Bank of Commerce Holdings™ Announces Third Quarter 2010 Operating Results
REDDING, Calif., Oct. 29 /PRNewswire-FirstCall/ -- Patrick J. Moty, President & CEO of Bank of Commerce Holdings (Nasdaq: BOCH), a $924 million financial services holding company, and parent company of Redding Bank of Commerce™, Roseville Bank of Commerce™, and Bank of Commerce Mortgage™ today announced third quarter 2010 operating results.
Year to Date 2010 Highlights
- Recorded year-to-date net income of $4.6 million, and net income available to common shareholders of $3.9 million equal to the prior year-to-date earnings as of September 30, 2009
- Return on Average Assets (ROA) 0.70%
- Return on Average Equity (ROE) 6.61%
- $0.27 per diluted share compared to $0.45 for the period ending September 30, 2009
- Total assets of $924.3 million, an increase of $110.9 million over December 31, 2009
- Total net loans of $636.6 million, an increase of $19.3 million over December 31, 2009
- Total deposits of $640.0 million, comparable to deposits of $640.5 million at December 31, 2009
- $15.5 million in allowance for loan losses, representing 2.53% of total loans held for investment
- Provision for loan losses of $8.3 million
3rd Quarter 2010 Highlights
- Recorded quarterly net income of $1.5 million, and quarterly net income available to common shareholders of $1.3 million, a decrease of 10.4% quarter-over-quarter for the third quarter 2009
- Diluted EPS of $0.08 compared to $0.17 in the third quarter 2009
- Average portfolio loans up $39.7 million, an increase of 7.5% quarter-over-quarter from the third quarter 2009
- Non-maturing core deposits up $4.5 million, an increase of 2.10% quarter-over-quarter from the third quarter 2009
- Provision for loan loss of $4.5 million
Net Interest Margin
A combination of reduced funding costs and an increase in the volume of earning assets significantly improved the Company's net interest margin. The increased volume of earning assets contributed an additional $2.0 million in interest income. The majority of this increase in volume of earning assets resulted from an increase in average portfolio loans. In addition, the continued decline in interest rates on earning assets resulted in a reduction of $1.3 million to interest income. Accordingly, the net effect of changes in rate and volume of earning assets resulted in an increase of $709,000 in interest income for the nine month period ended September 30, 2010, as compared to the same period in the prior year.
The Company's volume in average deposits and borrowings remained relatively unchanged compared to the prior period ending September 30, 2009. However the Company did benefit from the continued decline in interest expense relating to retail and wholesale funding. As a result of the decline in interest rates, the Company realized a decrease in interest expense of $2.7 million. This increase was slightly offset by a $347,000 increase in interest expense due to volume. Specifically, the reduction in costs for FHLB borrowings, and the Company's time deposits resulted in the majority of the decrease in interest expense. Accordingly, the net effect of changes in rate and volume of interest bearing liabilities resulted in a decrease of $2.3 million in interest expense for the nine month period ended September 30, 2010 as compared to the prior year.
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 $8.3 million in provisions for loan and lease losses for the nine months ended September 30, 2010 compared to $6.3 million for the same period a year ago. The allowance for loan losses was 2.53% of total portfolio loans at September 30, 2010 compared to 1.48% 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 $4.0 million for the nine month period ended at September 30, 2010 compared to net charge offs of $5.9 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 3.03% of total assets as of September 30, 2010; 1.92% at December 31, 2009 and 3.28% at September 30, 2009.
OREO was carried at $2.0 million at September 30, 2010 and $2.9 million at September 30, 2009. We are committed to working with our customers to find potential solutions when our customers experience financial difficulties.
Balance Sheet
As of September 30, 2010, the Company had total consolidated assets of $924.3 million, total net portfolio loans of $596 million, an allowance for loan and lease losses of $15.5 million, or 2.53% of total portfolio loans, deposits outstanding of $640 million and stockholders' equity of $104.8 million.
