HTBK

Heritage Commerce Corp

$9.55

0.25

(2.69%)

Exchange:	NASDAQ
Market Cap:	588.237M
Shares Outstanding:	5.38M

Overview

Earnings

Financials

Valuation

Chart

About The Company

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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Revenue Segmentation

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EPS

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Earnings Call

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Income Statement

Balance Sheet

Cash Flow Statement

Analyst Estimates

Income Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Revenue	85,306	102,845	111,136	131,597	142,056	151,812	155,813	189,991	191,473	8.748
? Cost Of Revenue	1,021	0	0	0	0	0	0	0	0	0
? Gross Profit	84,285	102,845	111,136	131,597	142,056	151,812	155,813	189,991	191,473	8.748
? Research And Development Expenses	0	0	0	0	0	0	0	0	0	0
? General And Administrative Expenses	35,146	34,660	37,029	45,001	50,754	50,927	51,862	55,331	4,350	5.416
? Selling And Marketing Expenses	0	0	0	0	0	0	0	0	66,352	0
? Operating Expenses	1,828	3,471	2,982	-75,120	-85,744	-102,744	-89,943	5,015	70,702	5.416
? Net Interest Income	0	0	0	0	0	0	0	0	0	0
? Interest Income	78,743	94,431	106,911	129,845	142,659	150,471	153,256	188,828	234,298	242.699
? Interest Expense	2,422	3,211	5,387	7,822	10,847	8,581	7,131	8,948	51,074	79.051
? Depreciation And Amortization	1,728	2,331	2,147	2,696	3,585	4,702	4,067.999	3,756	3,521	0
? EBITDA	28,947	46,300	53,012	51,351	59,897	53,770	69,938	98,122	93,940	0
? EBIT
? Operating Income	29,023	47,180	55,686	56,477	56,312	49,068	65,870	103,314	90,419	3.332
? Income Before Tax	26,601	43,969	50,501	48,655	56,312	49,068	65,870	94,366	90,419	56.674
? Income Tax Expense	10,104	16,588	26,548	13,324	15,851	13,769	18,170	27,811	25,976	16.146
? Net Income From Continuing Operations
? Net Income	16,497	27,381	23,953	35,331	40,461	35,299	47,700	66,555	64,443	40.528
? EPS (Earnings Per Share)	0.580	0.810	0.630	0.850	0.870	0.590	0.790	1.100	1.060	0
? EPS Diluted	0.570	0.800	0.620	0.840	0.840	0.590	0.790	1.090	1.050	0
? Weighted Average Shares Outstanding	28,567.213	33,933.806	38,095.250	41,469.211	46,684.384	59,478.343	60,133.821	60,602.962	61,038.857	61,270.730
? Weighted Average Shares Outstanding Diluted	28,786.078	34,219.121	38,610.815	42,182.939	47,906.229	60,169.139	60,689.062	61,090.290	61,311.318	61,527.372
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Balance Sheet

