Bank of Commerce Holdings(TM) Announces 2009 Operating Results
REDDING, Calif., Jan. 29 /PRNewswire-FirstCall/ -- Patrick J. Moty, President & CEO of Bank of Commerce Holdings (Nasdaq: BOCH), a $813 million financial services holding company, and parent company of Redding Bank of Commerce™, Roseville Bank of Commerce™, and Bank of Commerce Mortgage™ today announced 2009 operating results.
2009 Highlights
- Diluted EPS of $0.58, up 132% year-over-year
- Net income of $6.0 million, up $3.8 million or 174% year-over-year
- Average earning assets up $120.2 million or 19.6% year-over-year
- Average portfolio loans up $70.6 million or 13.6% year-over-year
- Average deposits up $93.6 million or 21.2% year-over-year
- Provision for loan losses of $9.5 million
- Total risk based capital of 12.96%
- Cash dividends of $2.3 million paid in 2009
"We decided early on that our best strategy for 2009 was to create an unquestionably strong balance sheet and stay focused on what we do best – Banking – and the results are in. We are very proud of the financial performance of our Company through the current downward economic cycle. Operationally and financially our Company's performance has exceeded our projections," said Patrick J. Moty, President & CEO.
Financial Performance
While the current economic environment remains extremely challenging, our company provided solid value to our shareholders in 2009. Our Company earned $6.0 million or $0.58 per diluted share reflecting a year-over-year increase exceeding 132%. We declared cash dividends totaling $0.24 per share in 2009, representing a yield of 4.55%.
Management maintained a diligent and aggressive stance in regards to asset quality. The Company provided $9.5 million in loan loss provisions reflecting our continuing proactive and rigid stance in identifying and recognizing impaired credits. While portions of our loan portfolio remain to some extent stressed, our capital position is strong and supportive of continuing organic and strategic growth opportunities.
Our balance sheet grew by $39.5 million or 5.11% on a year-over-year basis; the majority of our asset growth was centered in the loan portfolio. Total loans outstanding at 12/31/09 increased by $98.3 million or 18.9% compared to 12/31/08, illustrating our willingness and commitment to serving our customers and our community.
We funded our asset growth through deposit growth. Total deposits increased $85.2 million or 15.3% over 2008. Deposit generation also assisted in reducing the level of wholesale borrowings by $50.0 million over 12/31/08.
Net Interest Income
The Company's earnings performance is highly dependent on net interest income. Net interest income increased 35.8% or $7.6 million on a year-over-year basis. Total interest income increased $3.6 million or 9.7% while total interest expense decreased $4.0 million or 24.5%. The aforementioned loan growth coupled with reduced funding costs associated with repricing time deposits and wholesale borrowings were the primary drivers in our year-over-year improvement in net interest income.
Securities Gains
The Company recognized $2.4 million in gains on sale of securities in 2009. This represents an increase of 288% or $1.8 million over 2008. Approximately $51.6 million in available-for-sale securities were sold for liquidity purposes to fund loan growth and reduce the level of wholesale borrowings.
Management does not consider securities gains as a source of recurring income.
Non-interest Income
Non-interest income includes service charges on deposit accounts, payroll processing fees, earnings on key life investments, gains on the sale of securities investments, and mortgage brokerage fee income. Non-interest income for 2009 was $10.1 million or 19.6% of the Company's total gross revenues as compared to $2.6 million and 6.5% of total gross revenues in 2008. The $7.5 million increased is primarily due to an increase in mortgage brokerage fee income associated with our purchase of an equity interest in the Simonich Corporation (See Acquisition below) and the $1.8 million increase in securities gains over 2008.
Non-Interest Expense
Non-interest expense increased $5.3 million or 34.8% to $20.6 million in 2009. The increase is associated with our purchase of an equity interest in the Simonich Corporation, and is centered in salaries and related benefits and other general operating expenses. In addition, FDIC insurance assessments increased $891,000 or 233% over 2008.
Return on Average Assets/ Average Equity
The Company's return on average assets (ROA) improved significantly in 2009. Net income increased $3.8 million or 174% over 2008 improving our ROA to 0.75% as compared to an ROA of 0.33% at year-end 2008. Return on average equity likewise improved to 9.01% at 12/31/09 compared to 4.99% at 12/31/08.
