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Mar 31, 2022
Heritage Commerce Q1 2022 Earnings Report
Reported solid earnings fueled by growth in net interest income and noninterest income.
Key Takeaways
Heritage Commerce Corp reported a net income of $12.9 million for Q1 2022, a rise from $11.2 million in Q1 2021. Diluted earnings per share were $0.21, compared to $0.19 in the same quarter last year. The results reflect growth in net interest income and noninterest income, supported by healthy loan and deposit growth and excellent credit quality.
Diluted earnings per share were $0.21 for the first quarter of 2022, compared to $0.19 for the first quarter of 2021.
Net interest income, before provision for credit losses on loans, increased 9% to $38.2 million for the first quarter of 2022, compared to $35.0 million for the first quarter of 2021.
Total noninterest income increased to $2.5 million for the first quarter of 2022, compared to $2.3 million for the first quarter of 2021.
Nonperforming assets declining 32% to $3.8 million from $5.6 million a year ago
Heritage Commerce
Heritage Commerce
Forward Guidance
The company did not provide forward guidance in the earnings report.