Bank of Commerce Holdings (NASDAQ: BOCH) (the “Company”), a $1.472
billion asset bank holding company and parent company of Merchants
Bank of Commerce (the “Bank”), today announced financial results
for the quarter ended September 30, 2019. Net income for the
quarter ended September 30, 2019 was $4.6 million or $0.26 per
share – diluted, compared with net income of $4.0 million or $0.25
per share – diluted for the same period of 2018. Net income for the
nine months ended September 30, 2019 was $10.6 million or $0.59 per
share – diluted, compared with net income of $10.9 million or $0.67
per share – diluted for the same period of 2018.
The current year includes the benefits of our January 31, 2019
acquisition of Merchants National Bank of Sacramento (“Merchants”).
In May, we successfully converted all of Merchant’s computer
records onto our core system. As previously announced, the
Company’s subsidiary bank, which had been operating under multiple
names, simultaneously changed the name for all locations to
Merchants Bank of Commerce. To date, acquisition related costs have
totaled $2.2 million and costs related to the name change have
totaled $501 thousand. All significant costs for these two projects
have now been absorbed.
Randall S. Eslick, President and CEO commented: “The Company
performed solidly during the third quarter which reflects the
benefits derived from our acquisition of Merchants National Bank
earlier in the year. With the successful integration of Merchants
now complete, we are again wholly focused on leveraging our
talented business relationship teams to meet customer needs and
achieve our organic growth goals.”
Financial highlights for the third quarter of
2019:
- Net income of $4.6 million was an increase of $610 thousand
(15%) from $4.0 million earned during the same period in the prior
year. Earnings of $0.26 per share – diluted was an increase of
$0.01 (4%) from $0.25 per share – diluted earned during the same
period in the prior year and reflects the impact of 1,834,142
shares of common stock issued during the first quarter of 2019 as
part of our acquisition of Merchants.
- Net interest income increased $1.6 million (13%) to $13.7
million compared to $12.1 million for the same period in the prior
year.
- Net interest margin improved to 4.00% compared to 3.91% for the
same period in the prior year
- Return on average assets increased to 1.26% compared to 1.23%
for the same period in the prior year.
- Return on average equity decreased to 10.86% compared to 12.16%
for the same period in the prior year.
- Average loans totaled $1.030 billion, an increase of $99
million (11%) compared to average loans for the same period in the
prior year.
- Average earning assets totaled $1.360 billion, an increase of
$130 million (11%) compared to average earning assets for the same
period in the prior year.
- Average deposits totaled $1.255 billion, an increase of $145
million (13%) compared to average deposits for the same period in
the prior year. º Average non-maturing deposits totaled
$1.097 billion, an increase of $151 million (16%) compared to the
same period in the prior year.º Average certificates of
deposit totaled $157.6 million, a decrease of $5.7 million (3%)
compared to same period in the prior year.
- The Company’s efficiency ratio was 56.4% compared to 58.4%
during the same period in the prior year.
- Nonperforming assets at September 30, 2019 totaled $12.8
million or 0.87% of total assets, an increase of $9.0 million since
September 30, 2018. The increase in nonperforming assets results
from one $10.1 million commercial real estate loan.
- Book value per common share was $9.42 at September 30, 2019
compared to $8.14 at September 30, 2018.
- Tangible book value per common share was $8.51 at September 30,
2019 compared to $8.03 at September 30, 2018.
Financial highlights for the nine months ended September
30, 2019:
- Net income of $10.6 million ($0.59 per share – diluted) was a
decrease of $299 thousand (3%) from $10.9 million ($0.67 per share
– diluted) earned during the same period in the prior year and
reflects the impact of 1,834,142 shares of common stock issued
during the first quarter of 2019 as part of our acquisition of
Merchants.
- Acquisition costs associated with our acquisition of Merchants
totaled $2.2 million. Costs related to the name change of our
subsidiary bank totaled $501 thousand.
- Net interest income increased $5.2 million (15%) to $40.2
million compared to $35.1 million for the same period in the prior
year.
- Net interest margin improved to 3.98% compared to 3.88% for the
same period in the prior year.
- Return on average assets decreased to 0.98% compared to 1.14%
for the same period in the prior year.
- Return on average equity decreased to 8.74% compared to 11.29%
for the same period in the prior year.
- Average loans totaled $1.017 billion, an increase of $104
million (11%) compared to average loans for the same period in the
prior year.
- Average earning assets totaled $1.350 billion, an increase of
$143 million (12%) compared the same period in the prior year.
- Average deposits totaled $1.232 billion, an increase of $154
million (14%) compared the same period in the prior year.º
Average non-maturing deposits totaled $1.069 billion, an increase
of $163 million (18%) compared to the same period in the prior
year. º Average certificates of deposit totaled $163.0
million, a decrease of $8.9 million (5%) compared to the same
period in the prior year.
- The Company’s efficiency ratio was 66.5% compared to 61.5% for
the same period in the prior year.º The Company’s efficiency
ratio of 66.5% for the first nine months of 2019 includes $2.2
million in acquisition costs and $501 thousand in name change
costs. The efficiency ratio excluding these non-recurring costs was
60.3%.
- Nonperforming assets at September 30, 2019 totaled $12.8
million or 0.87% of total assets, an increase of $8.7 million since
December 31, 2018. The increase in nonperforming assets results
from one $10.1 million commercial real estate loan.
- Book value per common share was $9.42 at September 30, 2019
compared to $8.47 at December 31, 2018.
- Tangible book value per common share was $8.51 at September 30,
2019 compared to $8.36 at December 31, 2018.
Forward-Looking Statements
Bank of Commerce Holdings wishes to take
advantage of the Safe Harbor provisions included in the Private
Securities Litigation Reform Act of 1995. This news release
includes statements by the Company, which describe management’s
expectations and developments, which may not be based on historical
facts and are “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended and Section
21B of the Securities Act of 1934, as amended. Future events are
difficult to predict, and the expectations described above are
necessarily subject to risk and uncertainty that may cause actual
results to differ materially and adversely. In addition to
discussions about risks and uncertainties set forth from time to
time in the Company's public filings, factors that may cause actual
results to differ materially from those contemplated by such
forward looking statements include, among others, the following
possibilities: (1) local, national and international economic
conditions are less favorable than expected or have a more direct
and pronounced effect on the Company than expected and adversely
affect the Company's ability to continue its internal growth at
historical rates and maintain the quality of its earning assets;
(2) changes in interest rates reduce interest margins more than
expected and negatively affect funding sources; (3) projected
business increases following strategic expansion or opening or
acquiring new banks and/or branches are lower than expected; (4)
our concentration in lending tied to real estate exposes us to the
adverse effects of material increases in interest rates, declines
in the general economy, tightening credit markets or declines in
real estate values; (5) competitive pressure among financial
institutions increases significantly; (6) legislation or regulatory
requirements or changes adversely affect the businesses in which
the Company is engaged; and (7) technological changes could expose
us to new risks.
