Tearsheet

Heritage Commerce (HTBK)

Market Price (3/2/2026): $12.43 | Market Cap: $762.4 Mil
Sector: Financials | Industry: Regional Banks

Heritage Commerce (HTBK)

Market Price (3/2/2026): $12.43
Market Cap: $762.4 Mil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.9%, 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 5.5%, FCF Yield is 7.5%	Weak multi-year price returns 3Y Excs Rtn is -52%	Key risks HTBK 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.
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -139%
2	Attractive cash flow generation CFO/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%
3	Low stock price volatility Vol 12M is 29%
4	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Wealth Management Technology.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.9%, 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 5.5%, FCF Yield is 7.5%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -139%
2	Attractive cash flow generation CFO/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%
3	Low stock price volatility Vol 12M is 29%
4	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Wealth Management Technology.
5	Weak multi-year price returns 3Y Excs Rtn is -52%
6	Key risks HTBK 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.

Valuation, Metrics & Events

	3/2/26	2025	2024	2023	2022	2021
Share Price CYE	$12.43	$12.01	$9.38	$9.92	$13.00	$11.94
Market Cap CYE ($ Mil)	762.4	736.6	575.0	606.0	788.9	719.0
Total Debt ($ Mil)	39.8	39.8	39.6	39.5	39.3	39.9
Total Cash ($ Mil)	747.7	747.7	956.3	645.6	681.8	1,621.3
Enterprise Value ($ Mil)	54.4	776.4	614.6	645.5	828.2	758.9
Valuation Ratios
P/S TTM	4.0	3.9	3.4	3.0	4.5	4.8
P/EBIT TTM	-	-	-	-	-	-
P/E TTM	17.6	17.0	13.3	8.4	13.2	15.9
P/FCF TTM	13.3	12.8	34.6	5.9	13.3	11.8
Sector Ratios
P/S TTM (Sector)	3.2	3.2	3.1	2.7	2.8	3.4
P/EBIT TTM (Sector)	7.4	7.7	8.1	6.9	6.9	6.9
P/E TTM (Sector)	11.7	11.6	11.8	9.6	9.4	10.2
P/FCF TTM (Sector)	8.6	8.6	8.9	7.2	6.4	7.6

	3/2/26	2025	2024
Share Price CYE	$12.43	$12.01	$9.38
Market Cap CYE ($ Mil)	762.4	736.6	575.0
Total Debt ($ Mil)	39.8	39.8	39.6
Total Cash ($ Mil)	747.7	747.7	956.3
Enterprise Value ($ Mil)	54.4	776.4	614.6
Valuation Ratios
P/S TTM	4.0	3.9	3.4
P/EBIT TTM	-	-	-
P/E TTM	17.6	17.0	13.3
P/FCF TTM	13.3	12.8	34.6
Sector Ratios
P/S TTM (Sector)	3.2	3.2	3.1
P/EBIT TTM (Sector)	7.4	7.7	8.1
P/E TTM (Sector)	11.7	11.6	11.8
P/FCF TTM (Sector)	8.6	8.6	8.9

	HTBK	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	0.2
Rev Chg Q	18.3%	7.6%
Rev Chg LTM	12.0%	6.6%
Rev Chg 3Y Avg	3.6%	5.7%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.0
CFO/Rev LTM	30.3%	20.8%
Net Inc Mgn	22.8%	12.9%
VALUATION	MODERATE
P/S	4.0	3.4
P/CFO	13.3	16.6
P/FCF	13.3	21.5
P/E	17.6	25.2

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Metric	Value	Date	Source
Loan to Deposit Ratio	74.99%	9302025	Link
Efficiency Ratio	58.05%	9302025	Link
Nonperforming Assets to Total Assets	0.11%	6302025	Link
Classified Assets to Total Assets	0.69%	6302025	Link
Common Equity Tier 1 Capital Ratio	13.3%	6302025	Link
Total Capital Ratio	15.5%	6302025	Link
Tangible Common Equity Ratio	9.85%	6302025	Link
Fully Tax Equivalent (FTE) Net Interest Margin	3.60%	9302025	Link
Number of Full-Time Equivalent Employees	350	9302025	Link

Recent
2/05/2026	Dividend	Amount: $0.13 Payment On: 2/19/2026
Upcoming
4/23/2026	Earnings Release	Rev: $52 Mil (E) EPS: $0.23 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Stock Movement Drivers

Fundamental Drivers

The 15.3% change in HTBK stock from 11/30/2025 to 3/1/2026 was primarily driven by a 15.3% change in the company's P/E Multiple.

