Heritage Commerce (HTBK)
Market Price (12/28/2025): $12.535 | Market Cap: $768.8 MilSector: Financials | Industry: Regional Banks
Heritage Commerce (HTBK)
Market Price (12/28/2025): $12.535Market Cap: $768.8 MilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, Dividend Yield is 4.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.6%, FCF Yield is 7.5% | Trading close to highsDist 52W High is -0.2%, Dist 3Y High is -0.2% | Key risksHTBK key risks include [1] increased regulatory scrutiny of its commercial real estate concentrations and [2] a high geographic concentration in the San Francisco Bay Area, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -138% | Weak multi-year price returns2Y Excs Rtn is -3.2%, 3Y Excs Rtn is -68% | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30% | ||
| Low stock price volatilityVol 12M is 28% | ||
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Wealth Management Technology. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.8%, Dividend Yield is 4.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.6%, FCF Yield is 7.5% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -138% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30% |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Wealth Management Technology. |
| Trading close to highsDist 52W High is -0.2%, Dist 3Y High is -0.2% |
| Weak multi-year price returns2Y Excs Rtn is -3.2%, 3Y Excs Rtn is -68% |
| Key risksHTBK key risks include [1] increased regulatory scrutiny of its commercial real estate concentrations and [2] a high geographic concentration in the San Francisco Bay Area, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
Heritage Commerce (HTBK) experienced a significant stock movement in the approximate time period from August 31, 2025, to December 28, 2025, with several key factors contributing to its approximately 22.9% increase.
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<b>1. Definitive Merger Agreement with CVB Financial Corp.</b><br>
On December 17, 2025, Heritage Commerce Corp announced a definitive merger agreement to combine with CVB Financial Corp. in an all-stock transaction. This agreement valued Heritage Commerce Corp at approximately $811 million, or $13.00 per HTBK share, based on CVB Financial Corp.'s closing stock price on December 16, 2025. This significant announcement would likely drive a substantial positive adjustment in Heritage Commerce's stock price.
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<b>2. Strong Third Quarter 2025 Financial Performance</b><br>
Heritage Commerce Corp reported robust third-quarter 2025 financial results on October 23, 2025. The company highlighted double-digit earnings per share (EPS) growth, with net income rising to $14.7 million and EPS to $0.24. Total revenue increased by 19% year-over-year to $50.0 million, and net interest income also saw a 19% year-over-year increase to $46.8 million, indicating strong core business momentum and operating leverage.
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<b>3. Consistent Loan and Deposit Growth</b><br>
The company demonstrated positive trends in both loan and deposit growth throughout 2025. In the third quarter of 2025, loan and deposit growth were reported at 1% and 3%, respectively, over the linked quarter. This followed a strong second quarter of 2025, where loans held-for-investment increased by 5% year-over-year, and total deposits grew by 4% from the previous year. This sustained growth reflects successful client acquisition and retention in its markets.
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<b>4. Expansion of Net Interest Margin</b><br>
Heritage Commerce Corp achieved an expansion in its net interest margin (NIM) during 2025. The fully tax-equivalent (FTE) net interest margin for the third quarter of 2025 reached 3.60%, representing a 45 basis point increase year-over-year and a 6 basis point increase from the prior quarter. This improvement in NIM indicates enhanced profitability from the company's lending and investment activities.
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<b>5. Improved Asset Quality and Capital Ratios</b><br>
Throughout 2025, Heritage Commerce Corp maintained positive credit trends, with nonperforming assets and net charge-offs remaining low. The third quarter of 2025 specifically highlighted improved asset quality and higher capital ratios, reassuring investors of the company's financial health and stability. This robust financial foundation contributed to investor confidence.
