Heritage Comm Corp Stock Price, News & Analysis

Heritage Commerce Corp (Nasdaq: HTBK) has declared a quarterly cash dividend of $0.13 per share for common stockholders. This dividend will be payable on February 26, 2021, to shareholders recorded by the close of business on February 12, 2021. As a bank holding company, Heritage Commerce Corp operates through its subsidiary, Heritage Bank of Commerce, which has full-service branches across various locations in California. The bank is known for its role as an SBA Preferred Lender.

Heritage Commerce Corp (Nasdaq: HTBK) reported a fourth quarter 2020 net income of $11.6 million ($0.19 per diluted share), up from $5.7 million ($0.10) in Q4 2019. For the full year, net income fell to $35.3 million ($0.59) compared to $40.5 million ($0.84) in 2019. The net interest income for Q4 2020 decreased 13% year-over-year to $34.2 million, attributed to lower prime rates. However, credit quality improved with nonperforming assets down 20% year-over-year. The company maintained a strong liquidity position with $1.13 billion in cash and equivalents.

Heritage Commerce Corp (Nasdaq: HTBK) has declared a quarterly cash dividend of $0.13 per share for common stockholders. This dividend will be payable on November 20, 2020, to shareholders who are on record by the close of business on November 6, 2020. The company, established in 1997, is the parent of Heritage Bank of Commerce, which operates multiple full-service branches across California and serves as an SBA Preferred Lender.

Heritage Commerce Corp (Nasdaq: HTBK) reported third quarter 2020 net income of $11.2 million, translating to $0.19 per diluted share, a decrease from $11.3 million or $0.26 per share year-over-year. For the nine months ended September 30, 2020, net income was $23.7 million compared to $34.8 million in 2019. Loan quality remained stable with a 1.68% allowance for credit losses. Noninterest income rose by 25% due to gains from SBA loans. The capital position is robust, with a total risk-based capital ratio of 16.0%.

Heritage Commerce Corp (Nasdaq: HTBK) has successfully relocated its corporate headquarters, San Jose branch office, and Bay View Funding to a new facility at 224 Airport Parkway, San Jose, CA. The new headquarters spans nearly 55,000 square feet and will accommodate around 190 employees post-pandemic. CEO Keith A. Wilton emphasized the consolidation of operations to enhance support for customers and community partners. The bank remains dedicated to serving the Greater Bay Area community effectively from this central location.

Heritage Commerce Corp (Nasdaq: HTBK) has announced a regular quarterly cash dividend of $0.13 per share, payable on August 20, 2020. Shareholders of record as of August 6, 2020 will receive this dividend, demonstrating the company's commitment to returning value to its investors. Heritage Commerce Corp is the parent company of Heritage Bank of Commerce, which has a strong presence in California with multiple full-service branches and is recognized as an SBA Preferred Lender.

Heritage Commerce Corp (Nasdaq: HTBK) reported a second quarter 2020 net income of $10.6 million ($0.18 per share), down from $11.4 million ($0.26) in Q2 2019. Year-to-date net income was $12.5 million, significantly lower than $23.5 million in 2019. Loan growth was 5% sequentially, attributed to $324.6 million in SBA PPP loans, while total deposits surged by 16%. Nonperforming assets declined 25% to $9.1 million. Despite challenges from COVID-19, the bank maintains a strong capital and liquidity position.

Heritage Commerce Corp (NASDAQ: HTBK) announced that Kroll Bond Rating Agency affirmed its debt ratings, maintaining a BBB+ rating for senior unsecured debt and a stable outlook. The Bank’s ratings include an A- for deposits and BBB+ for subordinated debt. KBRA cited the Bank's robust core deposit franchise, strong liquidity position, and consistent credit quality as key factors supporting the ratings. CEO Keith A. Wilton emphasized the importance of their conservative underwriting practices amid the economic challenges due to the coronavirus pandemic.

Heritage Commerce Corp (Nasdaq: HTBK) announced on May 11, 2020, that it received the prestigious 2019 Raymond James Community Bankers Cup award, recognizing it as one of the top 10% of community banks based on profitability, operational efficiency, and balance sheet metrics. This accolade marks the third recognition in four years for Heritage Commerce Corp. Ranked 10th among 26 community banks evaluated, it places the company in the top 5% of its peers. The award reflects superior performance in various financial metrics, highlighting the bank's robust operational strategy and commitment to community service.