(LTM values as of)	11302025	3012026	Change
Stock Price ($)	10.78	12.43	15.3%
Change Contribution By:
Total Revenues ($ Mil)	190	190	0.0%
Net Income Margin (%)	22.8%	22.8%	0.0%
P/E Multiple	15.3	17.6	15.3%
Shares Outstanding (Mil)	61	61	0.0%
Cumulative Contribution			15.3%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/1/2026

	Return	Correlation
HTBK	15.3%
Market (SPY)	0.4%	41.5%
Sector (XLF)	-3.6%	68.3%

Fundamental Drivers

The 23.0% change in HTBK stock from 8/31/2025 to 3/1/2026 was primarily driven by a 10.8% change in the company's P/E Multiple.

(LTM values as of)	8312025	3012026	Change
Stock Price ($)	10.11	12.43	23.0%
Change Contribution By:
Total Revenues ($ Mil)	182	190	4.1%
Net Income Margin (%)	21.5%	22.8%	6.3%
P/E Multiple	15.9	17.6	10.8%
Shares Outstanding (Mil)	62	61	0.3%
Cumulative Contribution			23.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/1/2026

	Return	Correlation
HTBK	23.0%
Market (SPY)	6.6%	40.3%
Sector (XLF)	-4.4%	63.0%

Fundamental Drivers

The 23.2% change in HTBK stock from 2/28/2025 to 3/1/2026 was primarily driven by a 22.9% change in the company's P/E Multiple.

(LTM values as of)	2282025	3012026	Change
Stock Price ($)	10.09	12.43	23.2%
Change Contribution By:
Total Revenues ($ Mil)	169	190	12.0%
Net Income Margin (%)	25.5%	22.8%	-10.5%
P/E Multiple	14.3	17.6	22.9%
Shares Outstanding (Mil)	61	61	-0.1%
Cumulative Contribution			23.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/1/2026

	Return	Correlation
HTBK	23.2%
Market (SPY)	16.5%	54.9%
Sector (XLF)	-0.4%	65.6%

Fundamental Drivers

The 21.3% change in HTBK stock from 2/28/2023 to 3/1/2026 was primarily driven by a 69.0% change in the company's P/E Multiple.

(LTM values as of)	2282023	3012026	Change
Stock Price ($)	10.25	12.43	21.3%
Change Contribution By:
Total Revenues ($ Mil)	176	190	7.8%
Net Income Margin (%)	33.9%	22.8%	-32.7%
P/E Multiple	10.4	17.6	69.0%
Shares Outstanding (Mil)	61	61	-1.1%
Cumulative Contribution			21.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/1/2026

	Return	Correlation
HTBK	21.3%
Market (SPY)	79.6%	42.8%
Sector (XLF)	50.6%	62.6%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
HTBK Return	41%	14%	-19%	0%	35%	9%	91%
Peers Return	18%	-30%	30%	1%	22%	5%	40%
S&P 500 Return	27%	-19%	24%	23%	16%	1%	84%
Monthly Win Rates [3]
HTBK Win Rate	50%	50%	50%	42%	67%	100%
Peers Win Rate	33%	47%	58%	44%	80%	60%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
HTBK Max Drawdown	-2%	-9%	-47%	-20%	-11%	0%
Peers Max Drawdown	-8%	-38%	-27%	-17%	-7%	-3%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-1%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEWT, ATLO, CBC, HYNE, NU.
[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] 2026 data is for the year up to 2/27/2026 (YTD)

How Low Can It Go

Unique Key	Event	HTBK	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-53.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	114.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-51.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	106.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	749 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-39.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	63.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-90.8%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	990.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 days

