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Jun 30, 2023
Heritage Commerce Q2 2023 Earnings Report
Net income increased due to growth in loan portfolio, increased deposits, higher net interest income, and improved efficiency.
Key Takeaways
Heritage Commerce Corp reported a net income of $16.4 million for the second quarter of 2023, an 11% increase compared to the second quarter of 2022. Diluted earnings per share were $0.27. The company's total liquidity and borrowing capacity was $3.113 billion as of June 30, 2023.
Net income increased 11% to $16.4 million for the second quarter of 2023, or $0.27 per average diluted common share.
Total liquidity and borrowing capacity was $3.113 billion as of June 30, 2023.
Total deposits increased $111.2 million to $4.501 billion at June 30, 2023 from December 31, 2022.
The Bank increased its credit line availability from the FRB and the FHLB by $332.3 million to $2.354 billion at June 30, 2023, from March 31, 2023.
Heritage Commerce
Heritage Commerce
Forward Guidance
Looking ahead to the second half of the year, Heritage Commerce Corp remains confident in the Bank's well-positioned balance sheet, with an emphasis on strength, stability, and liquidity.