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Sep 30, 2023
Heritage Commerce Q3 2023 Earnings Report
Net income decreased due to increased cost of deposits, but year-to-date net income increased due to steady deposit growth, moderate loan demand, and higher net interest income.
Key Takeaways
Heritage Commerce Corp reported a net income of $15.8 million for Q3 2023, a decrease compared to both Q3 2022 and Q2 2023. Despite the quarterly decrease, year-to-date net income increased by 12% compared to the first nine months of 2022, driven by deposit growth, loan demand and net interest income. The net interest margin contracted during the third quarter due to deposit pricing.
Net income for the third quarter of 2023 was $15.8 million, or $0.26 per diluted share.
Net interest income decreased 6% to $45.4 million for the third quarter of 2023 compared to the same period in 2022.
Total deposits increased $74.7 million, or 2%, to $4.575 billion at September 30, 2023, compared to June 30, 2023.
The Company’s total liquidity and borrowing capacity was $3.189 billion, all of which remained available at September 30, 2023.
Forward Guidance
This document does not contain forward guidance.
Historical Earnings Impact
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