Heritage Commerce Corp Named One of the Top Performing Banks of 2015 by S&P Global Market Intelligence
April 28 2016 - 11:46AM
Heritage Commerce Corp (Nasdaq:HTBK), the holding
company (the “Company”) for Heritage Bank of Commerce, was ranked
#35 out of the 100 top-performing banks of 2015 with total assets
between $1B and $10B. S&P Global Market Intelligence
released its annual rankings of 2015’s 100 best-performing banks in
two categories: community banks with assets between $1 billion and
$10 billion and community banks with assets less than $1 billion.
“We are delighted to be named one of the
best-performing banks by S&P Global Market Intelligence for
2015,” said Walter Kaczmarek, President and Chief Executive
Officer. “Since 2010, our total assets have grown by 89% to
$2.4 billion at the end of 2015. At December 31, 2015, our
total loans and net income increased by 25% and 23%, respectively,
compared to the prior year. Contributing to our growth were
the acquisitions of Bay View Funding, completed in November of
2014, and Focus Business Bank, completed in August of 2015.”
Performance Measures CriteriaIn
this ranking, S&P Global Market Intelligence looked at
commercial banks with 60 or fewer offices and a loan portfolio
accounting for more than one-third of total assets. To be eligible
for the ranking, a bank's loan portfolio had to consist of less
than 50% credit card loans, and no more than half of its revenue
could be from nontraditional banking activities. Banks also had to
be well capitalized according to 2015 regulatory standards.
The community banks making the top 100 were
ranked using six core financial performance metrics that focus on
profitability, asset quality and growth for the 12-month period
ended Dec. 31, 2015. The metrics used include return on average
tangible assets before tax, net charge-offs as a percentage of
average loans, adjusted Texas ratio, efficiency ratio, the net
interest margin and loan growth. S&P Global Market Intelligence
measured each company's standard deviation from the mean of each
metric. The standard deviations were equally weighted then added
together to calculate a performance score for each company. The
scores were capped to help normalize the data.
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 with full-service branches in Danville, Fremont,
Gilroy, Hollister, Los Altos, Los Gatos, Morgan Hill, Pleasanton,
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 and provides
business‑essential working capital factoring financing to various
industries throughout the United States. For more
information, please visit www.heritagecommercecorp.com.
Member FDIC
About S&P Global Market
IntelligenceS&P Global Market Intelligence, formerly
S&P Capital IQ and SNL Financial, is a division of McGraw Hill
Financial (NYSE:MHFI). The firm is a leading provider of financial
and industry data, research, news and analytics to investment
professionals, government agencies, corporations, and universities
worldwide. S&P Global Market Intelligence integrates news,
comprehensive market and sector-specific data and analytics into a
variety of tools to help track performance, generate alpha,
identify investment ideas, understand competitive and industry
dynamics, perform valuation and assess credit risk.
CONTACT:
Heritage Commerce Corp
Debbie Reuter, EVP, Corporate Secretary
(408) 494-4542
Heritage Commerce (NASDAQ:HTBK)
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