Bank of Commerce Holdings™ Announces Second Quarter 2010 Operating Results
REDDING, Calif., July 30 /PRNewswire-FirstCall/ -- Patrick J. Moty, President & CEO of Bank of Commerce Holdings (Nasdaq: BOCH), a $930 million financial services holding company, and parent company of Redding Bank of Commerce™, Roseville Bank of Commerce™, and Bank of Commerce Mortgage™ today announced second quarter 2010 operating results.
"During the most recent quarter, our Company had many positive operating results including a slight decrease in other real estate owned, continued growth of our core customer deposit base, solid internal loan growth, a continued strong pipeline of potential new relationships and expansion of the net interest margin" said Patrick J. Moty, President & CEO.
"Our loan portfolio, while reflecting some deterioration in performance, remains well collateralized, and significant losses have not materialized. That being said, the Bank continues to increase its loss reserves as a precautionary measure."
Year to Date 2010 Highlights
- Recorded net income of $3.0 million, and net income available to common shareholders of $2.6 million compared to $2.9 million recorded and $2.4 available to common shareholders as of June 30,2009
- $0.20 per diluted share compared to $0.28 at June 30, 2009
- Total assets of $929.7 million, an increase of $116.3 million over 12-31-09
- Total loans of $600.8 million, an increase of $10.8 million over 12-31-09
- Total deposits of $643.0, an increase of $2.6 million over 12-31-09
- Additional capital of $4.4 million was raised during the second quarter of 2010, resulting in the issuance of one million new shares. Total capital raised during the first and second quarter totaled $33.1 million which resulted in the issuance of 8.2 million new shares, which increased the denominator for EPS – Total shareholders equity of $102.7
- $12.8 million in Allowance for loan losses 2.08% of total loans
- Return on Average Assets (ROA) 0.73%
- Return on Average Equity (ROE) 7.17%
2nd Quarter 2010 Highlights
- Net Income available to common shareholders of $1.3 million, a decrease of 7.3% quarter-over-quarter from $1.4 million in the second quarter 2009
- Diluted EPS of $0.08 compared to $0.16 in the second quarter 2009
- Average portfolio loans up $44.1 million, an increase of 7.5% quarter-over-quarter from the second quarter 2009
- Non-maturing core deposits up $33.2 million, an increase of 12.5% quarter-over-quarter from the second quarter 2009
- Provision for loan loss of $1.6 million
Due to conservative loan underwriting, active servicing of problem credits, and maintenance of a healthy net interest margin, we have remained profitable during the recent economic downturn and positioned our Company to take advantage of growth opportunities in the coming years.
Net Interest Margin
A combination of reduced funding costs and an increase in the volume of higher yielding earning assets significantly improved our company's net interest margin. Average interest bearing liabilities increased $7.5 million while total interest expense decreased $1.5 million or 48 basis points to 1.52%, as a percentage of total interest bearing liabilities, from the same period a year ago. Average loans increased by $48.3 million and contributed over $1.0 million to the margin in comparison to the same period a year ago. The additional interest income from the loan portfolio offset the $798,000 decrease in interest income from the investment portfolio. The net result was an increase to the net interest margin of $1.8 million, or 12.8% over the prior year for the six month period ended June 30, 2010. Net Interest margin was 4.15% compared to 3.77% for the same period in 2009.
Provisions for loan losses
Management has taken aggressive actions in provisioning for loan losses, charging down impairments, and keeping an attentive eye on expenses. As long as the U.S. economy remains weak, losses in the loan portfolio may increase. Our Company continues to take actions to enable us to navigate through this current economic and credit cycle. Elevated provisions are associated with an assertive and conservative reclassification of loans and management's aggressive stance in recognizing impaired loans. Our Company has provided $3.9 million in provisions for loan and lease losses for the six months ended June 30, 2010 compared to $4.5 million for the same period a year ago. The allowance for loan losses was 2.08% of total portfolio loans at June 30, 2010 compared to 1.43% of total loans for the same period a year ago.
The real estate development properties and construction related portfolio is showing some signs of stability but generally remains under stress. Our Company's Commercial and Industrial portfolio has weakened, especially those borrowers tied to real estate.
Our loan portfolio will likely continue to be influenced by weakness in real estate values, the effects of high unemployment levels, and general overall weakness in economic conditions.
Net charge offs were $2.3 million for the six month period ended at June 30, 2010 compared to net charge offs of $4.4 million for the same period a year ago. The charge-offs were centered in commercial & industrial and consumer residential real estate loans.
