Q3 2023 Earnings Release
Heritage Commerce Corp Earnings Announcement for Q3 2023
San Jose, CA — October 26, 2023 — Heritage Commerce Corp (Nasdaq: HTBK), the holding company for Heritage Bank of Commerce, announced its third quarter 2023 financial results. The Company reported a net income of $15.8 million ($0.26 per diluted share), a decrease from $18.1 million ($0.30 per diluted share) in Q3 2022, and from $16.4 million ($0.27 per diluted share) in Q2 2023.
Year-to-date, net income increased by 12% to $51.1 million ($0.83 per diluted share) compared to $45.8 million ($0.75 per diluted share) for the same period in 2022. All results are unaudited.
“We delivered strong operating results in Q3 2023, achieving record earnings for the first nine months of the year,” said Clay Jones, President & CEO. “While third quarter profits were impacted by higher deposit costs, steady deposit growth, moderate loan demand, and higher net interest income fueled our success. The net interest margin contraction was primarily related to deposit pricing.”
“Our credit metrics remained robust in Q3,” Mr. Jones added. “Our strong liquidity position, well-diversified deposit profile, and access to alternative funding sources enable us to navigate economic challenges effectively.”
Mr. Jones also expressed gratitude to the Board of Directors and team members for their dedication to clients, communities, and shareholders.
