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Bank of Commerce Holdings™ announces First Quarter 2012 Results


News provided by

Bank of Commerce Holdings

Apr 27, 2012, 11:00 ET

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REDDING, Calif., April 27, 2012 /PRNewswire/ -- Patrick J. Moty, President & CEO of Bank of Commerce Holdings (NASDAQ: BOCH), a $930.6 million bank holding company, and parent company of Redding Bank of Commerce™, Roseville Bank of Commerce™ (a division of Redding Bank of Commerce) (the "Bank"), and Bank of Commerce Mortgage™ today reported net income available to common shareholders of $1.9 million and diluted earnings per share (EPS) of $0.11 for the first quarter 2012.

Financial Highlights

  • Net income available to common shareholders of $1.9 million reflects a 31% increase over the $1.4 million reported for the quarter ended March 31, 2011, and a modest decrease over the $1.9 million recorded for the fourth quarter 2011.
  • Diluted EPS of $0.11 compares to $0.08 reported for the same period a year ago and $0.12 for the prior quarter ended December 31, 2011.
  • Loan loss provisions for the first quarter were $1.3 million compared to $2.4 million for the first quarter 2011 and $1.8 million for the prior quarter ended December 31, 2011.
  • Nonperforming assets represented 2.45% of total assets in the current period versus 2.68% for the quarter ended December 31, 2011.
  • Mortgage banking revenue for the three months ended March 31, 2012 increased by 95% compared to the same period a year ago; historically low interest rates continue to drive new loan originations and refinancing activities.

Patrick J. Moty, President and CEO commented:  "We are pleased with our first quarter results and maintain a generally positive outlook despite tepid demand for credit in our markets. We will continue to focus our efforts on enhancing shareholder value through capital management opportunities such as the Share Repurchase program announced in the first quarter. In addition, as we celebrate our 30th year anniversary, we remain fully committed to serving our local communities."

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.
  • 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, 2011 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.

Table 1 below shows summary financial information for the quarters ended March 31, 2012 and 2011, and December 31, 2011.

Table 1








SUMMARY FINANCIAL INFORMATION
















 (Shares and dollars in thousands)

Quarter ended

Quarter ended



Quarter ended



March 31, 2012

March 31, 2011

Change


December 31, 2011

Change

Selective quarterly performance ratios







Return on average assets, annualized

0.89%

0.72%

0.17%


0.90%

-0.01%

Return on average equity, annualized

7.41%

6.35%

1.06%


7.48%

-0.07%

Efficiency ratio for quarter to date

68.05%

63.10%

4.95%


63.84%

4.21%








Share and Per Share figures - Actual







Common shares outstanding at period end

16,505

16,991

(486)


16,991

(486)

Weighted average diluted shares

16,805

16,991

(186)


16,991

(186)

Income per diluted share

$            0.11

$             0.08

$      0.03


$               0.12

$    (0.01)

Book value per common share

$            5.47

$             5.11

$      0.36


$               5.33

$      0.14

Tangible book value per common share

$            5.11

$             4.84

$      0.27


$               5.00

$      0.11








Capital Ratios








March 31, 2012

March 31, 2011

Change


December 31, 2011

Change

Bank of Commerce Holdings







Tier 1 risk based capital ratio

14.15%

15.10%

-0.95%


14.45%

-0.30%

Total risk based capital ratio

15.41%

16.36%

-0.95%


15.70%

-0.29%

Leverage ratio

13.36%

12.56%

0.80%


13.52%

-0.16%








Redding Bank of Commerce







Tier 1 risk based capital ratio

13.98%

14.79%

-0.81%


14.46%

-0.48%

Total risk based capital ratio

15.23%

16.05%

-0.82%


15.71%

-0.48%

Leverage ratio

12.59%

11.80%

0.79%


12.96%

-0.37%








As indicated in Table 1 above, Bank of Commerce Holdings (the "Company") remains well capitalized. At March 31, 2012, the Company's Tier 1 and Total risk based capital ratios measured 14.15% and 15.41% respectively, while the leverage ratio was 13.36%.

Return on average assets (ROA) and return on average equity (ROE) for the three months ended March 31, 2012, was 0.89% and 7.41%, respectively compared with 0.72% and 6.35% for the three months ended March 31, 2011. The increase in ROA and ROE for the three months ended March 31, 2012, compared with the same period a year ago, was primarily driven by reduced provision for loan and lease losses, increased mortgage banking revenue, and decreased basic and diluted weighted average shares. The increases in the aforementioned items were partially offset by decreased yields realized from the loan portfolio, and to a lesser extent, the available-for-sale securities portfolio. The Company continues to experience decreased yields in the loan portfolio due to the pay-off of higher yielding loans, downward rate adjustments of variable rate loans, and the transfer of existing loans to nonaccrual status.

Balance Sheet Overview

As of March 31, 2012, the Company had total consolidated assets of $930.6 million, total net portfolio loans of $579.4 million, allowance for loan and lease losses of $11.4 million, total deposits of $663.7 million, and stockholders' equity of $113.6 million.

Overall, the net portfolio loan balance increased modestly during the first three months of 2012. The Company's net loan portfolio was $579.4 million at March 31, 2012, compared with $574.1 million at December 31, 2011, an increase of $5.3 million, or 0.92%. The increase in net portfolio loans was primarily driven by net originations of commercial real estate loans, partially offset by increased allowance for loan and lease losses (ALLL).

