HERITAGE COMMERCE CORP

Listed Company

HTBKCIK 0001053352NasdaqAcceleratedState Commercial BanksCaliforniaFY ends Dec 31

Period

FY 2025

Revenue

$3.69M

Net Income

$47.83M

Total Assets

$5.76B

Equity

$708.57M

Shares Out

61.59M

Op. Cash Flow

$61.67M

Business

HERITAGE COMMERCE CORP is a bank holding company that provides commercial and retail banking services through its subsidiary, Heritage Bank of Commerce. It offers deposit products, business and consumer loans (including commercial, commercial real estate, construction, SBA and home equity lines), electronic banking, cash management and complementary services, and factoring financing through its Bay View Funding subsidiary. The company’s primary operating divisions are Heritage Bank of Commerce and Bay View Funding. It serves clients primarily in the San Francisco Bay and Silicon Valley region via seventeen full-service branches, ATMs, correspondent banks and online channels.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	197	183	178	153	139
Securities, taxable	26	21	27	21	9
Securities, exempt from Federal tax	830,000	890,000	945,000	1	2
Other investments, interest-bearing deposits in other financial institutions and Federal funds sold	33	36	26	14	4
Total interest income	257	240	232	189	153
Deposits	69	77	48	7	5
Short-term borrowings	0	0	1	—	1,000
Subordinated debt	2	2	2	2	2
Total interest expense	72	79	51	9	—
Net interest income before provision for credit losses on loans	185	161	181	180	146
Provision for credit losses on loans	2	2	749,000	766,000	−3
Net interest income after provision for credit losses on loans	184	159	180	179	149
Service charges and fees on deposit accounts	4	4	4	5	2
FHLB and FRB stock dividends	2	2	2	—	—
Increase in cash surrender value of life insurance	2	2	2	2	2
Termination fees	435,000	177,000	154,000	61,000	797,000
Servicing income	302,000	365,000	400,000	508,000	553,000
Gain on sales of SBA loans	215,000	473,000	482,000	491,000	2
Gain on proceeds from company owned life insurance	0	219,000	125,000	27,000	—
Other	3	2	1	2	2
Total noninterest income	12	11	11	10	10
Salaries and employee benefits	67	64	57	55	52
Occupancy and equipment	10	10	9	10	9
Professional fees	6	5	4	5	6
Other	45	34	30	25	26
Total noninterest expense	128	114	101	95	93
Income before income taxes	68	57	90	94	66
Income tax expense	20	16	26	28	18
Net income	48	41	64	67	48
Basic (in dollars per share)	0.78	0.66	1.06	1.1	0.79
Diluted (in dollars per share)	0.78	0.66	1.05	1.09	0.79

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	22	30	42	28	16
Other investments and interest-bearing deposits in other financial institutions	625	938	367	279	1,291
Total cash and cash equivalents	647	968	408	307	1,306
Securities available-for-sale, at fair value	593	256	443	490	—
Securities held-to-maturity net of allowance for credit losses	530	590	651	715	658
Loans held-for-sale - SBA, at lower of cost or fair value, including deferred costs	1	2	2	2	2
Loans, net of deferred fees	3,653	3,492	3,350	3,299	3,087
Allowance for credit losses on loans	−50	−49	−48	−48	−43
Loans, net	3,603	3,443	3,302	3,251	—
"Federal Home Loan Bank (""FHLB""), Federal Reserve Bank (""FRB"") stock and other investments, at cost"	33	33	33	33	33
Company-owned life insurance	83	81	79	79	78
Premises and equipment, net	9	10	10	9	10
Goodwill	168	168	168	168	168
Other intangible assets	5	6	9	11	14
Accrued interest receivable and other assets	93	87	90	93	85
Total assets	5,765	5,645	5,194	5,158	5,499
Demand, noninterest-bearing	1,309	1,214	1,292	1,737	1,904
Demand, interest-bearing	957	937	914	1,196	1,308
Savings and money market	1,381	1,326	1,088	1,285	1,376
Time deposits - under $250	32	39	38	32	39
Time deposits - $250 and over	221	207	192	108	95
"Insured Cash Sweep (""ICS"")/Certificates of Deposit Account Registry Service (""CDARS"") - interest-bearing demand, money market and time deposits"	1,004	1,098	854	30	38
Total deposits	4,903	4,820	4,378	4,390	4,759
Subordinated debt, net of issuance costs	40	40	40	39	40
Accrued interest payable and other liabilities	113	96	103	96	102
Total liabilities	5,056	4,955	4,521	4,525	4,901
Preferred stock	0	0	—	—	—
Common stock	510	510	507	503	498
Retained earnings	204	188	179	146	111
Accumulated other comprehensive loss	−5	−8	−13	−17	−11
Total shareholders' equity	709	690	673	632	598
Total liabilities and shareholders' equity	5,765	5,645	5,194	5,158	5,499

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	48	41	64	67	48
Amortization of premiums and accretion of discounts on securities	−819,000	−3	−5	−953,000	4
Proceeds from sale of SBA loans originated for sale	3	6	8	8	18
SBA loans originated for sale	−3	−6	−7	−8	−17
Depreciation and amortization	1	1	1	1	1
Amortization of other intangible assets	2	2	2	3	3
Stock option expense, net	352,000	516,000	600,000	595,000	579,000
RSUs and PRSUs expense	965,000	1	392,000	—	—
Amortization of restricted stock awards, net	621,000	916,000	1	3	2
Amortization of subordinated debt issuance costs	152,000	151,000	152,000	172,000	185,000
Gain on proceeds from company-owned life insurance	0	−219,000	−125,000	−27,000	−675,000
Accrued interest receivable and other assets	−7	4	2	978,000	6
Accrued interest payable and other liabilities	17	−9	6	−2	−1
Net cash provided by operating activities	62	39	73	70	57
Purchase of securities available-for-sale	−556	−30	0	−426	—
Maturities/paydowns/calls of securities available-for-sale	226	225	59	22	129
Maturities/paydowns/calls of securities held-to-maturity	60	60	63	88	111
Net change in loans	−161	−143	−52	−22	−60
Changes in FHLB stock and other investments	−12,000	−16,000	−18,000	−18,000	1
Proceeds from redemption of company-owned life insurance	0	594,000	2	596,000	2
Purchase of premises and equipment	−377,000	−2	−2	−783,000	−252,000
Net cash (used in) provided by investing activities	−432	111	70	−669	−697
Net change in deposits	83	442	−11	−370	845
Exercise of stock options	2	690,000	1	2	1
Payment of cash dividends	−32	−32	−32	−31	−31
Repurchase shares of the Company common stock	−4	0	0	—	—
Net cash provided by (used in) financing activities	49	410	−42	−400	815
Net increase (decrease) in cash and cash equivalents	−321	560	102	−1,000	175
Interest paid	72	77	47	9	7
Income taxes paid, net	21	13	28	25	15
Recording of right of use assets in exchange for lease obligations	0	3	541,000	3	3
Transfer of loans held-for-sale to loan portfolio	738,000	0	0	—	—

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