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Heritage Commerce (HTBK) Financials

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Annual Income Statements for Heritage Commerce

Annual Income Statements for Heritage Commerce

This table shows Heritage Commerce's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 67 64 41
Consolidated Net Income / (Loss)		 67 64 41
Net Income / (Loss) Continuing Operations		 67 64 41
Total Pre-Tax Income 		94 90 57
Total Revenue		 190 192 172
Net Interest Income / (Expense)		 180 183 164
Total Interest Income		 189 234 243
Loans and Leases Interest Income		 153 178 183
Investment Securities Interest Income		 22 28 22
Deposits and Money Market Investments Interest Income		 14 28 38
Total Interest Expense		 8.95 51 79
Deposits Interest Expense		 6.77 48 77
Short-Term Borrowings Interest Expense		 0.00 1.37 0.00
Long-Term Debt Interest Expense		 2.18 2.15 2.15
Total Non-Interest Income		 10 9.00 8.75
Other Service Charges		 7.00 6.36 5.96
Net Realized & Unrealized Capital Gains on Investments		 1.19 0.48 0.69
Other Non-Interest Income		 1.93 2.16 2.10
Provision for Credit Losses		 0.77 0.75 2.14
Total Non-Interest Expense		 95 101 114
Salaries and Employee Benefits		 55 57 64
Net Occupancy & Equipment Expense		 9.64 9.49 10
Other Operating Expenses		 30 35 39
Income Tax Expense		 28 26 16
Basic Earnings per Share		 $1.10 $1.06 $0.66
Weighted Average Basic Shares Outstanding		 60.90M 61.17M 61.44M
Diluted Earnings per Share		 $1.09 $1.05 $0.66
Weighted Average Diluted Shares Outstanding		 60.90M 61.17M 61.44M
Weighted Average Basic & Diluted Shares Outstanding		 60.90M 61.17M 61.44M
Cash Dividends to Common per Share		 $0.52 $0.52 $0.52

Quarterly Income Statements for Heritage Commerce

This table shows Heritage Commerce's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 18 21 19 16 16 13 10 9.23 11 11
Consolidated Net Income / (Loss)		 18 21 19 16 16 13 10 9.23 11 11
Net Income / (Loss) Continuing Operations		 18 21 19 16 16 13 10 9.23 11 11
Total Pre-Tax Income 		26 29 27 23 22 18 14 13 14 15
Total Revenue		 51 55 52 48 48 44 42 42 42 46
Net Interest Income / (Expense)		 48 52 49 46 45 42 40 39 40 44
Total Interest Income		 50 55 56 58 61 59 58 59 61 65
Loans and Leases Interest Income		 39 43 44 44 45 45 45 45 46 47
Investment Securities Interest Income		 6.13 7.20 7.30 7.22 7.03 6.74 6.41 5.71 4.90 4.69
Deposits and Money Market Investments Interest Income		 5.17 5.49 4.86 7.09 8.91 7.51 6.54 7.90 11 13
Total Interest Expense		 2.13 3.45 7.02 12 15 17 17 20 22 20
Deposits Interest Expense		 1.60 2.92 5.90 11 15 16 17 19 21 20
Long-Term Debt Interest Expense		 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54 0.54
Total Non-Interest Income		 2.78 2.77 2.77 2.07 2.22 1.94 2.05 2.28 2.24 2.19
Other Service Charges		 1.96 2.29 2.20 1.37 1.39 1.40 1.35 1.46 1.62 1.53
Net Realized & Unrealized Capital Gains on Investments		 0.34 0.03 0.08 0.20 0.31 -0.10 0.18 0.30 0.09 0.13
Other Non-Interest Income		 0.48 0.45 0.49 0.50 0.52 0.64 0.52 0.52 0.53 0.53
Provision for Credit Losses		 1.01 0.51 0.03 0.26 0.17 0.29 0.18 0.47 0.15 1.33
Total Non-Interest Expense		 24 25 25 25 25 25 28 28 28 30
Salaries and Employee Benefits		 14 14 15 14 14 14 16 16 16 17
Net Occupancy & Equipment Expense		 2.42 2.51 2.40 2.42 2.30 2.37 2.44 2.69 2.60 2.50
Other Operating Expenses		 7.37 8.09 8.19 8.58 8.72 9.21 9.58 9.71 9.28 11
Income Tax Expense		 7.85 8.69 7.67 6.71 6.45 5.14 4.25 3.84 3.94 4.11
Basic Earnings per Share		 $0.30 $0.35 $0.31 $0.27 $0.26 $0.22 $0.17 $0.15 $0.17 $0.17
Weighted Average Basic Shares Outstanding		 60.72M 60.90M 60.97M 61.09M 61.10M 61.17M 61.26M 61.29M 61.30M 61.44M
Diluted Earnings per Share		 $0.30 $0.34 $0.31 $0.27 $0.26 $0.21 $0.17 $0.15 $0.17 $0.17
Weighted Average Diluted Shares Outstanding		 60.72M 60.90M 60.97M 61.09M 61.10M 61.17M 61.26M 61.29M 61.30M 61.44M
Weighted Average Basic & Diluted Shares Outstanding		 60.72M 60.90M 60.97M 61.09M 61.10M 61.17M 61.26M 61.29M 61.30M 61.44M

