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SOURCE The Journal of Commerce
Copyright (C) 2012 PR Newswire. All rights reserved
Heritage Commerce Corp Reports Net Income Allocable to Shareholders of $2.3 …
SAN JOSE, Calif., Jan 26, 2012 (BUSINESS WIRE) --
Heritage Commerce Corp
/quotes/zigman/72927/quotes/nls/htbk HTBK
+2.73%
, the holding company ("the
Company") for Heritage Bank of Commerce ("the Bank"), today reported
that after accrued dividends and discount accretion on preferred stock,
2011 net income allocable to common shareholders totaled $9.0 million,
or $0.28 per average diluted common share; a significant improvement
from the net loss allocable to shareholders of ($58.3) million, or
($3.64) per average diluted common share in 2010. For the fourth quarter
of 2011, after accrued dividends and discount accretion on preferred
stock, net income allocable to common shareholders was $2.3 million, or
$0.07 per average diluted common share, compared to net income allocable
to common shareholders of $1.1 million, or $0.03 per average diluted
common share, for the fourth quarter of 2010. All results are unaudited.
"We are very encouraged by our fourth quarter results, as the Company
was able to post its sixth consecutive quarter of profitability in what
many would describe as a continuing difficult and uncertain economic
environment," said Walter Kaczmarek, President and Chief Executive
Officer. "Contributing to these results was management's ongoing efforts
to improve credit quality metrics. In fact, we posted our seventh
consecutive quarterly decline in nonperforming loans with classified
assets dropping 35% in the fourth quarter from a year ago."
"Although we are encouraged by these positive trends and improvements in
the underlying risk of the Company's loan portfolio, we will continue to
monitor the improving credit trends and maintain our reserves at the
appropriate level; all the while preserving the strength of our balance
sheet," added Mr. Kaczmarek.
"Our Company's capital position remains strong, ending the year with a
total risk-based capital ratio of 21.9%," continued Mr. Kaczmarek. "We
are stronger than we were at the beginning of 2011, and we continue to
gain momentum in expanding our franchise and building upon our
reputation as a trusted provider of financial products and services. We
are focused on growing our business and achieving industry-leading
performance and returns for the benefit of our shareholders, customers,
employees, and communities."
2011 Highlights and Significant Events (at or for the periods
ended December 31, 2011, compared to December 31, 2010, and September
30, 2011):
--
The Company reported 2011 net income allocable to common shareholders
of $9.0 million, or $0.28 per average diluted common share.
--
Improvements in asset quality continued as reflected in the following
metrics:
--
Nonperforming assets declined 44% year-over-year to $19.1 million,
or 1.47% of total assets at December 31, 2011, from $34.4 million,
or 2.76% of total assets a year ago, and remained relatively flat
compared to $19.2 million, or 1.53% of total assets at September
30, 2011.
--
Classified assets declined 35% to $59.5 million at December 31,
2011, from $91.8 million at December 31, 2010, and fell 18% from
$72.4 million at September 30, 2011.
--
Classified assets to Tier 1 capital plus the allowance for loan
losses at the holding company and the bank level improved to 27%
and 30% at December 31, 2011, respectively, compared to 43% and
50% at December 31, 2010, and 33% and 37% at September 30, 2011.
--
The provision for loan losses was $4.5 million for the year ended
December 31, 2011, compared to $26.8 million for the year ended
December 31, 2010. The provision for loan losses was $1.2 million
for the fourth quarter of 2011, compared to $1.1 million for the
fourth quarter a year ago, and $1.5 in the third quarter of 2011.
--
The allowance for loan losses was $20.7 million, or 2.71% of total
loans at December 31, 2011, compared to $25.2 million, or 2.98% of
total loans at December 31, 2010, and $21.0 million, or 2.71% of
total loans at September 30, 2011.
--
The allowance for loan losses to total nonperforming loans
(excluding nonaccrual loans held-for-sale) improved to 124.37% at
December 31, 2011, compared to 81.10% at December 31, 2010, and
118.51% at September 30, 2011.
--
Noninterest-bearing demand deposits rose 23% to $344.3 million at
December 31, 2011, from $280.3 million at December 31, 2010, and
remained stable compared to $344.5 million at September 30, 2011.
--
The total cost of deposits decreased 34 basis points to 0.28% for the
fourth quarter of 2011, from 0.62% for the fourth quarter of 2010, and
decreased 6 basis points from 0.34% for the third quarter of 2011.
--
The net interest margin ("NIM") increased 28 basis points to 3.87% in
the fourth quarter of 2011, from 3.59% in the fourth quarter of 2010,
and compressed 14 basis points from 4.01% in the third quarter of
2011. Lower average loan balances and lower yields on securities due
to accelerated prepayment speeds on mortgage-backed securities
contributed to the margin compression from the preceding quarter. NIM
was up 25 basis points to 3.94% for the full year-over-year
comparison, from 3.69% in 2010.
--
The Company had a $3.7 million partial valuation allowance on deferred
tax assets as of December 31, 2010. The Company reversed the partial
valuation allowance in 2011, based on the Company's estimate that it
is more likely than not that the remaining net deferred tax assets
will be realized.
--
Capital ratios substantially exceed regulatory requirements for a
well-capitalized financial institution at both a holding company and
bank level at December 31, 2011:
Well-Capitalized Heritage Commerce Heritage Bank of
Capital Ratios Regulatory Guidelines Corp Commerce
----------------- --------------------- ----------------- ----------------
Total Risk-Based 10.0% 21.9% 19.7%
Tier 1 Risk-Based 6.0% 20.6% 18.5%
Leverage 5.0% 15.3% 13.7%
----------------- --------------------- ----------------- ----------------
Balance Sheet Review, Credit Quality and Capital Management
Heritage Commerce Corp's total assets increased 5% to $1.31 billion at
December 31, 2011, from $1.25 billion a year ago, and at September 30,
2011.
The investment securities portfolio totaled $380.5 million at December
31, 2011, an increase of 64% from $232.2 million at December 31, 2010,
and an increase of 22% from $312.1 million at September 30, 2011. At
December 31, 2011, the investment portfolio was comprised of $350.4
million agency mortgage-backed securities, all of which were issued by
U.S. Government sponsored entities, and $30.1 million of single entity
issue trust preferred securities.
Loans, excluding loans held-for-sale, totaled $764.6 million at December
31, 2011, down 10% from $846.0 million at December 31, 2010, and down 2%
from $776.7 million at September 30, 2011. The decline in loan balances
of $12.1 million from the third quarter of 2011 to the fourth quarter of
2011 was primarily due to the payoff of classified assets. The loan
portfolio remains well-diversified with commercial and industrial
("C&I") loans accounting for 48% of the portfolio at December 31, 2011.
Commercial and residential real estate loans accounted for 41% of the
total loan portfolio, of which 51% were owner-occupied by businesses.