Nonperforming Assets
Non-performing assets were 2.74% of total assets as of June 30, 2010; 2.27% at December 31, 2009 and 1.93% at June 30, 2009.
OREO was $2.0 million at June 30, 2010 and $3.2 million for the same period a year ago. We are committed to working with our customers to find potential solutions when our customers experience financial difficulties.
Balance Sheet
Our Company continues to maintain a relatively low-risk, liquid and valuable available-for-sale investment portfolio. This resource is utilized as a source of liquidity as opportunities to reposition the balance sheet present themselves. During the six months ended June 30, 2010, Our Company has recorded approximately $1.1 million in realized gains on sales of securities. Proceeds from the sales were used to fund loan growth.
Our balance sheet has changed substantially over the second quarter from a year ago. Total assets are up $122.6 million or 15.2%, loans have increased by $13.2 million or 2.3% and total deposits have increased by $2.6 million or 0.40%.
Average loans, the largest component of average earning assets, increased $48.3 million or 8.4% on average compared with same period a year ago. Average securities including federal funds sold decreased $748,000 over the same period a year ago. The yield on earning assets decreased to 5.45% for the six-month period ended June 30, 2010 compared to 5.51% for the same period in the prior year. The decreased yield is primarily due to the liquidation of investment securities to fund loan growth.
Average interest-bearing deposits for the six-months ended June 30, 2010 decreased $7.5 million or 1.16% compared with the same period in the prior year. Average non-interest bearing deposits have increased by $2.7 million or 3.7% over the prior year six-month period.
Capital
The capital ratios of Redding Bank of Commerce continue to be above the well-capitalized guidelines established by bank regulatory agencies. Total risk-based capital to risk-weighted assets was 15.47% at June 30, 2010.
Bank of Commerce Holdings, with administrative offices in Redding, California is a financial service holding company that owns Redding Bank of Commerce™, Roseville Bank of Commerce™, and Bank of Commerce Mortgage™.
Our Company is a federally insured California banking corporation and opened on October 22, 1982.
BOCH is a NASDAQ National Market listed stock. Please contact your local investment advisor for purchases and sales. Investment firms making a market in BOCH stock are:
Howe Barnes Hoefer & Arnett Investment Inc. / |
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John T. Cavender |
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555 Market Street |
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San Francisco, CA (800) 346-5544 |
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Hill, Thompson, Magid & Co. Inc / R.J. Dragani |
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15 Exchange Place, Suite 800 |
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Jersey City, New Jersey 07030 (201) 369-2908 |
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Keefe, Bruyette & Woods, Inc. / |
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Dave Bonaccorso |
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101 California Street, 37th Floor |
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San Francisco, CA 94105 (415) 591-5063 |
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Sandler & O'Neil /Bryan Sullivan |
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919 Third Avenue, 6th Floor |
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New York, NY 10022 (888) 383-3112 |
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McAdams Wright Ragen, Inc. /Joey Warmenhoven |
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1121 SW Fifth Avenue |
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Suite 1400 |
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Portland, Oregon 97204 (866) 662-0351 |
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This quarterly press release includes forward-looking information, which is subject to the "safe harbor" created by the Securities Act of 1933, and Securities Act of 1934. These forward-looking statements (which involve the Company's plans, beliefs and goals, refer to estimates or use similar terms) involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors:
- Competitive pressure in the banking industry and changes in the regulatory environment
- Changes in the interest rate environment and volatility of rate sensitive assets and liabilities.
- The health of the economy declines nationally or regionally which could reduce the demand for loans or reduce the value of real estate collateral securing most of the Company's loans.
- Credit quality deteriorates which could cause an increase in the provision for loan losses.
- Losses in the Company's merchant credit card processing business.
- Asset/Liability matching risks and liquidity risks.
- Changes in the securities markets.