Annual Cash Flow Statements for Heritage Commerce

This table details how cash moves in and out of Heritage Commerce's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -1,000 102 560
Net Cash From Operating Activities		 70 73 39
Net Cash From Continuing Operating Activities		 70 73 39
Net Income / (Loss) Continuing Operations		 67 64 41
Consolidated Net Income / (Loss)		 67 64 41
Provision For Loan Losses		 0.77 0.75 2.14
Depreciation Expense		 1.12 1.12 1.34
Amortization Expense		 4.44 -0.86 0.67
Non-Cash Adjustments to Reconcile Net Income		 -1.93 -0.91 -0.56
Changes in Operating Assets and Liabilities, net		 -1.10 8.48 -5.15
Net Cash From Investing Activities		 -669 70 111
Net Cash From Continuing Investing Activities		 -669 70 111
Purchase of Property, Leasehold Improvements and Equipment		 -0.78 -1.67 -1.62
Purchase of Investment Securities		 -780 -52 -173
Sale and/or Maturity of Investments		 111 124 285
Net Cash From Financing Activities		 -400 -42 410
Net Cash From Continuing Financing Activities		 -400 -42 410
Net Change in Deposits		 -370 -11 442
Issuance of Debt		 39 0.00 0.00
Repayment of Debt		 -40 0.00 0.00
Payment of Dividends		 -31 -32 -32
Other Financing Activities, Net		 2.05 1.22 0.69
Cash Interest Paid		 8.65 47 77
Cash Income Taxes Paid		 25 28 13

Quarterly Cash Flow Statements for Heritage Commerce

This table details how cash moves in and out of Heritage Commerce's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 -195 -375 433 -229 134 -237 133 107 308 12
Net Cash From Operating Activities		 16 27 30 31 17 -4.58 7.34 11 5.31 16
Net Cash From Continuing Operating Activities		 16 27 30 31 17 -4.58 7.34 11 5.31 16
Net Income / (Loss) Continuing Operations		 18 21 19 16 16 13 10 9.23 11 11
Consolidated Net Income / (Loss)		 18 21 19 16 16 13 10 9.23 11 11
Provision For Loan Losses		 1.01 0.51 0.03 0.26 0.17 0.29 0.18 0.47 0.15 1.33
Depreciation Expense		 0.28 0.27 0.27 0.27 0.28 0.29 0.30 0.33 0.35 0.36
Amortization Expense		 1.31 -0.19 -0.24 -0.27 -0.24 -0.11 -0.04 0.03 0.35 0.32
Non-Cash Adjustments to Reconcile Net Income		 -0.13 -0.71 -0.68 -0.60 1.98 -1.61 0.08 -0.15 0.24 -0.73
Changes in Operating Assets and Liabilities, net		 -4.36 6.46 12 15 -1.13 -17 -3.36 0.59 -6.29 3.91
Net Cash From Investing Activities		 -273 -102 56 -7.90 50 -28 67 104 26 -87
Net Cash From Continuing Investing Activities		 -273 -102 56 -7.90 50 -28 67 104 26 -87
Purchase of Property, Leasehold Improvements and Equipment		 -0.12 -0.14 -0.11 -0.33 -0.79 -0.44 -0.43 -0.65 -0.44 -0.11
Purchase of Investment Securities		 -297 -121 36 -27 3.05 -65 14 -44 -31 -112
Sale and/or Maturity of Investments		 24 19 19 19 48 37 54 149 57 26
Net Cash From Financing Activities		 62 -300 348 -251 67 -205 59 -7.96 277 83
Net Cash From Continuing Financing Activities		 62 -300 348 -251 67 -205 59 -7.96 277 83
Net Change in Deposits		 70 -294 55 56 75 -197 66 -0.05 285 90
Payment of Dividends		 -7.89 -7.90 -7.92 -7.94 -7.94 -7.94 -7.95 -7.97 -7.97 -7.97
Other Financing Activities, Net		 0.02 1.18 0.68 0.31 - 0.22 0.39 0.06 0.04 0.21
Cash Interest Paid		 1.56 3.78 5.66 12 13 17 16 19 21 21
Cash Income Taxes Paid		 7.02 6.00 - - 0.01 28 - - 2.65 0.88

