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Mar 31, 2021
Heritage Commerce Q1 2021 Earnings Report
Net income increased significantly due to recapture of provision for credit losses on loans.
Key Takeaways
Heritage Commerce Corp reported a strong first quarter in 2021, with net income reaching $11.2 million, or $0.19 per diluted share, driven by a recapture of provision for credit losses on loans and solid financial performance amidst the COVID-19 crisis.
Net income for Q1 2021 was $11.2 million, or $0.19 per diluted common share.
Total deposits grew by 27% year-over-year, fueled by deposit gathering efforts that attracted over $900 million.
Gross loans increased 6% year-over-year and 3% on a linked quarter basis.
Return on average tangible assets improved to 0.99% for the first quarter, compared to 0.19% a year ago.
Heritage Commerce
Heritage Commerce
Forward Guidance
The Company did not provide specific forward guidance in this earnings report.