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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-23877 Heritage Commerce Corp (Exact name of Registrant as Specified in its Charter) California (State or Other ...

SAN JOSE, Calif., May 07, 2024 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (NASDAQ:HTBK) (the "Company") announced that Heritage Bank of Commerce (the "Bank") has been named one of Forbes 2024 World's Best Banks. Survey participants based their rankings on criteria including trust, customer service and financial advice and the resulting list recognized 403 banks worldwide. Heritage Bank of Commerce was ranked 10th out of the 68 banks recognized in the United States. Clay Jones, President and CEO of Heritage ...

Heritage Commerce (HTBK) reported $42.14 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 19%. EPS of $0.17 for the same period compares to $0.31 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $43.83 million, representing a surprise of -3.86%. The company delivered an EPS surprise of -10.53%, with the consensus EPS estimate being $0.19.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

Heritage Commerce (HTBK) came out with quarterly earnings of $0.17 per share, missing the Zacks Consensus Estimate of $0.19 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -10.53%. A quarter ago, it was expected that this holding company for Heritage Bank of Commerce would post earnings of $0.24 per share when it actually produced earnings of $0.22, delivering a surprise of -8.33%. ...