Heritage commerce corp (HTBK)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Sep'10Jun'10
Interest income:
Loans, including fees

34,782

35,486

27,264

27,251

26,807

28,364

28,632

26,355

22,284

22,234

22,507

21,207

20,398

20,049

20,312

19,735

19,188

19,899

17,713

15,643

15,004

14,374

12,077

11,617

11,139

10,697

10,733

10,051

10,089

10,046

10,146

10,292

10,316

10,565

10,530

10,685

10,989

12,041

12,737

Securities, taxable

3,948

3,687

3,504

4,136

4,509

4,099

3,483

3,767

3,862

3,809

3,596

3,442

2,877

2,428

2,401

2,829

2,774

1,879

1,670

1,554

1,604

1,225

1,675

2,047

2,170

1,829

2,247

2,399

2,462

2,766

2,681

2,975

3,097

2,390

2,457

2,278

1,963

1,246

1,459

Securities, exempt from Federal tax

511

524

530

546

548

550

555

560

560

562

563

565

566

567

569

575

579

594

568

515

506

507

506

506

506

488

436

358

248

-

5

-

-

-

-

-

-

-

-

Other investments, interest-bearing deposits in other financial institutions and Federal funds sold

1,701

2,774

1,952

1,556

1,585

2,365

1,940

1,298

1,171

1,547

1,289

893

856

947

592

365

521

524

355

463

252

611

234

22

40

609

42

30

68

39

30

29

36

55

33

52

34

74

16

Total interest income

40,942

42,471

33,250

33,489

33,449

35,378

34,610

31,980

27,877

28,152

27,955

26,107

24,697

23,991

23,874

23,504

23,062

22,896

20,306

18,175

17,366

16,717

14,492

14,192

13,855

13,623

13,458

12,838

12,867

12,958

12,862

13,296

13,449

13,010

13,020

13,015

12,986

13,361

14,212

Interest expense:
Deposits

1,785

2,286

2,042

1,995

1,836

1,734

1,575

1,239

958

1,123

1,051

946

871

866

826

760

747

739

623

533

508

505

500

506

521

574

575

595

625

656

690

738

716

751

852

1,068

1,271

1,929

2,157

Subordinated debt

577

955

583

577

571

583

583

577

571

-

583

228

-

-

-

-

-

-

-

-

-

-

-

-

-

0

51

90

88

91

346

472

474

470

468

467

466

473

468

Short-term borrowings

-

-

-

1

-

-

1

-

-

-

-

-

-

0

1

0

11

-

-

-

-

-

-

1

-

0

1

0

1

-

2

2

-

-

-

-

-

31

46

Repurchase agreements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

97

113

Other

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1

8

53

-

-

Total interest expense

2,362

3,242

2,625

2,573

2,407

2,318

2,159

1,816

1,529

1,708

1,634

1,174

871

867

826

760

758

758

623

533

508

625

500

507

521

574

627

685

714

747

1,038

1,212

1,190

1,222

1,320

1,543

1,790

2,530

2,784

Net interest income before provision for credit losses on loans (1)

38,580

39,229

30,625

30,916

31,042

33,060

32,451

30,164

26,348

26,444

26,321

24,933

23,826

23,124

23,048

22,744

22,304

22,138

19,683

17,642

16,858

16,092

13,992

13,685

13,334

13,049

12,831

12,153

12,153

12,211

11,824

12,084

12,259

11,788

11,700

11,472

11,196

10,831

11,428

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

13,270

3,223

-576

-740

-1,061

142

-425

7,198

506

-291

115

-46

321

240

245

351

401

371

-301

22

-60

-106

-24

-198

-10

-

-534

-270

-

669

1,200

815

100

1,229

1,515

955

770

2,058

18,600

Net interest income after provision for credit losses on loans

25,310

36,006

31,201

31,656

32,103

32,918

32,876

22,966

25,842

26,735

26,206

24,979

23,505

22,884

22,803

22,393

21,903

21,767

19,984

17,620

16,918

16,198

14,016

13,883

13,344

13,061

13,365

12,423

12,153

11,542

10,624

11,269

12,159

10,559

10,185

10,517

10,426

8,773

-7,172

Noninterest income:
Service charges and fees on deposit accounts

969

1,140

1,032

1,177

1,161

1,132

1,107

972

902

821

869

801

740

768

798

783

767

717

748

715

623

622

631

646

620

617

645

618

577

567

575

601

590

596

605

587

567

536

579

Gain on the disposition of foreclosed assets

791

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Increase in cash surrender value of life insurance