Annual Balance Sheets for Heritage Commerce

This table presents Heritage Commerce's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 5,158 5,194 5,645
Cash and Due from Banks		 28 42 30
Interest Bearing Deposits at Other Banks		 279 367 938
Trading Account Securities		 492 445 259
Loans and Leases, Net of Allowance		 3,251 3,302 3,443
Loans and Leases		 3,299 3,350 3,492
Allowance for Loan and Lease Losses		 48 48 49
Premises and Equipment, Net		 9.30 9.86 10
Goodwill		 168 168 168
Intangible Assets		 11 8.63 6.44
Other Assets		 920 853 791
Total Liabilities & Shareholders' Equity		 5,158 5,194 5,645
Total Liabilities		 4,525 4,521 4,955
Non-Interest Bearing Deposits		 1,737 1,292 1,214
Interest Bearing Deposits		 2,653 3,086 3,606
Accrued Interest Payable		 96 103 96
Long-Term Debt		 39 40 40
Total Equity & Noncontrolling Interests		 632 673 690
Total Preferred & Common Equity		 632 673 690
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 632 673 690
Common Stock		 503 507 510
Retained Earnings		 146 179 188
Accumulated Other Comprehensive Income / (Loss)		 -17 -13 -8.11

Quarterly Balance Sheets for Heritage Commerce

This table presents Heritage Commerce's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 5,431 5,537 5,312 5,403 5,256 5,263 5,552
Cash and Due from Banks		 41 41 43 40 33 37 50
Interest Bearing Deposits at Other Banks		 641 699 469 605 509 611 907
Trading Account Securities		 481 495 489 458 406 275 239
Loans and Leases, Net of Allowance		 0.00 0.00 3,241 3,238 3,288 3,332 3,362
Loans and Leases		 - - 3,289 3,285 3,336 3,380 3,410
Allowance for Loan and Lease Losses		 - - 48 48 48 48 48
Premises and Equipment, Net		 9.43 9.14 9.20 9.71 9.99 10 10
Goodwill		 168 168 168 168 168 168 168
Intangible Assets		 12 10 9.83 9.23 8.07 7.52 6.97
Other Assets		 4,080 4,115 884 875 834 823 809
Total Liabilities & Shareholders' Equity		 5,431 5,537 5,312 5,403 5,256 5,263 5,552
Total Liabilities		 4,822 4,889 4,658 4,741 4,580 4,584 4,866
Non-Interest Bearing Deposits		 1,884 1,469 1,320 1,244 1,242 1,187 1,272
Interest Bearing Deposits		 2,800 2,975 3,181 3,332 3,203 3,257 3,457
Accrued Interest Payable		 99 105 118 126 96 100 97
Long-Term Debt		 39 39 39 39 40 40 40
Total Equity & Noncontrolling Interests		 610 647 654 662 676 679 685
Total Preferred & Common Equity		 610 647 654 662 676 679 685
Preferred Stock		 0.00 0.00 0.00 0.00 - 0.00 0.00
Total Common Equity		 610 647 654 662 676 679 685
Common Stock		 501 504 505 506 508 508 509
Retained Earnings		 133 157 166 174 181 183 185
Accumulated Other Comprehensive Income / (Loss)		 -25 -14 -17 -17 -13 -12 -8.89