Table 2










PERIOD END LOANS



(Dollars in thousands)

March 31,

% of

March 31,

% of

Change

December 31,

% of


2012

Total

2011

Total

Amount

%

2011

Total










Commercial

$      138,334

23%

$      135,928

23%

$        2,406

2%

$      138,411

24%

Real estate – construction loans

28,100

5%

31,121

5%

(3,021)

-10%

26,064

4%

Real estate – commercial (investor)

224,725

38%

224,630

37%

95

-%

219,864

38%

Real estate – commercial (owner occupied)

67,911

11%

66,535

11%

1,376

2%

65,885

11%

Real estate – ITIN loans

63,759

11%

69,265

11%

(5,506)

-8%

64,833

11%

Real estate – mortgage

19,043

3%

21,120

4%

(2,077)

-10%

19,679

3%

Real estate – equity lines

44,373

8%

47,948

8%

(3,575)

-7%

44,445

8%

Consumer

4,426

1%

6,303

1%

(1,877)

-30%

5,283

1%

Other loans

84

-%

130

-%

(46)

-35%

224

-%

     Gross portfolio loans

590,755

100%

602,980

100%

(12,225)

-2.03%

584,688

100%










Less:









Deferred loan fees, net

(29)


104


(133)

128%

(37)


Allowance for loan and lease losses

11,373


13,610


(2,237)

16%

10,622


     Net portfolio loans

$      579,411


$      589,266


$     (9,855)

-2%

$      574,103











Yield on loans

5.68%


5.86%


-0.18%


5.69%
















Table 3











PERIOD END CASH EQUIVALENTS AND INVESTMENT SECURITIES



(Dollars in thousands)

March 31,

% of

March 31,

% of

Change


December 31,

% of


2012

Total

2011

Total

Amount

%


2011

Total

Cash equivalents:










Cash and due from banks

$        40,564

16%

$          31,321

12%

$          9,243

30%


$          21,442

9%

Interest bearing due from banks

24,165

9%

36,975

15%

(12,810)

-35%


26,676

10%


64,729

25%

68,296

27%

(3,567)

-5%


48,118

19%

Investment Securities:










U.S. Treasury and agency

-

-%

29,295

12%

(29,295)

-100%


-

-%

Obligations of state and political subdivisions

72,368

28%

62,136

24%

10,232

16%


77,326

31%

Mortgage backed securities

48,416

19%

66,087

26%

(17,671)

-27%


60,610

24%

Corporate securities

46,221

18%

22,834

9%

23,387

102%


40,820

16%

Other asset backed securities

25,875

10%

5,365

2%

20,510

382%


24,768

10%


192,880

75%

185,717

73%

7,163

4%


203,524

81%





















Total cash equivalents and investment securities

$      257,609

100%

$        254,013

100%

$          3,596

1%


$        251,642

100%











Yield on cash equivalents and investment securities

2.69%


2.75%


-0.06%



2.64%












The Company maintained a strong liquidity position during the reporting period. As of March 31, 2012, the Company maintained cash positions at the Federal Reserve Bank (FRB) and correspondent banks in the amount of $40.6 million. The Company also held certificates of deposits with other financial institutions in the amount of $24.2 million, which the Company considers highly liquid.

The Company's available-for-sale investment portfolio is primarily utilized as a source of liquidity to fund other higher yielding asset opportunities, such as commercial and mortgage loan originations when required. Investment securities totaled $192.9 million at March 31, 2012, compared with $203.5 million at December 31, 2011. The $10.6 million, or 5% decrease reflects net sales activity relating to the sale of municipal bonds and mortgage backed securities, partially offset by purchase activity of corporate securities and other asset backed securities. During the current period, the Company continued to reposition the portfolio with the objective of preserving the net interest margin while reducing overall portfolio duration. Accordingly, the Company recorded $645 thousand in realized gains on the sales of securities.

At March 31, 2012, the Company's net unrealized gain on available-for-sale securities was $2.1 million, compared with $1.5 million net unrealized gains at December 31, 2011. The favorable change in net unrealized gains was primarily due to contraction in credit market spreads which increased the fair values of the Company's corporate and municipal bond portfolios.

Table 4











QUARTERLY AVERAGE DEPOSITS BY CATEGORY



(Dollars in thousands)

Q1

% of

Q1

% of

Change


Q4

% of


2012

Total

2011

Total

Amount

%


2011

Total

Demand deposits

$     106,617

16%

$       98,502

15%

$      8,115

8%


$   112,355

17%

Interest bearing demand

178,386

27%

149,152

23%

29,234

20%


175,904

27%

Total checking deposits

285,003

43%

247,654

38%

37,349

15%


288,259

44%

Savings

88,888

13%

88,291

14%

597

1%


91,750

14%

Total non-time deposits

373,891

56%

335,945

52%

37,946

11%


380,009

58%

Time deposits

288,194

44%

307,525

48%

(19,331)

-6%


280,525

42%

Total deposits

$     662,085

100%

$     643,470

100%

$    18,615

3%


$   660,534

100%











Weighted average rate on total deposits

0.96%


1.31%


-0.35%



1.05%


First quarter 2012 average total deposits of $662.1 million increased 3% or $18.6 million from the first quarter in 2011. Non maturing core deposits increased $34.1 million or 11% year over year.

