Heritage Commerce Corp (HTBK, Financial) filed Quarterly Report for the period ended 2012-06-30.
Heritage Commerce Corp. has a market cap of $158.5 million; its shares were traded at around $6.17 with a P/E ratio of 19.5 and P/S ratio of 2.6.
loan sales resulted in a $412,000 gain, compared to an $855,000 gain on sale of SBA loans for the six months ended June 30, 2011. The servicing assets that result from the sale of SBA loans with servicing retained, are amortized over the expected term of the loans using a method approximating the interest method. Servicing income generally declines as the respective loans are repaid.
The difference in the effective tax rate compared to the combined Federal and state statutory tax rate of 42% is primarily the result of the Company's investment in life insurance policies whose earnings are not subject to taxes and tax credits related to investments in low income housing limited partnerships.
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Heritage Commerce Corp. has a market cap of $158.5 million; its shares were traded at around $6.17 with a P/E ratio of 19.5 and P/S ratio of 2.6.
Highlight of Business Operations:
The Company's net interest margin, expressed as a percentage of average earning assets, remained flat at 3.95% for the second quarter of 2012, compared to the second quarter a year ago, as a decrease in average yields on loans and investment securities was mainly offset by a lower cost of deposits in the second quarter of 2012. For the first six months of 2012, the net interest margin increased to 4.01%, compared to 3.95% for the first six months of 2011, primarily as a result of a higher yield on loans, a lower level of interest-bearing deposits in other institutions, and a lower cost of deposits.loan sales resulted in a $412,000 gain, compared to an $855,000 gain on sale of SBA loans for the six months ended June 30, 2011. The servicing assets that result from the sale of SBA loans with servicing retained, are amortized over the expected term of the loans using a method approximating the interest method. Servicing income generally declines as the respective loans are repaid.
The difference in the effective tax rate compared to the combined Federal and state statutory tax rate of 42% is primarily the result of the Company's investment in life insurance policies whose earnings are not subject to taxes and tax credits related to investments in low income housing limited partnerships.
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