Land and construction loans continued to decrease, accounting for only
3% of the total loan portfolio at the end of 2011, compared to 7% at
December 31, 2010, and 5% at September 30, 2011. Consumer and home
equity loans accounted for the remaining 8% of the total loan portfolio
at December 31, 2011.
The yield on the loan portfolio was 5.39% for the fourth quarter of
2011, compared to 5.25% for the same period in 2010, and 5.29% for the
third quarter of 2011.
"While our lending team is steadily bringing in new relationships, new
loan originations and usage of existing lines of credit have not kept
pace with loan payoffs, particularly in the construction portfolio,"
continued Mr. Kaczmarek. "Business owners in our market continued to
deleverage and conserve cash."
The following table summarizes the allowance for loan losses:
For the Three Months Ended:
----------------------------------------------------------
December 31, September 30, December 31,
2011 2011 2010
------------------ ------------------ ------------------
ALLOWANCE FOR LOAN LOSSES
(in $000's, unaudited)
Balance at beginning of quarter $ 21,049 $ 23,167 $ 25,290
Provision for loan losses during the quarter 1,230 1,515 1,050
Net charge-offs during the quarter (1,579) (3,633) (1,136)
------- ---- ------- ---- ------- ----
Balance at end of quarter $ 20,700 $ 21,049 $ 25,204
==== ======= ==== ======= ==== =======
Total loans $ 764,591 $ 776,684 $ 846,049
Total nonperforming loans $ 16,830 $ 17,953 $ 33,103
Other restructured loans still accruing $ 1,270 $ 1,313 $ 236
Allowance for loan losses to total loans 2.71 % 2.71 % 2.98 %
Allowance for loan losses to total nonperforming loans, excluding 124.37 % 118.51 % 81.10 %
nonaccrual loans - held-for-sale
Nonperforming assets declined $15.3 million to 1.47% of total assets, or
$19.1 million, at December 31, 2011, from 2.76% of total assets, or
$34.4 million, a year ago. At September 30, 2011, nonperforming assets
totaled $19.2 million or 1.53% of total assets. The following is a
breakout of nonperforming assets at December 31, 2011: 18% land and
construction loans; 33% SBA loans; 14% commercial and industrial loans;
11% commercial real estate loans; 12% restructured and loans over 90
days past due and still accruing; and 12% other real estate owned
("OREO") and other foreclosed assets. At December 31, 2011, the $19.1
million of nonperforming assets included $1.3 million of loans
guaranteed by the SBA and $1.8 million of restructured loans still
accruing interest income.
OREO was $156,000 at December 31, 2011, compared to $1.3 million at
December 31, 2010, and $1.2 million at September 30, 2011. Nonperforming
assets at December 31, 2011 also included $2.2 million of other
foreclosed assets.
Deposits totaled $1.0 billion at December 31, 2011, compared to $993.9
million at December 31, 2010, and $1.0 billion at September 30, 2011.
Noninterest-bearing demand deposits increased $64.0 million to $344.3
million at December 31, 2011, from $280.3 million a year ago, and
decreased $167,000 from $344.5 million at September 30, 2011. At
December 31, 2011, brokered deposits declined 14% to $84.7 million, from
$98.5 million at December 31, 2010, and declined 10% from $93.7 million
at September 30, 2011. Deposits, excluding brokered deposits, increased
8% to $964.7 million at December 31, 2011, compared to $895.5 million a
year ago and increased 6% compared to $912.4 million at September 30,
2011. The total cost of deposits decreased 34 basis points to 0.28% for
the fourth quarter of 2011 from 0.62% for the fourth quarter of 2010,
and decreased 6 basis points from 0.34% for the third quarter of 2011.
"We have a solid mix of deposits with noninterest-bearing deposits
increasing 23% from a year ago and representing 33% of total deposits at
December 31, 2011," added Mr. Kaczmarek. "With our improved capital
position, we are once again part of the depository base for the State of
California, that has $50 million in low cost deposits. In addition, we
are also less reliant on brokered CDs, and CDARS, which together have
declined 22% from a year ago and represent only 9% of total deposits."
Tangible equity was $195.3 million at December 31, 2011, compared to
$179.1 million at December 31, 2010, and $194.4 million at September 30,
2011. Tangible book value per common share was $5.20 at December 31,
2011, compared to $4.61 at December 31, 2010, and $5.17 at September 30,
2011. In the per common share data attached, the Company details the pro
forma tangible book value per share, assuming the Company's outstanding
Series C Preferred Stock issued in June 2010 is converted into common
stock. There were 21,004 shares of Series C Preferred Stock outstanding
at December 31, 2011 and the Series C Preferred Stock is convertible
into an aggregate of 5.6 million shares of common stock at a conversion
price of $3.75, upon a transfer of the Series C Preferred Stock in a
widely dispersed offering.
The Company's accumulated other comprehensive income was $955,000 at
December 31, 2011, compared to an accumulated other comprehensive loss
of ($4.7) million a year ago, and accumulated other comprehensive income
of $2.7 million at September 30, 2011. The components of accumulated
other comprehensive income at December 31, 2011 include the following
balances, net of deferred taxes: a $5.0 million unrealized gain on
available-for-sale securities; a ($3.0) million unrealized loss on the
supplemental executive retirement plan; a ($2.2) million unrealized loss
on the split-dollar life insurance benefit plan; and a $1.2 million
unrealized gain on interest-only strip from SBA loans.
Operating Results
Net interest income, before the provision for loan losses, increased 8%
to $11.8 million in the fourth quarter of 2011, from $10.9 million in
the fourth quarter a year ago, and increased 1% from $11.7 million in
the third quarter of 2011. Net interest income for the year ended
December 31, 2011 was $46.2 million, compared to $44.6 million a year
ago. The net interest income increased primarily due to an increase in
the average balance of investment securities, and a decrease in the
average balance and rates paid on interest-bearing liabilities,
partially offset by a decrease in the average balance of loans.
The net interest margin improved 28 basis points to 3.87% for the fourth
quarter of 2011, compared to 3.59% for the same quarter a year ago, and
decreased 14 basis points from 4.01% for the third quarter of 2011. The
NIM increased 25 basis points to 3.94% for the year ended December 31,
2011, compared to 3.69% for the year ended December 31, 2010. The
increase in the NIM for the quarter and year ended December 31, 2011
compared to the same periods in 2010 was primarily due to a higher yield
on loans and a lower cost of deposits. The decrease in the NIM for the
fourth quarter of 2011, compared to the third quarter of 2011 was
primarily due to lower average loan balances and lower yields on
securities as a result of accelerated prepayments on mortgage-backed
securities.
The Company's provision for loan losses was $1.2 million for the fourth
quarter of 2011, compared to $1.1 million in the fourth quarter a year
ago, and $1.5 million in the third quarter of 2011. The provision for
loan losses was $4.5 million for the year ended December 31, 2011,
compared $26.8 million a year ago.
