SAN JOSE, Calif., March 26, 2018 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (NASDAQ:HTBK), the holding company for Heritage Bank of Commerce, was awarded the Community Bankers Cup by Raymond James & Associates for operating one of the top performing community banks in the country.
“We are delighted to be recognized as one of the top Community Banks for the second year in a row,” said Walter Kaczmarek, Chief Executive Officer. “Our recurring strong financial performance demonstrates our consistency in creating exceptional shareholder value.” Raymond James only recognized the top 10 percent of community banks in the nation, based on various profitability, operational efficiency, and balance sheet metrics.
Raymond James evaluated 272 domestic community banks with assets between $500 million and $10 billion. Six financial performance and stability measures were used:
- Nonperforming assets to loans and real estate owned
- Five-year average core deposit percentage
- Net interest margin
- Efficiency ratio
- Return on average assets
- Return on average tangible common equity
The 2017 Raymond James Community Bankers Cup winners have reported average total returns of 13.6% for one-year, 95.2% for three-year, and 210.0% for five-years. These total returns far outperformed the industry as measured by the NASDAQ BANK Index one-year, three-year, and five-year returns of 3.5%, 49.0%, and 112.9%, respectively.
About Heritage Commerce Corp
Heritage Commerce Corp, a bank holding company established in February 1998, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Los Altos, Los Gatos, Morgan Hill, Pleasanton, San Jose, Sunnyvale, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in Santa Clara, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com.
Contact: Debbie Reuter/ EVP Corporate Secretary
Source: Heritage Commerce Corp