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Cash And Cash Equivalents	344,092	266,103	316,222	164,568	457,370	1,131,073	1,306,216	306,603	408,129	29,864
? Short Term Investments	385,079	306,589	391,852	459,043	404,825	235,774	102,252	489,596	0	0
? Cash And Short Term Investments	729,171	572,692	708,074	623,611	862,195	1,366,847	1,408,468	796,199	408,129	29,864
? Net Receivables	41,340	50,507	33,278	44,575	96,985	121,041	117,614	0	0	0
? Accounts Receivables										0
? Inventory	-12,695	-15,196	-17,834	-25,216	-468,285	-1,141,924	-1,317,218	-350,968	0	0
? Total Current Assets	1,805,234	1,880,177	1,994,653	2,157,424	959,180	1,487,888	1,526,082	889,664	408,129	29,864
? Property Plant Equipment Net	7,773	7,490	7,353	7,137	8,250	10,459	9,639	9,301	41,531	10,140
? Goodwill	45,664	45,664	45,664	83,753	167,420	167,631	167,631	167,631	167,631	167,631
? Intangible Assets	8,518	6,950	5,589	12,007	20,415	16,664	13,668	11,033	8,627	6,439
? Long Term Investments	494,390	630,599	790,193	836,241	771,385	533,163	760,649	1,204,586	404,076	0
? Total Non Current Assets	556,345	690,703	848,799	939,138	967,470	727,917	951,587	1,392,551	4,770,890	5,615,142
? Total Assets	2,361,579	2,570,880	2,843,577	3,096,562	4,109,463	4,634,114	5,499,409	5,154,224	5,194,095	5,645,006
? Account Payables	50,368	48,890	50,041	52,195	78,105	101,999	102,044	96,170	0	0
? Short Term Debt	3,000	490	0	0	328	0	0	0	0	0
? Deferred Revenue	0	0	0	52,089	0	101,860	101,999	0	0	0
? Total Current Liabilities	53,368	490	50,041	52,195	78,433	101,999	102,044	96,170	4,688	95,595
? Long Term Debt	0	0	39,183	39,369	39,554	39,740	39,925	39,350	39,502	39,653
? Deferred Revenue Non Current	0	0	0	0	0	0	0	0	0	0
? Deferred Tax Liabilities Non Current	0	0	0	0	0	0	0	0	0	0
? Total Non Current Liabilities	3,000	1,285,695	39,183	39,369	39,554	39,740	39,925	96,170	4,521,194	4,859,684
? Total Liabilities	2,116,143	2,311,030	2,572,213	2,729,096	3,532,755	4,056,225	4,901,381	4,521,768	4,521,194	4,955,279
? Treasury Stock										0
? Preferred Stock	19,519	0	0	0	489,745	0	0	0	0	0
? Common Stock	193,364	215,237	218,355	300,844	489,745	493,707	497,695	502,923	506,539	510,070
? Retained Earnings	38,773	52,527	62,136	79,003	96,741	94,899	111,329	146,389	179,092	187,762
? Additional Paid In Capital										0
? Total Stockholders Equity	245,436	259,850	271,364	367,466	576,708	577,889	598,028	632,456	672,901	689,727
? Total Equity	245,436	259,850	271,364	367,466	576,708	577,889	598,028	632,456	672,901	689,727
? Minority Interest	0	0	0	0	0	0	0	0	0	0
? Total Liabilities And Total Equity	2,361,579	2,570,880	2,843,577	3,096,562	4,109,463	4,634,114	5,499,409	5,154,224	5,194,095	5,645,006
? Total Investments	879,469	937,188	1,182,045	1,295,284	1,176,210	768,937	862,901	1,694,182	404,076	-3,292
? Total Debt	3,000	490	39,183	39,369	39,882	39,740	39,925	39,350	39,502	39,653
? Net Debt	-341,092	-265,613	-277,039	-125,199	-417,488	-1,091,333	-1,266,291	-267,253	-368,627	9,789
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Cash Flow Statement

(* All numbers are in thousands)

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
? Net Income	16,497	27,381	23,828	35,331	40,461	35,299	47,700	66,555	64,443	40,528
? Depreciation And Amortization	1,728	2,331	2,147	2,696	3,585	4,702	4,068	3,756	3,521	0
? Deferred Income Tax	-175	3,607	3,341	10,245	2,086	15,864	-1,203	0	0	0
? Stock Based Compensation	1,239	1,416	1,750	1,817	1,923	2,248	2,519	3,178	2,396	0
? Change In Working Capital	14,311	-2,907	10,845	2,791	1,915	1,460	5,043	-1,100	8,476	0
? Accounts Receivables	16,274	-1,238	10,497	1,572	8,407	8,101	6,127	978	2,411	0
? Inventory	0	0	0	0	6,492	6,641	1,084	2,077.999	0	0
? Accounts Payables	-1,963	-1,669	348	1,219	-6,492	-6,641	-1,084	-2,078	6,065	0
? Net Cash Provided By Operating Activities	28,494	25,899	41,358	48,572	50,343	58,086	56,849	69,853	73,010	38,971
? Investments In Property Plant And Equipment	-1,007	-480	-649	-187	-203	-3,160	-252	-783	-1,671	0
? Acquisitions Net	165,786	-139,743	-77,199	36,028	117,988	-85,646	-466,041	0	0	0
? Purchases Of Investments	-242,126	-315,244	-265,403	-194,302	-161,995	-30,916	-474,017	-572,269	0	-30,263
? Sales Maturities Of Investments	106,958	166,666	108,675	202,206	280,478	268,625	240,014	110,275	122,390	284,630
? Net Cash Provided By Investing Activities	0	0	0	0	0	0	0	0	0	110,618
? Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Long Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Short Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Net Stock Issuance	0	0	0	0	0	0	0	0	0	0
? Net Dividends Paid	-10,738	-13,627	-15,238	-18,464	-22,723	-31,079	-31,270	-31,495	-31,740	-31,858
? Common Dividends Paid										-31,858
? Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Financing Activities	261,699	183,676	246,052	-277,882	-28,780	470,025	815,125	-399,979	-41,666	410,405
? Effect Of Forex Changes On Cash	0	0	0	0	0	0	0	0	0	0
? Net Change In Cash	221,689	-77,989	50,119	-151,654	292,802	673,703	175,143	-999,613	101,526	559,994
? Cash At End Of Period	344,092	266,103	316,222	164,568	457,370	1,131,073	1,306,216	306,603	408,129	968,123
? Cash At Beginning Of Period	122,403	344,092	266,103	316,222	164,568	457,370	1,131,073	1,306,216	306,603	408,129
? Operating Cash Flow	28,494	25,899	41,358	48,572	50,343	58,086	56,849	69,853	73,010	38,971
? Capital Expenditure	-1,007	-480	-649	-187	-203	-3,160	-252	-783	-1,671	0
? Free Cash Flow	27,487	25,419	40,709	48,385	50,140	54,926	56,597	69,070	71,339	37,347
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Analyst Estimates

