"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 ...

Core Insights - The company reported a net income of $9.2 million for the second quarter of 2024, a decrease from $10.2 million in the first quarter of 2024 and $16.4 million in the second quarter of 2023 [3] - Net interest income decreased by 2% to $39.5 million for the second quarter of 2024 compared to $40.1 million in the first quarter of 2024 and decreased by 15% from $46.3 million in the second quarter of 2023 [9] - The average yield on the total loan portfolio increased to 5.49% for the second quarter of 2024, compared to 5.44% for the first quarter of 2024 [11] Operating Results - For the six months ended June 30, 2024, net income was $19.4 million, or $0.32 per average diluted common share, compared to $35.3 million, or $0.58 per average diluted common share for the same period in 2023 [3] - The loan portfolio, excluding loans held-for-sale, increased by $43.7 million from the preceding quarter and by $91.0 million year-over-year [3] - Total deposits remained steady at $4.4 billion at June 30, 2024 [3] Credit Quality - The company recorded a provision for credit losses on loans of $471,000 for the second quarter of 2024, compared to $184,000 for the first quarter of 2024 and $260,000 for the second quarter of 2023 [16] - Nonperforming assets were reported as zero for commercial real estate loans at June 30, 2024 [33] - Classified assets totaled $33.6 million, or 0.64% of total assets, at June 30, 2024, down from $35.4 million, or 0.67% of total assets, at March 31, 2024 [34] Liquidity Position - The company's total available liquidity and borrowing capacity was $3.0 billion at both June 30, 2024, and March 31, 2024 [17] - The loan to deposit ratio was 76.04% at June 30, 2024, compared to 75.06% at March 31, 2024 [18] - Available liquidity and borrowing capacity was 66% of total deposits at June 30, 2024 [42] Investment Securities - Investment securities totaled $894.2 million at June 30, 2024, with $273.0 million in the securities available-for-sale portfolio and $621.2 million in the securities held-to-maturity portfolio [44] - The pre-tax unrealized loss on the securities available-for-sale portfolio was ($8.4) million at June 30, 2024 [45] - The weighted average life of the securities held-to-maturity portfolio was 6.57 years at June 30, 2024 [22] Noninterest Income and Expense - Total noninterest income increased by 11% to $2.3 million for the second quarter of 2024 compared to $2.0 million for the first quarter of 2024 [16] - Total noninterest expense for the second quarter of 2024 increased to $28.2 million, compared to $27.5 million for the first quarter of 2024 [16] - The efficiency ratio increased to 67.55% for the second quarter of 2024, compared to 65.34% for the first quarter of 2024 [16]

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 ...