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Sep 30, 2020
Heritage Commerce Q3 2020 Earnings Report
Net income of $11.2 million, or $0.19 per average diluted common share, was reported for the third quarter of 2020.
Key Takeaways
Heritage Commerce Corp reported a net income of $11.2 million for the third quarter of 2020, with earnings per diluted share at $0.19. The results reflect a solid performance amidst the challenges of the Coronavirus pandemic, with steady loan and deposit trends and a notable increase in noninterest income.
Net income for Q3 2020 was $11.2 million, or $0.19 per diluted share.
Noninterest income increased by 25% compared to the previous quarter, driven by gains on sales of SBA loans and warrant exercises.
Credit quality metrics remained stable, with a significant portion of COVID-19 related loan deferrals resuming payments.
The company relocated its corporate headquarters to a new facility in San Jose, CA.
Heritage Commerce
Heritage Commerce
Forward Guidance
The company believes it will be able to continue to successfully navigate through these uncertain times and emerge stronger from the current crisis.