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Jun 30, 2022
Heritage Commerce Q2 2022 Earnings Report
Reported a stellar second quarter with record earnings and solid year-over-year core deposit growth supporting strong organic loan growth
Key Takeaways
Heritage Commerce Corp reported net income of $14.8 million for the second quarter of 2022, an increase compared to $8.8 million for the same period in 2021. The annualized return on average tangible equity was 14.06%, and the efficiency ratio was 52.73%.
Diluted earnings per share were $0.24 for the second quarter of 2022, compared to $0.15 for the second quarter of 2021.
Net interest income, before provision for credit losses on loans, increased 20% to $41.9 million for the second quarter of 2022, compared to $34.9 million for the second quarter of 2021.
The fully tax equivalent (“FTE”) net interest margin increased 38 basis points to 3.38% for the second quarter of 2022, from 3.00% for the second quarter of 2021.
Nonperforming assets declined 56% from a year ago and down 29% from the linked quarter.
Heritage Commerce
Heritage Commerce
Forward Guidance
Company's balance sheet remains well positioned to benefit from rising interest rates, and together with strong liquidity and capital levels, earnings capacity and dedicated employees, is well positioned for further success.