Acquisition
During the second quarter, the Company completed a business combination with Simonich Corporation resulting in a 51% equity position. The agreement was dated May 15, 2009. The total price of the purchase was $2.5 million, with $1.5 million paid at closing and the additional $1.0 million to be earned-out over a period of three years based upon delivering an established level of profits. It is possible to earn out the $1.0 million in a shorter period of time if the profit levels exceed expectations. As a result of the Company obtaining a controlling interest in Simonich Corporation, the new company was rebranded as Bank of Commerce Mortgage™.
The operating results of Bank of Commerce Mortgage™ have been consolidated with the Company as of the date of acquisition through 12/31/09. Bank of Commerce Mortgage™ originates and sells mortgage loans.
Loans
Total loans, the single largest asset class of the Company, grew by $98.3 million or 18.9% over year-end 2008.
On April 17, 2009, the Company completed a "Loan Swap" transaction which included the purchase of a portfolio of performing real estate loans with an outstanding balance of $80.4 million. The real estate loan portfolio was purchased from a private equity firm in exchange for a combination of approximately $14.0 million in non-performing loans and cash. Management believes this transaction has strengthened the Company's balance sheet while also providing diversification in its loan portfolio.
Asset Quality
While we continue to advance loans to credit-worthy borrowers, segments of the Company's loan portfolio remained strained. The Commercial and Industrial portfolio experienced deterioration in 2009 while our real estate development properties and construction related lending are showing some signs of stabilization. Nevertheless, our loan portfolio remains susceptible to additional weakening in real estate values and continuing deterioration in the general economy.
Our Company provided $9.5 million in provisions for loan and lease losses compared to $6.5 million a year ago. The Company's allowance for loan losses was 1.86% of total loans at December 31, 2009 compared to 1.60% of total loans a year ago. Elevated provisions are associated with an aggressive reclassification of loans and management's assertive approach in recognizing impaired loans.
Net charge-offs were $6.6 million at December 31, 2009 compared to approximately $6.3 million in 2008. The charge-offs were centered in commercial and industrial loans, and real estate loans. We are committed to working with, and finding potential solutions, when our customers experience financial difficulties.
Two properties were taken into other real estate owned (OREO) during 2009, and no write downs were recorded. During fiscal year 2009 one of the respective properties was sold, resulting in a $20,251 gain on sale. OREO was $2.8 million at December 31, 2009 versus $2.9 million at December 31, 2008.
As of December 31, 2009, non-performing assets represents 1.65% of total assets compared to 2.98% a year ago.
Deposits
The Company's primary funding source, deposits, grew by $85.2 million or 15.3% over 2008; the deposit growth was centered in certificates of deposit followed by interest-bearing checking accounts. Management primarily attributes deposit growth to the current economic environment and general concerns with alternative investments. Therefore, it is reasonably possible that with an economic recovery, our customers could migrate back into these other asset classes.
Capital
The capital ratios of the Company continue to be well above the well-capitalized guidelines established by bank regulatory agencies. Total risk-based capital to risk-weighted assets was 12.96% at December 31, 2009.
Liquidity
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.
The Company's consolidated liquidity position remains ample to meet short-term and long-term future contingencies. At December 31, 2009, the Company had available cash equivalents of $56.3 million, non-pledged security investments of $24.4 million, available lines of credit at the Federal Home Loan Bank of approximately $30.0 million, and a federal funds borrowing line with correspondent bank of $10.0 million.
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™.
The 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.