Noninterest income was $2.4 million for the fourth quarter of 2011,
compared to $2.4 million for the fourth quarter of 2010, and $1.9
million for the third quarter of 2011. Noninterest income for the fourth
quarter of 2011 included a $459,000 gain on sale of securities, compared
to a $464,000 gain on sale of securities for the fourth quarter a year
ago, and no gain on sale of securities in the third quarter of 2011.
Noninterest income for the year ended December 31, 2011, was $8.4
million, compared to $8.7 million a year ago. Noninterest income for
2011 included a $459,000 gain on sale of securities, compared to a $2.0
million gain on sale of securities the year before, which was partially
offset by an $887,000 loss on sale of other loans during 2010.
Noninterest expense for the fourth quarter of 2011 declined 3% to $9.9
million, compared to $10.1 million for the fourth quarter a year ago,
primarily due to lower FDIC insurance premiums. Noninterest expense for
the fourth quarter of 2011 remained relatively flat compared to $9.8
million for the third quarter of 2011. Noninterest expense for 2011
declined 12% to $39.6 million, compared to $44.9 million (excluding the
$43.2 million impairment of goodwill) a year ago. The decrease in
noninterest expense for 2011 was primarily due to lower write-downs on
loans held-for-sale, a decrease in salaries and benefits expense, lower
professional fees and lower FDIC insurance premiums.
The efficiency ratio improved to 69.39% for the fourth quarter of 2011,
as compared to 75.65% for the fourth quarter of 2010, and 72.06% for the
third quarter of 2011. The efficiency ratio was 72.51% for the year
ended December 31, 2011, compared to 84.31% a year ago, excluding the
$43.2 million impairment of goodwill.
The income tax expense for the quarter ended December 31, 2011 was
$234,000, compared to $506,000 for the same quarter a year ago, and an
income tax benefit of ($2.5) million for the third quarter of 2011. The
income tax benefit for the year ended December 31, 2011 was ($834,000),
compared to an income tax benefit of ($5.8) million a year ago. The
Company had a $3.7 million partial valuation allowance on deferred tax
assets as of December 31, 2010. The Company reversed the partial
valuation allowance in 2011, based on the Company's estimate that it is
more likely than not that the remaining net deferred tax assets will be
realized.
In addition to the reversal of the deferred tax asset valuation
allowance, investments in life insurance policies whose earnings are not
subject to taxes, and tax credits related to investments in low income
housing limited partnerships account for the difference in the effective
tax rate compared to the combined federal and state statutory tax rate
of 42%.
Heritage Commerce Corp, a bank holding company established in
February 1998, is the parent company of Heritage Bank of Commerce,
established in 1994 and headquartered in San Jose with full-service
branches in Danville, Fremont, Gilroy, Los Altos, Los Gatos, Morgan
Hill, Mountain View, Pleasanton, and Walnut Creek. Heritage Bank of
Commerce is an SBA Preferred Lender with an additional Loan Production
Office in Santa Rosa, California. For more information, please visit
www.heritagecommercecorp.com .
Forward-Looking Statement Disclaimer
Forward-looking statements are based on management's knowledge and
belief as of today and include information concerning the Company's
possible or assumed future financial condition, and its results of
operations, business and earnings outlook. These forward-looking
statements are subject to risks and uncertainties. A number of factors,
some of which are beyond the Company's ability to control or predict,
could cause future results to differ materially from those contemplated
by such forward-looking statements. The forward-looking statements could
be affected by many factors, including but not limited to: (1)
competition for loans and deposits and failure to attract or retain
deposits and loans; (2) local, regional, and national economic
conditions and events and the impact they may have on us and our
customers, and our assessment of that impact on our estimates including
but not limited to the allowance for loan losses; (3) risks associated
with concentrations in real estate related loans; (4) changes in the
level of nonperforming assets, loan charge-offs and other credit quality
measures, and their impact on the adequacy of the Company's allowance
for loan losses and the Company's provision for loan losses; (5) the
effects of and changes in trade, monetary and fiscal policies and laws,
including the interest rate policies of the Federal Open Market
Committee of the Federal Reserve Board; (6) stability of funding sources
and continued availability of borrowings; (7) the effect of changes in
laws and regulations with which the Company and Heritage Bank of
Commerce must comply, including, but not limited to, any increase in
FDIC insurance premiums; (8) our ability to raise capital or incur debt
on reasonable terms; (9) legal limits on Heritage Bank of Commerce's
ability to pay dividends to the Company; (10) future legislative or
administrative changes to the U.S. Treasury Capital Purchase Program
enacted under the Emergency Economic Stabilization Act of 2008; (11) the
impact of the Emergency Economic Stabilization Act of 2008 and the
American Recovery and Reinvestment Act of 2009 and related rules and
regulations on our business operations and competitiveness, including
the impact of executive compensation restrictions, which may affect our
ability to retain and recruit executives in competition with other firms
who do not operate under those restrictions; (12) the impact of the Dodd
Frank Wall Street Reform and Consumer Protection Act signed by President
Obama on July 21, 2010; (13) the effect of changes in accounting
policies and practices, as may be adopted by the regulatory agencies, as
well as the Public Company Accounting Oversight Board, the Financial
Accounting Standards Board and other accounting standard setters; (14)
changes in the deferred tax asset valuation allowance in future
quarters; (15) the costs and effects of legal and regulatory
developments, including resolution of legal proceedings or regulatory or
other governmental inquiries, and the results of regulatory examinations
or reviews; (16) the ability to increase market share and control
expenses; and (17) our success in managing the risks involved in the
foregoing items. For a discussion of factors which could cause results
to differ, please see the Company's reports on Forms 10-K and 10-Q as
filed with the Securities and Exchange Commission and the Company's
press releases. Readers should not place undue reliance on the
forward-looking statements, which reflect management's view only as of
the date hereof. The Company undertakes no obligation to publicly revise
these forward-looking statements to reflect subsequent events or
circumstances.