For additional information concerning risks and uncertainties related to the Company and its operations please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2009 and under the heading:
"Risk factors that may affect results" and subsequent reports on Form 10-Q and current reports on Form 8-K. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
BANK OF COMMERCE HOLDINGS & SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) |
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Dollars in thousands ASSETS |
June 30, |
December 31, |
June 30, |
||
Cash and due from banks, noninterest bearing |
$36,815 |
$ 36,902 |
$ 36,352 |
||
Interest bearing due from banks |
39,492 |
31,338 |
27,512 |
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Federal funds sold and securities purchased under agreements to resell |
- |
- |
15,140 |
||
Cash and cash equivalents |
76,307 |
68,240 |
79,004 |
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Securities available-for-sale, at fair value (including pledged collateral of $42,079 |
176,001 |
80,062 |
75,480 |
||
Portfolio Loans, net of the allowance for loan losses of $12,767 at June 30, 2010, |
600,832 |
590,023 |
587,637 |
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Mortgage loans held for sale |
26,875 |
27,288 |
20,225 |
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Bank premises and equipment, net |
9,988 |
9,980 |
10,586 |
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Goodwill |
3,695 |
3,727 |
3,727 |
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Other real estate owned |
2,039 |
2,880 |
3,229 |
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Other assets |
34,008 |
31,206 |
27,231 |
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TOTAL ASSETS |
$929,745 |
$ 813,406 |
$807,119 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Demand - noninterest bearing |
$ 66,040 |
$ 69,448 |
$ 69,957 |
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Demand - interest bearing |
165,871 |
163,814 |
142,210 |
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Savings accounts |
76,438 |
65,414 |
59,432 |
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Certificates of deposit |
334,676 |
341,788 |
295,508 |
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Total deposits |
643,025 |
640,464 |
567,107 |
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Securities sold under agreements to repurchase |
13,444 |
9,621 |
10,843 |
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Federal Home Loan Bank and Federal Reserve Bank borrowings |
145,000 |
70,000 |
120,000 |
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Mortgage warehouse lines of credit |
- |
- |
17,512 |
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Other liabilities |
10,108 |
9,050 |
9,344 |
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Junior subordinated debt payable to unconsolidated |
|||||
subsidiary grantor trust |
15,465 |
15,465 |
15,465 |
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Total Liabilities |
827,042 |
744,600 |
740,271 |
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Commitments and contingencies |
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Stockholders' Equity: |
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Preferred stock (liquidation preference of $1,000 per share; issued 2008) |
16,686 |
16,641 |
16,596 |
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Common stock , no par value, 50,000,000 shares authorized; 16,991,495 shares |
42,870 |
9,730 |
9,688 |
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Common Stock Warrant |
449 |
449 |
449 |
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Retained earnings |
40,041 |
39,004 |
37,922 |
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Accumulated other comprehensive income, net of tax |
443 |
657 |
30 |
||
Total Equity – Bank of Commerce Holdings |
100,489 |
66,481 |
64,685 |
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Non controlling interest in subsidiary |
2,214 |
2,325 |
2,163 |
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Total stockholders' equity |
102,703 |
68,806 |
66,848 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 929,745 |
$ 813,406 |
$ 807,119 |
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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES Condensed Consolidated Statements of Income (Unaudited) |
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Amounts in thousands, except for per share data |
June 30, 2010 |
June 30, 2009 |
June 30, 2010 |
June 30, 2009 |
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Interest income: |
|||||
Interest and fees on loans |
$ 9,302 |
$ 9,272 |
$ 18,353 |
$ 17,321 |
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Interest on tax-exempt securities |
