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 ...

Income Tax Expense: ♦ Income tax expense was $3.8 million for the second quarter of 2024, compared to $4.3 million for the first quarter of 2024, and $6.7 million for the second quarter of 2023. The effective tax rate for the second quarter of 2024 was 29.4%, compared to 29.5% for the first quarter of 2024, and 29.0% for the second quarter of 2023. ♦ Income tax expense for the six months ended June 30, 2024 was $8.1 million, compared to $14.4 million for the six months ended June 30, 2023. The effective tax ...

(1) Gross of the allowance for credit losses of ($12,000) at both June 30, 2024, and March 31, 2024, and ($13,000) at June 30, 2023. • The average yield on the total loan portfolio remained flat at 5.46% for both the first six months of 2024 and 2023, as a lower average balance of higher yielding Bay View Funding factored receivables, a decrease in the accretion of loan purchase discount into interest income from acquired loans, and lower prepayment fees, were offset by increases in the prime rate for the f ...

SAN JOSE, Calif., May 21, 2024 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (NASDAQ: HTBK) (the "Company"), parent company of Heritage Bank of Commerce (the "Bank"), announced today that Kroll Bond Rating Agency, LLC ("KBRA") affirmed the Company's senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2. KBRA also affirmed deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of ...

SAN JOSE, Calif., May 21, 2024 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (NASDAQ: HTBK) (the "Company"), parent company of Heritage Bank of Commerce (the "Bank"), announced today that Kroll Bond Rating Agency, LLC ("KBRA") affirmed the Company's senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2. KBRA also affirmed deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of ...

Of the 203 community banks that were considered for the 2023 Community Bankers Cup, Heritage Commerce Corp ranked 14th out of the top 21 banks chosen, based on various profitability, operational and balance sheet metrics. The pool of banks included all exchange-traded domestic banks, excluding mutual holding companies, with assets between $500 million and $10 billion as of December 31, 2023. Heritage Commerce Corp, a bank holding company established in October 1997, is the parent company of Heritage Bank of ...

SAN JOSE, Calif., May 20, 2024 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (NASDAQ: HTBK) (the "Company"), parent company of Heritage Bank of Commerce (the "Bank"), has been awarded the 2023 Raymond James Community Bankers Cup as one of the top 10% of community banks in the United States. Winners are recognized for demonstrating superior performance in various measurements of financial performance and stability. This marks the fifth time that the Company has earned this recognition. "We are honored once agai ...