Core Viewpoint - Heritage Commerce (HTBK) reported a revenue of $42.16 million for the quarter ended September 2024, reflecting an 11.4% year-over-year decline and an EPS of $0.17, down from $0.26 a year ago, with revenue falling short of the Zacks Consensus Estimate of $43.14 million by 2.28% [1] Financial Performance Metrics - Efficiency Ratio was reported at 65.4%, higher than the three-analyst average estimate of 63.5% [2] - Net Interest Margin was 3.2%, slightly below the three-analyst average estimate of 3.3% [2] - Total Non-Performing Loans amounted to $7.16 million, exceeding the average estimate of $5.87 million by two analysts [2] - Average Balances of Interest Earning Assets were $5.01 billion, surpassing the average estimate of $4.95 billion by two analysts [2] - Total Non-Performing Assets were reported at $7.16 million, higher than the average estimate of $6.12 million by two analysts [2] - Net Interest Income was $39.92 million, below the average estimate of $40.96 million by three analysts [2] - Total Non-Interest Income was $2.24 million, slightly above the three-analyst average estimate of $2.22 million [2] - Gain on Sale of SBA Loans was $0.09 million, compared to the average estimate of $0.12 million based on two analysts [2] - Net Interest Income (FTE) was $39.97 million, lower than the average estimate of $40.77 million based on two analysts [2] Stock Performance - Shares of Heritage Commerce have returned -0.2% over the past month, while the Zacks S&P 500 composite has changed by +1.5%, indicating underperformance relative to the broader market [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Company Performance - Heritage Commerce reported quarterly earnings of $0.17 per share, matching the Zacks Consensus Estimate, but down from $0.26 per share a year ago [1] - The company posted revenues of $42.16 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 2.28% and down from $47.59 million year-over-year [1] - Over the last four quarters, Heritage Commerce has not surpassed consensus EPS or revenue estimates [1] Stock Outlook - Heritage Commerce shares have declined approximately 2.1% since the beginning of the year, contrasting with the S&P 500's gain of 21.5% [2] - The current consensus EPS estimate for the upcoming quarter is $0.18 on revenues of $43.74 million, and for the current fiscal year, it is $0.65 on revenues of $170.67 million [4] Industry Context - The Zacks Industry Rank for Banks - West is in the bottom 39% of over 250 Zacks industries, indicating potential challenges for stocks in this sector [5] - Coastal Financial Corporation, a peer in the same industry, is expected to report quarterly earnings of $0.96 per share, reflecting a year-over-year increase of 28% [5]

SAN JOSE, Calif., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (Nasdaq: HTBK), (the “Company”), the holding company for Heritage Bank of Commerce (the “Bank”), today announced that its third quarter 2024 net income was $10.5 million, or $0.17 per average diluted common share, compared to $9.2 million, or $0.15 per average diluted common share, for the second quarter of 2024, and $15.8 million, or $0.26 per average diluted common share, for the third quarter of 2023. For the nine months ended Sep ...

SAN JOSE, Calif., Oct. 02, 2024 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (NASDAQ: HTBK) ("Company"), parent company of Heritage Bank of Commerce ("Bank"), today announced the appointment of Thomas A. Sa as the Chief Operating Officer ("COO") of the Company and the Bank. As COO, Mr. Sa will report directly to Chief Executive Officer ("CEO") Robertson "Clay" Jones and will have primary responsibility for banking operations, risk management, and information technology systems. Mr. Sa had previously served as ...

SAN JOSE, Calif., Aug. 15, 2024 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (NASDAQ: HTBK) (the "Company"), the parent company of Heritage Bank of Commerce (the "Bank"), today announced the retirement of Ranson W. Webster from the Board of Directors, effective October 1, 2024. As one of the original founders, Webster joined the Board in 2004 and has served as Vice Chair of the Boards of Directors of the Company and the Bank. Director Julianne M. Biagini-Komas will assume the role of Vice Chair of both boards ...

Core Viewpoint - Heritage Commerce (HTBK) reported a decline in revenue and earnings for the quarter ended June 2024, indicating potential challenges in financial performance [1]. Financial Performance - Revenue for the quarter was $41.73 million, down 13.7% year-over-year, and below the Zacks Consensus Estimate of $43.35 million by 3.73% [1]. - Earnings per share (EPS) were $0.15, a decrease from $0.27 a year ago, and fell short of the consensus EPS estimate of $0.19 by 21.05% [1]. Key Financial Metrics - Efficiency Ratio was reported at 67.6%, higher than the average estimate of 61.4% based on three analysts [3]. - Net Interest Margin was 3.3%, slightly below the average estimate of 3.4% [3]. - Total Non-Performing Loans stood at $6.03 million, better than the average estimate of $8.24 million [3]. - Average Balances of Interest-Earning Assets were $4.87 billion, below the average estimate of $5.46 billion [3]. - Total Non-Performing Assets were also $6.03 million, again better than the average estimate of $8.24 million [3]. - Net Interest Income was $39.46 million, below the average estimate of $41.19 million [3]. - Total Non-Interest Income was $2.28 million, slightly above the average estimate of $2.16 million [3]. - Gain on Sale of SBA Loans was $0.08 million, below the average estimate of $0.19 million [3]. - Net Interest Income (FTE) was $39.52 million, below the average estimate of $41.11 million [3]. Stock Performance - Shares of Heritage Commerce have increased by 25.8% over the past month, contrasting with a -0.3% change in the Zacks S&P 500 composite [3]. - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3].

Heritage Commerce (HTBK) came out with quarterly earnings of $0.15 per share, missing the Zacks Consensus Estimate of $0.19 per share. This compares to earnings of $0.27 per share a year ago. These figures are adjusted for non-recurring items. Heritage Commerce, which belongs to the Zacks Banks - West industry, posted revenues of $41.73 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 3.73%. This compares to year-ago revenues of $48.37 million. The company has not been able t ...

SAN JOSE, Calif., July 25, 2024 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (NASDAQ: HTBK) (the "Company") the holding company of Heritage Bank of Commerce (the "Bank") today announced that its Board of Directors (the "Board") adopted a share repurchase program (the "Repurchase Program") under which the Company is authorized to repurchase up to $15 million of the Company's shares of its issued and outstanding common stock. Under the Repurchase Program, the Company is authorized to purchase up to $15 million ...

"From time to time, we believe Heritage's shares are undervalued and repurchases represent a value-enhancing deployment of capital," said Clay Jones, President and Chief Executive Officer. "We are confident about the growth of our Company, and we believe that when our shares are undervalued, repurchases represent a valueenhancing deployment of capital. We believe this Repurchase Program will enhance the return on our tangible common equity. As we look at the broader landscape, and the strategic opportunitie ...

"The Board of Directors of Heritage Commerce Corp announced a $0.13 per share quarterly cash dividend to holders of its common stock, as a result of another profitable quarter," said Mr. Clay Jones, President and Chief Executive Officer. "We thank our loyal shareholders for their support and look forward to a successful second half of the year." SAN JOSE, Calif., July 25, 2024 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (Nasdaq: HTBK), the holding company for Heritage Bank of Commerce (the "Bank"), today ann ...