Show moreStock Movement Drivers
Fundamental Drivers
The 25.8% change in HTBK stock from 9/27/2025 to 12/27/2025 was primarily driven by a 13.3% change in the company's P/E Multiple.| 9272025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 9.97 | 12.54 | 25.79% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 182.21 | 189.76 | 4.14% |
| Net Income Margin (%) | 21.48% | 22.84% | 6.30% |
| P/E Multiple | 15.66 | 17.75 | 13.30% |
| Shares Outstanding (Mil) | 61.51 | 61.33 | 0.28% |
| Cumulative Contribution | 25.79% |
Market Drivers
9/27/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| HTBK | 25.8% | |
| Market (SPY) | 4.3% | 41.5% |
| Sector (XLF) | 3.3% | 62.3% |
Fundamental Drivers
The 31.5% change in HTBK stock from 6/28/2025 to 12/27/2025 was primarily driven by a 27.1% change in the company's P/E Multiple.| 6282025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 9.54 | 12.54 | 31.46% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 176.22 | 189.76 | 7.69% |
| Net Income Margin (%) | 23.83% | 22.84% | -4.16% |
| P/E Multiple | 13.97 | 17.75 | 27.07% |
| Shares Outstanding (Mil) | 61.48 | 61.33 | 0.24% |
| Cumulative Contribution | 31.46% |
Market Drivers
6/28/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| HTBK | 31.5% | |
| Market (SPY) | 12.6% | 40.7% |
| Sector (XLF) | 7.4% | 53.7% |
Fundamental Drivers
The 40.3% change in HTBK stock from 12/27/2024 to 12/27/2025 was primarily driven by a 40.0% change in the company's P/E Multiple.| 12272024 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 8.94 | 12.54 | 40.26% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 169.41 | 189.76 | 12.02% |
| Net Income Margin (%) | 25.52% | 22.84% | -10.52% |
| P/E Multiple | 12.68 | 17.75 | 40.03% |
| Shares Outstanding (Mil) | 61.30 | 61.33 | -0.06% |
| Cumulative Contribution | 40.26% |
Market Drivers
12/27/2024 to 12/27/2025| Return | Correlation | |
|---|---|---|
| HTBK | 40.3% | |
| Market (SPY) | 17.0% | 55.4% |
| Sector (XLF) | 15.3% | 64.7% |
Fundamental Drivers
The 15.5% change in HTBK stock from 12/28/2022 to 12/27/2025 was primarily driven by a 60.9% change in the company's P/E Multiple.| 12282022 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 10.86 | 12.54 | 15.50% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 175.96 | 189.76 | 7.84% |
| Net Income Margin (%) | 33.94% | 22.84% | -32.72% |
| P/E Multiple | 11.03 | 17.75 | 60.87% |
| Shares Outstanding (Mil) | 60.69 | 61.33 | -1.07% |
| Cumulative Contribution | 15.49% |
Market Drivers
12/28/2023 to 12/27/2025| Return | Correlation | |
|---|---|---|
| HTBK | 39.6% | |
| Market (SPY) | 48.0% | 45.6% |
| Sector (XLF) | 51.3% | 64.9% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HTBK Return | -26% | 41% | 14% | -19% | 0% | 41% | 35% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| HTBK Win Rate | 42% | 50% | 50% | 50% | 42% | 67% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| HTBK Max Drawdown | -49% | -2% | -9% | -47% | -20% | -11% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | HTBK | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -53.4% | -25.4% |
| % Gain to Breakeven | 114.8% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -51.7% | -33.9% |
| % Gain to Breakeven | 106.9% | 51.3% |
| Time to Breakeven | 749 days | 148 days |
| 2018 Correction | ||
| % Loss | -39.0% | -19.8% |
| % Gain to Breakeven | 63.9% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -90.8% | -56.8% |
| % Gain to Breakeven | 990.0% | 131.3% |
| Time to Breakeven | Not Fully Recovered days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
Heritage Commerce's stock fell -53.4% during the 2022 Inflation Shock from a high on 11/15/2022. A -53.4% loss requires a 114.8% gain to breakeven.
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AI Analysis | Feedback
1. A regional bank similar to PNC or KeyCorp, but primarily serving businesses and individuals in the San Francisco Bay Area.
2. The local, community-focused equivalent of a national bank like Bank of America, tailored for the Silicon Valley and Bay Area market.
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- Commercial Real Estate Loans: Provides financing for the acquisition, refinancing, and development of income-producing commercial properties.
- Commercial & Industrial Loans: Offers financing to businesses for working capital, equipment purchases, and other operational needs.
- SBA Loans: Facilitates government-guaranteed loans designed to support the growth and development of small businesses.
- Deposit Services: Manages various checking, savings, money market, and certificate of deposit accounts for both businesses and individuals.
- Cash Management Services: Offers tools for businesses to optimize cash flow, including treasury management, remote deposit capture, and electronic payment services.
AI Analysis | Feedback
Heritage Commerce Corp (symbol: HTBK) operates primarily through its subsidiary, Heritage Bank of Commerce, providing a range of banking services. As a bank, it serves a diverse customer base rather than having a few "major customers" in the traditional sense. Its services are offered to both businesses and individuals.