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TABLE 1 |
|
SELECTED FINANCIAL INFORMATION - UNAUDITED |
|
(amounts in thousands except per share data) |
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For The Three Months Ended |
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For The Nine Months Ended |
|
Net income, average
assets and |
|
September 30, |
|
June 30, |
|
September 30, |
|
average shareholders' equity |
|
2019 |
|
2018 |
|
2019 |
|
2019 |
|
2018 |
|
Net income |
|
$ |
4,642 |
|
|
$ |
4,032 |
|
|
$ |
3,644 |
|
|
$ |
10,592 |
|
$ |
10,891 |
|
Average total assets |
|
$ |
1,462,444 |
|
|
$ |
1,300,278 |
|
|
$ |
1,450,725 |
|
|
$ |
1,446,476 |
|
$ |
1,275,369 |
|
Average total earning
assets |
|
$ |
1,360,006 |
|
|
$ |
1,229,704 |
|
|
$ |
1,353,200 |
|
|
$ |
1,350,173 |
|
$ |
1,206,798 |
|
Average shareholders'
equity |
|
$ |
169,608 |
|
|
$ |
131,499 |
|
|
$ |
163,598 |
|
|
$ |
162,032 |
|
$ |
128,933 |
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Selected performance ratios |
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Return on average assets |
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1.26 |
% |
|
|
1.23 |
% |
|
|
1.01 |
% |
|
|
0.98 |
% |
|
1.14 |
% |
Return on average equity |
|
|
10.86 |
% |
|
|
12.16 |
% |
|
|
8.93 |
% |
|
|
8.74 |
% |
|
11.29 |
% |
Efficiency ratio |
|
|
56.4 |
% |
|
|
58.4 |
% |
|
|
65.9 |
% |
|
|
66.5 |
% |
|
61.5 |
% |
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Share and per share amounts |
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Weighted average shares -
basic (1) |
|
|
18,130 |
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|
16,252 |
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|
18,134 |
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|
17,918 |
|
|
16,242 |
|
Weighted average shares -
diluted (1) |
|
|
18,196 |
|
|
|
16,342 |
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|
|
18,194 |
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|
|
17,981 |
|
|
16,327 |
|
Earnings per share -
basic |
|
$ |
0.26 |
|
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$ |
0.25 |
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$ |
0.20 |
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$ |
0.59 |
|
$ |
0.67 |
|
Earnings per share -
diluted |
|
$ |
0.26 |
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|
$ |
0.25 |
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$ |
0.20 |
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$ |
0.59 |
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$ |
0.67 |
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At September 30, |
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At June 30, |
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Share and per share amounts |
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2019 |
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2018 |
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2019 |
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Common shares outstanding
(2) |
|
|
18,212 |
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|
16,330 |
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|
18,214 |
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Book value per common share
(2) |
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$ |
9.42 |
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$ |
8.14 |
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$ |
9.22 |
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Tangible book value per common
share (2)(3) |
|
$ |
8.51 |
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$ |
8.03 |
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$ |
8.29 |
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Capital ratios (4) |
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Bank of Commerce Holdings |
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Common equity tier 1 capital
ratio |
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12.85 |
% |
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12.65 |
% |
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12.56 |
% |
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Tier 1 capital ratio |
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13.69 |
% |
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13.59 |
% |
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13.41 |
% |
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Total capital ratio |
|
|
15.62 |
% |
|
|
15.75 |
% |
|
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15.35 |
% |
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Tier 1 leverage ratio |
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|
11.28 |
% |
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|
11.14 |
% |
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|
11.08 |
% |
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Tangible common equity ratio
(5) |
|
|
10.64 |
% |
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|
9.98 |
% |
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|
10.59 |
% |
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Merchants Bank of
Commerce |
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Common equity tier 1 capital
ratio |
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14.25 |
% |
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|
13.14 |
% |
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|
14.06 |
% |
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Tier 1 capital ratio |
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|
14.25 |
% |
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|
13.14 |
% |
|
|
14.06 |
% |
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Total capital ratio |
|
|
15.34 |
% |
|
|
14.36 |
% |
|
|
15.16 |
% |
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Tier 1 leverage ratio |
|
|
11.74 |
% |
|
|
10.78 |
% |
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|
11.61 |
% |
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(1) Excludes
unvested restricted shares issued in accordance with the Company's
equity incentive plan, as they are non participative in dividends
or voting rights. |
(2) Includes
unvested restricted shares issued in accordance with the Company's
equity incentive plan. |
(3) Book value
per share is computed by dividing total shareholders’ equity by
shares outstanding. Tangible book value per share is computed by
dividing total shareholders’ equity less goodwill and core deposit
intangible, net by shares outstanding. Management believes that
tangible book value per share is meaningful because it is a measure
that the Company and investors commonly use to assess capital
adequacy. |
(4) The Company
and the Bank continue to meet all capital adequacy requirements to
which they are subject. |
(5) Management
believes the tangible common equity ratio is a useful measure of
capital adequacy because it provides a meaningful base for
period-to-period and company-to-company comparisons, which
management believes will assist investors in assessing the capital
of the Company and the ability of the Company to absorb potential
losses. The tangible common equity ratio is calculated as total
shareholders' equity less goodwill and core deposit intangible, net
divided by total assets less goodwill and core deposit intangible,
net. |
|
BALANCE SHEET OVERVIEW
As of September 30, 2019, the Company had total consolidated
assets of $1.472 billion, gross loans of $1.033 billion, allowance
for loan and lease losses (“ALLL”) of $12 million, total deposits
of $1.262 billion, and shareholders’ equity of $172 million.
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TABLE 2 |
LOAN BALANCES BY TYPE - UNAUDITED |
(amounts in thousands) |
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At September 30, |
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At June 30, |
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% of |
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% of |
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Change |
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% of |
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2019 |
|
Total |
|
2018 |
|
Total |
|
Amount |
|
% |
|
2019 |
|
Total |
Commercial |
$ |
152,195 |
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|
15 |
% |
|
$ |
132,091 |
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|
14 |
% |
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$ |
20,104 |
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15 |
|
% |
|
$ |
152,303 |
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|
15 |
% |
Real estate - construction and
land development |
|
35,606 |
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3 |
|
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|
20,496 |
|
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2 |
|
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|
15,110 |
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|
74 |
|
% |
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|
37,685 |
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4 |
|
Real estate - commercial
non-owner occupied |
|
475,678 |
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|
47 |
|
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|
431,246 |
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|
47 |
|
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|
44,432 |
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|
10 |
|
% |
|
|
468,706 |
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|
45 |
|
Real estate - commercial owner
occupied |
|
210,767 |
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|
20 |
|
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|
195,608 |
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21 |
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|
15,159 |
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8 |
|
% |
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|
210,711 |
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21 |
|
Real estate - residential -
ITIN |
|
34,036 |
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3 |
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|
38,353 |
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4 |
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(4,317 |
) |
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(11 |
) |
% |
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|
35,162 |
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3 |
|
Real estate - residential -
1-4 family mortgage |
|
64,747 |
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6 |
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|
33,473 |
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4 |
|
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|
31,274 |
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|
93 |
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% |
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|
67,092 |
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6 |
|
Real estate - residential -
equity lines |
|
22,729 |
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2 |
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|
28,713 |
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3 |
|
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|
(5,984 |
) |
|
(21 |
) |
% |
|
|
23,656 |
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2 |
|
Consumer and other |
|
37,324 |
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4 |
|
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|
47,500 |
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5 |
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|
(10,176 |
) |
|
(21 |
) |
% |
|
|
41,409 |
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|
4 |
|
Gross loans |
|
1,033,082 |
|
|
100 |
% |
|
|
927,480 |
|
|
100 |
% |
|
|
105,602 |
|
|
11 |
|
% |
|
|
1,036,724 |
|
|
100 |
% |
Deferred fees and costs |
|
1,980 |
|
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|
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|
1,757 |
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|
223 |
|
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|
2,005 |
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Loans, net of deferred fees and costs |
|
1,035,062 |
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|
929,237 |
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|
105,825 |
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|
1,038,729 |
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|
Allowance for loan and lease
losses |
|
(12,285 |
) |
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|
|
(12,392 |
) |
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|
|
107 |
|
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|
(12,445 |
) |
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|
Net loans |
$ |
1,022,777 |
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|
$ |
916,845 |
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|
$ |
105,932 |
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|
$ |
1,026,284 |
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Average loans during the
quarter |
$ |
1,029,534 |
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|
$ |
930,863 |
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$ |
98,671 |
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|
11 |
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% |
|
$ |
1,028,187 |
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|
Average yield on loans during
the quarter |
|
5.01 |
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% |
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|
4.93 |
|
% |
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|
0.08 |
|
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|
5.01 |
|
% |
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Average yield on loans during
the year |
|
4.98 |
|
% |
|
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|
|
4.90 |
|
% |
|
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|
0.08 |
|
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|
4.96 |
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% |
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The Company recorded gross loan balances of $1.033 billion at
September 30, 2019, compared with $927 million and $1.037 billion
at September 30, 2018 and June 30, 2019, respectively, an increase
of $106 million and a decrease of $4 million, respectively. During
the first quarter of 2019, the Merchants
acquisition provided an additional $85.3 million of loans.
The average yield on loans during the quarter was 5.01% compared
to 4.93% and 5.01% for the quarters ended September 30, 2018 and
June 30, 2019, respectively.
Gross loan balances in the table above include a net fair value
discount for loans acquired from Merchants during the first quarter
of 2019 of $1.9 million and $2.1 million at September 30, 2019 and
June 30, 2019, respectively. We recorded $190 thousand and $193
thousand in accretion of the discount for these loans during the
second and third quarters of 2019, respectively.
