SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Heritage Commerce Corp. (HTBK) on Thursday reported fourth-quarter net income of $15.1 million.
The bank, based in San Jose, California, said it had earnings of 25 cents per share. Earnings, adjusted for one-time gains and costs, were 28 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.
The holding company for Heritage Bank of Commerce posted revenue of $70.2 million in the period. Its revenue net of interest expense was $53.6 million, also exceeding Street forecasts.
For the year, the company reported profit of $47.8 million, or 78 cents per share. Revenue was reported as $197.5 million.
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