Operating Results for the First Quarter 2012

Due to conservative underwriting, active servicing of problem credits, and the maintenance of a relatively solid net interest margin, the Company has remained profitable during the economic downturn. Accordingly, the Company continues to be well positioned to take advantage of strategic growth opportunities. Net income attributable to Bank of Commerce Holdings was $2.1 million for the three months ended March 31, 2012, compared with $2.1 million for the three months ended December 31, 2011, and $1.7 million for the three months ended March 31, 2011. Net income available to common stockholders was $1.9 million for the three months ended March 31, 2012, compared with $1.9 million for the three months ended December 31, 2011, and $1.4 million for the three months ended March 31, 2011. During the first quarter of 2012, diluted earnings per share decreased $0.01 per share when compared to the fourth quarter of 2011, and increased $0.03 per share compared to the first quarter of 2011.

The Company continued to pay quarterly cash dividends of $0.03 per share during 2012, consistent with the quarterly dividends paid in 2011.

Table 5










SUMMARY INCOME STATEMENT



(Dollars in thousands)

Q1

Q1

Change


Q4

Change


2012

2011

Amount

%


2011

Amount

%

Net interest income

$   8,465

$     8,665

$   (200)

-2%


$  8,459

$       6

-%

Provision for loan and lease losses

1,300

2,400

(1,100)

-46%


1,800

(500)

-28%

Noninterest income

6,052

3,452

2,600

75%


5,392

660

12%

Noninterest expense

9,879

7,646

2,233

29%


8,984

895

10%

Income before income taxes

3,338

2,071

1,267

61%


3,067

271

9%

Provision for income taxes

1,102

431

671

156%


786

316

40%

Net income

2,236

1,640

596

36%


2,281

(45)

-2%

Less: Net income attributable to noncontrolling interest

176

(24)

200

833%


219

(43)

-20%

Net income attributable to Bank of Commerce Holdings

2,060

1,664

396

24%


2,062

(2)

-%

Less: preferred dividend and accretion on preferred stock

186

235

(49)

-21%


139

47

34%

Income available to common shareholders

$   1,874

$     1,429

$      445

31%


$  1,923

$     (49)

-3%

Basic earnings per share

$     0.11

$       0.08

$     0.03

38%


$    0.12

$  (0.01)

-8%

Diluted earnings per share

$     0.11

$       0.08

$     0.03

38%


$    0.12

$  (0.01)

-8%

Cash dividends declared per share

$     0.03

$       0.03

$          -

-%


$    0.03

$          -

-%












Net interest income for the three months ended March 31, 2012 was $8.5 million, a decrease of $200 thousand or 2% compared to the same period in 2011, and an increase of $6 thousand compared with the three months ended December 31, 2011. The decrease in net interest income during the current period is attributable to decreased interest income realized from the loan portfolio and the available-for-sale securities portfolio, partially offset by declining costs associated with interest bearing deposits.  The decrease in loan interest income was primarily driven by the downward re-pricing of the ITIN variable rate 1-4 family mortgage loans. During the three months ended March 31, 2012, the ITIN portfolio yielded 3.34% compared to a yield of 5.59% during the same period a year ago, while also incurring a $5.7 million decrease in average balances. During the current period, interest expense associated with savings deposits and certificate of deposits continued to decline, which partially mitigated the affects of declining interest income from the loan portfolio.

Table 6








NET INTEREST SPREAD AND MARGIN



(Dollars in thousands)

Q1

Q1

Change


Q4

Change


2012

2011

Amount


2011

Amount

Tax equivalent yield on average interest earning assets

4.94%

5.03%

-0.09%


4.98%

-0.04%

Rate on average interest bearing liabilities

1.20%

1.24%

-0.04%


1.30%

-0.10%

Net interest spread

3.74%

3.79%

-0.05%


3.68%

0.06%

Net interest margin on a tax equivalent basis

3.98%

4.02%

-0.04%


3.97%

0.01%








Average earning assets

$    877,488

$    887,010

$     (9,522)


$  877,051

$         437

Average interest bearing liabilities

$    700,645

$    718,840

$   (18,195)


$  684,181

$    16,464










The net interest margin (net interest income as a percentage of average interest earning assets) on a fully tax-equivalent basis was 3.98% for the three months ended March 31, 2012, a decrease of 4 basis points as compared to the same period a year ago. The quarter-over-quarter modest decrease in net interest margin primarily resulted from decreased yields on the loan portfolio and the available-for-sale securities portfolio, partially offset by declining costs associated with interest bearing deposits. Loan yields continue to decline due to payoffs of higher yielding loans, downward rate adjustments on variable rate loans, and transfers to nonaccrual status. As a result, the tax equivalent yield on earning assets decreased from 5.03% for the three months ended March 31, 2011 to 4.94% or 9 basis points for three months ended March 31, 2012.

The decrease in yield on earning assets was substantially offset by a decrease in interest expense to average earning assets. Interest expense as a percent of average earning assets decreased from 1.01% to 0.96% or 5 basis points on a quarter-over-quarter basis. As a result, the Company was able to maintain a relatively consistent net interest margin during the three months ended March 31, 2012 compared to the same period a year ago.