Compare to NEWT, ATLO, CBC, HYNE, NU

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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About Heritage Commerce (HTBK)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Heritage Commerce Corp operates as the bank holding company for Heritage Bank of Commerce that provides various commercial and personal banking services to residents and the business/professional community in California. Its deposit products for business banking and retail markets include interest and non-interest bearing demand, savings, and money market accounts, as well as certificates of deposit and time deposits. The company's loan portfolio comprises commercial loans, such as operating secured and unsecured loans advanced for working capital, equipment purchases, and other business purposes; commercial real estate loans; commercial construction loans for rental properties, commercial buildings, and homes; small business administration loans; home equity lines of credit; multifamily loans on residential properties; residential mortgage loans; and consumer loans consisting of loans for financing automobiles, various consumer goods, and other personal purposes. In addition, it offers other banking services, including cashier's checks, bank by mail, night depositories, safe deposit boxes, direct deposit, automated payroll, electronic funds transfer, online bill pay, homeowner association, remote deposit capture, automated clearing house origination, electronic data interchange, and check imaging services, as well as other customary banking, factoring financing, and electronic banking services. The company operates through 17 full-service branch offices located in the general San Francisco Bay Area of California. Heritage Commerce Corp was founded in 1994 and is headquartered in San Jose, California.

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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.

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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:

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.
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.
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.
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.

Interactive Breakdown

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Better Bets vs. Heritage Commerce (HTBK)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Heritage Commerce Stock Fell 6.6% in a Month, What Now?	10/17/2025

	Title
0	ARTICLES

Trade Ideas

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NDAQ_2282026_Insider_Buying_45D_2Buy_200K	02282026	NDAQ	Nasdaq	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
JEF_2272026_Dip_Buyer_ValueBuy	02272026	JEF	Jefferies Financial	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.0%	0.0%	0.0%
PAYO_2272026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02272026	PAYO	Payoneer Global	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.0%	0.0%	0.0%
FOUR_2272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	02272026	FOUR	Shift4 Payments	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.0%	0.0%	0.0%
COIN_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02202026	COIN	Coinbase Global	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	2.6%	2.6%	-6.5%

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ERII	Energy Recovery	0.6	-35.8%	-22.7%
DRVN	Driven Brands	1.8	-35.6%	-25.8%
RUN	Sunrun	3.1	-34.7%	-28.0%
QURE	uniQure	0.9	-33.3%	-34.7%
ARRY	Array Technologies	1.2	-32.5%	-17.8%
CWH	Camping World	0.5	-32.2%	-14.5%
PCT	PureCycle Technologies	1.1	-29.8%	-26.5%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
AXTI	AXT	1.7	125.2%	131.8%
FSLY	Fastly	2.8	92.7%	87.8%
NKTR	Nektar Therapeutics	1.3	92.1%	63.2%
ALLO	Allogene Therapeutics	0.6	91.7%	102.9%
AAOI	Applied Optoelectronics	5.3	86.2%	141.6%
LITE	Lumentum	49.8	82.1%	90.2%
ACHC	Acadia Healthcare	2.1	74.4%	65.2%
PVLA	Palvella Therapeutics	1.5	71.5%	29.0%
NMRA	Neumora Therapeutics	0.6	71.1%	95.0%
VAL	Valaris	6.7	68.5%	90.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
EOSE	Eos Energy Enterprises	1.5	-65.9%	-50.3%
FIGR	Figure Technology Solutions	2.6	-62.8%	-38.1%
MPT	Medical Properties Trust	3.5	-54.8%	-54.8%
U	Unity Software	7.7	-54.6%	-58.7%
FLNC	Fluence Energy	2.0	-49.9%	-21.4%
HIMS	Hims & Hers Health	3.3	-49.4%	-55.3%
KD	Kyndryl	2.8	-48.0%	-53.6%
GRAL	GRAIL	1.9	-47.3%	-37.8%
PGY	Pagaya Technologies	0.9	-46.9%	-46.5%
NSP	Insperity	0.8	-45.5%	-42.6%

Peer Comparisons

Peers to compare with:

Financials

	HTBK	NEWT	ATLO	CBC	HYNE	NU	Median
Name	Heritage.	NewtekOne	Ames Nat.	Central .	Hoyne Ba.	Nu
Mkt Price	12.43	12.28	27.01	-	14.51	14.98	14.51
Mkt Cap	0.8	0.3	0.2	-	-	72.5	0.5
Rev LTM	190	269	63	-	14	9,600	190
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	57	-520	19	-	-2	3,666	19
FCF 3Y Avg	59	-229	16	-	-	1,968	37
CFO LTM	58	-519	20	-	-1	4,040	20
CFO 3Y Avg	60	-228	18	-	-	2,188	39