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, 2008 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 AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2009 (unaudited) and 2008
ASSETS 2009 2008
Cash and due from banks $36,902,278 $10,216,062
Interest bearing due from banks $30,347,615 $23,500,000
Federal funds sold and securities
purchased under agreements to resell 990,000 51,475,000
------- ----------
Cash and cash equivalents 68,239,893 85,191,062
Securities available-for-sale (including
pledged collateral of $55,672,267 at
December 31, 2009 and $68,735,000 at
December 31, 2008) 80,062,136 131,686,600
Loans, net of the allowance for loan and
lease losses of $11,207,213 at December
31, 2009 and $8,429,383 at December 31,
2008 590,022,710 518,946,461
Mortgage held for sale, at fair value 27,288,423 0
Bank premises and equipment, net 9,979,565 7,738,060
Goodwill 3,727,052 0
Other Real Estate Owned 2,879,956 2,934,151
---------
Other assets 31,206,411 27,717,626
---------- ----------
TOTAL ASSETS $813,406,146 $774,213,960
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand - noninterest bearing $69,447,731 $79,988,122
Demand - interest bearing 163,813,660 143,871,441
Savings accounts 65,413,991 67,135,736
Certificates of deposit 341,788,698 264,286,604
----------- -----------
Total Deposits 640,464,080 555,281,903
Securities sold under agreements to
repurchase 9,620,867 13,853,255
Federal Home Loan Bank borrowings 70,000,000 120,000,000
Other liabilities 9,049,555 7,036,161
Junior subordinated debt payable to
unconsolidated subsidiary grantor trust 15,465,000 15,465,000
---------- ----------
Total liabilities 744,599,502 711,636,319
Commitments and contingencies
Stockholders' equity:
Preferred stock (liquidation preference of
$1,000 per share; issued 2008); 2,000,000
shares authorized; 17,000 shares issued
and outstanding in 2009 and 2008 16,641,016 16,551,268
Common stock, no par value; 50,000,000
shares authorized; 8,711,495 shares
issued and outstanding in 2009 and 2008 9,730,284 9,649,673
Common Stock Warrant 448,732 448,732
Retained earnings 39,003,734 36,008,865
Accumulated other comprehensive income
(loss), net of tax 657,662 (80,897)
------- -------
Total Equity – Bank of Commerce Holdings 66,481,428 62,577,641
Non controlling interest in subsidiary 2,325,216 0
===
Total stockholders' equity 68,806,644 62,577,641
---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $813,406,146 $774,213,960
============ ============
BANK OF COMMERCE HOLDINGS AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2009 (unaudited), 2008 AND 2007
2009 2008 2007
---- ---- ----
Interest income:
Interest and fees on
loans $35,860,336 $33,582,112 $36,134,170
Interest on tax-exempt
securities 1,164,344 1,196,662 1,228,944
Interest on U.S.
government securities 3,449,909 2,468,749 3,084,672
Interest on federal
funds sold and
securities purchased
under agreement to
resell 31,737 303,227 680,578
Interest on other
securities 822,673 138,645 89,686
------- ------- ------
Total interest income 41,328,999 37,689,395 41,218,050
---------- ---------- ----------
Interest expense:
Interest on demand
deposits 1,014,554 2,172,704 2,735,170
Interest on savings
deposits 962,774 1,576,351 1,215,920
Interest on
certificates of
deposit 7,628,282 8,552,217 10,570,776
Interest on securities
sold under repurchase
agreements 50,503 172,743 1,177,417
Interest on FHLB
borrowings 1,833,181 2,811,982 2,421,636
Interest on junior
subordinated debt
payable to
unconsolidated
subsidiary grantor
trusts 846,072 1,056,284 1,084,990
------- --------- ---------
Total interest expense 12,335,366 16,342,281 19,205,909
---------- ---------- ----------
Net interest income 28,993,633 21,347,114 22,012,141
Provision for loan and
lease losses 9,475,000 6,520,000 3,291,250
--------- --------- ---------
Net interest income
after provision for
loan and lease losses 19,518,633 14,827,114 18,720,891
---------- ---------- ----------
Noninterest income:
Service charges on
deposit accounts 390,263 311,266 277,769
Payroll and benefit
processing fees 452,037 452,852 382,738
Earnings on cash