Noninterest income for the three months ended March 31, 2012 was $6.1 million, an increase of $2.6 million or 75% when compared to the same period a year ago. The following table presents the key components of noninterest income for the three months ended March 31, 2012 and 2011:

Table 7










NONINTEREST INCOME



(Dollars in thousands)

Q1

Q1

Change


Q4

Change


2012

2011

Amount

%


2011

Amount

%

Service charges on deposit accounts

$     47

$     50

$      (3)

-6%


$     40

$        7

18%

Payroll and benefit processing fees

155

128

27

21%


129

26

20%

Earnings on cash surrender value - Bank owned life insurance

113

111

2

2%


118

(5)

-4%

Gain (loss) on investment securities, net

645

258

387

150%


105

540

514%

Merchant credit card service income, net

35

270

(235)

-87%


34

1

3%

Mortgage banking revenue, net

4,932

2,533

2,399

95%


4,826

106

2%

Other income

125

102

23

23%


140

(15)

-11%

Total noninterest income

$ 6,052

$ 3,452

$ 2,600

75%


$ 5,392

$  660

12%










Payroll and benefit processing fees increased by $27 thousand for the three months ended March 31, 2012 compared to the same period a year ago. In September 2011, the Bank acquired eighty payroll processing customer relationships from a local payroll processing sole proprietorship. As a result of the transaction, the Company has recognized increased payroll and benefit processing fees during the current period.

Gains on the sale of investment securities increased $387 thousand to $645 thousand for the three months ended March 31, 2012, compared to $258 thousand for the same period a year ago. Management continued to reposition the portfolio during the current period with the objective of shortening duration while reasonably maintaining the net interest margin. As such, the Company sold twenty-two securities during the three months ended March 31, 2012, compared to the sale of sixteen securities during the same period a year ago. The security sales were centered in municipal bonds, corporate securities, and collateralized mortgage obligations.

The Company recorded merchant credit card service income of $35 thousand and $270 thousand for the three months ended March 31, 2012 and 2011, respectively. During the first quarter of 2011, approximately 50% of the merchant credit card portfolio was sold to an independent third party, resulting in additional revenues of $225 thousand. Accordingly, merchant credit card income decreased by 87% from the same period a year ago.

Mortgage banking revenue is primarily derived from net origination fees on residential mortgage loans and net revenue derived from the sale of mortgage loans to financial institutions. Mortgage banking revenue includes gain on sale of loans, net commissions paid to brokers, mortgage loan origination fees, and direct mortgage loan costs. Direct mortgage loan costs, loan origination fees and net commissions paid to brokers are recorded as income when the loans are sold. Mortgage banking revenue during the three months ended March 31, 2012 increased $2.4 million to $4.9 million, compared to $2.5 million during the same period a year ago. During the current period the Company benefited from increased originations and closed loan volume as a result of the historically low interest rate environment. Closed loan volume was $262.4 million and $153.8 million for the three months ended March 31, 2012 and 2011, respectively. The Company recorded $7.6 million and $3.0 million in gains on sale of mortgage loans for the three months ended March 31, 2012 and 2011, respectively. Gains on sale of mortgage loans are included under the caption mortgage banking revenue in the Consolidated Statement of Operations filed in our annual 10K and quarterly 10Q filings.

The major components of other income are fees earned on ATM, online banking services, wire transfers, and FHLB dividends. The increases in other income were primarily driven by changes of the various components, and are a result of normal operating activities.

Noninterest expense for the three months ended March 31, 2012 was $9.9 million, an increase of $2.2 million or 29% compared to the same period a year ago. The following table presents the key elements of noninterest expense for the three months ended March 31, 2012 and 2011:

Table 8










NONINTEREST EXPENSE



(Dollars in thousands)

Q1

Q1

Change


Q4

Change


2012

2011

Amount

%


2011

Amount

%

Salaries and related benefits

$  5,982

$  4,214

$  1,768

42%


$  5,613

$       369

7%

Occupancy and equipment expense

862

728

134

18%


701

161

23%

Write down of other real estate owned

-

187

(187)

-100%


-

-

-%

FDIC insurance premium

212

372

(160)

-43%


284

(72)

-25%

Data processing fees

70

99

(29)

-29%


107

(37)

-35%

Professional service fees

663

574

89

16%


586

77

13%

Deferred compensation expense

144

127

17

13%


139

5

4%

Stationery and supplies

73

51

22

43%


67

6

9%

Postage

38

46

(8)

-17%


47

(9)

-19%

Directors expense

72

74

(2)

-3%


68

4

6%

Other expenses

1,763

1,174

589

50%


1,372

391

28%

Total noninterest expense

$  9,879

$  7,646

$  2,233

29%


$  8,984

$       895

10%










Salaries and related benefits expense for the three months ended March 31, 2012 was $6.0 million, an increase of $1.8 million or 42% compared to the same period a year ago. During the three months ended March 31, 2012 the Bank paid early retirement benefits to four employees, increased accrued employee cash rewards, and increased FTE's compared to the three months ended March 31, 2011. During the second quarter of 2011, our mortgage banking subsidiary transitioned existing loan officers from a commission based compensation plan to a salary based compensation plan, which resulted in increased salary expense. Prior to the transition, commission expenses were recorded in net mortgage banking revenues. As a result, first quarter 2012 salary expense associated with our mortgage subsidiary increased by $1.0 million compared to the same period a year ago.