The company primarily serves the following customer categories:
- Commercial Businesses: Small to medium-sized businesses across various industries within its market (primarily the San Francisco Bay Area). These customers utilize services such as commercial loans, lines of credit, treasury management, and business deposit accounts. This category also includes professional service firms (e.g., law firms, medical practices, accounting firms).
- Commercial Real Estate Investors and Developers: Individuals and entities involved in the acquisition, development, or management of commercial properties. Heritage Bank of Commerce is a significant lender in the commercial real estate sector within its service area.
- Individuals and Consumers: Residents and employees within their geographic footprint who utilize personal banking services, including checking and savings accounts, mortgages, home equity lines of credit, and other consumer loans.
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The following are key members of the Heritage Commerce (HTBK) management team:Robertson "Clay" Jones, President and Chief Executive Officer
Clay Jones brings three decades of experience in establishing and growing community and commercial banking organizations. He joined Heritage Bank of Commerce in 2019, serving as Executive Vice President, President of Community Business Banking, and was named President and Chief Operating Officer in 2021 before becoming President and CEO of Heritage Commerce Corp and Heritage Bank of Commerce in September 2022. Prior to Heritage Bank of Commerce, he served nearly a decade at Presidio Bank, becoming President in 2018. Earlier in his career, he was the organizing and initial President and CEO of New Resource Bank, recognized as the first sustainably focused community bank in the nation.
Seth Fonti, Executive Vice President and Chief Financial Officer
Seth Fonti was appointed Executive Vice President and Chief Financial Officer of Heritage Commerce Corp and Heritage Bank of Commerce, effective July 24, 2025. He brings over two decades of financial and strategic leadership experience from global and domestic banking institutions. Most recently, he served as Managing Director and Head of Strategy, Corporate Development, and Strategic Finance for MUFG Americas Holding Corporation. His previous experience includes roles with Macquarie Capital, Fox-Pitt Kelton, and J.P. Morgan, where he advised on significant mergers and acquisitions, capital markets, and strategic transactions.
Thomas A. Sa, Executive Vice President and Chief Operating Officer
Thomas (Tom) A. Sa joined Heritage Commerce Corp and Heritage Bank of Commerce in 2024 as Executive Vice President and Chief Operating Officer. He previously served as President, Chief Operating Officer, and Chief Financial Officer at California BanCorp and California Bank of Commerce, which merged with Southern California Bancorp in July 2024. Before that, he held various executive roles at Bridge Capital Holdings and its subsidiary, Bridge Bank, N.A., from its inception in 2001 through and post its merger with Western Alliance Bank in 2015.
Janisha Sabnani, Executive Vice President and General Counsel
Janisha Sabnani was appointed Executive Vice President and General Counsel of Heritage Commerce Corp and Heritage Bank of Commerce, effective February 3, 2025. She has over fifteen years of experience in financial services and corporate law. Prior to joining Heritage Bank of Commerce, Ms. Sabnani held various roles at First Republic Bank, culminating as Senior Vice President, Deputy General Counsel & Assistant Secretary. She also worked in private practice as a corporate attorney at Skadden, Arps, Slate, Meagher & Flom, LLP.
Jeannie Tam, Senior Vice President and Chief Accounting Officer
Jeannie Tam was appointed Senior Vice President and Chief Accounting Officer of Heritage Commerce Corp and Heritage Bank of Commerce, effective July 24, 2025. She brings more than 15 years of financial leadership experience in accounting operations, financial close, and finance transformation within Financial Services. Most recently, she served as Managing Director and Controller at JP Morgan Chase Bank, N.A., where she led the First Republic Bank and JPMorgan finance integration. She also held various accounting roles at First Republic Bank from 2004 through 2023.
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The key risks to Heritage Commerce's business include credit risks, market risks, and operational risks.
- Credit Risks: Heritage Commerce faces inherent risks related to its loan portfolio. These include potential negative changes affecting real estate values, increased scrutiny by regulators regarding commercial real estate concentrations, and the potential unreliability of loan appraisals, which could adversely impact the company's profitability.
- Market Risks: The company is significantly exposed to market risks, particularly fluctuations in interest rates that could reduce net income. Additionally, a substantial portion of Heritage Commerce's operations is concentrated in the Greater San Francisco Bay Area, making its financial performance vulnerable to local economic conditions and regional market downturns.