(* All numbers are in thousands)

Fiscal Year	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Estimated Revenue (Low)	109,790.794	128,331.747	138,950.645	149,295.793	152,332.688	187,661.831	194,187.715	168,405.534	187,084.691	192,255.641
Estimated Revenue (High)	115,540.585	135,052.537	146,227.551	157,114.479	160,310.417	191,998.080	195,190.233	170,834.267	192,541.866	206,818.671
Estimated Revenue (Avg)	112,097.500	131,027.999	141,870	152,432.500	155,533.200	189,599	194,699	169,981.200	190,325.200	201,734.420
Estimated Ebitda (Low)	46,186.196	47,932.878	61,363.465	43,895.913	59,384.875	69,185.438	76,103.980	75,168.272	83,505.765	85,813.833
Estimated Ebitda (High)	69,279.294	71,899.316	92,045.198	65,843.871	89,077.312	103,778.158	114,155.972	76,252.344	85,941.590	92,314.082
Estimated Ebitda (Avg)	57,732.745	59,916.097	76,704.332	54,869.892	74,231.094	86,481.798	95,129.976	75,871.575	84,952.175	90,044.712
Estimated Net Income (Low)	19,026.005	27,970.574	34,638.085	23,814.026	36,727.571	43,772.185	51,554.398	39,377.518	40,050.628	52,063.847
Estimated Net Income (High)	28,539.008	41,955.859	51,957.127	35,721.040	55,091.358	65,658.279	77,331.601	41,838.613	53,192.259	54,434.497
Estimated Net Income (Avg)	23,782.507	34,963.217	43,297.606	29,767.533	45,909.465	54,715.232	64,443	40,528	48,876	53,885.500
Estimated SGA Expense (Low)	34,440.837	47,651.885	55,470.777	49,485.609	48,849.424	47,714.597	52,486.054	56,788.804	63,087.689	64,831.409
Estimated SGA Expense (High)	51,661.256	71,477.829	83,206.166	74,228.414	73,274.136	71,571.896	78,729.084	57,607.808	64,927.928	69,742.275
Estimated SGA Expense (Avg)	43,051.047	59,564.857	69,338.472	61,857.012	61,061.780	59,643.247	65,607.569	57,320.142	64,180.436	68,027.791
Estimated EPS (Avg)	0.800	0.820	0.960	0.580	0.770	1.090	1.060	0.660	0.790	0.880
Estimated EPS (High)	0.830	0.850	1	0.600	0.800	1.110	1.080	0.680	0.860	0.880
Estimated EPS (Low)	0.780	0.790	0.930	0.560	0.750	1.070	1.050	0.640	0.650	0.850
Number of Analysts (Estimated Revenue)	6	6	1	2	2	1	4	3	3	3
Number of Analysts (Estimated EPS)	5	5	2	1	1	2	5	5	5	5

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Current Key Metrics

?	Revenue (TTM) :	251.447M	?	P/S (TTM) :	2.24
?	Net Income (TTM) :	40.528M	?	P/E (TTM) :	13.62
?	Enterprise Value (TTM) :	-132520850	?	EV/FCF (TTM) :	-2.93
?	Dividend Yield (TTM) :	0.06	?	Payout Ratio (TTM) :	0.76
?	ROE (TTM) :	0.06	?	ROIC (TTM) :	0.05
?	Net Debt (TTM) :	40.355M	?	Debt/Equity (TTM) :	0.06
?	P/B (TTM) :	0.82	?	Current Ratio (TTM) :	0.24