Occupancy and equipment expense for the three months ended March 31, 2012 was $862 thousand, an increase of $134 thousand or 18% compared to the same period a year ago. The increase in this expense is primarily driven by increased rent expense associated with our mortgage subsidiary. During third and fourth quarters of 2011, and the first quarter of 2012, the mortgage subsidiary expanded their leased square footage pertaining to their existing headquarters, and added several new branches. As a result, mortgage subsidiary rent expense increased by $82 thousand during the three months ended March 31, 2012, compared to the same period a year ago.

Weakness in the housing industry and the commercial real estate market continues to detrimentally affect our residential real estate portfolio and commercial real estate portfolio; in turn, the level of real estate foreclosures remains elevated, and consequently the movement of the properties into other real estate owned (OREO). Through 2011, declines in the market values of these properties after foreclosure resulted in additional losses on the sale of the properties or by valuation adjustments. As a result, during the three months ended March 31, 2011, the Company incurred impairments of OREO of $187 thousand. Additional impairments were not deemed necessary during the three months ended March 31, 2012.

The decrease in FDIC assessments during the three months ended March 31, 2012, compared to the same period a year ago resulted from a slightly decreased assessment base and improvements in the Bank's overall deposit assessment risk profile. Additional discussion on FDIC insurance assessments is provided in our most recent 10K filed on March 9, 2012, in Item 1 under the caption Federal Deposit Insurance Premiums.

Professional service fees encompass audit, legal and consulting fees. Professional service fees for the three months ended March 31, 2012 was $663 thousand, an increase of $89 thousand or 16% compared to the same period a year ago. The increase in professional fees was primarily driven by increased legal and consulting fees relating to ongoing regulatory compliance requirements, certain litigation with a previous mortgage loan investor, and information technology improvements. The increases in these expenses were partially offset by decreased legal expenses recognized by the Bank.

Other expenses for the three months ended March 31, 2012 were $1.8 million, an increase of $589 thousand or 50% compared to the same period a year ago. The increase in other expenses was primarily driven by increased losses on sale of OREO, and $150 thousand in additional provisions provided to the reserve for unfunded commitments. During the three months ended March 31, 2012, the Bank sold a commercial OREO property, resulting in a $353 thousand loss on sale.

During the three months ended March 31, 2012, the Bank was required to perform on a stand by letter of credit. As such, subsequent to the transaction, the Bank provided additional provisions to the reserve for unfunded commitments. The remaining increases in other expenses were primarily driven by increases in overhead associated with our mortgage subsidiary, and general growth in operations.

Table 9



ALLOWANCE ROLL FORWARD


(Dollars in thousands)

Q1

Q4

Q3

Q2

Q1


2012

2011

2011

2011

2011

Beginning balance

$    10,622

$    10,590

$    13,363

$    13,610

$    12,841

Provision for loan loss charged to expense

1,300

1,800

2,211

2,580

2,400

Loans charged off

(788)

(1,996)

(5,355)

(3,166)

(1,966)

Loan loss recoveries

239

228

371

339

335

Ending balance

$    11,373

$    10,622

$    10,590

$    13,363

$    13,610







Gross portfolio loans outstanding at period end

$  590,755

$  584,688

$  589,608

$  595,832

$  602,980







Ratio of allowance for loan losses to total loans

1.93%

1.82%

1.80%

2.24%

2.26%

Nonaccrual loans at period end:






     Commercial 

$             -

$           49

$         228

$         901

$      2,848

     Construction

105

106

1,650

1,999

224

     Commercial real estate

5,943

6,104

3,034

3,282

3,706

     Residential real estate

14,544

14,806

14,010

12,741

11,705

     Home equity

302

353

353

-

96

        Total nonaccrual loans

$   20,894

$    21,418

$    19,275

$    18,923

$    18,579

Accruing troubled debt restructured loans






     Construction

$             -

$             -

$             -

$         108

$      2,328

     Commercial real estate

14,584

14,590

16,811

17,304

3,619

     Residential real estate

2,920

2,870

3,279

6,569

5,782

     Home equity

401

423

426

429

396

        Total accruing restructured loans

$    17,905

$    17,883

$    20,516

$    24,410

$    12,125







All other accruing impaired loans

472

472

908

539

1,182







Total impaired loans

$    39,271

$    39,773

$    40,699

$    43,872

$    31,886







Allowance for loan and lease losses to nonaccrual loans at period end

54.43%

49.59%

54.94%

70.62%

73.25%

Nonaccrual loans to total loans

3.54%

3.66%

3.27%

3.18%

3.08%

Allowance for loan and lease losses to impaired loans

28.96%

26.71%

26.02%

30.46%

42.68%

The ALLL totaled $11.4 million and $10.6 million at March 31, 2012 and December 31, 2011, respectively. The increase in the ALLL as of March 31, 2012 as compared to December 31, 2011 is principally attributable to provisions for loan and leases exceeding net charge offs for the current year. There were a number of factors that contributed to the decreased net charge offs including less impairment charges on both existing impaired loans and newly classified impaired loans, and generally improved credit quality indicators.