surrender value -
Bank owned life
insurance 418,265 340,220 331,251
Life Insurance policy
benefits - - 2,400,000
Net gain (loss) on sale
of securities
available-for-sale 2,437,575 627,879 45,670
Net loss on sale of
derivative swap
transaction - (225,442) -
Net gain on sale of
loans 340,621 - -
Merchant credit card
service income, net 296,551 364,391 388,438
Mortgage brokerage fee
income 5,327,256 21,019 49,995
Other income 400,866 731,233 658,893
------- ------- -------
Total noninterest
income 10,063,434 2,623,418 4,534,754
---------- --------- ---------
Noninterest expense:
Salaries and related
benefits 10,881,865 7,750,980 8,665,679
Occupancy and equipment
expense 2,655,376 2,500,557 2,372,617
OREO expense 163,724 735,000 -
FDIC insurance premium 1,274,416 382,722 51,077
Data processing fees 282,429 276,165 395,558
Professional service
fees 819,960 667,015 1,027,671
Payroll processing fees 114,393 115,932 107,856
Deferred compensation
expense 478,175 461,640 411,191
Stationery and supplies 185,206 262,087 256,799
Postage 146,719 133,909 137,740
Directors' expenses 298,596 293,918 311,777
Other expenses 3,322,805 1,715,747 2,005,729
--------- --------- ---------
Total noninterest expense 20,623,664 15,295,672 15,743,694
---------- ---------- ----------
Income before provision
for income taxes 8,958,403 2,154,860 7,511,951
Provision (Benefit) for
income taxes 2,689,698 (39,526) 1,405,053
--------- ------- ---------
Net Income $6,268,705 $2,194,386 $6,106,898
Less: Net income
attributable to non-
controlling interest 263,405 - -
Net Income attributable
to Bank of Commerce
Holdings $6,005,300 $2,194,386 $6,106,898
========== ========== ==========
Less: preferred
dividend and accretion
on preferred stock 942,109 - -
Income available to
common shareholders 5,063,191 2,194,386 6,106,898
Basic earnings per
share $0.58 $0.25 $0.69
Weighted average shares
– basic 8,711,495 8,712,873 8,857,627
Diluted earnings per
share $0.58 $0.25 $0.68
Weighted average shares
-diluted 8,711,495 8,724,550 8,937,736
Cash Dividends declared $0.24 $0.32 $0.32
Average Balances, Interest Income/Expense and Yields/Rates Paid
Years Ended December 31,
(Dollars in thousands)
----------------------
2009
(unaudited) 2008
------------ ----
Average Yield/ Average Yield/
Balance Interest Rate Balance Interest Rate
-------- -------- ------- -------- -------- -------
Interest
Earning
Assets
Portfolio
loans $589,336 $35,860 6.08% $518,759 $33,582 6.47%
Tax-
exempt
securities 28,834 1,164 4.10% 24,399 1,197 4.91%
US
government
securities 8,606 343 3.99% 13,637 553 4.06%
Mortgage
backed
securities 53,722 3,107 5.78% 37,328 1,916 5.13%
Federal
funds
sold 13,438 32 0.24% 17,987 303 1.68%
Other
securities 41,305 823 1.99% 2,918 139 4.76%
------ --- ---- ----- --- ----
Average
Earning
Assets $735,241 $41,329 5.62% $615,028 $37,690 6.13%
Cash &
due from
banks 26,841 16,298
Bank
premises
and
fixed
assets 10,322 11,097
Other
assets 40,639 19,866
------ ------
Average
Total
Assets $804,211 $662,289
======== ========
Interest
Bearing
Liabilities
Interest
bearing
demand $145,542 $1,015 0.70% $138,743 $2,173 1.57%
Savings
deposits 62,846 963 1.53% 56,914 1,576 2.77%
Certificates
of
deposit 317,417 7,628 2.40% 234,493 8,552 3.65%
Repurchase
Agreements 11,006 51 .046% 13,043 173 1.33%
Other
borrowings 122,057 2,678 2.19% 98,518 3,868 3.93%
------- ----- ---- ------ ----- ----
Average
Interest
Liabilities $658,868 12,335 1.87% $541,711 $16,342 3.02%
Noninterest
bearing
Demand 69,250 70,933
Other
liabilities 9,467 5,660
Stockholders'
equity 66,626 43,985
------ ------
Average
Liabilities
and
Stockholders'
equity $804,211 $662,289
======== ========
Net
Interest
Income
and Net
Interest
Margin $28,994 3.94% $21,348 3.47%
--------- ======= ---- ======= ----
(Dollars in thousands)
----------------------
2007
----
Average Yield/
Balance Interest Rate
-------- -------- -------
Interest Earning
Assets
Portfolio loans $437,217 $36,134 8.26%
Tax-exempt securities 30,727 1,229 4.00%
US government
securities 26,782 1,112 4.15%
Mortgage backed
securities 43,122 1,973 4.58%
Federal funds sold 13,099 681 5.20%
Other securities 2,000 90 4.50%
