Heritage Commerce Corp reported fourth-quarter 2024 net income of $10.6 million, or $0.17 per average diluted common share, consistent with the third quarter of 2024. For the full year ended December 31, 2024, net income was $40.5 million, or $0.66 per average diluted common share, compared to $64.4 million, or $1.05 per average diluted common share, for the year ended December 31, 2023.
The company highlighted strong deposit growth, with balances increasing 2% over the prior quarter and 10% year-over-year, driven by cultivating local community commercial deposit relationships. Loan growth also picked up during the fourth quarter, resulting in a 2% increase from the prior quarter and a 4% increase year-over-year.
The net interest margin expanded to 3.34% for the fourth quarter of 2024, up from 3.17% in the third quarter, primarily due to a reduction in the cost of funds. Nonperforming assets remained low at $7.7 million, or 0.14% of total assets, at December 31, 2024, with credit costs remaining modest.
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