The majority of loan charge offs in the current year were primarily centered in 1-4 family real estate and commercial real estate related credits. These charge offs were largely driven by economic conditions coupled with declining real estate values in our markets. The majority of all charge offs taken in the current period relate to borrowers that were directly affected by the housing market downturn or indirectly impacted from the contraction of real estate dependent businesses.

At March 31, 2012, the recorded investment in loans classified as impaired totaled $39.3 million, with a corresponding valuation allowance (included in the ALLL) of $2.4 million. The valuation allowance on impaired loans represents the impairment reserves on performing restructured loans, other accruing loans, and nonaccrual loans. At December 31, 2011, the total recorded investment in impaired loans was $39.8 million, with a corresponding valuation allowance (included in the ALLL) of $2.4 million.

Loans are reported as troubled debt restructurings (TDR) when the Bank grants a concession(s) to a borrower experiencing financial difficulties that it would not otherwise consider. Examples of such concessions include a reduction in the loan rate, forgiveness of principal or accrued interest, extending the maturity date(s) significantly, or providing a lower interest rate than would be normally available for a transaction of similar risk. As a result of these concessions, restructured loans are impaired as the Bank will not collect all amounts due, both principal and interest, in accordance with the terms of the original loan agreement. Impairment reserves on non-collateral dependent restructured loans are measured by comparing the present value of expected future cash flows of the restructured loans, discounted at the effective interest rate of the original loan agreement. These impairment reserves are recognized as a specific component to be provided for in the ALLL.

During the three months ended March 31, 2012, the Company restructured seven loans, six of which were restructured to grant interest rate concessions, and one loan was restructured to grant interest rate and principal concessions. During the three months ended March 31, 2011, the Company restructured eighteen loans, seventeen of which were restructured to grant interest rate concessions, and one loan was restructured to grant both interest rate and maturity concessions.

As of March 31, 2012, the Company had $31.2 million in TDRs compared to $31.3 million as of December 31, 2011. As of March 31, 2012, the Company had one hundred and four restructured loans that qualified as TDRs, of which seventy-seven were performing according to their restructured terms. TDRs represented 5.29% of gross portfolio loans as of March 31, 2012, compared with 5.35% at December 31, 2011. The Company did not have any defaults during the three months ended March 31, 2012 and 2011, on loans that were restructured within the previous twelve months of their respective reporting periods.

Table 10







TROUBLED DEBT RESTRUCTURINGS


(Dollars in thousands)

March 31,

December 31,

September 30,

June 30,

March 31,


2012

2011

2011

2011

2011

Nonaccrual

$      13,324

$      13,418

$        9,155

$        7,959

$        9,752

Accruing

17,904

17,883

20,516

24,410

12,125

Total troubled debt restructurings

$      31,228

$      31,301

$      29,671

$      32,369

$      21,877

Percentage of total gross portfolio loans

5.29%

5.35%

5.03%

5.43%

3.63%

Our loan portfolio continues to be impacted by an anemic economic recovery and continued significant weaknesses in our local real estate markets. Nonperforming loans, which include nonaccrual loans and accruing loans past due 90 days or more, totaled $20.9 million or 3.54% of total portfolio loans as of March 31, 2012, as compared to $21.5 million, or 3.68% of total loans at December 31, 2011. Nonperforming assets, which include nonperforming loans and foreclosed real estate ("OREO"), totaled $22.8 million, or 2.45% of total assets as of March 31, 2012, compared with $25.2 million, or 2.68% of total assets as of December 31, 2011.

Table 11







NONPERFORMING ASSETS


 (Dollars in thousands)

March 31,

December 31,

September 30,

June 30,

March 31,


2012

2011

2011

2011

2011







Commercial

$               -

$             49

$           228

$           901

$        2,849

Real estate construction






     Commercial real estate construction

-

-

1,543

1,973

99

     Residential real estate construction

105

106

107

26

125

Total real estate construction

105

106

1,650

1,999

224

Real estate mortgage






     1-4 family, closed end 1st lien

4,378

4,474

4,205

3,002

1,634

     1-4 family revolving

302

353

353

-

96

     ITIN 1-4 family loan pool

10,166

10,332

9,805

9,739

10,071

Total real estate mortgage

14,846

15,159

14,363

12,741

11,801

Commercial real estate

5,943

6,104

3,034

3,282

3,706

Total nonaccrual loans

20,894

21,418

19,275

18,923

18,580

90 days past due and still accruing

-

95

373

953

743

     Total nonperforming loans

20,894

21,513

19,648

19,876

19,323







Other real estate owned

1,913

3,731

1,665

1,793

3,868

Total nonperforming assets

$      22,807

$      25,244

$      21,313

$      21,669

$      23,191







Nonperforming loans to total loans

3.54%

3.68%

3.33%

3.34%

3.20%

Nonperforming assets to total assets

2.45%

2.68%

2.30%

2.49%

2.53%

As of March 31, 2012, nonperforming assets of $22.8 million have been written down by 33%, or $7.6 million, from their original balance of $32.1 million.