----- --- ----
Average Earning Assets $552,947 $41,219 7.45%
Cash & due from banks 14,273
Bank premises and
fixed assets 10,155
Other assets 17,986
------
Average Total Assets $595,361
========
Interest Bearing
Liabilities
Interest bearing
demand $121,281 $2,735 2.26%
Savings deposits 39,565 1,216 3.07%
Certificates of
deposit 215,511 10,571 4.91%
Repurchase Agreements 32,237 1,177 3.65%
Other borrowings 62,095 3,507 5.65%
------ ----- ----
Average Interest
Liabilities $470,689 $19,206 4.08%
Noninterest bearing
Demand 72,545
Other liabilities 6,502
Stockholders' equity 45,625
------
Average Liabilities
and Stockholders'
equity $595,361
========
Net Interest Income
and Net Interest
Margin $22,013 3.98%
------------------- ======= ----
BANK OF COMMERCE HOLDINGS & SUBSIDIARIES
Portfolio Loan Mix
During the past two years, we have restructured our loan portfolio, reducing our concentration in commercial real estate loans, especially construction and land development loans, and maintained our strengths in commercial and industrial loans. In addition, in April 2009, we entered into a loan sale and purchase agreement with a third party whereby we purchased an $80.6 million pool of first mortgage loans made to legal U.S. residents who do not have a social security number ("ITIN loans"). These were seasoned, performing loans carrying an average balance of $86,000 and a yield of 7.44%. As of December 31, 2009 and 2008, our loan portfolio consisted of the following types of loans:
Loan Type December 31, 2009 December 31, 2008
Percentage Percentage
Dollar of Total Dollar of Total
Amount Loans Amount Loans
------- ----------- ------- -----------
(in thousands) (in thousands)
------------ -----------
Commercial and
financial loans $133,078 22.13% $164,083 31.11%
Real estate –
construction
loans 59,524 9.90% 84,218 15.97%
Real estate –
commercial
(investor) 197,023 32.77% 147,868 28.03%
Real estate –
commercial
(owner occupied) 63,001 10.48% 70,046 13.28%
Real estate –
ITIN loans 78,250 13.01% - 0.00%
Real estate –
mortgage 20,526 3.41% 20,285 3.85%
Real estate –
other 45,601 7.58% 39,915 7.57%
Installment 2,223 0.37% 145 0.02%
Other loans 2,211 0.37% 903 0.17%
----- ---- --- ----
Loans $601,437 100.00% $527,463 100.00%
Nonperforming loans
The following table sets forth a summary of the Company's nonperforming and impaired loans and other assets as of the dates indicated:
(Dollars in thousands) As of December 31,
---------------------- ------------------
2009 2008 2007 2006 2005
---- ---- ---- ---- ----
Nonaccrual loans $7,667 $20,154 $12,409 $0 $372
90 days past due and still
accruing interest 2,885 0 0 0 0
----- --- --- --- ---
Total nonperforming loans 10,552 20,154 12,409 0 372
Other real estate owned 2,880 2,934 0 0 0
----- ----- --- --- ---
Total nonperforming assets $13,432 $23,088 $12,409 $0 $372
-------------------------- ------- ------- ------- --- ----
The Company's practice is to place an asset on nonaccrual status when one of the following events occurs: (i) Any installment of principal or interest is 90 days or more past due (unless management's opinion reflects that the loan is well-secured and in the process of collection), (ii) management determines the ultimate collection of principal or interest to be unlikely or (iii) the terms of the loan have been renegotiated due to a serious weakening of the borrower's financial condition.
Nonperforming loans may be on nonaccrual, are 90 days past due and still accruing, or have been restructured. Accruals are resumed on loans only when they are brought fully current with respect to interest and principal and when the loan is estimated to be fully collectible. Restructured loans are those loans on which concessions in terms have been granted due to the borrower's financial or legal difficulties. Nonaccrual loans consisted of fourteen credits at year end 2009. The gross interest income that would have been recorded during the period had the loans been current in accordance with their original terms was approximately $319,485. Interest collected prior to non-accrual status was approximately $162,510.