Member FDIC
For the Three Months Ended: Percent Change From: For the Year Ended:
------------------------------------------------------------------- ----------------------------- --------------------------------------------
CONSOLIDATED STATEMENTS OF OPERATIONS December 31, September 30, December 31, September 30, December 31, December 31, December 31, Percent
(in $000's, unaudited) 2011 2011 2010 2011 2010 2011 2010 Change
------------------------------------------------------------------ --------------------- --------------------- --------------------- ------------- ------------ --------------------- --------------------- -------
Interest income $ 13,010 $ 13,020 $ 13,168 0% -1% $ 52,031 $ 55,087 -6%
Interest expense 1,222 1,320 2,221 -7% -45% 5,875 10,512 -44%
---------- ---------- ---------- ---------- ----------
Net interest income before provision for loan losses 11,788 11,700 10,947 1% 8% 46,156 44,575 4%
Provision for loan losses 1,230 1,515 1,050 -19% 17% 4,469 26,804 -83%
---------- ---------- ---------- ---------- ----------
Net interest income after provision for loan losses 10,558 10,185 9,897 4% 7% 41,687 17,771 135%
Noninterest income:
Service charges and fees on deposit accounts 597 605 564 -1% 6% 2,355 2,228 6%
Servicing income 462 434 431 6% 7% 1,743 1,719 1%
Increase in cash surrender value of life insurance 436 426 427 2% 2% 1,706 1,677 2%
Gain on sales of SBA loans 337 268 351 26% -4% 1,461 1,058 38%
Gain on sale of securities 459 - 464 N/A -1% 459 1,955 -77%
Loss on sale of other loans - - - N/A N/A - (887) -100%
Other 132 179 206 -26% -36% 698 983 -29%
---------- ---------- ---------- ---------- ----------
Total noninterest income 2,423 1,912 2,443 27% -1% 8,422 8,733 -4%
---------- ---------- ---------- ---------- ----------
Noninterest expense:
Salaries and employee benefits 5,069 5,000 4,589 1% 10% 20,574 21,234 -3%
Occupancy and equipment 1,002 1,012 1,065 -1% -6% 4,083 4,087 0%
Professional fees 859 707 773 21% 11% 2,861 3,975 -28%
Low income housing investment losses 215 617 223 -65% -4% 1,035 795 30%
FDIC deposit insurance premiums 220 167 943 32% -77% 1,294 4,002 -68%
Writedown of loans held-for-sale - - - N/A N/A 29 1,080 -97%
Impairment of goodwill - - - N/A N/A - 43,181 -100%
Other 2,495 2,306 2,536 8% -2% 9,696 9,773 -1%
---------- ---------- ---------- ---------- ----------
Total noninterest expense 9,860 9,809 10,129 1% -3% 39,572 88,127 -55%
---------- ---------- ---------- ---------- ----------
Income (loss) before income taxes 3,121 2,288 2,211 36% 41% 10,537 (61,623) 117%
Income tax expense (benefit) 234 (2,529) 506 109% -54% (834) (5,766) 86%
---------- ---------- ---- ---------- ---------- ---- ---------- ----
Net income (loss) 2,887 4,817 1,705 -40% 69% 11,371 (55,857) 120%
Dividends and discount accretion on preferred stock (601) (532) (606) 13% -1% (2,333) (2,398) -3%
---------- ---- ---------- ---- ---------- ---- ---------- ---- ---------- ----
Net income (loss) allocable to common shareholders $ 2,286 $ 4,285 $ 1,099 -47% 108% $ 9,038 $ (58,255) 116%
==== ========== ==== ========== ==== ========== ==== ========== ==== ========== ====
PER COMMON SHARE DATA
(unaudited)
Basic earnings (loss) per share $ 0.07 $ 0.13 $ 0.03 -46% 133% $ 0.28 $ (3.64) 108%
Diluted earnings (loss) per share $ 0.07 $ 0.13 $ 0.03 -46% 133% $ 0.28 $ (3.64) 108%
Common shares outstanding at period-end 26,295,001 26,295,001 26,233,001 0% 0% 26,295,001 26,233,001 0%
Pro forma common shares outstanding at period-end, assuming Series 31,896,001 31,896,001 31,834,001 0% 0% 31,896,001 31,834,001 0%
C preferred stock was converted into common stock
Book value per share $ 5.30 $ 5.27 $ 4.73 1% 12% $ 5.30 $ 4.73 12%
Tangible book value per share $ 5.20 $ 5.17 $ 4.61 1% 13% $ 5.20 $ 4.61 13%
Pro forma tangible book value per share, assuming Series C $ 4.90 $ 4.88 $ 4.41 0% 11% $ 4.90 $ 4.41 11%
preferred stock was converted into common stock
KEY FINANCIAL RATIOS
(unaudited)
Annualized return (loss) on average equity 5.83 % 10.02 % 3.65 % -42% 60% 6.02 % -30.82 % 120%
Annualized return (loss) on average tangible equity 5.90 % 10.17 % 3.71 % -42% 59% 6.11 % -35.66 % 117%
Annualized return (loss) on average assets 0.86 % 1.52 % 0.50 % -43% 72% 0.89 % -4.17 % 121%
Annualized return (loss) on average tangible assets 0.86 % 1.52 % 0.50 % -43% 72% 0.89 % -4.25 % 121%
Net interest margin 3.87 % 4.01 % 3.59 % -3% 8% 3.94 % 3.69 % 7%
Efficiency ratio, excluding impairment of goodwill 69.38 % 72.06 % 75.65 % -4% -8% 72.51 % 84.31 % -14%
AVERAGE BALANCES
(in $000's, unaudited)
Average assets $ 1,327,597 $ 1,258,084 $ 1,343,053 6% -1% $ 1,275,210 $ 1,337,978 -5%
Average tangible assets $ 1,325,027 $ 1,255,386 $ 1,339,952 6% -1% $ 1,272,448 $ 1,313,369 -3%
Average earning assets $ 1,207,869 $ 1,158,587 $ 1,211,079 4% 0% $ 1,170,177 $ 1,208,176 -3%
Average loans held-for-sale $ 3,513 $ 4,385 $ 11,146 -20% -68% $ 6,387 $ 14,816 -57%
Average total loans $ 773,658 $ 784,993 $ 871,553 -1% -11% $ 797,681 $ 956,209 -17%
Average deposits $ 1,056,201 $ 1,008,904 $ 1,047,184 5% 1% $ 1,019,450 $ 1,062,144 -4%
Average demand deposits - noninterest-bearing $ 353,588 $ 340,023 $ 282,364 4% 25% $ 334,676 $ 265,546 26%
Average interest-bearing deposits $ 702,613 $ 668,881 $ 764,820 5% -8% $ 684,774 $ 796,598 -14%
Average interest-bearing liabilities $ 726,341 $ 692,583 $ 807,144 5% -10% $ 710,121 $ 847,414 -16%
Average equity $ 196,587 $ 190,637 $ 185,225 3% 6% $ 188,940 $ 181,242 4%
Average tangible equity $ 194,017 $ 187,939 $ 182,124 3% 7% $ 186,178 $ 156,633 19%
End of Period: Percent Change From:
---------------------------------------------------------------- -----------------------------
CONSOLIDATED BALANCE SHEETS December 31, September 30, December 31, September 30, December 31,
(in $000's, unaudited) 2011 2011 2010 2011 2010
--------------------------------------------------------- -------------------- -------------------- -------------------- ------------- ------------