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TABLE 3 |
CASH, CASH EQUIVALENTS, AND INVESTMENT SECURITIES -
UNAUDITED |
(amounts in thousands) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30, |
|
|
|
|
|
|
|
At June 30, |
|
|
|
|
% of |
|
|
|
% of |
|
Change |
|
|
|
% of |
|
|
2019 |
|
Total |
|
2018 |
|
Total |
|
Amount |
|
% |
|
2019 |
|
Total |
Cash and due from banks |
|
$ |
32,505 |
|
9 |
% |
|
$ |
21,316 |
|
6 |
% |
|
$ |
11,189 |
|
|
52 |
|
% |
|
$ |
21,306 |
|
7 |
% |
Interest-bearing deposits in
other banks |
|
|
56,099 |
|
16 |
|
|
|
69,920 |
|
21 |
|
|
|
(13,821 |
) |
|
(20 |
) |
% |
|
|
19,319 |
|
6 |
|
Total cash and cash equivalents |
|
|
88,604 |
|
25 |
|
|
|
91,236 |
|
27 |
|
|
|
(2,632 |
) |
|
(3 |
) |
% |
|
|
40,625 |
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and
agencies |
|
|
40,467 |
|
11 |
|
|
|
35,656 |
|
11 |
|
|
|
4,811 |
|
|
13 |
|
% |
|
|
44,837 |
|
14 |
|
Obligations of state and
political subdivisions |
|
|
39,004 |
|
11 |
|
|
|
51,562 |
|
16 |
|
|
|
(12,558 |
) |
|
(24 |
) |
% |
|
|
45,003 |
|
14 |
|
Residential mortgage backed
securities and collateralized mortgage obligations |
|
|
165,994 |
|
46 |
|
|
|
124,109 |
|
38 |
|
|
|
41,885 |
|
|
34 |
|
% |
|
|
168,085 |
|
50 |
|
Corporate securities |
|
|
2,992 |
|
1 |
|
|
|
3,974 |
|
1 |
|
|
|
(982 |
) |
|
(25 |
) |
% |
|
|
2,978 |
|
1 |
|
Commercial mortgage backed
securities |
|
|
22,822 |
|
6 |
|
|
|
24,167 |
|
7 |
|
|
|
(1,345 |
) |
|
(6 |
) |
% |
|
|
24,868 |
|
8 |
|
Other asset backed
securities |
|
|
1,062 |
|
— |
|
|
|
165 |
|
— |
|
|
|
897 |
|
|
544 |
|
% |
|
|
48 |
|
— |
|
Total investment securities - AFS |
|
|
272,341 |
|
75 |
|
|
|
239,633 |
|
73 |
|
|
|
32,708 |
|
|
14 |
|
% |
|
|
285,819 |
|
87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash, cash equivalents
and investment securities |
|
$ |
360,945 |
|
100 |
% |
|
$ |
330,869 |
|
100 |
% |
|
$ |
30,076 |
|
|
9 |
|
% |
|
$ |
326,444 |
|
100 |
% |
Average yield on
interest-bearing due from banks and investment securities during
the quarter - nominal |
|
|
2.63 |
% |
|
|
|
|
2.47 |
% |
|
|
|
|
0.16 |
|
|
|
|
|
|
2.81 |
% |
|
|
Average yield on
interest-bearing due from banks and investment securities during
the quarter - tax equivalent |
|
|
2.71 |
% |
|
|
|
|
2.61 |
% |
|
|
|
|
0.10 |
|
|
|
|
|
|
2.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2019, we maintained noninterest-bearing cash
positions of $32.5 million and interest-bearing deposits of $56.1
million at the Federal Reserve Bank and correspondent banks.
Investment securities totaled $272.3 million at September 30,
2019, compared with $239.6 million and $285.8 million at September
30, 2018 and June 30, 2019, respectively. During the first quarter
of 2019, the Merchants acquisition included securities with a par
value of $107.4 million. Management elected to sell securities with
a par value of $13.8 million and $100.1 million during the three
and nine months ended September 30, 2019, respectively. The sales
resulted in net realized gains of $12 thousand and $137 thousand
for the three and nine months ended September 30, 2019,
respectively.
Average securities balances and weighted average tax equivalent
yields for the quarters ended September 30, 2019 and 2018 were
$271.6 million and 2.85% compared to $248.4 million and 2.74%,
respectively.
At September 30, 2019, our net unrealized gains on
available-for-sale investment securities were $3.3 million compared
with net unrealized losses of $5.8 million and unrealized gains of
$3.4 million at September 30, 2018 and June 30, 2019, respectively.
The changes in net unrealized losses on the investment securities
portfolio were due to changes in market interest rates.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 4 |
DEPOSITS BY TYPE - UNAUDITED |
(amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30, |
|
|
|
|
|
|
|
At June 30, |
|
|
|
% of |
|
|
|
% of |
|
|
Change |
|
|
|
% of |
|
2019 |
|
Total |
|
2018 |
|
Total |
|
Amount |
|
% |
|
2019 |
|
Total |
Demand -
noninterest-bearing |
$ |
412,410 |
|
33 |
% |
|
$ |
361,516 |
|
32 |
% |
|
$ |
50,894 |
|
|
14 |
|
% |
|
$ |
397,349 |
|
32 |
% |
Demand - interest-bearing |
|
239,547 |
|
19 |
|
|
|
251,323 |
|
22 |
|
|
|
(11,776 |
) |
|
(5 |
) |
% |
|
|
238,175 |
|
19 |
|
Money market |
|
317,120 |
|
25 |
|
|
|
259,230 |
|
23 |
|
|
|
57,890 |
|
|
22 |
|
% |
|
|
300,847 |
|
24 |
|
Total demand |
|
969,077 |
|
77 |
|
|
|
872,069 |
|
77 |
|
|
|
97,008 |
|
|
11 |
|
% |
|
|
936,371 |
|
75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
137,441 |
|
11 |
|
|
|
111,388 |
|
10 |
|
|
|
26,053 |
|
|
23 |
|
% |
|
|
138,591 |
|
11 |
|
Total non-maturing
deposits |
|
1,106,518 |
|
88 |
|
|
|
983,457 |
|
87 |
|
|
|
123,061 |
|
|
13 |
|
% |
|
|
1,074,962 |
|
86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
155,621 |
|
12 |
|
|
|
161,304 |
|
13 |
|
|
|
(5,683 |
) |
|
(4 |
) |
% |
|
|
160,556 |
|
14 |
|
Total deposits |
$ |
1,262,139 |
|
100 |
% |
|
$ |
1,144,761 |
|
100 |
% |
|
$ |
117,378 |
|
|
10 |
|
% |
|
$ |
1,235,518 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits at September 30, 2019, increased $117 million or
10% to $1.262 billion compared to September 30, 2018 and increased
$27 million or 9% annualized compared to June 30, 2019. Total
non-maturing deposits increased $123.1 million or 13% compared to
the same date a year ago and increased $31.6 million or 12%
annualized compared to June 30, 2019. Certificates of deposit
decreased $5.7 million or 4% compared to the same date a year ago
and decreased $4.9 million or 12% annualized compared to June 30,
2019.