The Company's OREO as of year-end 2009 consisted of one mixed-use development property and two real estate loans valued at $2.7 million, $32,900 and $74,000 respectively; 2008 reflected OREO of one mixed-use development property valued at $2.9 million, and $0 for 2007.
BANK OF COMMERCE HOLDINGS & SUBSIDIARIES
Quarterly Financial Condition Data (unaudited)
Dollars in
thousands,
except for
per share December 31, September 30, June 30, March 31, December 31,
data 2009 2009 2009 2009 2008
---- ---- ---- ---- ----
Interest
income:
Interest and
fees on loans $9,184 $9,355 $9,272 $8,049 $8,028
Interest on
tax-exempt
securities 311 278 279 296 313
Interest on
U.S.
government
securities 676 628 954 1,192 873
Interest on
federal funds
sold and
securities
repurchased
under
agreements to
resell 1 1 5 25 39
Interest on
other
securities 266 309 131 117 81
--- --- --- --- ---
Total
interest
income 10,438 10,571 10,641 9,679 9,334
Interest
expense:
Interest on
demand
deposits 229 240 239 307 411
Interest on
savings
deposits 221 223 238 281 383
Interest on
certificates
of deposit 1,906 1,978 1,900 1,881 1,975
Securities
sold under
repurchase
agreements 13 13 11 14 22
Interest on
FHLB and
other
borrowings 356 514 539 581 638
Interest on
junior
subordinated
debt payable to
unconsolidated
subsidiary
grantor trust 24 234 216 215 263
--- --- --- --- ---
Total
interest
expense 2,749 3,165 3,143 3,279 3,692
Net interest
income 7,689 7,406 7,498 6,400 5,642
Provision for
loan and
lease losses 3,150 1,844 3,056 1,425 3,620
Net interest
income after
provision for
loan and
lease losses 4,539 5,562 4,442 4,975 2,022
Noninterest
income:
Service
charges on
deposit
accounts 94 108 96 92 108
Payroll and
benefit
processing
fees 105 109 104 134 118
Earnings on
cash
surrender
value - bank
owned life
insurance 107 108 117 86 86
Net gain on
sale of
securities
available-
for-sale 454 506 1,074 404 33
Net gain on
sale of loans 1 0 340 - -
Merchant
credit card
service
income, net 68 80 75 74 85
Mortgage
brokerage fee
income 2,112 1,913 1,302 - 4
Other income 119 120 87 75 156
--- --- --- --- ---
Total
noninterest
income 3,060 2,944 3,195 865 590
Noninterest
expense:
Salaries and
related
benefits 3,209 2,902 2,644 2,127 2,001
Occupancy and
equipment
expense 1,339 1,124 730 572 1,339
FDIC insurance
premium 279 421 301 273 99
Data
processing
fees 51 52 68 111 52
Professional
service fees 146 220 295 159 270
Payroll
processing
fees 26 27 27 34 30
Deferred
compensation
expense 118 118 123 119 120
Stationery and
supplies 44 62 26 53 70
Postage 36 0 76 81 30
Directors'
expense 67 75 120 37 71
Other expenses 802 653 483 394 425
--- --- --- --- ---
Total
noninterest
expense 6,116 5,654 4,893 3,960 4,507
Income (loss)
before
provision for
income taxes 1,483 2,852 2,744 1,880 (1,895)
Provision
(benefit) for
income taxes 43 1,010 1,027 610 (1,237)
Less: Income
non-
controlling
interest (33) (129) 101 - -
=== ==== === === ===
Net income
(loss) $1,407 $1,713 $1,616 $1,270 $(658)
====== ====== ====== ====== =====
Less preferred
dividend and
accretion on
preferred
stock ($235) (235) ($235) ($237) ($0)
Income
available to
common
shareholders $1,172 $1,478 $1,381 $1,033 $(658)
Basic earnings
(loss) per
share $0.13 $0.17 $0.16 $0.12 ($0.07)
Weighted
average
shares -
basic 8,711 8,711 8,711 8,711 8,755
Diluted
earnings
(loss) per
share $0.13 $0.17 $0.16 $0.12 ($0.07)
Weighted
average
shares -
diluted 8,711 8,711 8,712 8,711 8,802
Cash dividends
per share $0.06 $0.12 $0.00 $0.06 $0.08
SOURCE Bank of Commerce Holdings
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article