Annual Metrics And Ratios for Heritage Commerce

This table displays calculated financial ratios and metrics derived from Heritage Commerce's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 21.94% 1.17% -10.31%
EBITDA Growth		 31.98% -9.26% -35.28%
EBIT Growth		 43.26% -4.18% -37.32%
NOPAT Growth		 39.53% -3.17% -37.11%
Net Income Growth		 39.53% -3.17% -37.11%
EPS Growth		 37.97% -3.67% -37.14%
Operating Cash Flow Growth		 22.87% 4.52% -46.62%
Free Cash Flow Firm Growth		 19.46% -27.08% -1.24%
Invested Capital Growth		 5.31% 6.04% 2.38%
Revenue Q/Q Growth		 7.71% -5.07% 1.25%
EBITDA Q/Q Growth		 8.45% -10.75% -5.20%
EBIT Q/Q Growth		 12.09% -10.87% -6.17%
NOPAT Q/Q Growth		 11.44% -10.39% -6.26%
Net Income Q/Q Growth		 11.44% -10.39% -6.26%
EPS Q/Q Growth		 12.37% -11.02% -5.71%
Operating Cash Flow Q/Q Growth		 16.12% -30.29% 109.85%
Free Cash Flow Firm Q/Q Growth		 -20.02% 23.24% 19.79%
Invested Capital Q/Q Growth		 3.54% 1.57% 0.61%
Profitability Metrics		 - - -
EBITDA Margin		 52.59% 47.17% 34.04%
EBIT Margin		 49.67% 47.04% 32.87%
Profit (Net Income) Margin		 35.03% 33.53% 23.51%
Tax Burden Percent		 70.53% 71.27% 71.51%
Interest Burden Percent		 100.00% 100.00% 100.00%
Effective Tax Rate		 29.47% 28.73% 28.49%
Return on Invested Capital (ROIC)		 10.16% 9.31% 5.62%
ROIC Less NNEP Spread (ROIC-NNEP)		 10.16% 9.31% 5.62%
Return on Net Nonoperating Assets (RNNOA)		 0.65% 0.56% 0.33%
Return on Equity (ROE)		 10.82% 9.87% 5.95%
Cash Return on Invested Capital (CROIC)		 4.99% 3.45% 3.27%
Operating Return on Assets (OROA)		 1.77% 1.75% 1.05%
Return on Assets (ROA)		 1.25% 1.25% 0.75%
Return on Common Equity (ROCE)		 10.82% 9.87% 5.95%
Return on Equity Simple (ROE_SIMPLE)		 10.52% 9.58% 5.88%
Net Operating Profit after Tax (NOPAT)		 67 64 41
NOPAT Margin		 35.03% 33.53% 23.51%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 34.20% 34.52% 43.03%
Operating Expenses to Revenue		 49.93% 52.57% 65.88%
Earnings before Interest and Taxes (EBIT)		 94 90 57
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 100 91 59
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 1.10 0.84 0.82
Price to Tangible Book Value (P/TBV)		 1.53 1.14 1.10
Price to Revenue (P/Rev)		 3.66 2.94 3.29
Price to Earnings (P/E)		 10.44 8.77 14.00
Dividend Yield		 4.54% 5.62% 5.62%
Earnings Yield		 9.58% 11.41% 7.14%
Enterprise Value to Invested Capital (EV/IC)		 0.64 0.28 0.00
Enterprise Value to Revenue (EV/Rev)		 2.25 1.02 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 4.28 2.17 0.00
Enterprise Value to EBIT (EV/EBIT)		 4.53 2.17 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 6.42 3.05 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.12 2.69 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 13.07 8.23 0.00
Leverage & Solvency		 - - -
Debt to Equity		 0.06 0.06 0.06
Long-Term Debt to Equity		 0.06 0.06 0.06
Financial Leverage		 0.06 0.06 0.06
Leverage Ratio		 8.66 7.93 7.95
Compound Leverage Factor		 8.66 7.93 7.95
Debt to Total Capital		 5.86% 5.54% 5.44%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 5.86% 5.54% 5.44%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 94.14% 94.46% 94.56%
Debt to EBITDA		 0.39 0.44 0.68
Net Debt to EBITDA		 -2.67 -4.07 -15.82
Long-Term Debt to EBITDA		 0.39 0.44 0.68
Debt to NOPAT		 0.59 0.61 0.98
Net Debt to NOPAT		 -4.02 -5.72 -22.91
Long-Term Debt to NOPAT		 0.59 0.61 0.98
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 33 24 24
Operating Cash Flow to CapEx		 8,921.20% 4,369.24% 2,399.69%
Free Cash Flow to Firm to Interest Expense		 3.65 0.47 0.30
Operating Cash Flow to Interest Expense		 7.81 1.43 0.49
Operating Cash Flow Less CapEx to Interest Expense		 7.72 1.40 0.47
Efficiency Ratios		 - - -
Asset Turnover		 0.04 0.04 0.03
Fixed Asset Turnover		 20.06 20.07 17.24
Capital & Investment Metrics		 - - -
Invested Capital		 672 712 729
Invested Capital Turnover		 0.29 0.28 0.24
Increase / (Decrease) in Invested Capital		 34 41 17
Enterprise Value (EV)		 428 196 -361
Market Capitalization		 695 565 568
Book Value per Share		 $10.42 $11.01 $11.25
Tangible Book Value per Share		 $7.47 $8.13 $8.41
Total Capital		 672 712 729
Total Debt		 39 40 40
Total Long-Term Debt		 39 40 40
Net Debt		 -267 -369 -928
Capital Expenditures (CapEx)		 0.78 1.67 1.62
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 39 40 40
Total Depreciation and Amortization (D&A)		 5.56 0.26 2.01
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $1.10 $1.06 $0.66
Adjusted Weighted Average Basic Shares Outstanding		 60.90M 61.17M 61.44M
Adjusted Diluted Earnings per Share		 $1.09 $1.05 $0.66
Adjusted Weighted Average Diluted Shares Outstanding		 60.90M 61.17M 61.44M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 60.90M 61.17M 61.44M
Normalized Net Operating Profit after Tax (NOPAT)		 67 64 41
Normalized NOPAT Margin		 35.03% 33.53% 23.51%
Pre Tax Income Margin		 49.67% 47.04% 32.87%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 10.55 1.77 0.72
NOPAT to Interest Expense		 7.44 1.26 0.51
EBIT Less CapEx to Interest Expense		 10.46 1.74 0.70
NOPAT Less CapEx to Interest Expense		 7.35 1.23 0.49
Payout Ratios		 - - -
Dividend Payout Ratio		 47.32% 49.25% 78.61%
Augmented Payout Ratio		 47.32% 49.25% 78.61%