Growth & Margins

	HTBK	NEWT	ATLO	CBC	HYNE	NU	Median
Name	Heritage.	NewtekOne	Ames Nat.	Central .	Hoyne Ba.	Nu
Rev Chg LTM	12.0%	21.8%	18.0%	-	-	22.3%	19.9%
Rev Chg 3Y Avg	3.6%	31.6%	0.3%	-	-	62.1%	17.6%
Rev Chg Q	18.3%	20.7%	22.9%	-	37.1%	30.2%	22.9%
QoQ Delta Rev Chg LTM	4.1%	4.7%	5.2%	-	7.8%	7.1%	5.2%
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	30.3%	-193.4%	31.5%	-	-10.8%	42.1%	30.3%
CFO/Rev 3Y Avg	31.0%	-91.8%	31.1%	-	-	21.7%	26.3%
FCF/Rev LTM	30.3%	-193.4%	30.8%	-	-15.9%	38.2%	30.3%
FCF/Rev 3Y Avg	30.4%	-91.9%	27.1%	-	-	18.7%	22.9%

Valuation

	HTBK	NEWT	ATLO	CBC	HYNE	NU	Median
Name	Heritage.	NewtekOne	Ames Nat.	Central .	Hoyne Ba.	Nu
Mkt Cap	0.8	0.3	0.2	-	-	72.5	0.5
P/S	4.0	1.2	3.8	-	-	7.6	3.9
P/EBIT	-	-	-	-	-	-	-
P/E	17.6	5.3	15.0	-	-	28.7	16.3
P/CFO	13.3	-0.6	12.1	-	-	17.9	12.7
Total Yield	9.9%	18.9%	9.6%	-	-	3.5%	9.8%
Dividend Yield	4.2%	0.0%	3.0%	-	-	0.0%	1.5%
FCF Yield 3Y Avg	9.2%	-76.6%	8.6%	-	-	2.8%	5.7%
D/E	0.1	2.4	0.1	-	-	0.0	0.1
Net D/E	-1.4	1.7	-1.2	-	-	-0.4	-0.8

Returns

	HTBK	NEWT	ATLO	CBC	HYNE	NU	Median
Name	Heritage.	NewtekOne	Ames Nat.	Central .	Hoyne Ba.	Nu
1M Rtn	-2.4%	-9.0%	4.4%	-	1.2%	-15.6%	-2.4%
3M Rtn	15.3%	16.8%	26.0%	-	3.6%	-13.9%	15.3%
6M Rtn	23.0%	2.6%	37.6%	-	3.6%	1.2%	3.6%
12M Rtn	23.2%	1.1%	49.7%	-	3.6%	39.3%	23.2%
3Y Rtn	22.5%	-4.3%	29.4%	-	3.6%	220.8%	22.5%
1M Excs Rtn	1.4%	-8.7%	10.1%	-	3.3%	-18.7%	1.4%
3M Excs Rtn	11.7%	17.4%	24.8%	-	2.0%	-11.5%	11.7%
6M Excs Rtn	15.7%	-3.7%	33.2%	-	-2.5%	-3.8%	-2.5%
12M Excs Rtn	8.8%	-8.1%	33.9%	-	-11.9%	15.0%	8.8%
3Y Excs Rtn	-51.9%	-93.5%	-45.4%	-	-68.7%	137.8%	-51.9%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	3/10/2025	3/11/2024	3/9/2023	3/4/2022	3/5/2021	3/11/2020
Key Financials
Total Revenue	190	172	192	190	156	152	142
Net Income	43	41	64	67	48	35	40
EPS	0.70	0.66	1.06	1.10	0.79	0.59	0.87
Growth Rates
Total Revenue Growth	12.0%	-10.3%	1.2%	21.9%	2.6%	6.9%	7.9%
Net Income Growth	0.2%	-37.1%	-3.2%	39.5%	35.1%	-12.8%	14.5%
Margins
Net Income Margin	22.8%	23.5%	33.5%	35.0%	30.6%	23.3%	28.5%
Cash & Debt
Total Cash	1,101	1,224	851	796	1,408	1,367	862
Total Debt	40	40	40	39	40	40	40
Net Debt / (Cash)	-1,061	-1,185	-811	-757	-1,369	-1,327	-822
Cash Flows
Net Cash from Operations	58	39	73	70	57	57	50
Free Cash from Operations	57	37	71	69	57	54	50
Returns to Shareholders
Dividends	32	32	32	31	31	31	23
Share Repurchases	2	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/8/2025	5/7/2025	3/10/2025	11/8/2024	8/8/2024	5/9/2024	3/11/2024	11/6/2023	8/7/2023	5/5/2023	3/9/2023
Key Financials Quarterly
Total Revenue	49	47	45	49	41	41	41	46	47	48	52	56
Net Income	15	6	12	11	11	9	10	13	16	16	19	21
EPS	0.24	0.10	0.19	0.17	0.17	0.15	0.17	0.22	0.26	0.27	0.31	0.34
Key Financials TTM
Total Revenue TTM	190	182	176	172	169	175	182	192	202	206	202	191
Net Income TTM	43	39	42	41	43	49	56	64	72	74	73	67
Growth Rates Quarterly
Total Revenue Growth	18.3%	14.7%	9.2%	6.5%	-11.9%	-14.7%	-19.8%	-17.9%	-6.9%	8.8%	26.8%	36.6%
Net Income Growth	39.9%	-30.8%	14.4%	-20.3%	-33.5%	-43.7%	-46.3%	-35.9%	-12.6%	10.7%	47.0%	48.9%
Margins Quarterly
Net Income Margin	30.1%	13.6%	25.7%	21.7%	25.4%	22.6%	24.6%	29.1%	33.7%	34.3%	36.7%	37.2%
Cash & Debt
Total Cash	1,101	747	1,116	1,224	1,194	921	946	851	1,103	998	1,232	796
Total Debt	40	40	40	40	40	40	40	40	39	39	339	39
Net Debt / (Cash)	-1,061	-707	-1,076	-1,185	-1,154	-882	-906	-811	-1,063	-958	-892	-757
Cash Flows Quarterly
FCF from Operations	19	8	15	16	5	11	7	-5	17	31	30	27
Cash Flows TTM
FCF from Operations TTM	58	44	46	39	19	30	50	73	105	104	83	70
Returns to Shareholders Quarterly
Dividends	8	8	8	8	8	8	8	8	8	8	8	8
Share Repurchases	2	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

