Heritage Commerce Q1 earnings fell 19% YoY to $42.14M, missing Zacks Consensus Estimate, but CEO Clay Jones noted client deposit growth and loan portfolio expansion.
Heritage Commerce (HTBK) reported Q1 earnings of $42.14M in revenue, a 19% year-over-year decline, and EPS of $0.17, down from $0.31 a year ago. The results fell short of the Zacks Consensus Estimate of $43.83M and EPS by -3.86% and -10.53%, respectively. Despite the decline, CEO Clay Jones highlighted increased client deposits and loan portfolio growth. The Bank's credit quality remains strong, and a regular quarterly cash dividend of $0.13 per share was announced for shareholders.
April 26, 2024
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