458

405

336

333

330

229

216

237

363

407

417

420

422

430

428

440

449

472

429

396

400

404

401

397

398

414

414

410

416

428

434

429

429

436

426

419

425

428

413

Servicing income

183

156

139

150

191

176

163

189

181

237

246

205

285

292

364

371

371

324

214

299

306

319

316

313

348

365

331

385

365

407

429

447

460

463

434

435

411

442

425

Gain on sales of securities

100

-

330

548

-

0

0

179

87

0

0

0

-6

572

0

347

180

-

-

-

-

0

47

0

50

0

0

7

31

396

1,105

32

27

-

-

-

-

1,492

-

Gain on sales of SBA loans

67

358

156

36

139

147

236

80

235

473

147

164

324

143

69

279

305

183

267

186

207

113

259

442

157

76

103

134

136

69

221

376

36

338

268

476

379

429

163

Gain on proceeds from company-owned life insurance

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,019

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on sales of other loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-887

-

Other

625

551

625

521

647

709

484

1,123

427

626

781

703

530

734

653

421

542

491

408

568

390

354

216

249

444

426

245

361

138

237

184

205

181

131

179

253

135

288

298

Total noninterest income

3,193

2,393

2,618

2,765

2,468

2,393

2,206

2,780

2,195

2,564

2,460

2,293

2,295

3,039

2,312

3,660

2,614

2,829

2,066

2,164

1,926

1,812

1,870

2,047

2,017

1,898

1,738

1,915

1,663

2,104

2,948

2,090

1,723

2,423

1,912

2,170

1,917

2,728

1,878

Noninterest expense:
Salaries and employee benefits

14,203

18,819

10,467

10,698

10,770

8,770

10,719

14,496

9,777

7,953

9,071

9,209

9,486

7,334

8,363

8,742

8,947

9,034

10,358

7,712

8,042

6,960

6,228

6,819

6,243

5,803

5,772

5,864

6,011

5,342

5,336

5,377

5,667

5,070

5,000

5,111

5,393

5,272

5,491

Occupancy and equipment

1,772

2,013

1,550

1,578

1,506

1,484

1,559

1,262

1,106

1,152

1,142

1,216

1,068

1,092

1,120

1,081

1,085

1,156

1,063

1,036

1,045

1,066

1,055

987

945

961

986

1,028

1,068

993

1,041

967

996

1,002

1,012

1,031

1,038

1,081

983

Acquisition and integration related costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

234

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Professional fees

1,435

899

789

753

818

853

721

-289

684

543

695

673

1,071

852

1,086

708

825

882

612

239

95

562

617

126

586

604

602

400

982

608

587

470

1,211

859

707

456

839

780

1,144

Other

8,364

8,895

5,103

5,416

4,824

5,834

4,729

9,393

4,423

5,674

3,926

4,156

3,703

4,999

3,727

3,850

3,828

6,289

4,386

3,630

3,094

8,149

968

1,432

1,479

6,152

1,427

1,466

1,344

1,555

1,180

1,132

1,471

1,050

1,500

1,608

1,738

1,233

1,792

Data processing

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

238

273

230

-

259

327

252

239

252

247

245

224

234

198

220

188

219

Software subscriptions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

264

191

247

-

381

294

291

271

275

313

290

293

256

274

255

261

252

Insurance expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

292

269

269

-

255

253

254

265

198

224

224

224

232

244

241

241

269

Correspondent bank charges

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

174

183

182

-

170

179

164

157

156

155

143

-

-

-

-

-

-

Amortization of intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

115

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Advertising and promotion

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

87

269

149

-

-

-

-

-

-

-

-

-

-

-

-

-

-

FDIC deposit insurance premiums

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

220

220

234

-

200

207

259

243

248

202

225

220

167

383

524

849

1,019

Foreclosed assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

37

-18

-

8

-96

-155

-274

9

105

115

157

84

127

21

49

69

Premium on redemption of subordinated debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-167