During the first quarter of 2019, the Merchants acquisition
provided an additional $190.2 million of deposits. The decrease in
the acquired deposits of $23.2 million at September 30, 2019 is not
attributable to the loss of any significant relationships. As
illustrated in the following table, legacy deposits have
experienced their seasonal decline, while wholesale time deposits
have matured and were not renewed.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 5 |
YEAR TO DATE CHANGES IN DEPOSITS |
(amounts in thousands) |
|
Legacy Deposits |
|
Acquired Merchants Deposits |
|
Change In Acquired Deposits For The Eight Months
Ended |
|
Change In Legacy Deposits For The Nine Months
Ended |
|
Deposits At |
|
At December 31, |
|
At January 31, |
|
September 30, |
|
September 30, |
|
At September 30, |
|
2018 |
|
2019 |
|
2019 |
|
2019 |
|
2019 |
Demand -
noninterest-bearing |
$ |
347,199 |
|
$ |
51,880 |
|
$ |
(5,233 |
) |
|
$ |
18,564 |
|
|
$ |
412,410 |
Demand - interest-bearing |
|
252,202 |
|
|
28,231 |
|
|
(5,031 |
) |
|
|
(35,855 |
) |
|
|
239,547 |
Money market |
|
265,093 |
|
|
43,316 |
|
|
(2,314 |
) |
|
|
11,025 |
|
|
|
317,120 |
Total demand |
|
864,494 |
|
|
123,427 |
|
|
(12,578 |
) |
|
|
(6,266 |
) |
|
|
969,077 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings |
|
114,840 |
|
|
28,786 |
|
|
(3,530 |
) |
|
|
(2,655 |
) |
|
|
137,441 |
Total non-maturing
deposits |
|
979,334 |
|
|
152,213 |
|
|
(16,108 |
) |
|
|
(8,921 |
) |
|
|
1,106,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certificates of deposit |
|
152,382 |
|
|
38,003 |
|
|
(7,047 |
) |
|
|
(27,717 |
) |
|
|
155,621 |
Total deposits |
$ |
1,131,716 |
|
$ |
190,216 |
|
$ |
(23,155 |
) |
|
$ |
(36,638 |
) |
|
$ |
1,262,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 6 |
WHOLESALE AND RECIPROCAL DEPOSITS - UNAUDITED |
(amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
At September 30, |
|
At June 30, |
|
2019 |
|
2018 |
|
2019 |
CDARS / ICS reciprocal
deposits |
$ |
57,897 |
|
$ |
78,772 |
|
$ |
60,492 |
Online listing service
wholesale time deposits |
|
248 |
|
|
24,397 |
|
|
248 |
Total wholesale and reciprocal
deposits |
$ |
58,145 |
|
$ |
103,169 |
|
$ |
60,740 |
|
|
|
|
|
|
|
|
|
For calendar quarters prior to April 1, 2018, CDARS/ ICS
reciprocal deposits were considered to be brokered deposits by
regulatory authorities and were reported as such on quarterly Call
Reports. With passage of The Economic Growth, Regulatory Relief and
Consumer Protection Act in May 2018, this is no longer so.
AVERAGE COST OF FUNDS
The following table presents the average cost of
interest-bearing deposits, all deposits and all interest-bearing
liabilities for the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 7 |
AVERAGE COST OF FUNDS - UNAUDITED |
For The Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
|
2017 |
Interest-bearing deposits |
0.56 |
% |
|
0.54 |
% |
|
0.49 |
% |
|
0.45 |
% |
|
0.42 |
% |
|
0.41 |
% |
|
0.41 |
% |
|
0.42 |
% |
Interest-bearing deposits and
noninterest-bearing demand |
0.38 |
% |
|
0.37 |
% |
|
0.34 |
% |
|
0.31 |
% |
|
0.29 |
% |
|
0.29 |
% |
|
0.29 |
% |
|
0.30 |
% |
All interest-bearing
liabilities |
0.68 |
% |
|
0.74 |
% |
|
0.67 |
% |
|
0.61 |
% |
|
0.64 |
% |
|
0.68 |
% |
|
0.60 |
% |
|
0.59 |
% |
All interest-bearing
liabilities and noninterest-bearing demand |
0.46 |
% |
|
0.52 |
% |
|
0.46 |
% |
|
0.42 |
% |
|
0.45 |
% |
|
0.50 |
% |
|
0.43 |
% |
|
0.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT OVERVIEW
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 8 |
SUMMARY INCOME STATEMENT - UNAUDITED |
(amounts in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
Change |
|
June 30, |
|
Change |
|
2019 |
|
2018 |
|
Amount |
|
% |
|
2019 |
|
Amount |
|
% |
Interest income |
$ |
15,201 |
|
$ |
13,431 |
|
$ |
1,770 |
|
13 |
% |
|
$ |
15,127 |
|
$ |
74 |
|
|
0 |
|
% |
Interest expense |
|
1,479 |
|
|
1,304 |
|
|
175 |
|
13 |
% |
|
|
1,632 |
|
|
(153 |
) |
|
(9 |
) |
% |
Net interest income |
|
13,722 |
|
|
12,127 |
|
|
1,595 |
|
13 |
% |
|
|
13,495 |
|
|
227 |
|
|
2 |
|
% |
Provision for loan and lease
losses |
|
— |
|
|
— |
|
|
— |
|
— |
% |
|
|
— |
|
|
— |
|
|
— |
|
% |
Noninterest income |
|
1,006 |
|
|
943 |
|
|
63 |
|
7 |
% |
|
|
1,100 |
|
|
(94 |
) |
|
(9 |
) |
% |
Noninterest expense |
|
8,300 |
|
|
7,634 |
|
|
666 |
|
9 |
% |
|
|
9,611 |
|
|
(1,311 |
) |
|
(14 |
) |
% |
Income before provision for
income taxes |
|
6,428 |
|
|
5,436 |
|
|
992 |
|
18 |
% |
|
|
4,984 |
|
|
1,444 |
|
|
29 |
|
% |
Provision for income taxes |
|
1,786 |
|
|
1,404 |
|
|
382 |
|
27 |
% |
|
|
1,340 |
|
|
446 |
|
|
33 |
|
% |
Net
income |
$ |
4,642 |
|
$ |
4,032 |
|
$ |
610 |
|
15 |
% |
|
$ |
3,644 |
|
$ |
998 |
|
|
27 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.26 |
|
$ |
0.25 |
|
$ |
0.01 |
|
4 |
% |
|
$ |
0.20 |
|
$ |
0.06 |
|
|
30 |
|
% |
Average basic shares |
|
18,130 |
|
|
16,252 |
|
|
1,878 |
|
12 |
% |
|
|
18,134 |
|
|
(4 |
) |
|
— |
|
% |
Diluted earnings per
share |
$ |
0.26 |
|
$ |
0.25 |
|
$ |
0.01 |
|
4 |
% |
|
$ |
0.20 |
|
$ |
0.06 |
|
|
30 |
|
% |
Average diluted shares |
|
18,196 |
|
|
16,342 |
|
|
1,854 |
|
11 |
% |
|
|
18,194 |
|
|
2 |
|
|
— |
|
% |
Dividends declared per common
share |
$ |
0.05 |
|
$ |
0.04 |
|
$ |
0.01 |
|
25 |
% |
|
$ |
0.05 |
|
$ |
— |
|
|
— |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter of 2019 Compared With Third
Quarter of 2018
Net income for the third quarter of 2019 increased $610 thousand
compared to the third quarter of 2018. In the current quarter, net
interest income was $1.6 million higher and noninterest income was
$63 thousand higher. These positive changes were offset by
noninterest expenses that were $666 thousand higher and the
provision for income taxes was $382 thousand higher.
Net Interest Income
Net interest income increased $1.6 million compared to the same
period a year ago.
Interest income for the third quarter of 2019 increased $1.8
million or 13% to $15.2 million.
- Interest and fees on loans increased $1.4 million due to an
$11.6 million increase in average loan balances and an 8 basis
point increase in the average yield on the loan portfolio.
- Interest on investment securities increased $271 thousand due
to a $23.1 million increase in average securities balances and an
18 basis point increase in average yield on the securities
portfolio.
- Interest on interest-bearing deposits due from banks increased
$54 thousand due to an $8.5 million increase in average
interest-bearing deposit balances, and an 8 basis point increase in
average yield.
Interest expense for the third quarter of 2019 increased $175
thousand or 13% to $1.5 million.
- Interest expense on interest-bearing deposits increased $350
thousand. Average interest-bearing demand and savings deposit
balances increased $88.8 million, while average certificate of
deposit balances decreased $5.7 million. The average rate paid on
interest-bearing deposits increased 14 basis points.
- Interest expense on borrowings from the Federal Home Loan Bank
of San Francisco decreased $121 thousand. There were no Federal
Home Loan Bank of San Francisco borrowings in the current quarter
compared to average borrowings of $22.3 million in the same quarter
a year ago.
- Interest expense on other term debt and junior subordinated
debentures decreased $80 thousand. During the second quarter of
2019, we completed the early repayment of our variable rate senior
debt.
Provision for loan and lease losses
As illustrated in Table 10, the nonaccrual status of a $10.1
million commercial real estate loan has resulted in a deterioration
in our asset quality metrics. The loan is current and management
believes it is adequately collateralized. Net loan loss charge-offs
were only $160 thousand for the current quarter and no provision
for loan and lease losses was necessary. There was no provision for
loan and lease losses in the third quarter of 2018.
