Equity Analysis /
United States of America

US : Heritage Commerce Corp - HTBK | 4Q20 Follow-Up: Well Positioned for Rising Rates; Reit. Outperform

    CGS-CIMB
    1 February 2021
    Published byCGS-CIMB

    We reiterate ourOutperform ratingandincrease our price target to $10on shares of HTBK following 4Q20 operating results that were below forecast on a PTPP basis. Its asset sensitive posture combined with elevated levels of excess liquidity (~$1.1 billion; 24.4% of assets) continue to weigh on NIM, a