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Sep 30, 2021
Heritage Commerce Q3 2021 Earnings Report
Reported record earnings due to higher net interest income, solid loan growth in C&I and CRE, strong core deposit growth, and accelerated PPP loan fee income.
Key Takeaways
Heritage Commerce Corp announced record third quarter net income of $13.7 million, or $0.23 per average diluted common share. This compares to $11.2 million, or $0.19 per average diluted common share, for the third quarter of 2020, and $8.8 million, or $0.15 per average diluted common share, for the second quarter of 2021.
Generated record earnings for the third quarter of 2021.
Net interest income increased due to higher interest and fees on PPP loans and prepayment fees.
Core loans increased by $121.9 million, or 5%, from the second quarter of 2021.
Total deposits increased $381.9 million, or 9%, from the second quarter of 2021.
Forward Guidance
The report does not contain any forward guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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