Income Statement
We have remained profitable during the recent economic downturn and positioned our Company to take advantage of growth opportunities in the coming years. For the first three quarters of 2010 we recorded net income attributable to Bank of Commerce Holdings of $4.6 million, and net income available to common stockholders of $3.9 million, or $0.27 per diluted share, after deducting preferred dividend payments made to the Treasury and accretion of preferred shares under the TARP Capital Purchase Program. Net income attributable to Bank of Commerce Holdings and net income available to common shareholders for the nine months ending September 30, 2010 was relatively unchanged compared to the period ending September 30, 2009. However, earnings per share decreased from $0.45 per diluted share in the prior period to $0.27 per diluted share in the current period. The decrease in earnings per diluted share is due to the increase in common shares outstanding during the 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 15.54% at September 30, 2010.
September 30, 2010 |
Capital |
Actual Ratio |
Well Capitalized Requirement |
Minimum Capital Requirement |
||
The Company |
||||||
Leverage |
$114,723,030 |
12.59% |
n/a |
4.0% |
||
Tier 1 Risk-Based |
$114,723,030 |
14.58% |
n/a |
4.0% |
||
Total Risk-Based |
$124,630,793 |
15.84% |
n/a |
8.0% |
||
Redding Bank of Commerce |
||||||
Leverage |
$105,470,141 |
11.52% |
5.0% |
4.0% |
||
Tier 1 Risk-Based |
$105,470,141 |
14.28% |
6.0% |
4.0% |
||
Total Risk-Based |
$114,786,085 |
15.54% |
10.0% |
8.0% |
||
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 September 30, 2010 (unaudited), December 31, 2009 and September 30, 2009 (unaudited) |
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(Dollars in thousands) ASSETS |
September 30, 2010 |
December 31, 2009 |
September 30, 2009 |
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Cash and due from banks, noninterest bearing |
$ 27,763 |
$ 36,902 |
$ 20,224 |
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Interest bearing due from banks |
43,188 |
31,338 |
56,208 |
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Cash and cash equivalents |
70,951 |
68,240 |
76,432 |
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Securities available-for-sale, at fair value (including pledged collateral of $43,772 at September 30, 2010, $55,672 at December 31, 2009 and $61,345 at September 30, 2009) |
166,925 |
80,062 |
86,499 |
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Portfolio Loans, net of the allowance for loan losses of $15,452 at September 30, 2010, $11,207 at December 31, 2009 and $8,899 at September 30, 2009 |
595,575 |
590,023 |
590,885 |
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Mortgage loans held for sale |
41,025 |
27,288 |
16,787 |
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Bank premises and equipment, net |
9,842 |
9,980 |
10,201 |
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Goodwill |
3,695 |
3,727 |
3,727 |
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Other real estate owned |
2,020 |
2,880 |
2,934 |
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Other assets |
34,239 |
31,206 |
27,215 |
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TOTAL ASSETS |
$ 924,272 |
$ 813,406 |
$ 814,680 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Demand - noninterest bearing |
$ 90,613 |
$ 69,448 |
$70,491 |
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Demand - interest bearing |
161,154 |
163,814 |
156,233 |
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Savings accounts |
82,761 |
65,414 |
59,982 |
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Certificates of deposit |
305,503 |
341,788 |
312,968 |
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Total deposits |
640,031 |
640,464 |
599,674 |
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Securities sold under agreements to repurchase |
11,328 |
9,621 |
10,038 |
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Federal Home Loan Bank and Federal Reserve Bank borrowings |
141,000 |
70,000 |
100,000 |
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Mortgage warehouse lines of credit |
- |
- |
12,285 |
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Other liabilities |
11,669 |
9,050 |
8,967 |
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Junior subordinated debt payable to unconsolidated |
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subsidiary grantor trust |
15,465 |
15,465 |
15,465 |
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Total Liabilities |
819,493 |
744,600 |
746,429 |