Table 12







OTHER REAL ESTATE OWNED ACTIVITY


(Dollars in thousands)

Q1

Q4

Q3

Q2

Q1


2012

2011

2011

2011

2011

Beginning balance

$         3,731

$          1,665

$          1,793

$          3,868

$          2,288

     Additions to OREO

134

2,399

129

407

2,099

     Dispositions of OREO

(1,952)

(333)

(257)

(2,112)

(332)

     OREO valuation adjustment

-

-

-

(370)

(187)

Ending balance

$          1,913

$          3,731

$          1,665

$          1,793

$          3,868







At March 31, 2012, and December 31, 2011, the recorded investment in OREO was $1.9 million and $3.7 million, respectively. For the three months ended March 31, 2012, the Company transferred foreclosed property from two loans in the amount of $178 thousand to OREO and adjusted the balances through charges to the ALLL in the amount of $44 thousand relating to the transferred foreclosed property. During this period, the Company sold five properties with balances of $2.0 million for a net loss of $369 thousand. The March 31, 2012 OREO balance consists of eleven properties, of which ten are secured with 1-4 family residential real estate in the amount of $738 thousand. The remaining property consists of improved commercial land in the amount of $1.2 million.

Table 13









INCOME STATEMENT


(Amounts in thousands, except for per share data)

Q1

Q1

Change

Q4

Full Year

Full Year


2012

2011

$

%

2011

2011

2010

Interest income:








   Interest and fees on loans

$    8,867

$    9,033

$    (166)

-2%

$    9,134

$  36,138

$  38,034

   Interest on tax-exempt securities

580

532

48

9%

534

2,014

1,692

   Interest on U.S. government securities

391

678

(287)

-42%

375

2,123

2,083

   Interest on other securities

732

651

81

12%

634

2,410

1,616

          Total interest income

10,570

10,894

(324)

-3%

10,677

42,685

43,425

Interest expense:








   Interest on demand deposits

157

226

(69)

-31%

166

787

968

   Interest on savings deposits

116

246

(130)

-53%

145

792

921

   Interest on certificates of deposit

1,065

1,313

(248)

-19%

1,123

4,912

6,151

   Interest on securities sold under repurchase agreements

6

14

(8)

-57%

7

43

52

   Interest on FHLB borrowings

150

164

(14)

-9%

132

579

626

   Interest on other borrowings

611

266

345

130%

645

1,485

1,684

          Total interest expense

2,105

2,229

(124)

-6%

2,218

8,598

10,402

          Net interest income

8,465

8,665

(200)

-2%

8,459

34,087

33,023

Provision for loan and lease losses

1,300

2,400

(1,100)

-46%

1,800

8,991

12,850

  Net interest income after provision for loan and lease losses

7,165

6,265

900

14%

6,659

25,096

20,173









Noninterest income:








   Service charges on deposit accounts

47

50

(3)

-6%

40

192

260

   Payroll and benefit processing fees

155

128

27

21%

129

458

448

   Earnings on cash surrender value – Bank owned life insurance

113

111

2

2%

118

465

438

   Gain (loss) on investment securities, net

645

258

387

150%

105

1,550

1,981

   Gain on settlement of put reserve

-

-

-

-%

-

-

1,750

   Merchant credit card service income, net

35

270

(235)

-87%

34

376

235

   Mortgage banking revenue, net

4,932

2,533

2,399

95%

4,826

14,255

14,328

   Other income

125

102

23

23%

140

474

351

          Total noninterest income

6,052

3,452

2,600

75%

5,392

17,770

19,791

Noninterest expense:








   Salaries and related benefits

5,982

4,214

1,768

42%

5,613

18,789

15,700

   Occupancy and equipment expense

862

728

134

18%

701

2,971

3,660

   Write down of other real estate owned

-

187

(187)

-100%

-

557

1,571

   FDIC insurance premium

212

372

(160)

-43%

284

1,319

1,016

   Data processing fees

70

99

(29)

-29%

107

389

270

   Professional service fees

663

574

89

16%

586

2,268

1,726

   Deferred compensation expense

144

127

17

13%

139

533

493

   Stationery and supplies

73

51

22

43%

67

269

258

   Postage

38

46

(8)

-17%

47

184

198

   Directors' expense

72

74

(2)

-3%

68

276

266

   Goodwill impairment

-

-

-

-%

-

-

32

   Other expenses

1,763

1,174

589

50%

1,372

4,671

5,141

          Total noninterest expense

9,879

7,646

2,233

29%

8,984

32,226

30,331

Income before provision (benefit) for income taxes

3,338

2,071

1,267

61%

3,067

10,640

9,633

   Provision (benefit) for income taxes

1,102

431

671

156%

786

2,836

3,159

Net Income

2,236

1,640

596

36%

2,281

7,804

6,474

   Less: Net income attributable to noncontrolling interest

176

(24)

200

833%

219

549

254

Net income attributable to Bank of Commerce Holdings

$    2,060

$    1,664

$       396

24%

$    2,062

$    7,255

$    6,220

Less: Preferred dividend and accretion on preferred stock

186

235

(49)

-21%

139

943

940

         Income available to common shareholders

$    1,874

$    1,429

$       445

31%

$    1,923

$    6,312

$    5,280

Basic earnings per share

$      0.11

$      0.08

$      0.03


$      0.12

$      0.37

$      0.35

Weighted average shares - basic

16,805

16,991

(186)


16,991

16,991

14,951

Diluted earnings per share

$      0.11

$      0.08

$      0.03


$      0.12

$      0.37

$      0.35

Weighted average shares - diluted

16,805

16,991

(186)


16,991

16,991

14,951









Table 14



BALANCE SHEET


(Dollars in thousands)