Quarterly Metrics And Ratios for Heritage Commerce

This table displays calculated financial ratios and metrics derived from Heritage Commerce's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 25.21% 33.22% 27.88% 9.98% -6.36% -18.84% -19.00% -13.72% -11.42% 4.81%
EBITDA Growth		 26.81% 35.76% 31.96% 1.98% -18.99% -36.95% -44.85% -41.90% -32.03% -17.26%
EBIT Growth		 34.47% 52.72% 47.76% 10.24% -14.15% -37.38% -45.77% -43.45% -35.07% -20.19%
NOPAT Growth		 31.72% 48.94% 47.03% 10.67% -12.59% -35.92% -46.26% -43.71% -33.48% -20.31%
Net Income Growth		 31.72% 48.94% 47.03% 10.67% -12.59% -35.92% -46.26% -43.71% -33.48% -20.31%
EPS Growth		 30.43% 54.55% 47.62% 12.50% -13.33% -38.24% -45.16% -44.44% -34.62% -19.05%
Operating Cash Flow Growth		 -11.51% 55.58% 78.50% 215.81% 4.11% -116.88% -75.51% -65.87% -68.51% 445.32%
Free Cash Flow Firm Growth		 -162.52% -105.28% -4,754.86% -259.41% -4,712.70% -108.89% 186.01% 45.53% 64.46% 76.69%
Invested Capital Growth		 2.99% 5.31% 53.90% 7.21% 8.10% 6.04% -27.44% 3.71% 3.36% 2.38%
Revenue Q/Q Growth		 15.57% 7.26% -4.56% -7.03% -1.61% -7.03% -4.75% -0.97% 1.02% 10.00%
EBITDA Q/Q Growth		 21.33% 7.47% -9.94% -13.16% -3.61% -16.36% -21.22% -8.53% 12.77% 1.81%
EBIT Q/Q Growth		 23.60% 13.77% -9.82% -13.07% -3.75% -17.02% -21.90% -9.35% 10.52% 1.99%
NOPAT Q/Q Growth		 21.91% 15.11% -9.05% -13.29% -3.71% -15.62% -23.72% -9.17% 13.79% 1.09%
Net Income Q/Q Growth		 21.91% 15.11% -9.05% -13.29% -3.71% -15.62% -23.72% -9.17% 13.79% 1.09%
EPS Q/Q Growth		 25.00% 13.33% -8.82% -12.90% -3.70% -19.23% -19.05% -11.76% 13.33% 0.00%
Operating Cash Flow Q/Q Growth		 65.97% 67.74% 10.38% 2.77% -45.29% -127.20% 260.18% 43.21% -49.52% 198.19%
Free Cash Flow Firm Q/Q Growth		 90.91% -1,608.64% -2,402.18% 90.76% -21.78% 25.84% 1,130.20% -105.85% 20.55% 51.36%
Invested Capital Q/Q Growth		 0.36% 3.54% 46.86% -29.75% 1.20% 1.57% 0.48% 0.41% 0.86% 0.61%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 54.13% 54.23% 51.18% 47.80% 46.83% 42.13% 34.85% 32.19% 35.93% 33.26%
EBIT Margin		 51.00% 54.09% 51.11% 47.79% 46.75% 41.73% 34.22% 31.32% 34.27% 31.78%
Profit (Net Income) Margin		 35.55% 38.16% 36.36% 33.91% 33.19% 30.12% 24.12% 22.13% 24.92% 22.90%
Tax Burden Percent		 69.72% 70.54% 71.14% 70.96% 70.99% 72.19% 70.50% 70.64% 72.73% 72.08%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 30.28% 29.46% 28.86% 29.04% 29.01% 27.81% 29.50% 29.36% 27.27% 27.92%
Return on Invested Capital (ROIC)		 9.81% 11.07% 9.00% 10.42% 9.96% 8.37% 5.17% 5.51% 5.95% 5.48%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.81% 11.07% 9.00% 10.42% 9.96% 8.37% 5.17% 5.51% 5.95% 5.48%
Return on Net Nonoperating Assets (RNNOA)		 0.65% 0.71% 2.73% 0.65% 0.62% 0.51% 1.48% 0.33% 0.35% 0.32%
Return on Equity (ROE)		 10.46% 11.78% 11.73% 11.07% 10.57% 8.87% 6.65% 5.83% 6.30% 5.80%
Cash Return on Invested Capital (CROIC)		 6.39% 4.99% -33.54% 4.12% 2.87% 3.45% 38.35% 3.24% 2.76% 3.27%
Operating Return on Assets (OROA)		 1.65% 1.93% 1.88% 1.84% 1.75% 1.55% 1.16% 1.04% 1.07% 1.01%
Return on Assets (ROA)		 1.15% 1.36% 1.34% 1.31% 1.24% 1.12% 0.82% 0.74% 0.77% 0.73%