ASSETS
Cash and due from banks $ 20,861 $ 23,720 $ 7,692 -12% 171%
Federal funds sold and interest-bearing deposits in other 52,011 52,058 64,485 0% -19%
financial institutions
Securities available-for-sale, at fair value 380,455 312,125 232,165 22% 64%
Loans held-for-sale - SBA, including deferred costs 753 3,391 8,750 -78% -91%
Loans held-for-sale - other, including deferred costs 413 421 2,260 -2% -82%
Loans:
Commercial 366,590 365,532 378,412 0% -3%
Real estate:
Commercial and residential 311,479 310,722 337,457 0% -8%
Land and construction 23,016 36,357 62,356 -37% -63%
Home equity 52,017 51,668 53,697 1% -3%
Consumer 11,166 11,829 13,244 -6% -16%
--------- --------- ---------
Loans 764,268 776,108 845,166 -2% -10%
Deferred loan costs, net 323 576 883 -44% -63%
--------- --------- ---------
Total loans, including deferred costs 764,591 776,684 846,049 -2% -10%
Allowance for loan losses (20,700) (21,049) (25,204) -2% -18%
--------- ---- --------- ---- --------- ----
Loans, net 743,891 755,635 820,845 -2% -9%
Company owned life insurance 46,388 45,202 43,682 3% 6%
Premises and equipment, net 7,980 8,019 8,397 0% -5%
Intangible assets 2,491 2,622 3,014 -5% -17%
Accrued interest receivable and other assets 50,951 49,507 55,079 3% -7%
--------- --------- ---------
Total assets $ 1,306,194 $ 1,252,700 $ 1,246,369 4% 5%
==== ========= ==== ========= ==== =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Deposits:
Demand, noninterest-bearing $ 344,303 $ 344,470 $ 280,258 0% 23%
Demand, interest-bearing 134,119 132,987 153,917 1% -13%
Savings and money market 282,478 274,489 272,399 3% 4%
Time deposits - under $100 28,557 30,858 33,499 -7% -15%
Time deposits - $100 and over 168,874 119,429 137,514 41% 23%
Time deposits - CDARS 6,371 10,216 17,864 -38% -64%
Time deposits - brokered 84,726 93,685 98,467 -10% -14%
--------- --------- ---------
Total deposits 1,049,428 1,006,134 993,918 4% 6%
Securities sold under agreement to repurchase - - 5,000 N/A -100%
Subordinated debt 23,702 23,702 23,702 0% 0%
Short-term borrowings - - 2,445 N/A -100%
Accrued interest payable and other liabilities 35,233 25,801 39,152 37% -10%
--------- --------- ---------
Total liabilities 1,108,363 1,055,637 1,064,217 5% 4%
Shareholders' Equity:
Series A preferred stock, net 39,013 38,912 38,619 0% 1%
Series C preferred stock, net 19,519 19,519 19,519 0% 0%
Common stock 131,172 131,015 130,531 0% 0%
Retained earnings / (Accumulated deficit) 7,172 4,886 (1,866) 47% 484%
Accumulated other comprehensive income (loss) 955 2,731 (4,651) -65% 121%
--------- --------- --------- ----
Total shareholders' equity 197,831 197,063 182,152 0% 9%
--------- --------- ---------
Total liabilities and shareholders' equity $ 1,306,194 $ 1,252,700 $ 1,246,369 4% 5%
==== ========= ==== ========= ==== =========
End of Period: Percent Change From:
---------------------------------------------------------- -----------------------------
December 31, September 30, December 31, September 30, December 31,
2011 2011 2010 2011 2010
------------------ ------------------ ------------------ ------------- ------------
CREDIT QUALITY DATA
(in $000's, unaudited)
Nonaccrual loans - held-for-sale $ 186 $ 191 $ 2,026 -3% -91%
Nonaccrual loans - held-for-investment 14,353 16,419 28,821 -13% -50%
Restructured and loans over 90 days past due and still accruing 2,291 1,343 2,256 71% 2%
------- ------- -------
Total nonperforming loans 16,830 17,953 33,103 -6% -49%
Other real estate owned 156 1,229 1,296 -87% -88%
Other foreclosed assets 2,156 - - N/A N/A
------- ------- -------
Total nonperforming assets $ 19,142 $ 19,182 $ 34,399 0% -44%
==== ======= ==== ==== ======= ==== ==== ======= ====
Other restructured loans still accruing $ 1,270 $ 1,313 $ 236 -3% 438%
Net charge-offs during the quarter $ 1,579 $ 3,633 $ 1,136 -57% 39%
Provision for loan losses during the quarter $ 1,230 $ 1,515 $ 1,050 -19% 17%
Allowance for loan losses $ 20,700 $ 21,049 $ 25,204 -2% -18%
Classified assets $ 59,539 $ 72,386 $ 91,769 -18% -35%
Allowance for loan losses to total loans 2.71 % 2.71 % 2.98 % 0% -9%
Allowance for loan losses to total nonperforming loans 122.99 % 117.25 % 76.14 % 5% 62%
Allowance for loan losses to total nonperforming loans, excluding 124.37 % 118.51 % 81.10 % 5% 53%
nonaccrual loans - held-for-sale
Nonperforming assets to total assets 1.47 % 1.53 % 2.76 % -4% -47%
Nonperforming loans to total loans plus nonaccrual loans - 2.20 % 2.31 % 3.90 % -5% -44%
held-for-sale
Classified assets to Heritage Commerce Corp Tier 1 capital plus 27 % 33 % 43 % -18% -37%
allowance for loan losses
Classified assets to Heritage Bank of Commerce Tier 1 capital plus 30 % 37 % 50 % -19% -40%
allowance for loan losses
OTHER PERIOD-END STATISTICS
(in $000's, unaudited)
Heritage Commerce Corp:
Tangible equity $ 195,340 $ 194,441 $ 179,138 0% 9%
Tangible common equity $ 136,808 $ 136,010 $ 121,000 1% 13%
Shareholders' equity / total assets 15.15 % 15.73 % 14.61 % -4% 4%
Tangible equity / tangible assets 14.98 % 15.55 % 14.41 % -4% 4%
Tangible common equity / tangible assets 10.49 % 10.88 % 9.73 % -4% 8%
Loan to deposit ratio 72.86 % 77.19 % 85.12 % -6% -14%
Noninterest-bearing deposits / total deposits 32.81 % 34.24 % 28.20 % -4% 16%
Total risk-based capital ratio 21.9 % 22.3 % 21.0 % -2% 4%
Tier 1 risk-based capital ratio 20.6 % 21.1 % 19.7 % -2% 5%
Leverage ratio 15.3 % 16.0 % 14.1 % -4% 9%
Heritage Bank of Commerce:
Total risk-based capital ratio 19.7 % 19.9 % 18.1 % -1% 9%
Tier 1 risk-based capital ratio 18.5 % 18.7 % 16.9 % -1% 9%
Leverage ratio 13.7 % 14.2 % 12.1 % -4% 13%
For the Three Months Ended For the Three Months Ended
December 31, 2011 December 31, 2010
-------------------------------------- --------------------------------------
Interest Average Interest Average
NET INTEREST INCOME AND NET INTEREST MARGIN Average Income/ Yield/ Average Income/ Yield/
