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Heritage Commerce Corp was a California bank holding company for Heritage Bank of Commerce, a San Jose-based commercial bank with full-service branches in Bay Area and nearby Northern California markets. News around HTBK centered on bank earnings, loan and deposit trends, net interest margin, asset quality, quarterly cash dividends, board governance, and recognition of Heritage Bank of Commerce as an SBA Preferred Lender.
The company also reported on Bay View Funding, a bank subsidiary that provides working-capital factoring financing to businesses across industries in the United States. Heritage Commerce Corp merged with and into CVB Financial Corp in April 2026, after which its common stock was removed from Nasdaq listing and registration.
Heritage Commerce Corp (HTBK) reported a robust third quarter 2022 with a net income of $18.1 million, or $0.30 per diluted share, marking a 32% increase from the same period last year. Year-to-date, net income reached $45.8 million, up 36% year-over-year. Key drivers include a 26% growth in net interest income, boosted by a rising net interest margin of 3.73%. Total deposits rose by $69.6 million from the previous quarter. Credit quality remains strong with a decline in nonperforming assets. However, noninterest expenses increased due to one-time costs related to executive retirement.
Heritage Commerce Corp (HTBK) has declared a quarterly cash dividend of $0.13 per share for its common stockholders. This dividend will be payable on August 25, 2022, to shareholders on record as of August 11, 2022. The company emphasizes its continued commitment to delivering shareholder returns, supported by strong earnings and a solid capital position as stated by President and CEO Walter Kaczmarek.
Heritage Commerce Corp (HTBK) reported strong second quarter 2022 results, netting $14.8 million, or $0.24 per diluted share, up from $8.8 million, or $0.15 per share, year-over-year. Year-to-date, net income rose to $27.7 million, a 39% increase from $20.0 million in 2021. Core deposits supported a 12% loan growth excluding PPP loans, while net interest income spiked 20% to $41.9 million. The efficiency ratio improved significantly to 52.73%. Nonperforming assets dropped 56% year-over-year. The bank opened a new office in Oakland, boosting its growth prospects.
Heritage Commerce Corp (Nasdaq: HTBK) announced that Walter T. Kaczmarek will resign as President and CEO, effective September 15, 2022. Robertson “Clay” Jones, currently President and COO, will take over the leadership role. Jones has a strong background in community and commercial banking, having contributed significantly to the Bank's growth since joining in 2019. Kaczmarek will remain on the Boards of both the Company and the Bank. The Board expresses confidence in Jones' ability to enhance operational and financial performance, aimed at creating value for shareholders.
Heritage Bank of Commerce announced the opening of its 18th location in Oakland, California, enhancing services to small and medium-sized businesses. This new office, led by Landon Baines, offers a comprehensive suite of commercial banking products. Heritage Bank emphasizes its commitment to the Oakland community, continuing its support for local non-profits. Established in 1994, the bank operates numerous branches across the Bay Area and maintains its status as an SBA Preferred Lender.
Heritage Commerce Corp (Nasdaq: HTBK) announced that its subsidiary, Heritage Bank of Commerce, received the title of “Super Premier Performing Bank” by The Findley Reports, based on 2021 year-end financials. This prestigious designation is awarded to California banks that excel in performance criteria. Heritage Bank has been recognized for over 28 years for its superior service in the San Francisco Bay Area. This accolade highlights the bank's exceptional financial performance and dedication to client service.
Heritage Commerce Corp (NASDAQ: HTBK) announced the successful completion of a $40 million private placement of 5.0% Fixed-To-Floating Rate Subordinated Notes due 2032. The proceeds will primarily be utilized for general corporate purposes, particularly to repay the Company's outstanding 5.25% Fixed-To-Floating Rate Subordinated Notes due 2027. Redemption of these 2027 Notes is scheduled for June 1, 2022. Keefe, Bruyette & Woods and PNC FIG Advisory acted as co-placement agents for this offering.
Heritage Commerce Corp (Nasdaq: HTBK) has declared a quarterly cash dividend of $0.13 per share, payable on May 26, 2022, to shareholders of record by May 12, 2022. Established in 1997, the company operates Heritage Bank of Commerce, providing a range of financial services through its branches in California. As an SBA Preferred Lender, it aims to support various industries with financing solutions. This dividend demonstrates the company's commitment to returning income to its shareholders and reflects its financial health.
Heritage Commerce Corp (Nasdaq: HTBK) reported a net income of $12.9 million for Q1 2022, up from $11.2 million a year prior, with diluted earnings per share at $0.21. Net interest income rose 9% year-over-year to $38.2 million, aided by loan growth and credit quality, although the total loans decreased slightly from Q4 2021. Nonperforming assets fell 32% to $3.8 million. However, the allowance for credit losses dropped to 1.41% of total loans. Total assets increased by 9% to $5.427 billion, reflecting strong capital ratios and a solid foundation for growth.
Heritage Commerce Corp (Nasdaq: HTBK) announced the retirement of Executive Vice President Michael Benito, effective June 1, 2022. Dustin Warford will take on Benito's responsibilities as Executive Vice President, Community Business Banking Division Manager. Warford, a 17-year veteran at the bank, has been a significant contributor to its growth. The company also promoted Paul Perez to Real Estate Industries Division President and Doug Stewart to Market President for the Peninsula Region. These changes aim to continue the bank's success and community impact.