Heritage commerce corp (HTBK)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income

40,461

35,331

23,828

27,381

16,497

13,427

11,540

9,909

11,371

-55,857

-11,985

Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of discounts and premiums on securities

-2,590

-3,788

-4,344

-4,265

-1,384

-1,163

-2,231

-2,588

-1,634

1,557

259

(Gain) loss on sale of securities available-for-sale

661

266

-6

1,099

642

97

38

1,560

459

1,955

231

(Gain) on sale of SBA loans

689

698

1,108

796

843

971

449

702

1,461

1,058

1,306

Proceeds from sale of SBA loans originated for sale

10,096

11,765

14,733

11,371

11,497

15,858

6,174

10,040

16,857

19,824

12,023

SBA loans originated for sale

8,504

15,214

13,730

14,434

14,906

12,911

9,234

11,994

7,634

21,599

20,630

Loss on sale of other loans

-

-

-

-

-

-

-

-

-

-887

-

Writedowns on other loans held-for-sale

-

-

-

-

-

-

-

-

29

1,080

-

Provision (credit) for credit losses on loans(1)

846

7,421

99

1,237

32

-338

-816

2,784

4,469

26,804

33,928

Increase in cash surrender value of life insurance

1,404

1,045

1,666

1,747

1,697

1,600

1,654

1,720

1,706

1,677

1,664

Gain on proceeds from company owned life insurance

-

-

-

1,119

-

51

-

-

-

-

-

Depreciation and amortization

846

753

786

763

685

725

729

750

766

799

807

Goodwill impairment

-

-

-

-

-

-

-

-

-

43,181

-

Amortization of other intangible assets

2,739

1,943

1,361

1,568

1,043

510

473

491

523

575

642

Gain on sale of foreclosed assets, net

-

-

-

-

106

-

243

530

10

-576

-79

Stock option expense, net

640

708

838

937

974

862

593

461

566

41

1,284

Amortization of restricted stock awards, net

1,283

1,109

912

479

265

-9

200

148

75

89

84

Amortization of subordinated debt issuance costs

185

186

110

-

-

-

-

-

-

-

-

Effect of changes in:
Accrued interest receivable and other assets

-8,407

-1,572

-10,497

1,238

-16,274

2,428

-4,694

-4,717

675

-4,664

12,866

Accrued interest payable and other liabilities

-6,492

1,219

348

-1,669

-1,963

5,244

2,063

659

-2,904

1,064

-1,944

Net cash provided by operating activities

50,343

48,572

41,358

25,899

28,494

19,384

16,263

16,041

21,441

15,881

-2,038

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of securities available-for-sale

