AP NEWS

Heritage Commerce: 3Q Earnings Snapshot

October 24, 2019 GMT

SAN JOSE, Calif. (AP) _ Heritage Commerce Corp. (HTBK) on Thursday reported third-quarter profit of $11.3 million.

The San Jose, California-based bank said it had earnings of 26 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 28 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.

The holding company for Heritage Bank of Commerce posted revenue of $35.9 million in the period. Its revenue net of interest expense was $33.2 million, falling short of Street forecasts.

Heritage Commerce shares have risen 1% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $11.47, a fall of 16% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HTBK at https://www.zacks.com/ap/HTBK