March 31,

March 31,

Change

December 31,

ASSETS

2012

2011

$

%

2011

Cash and due from banks

$      40,564

$      31,321

$    9,243

30%

$      21,442

Interest bearing due from banks

24,165

36,975

(12,810)

-35%

26,676

      Total cash and cash equivalents

64,729

68,296

(3,567)

-5%

48,118

Securities available-for-sale, at fair value

192,880

185,717

7,163

4%

203,524

Portfolio loans

590,784

602,876

(12,092)

-2%

584,725

Allowance for loan losses

(11,373)

(13,610)

2,237

16%

(10,622)

      Net loans

579,411

589,266

(9,855)

-2%

574,103

Mortgage loans held for sale

45,467

18,963

26,504

140%

64,368

Total interest earning assets

893,860

875,852

18,008

2%

900,735

Bank premises and equipment, net

9,965

9,736

229

2%

9,752

Goodwill and other intangibles

3,820

3,695

125

3%

3,833

Other real estate owned

1,913

3,868

(1,955)

-51%

3,731

Other assets

32,399

35,984

(3,585)

-10%

33,262

TOTAL ASSETS

$    930,584

$    915,525

$  15,059

2%

$    940,691







LIABILITIES AND STOCKHOLDERS' EQUITY






Demand – noninterest bearing

$    101,436

$      87,842

$  13,594

15%

$    116,193

Demand – interest bearing

178,332

146,202

32,130

22%

179,597

Savings accounts

90,834

91,912

(1,078)

-1%

89,012

Certificates of deposit

293,137

302,133

(8,996)

-3%

282,471

      Total deposits

663,739

628,089

35,650

6%

667,273

Securities sold under agreements to repurchase

13,478

14,607

(1,129)

-8%

13,779

Federal Home Loan Bank borrowings

110,000

141,000

(31,000)

-22%

109,000

Mortgage warehouse line of credit

217

-

217

100%

7,600

Junior subordinated debentures

15,465

15,465

-

-%

15,465

Other liabilities

14,105

10,281

3,824

37%

13,984

      Total Liabilities

$    817,004

$    809,442

$    7,562

1%

$    827,101







Total Equity – Bank of Commerce Holdings

110,276

103,528

6,748

7%

110,462

Noncontrolling interest in subsidiary

3,304

2,555

749

29%

3,128

      Total Stockholders' Equity

113,580

106,083

7,497

7%

113,590







TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$    930,584

$    915,525

$  15,059

2%

$    940,691

Table 15





AVERAGE BALANCE SHEET (Year to Date)


(Dollars in thousands)

March 31,

March 31,

December 31,

December 31,

December 31,


2012

2011

2011

2010

2009

Earning assets:






  Loans

$          624,474

$         616,374

$         634,949

$       640,213

$        589,336

  Tax exempt securities

65,534

53,127

52,467

42,172

28,384

  US government securities

-

30,148

19,182

27,423

8,606

  Mortgage backed securities

69,806

71,211

67,052

48,972

53,722

  Other securities

63,995

45,023

44,664

15,702

17,313

  Interest bearing due from banks

53,679

71,127

64,399

70,911

50,790

  Fed funds sold

-

-

-

995

13,438

     Average earning assets

877,488

887,010

882,713

846,388

761,589







Cash and DFB

9,388

1,490

2,251

1,781

3,638

Bank premises

9,412

9,596

9,489

9,814

10,322

Other assets

28,225

29,232

25,116

48,116

28,662

     Average total assets

$          924,513

$         927,328

$         919,569

$       906,099

$        804,211







Interest bearing liabilities:






  Demand - interest bearing

$          178,386

$         149,152

$         157,696

$       141,983

$        145,542

  Savings deposits

88,888

88,291

91,876

76,718

62,846

  CDs

288,194

307,525

296,034

321,051

317,417

  Repurchase agreements

13,638

14,218

14,805

12,274

11,006

  Other borrowings

131,539

159,654

139,331

134,255

122,057


700,645

718,840

699,742

686,281

658,868

Demand - noninterest bearing

106,617

98,502

100,722

92,433

69,250

Other liabilities

6,072

5,132

10,997

31,748

9,467

Shareholders' equity

111,179

104,854

108,108

95,637

66,626

     Average liabilities & equity

$          924,513

$         927,328

$         919,569

$       906,099

$        804,211

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:

Raymond James Financial / Howe Barnes
John T. Cavender
555 Market Street
San Francisco, CA (800) 346-5544

Hill, Thompson, Magid & Co. Inc / R.J. Dragani
15 Exchange Place, Suite 800
Jersey City, New Jersey 07030 (201) 369-2908

Keefe, Bruyette & Woods, Inc. /
Dave Bonaccorso
101 California Street, 37th Floor
San Francisco, CA 94105 (415) 591-5063

Sandler & O'Neil /Bryan Sullivan
919 Third Avenue, 6th Floor
New York, NY 10022 (888) 383-3112

McAdams Wright Ragen, Inc. /Joey Warmenhoven
1121 SW Fifth Avenue
Suite 1400
Portland, Oregon 97204 (866) 662-0351

Stifel Nicolaus
Perry Wright
1255 East Street #100
Redding, CA 96001 (530) 244-7199

SOURCE Bank of Commerce Holdings

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