Welcome to our dedicated page for Heritage Commerce news (Ticker: HTBK), a resource for investors and traders seeking the latest updates and insights on Heritage Commerce stock.
Heritage Commerce Corp (NASDAQ: HTBK) is a bank holding company headquartered at 150 Almaden Blvd, San Jose, California. Established in 1997, it is the parent company of Heritage Bank of Commerce, which has been serving clients since 1994. The bank operates full-service branches across multiple locations including Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Oakland, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, and Walnut Creek.
Through its subsidiary, Heritage Bank of Commerce, Heritage Commerce Corp provides comprehensive commercial banking services tailored primarily to small and medium-sized businesses, as well as their owners, managers, and employees. The company operates under two main segments: Banking and Factoring, with the majority of revenue derived from its Banking segment.
Heritage Bank of Commerce is recognized as an SBA Preferred Lender, indicating its strong relationship with the Small Business Administration and its commitment to supporting local businesses. Additionally, Bay View Funding, another subsidiary of Heritage Bank of Commerce, specializes in providing factoring financing—offering essential working capital to various industries across the United States.
As of the latest updates, Heritage Commerce Corp has showcased robust financial performance. In the second quarter of 2023, the company reported record earnings with a notable 28% increase in profits compared to the same period in 2022. This success was driven by the expansion of their loan portfolio, increased deposits, and higher net interest income. Despite a shift towards interest-bearing deposits impacting margins, the bank's responsiveness to client needs was evident.
The company maintains a strong credit quality with minimal nonperforming and classified assets. The allowance for credit losses remains substantial, representing 863% of nonperforming loans and 1.45% of total loans. The balance sheet is well-positioned with a diversified and stable deposit base, along with access to ample alternative funding sources, ensuring liquidity and stability amid industry challenges.
In 2023, despite economic headwinds, Heritage Commerce Corp continued to achieve significant milestones. The year-to-date net income increased by 12% compared to the previous year, fueled by steady growth in deposits, moderate loan demand, and higher net interest income. The company also received accolades such as being named on Forbes’ List of World’s Best Banks and ranking 25th on S&P Global Market Intelligence's top 50 list of best-performing community banks.
Looking forward, Heritage Commerce Corp remains focused on organic growth and disciplined financial management, avoiding reliance on borrowed funds and brokered deposits. As they celebrate the 30th anniversary of Heritage Bank of Commerce, the company continues to prioritize client service excellence, community support, and shareholder value.
For more information, please visit www.heritagecommercecorp.com. The contents of their website are not incorporated into, and do not form a part of, this release or any of their filings with the SEC.
Heritage Commerce Corp (Nasdaq: HTBK) has announced a regular quarterly cash dividend of $0.13 per share, payable on February 23, 2023, to shareholders of record by the close of business on February 9, 2023. Established in 1997, Heritage Commerce Corp is the holding company for Heritage Bank of Commerce, which operates full-service branches across California. The bank is recognized as an SBA Preferred Lender, with a subsidiary, Bay View Funding, providing essential financing services nationwide.
Heritage Commerce Corp (Nasdaq: HTBK) reported a robust fourth quarter of 2022, with net income rising 49% to $20.8 million, or $0.34 per diluted share. This marked an increase from $14.0 million year-over-year and a 15% rise from Q3 2022. For the full year, net income reached $66.6 million, up 40% from 2021. Key metrics include a return on average tangible common equity of 18.89% and a net interest margin of 4.10%. Despite a 6% decline in total deposits, the company maintained strong credit metrics, with nonperforming assets decreasing. Total loans increased 7% to $3.299 billion year-over-year, driven by solid loan growth.
Heritage Commerce Corp (Nasdaq: HTBK) declared a quarterly cash dividend of $0.13 per share, payable on November 22, 2022, to shareholders of record by the close of business on November 8, 2022. The CEO, Clay Jones, emphasized that this dividend reflects the company's appreciation for its loyal shareholders. Established in 1997, Heritage Commerce Corp operates Heritage Bank of Commerce, with full-service branches across California, and is recognized as an SBA Preferred Lender.
