Noninterest expense increased in the third quarter and first nine months of 2012 primarily due to the $601,300 one-time charge for the redemption of the $14 million fixed-rate subordinated debt. Noninterest expense for the third quarter of 2012 was $10.1 million, compared to $9.8 million for the third quarter of 2011, and $9.5 million for the second quarter of 2012. Noninterest expense in the first nine months of 2012 was $30.5 million, compared to $29.7 million in the first nine months of 2011.Income tax expense for the third quarter of 2012 was $939,000, compared to a tax benefit of $2.5 million for the third quarter of 2011, and an income tax expense of $1.2 million for the second quarter of 2012. For the first nine months of 2012, the income tax expense was $3.1 million, compared to a tax benefit of $1.1 million for the first nine months a year ago. The income tax benefit for the third quarter and the first nine months of 2011 included a $3.0 million reduction of a partial valuation allowance on deferred taxes.
Heritage Commerce Corp Earns $2.5 Million In The Third Quarter Of 2012
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