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

Net Income by Segment

$ Mil	2024	2023	2022	2021	2020
Banking	61	63	44	33	38
Factoring	3	3	4	2	2
Total	64	67	48	35	40

Assets by Segment

$ 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

Price Behavior

Market Price	$12.43
Market Cap ($ Bil)	0.8
First Trading Date	07/20/1998
Distance from 52W High	-9.3%
	50 Days	200 Days
DMA Price	$12.72	$10.56
DMA Trend	up	up
Distance from DMA	-2.3%	17.8%
	3M	1YR
Volatility	28.3%	29.2%
Downside Capture	46.05	82.94
Upside Capture	136.54	91.19
Correlation (SPY)	37.3%	55.2%

HTBK Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.13	1.18	1.06	1.02	0.83	1.00
Up Beta	0.84	2.42	2.29	1.95	0.70	0.94
Down Beta	0.90	0.82	0.67	0.80	0.95	0.97
Up Capture	143%	105%	140%	113%	86%	93%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	11	20	33	64	123	348
Down Capture	114%	94%	48%	70%	88%	104%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	10	21	28	59	124	387

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HTBK
HTBK	24.4%	29.1%	0.75	-
Sector ETF (XLF)	2.2%	19.8%	-0.00	65.5%
Equity (SPY)	16.5%	19.4%	0.66	54.8%
Gold (GLD)	81.3%	25.7%	2.29	-6.0%
Commodities (DBC)	13.4%	16.9%	0.58	9.7%
Real Estate (VNQ)	7.3%	16.6%	0.25	44.3%
Bitcoin (BTCUSD)	-22.0%	44.9%	-0.42	24.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HTBK
HTBK	11.3%	32.5%	0.39	-
Sector ETF (XLF)	11.3%	18.8%	0.48	61.8%
Equity (SPY)	13.6%	17.0%	0.63	44.4%
Gold (GLD)	23.5%	17.1%	1.12	-5.1%
Commodities (DBC)	10.6%	19.0%	0.44	9.5%
Real Estate (VNQ)	5.1%	18.8%	0.18	42.0%
Bitcoin (BTCUSD)	4.0%	57.0%	0.29	15.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with HTBK
HTBK	8.0%	34.6%	0.32	-
Sector ETF (XLF)	13.8%	22.2%	0.57	70.0%
Equity (SPY)	15.4%	17.9%	0.74	52.4%
Gold (GLD)	15.3%	15.6%	0.82	-8.2%
Commodities (DBC)	8.7%	17.6%	0.41	19.8%
Real Estate (VNQ)	6.6%	20.7%	0.28	49.5%
Bitcoin (BTCUSD)	65.8%	66.8%	1.05	12.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	2132026
Short Interest: Shares Quantity	1.2 Mil
Short Interest: % Change Since 1312026	0.2%
Average Daily Volume	0.6 Mil
Days-to-Cover Short Interest	1.9 days
Basic Shares Quantity	61.3 Mil
Short % of Basic Shares	2.0%