381 |
279 |
703 |
575 |
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Interest on U.S. government securities |
507 |
954 |
945 |
2,146 |
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Interest on federal funds sold and |
- |
5 |
1 |
30 |
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Interest on other securities |
343 |
131 |
614 |
248 |
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Total interest income |
10,533 |
10,641 |
20,616 |
20,320 |
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Interest expense: |
|||||
Interest on demand deposits |
226 |
239 |
456 |
546 |
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Interest on savings deposits |
221 |
238 |
440 |
519 |
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Interest on certificates of deposit |
1,554 |
1,900 |
3,315 |
3,781 |
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Securities sold under agreements to repurchase |
15 |
11 |
27 |
25 |
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Interest on FHLB and other borrowings |
138 |
539 |
274 |
1,120 |
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Interest on junior subordinated debt payable to unconsolidated |
207 |
216 |
415 |
431 |
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Total interest expense |
2,361 |
3,143 |
4,927 |
6,422 |
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Net interest income |
8,172 |
7,498 |
15,689 |
13,898 |
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Provision for loan and lease losses |
1,600 |
3,056 |
3,850 |
4,481 |
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Net interest income after provision for loan losses |
6,572 |
4,442 |
11,839 |
9,417 |
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Noninterest income: |
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Service charges on deposit accounts |
62 |
96 |
144 |
188 |
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Payroll and benefit processing fees |
100 |
104 |
228 |
238 |
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Earnings on cash surrender value - |
107 |
117 |
215 |
203 |
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Net gain on sale of securities available-for-sale |
133 |
1,074 |
1,064 |
1,478 |
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Net gain on transfer of financial assets |
- |
340 |
- |
340 |
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Merchant credit card service income, net |
64 |
75 |
117 |
149 |
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Mortgage brokerage fee income |
2,753 |
1,302 |
5,292 |
1,302 |
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Other income |
118 |
87 |
219 |
162 |
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Total noninterest income |
3,337 |
3,195 |
7,279 |
4,060 |
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Noninterest expense: |
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Salaries and related benefits |
3,365 |
2,644 |
7,076 |
4,771 |
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Occupancy and equipment expense |
921 |
730 |
1,849 |
1,302 |
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Write down of other real estate owned |
1,067 |
- |
1,249 |
- |
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FDIC insurance premium |
254 |
301 |
505 |
574 |
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Data processing fees |
64 |
68 |
153 |
179 |
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Professional service fees |
543 |
295 |
943 |
454 |
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Payroll and benefit fees |
26 |
27 |
55 |
61 |
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Deferred compensation expense |
122 |
123 |
240 |
242 |
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Stationery and supplies |
96 |
26 |
176 |
79 |
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Postage |
45 |
76 |
87 |
157 |
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Directors' expense |
68 |
120 |
152 |
157 |
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Other expenses |
929 |
483 |
2,200 |
877 |
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Total noninterest expense |
7,500 |
4,893 |
14,685 |
8,853 |
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Income before provision for income taxes |
2,409 |
2,744 |
4,433 |
4,624 |
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Provision for income taxes |
750 |
1,027 |
1,494 |
1,637 |
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Net Income |
1,659 |
1,717 |
2,939 |
2,987 |
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Less: Net income attributable to non-controlling interest |
144 |
101 |
(111) |
101 |