-

-

-

-

-

-

-

-

-

-

-

Low income housing investment losses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

320

300

311

-

264

262

269

216

617

40

162

214

133

Subordinated debt redemption charges

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

601

-

-

-

-

-

-

-

-

Writedown of loans held-for-sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,080

-

Impairment of goodwill

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

43,181

Total noninterest expense

25,774

30,626

17,909

18,445

17,918

16,941

17,728

24,862

15,990

15,322

14,834

15,254

15,328

14,277

14,296

14,381

14,685

17,361

16,419

12,617

12,276

12,415

10,492

10,769

10,546

8,920

10,380

10,389

10,781

8,604

10,147

9,454

10,856

9,860

9,809

9,472

10,431

11,248

54,552

Income before income taxes

2,729

7,773

15,910

15,976

16,653

18,370

17,354

884

12,047

13,977

13,832

12,018

10,472

11,646

10,819

11,672

9,832

7,235

5,631

7,167

6,568

5,595

5,394

5,161

4,815

6,039

4,723

3,949

3,035

5,042

3,425

3,905

3,026

3,122

2,288

3,215

1,912

253

-59,846

Income tax expense

868

2,088

4,633

4,623

4,507

5,138

4,979

-31

3,238

12,719

5,249

4,569

3,934

4,431

4,054

4,377

3,726

2,812

2,172

2,690

2,430

1,993

1,969

1,837

1,739

2,685

1,510

1,156

855

2,373

939

1,226

951

235

-2,529

1,129

331

-398

-5,753

Net income

1,861

5,685

11,277

11,353

12,146

13,232

12,375

915

8,809

1,258

8,583

7,449

6,538

7,215

6,765

7,295

6,106

4,423

3,459

4,477

4,138

3,602

3,425

3,324

3,076

3,354

3,213

2,793

2,180

2,669

2,486

2,679

2,075

2,887

4,817

2,086

1,581

651

-54,093

Dividends on preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

0

504

504

504

448

448

448

448

280

280

224

224

-

168

-

-

-

0

0

1,206

601

532

604

596

193

1,009

Distributed and undistributed earnings allocated to common shareholders

-

-

-

-

-

-

-

-

-

-

-

-

-

5,937

6,261

6,791

5,602

3,063

3,011

4,029

3,690

3,322

3,145

3,100

2,852

3,186

3,045

2,793

2,180

2,669

2,486

2,679

869

2,286

4,285

1,482

985

458

-55,102

Undistributed earnings allocated to Series C preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-1

300

576

403

-

111

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributed and undistributed earnings allocated to common shareholders

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,961

6,215

5,199

-

2,900

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Earnings per common share:
Basic (in dollars per share)

0.03

0.07

0.26

0.26

0.28

0.31

0.29

0.02

0.23

0.04

0.22

0.20

0.17

0.19

0.18

0.19

0.16

0.11

0.10

0.14

0.13

0.11

0.11

0.10

0.10

0.10

0.10

0.09

0.07

0.08

0.08

0.08

0.03

0.07

0.13

0.05

0.03

0.01

-4.66

Diluted (in dollars per share)

0.03

0.04

0.26

0.26

0.28

0.31

0.28

0.02

0.23

0.04

0.22

0.19

0.17

0.19

0.18

0.19

0.16

0.11

0.10

0.14

0.13

0.11

0.11

0.10

0.10

0.10

0.10

0.09

0.07

0.08

0.08

0.08

0.03

0.07

0.13

0.05

0.03

0.01

-4.66