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Sep 30, 2024
Heritage Commerce Q3 2024 Earnings Report
Net income increased compared to the previous quarter, driven by client deposit growth and orderly loan portfolio expansion.
Key Takeaways
Heritage Commerce Corp reported a net income of $10.5 million for Q3 2024, an increase from $9.2 million in the previous quarter. The company experienced significant deposit growth, with total deposits up 6% and noninterest-bearing demand deposits growing 7%. The loan portfolio also saw orderly growth, with core loans increasing by $35.7 million from the prior quarter.
Net income was $10.5 million, or $0.17 per diluted share, compared to $9.2 million, or $0.15 per diluted share, for the second quarter of 2024.
Total deposit balances grew 6% compared to the prior quarter, with noninterest-bearing demand deposits up 7%.
Core loans increased $35.7 million, or 1%, from the prior quarter.
Available liquidity and borrowing capacity was $3.2 billion at September 30, 2024.
Forward Guidance
No specific forward guidance was provided in the earnings report.
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