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Sep 30, 2022
Heritage Commerce Q3 2022 Earnings Report
Net income increased due to higher net interest income and solid loan growth.
Key Takeaways
Heritage Commerce Corp reported a net income of $18.1 million for Q3 2022, an increase of 32% compared to Q3 2021. The company's net interest margin improved to 3.73%, driven by a shift in earning assets. Loan growth, excluding SBA PPP loans and residential mortgages, increased by 10% year-over-year.
Net income for the third quarter of 2022 was $18.1 million, or $0.30 per average diluted common share.
Net interest margin improved to 3.73% for the third quarter of 2022.
Loans, excluding SBA PPP loans and residential mortgages, increased 10% from a year earlier.
Nonperforming assets declined $3.7 million from September 30, 2021.
Heritage Commerce
Heritage Commerce
Forward Guidance
This press release contains forward-looking statements that are subject to risks and uncertainties, and actual results could differ materially from projected results.
Challenges Ahead
- geopolitical and domestic political developments that can increase levels of political and economic unpredictability
- conditions related to the impact of the COVID-19 pandemic, and other infectious illness outbreaks that may arise in the future
- current and future economic and market conditions in the United States generally or in the communities we serve
- effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Federal Open Market Committee of the Federal Reserve Board
- inflationary pressures and changes in the interest rate environment that reduce our margin and yields