Last $8.94 USD
Change Today +0.04 / 0.45%
Volume 7.0K
HTBK On Other Exchanges
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As of 5:10 PM 12/24/14 All times are local (Market data is delayed by at least 15 minutes).

heritage commerce corp (HTBK) Key Developments

Heritage Commerce Corp. Declares Quarterly Cash Dividend and Series C Preferred Stock, Payable on November 24, 2014

Heritage Commerce Corp. announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share to holders of common stock and Series C Preferred Stock (on an as converted basis). The dividend will be payable on November 24, 2014, to shareholders of record on November 6, 2014.

Heritage Commerce Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Net Charge-Offs for the Third Quarter of 2014

Heritage Commerce Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net income of $3.4 million, or $0.11 per average diluted common share compared to $3.2 million or $0.10 per average diluted common share for the third quarter of 2013. Driven primarily by loan growth and increases in core deposits, net interest income increased 9% to $14.0 million compared to $12.8 million for the third quarter of 2013. Income before income taxes was $5,747,000 against $4,723,000 for the same period in the last year. Book value per share as at September 30, 2014 was $6.20 against $5.73 as at September 30, 2013. Tangible book value per share as at September 30, 2014 was $6.15 against $5.67 as at September 30, 2013. Annualized return on average equity was 7.46% against 7.58% a year ago. Annualized return on average tangible equity was 7.51% against 7.65% a year ago. Annualized return on average assets was 0.88% against 0.90% a year ago. Annualized return on average tangible assets was 0.88% against 0.90% a year ago. Interest income was $14.5 million compared to $13.5 million in last year. For the nine months, net income increased 20% to $9.8 million, or $0.31 per average diluted common share, from $8.2 million, or $0.26 per average diluted common share, for the nine months ended September 30, 2013. Net interest income increased 10% to $41.0 million compared to $37.1 million for the nine months ended September 30, 2013. Income before income taxes was $15,370,000 against $11,707,000 for the same period in the last year. Annualized return on average equity was 7.34% against 6.44% a year ago. Annualized return on average tangible equity was 7.40% against 6.51% a year ago. Annualized return on average assets was 0.88% against 0.78% a year ago. Annualized return on average tangible assets was 0.88% against 0.78% a year ago. Interest income was $42.5 million compared to $39.2 million in last year. The company reported net charge-offs of $27,000 for the third quarter of 2014, compared to net recoveries of $534,000 for the third quarter of 2013.

Heritage Commerce Corp. Announces the Resignation of Celeste Ford as A Board of Director Effective August 1, 2014

On July 24, 2014, the Board of Directors of Heritage Commerce Corp. accepted Celeste Ford’s resignation from the Board of Directors to be effective August 1, 2014.

Heritage Commerce Corp. Declares Quarterly Cash Dividend, Payable on August 27, 2014

Heritage Commerce Corp. announced that its Board of Directors increased the quarterly cash dividend 25% to $0.05 per share, from $0.04 per share, to holders of common stock and Series C Preferred Stock (on an as converted basis). The dividend will be payable on August 27, 2014, to shareholders of record on August 7, 2014.

Heritage Commerce Corp Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Heritage Commerce Corp. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net interest income before provision for loan losses was $13,685,000 against $12,153,000 a year ago. Net interest income after provision for loan losses was $13,883,000 against $12,423,000 a year ago. Income before income taxes was $4,996,000 against $3,949,000 a year ago. Net income available to common shareholders was $3,100,000 or $0.10 per diluted share against $2,793,000 or $0.09 per diluted share a year ago. Book value per share as at the end of the period was $6.14. Tangible book value per share as at the end of the period was $6.09. Annualized return on average equity was 7.45% against 6.53% a year ago. Annualized return on average tangible equity was 7.51% against 6.60% a year ago. Annualized return on average assets was 0.91% against 0.82% a year ago. Annualized return on average tangible assets was 0.91% against 0.82% a year ago. For the six months, net interest income before provision for loan losses was $27,019,000 against $24,306,000 a year ago. Net interest income after provision for loan losses was $27,227,000 against $24,576,000 a year ago. Income before income taxes was $9,623,000 against $6,984,000 a year ago. Net income available to common shareholders was $5,952,000 or $0.20 per diluted share against $4,973,000 or $0.16 per diluted share a year ago. Annualized return on average equity was 7.28% against 5.88% a year ago. Annualized return on average tangible equity was 7.33% against 5.94% a year ago. Annualized return on average assets was 0.88% against 0.71% a year ago. Annualized return on average tangible assets was 0.88% against 0.71% a year ago.

 

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Valuation HTBK Industry Range
Price/Earnings 21.5x
Price/Sales 3.8x
Price/Book 1.4x
Price/Cash Flow 17.7x
TEV/Sales 1.0x
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