- Operational Risks, including Cybersecurity: Heritage Commerce is susceptible to various operational risks, such as business interruptions, cyberattacks, and other security breaches. The company's reliance on third-party service providers also presents risks if these providers encounter difficulties or fail to comply with regulations, potentially leading to adverse effects on its business and operations.
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The increasing market penetration and competitive offerings of digitally-native fintech companies and neobanks targeting small and medium-sized businesses and professionals represent a clear emerging threat. These challenger institutions often provide more streamlined, technology-driven lending, payments, and deposit solutions, along with superior digital user experiences. This direct competition can erode Heritage Commerce's customer base by offering greater convenience, faster service, and potentially lower costs for a segment of the market increasingly prioritizing digital accessibility over traditional branch-based banking relationships.
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Heritage Commerce (HTBK) operates primarily in the San Francisco Bay Area and surrounding regions of California, providing commercial and personal banking services to residents and businesses. The addressable markets for their main products and services in California and the U.S. are as follows:
- Commercial Banking: The market size of the Commercial Banking industry in California is projected to be $125.7 billion in 2025.
- Small Business Lending: In California, the total loan value for small businesses was over $18.7 billion, based on the most recent three years of data provided by the U.S. Small Business Administration. Globally, the small business loans market was valued at $2.5 trillion in 2023 and is estimated to reach $7.2 trillion by 2032.
- Commercial Real Estate Lending: Direct spending on commercial real estate in California was $22.6 billion in 2023. The commercial real estate sector contributed approximately $48.3 billion to California's economy in 2023.
- Personal Banking (Retail Banking/Community Banking): The U.S. community banking market reached a valuation of $6.35 billion in 2024 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 3.8%. The global retail banking market size was estimated at $2,039.25 billion in 2024 and is projected to reach $3,373.43 billion by 2033. The U.S. private banking market size is projected to rise from $127.6 billion in 2025 to $218.4 billion by 2032, with the West U.S. estimated to hold a 41.2% share in 2025.
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Heritage Commerce (HTBK) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
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Loan and Deposit Growth: The company has consistently reported solid loan growth and emphasizes cultivating local community commercial deposit relationships. This growth in both loans and deposits is a fundamental driver of revenue for a financial institution, providing the necessary funding for lending activities.
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Net Interest Margin (NIM) Expansion: Heritage Commerce has experienced an expansion in its net interest margin, attributed to factors such as lower rates paid on customer deposits and higher average yields on loans and securities. Sustaining or further expanding this margin will directly contribute to increased net interest income.
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Client Acquisition and Market Share Increase: Management commentary highlights the ongoing strategy of adding clients in key markets and increasing market share across its footprint. This focus on expanding its customer base directly translates to more banking relationships, leading to higher revenue from both interest-bearing assets and fee-based services.
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Strategic Expansion in the San Francisco Bay Area: Heritage Commerce plans to explore further growth opportunities within the San Francisco Bay Area, specifically targeting the technology and real estate sectors. This targeted geographic and sector-specific expansion can lead to new business development and increased revenue generation.
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Share Repurchases
- In July 2024, Heritage Commerce's Board of Directors adopted a share repurchase program authorizing the repurchase of up to $15 million of the company's common stock.
- On October 23, 2025, the Board approved an increase in the share repurchase program from $15 million to $30 million, extending its term to October 31, 2026.
- During the second and third quarters of 2025, the company repurchased 439,187 shares of its common stock for a total of $4.049 million, with a weighted average price of $9.22 per share.
Capital Expenditures
- Capital spending has been necessitated by the potential need to adapt to industry changes in information technology systems.
