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Jun 30, 2024
Heritage Commerce Q2 2024 Earnings Report
Net income decreased due to higher noninterest expense and lower net revenue, driven by investments in people and technology.
Key Takeaways
Heritage Commerce Corp reported a net income of $9.2 million for Q2 2024, a decrease compared to both the previous quarter and the same quarter last year. The company continued to invest in people and technology while maintaining strong credit quality.
Net income was $9.2 million, or $0.15 per average diluted common share.
Loan portfolio, excluding loans held-for-sale, increased by $43.7 million from the preceding quarter.
Total deposits remained steady at $4.4 billion.
Credit quality metrics further improved, with nonperforming assets and classified assets both down from the linked quarter.
Forward Guidance
This document does not contain forward guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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