(in $000's, unaudited) Balance Expense Rate Balance Expense Rate
------------------------------------------------------------------------ -------------- ------------ ------- -------------- ------------ -------
Assets:
Loans, gross* $ 777,171 $ 10,565 5.39% $ 882,699 $ 11,681 5.25%
Securities 344,931 2,391 2.75% 169,513 1,368 3.20%
Federal funds sold and interest-bearing deposits in other 85,767 54 0.25% 159,033 119 0.30%
financial institutions
--------- ------ --------- ------
Total interest earning assets 1,207,869 13,010 4.27% 1,211,245 13,168 4.31%
------ ------
Cash and due from banks 21,154 21,486
Premises and equipment, net 7,551 8,516
Goodwill and other intangible assets 2,570 3,101
Other assets 88,453 98,705
--------- ---------
Total assets $ 1,327,597 $ 1,343,053
=== ========= === =========
Liabilities and shareholders' equity:
Deposits:
Demand, noninterest-bearing $ 353,588 $ 282,364
Demand, interest-bearing 134,683 50 0.15% 156,921 85 0.21%
Savings and money market 285,781 171 0.24% 302,123 336 0.44%
Time deposits - under $100 29,567 44 0.59% 35,205 89 1.00%
Time deposits - $100 and over 155,566 265 0.68% 136,401 462 1.34%
Time deposits - CDARS 8,705 4 0.18% 17,194 26 0.60%
Time deposits - brokered 88,311 217 0.97% 116,976 638 2.16%
--------- ------ --------- ------
Total interest-bearing deposits 702,613 751 0.42% 764,820 1,636 0.85%
--------- ------ --------- ------
Total deposits 1,056,201 751 0.28% 1,047,184 1,636 0.62%
Subordinated debt 23,702 471 7.88% 23,702 471 7.88%
Securities sold under agreement to repurchase - - N/A 14,783 77 2.07%
Short-term borrowings 26 - N/A 3,839 37 3.82%
--------- ------ --------- ------
Total interest-bearing liabilities 726,341 1,222 0.67% 807,144 2,221 1.09%
--------- ------ --------- ------
1,079,929 1,222 0.45% 1,089,508 2,221 0.81%
Total interest-bearing liabilities and demand, noninterest-bearing
/ cost of funds
Other liabilities 51,081 68,320
--------- ---------
Total liabilities 1,131,010 1,157,828
Shareholders' equity 196,587 185,225
--------- ---------
Total liabilities and shareholders' equity $ 1,327,597 $ 1,343,053
=== ========= === =========
Net interest income / margin $ 11,788 3.87% $ 10,947 3.59%
==== ====== ==== ======
For the Year Ended For the Year Ended
December 31, 2011 December 31, 2010
-------------------------------------- --------------------------------------
Interest Average Interest Average
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
-------------- ------------ ------- -------------- ------------ -------
Assets:
Loans, gross* $ 804,068 $ 42,769 5.32% $ 971,025 $ 49,633 5.11%
Securities 297,231 9,088 3.06% 148,069 5,236 3.54%
Federal funds sold and interest-bearing deposits in other 68,878 174 0.25% 89,083 218 0.24%
financial institutions
--------- ------ --------- ------
Total interest earning assets 1,170,177 52,031 4.45% 1,208,177 55,087 4.56%
------ ------
Cash and due from banks 21,077 21,234
Premises and equipment, net 8,022 8,742
Goodwill and other intangible assets 2,762 24,609
Other assets 73,172 75,216
--------- ---------
Total assets $ 1,275,210 $ 1,337,978
=== ========= === =========
Liabilities and shareholders' equity:
Deposits:
Demand, noninterest-bearing $ 334,676 $ 265,546
Demand, interest-bearing 133,538 238 0.18% $ 153,618 341 0.22%
Savings and money market 279,250 892 0.32% 297,257 1,440 0.48%
Time deposits - under $100 31,549 230 0.73% 37,889 496 1.31%
Time deposits - $100 and Over 131,756 1,298 0.99% 134,024 1,900 1.42%
Time deposits - CDARS 16,403 67 0.41% 18,252 159 0.87%
Time deposits - brokered 92,278 1,217 1.32% 155,558 3,750 2.41%
--------- ------ --------- ------
Total interest-bearing deposits 684,774 3,942 0.58% 796,598 8,086 1.02%
--------- ------ --------- ------
Total deposits 1,019,450 3,942 0.39% 1,062,144 8,086 0.76%
Subordinated debt 23,702 1,871 7.89% 23,702 1,878 7.92%
Securities sold under agreement to repurchase 712 24 3.37% 18,767 418 2.23%
Short-term borrowings 933 38 4.07% 8,347 130 1.56%
--------- ------ --------- ------
Total interest-bearing liabilities 710,121 5,875 0.83% 847,414 10,512 1.24%
--------- ------ --------- ------
1,044,797 5,875 0.56% 1,112,960 10,512 0.94%
Total interest-bearing liabilities and demand, noninterest-bearing
/ cost of funds
Other liabilities 41,473 43,776
--------- ---------
Total liabilities 1,086,270 1,156,736
Shareholders' equity 188,940 181,242
--------- ---------
Total liabilities and shareholders' equity $ 1,275,210 $ 1,337,978
=== ========= === =========
Net interest income / margin $ 46,156 3.94% $ 44,575 3.69%
==== ====== ==== ======
*Includes loans held-for-sale. Yield amounts earned on loans include
loan fees and costs. Nonaccrual loans are included in average
balance.
SOURCE: Heritage Commerce Corp
Heritage Commerce Corp
SVP, Corporate Secretary
Debbie Reuter, 408-494-4542
Copyright Business Wire 2012
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US fourth-quarter GDP falls short of expectations
A worker trims stainless steel bristles at the Gordon Brush Manufacturing Co. production facility in Commerce, Calif. More than half of the growth in the US fourth-quarter GDP resulted from businesses increasing their stockpiles of products.
(Tim Rue, Bloomberg / January 10, 2012)
TN Commerce Bank fails; Louisville company to buy assets
Fallout from the recession and bad, speculative loans finally crumpled Tennessee Commerce Bank in Franklin, a $1.2 billion bank closed Friday by regulators in Tennessee?s first bank failure in a decade.
Republic Bancorp Inc. of Louisville, Ky., will buy all of the deposits and some loans of Tennessee Commerce Bank at a steep discount to cushion against what could be additional problem loans lingering on the failed bank?s books.
The bank will reopen Monday with a 125-person transition team on site representing investigators, attorneys and a Republic Bank management crew expected to arrive over the weekend.
