SAN JOSE, Calif. (AP) _ Heritage Commerce Corp. (HTBK) on Thursday reported second-quarter earnings of $11.4 million.
The bank, based in San Jose, California, said it had earnings of 26 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 27 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.
The holding company for Heritage Bank of Commerce posted revenue of $36.3 million in the period. Its revenue net of interest expense was $33.7 million, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $34.8 million.
Heritage Commerce shares have climbed almost 8% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $12.21, a fall of 28% in the last 12 months.