111,954

162,806

144,898

75,803

232,644

53,292

17,844

154,414

233,092

197,978

147,590

Purchase of securities held-to-maturity

50,041

31,496

120,505

239,441

9,482

4,595

51,044

33,317

-

-

-

Maturities/paydowns/calls of securities available-for-sale

53,566

57,142

57,862

67,562

31,195

24,917

62,531

108,026

52,427

31,864

131,362

Maturities/paydowns/calls of securities held-to-maturity

59,361

50,773

44,277

23,415

3,931

3,899

3,851

1,553

-

-

-

Proceeds from sales of securities available-for-sale

167,551

94,291

6,536

75,689

71,832

108,603

26,944

40,587

45,014

46,012

15,272

Net change in SBA loans previously transferred to held-for-sale

-

-

-

-

-

-

-

-

-

358

1,118

Proceeds from sales of SBA loans previously transferred to held-for-sale

-

-

-

-

-

-

-

-

-

2,816

20,795

Net change in other loans transferred to held-for-sale

-

-

-

-

-

-

-

-

-49

-1,223

-

Proceeds from sale of other loans transferred to held-for-sale

-

-

-

-

-

-

-

220

1,769

10,303

-

Net change in loans

-33,810

-38,394

77,199

139,792

97,898

131,648

97,910

54,042

-68,155

-168,390

-121,989

Changes in Federal Home Loan Bank stock and other investments

-1,161

4,483

2,715

2,502

1,788

163

-293

803

751

720

638

Purchase of company owned life insurance

-

-

-

-

-

-

-

250

1,000

-

-

Purchase of premises and equipment

203

187

649

480

1,007

817

500

239

349

190

296

Cash received in bank acquisition, net of cash paid

-117,988

-36,028

-

-

-165,786

21,918

-

-

-

-

-

Proceeds from sale of foreclosed assets

-

-

-

49

1,571

-

850

2,148

3,639

12,288

4,196

Proceeds from company-owned life insurance

-

-

-

3,739

-

406

-

-

-

308

-

Net cash provided by investing activities

271,239

77,656

-237,291

-287,564

-68,504

-74,608

-72,829

-90,531

-64,139

73,958

143,972

CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in deposits

2,977

-262,085

220,849

199,365

269,266

102,165

-193,147

429,940

55,510

-95,367

-64,765

Issuance of subordinated debt, net of issuance costs

-

-

39,073

-

-

-

-

-

-

-

-

Short-term borrowings

-

-

-

-3,000

3,000

-

-

-

-

-

-

Repayment of preferred stock

-

-

-

-

-

-

-

40,000

-

-

-

Repayment of short-term borrowings

-

-

-

-

-

31,647

-

-

-

-

-

Redemption of subordinated debt

10,000

-

-

-

-

-

9,279

14,423

-

-

-

Payment for early debt extinguishment penalty

300

-

-

-

-

-

-

-

-

-

-

Net change in securities sold under agreement to repurchase

-

-

-

-

-

-

-

-

-5,000

-20,000

-10,000

Net change in note payable

-

-

-

-

-

-

-

-

-

-

-15,000

Net change in short-term borrowings

-114

-

-

-

-

-

-

-

-2,445

-17,555

-35,000

Repurchase of warrant

-

-

-

-

-

-

140

-

-

-

-

Exercise of stock options

1,626

2,667

1,368

938

315

262

88

39

-

-

-

Common stock offering costs

246

-

-

-

144

-

-

-

-

-

-

Issuance of preferred stock, net of offering costs

-

-

-

-

-

-

-

-

-

69,698

-

Payment of cash dividends - Series A preferred stock

-

-

-

-

-

-

-

373

4,672

-

1,467

Payment of cash dividends

22,723

18,464

15,238

13,627

10,738

5,758

1,916

-

-

-

236

Net cash used in financing activities

-28,780

-277,882

246,052

183,676

261,699

65,022

-204,394

375,183

43,393

-63,224

-126,468

Net (decrease) increase in cash and cash equivalents

292,802

-151,654

50,119

-77,989

221,689

9,798

-260,960

300,693

695

26,615

15,466

Supplemental disclosures of cash flow information:
Interest paid

9,935

7,528

5,166

3,214

2,427

2,166

2,685

4,694

7,901

8,896

19,030

Income taxes paid (net of refunds)

17,730

12,838

17,256

16,530

6,904

4,280

2,021

2,730

490

-6,357

605

Supplemental schedule of non-cash activity:
Due to broker for securities purchased

-

-

-

6,693

-

-

961

3,493

5,175

2,902

4,065

Recording of right to use assets in exchange for lease obligations

9,566

-

-

-

-

-

-

-

-

-

-

Transfer of loans held-for-sale to loan portfolio

694

4,917

2,391

5,451

2,543

-

3,770

87

235

2,367

-

Transfer of portfolio loans to loans held-for-sale

-

-

-

-

-

-

-

-

-

17,079

20,506

Transfer securities from available-for-sale to held-to-maturity

-

-

-

-

-

-

-

15,498

-

-

-

Loans transferred to foreclosed assets

-

-

-

278

1,236

229

33

2,056

4,565

11,919

5,856

Conversion of Series B preferred stock to common stock

-

-

-

-

-

-

-

-

-

50,179

-