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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) 2,000,000 authorized; 17,000 shares issued and outstanding on September 30, 2010, December 31, 2009, and September 30, 2009 |
16,708 |
16,641 |
16,619 |
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Common stock , no par value, 50,000,000 shares authorized; 16,991,495 shares issued and outstanding at September 30, 2010, 8,711,495 issued and outstanding on December 31, 2009 and at September 30, 2009 |
42,741 |
9,730 |
9,709 |
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Common stock warrant |
449 |
449 |
449 |
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Retained earnings |
40,845 |
39,004 |
38,355 |
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Accumulated other comprehensive income, net of tax |
1,717 |
657 |
827 |
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Total Equity – Bank of Commerce Holdings |
102,460 |
66,481 |
65,959 |
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Non controlling interest in subsidiary |
2,319 |
2,325 |
2,292 |
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Total stockholders' equity |
104,779 |
68,806 |
68,251 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 924,272 |
$ 813,406 |
$ 814,680 |
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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES Condensed Consolidated Statements of Income (Unaudited) |
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Three months ended |
Nine months ended |
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(Amounts in thousands, except for per share data) |
September 30, 2010 |
September 30, 2009 |
September 30, 2010 |
September 30, 2009 |
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Interest income: |
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Interest and fees on loans |
$ 9,414 |
$ 9,355 |
$ 27,767 |
$ 26,676 |
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Interest on tax-exempt securities |
465 |
278 |
1,168 |
853 |
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Interest on U.S. government securities |
633 |
628 |
1,578 |
2,774 |
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Interest on federal funds sold and securities purchased under agreements to resell |
1 |
1 |
2 |
31 |
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Interest on other securities |
471 |
309 |
1,085 |
557 |
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Total interest income |
10,984 |
10,571 |
31,600 |
30,891 |
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Interest expense: |
|||||
Interest on demand deposits |
251 |
240 |
707 |
786 |
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Interest on savings deposits |
237 |
223 |
677 |
742 |
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Interest on certificates of deposit |
1,453 |
1,941 |
4,768 |
5,722 |
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Securities sold under agreements to repurchase |
13 |
13 |
40 |
38 |
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Interest on FHLB and other borrowings |
186 |
514 |
460 |
1,634 |
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Interest on junior subordinated debt payable to unconsolidated subsidiary grantor trust |
204 |
234 |
619 |
665 |
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Total interest expense |
2,344 |
3,165 |
7,271 |
9,587 |
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Net interest income |
8,640 |
7,406 |
24,329 |
21,304 |
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Provision for loan and lease losses |
4,450 |
1,844 |
8,300 |
6,325 |
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Net interest income after provision for loan losses |
4,190 |
5,562 |
16,029 |
14,979 |
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Noninterest income: |
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Service charges on deposit accounts |
63 |
108 |
207 |
296 |
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Payroll and benefit processing fees |
107 |
109 |
335 |
347 |
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Earnings on cash surrender value – Bank owned life insurance |
112 |
108 |
327 |
311 |
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Net gain on sale of securities available-for-sale |
179 |
506 |
1,243 |
1,984 |
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Net gain on transfer of financial assets |
- |
- |
- |
340 |
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Gain on settlement of put reserve |
1,750 |
- |
1,750 |
- |
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Mortgage brokerage fee income |
3,293 |
1,913 |
8,585 |
3,215 |
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Other income |
