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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 (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.
Heritage Bank of Commerce, a subsidiary of Heritage Commerce Corp (Nasdaq: HTBK), announced the hiring of Phil Fortino as Vice President and Market Manager for Hollister. With 11 years in commercial banking and 31 years of business ownership experience in the area, Fortino will enhance the Bank's business development and commercial banking efforts. His strong community ties and experience address local business challenges, positioning him as a valuable asset for both the Bank and the Hollister business community.
Heritage Commerce Corp (Nasdaq: HTBK) reported a fourth quarter 2020 net income of $11.6 million ($0.19 per diluted share), up from $5.7 million ($0.10) in Q4 2019. For the full year, net income fell to $35.3 million ($0.59) compared to $40.5 million ($0.84) in 2019. The net interest income for Q4 2020 decreased 13% year-over-year to $34.2 million, attributed to lower prime rates. However, credit quality improved with nonperforming assets down 20% year-over-year. The company maintained a strong liquidity position with $1.13 billion in cash and equivalents.
Heritage Commerce Corp (Nasdaq: HTBK) has declared a quarterly cash dividend of $0.13 per share for common stockholders. This dividend will be payable on February 26, 2021, to shareholders recorded by the close of business on February 12, 2021. As a bank holding company, Heritage Commerce Corp operates through its subsidiary, Heritage Bank of Commerce, which has full-service branches across various locations in California. The bank is known for its role as an SBA Preferred Lender.
Heritage Commerce Corp (Nasdaq: HTBK) has declared a quarterly cash dividend of $0.13 per share for common stockholders. This dividend will be payable on November 20, 2020, to shareholders who are on record by the close of business on November 6, 2020. The company, established in 1997, is the parent of Heritage Bank of Commerce, which operates multiple full-service branches across California and serves as an SBA Preferred Lender.
Heritage Commerce Corp (Nasdaq: HTBK) reported third quarter 2020 net income of $11.2 million, translating to $0.19 per diluted share, a decrease from $11.3 million or $0.26 per share year-over-year. For the nine months ended September 30, 2020, net income was $23.7 million compared to $34.8 million in 2019. Loan quality remained stable with a 1.68% allowance for credit losses. Noninterest income rose by 25% due to gains from SBA loans. The capital position is robust, with a total risk-based capital ratio of 16.0%.
Heritage Commerce Corp (Nasdaq: HTBK) has successfully relocated its corporate headquarters, San Jose branch office, and Bay View Funding to a new facility at 224 Airport Parkway, San Jose, CA. The new headquarters spans nearly 55,000 square feet and will accommodate around 190 employees post-pandemic. CEO Keith A. Wilton emphasized the consolidation of operations to enhance support for customers and community partners. The bank remains dedicated to serving the Greater Bay Area community effectively from this central location.
Heritage Commerce Corp (Nasdaq: HTBK) has announced a regular quarterly cash dividend of $0.13 per share, payable on August 20, 2020. Shareholders of record as of August 6, 2020 will receive this dividend, demonstrating the company's commitment to returning value to its investors. Heritage Commerce Corp is the parent company of Heritage Bank of Commerce, which has a strong presence in California with multiple full-service branches and is recognized as an SBA Preferred Lender.
Heritage Commerce Corp (Nasdaq: HTBK) reported a second quarter 2020 net income of $10.6 million ($0.18 per share), down from $11.4 million ($0.26) in Q2 2019. Year-to-date net income was $12.5 million, significantly lower than $23.5 million in 2019. Loan growth was 5% sequentially, attributed to $324.6 million in SBA PPP loans, while total deposits surged by 16%. Nonperforming assets declined 25% to $9.1 million. Despite challenges from COVID-19, the bank maintains a strong capital and liquidity position.
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