Heritage Commerce Corp (HTBK) reported a robust third quarter 2022 with a net income of $18.1 million, or $0.30 per diluted share, marking a 32% increase from the same period last year. Year-to-date, net income reached $45.8 million, up 36% year-over-year. Key drivers include a 26% growth in net interest income, boosted by a rising net interest margin of 3.73%. Total deposits rose by $69.6 million from the previous quarter. Credit quality remains strong with a decline in nonperforming assets. However, noninterest expenses increased due to one-time costs related to executive retirement.
Heritage Commerce Corp (HTBK) has declared a quarterly cash dividend of $0.13 per share for its common stockholders. This dividend will be payable on August 25, 2022, to shareholders on record as of August 11, 2022. The company emphasizes its continued commitment to delivering shareholder returns, supported by strong earnings and a solid capital position as stated by President and CEO Walter Kaczmarek.
Heritage Commerce Corp (HTBK) reported strong second quarter 2022 results, netting $14.8 million, or $0.24 per diluted share, up from $8.8 million, or $0.15 per share, year-over-year. Year-to-date, net income rose to $27.7 million, a 39% increase from $20.0 million in 2021. Core deposits supported a 12% loan growth excluding PPP loans, while net interest income spiked 20% to $41.9 million. The efficiency ratio improved significantly to 52.73%. Nonperforming assets dropped 56% year-over-year. The bank opened a new office in Oakland, boosting its growth prospects.
Heritage Commerce Corp (Nasdaq: HTBK) announced that Walter T. Kaczmarek will resign as President and CEO, effective September 15, 2022. Robertson “Clay” Jones, currently President and COO, will take over the leadership role. Jones has a strong background in community and commercial banking, having contributed significantly to the Bank's growth since joining in 2019. Kaczmarek will remain on the Boards of both the Company and the Bank. The Board expresses confidence in Jones' ability to enhance operational and financial performance, aimed at creating value for shareholders.
Heritage Bank of Commerce announced the opening of its 18th location in Oakland, California, enhancing services to small and medium-sized businesses. This new office, led by Landon Baines, offers a comprehensive suite of commercial banking products. Heritage Bank emphasizes its commitment to the Oakland community, continuing its support for local non-profits. Established in 1994, the bank operates numerous branches across the Bay Area and maintains its status as an SBA Preferred Lender.
Heritage Commerce Corp (Nasdaq: HTBK) announced that its subsidiary, Heritage Bank of Commerce, received the title of “Super Premier Performing Bank” by The Findley Reports, based on 2021 year-end financials. This prestigious designation is awarded to California banks that excel in performance criteria. Heritage Bank has been recognized for over 28 years for its superior service in the San Francisco Bay Area. This accolade highlights the bank's exceptional financial performance and dedication to client service.
Heritage Commerce Corp (NASDAQ: HTBK) announced the successful completion of a $40 million private placement of 5.0% Fixed-To-Floating Rate Subordinated Notes due 2032. The proceeds will primarily be utilized for general corporate purposes, particularly to repay the Company's outstanding 5.25% Fixed-To-Floating Rate Subordinated Notes due 2027. Redemption of these 2027 Notes is scheduled for June 1, 2022. Keefe, Bruyette & Woods and PNC FIG Advisory acted as co-placement agents for this offering.
FAQ
What is the current stock price of Heritage Commerce (HTBK)?
What is the market cap of Heritage Commerce (HTBK)?
What services does Heritage Commerce Corp provide?
What is Heritage Bank of Commerce?
Where is Heritage Commerce Corp headquartered?
How did Heritage Commerce Corp perform in the second quarter of 2023?
What are the main segments of Heritage Commerce Corp?
Is Heritage Commerce Corp involved in community support?
What is the role of Bay View Funding?
How does Heritage Commerce Corp ensure financial stability?
What recent achievements has Heritage Commerce Corp made?
When was Heritage Commerce Corp established?
