Heritage Comm Corp Stock Price, News & Analysis

Bay View Funding, a subsidiary of Heritage Bank of Commerce (Nasdaq: HTBK), has appointed Aaron Zahedani as Executive Vice President, Credit & Portfolio Management, effective immediately. Zahedani, who previously held various positions at Bay View Funding, returns after over three years at Wells Fargo Capital Finance. His role will focus on overseeing global credit risk and portfolio management. Bay View Funding has been providing accounts receivable financing services since 1985, supporting businesses across various industries.

Heritage Commerce Corp (Nasdaq: HTBK) declared a quarterly cash dividend of $0.13 per share, payable on February 24, 2022, to shareholders of record by February 10, 2022. This decision reflects the company’s commitment to enhancing shareholder value, as noted by CEO Walter Kaczmarek. Heritage Commerce, established in 1997, operates Heritage Bank of Commerce, which is headquartered in San Jose, CA, offering full-service banking across multiple locations in California.

Heritage Commerce Corp (Nasdaq: HTBK) reported a net income of $14.0 million for Q4 2021, a 20% increase from $11.6 million in Q4 2020, and $47.7 million for the full year, up 35% year-over-year. Total assets grew to $5.5 billion, with an 18% increase in loans and a 22% rise in deposits. The efficiency ratio improved to 54.32%. Nonperforming assets dropped 52% year-over-year. The company maintained solid credit metrics, with an allowance for credit losses on loans at 1.40%. Despite challenges from COVID-19, the outlook remains positive for 2022.

Heritage Commerce Corp (Nasdaq: HTBK) has announced the appointment of Robertson (Clay) Jones as President and Chief Operating Officer of Heritage Bank of Commerce, effective immediately. Walter T. Kaczmarek remains the Chief Executive Officer of the Bank. Jones brings over 30 years of experience in community and commercial banking, having previously served as Executive Vice President at the Bank. He is recognized for his leadership during challenging times and has held significant roles at Presidio Bank and New Resource Bank. Heritage Bank has numerous branches across California.

Heritage Commerce Corp (Nasdaq: HTBK) announced the appointment of Kamran Husain to its Board of Directors, expanding the Board to twelve members. Husain brings over 25 years of financial services experience, including prior roles at SVB Financial Group and PwC. He will also serve on both the Audit and Personnel and Compensation Committees. Chairman Jack Conner expressed confidence in Husain's expertise, emphasizing its value for the company's growth objectives.

Heritage Bank of Commerce, a subsidiary of Heritage Commerce Corp (Nasdaq: HTBK), has announced the appointment of David Casassa as Senior Vice President and Relationship Manager. Casassa, with over 20 years in commercial banking, will focus on expanding the bank's loan and deposit services in the North Bay region. Previously a top performer at a competitor bank, his expertise is expected to enhance the bank's local presence. This strategic move underscores the bank's commitment to growth in the San Francisco Bay Area.

Heritage Commerce Corp (Nasdaq: HTBK) has declared a quarterly cash dividend of $0.13 per share. This dividend will be payable on November 23, 2021, to shareholders of record as of November 9, 2021. The company emphasized its commitment to shareholder returns through consistent profitability, earnings growth, and reliable dividends, as stated by President and CEO Walter Kaczmarek. Established in 1997, Heritage Commerce Corp is the parent company of Heritage Bank of Commerce, a prominent SBA Preferred Lender in California.

Heritage Commerce Corp (HTBK) reported strong financial performance for Q3 2021, with net income of $13.7 million ($0.23 per diluted share), up from $11.2 million in Q3 2020. Year-to-date net income increased to $33.7 million from $23.7 million. The company achieved a 21% rise in total deposits, reaching $4.73 billion, bolstered by significant loan growth in commercial and industrial sectors. Nonperforming assets dropped 54% year-over-year, and the allowance for credit losses was robust at 1.54% of total loans. Despite temporary deposits impacting totals, the company is well-positioned for future growth.

Bay View Funding, a subsidiary of Heritage Bank of Commerce, has appointed Morgan Hansen as vice president and regional sales manager, based in Atlanta, Georgia. Hansen brings over a decade of experience and will focus on enhancing the company's factoring business in the Southeast. Bay View's factoring services, which can reach up to $20 million, support companies in need of flexible working capital for growth. The appointment aims to meet increasing demand in the Atlanta area, bolstered by the expertise Hansen adds to the existing team.