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Net Income attributable to Bank of Commerce Holdings |
$ 1,515 |
$ 1,616 |
$ 3,050 |
$ 2,886 |
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Less: preferred dividend and accretion on preferred stock |
235 |
235 |
470 |
472 |
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Income available to common shareholders |
$ 1,280 |
$ 1,381 |
$ 2,580 |
$ 2,414 |
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Basic earnings per share |
$0.08 |
$0.16 |
$0.20 |
$0.28 |
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Weighted average shares - basic |
16,837 |
8,711 |
12,877 |
8,711 |
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Diluted earnings per share |
$0.08 |
$0.16 |
$0.20 |
$0.28 |
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Weighted average shares – diluted |
16,837 |
8,712 |
12,877 |
8,712 |
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Cash Dividends declared |
$0.06 |
$0.00 |
$0.06 |
$0.06 |
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Average Balances, Interest Income/Expense and Yields/Rates Paid (Unaudited, Dollars in thousands) |
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Six Months Ended |
Six Months Ended |
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Average Balance |
Interest |
Yield/ |
Average Balance |
Interest |
Yield/ |
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Earning Assets |
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Portfolio Loans (1) |
$622,525 |
$ 18,353 |
5.90% |
$574,206 |
$ 17,321 |
6.04% |
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Tax-exempt Securities(2) |
34,288 |
703 |
4.10% |
28,245 |
575 |
4.07% |
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US Government Securities |
21,329 |
292 |
2.74% |
8,624 |
192 |
4.45% |
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Mortgage backed Securities |
32,076 |
653 |
4.07% |
69,253 |
1,954 |
5.64% |
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Federal Funds Sold |
990 |
1 |
0.20% |
25,771 |
30 |
0.23% |
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Other Securities |
44,236 |
602 |
2.72% |
31,905 |
248 |
1.55% |
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Average Earning Assets |
$755,444 |
$ 20,604 |
5.45% |
$738,004 |
$ 20,320 |
5.51% |
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Cash & Due From Banks |
$ 39,431 |
$ 19,388 |
|||||||
Bank Premises |
9,911 |
13,480 |
|||||||
Other Assets |
31,679 |
17,333 |
|||||||
Average Total Assets |
$836,465 |
$788,205 |
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Interest Bearing Liabilities |
|||||||||
Demand Interest Bearing |
$ 143,813 |
$ 456 |
0.63% |
$ 137,938 |
$ 546 |
0.79% |
|||
Savings Deposits |
71,789 |
440 |
1.23% |
63,499 |
519 |
1.63% |
|||
Certificates of Deposit |
333,239 |
3,315 |
1.99% |
289,925 |
3,781 |
2.61% |
|||
Repurchase Agreements |
11,215 |
27 |
0.48% |
11,523 |
25 |
0.43% |
|||
FHLB Borrowings |
74,227 |
274 |
0.74% |
124,393 |
1,120 |
1.80% |
|||
Trust Preferred Borrowings |
15,465 |
415 |
5.37% |
15,000 |
431 |
5.75% |
|||
649,748 |
$ 4,927 |
1.52% |
642,278 |
$ 6,422 |
2.00% |
||||
Noninterest bearing demand |
74,713 |
72,009 |
|||||||
Other Liabilities |
26,893 |
8,674 |
|||||||
Stockholders' Equity |
85,111 |
65,244 |
|||||||
Average Liabilities and Stockholders' Equity |
$836,465 |
$788,205 |
|||||||
Net Interest Income and Net Interest Margin |
$15,677 |
4.15% |
$13,898 |
3.77% |
|||||
(1) Average non-performing loans of $14.2 million are included (2) The yield on tax-exempt securities has not been adjusted to a tax-equivalent yield basis. |
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Average Balances, Interest Income/Expense and Yields/Rates Paid (Unaudited, Dollars in thousands) |
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Three Months Ended |
Three Months Ended |
||||||||
Average Balance |
Interest |
Yield/ |
Average Balance |
Interest |
Yield/ |
||||
Earning Assets |
|||||||||
Portfolio Loans |
$629,535 |
$ 9,302 |
5.91% |
$585,465 |
$ 9,272 |
6.33% |
|||
Tax-exempt Securities |
45,187 |
381 |
3.37% |
27,199 |
279 |
4.10% |
|||
US Government Securities |
22,951 |
149 |
2.60% |
5,962 |
65 |
4.36% |
|||
Mortgage backed Securities |
40,996 |
358 |
3.49% |
58,365 |
889 |
6.09% |
|||
Federal Funds Sold |
0 |
0 |
0.00% |
13,458 |
5 |
0.15% |
|||
Other Securities |
40,873 |
343 |
3.36% |
28,370 |
131 |
1.85% |
|||
Average Earning Assets |
$779,542 |
$ 10,533 |
5.40% |
$718,819 |
$ 10,641 |
5.92% |
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Cash & Due From Banks |
$ 34,542 |
$ 21,145 |
|||||||
Bank Premises |
9,934 |
10,464 |
|||||||
Other Assets |
32,743 |
20,782 |
|||||||
Average Total Assets |
$856,761 |
$771,210 |
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Interest Bearing Liabilities |
