Heritage Commerce reports Q3 EPS 24c, consensus 21c

Reports Q3 revenue $50.0M, consensus $48.89M. “We executed well in Q3, generating double digit EPS growth and positive operating leverage,” said CEO Clay Jones. “We had positive trends in loan and deposit growth, an expansion in our net interest margin, disciplined expense management, and an improvement in our asset quality. Loan and deposit growth was 1% and 3%, respectively, over the linked quarter, and we continue to add clients in key markets across our footprint, while maintaining our underwriting and pricing. Our financial foundation is solid – marked by high capital reserves, strong liquidity, and sound asset quality. These fundamentals position us to continue to execute on our strategy, which is focused on increasing market share, growing our client franchise, and generating profitable growth, as we continue to support our community, colleagues, and shareholders. We are strengthening our platform to perform and position ourselves to deliver sustained, high-quality financial results for our shareholders.”