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Dec 31, 2019
Heritage Commerce Q4 2019 Earnings Report
Reported earnings of $5.7 million, merger with Presidio Bank completed.
Key Takeaways
Heritage Commerce Corp reported a net income of $5.7 million for Q4 2019, a decrease compared to Q4 2018, but ended the year with total assets over $4.1 billion following the completion of the Presidio Bank merger.
Net income for Q4 2019 was $5.7 million, or $0.10 per diluted share, compared to $13.2 million, or $0.30 per diluted share, for Q4 2018.
The merger with Presidio Bank was completed on October 11, 2019.
Total assets reached over $4.1 billion, with $2.5 billion in total loans and $3.4 billion in total deposits.
Noninterest-bearing deposits increased 42% year-over-year, representing 42% of total deposits.
Heritage Commerce
Heritage Commerce
Forward Guidance
The company is planning its systems conversion and integration of Presidio during the first quarter of 2020, for which it will incur anticipated additional merger-related costs.