Returns Analyses

	Title
0	Heritage Commerce Stock Fell 6.6% in a Month, What Now?

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%

	Forward 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%
10/27/2023	0.7%	6.4%	4.1%
7/28/2023	-0.7%	1.1%	-8.6%
4/27/2023	9.3%	-12.1%	0.8%
1/27/2023	-0.9%	5.6%	2.6%
10/28/2022	0.4%	1.3%	-0.2%
7/29/2022	0.8%	0.6%	-1.7%
4/29/2022	-0.8%	-0.1%	3.3%
1/28/2022	-0.2%	-2.2%	-7.4%
10/28/2021	2.5%	4.4%	-4.4%
7/23/2021	0.5%	-1.0%	4.0%
4/23/2021	-0.7%	-1.5%	-2.9%
1/29/2021	-1.0%	5.1%	9.8%
10/23/2020	-4.3%	-8.1%	10.4%
7/24/2020	-5.7%	-6.2%	-1.3%
4/24/2020	12.2%	9.9%	7.1%
1/24/2020	-1.9%	-2.6%	-6.5%
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
09/30/2025	11/05/2025	10-Q
06/30/2025	08/08/2025	10-Q
03/31/2025	05/07/2025	10-Q
12/31/2024	03/10/2025	10-K
09/30/2024	11/08/2024	10-Q
06/30/2024	08/08/2024	10-Q
03/31/2024	05/09/2024	10-Q
12/31/2023	03/11/2024	10-K
09/30/2023	11/06/2023	10-Q
06/30/2023	08/07/2023	10-Q
03/31/2023	05/05/2023	10-Q
12/31/2022	03/09/2023	10-K
09/30/2022	11/04/2022	10-Q
06/30/2022	08/05/2022	10-Q
03/31/2022	05/05/2022	10-Q
12/31/2021	03/04/2022	10-K

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Cabral, Bruce H		Direct	Sell	9112025	10.22	5,889	60,186	309,751	Form
2	Sa, Thomas A	EVP/Chief Operating Officer	Direct	Buy	8052025	9.25	20,000	185,000	185,000	Form
3	Jones, Robertson Clay Jr	President and CEO	Direct	Sell	3112025	9.73	5,145	50,063	2,473,756	Form
4	Just, Susan Svensson	EVP/Chief Credit Officer	Direct	Sell	3112025	9.73	1,602	15,588	104,836	Form
5	Conner, Jack W		Direct	Sell	3032025	10.52	4,000	42,080	1,141,546	Form

HTBK Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing HTBK?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What HTBK Makes & Who Pays

TTM figures based on

HTBK Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

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1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Heritage Commerce (HTBK)

Market Price (3/2/2026): $12.43 | Market Cap: $762.4 MilSector: Financials | Industry: Regional Banks

Heritage Commerce (HTBK)

Market Price (3/2/2026): $12.43Market Cap: $762.4 MilSector: FinancialsIndustry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Heritage Commerce (HTBK)

Interactive Breakdown

Better Bets vs. Heritage Commerce (HTBK)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

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Top Gainers

Top Losers

Top Gainers

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FDIC Bank Data

Bank Capital

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Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

HTBK Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Diversification Alternatives

Repricing Catalyst

Industry Resources

External Quote Links

Market Price (3/2/2026): $12.43 | Market Cap: $762.4 Mil
Sector: Financials | Industry: Regional Banks

Market Price (3/2/2026): $12.43
Market Cap: $762.4 Mil
Sector: Financials
Industry: Regional Banks