179 |
200 |
515 |
511 |
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Total noninterest income |
5,683 |
2,944 |
12,962 |
7,004 |
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Noninterest expense: |
|||||
Salaries and related benefits |
4,162 |
2,902 |
11,238 |
7,673 |
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Occupancy and equipment expense |
952 |
1,124 |
2,805 |
2,426 |
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Write down of other real estate owned |
129 |
- |
1,374 |
- |
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FDIC insurance premium |
250 |
421 |
755 |
995 |
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Data processing fees |
52 |
52 |
205 |
231 |
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Professional service fees |
216 |
220 |
1,159 |
674 |
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Deferred compensation expense |
126 |
118 |
366 |
360 |
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Stationery and supplies |
35 |
62 |
211 |
141 |
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Postage |
58 |
- |
145 |
111 |
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Directors' expense |
56 |
75 |
208 |
232 |
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Goodwill impairment |
- |
- |
32 |
- |
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Other expenses |
1,257 |
680 |
3,490 |
1,664 |
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Total noninterest expense |
7,293 |
5,654 |
21,988 |
14,507 |
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Income before provision for income taxes |
2,580 |
2,852 |
7,003 |
7,476 |
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Provision for income taxes |
916 |
1,010 |
2,410 |
2,647 |
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Net Income |
1,664 |
1,842 |
4,593 |
4,829 |
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Less: Net income (loss) attributable to non-controlling interest |
105 |
129 |
(6) |
230 |
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Net income attributable to Bank of Commerce Holdings |
$1,559 |
$1,713 |
$4,599 |
$4,599 |
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Less: preferred dividend and accretion on preferred stock |
235 |
235 |
706 |
707 |
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Income available to common shareholders |
$1,324 |
$1,478 |
$3,893 |
$3,892 |
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Basic earnings per share |
$0.08 |
$0.17 |
$0.27 |
$0.45 |
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Weighted average shares - basic |
16,991 |
8,711 |
14,263 |
8,711 |
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Diluted earnings per share |
$0.08 |
$0.17 |
$0.27 |
$0.45 |
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Weighted average shares - diluted |
16,991 |
8,711 |
14,263 |
8,712 |
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Cash Dividends declared |
$0.03 |
$0.12 |
$0.15 |
$0.18 |
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Average Balances, Interest Income/Expense and Yields/Rates Paid (Unaudited, Dollars in thousands) |
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(Dollars in thousands) |
Nine Months Ended September 30, 2010 |
Nine Months Ended September 30, 2009 |
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Average Balance |
Interest |
Yield/ Rate |
Average Balance |
Interest |
Yield/ Rate |
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Earning Assets |
|||||||
Portfolio Loans |
$ 625,396 |
$ 27,767 |
5.92% |
$589,802 |
$26,676 |
6.03% |
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Tax-exempt Securities(1) |
38,452 |
1,168 |
4.05% |
27,859 |
853 |
4.08% |
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US Government Securities |
26,631 |
478 |
2.39% |
7,721 |
252 |
4.33% |
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Mortgage backed Securities |
45,368 |
1,100 |
3.23% |
59,892 |
2,522 |
5.61% |
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Other Securities |
47,644 |
1,085 |
3.04% |
17,499 |
557 |
1.77% |
|
Federal Funds Sold |
995 |
2 |
0.27% |
41,996 |
31 |
0.23% |
|
Average Earning Assets |
$784,486 |
$31,600 |
5.37% |
$744,769 |
$30,891 |
5.53% |
|
Cash & Due From Banks |
$37,178 |
$21,890 |
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Bank Premises |
9,875 |
10,435 |
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Other Assets |
41,518 |
23,755 |
|||||
Average Total Assets |
$873,057 |
$800,849 |
|||||
Interest Bearing Liabilities |
|||||||
Demand Interest Bearing |
$133,494 |
$707 |
0.71% |
$141,493 |
$786 |
0.74% |
|
Savings Deposits |
74,310 |
677 |
1.21% |
62,554 |
742 |
1.58% |
