{"id":25833,"date":"2012-04-27T08:42:00","date_gmt":"2012-04-27T08:42:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/heritage-commerce-htbk-solid-balance-sheet\/25825\/"},"modified":"2012-04-27T08:42:00","modified_gmt":"2012-04-27T08:42:00","slug":"heritage-commerce-htbk-solid-balance-sheet","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/heritage-commerce-htbk-solid-balance-sheet\/25833\/","title":{"rendered":"Heritage Commerce &#8211; HTBK &#8211; Solid balance sheet"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong>Heritage Commerce Corp (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=HTBK\">Nasdaq: HTBK<\/a>),<\/strong> the holding company for Heritage Bank of Commerce, reported net income of $2.1 million on an unaudited basis for the first quarter ended March 31, 2012, compared to $1.6 million for the first quarter a year ago. After accrued dividends and discount accretion on preferred stock of $1.2 million, net income available to common shareholders was $869,000, or $0.03 per average diluted common share, for the first quarter of 2012. Net income available to common shareholders was $985,000, or $0.03 per average diluted common share, for the first quarter of 2011, after accrued dividends and discount accretion on preferred stock of $596,000.<\/p>\n<p>HTBK repurchased the $40\u00a0million of Series\u00a0A preferred stock issued to the U.S. Treasury Department under the TARP Capital Purchase Program and paid the final dividend of approximately $122,000 on March 7, 2012, in accordance with approvals received from the U.S. Treasury and the Federal Reserve. The preferred stock was initially recorded at a discount, and the repurchase accelerated the accretion of the remaining discount on the preferred stock. While the accelerated accretion did not impact net income, it resulted in a one-time non-cash reduction in net income available to common shareholders of approximately $765,000 in the first quarter of 2012. Total dividends and discount accretion on preferred stock, including the accelerated accretion, reduced net income available to common shareholders by $1.2 million in the first quarter of 2012.<\/p>\n<p>\u201cWith continued profitability, strong capital levels and a solid balance sheet, the Company exited the TARP Capital Purchase Program in early March, 2012. We repaid the entire investment made by the U.S. Treasury from our current capital and liquidity,\u201d said Walter Kaczmarek, President and Chief Executive Officer. \u201cThe repurchase of our TARP funds reflects the strength of our balance sheet and earnings. In addition, we will save $2 million annually in dividend payments as a result of the preferred share repurchase. During the time we participated in the TARP Capital Purchase Program, the Company paid $6.6 million in cash dividends to the U.S. Treasury.\u201d<\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p><strong>About Heritage Commerce Corp<\/strong><strong>, (<\/strong><strong>HTBK)<\/strong><\/p>\n<p>Heritage Commerce Corp, (HTBK) 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 an additional Loan Production Office in Santa Rosa, California.<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-rise-sharply-as-u-s-economy-slows\/25941\"><br \/>\nGold Prices Rise Sharply as U.S. Economy Slows<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-higher-nasdaq-posts-best-weekly-gain-in-nearly-three-months\/25911\"><br \/>\nStocks End Higher; Nasdaq Posts Best Weekly Gain in Nearly Three Months<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-extend-gains-in-mid-day-trading-21\/25906\"><br \/>\nStocks Extend Gains in Mid-Day Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-climb-above-1660-as-u-s-q1-gdp-falls-short-of-expectations-silver-prices-also-edge-higher\/25904\"><br \/>\nGold Prices Climb Above $1,660 as U.S. Q1 GDP Falls Short of Expectations; Silver Prices Also Edge Higher<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/amazon-reports-q1-results-amzn\/25902\"><br \/>\nAmazon Reports Q1 Results (AMZN)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-hold-on-to-modest-gains\/25870\"><br \/>\nStocks Hold on to Modest Gains<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-flat-in-early-trading-3\/25851\"><br \/>\nStocks Flat in Early Trading<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Heritage Commerce Corp (Nasdaq: HTBK), the holding company for Heritage Bank of Commerce, reported net income of $2.1 million on [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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