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.
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
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