Heritage Commerce Corp announced its third-quarter 2024 financial results, reporting net income of $10.5 million, or $0.17 per average diluted common share. This compares to $9.2 million, or $0.15 per average diluted common share, in the second quarter of 2024, and $15.8 million, or $0.26 per average diluted common share, for the third quarter of 2023.
A highlight for the quarter was significant client deposit growth, with total deposit balances increasing 6% from the prior quarter. Noninterest-bearing demand deposits also grew 7% over the same period, driven by the successful conversion of new relationships following banking disruptions in the market.
The loan portfolio experienced orderly growth, with core loans increasing $35.7 million, or 1%, from the prior quarter, and $148.3 million, or 5%, over the last 12 months. Nonperforming assets totaled $7.2 million, or 0.13% of total assets, at September 30, 2024, an increase primarily due to the downgrade of a $1.1 million loan to one customer.
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