Heritage Commerce reports Q2 EPS 15c, consensus 18c

Reports Q2 NII $39.5M vs. $46.3M last year. Reports Q2 net interest margin 3.26% vs. 3.76% last year. “Our loan portfolio, excluding loans held-for-sale, increased by $43.7 million at June 30, 2024, from the preceding quarter and increased by $91.0 million year-over-year,” said CEO Clay Jones. “Our total deposits remained steady at $4.4 billion at June 30, 2024, while average deposits increased during the second quarter of 2024 from the linked quarter.”