Return on Common Equity (ROCE)		 10.46% 11.78% 11.73% 11.07% 10.57% 8.87% 6.65% 5.83% 6.30% 5.80%
Return on Equity Simple (ROE_SIMPLE)		 9.80% 0.00% 11.22% 11.35% 10.86% 0.00% 8.23% 7.14% 6.31% 0.00%
Net Operating Profit after Tax (NOPAT)		 18 21 19 16 16 13 10 9.23 11 11
NOPAT Margin		 35.55% 38.16% 36.36% 33.91% 33.19% 30.12% 24.12% 22.13% 24.92% 22.90%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 32.53% 30.13% 33.08% 33.93% 34.56% 36.81% 42.60% 44.29% 43.34% 41.99%
Operating Expenses to Revenue		 47.02% 44.98% 48.83% 51.67% 52.89% 57.62% 65.34% 67.55% 65.37% 65.35%
Earnings before Interest and Taxes (EBIT)		 26 29 27 23 22 18 14 13 14 15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 28 30 27 23 22 19 15 13 15 15
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.01 1.10 0.71 0.72 0.73 0.84 0.75 0.77 0.87 0.82
Price to Tangible Book Value (P/TBV)		 1.43 1.53 0.99 0.98 0.99 1.14 1.02 1.04 1.17 1.10
Price to Revenue (P/Rev)		 3.49 3.66 2.30 2.28 2.38 2.94 2.79 2.99 3.51 3.29
Price to Earnings (P/E)		 10.30 10.44 6.37 6.32 6.70 8.77 9.15 10.83 13.84 14.00
Dividend Yield		 5.13% 4.54% 6.84% 6.76% 6.60% 5.62% 6.24% 6.06% 5.33% 5.62%
Earnings Yield		 9.71% 9.58% 15.69% 15.82% 14.94% 11.41% 10.93% 9.23% 7.23% 7.14%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.64 0.06 0.00 0.00 0.28 0.01 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 2.25 0.31 0.00 0.00 1.02 0.04 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 4.28 0.58 0.00 0.00 2.17 0.10 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 4.53 0.60 0.00 0.00 2.17 0.10 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 6.42 0.85 0.00 0.00 3.05 0.14 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 6.12 0.75 0.00 0.00 2.69 0.15 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 13.07 0.00 0.00 0.00 8.23 0.02 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.06 0.06 0.52 0.06 0.06 0.06 0.06 0.06 0.06 0.06
Long-Term Debt to Equity		 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06
Financial Leverage		 0.07 0.06 0.30 0.06 0.06 0.06 0.29 0.06 0.06 0.06
Leverage Ratio		 9.08 8.66 8.78 8.46 8.52 7.93 8.15 7.93 8.13 7.95
Compound Leverage Factor		 9.08 8.66 8.78 8.46 8.52 7.93 8.15 7.93 8.13 7.95
Debt to Total Capital		 6.06% 5.86% 34.40% 5.69% 5.63% 5.54% 5.52% 5.51% 5.46% 5.44%
Short-Term Debt to Total Capital		 0.00% 0.00% 30.41% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 6.06% 5.86% 3.99% 5.69% 5.63% 5.54% 5.52% 5.51% 5.46% 5.44%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 93.94% 94.14% 65.60% 94.31% 94.37% 94.46% 94.48% 94.49% 94.54% 94.56%
Debt to EBITDA		 0.43 0.39 3.19 0.37 0.39 0.44 0.50 0.57 0.64 0.68
Net Debt to EBITDA		 -6.97 -2.67 -3.77 -4.42 -5.97 -4.07 -6.37 -8.82 -14.81 -15.82
Long-Term Debt to EBITDA		 0.43 0.39 0.37 0.37 0.39 0.44 0.50 0.57 0.64 0.68
Debt to NOPAT		 0.66 0.59 4.67 0.53 0.55 0.61 0.71 0.82 0.92 0.98
Net Debt to NOPAT		 -10.76 -4.02 -5.52 -6.36 -8.43 -5.72 -9.01 -12.54 -21.20 -22.91
Long-Term Debt to NOPAT		 0.66 0.59 0.54 0.53 0.55 0.61 0.71 0.82 0.92 0.98
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -0.76 -13 -327 -30 -37 -27 281 -16 -13 -6.36