Noninterest Income
Noninterest income for the three months ended September 30, 2019
increased $63 thousand compared to the third quarter for 2018. The
change was not concentrated in any one item.
Noninterest Expense
Noninterest expense for the three months ended September 30,
2019 increased $666 thousand compared to the same period a year
previous. The increase was primarily due to increased operating
costs from our Merchants acquisition and $191 thousand in
amortization of the core deposit intangible for the deposits
acquired from Merchants. The increases were partially offset by
$193 thousand in Small Bank Assessment Credits from the FDIC.
The Company’s efficiency ratio was 56.4% for the third quarter
of 2019; the ratio during the same period in 2018 was 58.4%.
Income Tax Provision
For the three months ended September 30, 2019, our income tax
provision of $1.8 million on pre-tax income of $6.4 million was an
effective tax rate of 27.8%. The tax provision for the third
quarter of the prior year was $1.4 million on pre-tax income of
$5.4 million for an effective tax rate of 25.8%. The Company’s
effective tax rate has increased as muni income, tax credits and
permanent deductions arising from investments in low income housing
partnerships comprise a smaller percentage of pre-tax income. The
increase during the current quarter was also due to the write-off
of a $41 thousand deferred tax asset resulting from expiration of a
capital loss carryforward.
Third Quarter of 2019 Compared With Second
Quarter of 2019
Net income for the third quarter of 2019 increased $998 thousand
compared to the second quarter of 2019. In the current quarter net
interest income was $227 thousand higher and noninterest expense
was $1.3 million lower. These positive changes were partially
offset by noninterest income that was $94 thousand lower and the
provision for income taxes that was $446 thousand higher.
Net Interest Income
Net interest income increased $227 thousand over the prior
quarter.
Interest income for the three months ended September 30, 2019
increased $74 thousand or less than one percent to $15.2
million.
- Interest and fees on loans increased $166 thousand due to a
$1.3 million increase in average loan balances and a ten basis
point increase in the average yield on the loan portfolio.
- Interest on investment securities decreased $181 thousand due
to a $17.8 million decrease in average securities balances
partially offset by an 11 basis point increase in average yield on
the investment portfolio.
- Interest on interest-bearing deposits due from banks increased
$89 thousand due to a $23.3 million increase in average
balances.
- The third quarter of 2019 was one day longer than the second
quarter of 2019.
Interest expense for the three months ended September 30, 2019
decreased $153 thousand or 9% to $1.5 million.
- Interest expense on interest-bearing deposits increased $61
thousand. Average interest-bearing demand and savings deposit
balances increased $16.6 million, while average certificates of
deposit decreased $6.5 million. The average rate paid on
interest-bearing deposits increased by two basis points.
- Interest expense on borrowings from the Federal Home Loan Bank
of San Francisco decreased $192 thousand. There were no Federal
Home Loan Bank of San Francisco borrowings outstanding in the
current quarter, compared to average borrowings of $30.0 million in
the prior quarter
- Interest expense on other term debt and junior subordinated
debentures decreased $22 thousand. During the second quarter of
2019, we completed the early repayment and termination of our
senior debt agreement.
Provision for loan and lease losses
As a result of improvements in our asset quality metrics and
loan loss charge-offs totaling only $160 thousand for the current
quarter, no provision for loan and lease losses was necessary
during current quarter. There was no provision for loan and lease
losses in the prior quarter.
Noninterest Income
Noninterest income for the three months ended September 30, 2019
decreased $94 thousand, the decrease was not concentrated in any
one item.
Noninterest Expense
Noninterest expense for the three months ended September 30,
2019 decreased $1.3 million. The decrease was due to:
- $803 thousand in costs related to the acquisition and name
change in the prior quarter that did not recur.
- $263 thousand in decreased salaries and benefit cost.
- $193 thousand in Small Bank Assessment Credits from the
FDIC.
The Company’s efficiency ratio was 56.4% for the third quarter
of 2019; the ratio during the prior quarter was 65.9%.
Income Tax Provision
For the three months ended September 30, 2019, our income tax
provision of $1.8 million on pre-tax income of $6.4 million was an
effective tax rate of 27.8%. The income tax provision for the prior
quarter of $1.3 million on pre-tax income of $5.0 million was an
effective tax rate of 26.9%. The Company’s effective tax rate has
increased as credits and deductions comprised a smaller percentage
of pre-tax income. The increase during the current quarter was also
due to the write-off of a $41 thousand deferred tax asset resulting
from expiration of a capital loss carryforward.
Earnings Per Share
Diluted earnings per share were $0.26 for the three months ended
September 30, 2019 compared with diluted earnings per share of
$0.25 for the same period a year ago and diluted earnings per share
of $0.20 for the prior period. Net income and weighted average
shares used to calculate earnings per share – diluted are
summarized in Table 8 presented earlier in this press release.
During the third quarter of 2019, we adopted a share repurchase
program that authorizes the Company to purchase up to one million
shares of its common stock over a period ending March 31, 2020. As
of October 18, 2019 no shares have been repurchased under the
program.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 9a |
NET INTEREST MARGIN - UNAUDITED |
(amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended |
|
|
September 30, 2019 |
|
September 30, 2018 |
|
June 30, 2019 |
|
|
Average |
|
|
|
|
Yield / |
|
Average |
|
|
|
|
Yield / |
|
Average |
|
|
|
|
Yield / |
|
|
Balance |
|
Interest(1) |
|
Rate (5) |
|
Balance |
|
Interest(1) |
|
Rate (5) |
|
Balance |
|
Interest(1) |
|
Rate (5) |
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loans (2) |
|
$ |
