,057,683 34% Average Tangible Assets $1,367,319 $1,055,059 30% Average Earning Assets $1,261,938 $ 955,874 32% Average Total Loans $1,122,940 $ 715,562 57% Average Loans Held For Sale $ -- $ 15,693 -100% Average Deposits $1,136,283 $ 863,422 32% Average Demand Deposits - Noninterest Bearing $ 254,767 $ 220,727 15% Average Interest Bearing Deposits $ 881,516 $ 642,695 37% Average Interest Bearing Liabilities $ 979,591 $ 685,412 43% Average Equity $ 153,544 $ 128,509 19% Average Tangible Equity $ 105,568 $ 125,885 -16% CONSOLIDATED BALANCE SHEETS (in $000's, unaudited) --------------------------------------------------------------------- Percent Change End of Period: From: ---------------------------------- ----------------- June 30, March 31, June 30, March 31, June 30, 2008 2008 2007 2008 2007 --------------------------------------------------- ----------------- ASSETS Cash and Due from Banks $ 42,642 $ 28,356 $ 45,881 50% -7% Federal Funds Sold 150 100 57,810 50% -100% Securities Available-for- Sale, at Fair Value 116,594 130,784 169,498 -11% -31% Loans Held For Sale -- -- 20,018 N/A -100% Loans: Commercial Loans 509,887 468,540 344,172 9% 48% Real Estate- Mortgage 403,526 384,060 330,422 5% 22% Real Estate- Land and Construction 243,731 233,073 203,457 5% 20% Home Equity 45,991 42,194 42,474 9% 8% Consumer Loans 4,686 2,848 4,715 65% -1% ---------------------------------- Loans 1,207,821 1,130,715 925,240 7% 31% Deferred Loan Costs, net 1,301 1,090 504 19% 158% ---------------------------------- Total Loans, Net of Deferred Costs 1,209,122 1,131,805 925,744 7% 31% Allowance for Loan Losses (20,865) (13,434) (11,104) 55% 88% ---------------------------------- Net Loans 1,188,257 1,118,371 914,640 6% 30% Company Owned Life Insurance 39,819 39,402 37,900 1% 5% Premises & Equipment, Net 9,052 9,193 9,186 -2% -1% Goodwill 43,181 43,181 43,172 0% 0% Intangible Assets 4,584 4,760 5,031 -4% -9% Accrued Interest Receivable and Other Assets 42,708 40,580 43,795 5% -2% ---------------------------------- Total Assets $1,486,987 $1,414,727 $1,346,931 5% 10% ================================== LIABILITIES & SHAREHOLDERS' EQUITY Liabilities: Deposits Demand Deposits- Noninterest Bearing $ 262,813 $ 254,938 $ 266,404 3% -1% Demand Deposits- Interest Bearing 145,151 159,046 162,003 -9% -10% Savings and Money Market 435,754 494,912 448,528 -12% -3% Time Deposits, Under $100 33,911 35,095 33,735 -3% 1% Time Deposits, $100 and Over 173,766 161,840 143,544 7% 21% Brokered Deposits 108,623 65,873 65,439 65% 66% ---------------------------------- Total Deposits 1,160,018 1,171,704 1,119,653 -1% 4% Securities Sold under Agreement to Repurchase 35,000 35,900 10,900 -3% 221% Other Short-term Borrowing 98,000 5,000 -- 1860% N/A Notes Payable To Subsidiary Grantor Trusts 23,702 23,702 23,702 0% 0% Accrued Interest Payable and Other Liabilities 28,518 25,649 22,522 11% 27% ---------------------------------- Total Liabilities 1,345,238 1,261,955 1,176,777 7% 14% Shareholders' Equity: Common Stock 75,941 82,120 103,498 -8% -27% Accumulated Other Comprehensive Loss (930) (145) (2,446) 541% -62% Retained Earnings 66,738 70,797 69,102 -6% -3% ---------------------------------- Total Shareholders' Equity 141,749 152,772 170,154 -7% -17% ---------------------------------- Total Liabilities & Shareholders' Equity $1,486,987 $1,414,727 $1,346,931 5% 10% ================================== CREDIT QUALITY DATA (in $000's, unaudited) Nonaccrual Loans $ 12,226 $ 4,580 $ 3,192 167% 283% Loans Over 90 Days Past Due and Still Accruing 1,488 -- 2,604 N/A -43% ---------------------------------- Total Nonperforming Loans 13,714 4,580 5,796 199% 137% Other Real Estate Owned 580 792 487 -27% 19% ---------------------------------- Total Nonperforming Assets $ 14,294 $ 5,372 $ 6,283 166% 128% ================================== Net Charge-offs 370 434 35 -15% 957% Net Charge-offs as Percent of Average Loans 0.13% 0.16% 0.02% -19% 550% Allowance for Loan Losses to Total Loans 1.73% 1.19% 1.20% 45% 44% Allowance for Loan Losses to Total Loans, Excluding $5.1 Million Specific Loss Allowance for Del Biaggio III Loans 1.30% 1.19% 1.20% 9% 9% Allowance for Loan Losses to Nonperforming Loans 152.14% 293.32% 191.58% -48% -21% Nonperforming Assets to Total Assets 0.96% 0.38% 0.47% 153% 104% Nonperforming Loans to Total Loans 1.13% 0.40% 0.68% 183% 66% OTHER PERIOD-END STATISTICS (unaudited) Shareholders' Equity / Total Assets 9.53% 10.80% 12.63% -12% -25% Loan to Deposit