Heritage Commerce reports Q3 EPS 17c, consensus 17c

Reports Q3 NII $39.9M vs. $45.4M last year. “The highlight of the third quarter of 2024 was significant deposit growth from our clients throughout our markets,” said Clay Jones, CEO. “Total deposit balances grew 6% at the end of the third quarter of 2024, compared to the prior quarter and notably, noninterest-bearing demand deposits grew 7% over the same period. Growth in deposits was a result of the successful conversion of new relationships that were impacted by the banking disruptions in our market. The loan portfolio had orderly growth during the third quarter 2024, with core loans increasing $148.3 million, or 5% over the last 12 months, while growing $35.7 million, or 1%, from the prior quarter. We remain optimistic about the growth opportunities in our markets, as loan and deposit pipelines and overall business activity remains healthy.”