1,029,534 |
|
$ |
13,013 |
|
5.01 |
% |
|
$ |
930,863 |
|
$ |
11,568 |
|
4.93 |
% |
|
$ |
1,028,187 |
|
$ |
12,847 |
|
5.01 |
% |
Taxable securities |
|
|
238,601 |
|
|
1,609 |
|
2.68 |
% |
|
|
199,883 |
|
|
1,209 |
|
2.40 |
% |
|
|
249,907 |
|
|
1,733 |
|
2.78 |
% |
Tax-exempt securities (3) |
|
|
32,974 |
|
|
271 |
|
3.26 |
% |
|
|
48,561 |
|
|
400 |
|
3.27 |
% |
|
|
39,501 |
|
|
328 |
|
3.33 |
% |
Interest-bearing deposits in other banks |
|
|
58,897 |
|
|
308 |
|
2.07 |
% |
|
|
50,397 |
|
|
254 |
|
2.00 |
% |
|
|
35,605 |
|
|
219 |
|
2.47 |
% |
Average interest- earning
assets |
|
|
1,360,006 |
|
|
15,201 |
|
4.43 |
% |
|
|
1,229,704 |
|
|
13,431 |
|
4.33 |
% |
|
|
1,353,200 |
|
|
15,127 |
|
4.48 |
% |
Cash and due from banks |
|
|
23,822 |
|
|
|
|
|
|
|
|
21,834 |
|
|
|
|
|
|
|
|
21,942 |
|
|
|
|
|
|
Premises and equipment, net |
|
|
15,922 |
|
|
|
|
|
|
|
|
13,768 |
|
|
|
|
|
|
|
|
15,819 |
|
|
|
|
|
|
Goodwill and core deposit intangible, net |
|
|
16,769 |
|
|
|
|
|
|
|
|
1,888 |
|
|
|
|
|
|
|
|
16,995 |
|
|
|
|
|
|
Other assets |
|
|
45,925 |
|
|
|
|
|
|
|
|
33,084 |
|
|
|
|
|
|
|
|
42,769 |
|
|
|
|
|
|
Average total assets |
|
$ |
1,462,444 |
|
|
|
|
|
|
|
$ |
1,300,278 |
|
|
|
|
|
|
|
$ |
1,450,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
243,553 |
|
|
117 |
|
0.19 |
% |
|
$ |
235,664 |
|
|
104 |
|
0.18 |
% |
|
$ |
238,840 |
|
|
129 |
|
0.22 |
% |
Money market |
|
|
309,188 |
|
|
451 |
|
0.58 |
% |
|
|
259,242 |
|
|
172 |
|
0.26 |
% |
|
|
296,326 |
|
|
380 |
|
0.51 |
% |
Savings |
|
|
138,296 |
|
|
131 |
|
0.38 |
% |
|
|
107,349 |
|
|
73 |
|
0.27 |
% |
|
|
139,307 |
|
|
123 |
|
0.35 |
% |
Certificates of deposit |
|
|
157,620 |
|
|
491 |
|
1.24 |
% |
|
|
163,302 |
|
|
465 |
|
1.13 |
% |
|
|
164,084 |
|
|
497 |
|
1.21 |
% |
Federal Home Loan Bank of San Francisco borrowings |
|
|
— |
|
|
— |
|
— |
% |
|
|
22,283 |
|
|
121 |
|
2.15 |
% |
|
|
30,000 |
|
|
192 |
|
2.57 |
% |
Other borrowings net of unamortized debt issuance costs |
|
|
9,942 |
|
|
183 |
|
7.30 |
% |
|
|
14,681 |
|
|
265 |
|
7.16 |
% |
|
|
10,841 |
|
|
201 |
|
7.44 |
% |
Junior subordinated debentures |
|
|
10,310 |
|
|
106 |
|
4.08 |
% |
|
|
10,310 |
|
|
104 |
|
4.00 |
% |
|
|
10,310 |
|
|
110 |
|
4.28 |
% |
Average interest- bearing
liabilities |
|
|
868,909 |
|
|
1,479 |
|
0.68 |
% |
|
|
812,831 |
|
|
1,304 |
|
0.64 |
% |
|
|
889,708 |
|
|
1,632 |
|
0.74 |
% |
Noninterest-bearing demand |
|
|
405,853 |
|
|
|
|
|
|
|
|
343,948 |
|
|
|
|
|
|
|
|
379,173 |
|
|
|
|
|
|
Other liabilities |
|
|
18,074 |
|
|
|
|
|
|
|
|
12,000 |
|
|
|
|
|
|
|
|
18,246 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
169,608 |
|
|
|
|
|
|
|
|
131,499 |
|
|
|
|
|
|
|
|
163,598 |
|
|
|
|
|
|
Average liabilities and
shareholders’ equity |
|
$ |
1,462,444 |
|
|
|
|
|
|
|
$ |
1,300,278 |
|
|
|
|
|
|
|
$ |
1,450,725 |
|
|
|
|
|
|
Net interest income and net
interest margin (4) |
|
|
|
|
$ |
13,722 |
|
4.00 |
% |
|
|
|
|
$ |
12,127 |
|
3.91 |
% |
|
|
|
|
$ |
13,495 |
|
4.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest
income on loans includes deferred fees and costs of approximately
$161 thousand, $74 thousand, and $91 thousand for the three months
ended September 30, 2019, and 2018 and June 30, 2019,
respectively. |
(2) Net loans
includes average nonaccrual loans of $13.2 million, $3.8 million
and $13.7 million for the three months ended September 30, 2019 and
2018 and June 30, 2019, respectively. |
(3) Interest
income and yields on tax-exempt securities are not presented on a
taxable equivalent basis. |
(4) Net interest
margin is net interest income expressed as a percentage of average
interest-earning assets. |
(5) Yields and
rates are calculated by dividing the income or expense by the
average balance of the assets or liabilities, respectively, and
annualizing the result. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 9b |
NET INTEREST MARGIN - UNAUDITED |
(amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Nine Months Ended |
|
|
September 30, 2019 |
|
September 30, 2018 |
|
|
Average |
|
|
|
|
Yield / |
|
Average |
|
|
|
|
Yield / |
|
|
Balance |
|
Interest(1) |
|
Rate (5) |
|
Balance |
|
Interest(1) |
|
Rate (5) |
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loans (2) |
|
$ |
1,017,127 |
|
$ |
37,891 |
|
4.98 |
% |
|
$ |
912,648 |
|
$ |
33,461 |
|
4.90 |
% |
Taxable securities |
|
|
247,139 |
|
|
5,106 |
|
2.76 |
% |
|
|
203,791 |
|
|
3,696 |
|
2.42 |
% |
Tax-exempt securities (3) |
|
|
40,912 |
|
|
986 |
|
3.22 |
% |
|
|
52,844 |
|
|
1,276 |
|
3.23 |
% |
Interest-bearing deposits in other banks |
|
|
44,995 |
|
|
772 |
|
2.29 |
% |
|
|
37,515 |
|
|
518 |
|
1.85 |
% |
Average interest- earning
assets |
|
|
1,350,173 |
|
|
44,755 |
|
4.43 |
% |
|
|
1,206,798 |
|
|
38,951 |
|
4.32 |
% |
Cash and due from banks |
|
|
22,375 |
|
|
|
|
|
|
|
|
19,801 |
|
|
|
|
|
|
Premises and equipment, net |
|
|
15,445 |
|
|
|
|
|
|
|
|
14,161 |
|
|
|
|
|
|
Goodwill and core deposit intangible, net |
|
|
15,230 |
|
|
|
|
|
|
|
|
1,943 |
|
|
|
|
|
|
Other assets |
|
|
43,253 |
|
|
|
|
|
|
|
|
32,666 |
|
|
|
|
|
|
Average total assets |
|
$ |
1,446,476 |
|
|
|
|
|
|
|
$ |
1,275,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
$ |
241,924 |
|
|
372 |
|
0.21 |
% |
|
$ |
231,958 |
|
|
273 |
|
0.16 |
% |
Money market |
|
|
299,694 |
|
|
1,120 |
|
0.50 |
% |
|
|
245,797 |
|
|
439 |
|
0.24 |
% |
Savings |
|
|
136,254 |
|
|
365 |
|
0.36 |
% |
|
|
108,382 |
|
|
196 |
|
0.24 |
% |
Certificates of deposit |
|
|
163,020 |
|
|
1,478 |
|
1.21 |
% |
|
|
171,941 |
|
|
1,448 |
|
1.13 |
% |
Federal Home Loan Bank of San Francisco borrowings |
|
|
12,894 |
|
|
247 |
|
2.56 |
% |
|
|
30,037 |
|
|
435 |
|
1.94 |
% |
Other borrowings net of unamortized debt issuance costs |
|
|
11,213 |
|
|
623 |
|
7.43 |
% |
|
|
15,601 |
|
|
825 |
|
7.07 |
% |
Junior subordinated debentures |
|
|
10,310 |
|
|
329 |
|
4.27 |
% |
|
|
10,310 |
|
|
283 |
|
3.67 |
% |
Average interest- bearing
liabilities |
|
|
875,309 |
|
|
4,534 |
|
0.69 |
% |
|
|
814,026 |
|
|
3,899 |
|
0.64 |
% |
Noninterest-bearing demand |
|
|
391,208 |
|
|
|
|
|
|
|
|
320,316 |
|
|
|
|
|
|
Other liabilities |
|
|
17,927 |
|
|
|
|
|
|
|
|
12,094 |
|
|
|
|
|
|
Shareholders’ equity |
|
|
162,032 |
|
|
|
|
|
|
|
|
128,933 |
|
|
|
|
|
|
Average liabilities and
shareholders’ equity |
|
$ |
1,446,476 |
|
|
|
|
|
|
|
$ |
1,275,369 |
|
|
|
|
|
|