Operating Cash Flow to CapEx		 13,829.06% 18,847.92% 26,511.50% 9,358.05% 2,126.89% -1,048.28% 1,710.49% 1,609.34% 1,216.74% 14,923.58%
Free Cash Flow to Firm to Interest Expense		 -0.36 -3.78 -46.56 -2.51 -2.38 -1.64 16.09 -0.84 -0.61 -0.31
Operating Cash Flow to Interest Expense		 7.59 7.86 4.27 2.56 1.09 -0.28 0.42 0.54 0.25 0.77
Operating Cash Flow Less CapEx to Interest Expense		 7.53 7.82 4.25 2.53 1.04 -0.30 0.40 0.50 0.23 0.77
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.03 0.04 0.04 0.04 0.04 0.04 0.03 0.03 0.03 0.03
Fixed Asset Turnover		 18.33 20.06 21.51 21.90 21.16 20.07 19.07 18.01 16.94 17.24
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 649 672 987 693 701 712 716 719 725 729
Invested Capital Turnover		 0.28 0.29 0.25 0.31 0.30 0.28 0.21 0.25 0.24 0.24
Increase / (Decrease) in Invested Capital		 19 34 346 47 53 41 -271 26 24 17
Enterprise Value (EV)		 -27 428 62 -3.18 -125 196 7.78 -83 -318 -361
Market Capitalization		 615 695 463 469 481 565 510 526 598 568
Book Value per Share		 $10.05 $10.42 $10.63 $10.72 $10.84 $11.01 $11.06 $11.09 $11.18 $11.25
Tangible Book Value per Share		 $7.09 $7.47 $7.70 $7.81 $7.94 $8.13 $8.18 $8.23 $8.33 $8.41
Total Capital		 649 672 987 693 701 712 716 719 725 729
Total Debt		 39 39 339 39 39 40 40 40 40 40
Total Long-Term Debt		 39 39 39 39 39 40 40 40 40 40
Net Debt		 -642 -267 -401 -472 -606 -369 -502 -609 -917 -928
Capital Expenditures (CapEx)		 0.12 0.14 0.11 0.33 0.79 0.44 0.43 0.65 0.44 0.11
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 39 39 339 39 39 40 40 40 40 40
Total Depreciation and Amortization (D&A)		 1.59 0.08 0.04 0.01 0.04 0.18 0.27 0.36 0.70 0.69
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.30 $0.35 $0.31 $0.27 $0.26 $0.22 $0.17 $0.15 $0.17 $0.17
Adjusted Weighted Average Basic Shares Outstanding		 60.72M 60.90M 60.97M 61.09M 61.10M 61.17M 61.26M 61.29M 61.30M 61.44M
Adjusted Diluted Earnings per Share		 $0.30 $0.34 $0.31 $0.27 $0.26 $0.21 $0.17 $0.15 $0.17 $0.17
Adjusted Weighted Average Diluted Shares Outstanding		 60.72M 60.90M 60.97M 61.09M 61.10M 61.17M 61.26M 61.29M 61.30M 61.44M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 60.72M 60.90M 60.97M 61.09M 61.10M 61.17M 61.26M 61.29M 61.30M 61.44M
Normalized Net Operating Profit after Tax (NOPAT)		 18 21 19 16 16 13 10 9.23 11 11
Normalized NOPAT Margin		 35.55% 38.16% 36.36% 33.91% 33.19% 30.12% 24.12% 22.13% 24.92% 22.90%
Pre Tax Income Margin		 51.00% 54.09% 51.11% 47.79% 46.75% 41.73% 34.22% 31.32% 34.27% 31.78%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 12.15 8.54 3.79 1.92 1.44 1.11 0.83 0.67 0.67 0.72
NOPAT to Interest Expense		 8.47 6.02 2.70 1.36 1.02 0.80 0.58 0.47 0.49 0.52
EBIT Less CapEx to Interest Expense		 12.10 8.50 3.77 1.89 1.39 1.09 0.80 0.63 0.65 0.72
NOPAT Less CapEx to Interest Expense		 8.42 5.98 2.68 1.33 0.97 0.78 0.56 0.44 0.47 0.51
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 52.63% 47.32% 43.47% 42.66% 44.07% 49.25% 57.06% 65.55% 73.63% 78.61%
Augmented Payout Ratio		 52.63% 47.32% 43.47% 42.66% 44.07% 49.25% 57.06% 65.55% 73.63% 78.61%