|
Certificates of Deposit |
329,456 |
4,768 |
1.93% |
305,237 |
5,722 |
2.50% |
|
Repurchase Agreements |
11,971 |
40 |
0.45% |
11,202 |
38 |
0.45% |
|
FHLB Borrowings |
102,271 |
460 |
0.60% |
122,601 |
1,634 |
1.81% |
|
Trust Preferred Borrowings |
15,000 |
619 |
5.50% |
15,000 |
665 |
5.67% |
|
666,502 |
$ 7,271 |
1.45% |
658,087 |
$9,587 |
1.94% |
||
Noninterest bearing demand |
92,204 |
71,718 |
|||||
Other Liabilities |
21,621 |
5,800 |
|||||
Stockholders' Equity |
92,730 |
65,244 |
|||||
Average Liabilities and Stockholders' Equity |
$873,057 |
$800,849 |
|||||
Net Interest Income and Net Interest Margin |
$24,329 |
4.14% |
$21,304 |
3.81% |
|||
(1) The yield on tax-exempt securities has not been adjusted to a tax-equivalent yield basis. |
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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) |
September 30, 2010 |
June 30, 2010 |
March 31, 2010 |
December 31, 2009 |
September 30, 2009 |
|
Interest income: |
||||||
Interest and fees on loans |
$ 9,414 |
$ 9,302 |
$9,051 |
$9,184 |
$9,355 |
|
Interest on tax-exempt securities |
465 |
381 |
322 |
311 |
278 |
|
Interest on U.S. government securities |
633 |
507 |
439 |
676 |
628 |
|
Interest on federal funds sold and securities repurchased under agreements to resell |
1 |
- |
1 |
1 |
1 |
|
Interest on other securities |
471 |
343 |
270 |
266 |
309 |
|
Total interest income |
10,984 |
10,533 |
10,083 |
10,438 |
10,571 |
|
Interest expense: |
||||||
Interest on demand deposits |
251 |
226 |
230 |
229 |
240 |
|
Interest on savings deposits |
237 |
221 |
219 |
221 |
223 |
|
Interest on certificates of deposit |
1,453 |
1,554 |
1,761 |
1,906 |
1,941 |
|
Securities sold under repurchase agreements |
13 |
15 |
12 |
13 |
13 |
|
Interest on FHLB and other borrowings |
186 |
138 |
136 |
172 |
514 |
|
Interest on junior subordinated debt |
204 |
207 |
208 |
208 |
234 |
|
Total interest expense |
2,344 |
2,361 |
2,566 |
2,749 |
3,165 |
|
Net interest income |
8,640 |
8,172 |
7,517 |
7,689 |
7,406 |
|
Provision for loan and lease losses |
4,450 |
1,600 |
2,250 |
3,150 |
1,844 |
|
Net interest income after provision for loan and lease losses |
4,190 |
6,572 |
5,267 |
4,539 |
5,562 |
|
Noninterest income: |
||||||
Service charges on deposit accounts |
63 |
62 |
82 |
94 |
108 |
|
Payroll and benefit processing fees |
107 |
100 |
128 |
105 |
109 |
|
Earnings on cash surrender value - bank owned life insurance |
112 |
107 |
108 |
107 |
108 |
|
Net gain on sale of securities available-for-sale |
179 |
133 |
931 |
454 |
506 |
|
Net gain on transfer of financial assets |
- |
- |
1 |
- |
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Gain on settlement of put reserve |
1,750 |
64 |
54 |
68 |
80 |
|
Mortgage brokerage fee income |
3,293 |
2,753 |
2,539 |
2,112 |
1,913 |
|
Other income |
179 |
118 |
100 |
119 |
120 |
|
Total noninterest income |
5,683 |
3,337 |
3,942 |
3,060 |
2,944 |
|
Noninterest expense: |
||||||
Salaries and related benefits |
4,162 |
3,365 |
3,711 |
3,209 |
2,902 |
|
Occupancy and equipment expense |
952 |
924 |
929 |
1,178 |
1,124 |
|
Write down of other real estate owned |
129 |
1,064 |
181 |
161 |
- |
|
FDIC insurance premium |
250 |
254 |
251 |
279 |
421 |
|
Data processing fees |
52 |
64 |
89 |
51 |
52 |
|
Professional service fees |
216 |
543 |
400 |
146 |
220 |
|
Deferred compensation expense |
126 |
122 |
118 |
118 |
118 |
|
Stationery and supplies |
35 |
96 |
80 |
44 |
62 |
|
Postage |
58 |
45 |
42 |
36 |
- |
|
Directors' expense |
56 |
68 |
84 |
67 |
75 |
|
Other expenses |
1,257 |
965 |
1,300 |
828 |
680 |
|
Total noninterest expense |
7,293 |
7,510 |
7,185 |
6,117 |
5,654 |
|
Income before provision for income taxes |
2,580 |
2,399 |
2,024 |
1,482 |
2,852 |
|
Provision for income taxes |
916 |
750 |
744 |
43 |
1,010 |
|
Net Income |
1,664 |
1,649 |
1,280 |
1,439 |
1,842 |
|
Less: Net income (loss) attributable to non-controlling interest |
105 |
144 |
(255) |
33 |
129 |
|
Net income attributable to Bank of Commerce Holdings |
$1,559 |
$ 1,505 |
$ 1,535 |
$ 1,406 |
$ 1,713 |
|
Less: Preferred dividend and accretion on preferred stock |
$ 235 |
$ 236 |
$ 235 |
$ 235 |
$ 235 |
|
Income available to common stockholders |
$1,324 |
$ 1,269 |
$ 1,300 |
$ 1,171 |
$ 1,478 |
|
Basic earnings per share |
$0.08 |
$0.08 |
$0.15 |
$0.13 |
$0.17 |
|
Weighted average shares - basic |
16,991 |
16,837 |
8,871 |
8,711 |
8,711 |
|
Diluted earnings per share |
$0.08 |
$0.08 |
$0.15 |
$0.13 |
$0.17 |
|
Weighted average shares - diluted |
16,991 |
16,837 |
8,871 |
8,711 |
8,711 |
|
Cash dividends per share |
$0.03 |
$0.06 |
$0.06 |
$0.06 |
$0.12 |
|
SOURCE Bank of Commerce Holdings
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