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Jun 30, 2021
Heritage Commerce Q2 2021 Earnings Report
Net income decreased due to legal settlement reserve, but core loans and deposits increased, reflecting an improving local economy.
Key Takeaways
Heritage Commerce Corp reported a net income of $8.8 million for Q2 2021, a decrease compared to $10.6 million in Q2 2020. The results were impacted by a $4.0 million reserve for a legal settlement. However, core loans and total deposits saw increases, indicating a positive trend in the local economy.
Net income for the second quarter of 2021 was $8.8 million, or $0.15 per diluted share.
Core loans, excluding SBA PPP loans and residential mortgage loans, increased by $65.6 million, or 3%, year-over-year.
Total loans increased by $138.4 million, or 5%, from a year ago.
Total deposits were higher by $444.2 million, or 11%, year-over-year.
Heritage Commerce
Heritage Commerce
Forward Guidance
The company believes that with its healthy capital and liquidity positions, strong earnings power, conservative credit culture, and dedicated employees, it remains well positioned for growth as it heads into the second half of the year.