|||||||||
Demand Interest Bearing |
$ 151,280 |
$ 226 |
0.60% |
$ 136,274 |
$ 239 |
0.70% |
|||
Savings Deposits |
73,370 |
221 |
1.20% |
61,220 |
238 |
1.56% |
|||
Certificates of Deposit |
328,110 |
1,554 |
1.89% |
276,483 |
1,900 |
2.75% |
|||
Repurchase Agreements |
12,162 |
15 |
0.49% |
11,110 |
11 |
0.40% |
|||
FHLB Borrowings |
91,154 |
138 |
0.61% |
125,164 |
539 |
1.72% |
|||
Trust Preferred Borrowings |
15,465 |
207 |
5.35% |
15,465 |
216 |
5.59% |
|||
671,541 |
$ 2,361 |
1.41% |
625,716 |
$ 3,143 |
2.01% |
||||
Noninterest bearing demand |
75,474 |
69,410 |
|||||||
Other Liabilities |
9,753 |
12,904 |
|||||||
Stockholders' Equity |
99,993 |
63,180 |
|||||||
Average Liabilities and Stockholders' Equity |
$856,761 |
$771,210 |
|||||||
Net Interest Income and Net Interest Margin |
$8,172 |
4.19% |
$7,498 |
4.17% |
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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES Quarterly Financial Condition Data (Unaudited) For the Quarter Ended |
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Dollars in thousands, except for per share data |
June 30, 2010 |
March 31, 2010 |
December 31, 2009 |
September 30, 2009 |
June 30, 2009 |
|
Interest income: |
||||||
Interest and fees on loans |
$ 9,302 |
$9,051 |
$9,184 |
$9,355 |
$9,272 |
|
Interest on tax-exempt securities |
381 |
322 |
311 |
278 |
279 |
|
Interest on U.S. government securities |
507 |
439 |
676 |
628 |
954 |
|
Interest on federal funds sold and securities |
- |
1 |
1 |
1 |
5 |
|
Interest on other securities |
343 |
270 |
266 |
309 |
131 |
|
Total interest income |
10,533 |
10,083 |
10,438 |
10,571 |
10,641 |
|
Interest expense: |
||||||
Interest on demand deposits |
226 |
230 |
229 |
240 |
239 |
|
Interest on savings deposits |
221 |
219 |
221 |
223 |
238 |
|
Interest on certificates of deposit |
1,554 |
1,761 |
1,906 |
1,941 |
1,900 |
|
Securities sold under repurchase agreements |
15 |
12 |
13 |
13 |
11 |
|
Interest on FHLB and other borrowings |
138 |
136 |
172 |
514 |
539 |
|
Interest on junior subordinated debt payable |
207 |
208 |
208 |
234 |
216 |
|
Total interest expense |
2,361 |
2,566 |
2,749 |
3,165 |
3,143 |
|
Net interest income |
8,172 |
7,517 |
7,689 |
7,406 |
7,498 |
|
Provision for loan and lease losses |
1,600 |
2,250 |
3,150 |
1,844 |
3,056 |
|
Net interest income after provision for loan |
6,572 |
5,267 |
4,539 |
5,562 |
4,442 |
|
Noninterest income: |
||||||
Service charges on deposit accounts |
62 |
82 |
94 |
108 |
96 |
|
Payroll and benefit processing fees |
100 |
128 |
105 |
109 |
104 |
|
Earnings on cash surrender value - bank |
107 |
108 |
107 |
108 |
117 |
|
Net gain on sale of securities available-for- |
133 |
931 |
454 |
506 |
1,074 |
|
Net gain on sale of loans |
- |
1 |
- |
340 |
||
Merchant credit card service income, net |
64 |
54 |
68 |
80 |
75 |
|
Mortgage brokerage fee income |
2,753 |
2,539 |
2,112 |
1,913 |
1,302 |
|
Other income |
118 |
100 |
119 |
120 |
87 |
|
Total noninterest income |
3,337 |
3,942 |
3,060 |
2,944 |
3,195 |
|
Noninterest expense: |
||||||
Salaries and related benefits |
3,365 |
3,711 |
3,209 |
2,902 |
2,644 |
|
Occupancy and equipment expense |
1,988 |
1,110 |
1,339 |
1,124 |
730 |
|
FDIC insurance premium |
254 |
251 |
279 |
421 |
301 |
|
Data processing fees |
64 |
89 |
51 |
52 |
68 |
|
Professional service fees |
543 |
400 |
146 |
220 |
295 |
|
Payroll processing fees |
26 |
29 |
26 |
27 |
27 |
|
Deferred compensation expense |
122 |
118 |
118 |
118 |
123 |
|
Stationery and supplies |
96 |
80 |
44 |
62 |
26 |
|
Postage |
45 |
42 |
36 |
- |
76 |
|
Directors' expense |
68 |
84 |
67 |
75 |
120 |
|
Other expenses |
929 |
1,271 |
802 |
653 |
483 |
|
Total noninterest expense |
7,500 |
7,185 |
6,117 |
5,654 |
4,893 |
|
Income before provision for income taxes |
2,409 |
2,024 |
1,482 |
2,852 |
2,744 |
|
Provision for income taxes |
750 |
744 |
43 |
1,010 |
1,027 |
|
Net Income |
1,659 |
1,280 |
1,439 |
1,842 |
1,717 |
|
Less: (Loss) income non-controlling interest |
144 |
(255) |
33 |
129 |
101 |
|
Net income attributable to Bank of Commerce Holdings |
$1,515 |
$1,535 |
$1,406 |
$1,713 |
$1,616 |
|
Less preferred dividend and accretion on preferred |
$235 |
$235 |
$235 |
$235 |
$235 |
|
Income available to common stockholders |
$1,280 |
$1,300 |
$1,171 |
$1,478 |
$1,381 |
|
Basic earnings per share |
$0.08 |
$0.15 |
$0.13 |
$0.17 |
$0.16 |
|
Weighted average shares - basic |
16,837 |
8,871 |
8,711 |
8,711 |
8,711 |
|
Diluted earnings per share |
$0.08 |
$0.15 |
$0.13 |
$0.17 |
$0.16 |
|
Weighted average shares - diluted |
16,837 |
8,871 |
8,711 |
8,711 |
8,712 |
|
Cash dividends per share |
$0.06 |
$0.06 |
$0.06 |
$0.12 |
$0.00 |
|
SOURCE Bank of Commerce Holdings
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