Net interest income and net
interest margin (4) |
|
|
|
|
$ |
40,221 |
|
3.98 |
% |
|
|
|
|
$ |
35,052 |
|
3.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Interest
income on loans includes deferred fees and costs of approximately
$433 thousand and $356 thousand for the nine months ended September
30, 2019 and 2018, respectively. |
(2) Net loans
includes average nonaccrual loans of $11.8 million and $4.3 million
for the nine months ended September 30, 2019 and 2018,
respectively. |
(3) Interest
income and yields on tax-exempt securities are not presented on a
taxable equivalent basis. |
(4) Net interest
margin is net interest income expressed as a percentage of average
interest-earning assets. |
(5) Yields and
rates are calculated by dividing the income or expense by the
average balance of the assets or liabilities, respectively, and
annualizing the result. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 10 |
|
ALLOWANCE FOR LOAN AND LEASE LOSSES ROLL FORWARD AND
IMPAIRED LOAN TOTALS - UNAUDITED |
|
(amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
Beginning balance ALLL |
$ |
12,445 |
|
|
|
$ |
12,242 |
|
|
|
$ |
12,292 |
|
|
|
$ |
12,392 |
|
|
|
$ |
12,388 |
|
|
Provision for loan and lease
losses |
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
Loans charged-off |
|
(319 |
) |
|
|
|
(659 |
) |
|
|
|
(348 |
) |
|
|
|
(279 |
) |
|
|
|
(198 |
) |
|
Loan loss recoveries |
|
159 |
|
|
|
|
862 |
|
|
|
|
298 |
|
|
|
|
179 |
|
|
|
|
202 |
|
|
Ending balance ALLL |
$ |
12,285 |
|
|
|
$ |
12,445 |
|
|
|
$ |
12,242 |
|
|
|
$ |
12,292 |
|
|
|
$ |
12,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30, |
|
At June 30, |
|
At March 31, |
|
At December 31, |
|
At September 30, |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
Nonaccrual loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
$ |
139 |
|
|
|
$ |
194 |
|
|
|
$ |
1,018 |
|
|
|
$ |
959 |
|
|
|
$ |
899 |
|
|
Real estate - commercial non-owner occupied |
|
10,099 |
|
|
|
|
10,690 |
|
|
|
|
10,878 |
|
|
|
|
— |
|
|
|
|
— |
|
|
Real estate - commercial owner occupied |
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
548 |
|
|
|
|
— |
|
|
Real estate - residential - ITIN |
|
2,339 |
|
|
|
|
2,389 |
|
|
|
|
2,392 |
|
|
|
|
2,388 |
|
|
|
|
2,571 |
|
|
Real estate - residential - 1-4 family mortgage |
|
198 |
|
|
|
|
217 |
|
|
|
|
182 |
|
|
|
|
185 |
|
|
|
|
179 |
|
|
Real estate - residential - equity lines |
|
— |
|
|
|
|
— |
|
|
|
|
42 |
|
|
|
|
43 |
|
|
|
|
44 |
|
|
Consumer and other |
|
21 |
|
|
|
|
22 |
|
|
|
|
23 |
|
|
|
|
23 |
|
|
|
|
24 |
|
|
Total nonaccrual loans |
|
12,796 |
|
|
|
|
13,512 |
|
|
|
|
14,535 |
|
|
|
|
4,146 |
|
|
|
|
3,717 |
|
|
Accruing troubled debt
restructured loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
629 |
|
|
|
|
1,092 |
|
|
|
|
1,187 |
|
|
|
|
1,224 |
|
|
|
|
1,291 |
|
|
Real estate - commercial non-owner occupied |
|
— |
|
|
|
|
791 |
|
|
|
|
793 |
|
|
|
|
795 |
|
|
|
|
797 |
|
|
Real estate - residential - ITIN |
|
4,072 |
|
|
|
|
4,300 |
|
|
|
|
4,342 |
|
|
|
|
4,484 |
|
|
|
|
4,535 |
|
|
Real estate - residential - equity lines |
|
236 |
|
|
|
|
242 |
|
|
|
|
358 |
|
|
|
|
363 |
|
|
|
|
367 |
|
|
Total accruing troubled debt
restructured loans |
|
4,937 |
|
|
|
|
6,425 |
|
|
|
|
6,680 |
|
|
|
|
6,866 |
|
|
|
|
6,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All other accruing impaired
loans |
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total impaired loans |
$ |
17,733 |
|
|
|
$ |
19,937 |
|
|
|
$ |
21,215 |
|
|
|
$ |
11,012 |
|
|
|
$ |
10,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans outstanding at
period end |
$ |
1,033,082 |
|
|
|
$ |
1,036,724 |
|
|
|
$ |
1,034,606 |
|
|
|
$ |
946,251 |
|
|
|
$ |
927,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired loans to gross loans |
|
1.72 |
|
% |
|
|
1.92 |
|
% |
|
|
2.05 |
|
% |
|
|
1.16 |
|
% |
|
|
1.15 |
|
% |
Nonaccrual loans to gross
loans |
|
1.24 |
|
% |
|
|
1.30 |
|
% |
|
|
1.40 |
|
% |
|
|
0.44 |
|
% |
|
|
0.40 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses as a percent of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loans |
|
1.19 |
|
% |
|
|
1.20 |
|
% |
|
|
1.18 |
|
% |
|
|
1.30 |
|
% |
|
|
1.34 |
|
% |
Nonaccrual loans |
|
96.01 |
|
% |
|
|
92.10 |
|
% |
|
|
84.22 |
|
% |
|
|
296.48 |
|
% |
|
|
333.39 |
|
% |
Impaired loans |
|
69.28 |
|
% |
|
|
62.42 |
|
% |
|
|
57.70 |
|
% |
|
|
111.62 |
|
% |
|
|
115.74 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We continue to monitor credit quality and adjust the ALLL to
ensure that the ALLL is maintained at a level that is adequate to
cover estimated credit losses in the loan and lease portfolio. As
illustrated in Table 10, the nonaccrual status of a $10.1 million
commercial real estate loan has resulted in a deterioration in our
asset quality metrics for the first three quarters of 2019 however,
the loan is current and management believes it is adequately
collateralized. Net loan loss charge-offs totaled only $160
thousand for the quarter ended September 30, 2019 and no provision
for loan and lease losses was necessary for the quarter. There was
no provision for loan and lease loss during the prior quarter or
during the same quarter a year ago.
The loans acquired from Merchants were recorded at fair value
which included a discount for credit risk which is not a part of
the ALLL. As a result, our ALLL as a percentage of gross loans
declined to 1.19% as of September 30, 2019 compared to 1.34% as of
September 30, 2018 and decreased compared to 1.20% as of June 30,
2019.
Based on the Bank’s ALLL methodology, which uses criteria such
as risk factors and historical loss rates, and given the ongoing
improvements in asset quality, management believes the Company’s
ALLL is adequate at September 30, 2019. There is, however, no
assurance that future loan and lease losses will not exceed the
levels provided for in the ALLL and could possibly result in future
charges to the provision for loan and lease losses.
At September 30, 2019, the recorded investment in loans
classified as impaired totaled $17.7 million, with a corresponding
specific reserve of $335 thousand compared to impaired loans of
$10.7 million with a corresponding specific reserve of $1.1 million
at September 30, 2018 and impaired loans of $19.9 million, with a
corresponding specific reserve of $727 thousand at June 30, 2019.
