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Heritage Commerce Corp Reports Net Income Available To Shareholders Of $2.7 Million For The Fourth Quarter Of 2012 And $8.7 Million For 2012

SAN JOSE, Calif., Jan. 24, 2013 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (Nasdaq:HTBK), the holding company (the "Company") for Heritage Bank of Commerce (the "Bank"), today reported net income of $2.7 million for the fourth quarter of 2012, or $0.08 per average diluted common share, driven by strong deposit growth, increased loan demand and a lower provision for loan losses. There were no dividends and discount accretion on preferred stock in the fourth quarter of 2012. Net income for the fourth quarter of 2011 was $2.9 million, which included the elimination of a $700,000 partial valuation allowance on the Company's deferred tax asset. After dividends and discount accretion on preferred stock of $601,000, net income available to common shareholders for the fourth quarter of 2011 was $2.3 million, or $0.07 per average diluted common share. Income before income taxes for the fourth quarter of 2012 increased 23% to $3.8 million, compared to $3.1 million for the fourth quarter of 2011. 

For the year ended December 31, 2012, net income available to common shareholders was $8.7 million, or $0.27 per average diluted common share. For the year ended December 31, 2011, net income available to common shareholders was $9.0 million, or $0.28 per average diluted common share, which included the elimination of a $3.7 million partial valuation allowance on the Company's deferred tax asset. Income before income taxes for the year ended December 31, 2012 increased 35% to $14.2 million, compared to $10.5 million for the year ended December 31, 2011. All results are unaudited.

"Throughout 2012, we remained focused on executing our capital management strategy, prudently managing our operations, investing in our franchise and producing steady growth and earnings. As a result, and thanks to the dedication and hard work of our Board of Directors and employees, we posted our tenth consecutive quarter of profitability," said Walter Kaczmarek, President and Chief Executive Officer. "We significantly grew deposits both on a year-over-year and linked quarter basis. We increased loan balances by $12.9 million, or 2%, during the fourth quarter of 2012 and by $47.7 million, or 6%, for the year ended December 31, 2012 from the comparable periods in 2011. Our strategy of developing strong relationships with our customers has led to our growth and earnings improvement."

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