Heritage Comm Corp Stock Price, News & Analysis

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.

Heritage Bank of Commerce (Nasdaq: HTBK) announced the appointment of Maria DeBenedetti as Senior Vice President and Relationship Manager, focusing on commercial lending in the Oak Valley region, which includes Pleasanton, Livermore, and Fremont. DeBenedetti brings 35 years of experience in various sectors such as industrial and retail, and has a strong background in working capital lines and nonprofit lending. Her addition aims to enhance customer service and strengthen client relationships, aligning with the bank's commitment to client success.

Heritage Commerce Corp (Nasdaq: HTBK) has declared a quarterly cash dividend of $0.13 per share for its common stockholders. This dividend is set to be payable on August 26, 2021, to shareholders recorded as of August 12, 2021. The bank, headquartered in San Jose, CA, operates multiple full-service branches and is recognized as an SBA Preferred Lender, reinforcing its commitment to providing essential financial services across various industries.

Heritage Commerce Corp (HTBK) reported second quarter 2021 net income of $8.8 million ($0.15 per diluted share), down from $10.6 million ($0.18) a year prior. Year-to-date net income reached $20 million ($0.33), up from $12.5 million ($0.21). The company set aside $4 million for a legal settlement. Core loans rose $65.6 million (3%) year-over-year, with total loans increasing by $138.4 million (5%). Total deposits surged by $444.2 million (11%). Nonperforming assets declined to $6.2 million (32% decrease). The bank continues to manage strong credit quality and a diversified loan portfolio amidst economic recovery.

Heritage Bank of Commerce, a subsidiary of Heritage Commerce Corp (Nasdaq: HTBK), is expanding its Specialty Finance Group, which includes Bay View Funding's factoring business and the Bank's Asset-Based Lending and SBA lending teams. This expansion aims to serve a diverse clientele requiring alternative loan products, particularly as the economy improves post-pandemic. The Specialty Finance Group is poised to support emerging growth companies with flexible financing solutions, including revolving credit and term loans, along with SBA financing that offers longer terms and lower down payments.