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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 declared a quarterly cash dividend of $0.13 per share. This dividend will be payable on November 23, 2021, to shareholders of record as of November 9, 2021. The company emphasized its commitment to shareholder returns through consistent profitability, earnings growth, and reliable dividends, as stated by President and CEO Walter Kaczmarek. Established in 1997, Heritage Commerce Corp is the parent company of Heritage Bank of Commerce, a prominent SBA Preferred Lender in California.
Heritage Commerce Corp (HTBK) reported strong financial performance for Q3 2021, with net income of $13.7 million ($0.23 per diluted share), up from $11.2 million in Q3 2020. Year-to-date net income increased to $33.7 million from $23.7 million. The company achieved a 21% rise in total deposits, reaching $4.73 billion, bolstered by significant loan growth in commercial and industrial sectors. Nonperforming assets dropped 54% year-over-year, and the allowance for credit losses was robust at 1.54% of total loans. Despite temporary deposits impacting totals, the company is well-positioned for future growth.
Bay View Funding, a subsidiary of Heritage Bank of Commerce, has appointed Morgan Hansen as vice president and regional sales manager, based in Atlanta, Georgia. Hansen brings over a decade of experience and will focus on enhancing the company's factoring business in the Southeast. Bay View's factoring services, which can reach up to $20 million, support companies in need of flexible working capital for growth. The appointment aims to meet increasing demand in the Atlanta area, bolstered by the expertise Hansen adds to the existing team.
Heritage Bank of Commerce (Nasdaq: HTBK) announced the appointment of Maria DeBenedetti as Senior Vice President and Relationship Manager, focusing on commercial lending in the Oak Valley region, which includes Pleasanton, Livermore, and Fremont. DeBenedetti brings 35 years of experience in various sectors such as industrial and retail, and has a strong background in working capital lines and nonprofit lending. Her addition aims to enhance customer service and strengthen client relationships, aligning with the bank's commitment to client success.
Heritage Commerce Corp (Nasdaq: HTBK) has declared a quarterly cash dividend of $0.13 per share for its common stockholders. This dividend is set to be payable on August 26, 2021, to shareholders recorded as of August 12, 2021. The bank, headquartered in San Jose, CA, operates multiple full-service branches and is recognized as an SBA Preferred Lender, reinforcing its commitment to providing essential financial services across various industries.
Heritage Commerce Corp (HTBK) reported second quarter 2021 net income of $8.8 million ($0.15 per diluted share), down from $10.6 million ($0.18) a year prior. Year-to-date net income reached $20 million ($0.33), up from $12.5 million ($0.21). The company set aside $4 million for a legal settlement. Core loans rose $65.6 million (3%) year-over-year, with total loans increasing by $138.4 million (5%). Total deposits surged by $444.2 million (11%). Nonperforming assets declined to $6.2 million (32% decrease). The bank continues to manage strong credit quality and a diversified loan portfolio amidst economic recovery.
Heritage Bank of Commerce, a subsidiary of Heritage Commerce Corp (Nasdaq: HTBK), is expanding its Specialty Finance Group, which includes Bay View Funding's factoring business and the Bank's Asset-Based Lending and SBA lending teams. This expansion aims to serve a diverse clientele requiring alternative loan products, particularly as the economy improves post-pandemic. The Specialty Finance Group is poised to support emerging growth companies with flexible financing solutions, including revolving credit and term loans, along with SBA financing that offers longer terms and lower down payments.
Heritage Commerce Corp (Nasdaq: HTBK) announced a quarterly cash dividend of $0.13 per share, payable on May 27, 2021, to shareholders of record by May 13, 2021. The Board expressed confidence in issuing this dividend despite pandemic challenges, viewing it as vital for enhancing shareholder value. Established in 1997, Heritage Commerce is the parent company of Heritage Bank of Commerce, which operates full-service branches across California and serves as an SBA Preferred Lender.
Heritage Commerce Corp (HTBK) reported first quarter 2021 net income of $11.2 million ($0.19/share), a significant rise from $1.9 million in Q1 2020. The bank recaptured $1.5 million in credit loss provisions, improving profitability amid ongoing COVID-19 challenges. Deposits surged by 27% year-over-year, reaching over $900 million. Nonperforming assets dropped 54% to $5.6 million. The company’s total assets surpassed $5 billion, reflecting 23% growth from the previous year. Key metrics, like return on assets, improved notably, indicating robust operational strength.
Heritage Commerce Corp (Nasdaq: HTBK) announced the retirement of Keith Wilton as President and CEO on March 12, 2021. He also stepped down from the Board of Directors. The Chairman, Jack Conner, expressed gratitude for Wilton's service. Walter Kaczmarek has been appointed as the interim President and CEO. Kaczmarek previously held these positions from 2005 until 2019 and has been a board member since 2005. Heritage Commerce Corp, established in 1997, is the parent company of Heritage Bank of Commerce, which serves multiple locations in California and is an SBA Preferred Lender.
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