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Bank Of Commerce Holdings Announces First Quarter Results

Stocks in this article: BOCH

REDDING, Calif., May 1, 2014 (GLOBE NEWSWIRE) -- Randall S. Eslick, President and Chief Executive Officer of Bank of Commerce Holdings (Nasdaq:BOCH), a $970.0 million bank holding company and parent company of Redding Bank of Commerce and Sacramento Bank of Commerce (a division of Redding Bank of Commerce) (the "Bank"), today reported net income available to common shareholders of $515 thousand and diluted earnings per share (EPS) of $0.04 for the first quarter 2014.

Financial highlights for the quarter:

  • Asset quality improved with reductions in nonperforming assets by $5.4 million from the prior quarter and by $14.5 million from the first quarter of 2013. Nonperforming assets were 2.61% of total assets at quarter end compared to 3.23% at the prior quarter end and 4.07% at the end of first quarter 2013.
  • The Company's Tier 1 Leverage and Total Risk Based ratios are significantly above "Well Capitalized" levels at 12.11% and 16.48%, respectively.
  • Non maturing core deposits increased $44.3 million or 11% compared to the same period a year ago.

Net income available to common shareholders was $515 thousand for the three months ended March 31, 2014, compared with $2.0 million for the same period a year ago. The decrease in net income in the current quarter was attributed to the following:

  • The negotiated settlement of a note receivable from the former mortgage subsidiary resulted in a loss of $1.4 million recorded in other expenses or ($0.07) per share.
  • A $290 thousand write-down on the pending sale of other real estate owned.
  • Securities losses of $245 thousand due to the sale of lower yielding, longer duration securities.

Randall S. Eslick, President and CEO commented: "While the first quarter performance was short of our expectations, it is important to recognize that the actions attributable to those results were proactive, non-recurring, and strategic in nature. When combining these actions with our strong capital position, we believe the Company is well positioned for sustainable core operating earnings for the balance of 2014 and beyond."

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
  • A decline in the health of the economy nationally or regionally which could further reduce the demand for loans or reduce the value of real estate collateral securing most of the Company's loans
  • Credit quality deterioration which could cause an increase in the provision for loan losses
  • 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, 2013 and under the heading: "Risk Factors" 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.

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