Heritage Commerce Corp Awarded Raymond James Community Bankers Cup

Rhea-AI Summary

Heritage Commerce Corp (Nasdaq: HTBK) announced on May 11, 2020, that it received the prestigious 2019 Raymond James Community Bankers Cup award, recognizing it as one of the top 10% of community banks based on profitability, operational efficiency, and balance sheet metrics. This accolade marks the third recognition in four years for Heritage Commerce Corp. Ranked 10th among 26 community banks evaluated, it places the company in the top 5% of its peers. The award reflects superior performance in various financial metrics, highlighting the bank's robust operational strategy and commitment to community service.

Positive

• Received the 2019 Raymond James Community Bankers Cup award, ranking in the top 10% of community banks.
• Ranked 10th out of 26 community banks evaluated, placing it in the top 5% of peers.
• Recognized for exceptional performance in profitability and operational metrics.

Negative

• None.

SAN JOSE, Calif., May 11, 2020 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (Nasdaq: HTBK), the holding company for Heritage Bank of Commerce, announced today that it received the 2019 Raymond James Community Bankers Cup award. The award recognizes the top 10% of a select group of community banks chosen by Raymond James based on various profitability, operational efficiency, and balance sheet metrics. This marks the third time in the last four years that Heritage Commerce Corp earned this recognition.

“Being recognized once again in the top 10% of this select group of community banks is a great affirmation of our extraordinary staff and their commitment to our customer-centered, relationship-based banking strategy, our clients and the communities we serve,” said Keith A. Wilton, President and Chief Executive Officer.

The pool of banks considered for recognition includes all exchange-traded domestic banks, excluding mutual holding companies and potential acquisition targets, with assets between $500 million and $10 billion as of December 31, 2019.

Of the 255 community banks considered for the 2019 Community Bankers Cup, the top 10% demonstrated superior performance on a relative basis in one or more of the following measurements of financial performance and stability: 1) nonperforming assets to loans and real estate owned, 2) five-year average core deposit percentage, 3) net interest margin, 4) efficiency ratio, 5) return on average assets, and 6) return on average tangible common equity.

Heritage Commerce Corp ranked 10^th out of the top 26 banks chosen, which places it in the top 5% of all community banks considered for the award.

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, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, Sunnyvale, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in Santa Clara, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com.

Member FDIC

For additional information, contact:
Debbie Reuter
EVP, Corporate Secretary
Direct: (408) 494-4542

FAQ

What award did Heritage Commerce Corp receive in 2020?

Heritage Commerce Corp received the 2019 Raymond James Community Bankers Cup award.

What is the significance of the Raymond James Community Bankers Cup?

The award recognizes the top 10% of community banks based on profitability, operational efficiency, and balance sheet metrics.

How many community banks were evaluated for the 2019 Community Bankers Cup?

A total of 255 community banks were evaluated for the 2019 Community Bankers Cup.

Where does Heritage Commerce Corp rank among the evaluated banks?

Heritage Commerce Corp ranked 10th out of the top 26 banks chosen, placing it in the top 5%.

Which metrics were used to evaluate the community banks for the award?

The evaluation included nonperforming assets to loans, core deposit percentage, net interest margin, efficiency ratio, return on average assets, and return on average tangible common equity.