Latest Trefis Analyses
| Title | Topic | |
|---|---|---|
| DASHBOARDS | ||
| Heritage Commerce Stock Fell 6.6% in a Month, What Now? | Return |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to HTBK. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 14.5% | 14.5% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.5% | -1.5% | -1.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.5% | -4.5% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 7.6% | 7.6% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -11.1% | -11.1% | -12.1% |
Research & Analysis
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Peer Comparisons for Heritage Commerce
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.32 |
| Mkt Cap | 158.8 |
| Rev LTM | 56,496 |
| Op Inc LTM | 11,544 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.4% |
| Rev Chg 3Y Avg | 3.1% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 17.7% |
| Op Mgn 3Y Avg | 16.4% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 23.8% |
| FCF/Rev LTM | 20.1% |
| FCF/Rev 3Y Avg | 21.6% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Banking | 180 | 178 | 144 | 141 | 131 |
| Factoring | 12 | 12 | 12 | 10 | 11 |
| Total | 192 | 190 | 156 | 152 | 142 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Banking | 61 | 63 | 44 | 33 | 38 |
| Factoring | 3 | 3 | 4 | 2 | 2 |
| Total | 64 | 67 | 48 | 35 | 40 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Banking | 5,111 | 5,063 | 5,424 | 4,567 | 4,046 |
| Factoring | 83 | 95 | 75 | 67 | 64 |
| Total | 5,194 | 5,158 | 5,499 | 4,634 | 4,109 |
Price Behavior
| Market Price | $12.54 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 07/20/1998 | |
| Distance from 52W High | -0.2% | |
| 50 Days | 200 Days | |
| DMA Price | $10.97 | $9.79 |
| DMA Trend | up | up |
| Distance from DMA | 14.3% | 28.1% |
| 3M | 1YR | |
| Volatility | 29.8% | 27.8% |
| Downside Capture | 30.79 | 70.64 |
| Upside Capture | 134.96 | 93.02 |
| Correlation (SPY) | 41.0% | 55.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.90 | 1.08 | 1.03 | 1.17 | 0.81 | 0.98 |
| Up Beta | 0.85 | 1.66 | 1.82 | 2.05 | 0.65 | 0.91 |
| Down Beta | 0.26 | 0.98 | 0.85 | 0.93 | 1.01 | 0.94 |
| Up Capture | 141% | 131% | 92% | 104% | 72% | 76% |
| Bmk +ve Days | 13 | 26 | 39 | 74 | 142 | 427 |
| Stock +ve Days | 12 | 23 | 31 | 60 | 116 | 336 |
| Down Capture | 78% | 75% | 87% | 92% | 89% | 104% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 7 | 18 | 31 | 64 | 125 | 397 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of HTBK With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| HTBK | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 37.9% | 16.3% | 17.8% | 72.1% | 8.6% | 4.4% | -8.2% |
| Annualized Volatility | 27.6% | 19.0% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | 1.14 | 0.67 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 64.6% | 55.4% | -3.7% | 13.2% | 49.6% | 21.3% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of HTBK With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| HTBK | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 11.7% | 16.1% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 32.8% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | 0.40 | 0.71 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 62.1% | 44.3% | -4.9% | 10.9% | 41.7% | 17.5% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of HTBK With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| HTBK | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 5.8% | 13.2% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 34.7% | 22.3% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.26 | 0.55 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 69.3% | 52.1% | -8.4% | 20.2% | 49.4% | 12.2% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/23/2025 | 8.8% | 7.4% | 10.8% |
| 7/24/2025 | -3.1% | -6.5% | 3.4% |
| 4/24/2025 | -1.6% | -0.3% | 0.7% |
| 1/24/2025 | 1.7% | 1.6% | 12.2% |
| 10/25/2024 | 4.9% | 1.5% | 16.2% |
| 7/26/2024 | -0.8% | -7.6% | -4.2% |
| 4/26/2024 | 0.3% | 5.5% | 3.5% |
| 1/26/2024 | 0.1% | -7.2% | -9.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 14 |
| # Negative | 12 | 12 | 10 |
| Median Positive | 1.3% | 4.7% | 4.0% |
| Median Negative | -1.0% | -4.4% | -4.3% |
| Max Positive | 12.2% | 9.9% | 16.2% |
| Max Negative | -5.7% | -12.1% | -9.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11052025 | 10-Q 9/30/2025 |
| 6302025 | 8082025 | 10-Q 6/30/2025 |
| 3312025 | 5072025 | 10-Q 3/31/2025 |
| 12312024 | 3102025 | 10-K 12/31/2024 |
| 9302024 | 11082024 | 10-Q 9/30/2024 |
| 6302024 | 8082024 | 10-Q 6/30/2024 |
| 3312024 | 5092024 | 10-Q 3/31/2024 |
| 12312023 | 3112024 | 10-K 12/31/2023 |
| 9302023 | 11062023 | 10-Q 9/30/2023 |
| 6302023 | 8072023 | 10-Q 6/30/2023 |
| 3312023 | 5052023 | 10-Q 3/31/2023 |
| 12312022 | 3092023 | 10-K 12/31/2022 |
| 9302022 | 11042022 | 10-Q 9/30/2022 |
| 6302022 | 8052022 | 10-Q 6/30/2022 |
| 3312022 | 5052022 | 10-Q 3/31/2022 |
| 12312021 | 3042022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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