Ratio 104.23% 96.59% 82.68% 8% 26% Noninterest Bearing Deposits / Total Deposits 22.66% 21.76% 23.79% 4% -5% Leverage Ratio 8.36% 9.63% 14.29% -13% -41% NET INTEREST INCOME AND NET INTEREST MARGIN (in $000's, unaudited) ------------------------------------------- For the Three Months Ended For the Three Months Ended June 30, 2008 June 30, 2007 --------------------------- --------------------------- Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ---------- ------- ------ ---------- ------- ------ Assets: Loans, gross $1,170,274 $17,250 5.93% $ 743,160 $15,589 8.41% Securities 131,428 1,433 4.39% 171,896 1,982 4.62% Interest bearing deposits in other financial institutions 470 2 1.71% 3,243 40 4.95% Federal funds sold 2,815 14 2.00% 53,717 706 5.27% ---------- ------- ---------- ------- Total interest earning assets 1,304,987 $18,699 5.76% 972,016 $18,317 7.56% ------- ------- Cash and due from banks 35,476 33,305 Premises and equipment, net 9,144 3,111 Goodwill and other intangible assets 47,860 5,020 Other assets 58,929 61,819 ---------- ---------- Total assets $1,456,396 $1,075,271 ========== ========== Liabilities and share- holders' equity: Deposits: Demand, interest bearing $ 155,130 $ 367 0.95% $ 141,230 $ 780 2.22% Savings and money market 467,428 1,862 1.60% 328,580 2,456 3.00% Time deposits, under $100 34,507 271 3.16% 30,872 301 3.91% Time deposits, $100 and over 174,534 1,363 3.14% 102,284 1,067 4.18% Brokered time deposits 77,900 793 4.09% 53,698 617 4.61% Notes payable to subsidiary grantor trusts 23,702 526 8.93% 23,702 583 9.87% Securities sold under agreement to repurchase 35,890 255 2.86% 14,820 98 2.65% Other short- term borrowings 49,594 294 2.38% 1,587 22 5.56% ---------- ------- ---------- ------- Total interest bearing liabil- ities 1,018,685 $ 5,731 2.26% 696,773 $ 5,924 3.41% ------- ------- Demand, noninterest bearing 260,361 223,415 Other liabilities 28,690 22,736 ---------- ---------- Total liabil- ities 1,307,736 942,924 Shareholders' equity: 148,660 132,347 ---------- ---------- Total liabil- ities and share- holders' equity $1,456,396 $1,075,271 ========== ========== Net interest income / margin $12,968 4.00% $12,393 5.11% ======= ======= NET INTEREST INCOME AND NET INTEREST MARGIN (in $000's, unaudited) ------------------------------------------- For the Six Months Ended For the Six Months Ended June 30, 2008 June 30, 2007 --------------------------- --------------------------- Interest Average Interest Average Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ---------- ------- ------ ---------- ------- ------ Assets: Loans, gross $1,122,940 $35,605 6.38% $ 731,255 $30,259 8.34% Securities 134,619 2,934 4.38% 172,603 3,934 4.60% Interest bearing deposits in other financial institutions 768 9 2.36% 2,936 73 5.01% Federal funds sold 3,611 46 2.56% 49,080 1,285 5.28% ---------- ------- ---------- ------- Total interest earning assets 1,261,938 $38,594 6.15% 955,874 $35,551 7.50% ------- ------- Cash and due from banks 37,017 34,311 Premises and equipment, net 9,208 2,807 Goodwill and other intangible assets 47,976 2,624 Other assets 59,156 62,067 ---------- ---------- Total assets $1,415,295 $1,057,683 ========== ========== Liabilities and share- holders' equity: Deposits: Demand, interest bearing $ 151,800 $ 968 1.28% $ 138,876 $ 1,545 2.24% Savings and money market 472,009 4,751 2.02% 323,549 4,740 2.95% Time deposits, under $100 34,566 591 3.44% 30,929 590 3.85% Time deposits, $100 and over 160,633 2,753 3.45% 101,741 2,079 4.12% Brokered time deposits 62,508 1,311 4.22% 47,600 1,052 4.46% Notes payable to subsidiary grantor trusts 23,702 1,083 9.19% 23,702 1,164 9.90% Securities sold under agreement to repurchase 29,027 410 2.84% 18,218 235 2.60% Other short- term borrowings 45,346 655 2.90% 797 22 5.57% ---------- ------- ---------- ------- Total interest bearing liabil- ities 979,591 $12,522 2.57% 685,412 $11,427 3.36% ------- ------- Demand, noninterest bearing 254,767 220,727 Other liabilities 27,393 23,035 ---------- ---------- Total liabil- ities 1,261,751 929,174 Shareholders' equity: 153,544 128,509 ---------- ---------- Total liabil- ities and share- holders' equity $1,415,295 $1,057,683 ========== ========== Net interest income / margin $26,072 4.15% $24,124 5.09% ======= =======
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: Heritage Bank of Commerce
Heritage Commerce Corp Rebecca Levey (408) 494-4513
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