It represents the first bank branch in Tennessee for Republic, which has $3.4 billion in assets and operations in four other states. Deposits are protected up to legal limits by the Federal Deposit Insurance Corp., officials said. Stockholders shouldn?t expect to be made whole financially.
Other losers include taxpayers, who shouldn?t expect to get back the $30 million that Tennessee Commerce got under the US Treasury?s Troubled Asset Relief Program.
But Steve Trager, Republic?s CEO, called expanding into the Nashville market a natural for his bank, which probably will add other locations here.
?We?re here to grow,? Trager said.
?We have a good history of expansion and associating ourselves with quality people in local markets and serving customers in a responsive and accountable way.?
Closing a bank is a last resort for regulators.
Kathryn Edge, a banking attorney at law firm Miller Martin in Nashville, said, ?At least this one was acquired by a strong company, and that?s good for consumers.?
Peyton Green, a bank analyst with Sterne Agee in Nashville, added: ?You?re going to see an occasional failure in states where the economy is better than the national average. It could be related to an individual bank?s business model, which could cause problems.?
After 70 years, right-to-work impact still unclear
INDIANAPOLIS The battle over the right-to-work issue may be reaching a conclusion in Indiana as the state prepares to adopt its law, but the argument over exactly what the measure means for a states economy is likely to rage on, unresolved, as it has for 70 years.
Since the 1940s, 22 states have passed laws barring unions from collecting mandatory fees from workers for labor representation. Supporters, mostly Republicans, insist the measure helps create a pro-business climate that attracts employers and increases jobs. Opponents say the law only leads to lower wages and poorer quality jobs.
The evidence on the issue is abundant, but also conflicting and murky. The clearest conclusion, according to many experts, is that the economies of states respond to a mix of factors, ranging from the swings in the national economy to demographic trends, and that isolating the impact of right-to-work is nearly impossible.
Obscuring the answer is the difficulty of distinguishing the effects of the RTW laws from state characteristics, as well as other state policies that are unrelated with these laws, said economists Ozkan Eren and Serkan Ozbeklik, who conducted a major study last year of the right-to-work laws in Oklahoma and Idaho.
For major industries, the chief factors in choosing locations tend to be access to supplies, infrastructure, key markets and a skilled work force, according to business recruitment specialists. For a states workers, the impact of right-to-work is limited because only about 7% of private sector employees are unionized. Over the years, job growth has surged in states with, and without, right-to-work laws.
On right to work, The reason we dont have clear views is because its always being debated at its extremes, said Gary Chaison, a professor of labor relations at Clark University in Massachusetts, who assigns his students to analyze the issue each year. In the end, when it comes to jobs and the law, We dont know causation, he said.
The Indiana Legislature is expected to complete action on its measure soon. However, the larger debate will continue, focusing on the following arguments:
Claim: Right-to-work brings more jobs to a state.
According to a study commissioned by Indianas Chamber of Commerce, which supports the right-to-work law, employment grew 100 percent in right-to-work states between 1977 and 2008 but only 57 percent in those without the law.
Proponents point to an immediate impact in Oklahoma, which adopted the measure in 2001. In 2002, the state added 7,822 jobs, said Fred Morgan, president of the Oklahoma Chamber of Commerce.
In 2002, the Oklahoma Department of Commerce reported that companies announced plans to add the highest number of new jobs since 1995, Morgan said.
However, the chamber study does not account for significant factors affecting employment in the period cited. A massive decline in American manufacturing had a severe impact on jobs in the Rust Belt, where states without right-to-work are clustered. The Sunbelt, where most states have the law, had fewer manufacturing jobs to lose and also experienced big increases in population.
In Oklahoma, the job gains after right to work also were not unusual in the region. Three neighboring states without a right-to-work law -- Missouri, New Mexico and Colorado -- experienced similar job growth, in some cases even exceeding Oklahomas. Several major employers shut down in Oklahoma City, including Gulfstream Aerospace in 2002 and Bridgestone Firestone in 2006.
Other factors affecting businesses may play a larger role on job growth in right-to-work states, Eren and Ozbkliks study concluded. Many have higher subsidies for new factories, low taxes on capital and weaker environmental/safety regulations, they said. In Oklahoma and Idaho, it is not likely that RTW laws have any impact on manufacturing employment rate.
The chamber study also argues that right-to-work boosts a states population by making it a more popular place to live and work. Between 2000 and 2009, 4.9 million Americans left non-right-to-work states for those with the law, according to the study. However, the study offered no evidence on other causes for the population shifts.
Claim: Right-to-work decreases wages.
The Economic Policy Institute, which is supported by organized labor, reports that workers in right-to-work states earn $1,500 less annually than their counterparts in states without the law, based on a 2009 analysis of census data.
On average, right-to-work laws are associated with wages -- for everyone, not just union members -- that are 3.2 percent lower than they would be without such a law, according to an EPI study released earlier this month.
The EPI researchers, Elise Gould and Heidi Shierholz, said their study made adjustments for differences in the costs of living so that the higher wages in right-to-work states didnt just reflect the higher living costs on the East and West coasts.
But right-to-work supporters counter with the chambers study showing that personal income grew 164.4 percent in right-to-work states between 1977 and 2008 while income grew 92.8 percent in non-right-to-work states.
Claim: Right-to-work is designed to weaken unions.
Unions lose some paying members when workers dues are made voluntary, according to data gathered by Georgia State University professor Barry Hirsch and Trinity University professor David Macpherson at UnionStats.com.
So-called free riders, or workers covered by union contracts who chose not to pay dues, increased 400 percent in the decade after Oklahoma became a right-to-work state. In 2010, 4.7 percent of the states private sector work force was covered by union contracts, by only 3.5 percent of the work force were dues-paying members.
In Idaho the number of workers covered by unions who werent members increased roughly 130 percent after the state approved its right-to-work law.
However, by far the largest blow to union membership and finances has been the manufacturing decline and the loss of millions of jobs. Even in states without a right-to-work law, union membership dropped 54.2 percent between 1983 and 2010, according to data from the UnionStats.com website.
And even before a right-to-work law goes into effect in Indiana, union membership there has dropped from 14.1 percent to 8.9 percent in the last decade.
___
Tom LoBianco can be reached at http://www.twitter.com/tomlobianco
Merced County Chamber of Commerce holds night of honors
The Merced County Chamber of Commerce held its 2012 installation dinner and presented its 2011 community awards last Saturday at the Merced Golf Country Club.
The organization also honored M. Stephen Jones, 2011 president, and Dawn Kinney, retiring director and past president, for her 14 years of service to the chamber, and Merced County businesses, according to information from the chambers website.