Key Financial Trends

Heritage Commerce (NASDAQ: HTBK) shows stable financial performance with improving trends in profitability and balance sheet growth over the last four years through Q4 2024.

Key positives observed from the financials:

  • Net income remained solid with Q4 2024 net income at $10.6 million, consistent with prior quarters around $10 - $13 million, indicating steady profitability.
  • Net interest income has grown over recent years, reaching $44.2 million in Q4 2024, up from $42.3 million in Q4 2023 and $51.7 million in Q4 2022, demonstrating improving core earnings from lending activities.
  • Total revenue in Q4 2024 was $46.4 million, steady compared to $44.2 million in Q4 2023 and robust relative to prior years, showing a stable revenue base.
  • Allowance for loan and lease losses remains relatively low compared to total loans, supporting asset quality. The provision for credit losses is modest, indicating manageable credit risk.
  • Balance sheet growth is evident. Total assets increased from approximately $5.31 billion in Q2 2023 to $5.55 billion by Q3 2024, signaling expansion in lending and investment portfolios.
  • Deposits showed strong growth, with interest-bearing deposits increasing significantly from $3.18 billion in Q2 2023 to $3.46 billion in Q3 2024, supporting funding stability.
  • Consistent dividend payments at $0.13 per share each quarter suggest steady shareholder returns and confidence from management in cash flow generation.

Neutral factors that may impact the company:

  • Non-interest income has modest fluctuations but remains a small portion of total revenue, indicating limited diversification beyond interest income.
  • Operating expenses have increased slightly over the period, with total non-interest expenses at $30.3 million in Q4 2024 versus $25.5 million in Q4 2023, which could pressure margins if revenue growth slows.
  • The company's long-term debt interest expense has remained stable around $538,000 each quarter, reflecting controlled leverage but also potential constraints on debt capacity.

Potential negatives to consider:

  • The provision for credit losses increased to $1.33 million in Q4 2024 from $0.29 million in Q4 2023 and higher than prior quarters, which might signal increasing credit risk or tightening loan loss reserves.
  • Net cash from investing activities has been negative in recent quarters, notably -$86.7 million in Q4 2024, reflecting significant investment purchases that could impact liquidity if not offset by financing.
  • Significant fluctuation in net cash from financing activities, including large swings in deposits and debt, which may indicate volatility in funding sources.
  • Cash and cash equivalents vary quarterly and saw a sharp decline in some prior periods (e.g., Q4 2023) before rebound, possibly indicating liquidity management challenges.

Summary: Heritage Commerce has shown steady earnings growth with an expanding asset base and strong deposits over the past year, maintaining profitability and consistent dividends. The increased provision for credit losses and some variability in cash flows from investing and financing activities warrant monitoring, but overall the company maintains a sound financial position with stable revenue and income trends that bode well for future performance.

08/04/25 12:28 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Heritage Commerce's Financials

When does Heritage Commerce's fiscal year end?

According to the most recent income statement we have on file, Heritage Commerce's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Heritage Commerce's net income changed over the last 2 years?

Heritage Commerce's net income appears to be on a downward trend, with a most recent value of $40.53 million in 2024, falling from $66.56 million in 2022. The previous period was $64.44 million in 2023. See Heritage Commerce's forecast for analyst expectations on what’s next for the company.

How has Heritage Commerce's revenue changed over the last 2 years?

Over the last 2 years, Heritage Commerce's total revenue changed from $189.99 million in 2022 to $172.40 million in 2024, a change of -9.3%.

How much debt does Heritage Commerce have?

Heritage Commerce's total liabilities were at $4.96 billion at the end of 2024, a 9.6% increase from 2023, and a 9.5% increase since 2022.

How much cash does Heritage Commerce have?

In the past 2 years, Heritage Commerce's cash and equivalents has ranged from $27.60 million in 2022 to $41.59 million in 2023, and is currently $29.86 million as of their latest financial filing in 2024.

How has Heritage Commerce's book value per share changed over the last 2 years?

Over the last 2 years, Heritage Commerce's book value per share changed from 10.42 in 2022 to 11.25 in 2024, a change of 8.0%.


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This page (NASDAQ:HTBK) was last updated on 8/4/2025 by MarketBeat.com Staff
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