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Mar 31, 2024
Heritage Commerce Q1 2024 Earnings Report
Net income reached $10.2 million and client deposits grew by 2%.
Key Takeaways
Heritage Commerce Corp reported a net income of $10.2 million for Q1 2024, a decrease compared to $18.9 million in Q1 2023. Total client deposits increased by over $66 million from the previous quarter, and the loan portfolio increased by over $74 million year-over-year. The company's credit quality remains strong, supported by sound reserves for potential credit losses.
Diluted earnings per share were $0.17 for the first quarter of 2024.
Client deposits increased over $66 million from the prior quarter.
Loan portfolio increased over $74 million, year-over-year.
Total available liquidity and borrowing capacity was $3.00 billion at March 31, 2024.