The award recipients included:
Williams Commerce Ltd Report SEO Services Boost Online Wholesaler Traffic by 8200%
(PRWEB UK) 28 January 2012
Today Williams Commerce ltd announced Benross Group are benefitting from increased sales thanks to their website being on page one of the Google results page. Benross are currently able to boast a top two position for 'homeware wholesalers', within Google.co.uk (worldwide results). Thanks to this great Google page one position, result traffic for this phrase has increased by 8200%.
The Benross website can also boast to have an above average conversion of 8.54% for this phrase. Amit Janir called upon the SEO Services (search engine optimisation) of Williams Commerce, Leicester based Digital Marketing and Software Development Company to build and promote his website in Google.
It's because they are coming up on top that more people are buying from Benross online, but how is it that their website is the one to come up when there are other websites that may offer the same service?
The new website combined with an effective SEO package has resulted in not just current customers making their orders online, but also enabled new customers to discover Benross and start buying from them via a simple online registration process.
The website features a variety of items to enable retailers to stock products for every consumer pallet, which means that retailers can browse through the site quickly and easily to see if there are any new products they would like to start holding in stock.
The website presents retailers with the ability to browse brand new stock that is only just being sold online. They do this through a dedicated category for 'just in' stock, and give retailers the ability to stay current with the latest product lines. This further benefits retailers because they don't have to worry about stocking older products than their competitors and can focus on more pressing aspects of their business.
Amit Janir is delighted with the result so far, "We never expected results this good so quickly. We've seen a substantial increase in sales via the website, this has to be the best marketing investment we've ever made."
Benross have recently begun stocking a range of torches, so retailers can stock a popular item during Brittan's bleak winter. Already in a short space of time Benross are on Google.co.uk (worldwide results) for 'wholesale torches'.
Retailers looking to buy wholesale online can visit the Benross website, http://www.benross.com, to browse the extensive range of products at great wholesale prices.
###
Virginia Commerce Bank Expands Training Structure to Meet Growth Needs
ARLINGTON, Va.--(BUSINESS WIRE)--Virginia Commerce Bank proudly announces the recent expansion of its
training programs with the establishment of a Retail Training and
Development Department. The creation of the new department was part of a
restructuring of the Bankâ??s training efforts to meet the learning needs
of employees as they grow within the Bank.
The Bank will continue to support
excellence by encouraging, inspiring and supporting learning and
professional development at all levels of the organization.
The Retail Training and Development Department is responsible for the
ongoing training and professional development of employees who work in
the Bankâ??s 28 branches. The focus of this department is to provide a
comprehensive suite of training workshops and courses to enhance
employeesâ?? knowledge and skills, better preparing them to support the
Bankâ??s mission to provide trusted financial advice to its clients.
Leading the newly established department is Linda Martin, Senior Vice
President, Retail Training and Development. Prior to this position, she
was the Regional Manager responsible for the Bankâ??s Alexandria and
Southeastern Fairfax County branches. Ms. Martin is an ardent advocate
of educational enrichment both in the Bank and in the community.
Retail Training and Development is an extension of corporate training
programs already established at Virginia Commerce Bank. Linda Fourney,
Senior Vice President, Organizational Development, oversees training
opportunities and organizational development initiatives for all Bank
employees. Under her leadership, the Bankâ??s internally-designed
Leadership Skills Development Program was recently launched to support
employee growth potential and performance excellence through one-on-one
mentoring and leadership training seminars conducted by company subject
matter experts.
â??Investing in the development of the Bankâ??s employees is critical to
ensuring that our staff has the knowledge and training to deliver
exceptional customer service,â? emphasized Peter A. Converse, President
and CEO of Virginia Commerce Bank. â??The Bank will continue to support
excellence by encouraging, inspiring and supporting learning and
professional development at all levels of the organization.â?
About Virginia Commerce Bank
Established in 1988, Virginia Commerce Bank (NASDAQ:VCBI) is a
full-service, community bank headquartered in Arlington, Virginia, with
over $2.9 billion in assets. The Bank serves the Northern Virginia and
Fredericksburg markets with twenty-eight branches, a mortgage lending
office and a wealth management services department. For further
information about VCBâ??s many services and a map of convenient locations,
please visit our Web site at VCBonline.com.
 2012 Virginia Commerce Bank, All Rights Reserved.
Commerce Department Again Delays Chinese Solar Imports Decision
Commerce Department Again Delays Chinese Solar Imports Decision
January 29, 2012, 7:04 PM EST
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By William McQuillen
Jan. 27 (Bloomberg) -- The U.S. Commerce Department said it has again delayed its decision on additional tariffs for Chinese solar-equipment imports.
A preliminary determination will be made on March 2, Tim Truman, a department spokesman, said today. The decision had been scheduled for Feb. 13.
The delay allows Commerce “sufficient time to conduct a comprehensive investigation and to complete a thorough and fair analysis of the subsidies at issue,” Gordon Brinser, the president of SolarWorld AG’s U.S. unit, said in a statement issued by the Coalition for American Solar Manufacturing.
U.S. solar-equipment manufacturers say they are being harmed because China’s government uses cash grants, discounts on raw materials, preferential loans and tax incentives, and manipulates its currency to boost exports of solar cells. SolarWorld, a maker of solar modules, filed a complaint Oct. 19 with the U.S. International Trade Commission and the Commerce Department, seeking duties to offset the practices.
The trade commission on Dec. 2 said the Chinese subsidies have harmed equipment makers, ruling on the petition by Bonn- based SolarWorld seeking antidumping and countervailing duties.
The commission is investigating possible economic harm to SolarWorld from Chinese imports, while the department determines the penalty for companies that illegally dump products.
--Editor: Jon Morgan, Daniel Enoch.
To contact the reporter on this story: William McQuillen in Washington at bmcquillen@bloomberg.net
To contact the editor responsible for this story: Jon Morgan at jmorgan97@bloomberg.net
READER DISCUSSION
Commerce boys basketball shuts down Lance Hill in win over Minnechaug
Commerce boys basketball shuts down Lance Hill in win over Minnechaug
Jeff Thomas, December 30, 2011 8:47 pm
The Commerce boys basketball team held the regions top scorer to more than 25 points below his average and defeated Minnechaug 59-46 Friday at Springfield.
Falcons guard Lance Hill, who came into the game averaging 30.8 points through five contests and fresh off a 41-point night on Wednesday, scored just five points as Minnechaug suffered its second loss.
He just had a quiet night tonight, Commerce coach Gary Mindell said. We never guarded him man to man, we just used our presses and traps to slow them down. He just didnt get as many opportunities as he usually gets.
Commerce led by eight at the break thanks to Alex Lopez, the games other outstanding guard. Lopez scored 17 of his game-high 26 points in the first half.
Alex Lopez is doing everything he needs to do to help himself and his team, Mindell said.
Anthony Smith scored all 15 of his points in the second half and added seven rebounds while Shadir Thompson notched a double-double with 10 points and 12 rebounds.
Jason Erhardt and Xavier Smith each scored 12 points for Minnechaug.