Published on 26 Apr 2024 on GuruFocus.com via Yahoo Finance
Heritage Commerce Corp (HTBK) Misses Q1 Earnings Expectations, Sees Growth in Client Deposits
Net Income: Reported $10.2 million for Q1 2024, falling short of the estimated $11.16 million.Earnings Per Share (EPS): Achieved $0.17 per average diluted common share, below the estimate of $0.18.Revenue: Specific revenue figures for Q1 2024 not disclosed, but estimated revenue was $42.28 million.Client Deposits: Increased by over $66 million from the previous quarter, indicating growth in customer base and trust.Loan Portfolio: Grew by over $74 million year-over-year, reflecting an expanding asset base.Total Assets: Decreased by 5% year-over-year to $5.26 billion, but showed a 1% increase from the end of the previous quarter.Recognition: Recently ranked 25th on S&P Global Market Intelligence's top 50 list of best-performing community banks.
On April 25, 2024, Heritage Commerce Corp (NASDAQ:HTBK) disclosed its first-quarter financial results through its 8-K filing, revealing a net income of $10.2 million, or $0.17 per average diluted common share. These figures fell short of analyst expectations, which had estimated earnings per share at $0.18 and net income at $11.16 million. Despite this, the company reported a 2% growth in client deposits and a significant year-over-year increase in its loan portfolio.