The increase in loans classified as impaired compared to the same
period a year ago results from one $10.1 million commercial real
estate loan.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 11 |
TROUBLED DEBT RESTRUCTURINGS - UNAUDITED |
(amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30, |
|
At June 30, |
|
At March 31, |
|
At December 31, |
|
At September 30, |
|
|
2019 |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
Nonaccrual |
|
$ |
1,746 |
|
|
$ |
1,828 |
|
|
$ |
2,725 |
|
|
$ |
2,693 |
|
|
$ |
2,720 |
|
Accruing |
|
|
4,937 |
|
|
|
6,425 |
|
|
|
6,680 |
|
|
|
6,866 |
|
|
|
6,990 |
|
Total troubled debt
restructurings |
|
$ |
6,683 |
|
|
$ |
8,253 |
|
|
$ |
9,405 |
|
|
$ |
9,559 |
|
|
$ |
9,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled debt restructurings
as a percentage of total gross loans |
|
|
0.65 |
% |
|
|
0.80 |
% |
|
|
0.91 |
% |
|
|
1.01 |
% |
|
|
1.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There were no new troubled debt restructurings during the three
months ended September 30, 2019. As of September 30, 2019, we had
99 restructured loans that qualified as troubled debt
restructurings, of which 97 were performing according to their
restructured terms.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 12 |
NONPERFORMING ASSETS - UNAUDITED |
(amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30, |
|
At June 30, |
|
At March 31, |
|
At December 31, |
|
At September 30, |
|
|
2019 |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
Total nonaccrual loans |
|
$ |
12,796 |
|
|
$ |
13,512 |
|
|
$ |
14,535 |
|
|
$ |
4,146 |
|
|
$ |
3,717 |
|
90 days past due and still
accruing |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming loans |
|
|
12,796 |
|
|
|
13,512 |
|
|
|
14,535 |
|
|
|
4,146 |
|
|
|
3,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other real estate owned
("OREO") |
|
|
58 |
|
|
|
— |
|
|
|
34 |
|
|
|
31 |
|
|
|
136 |
|
Total nonperforming
assets |
|
$ |
12,854 |
|
|
$ |
13,512 |
|
|
$ |
14,569 |
|
|
$ |
4,177 |
|
|
$ |
3,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to gross
loans |
|
|
1.24 |
% |
|
|
1.30 |
% |
|
|
1.40 |
% |
|
|
0.44 |
% |
|
|
0.40 |
% |
Nonperforming assets to total
assets |
|
|
0.87 |
% |
|
|
0.94 |
% |
|
|
0.99 |
% |
|
|
0.32 |
% |
|
|
0.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table summarizes when loans are projected to
reprice by year and rate index as of September 30, 2019.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 13 |
LOANS BY RATE INDEX AND PROJECTED REPAYMENT -
UNAUDITED |
(amounts in thousands) |
At September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years 6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
Beyond |
|
|
|
|
|
Year 1 |
|
Year 2 |
|
Year 3 |
|
Year 4 |
|
Year 5 |
|
Year 10 |
|
Year 10 |
|
Total |
Rate
Index: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed |
|
$ |
46,963 |
|
$ |
51,876 |
|
$ |
43,148 |
|
$ |
76,813 |
|
$ |
33,417 |
|
$ |
154,808 |
|
$ |
35,385 |
|
$ |
442,410 |
Variable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prime |
|
|
99,652 |
|
|
4,827 |
|
|
5,729 |
|
|
8,198 |
|
|
7,667 |
|
|
1,644 |
|
|
— |
|
|
127,717 |
5 Year Treasury |
|
|
20,669 |
|
|
53,077 |
|
|
70,058 |
|
|
88,475 |
|
|
73,234 |
|
|
53,514 |
|
|
— |
|
|
359,027 |
7 Year Treasury |
|
|
904 |
|
|
3,556 |
|
|
8,698 |
|
|
4,762 |
|
|
5,629 |
|
|
13,919 |
|
|
— |
|
|
37,468 |
1 Year LIBOR |
|
|
21,615 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
21,615 |
Other Indexes |
|
|
4,518 |
|
|
2,655 |
|
|
1,676 |
|
|
2,121 |
|
|
1,451 |
|
|
21,370 |
|
|
238 |
|
|
34,029 |
Nonaccrual |
|
|
1,080 |
|
|
9,800 |
|
|
292 |
|
|
275 |
|
|
257 |
|
|
814 |
|
|
278 |
|
|
12,796 |
Total |
|
$ |
195,401 |
|
$ |
125,791 |
|
$ |
129,601 |
|
$ |
180,644 |
|
$ |
121,655 |
|
$ |
246,069 |
|
$ |
35,901 |
|
$ |
1,035,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE
14 |
UNAUDITED
CONSOLIDATED |
BALANCE
SHEET |
(amounts in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30, |
|
Change |
|
At June 30, |
|
|
2019 |
|
2018 |
|
$ |
|
% |
|
2019 |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
32,505 |
|
|
$ |
21,316 |
|
|
$ |
11,189 |
|
|
52 |
|
% |
|
$ |
21,306 |
|
Interest-bearing deposits in other banks |
|
|
56,099 |
|
|
|
69,920 |
|
|
|
(13,821 |
) |
|
(20 |
) |
% |
|
|
19,319 |
|
Total cash and cash equivalents |
|
|
88,604 |
|
|
|
91,236 |
|
|
|
(2,632 |
) |
|
(3 |
) |
% |
|
|
40,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available-for-sale, at fair value |
|
|
272,341 |
|
|
|
239,633 |
|
|
|
32,708 |
|
|
14 |
|
% |
|
|
285,819 |
|
Loans, net of deferred fees and costs |
|
|
1,035,062 |
|
|
|
929,237 |
|
|
|
105,825 |
|
|
11 |
|
% |
|
|
1,038,729 |
|
Allowance for loan and lease losses |
|
|
(12,285 |
) |
|
|
(12,392 |
) |
|
|
107 |
|
|
(1 |
) |
% |
|
|
(12,445 |
) |
Net loans |
|
|
1,022,777 |
|
|
|
916,845 |
|
|
|
105,932 |
|
|
12 |
|
% |
|
|
1,026,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premises and equipment, net |
|
|
16,084 |
|
|
|
13,495 |
|
|
|
2,589 |
|
|
19 |
|
% |
|
|
15,836 |
|
Other real estate owned |
|
|
58 |
|
|
|
136 |
|
|
|
(78 |
) |
|
(57 |
) |
% |
|
|
— |
|
Life insurance |
|
|
23,576 |
|
|
|
22,282 |
|
|
|
1,294 |
|
|
6 |
|
% |
|
|
23,449 |
|
Deferred tax asset, net |
|
|
4,818 |
|
|
|
8,084 |
|
|
|
(3,266 |
) |
|
(40 |
) |
% |
|
|
4,791 |
|
Goodwill and core deposit intangible, net |
|
|
16,672 |
|
|
|
1,864 |
|
|
|
14,808 |
|
|
794 |
|
% |
|
|
16,900 |
|
Other assets |
|
|
27,497 |
|
|
|
21,894 |
|
|
|
5,603 |
|
|
26 |
|
% |
|
|
28,282 |
|
Total assets |
|
$ |
1,472,427 |
|
|
$ |
1,315,469 |
|
|
$ |
156,958 |
|
|
12 |
|
% |
|
$ |
1,441,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand - noninterest-bearing |
|
$ |
412,410 |
|
|
$ |
361,516 |
|
|
$ |
50,894 |
|
|
14 |
|
% |
|
$ |
397,349 |
|
Demand - interest-bearing |
|
|
239,547 |
|
|
|
251,323 |
|
|
|
(11,776 |
) |
|
(5 |
) |
% |
|
|
238,175 |
|
Money market |
|
|
317,120 |
|
|
|
259,230 |
|
|
|
57,890 |
|
|
22 |
|
% |
|
|
300,847 |
|
Savings |
|
|
137,441 |
|
|
|
111,388 |
|
|
|
26,053 |
|
|
23 |
|
% |
|
|
138,591 |
|
Certificates of deposit |
|
|
155,621 |
|
|
|
161,304 |
|
|
|
(5,683 |
) |
|
(4 |
) |
% |
|
|
160,556 |
|
Total deposits |
|
|
1,262,139 |
|
|
|
1,144,761 |
|
|
|
117,378 |
|
|
10 |
|
% |
|
|
1,235,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other borrowings |
|
|
10,000 |
|
|
|
14,396 |
|
|
|
(4,396 |
) |
|
(31 |
) |
% |
|
|
10,000 |
|
Unamortized debt issuance costs |
|
|
(55 |
) |
|
|
(103 |
) |
|
|
48 |
|
|
(47 |
) |
% |
|
|
(67 |
) |
Net term debt |
|
|
9,945 |
|
|
|
14,293 |
|
|
|
(4,348 |
) |
|
(30 |
) |
% |
|
|
9,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior subordinated debentures |
|
|
10,310 |
|
|
|
10,310 |
|
|
|
— |
|
|
— |
|
% |
|
|
10,310 |
|
Other liabilities |
|
|
18,396 |
|
|
|
13,136 |
|
|
|
5,260 |
|
|
40 |
|
% |
|
|
18,372 |
|
Total liabilities |
|
|
1,300,790 |
|
|
|
1,182,500 |
|
|
|
118,290 |
|
|
10 |
|
% |
|
|
1,274,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
72,200 |
|
|
|
52,191 |
|
|
|
20,009 |
|
|
38 |
|
% |
|
|
72,087 |
|
Retained earnings |
|
|
97,100 |
|
|
|
84,857 |
|
|
|
12,243 |
|
|
14 |
|
% |
|
|
93,363 |
|
Accumulated other comprehensive income (loss), net of tax |
|
|
2,337 |
|
|
|
(4,079 |
) |
|
|
6,416 |
|
|
(157 |
) |
% |
|
|
2,403 |
|
Total shareholders' equity |
|
|
171,637 |
|
|
|
132,969 |
|
|
|
38,668 |
|
|
29 |
|
% |
|
|
167,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity |
|
$ |
1,472,427 |
|
|
$ |
1,315,469 |
|
|
$ |
156,958 |
|
|
12 |
|
% |
|
$ |
1,441,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning
assets |
|
$ |
1,360,184 |
|
|
$ |
1,244,581 |
|
|
$ |
115,603 |
|
|
9 |
|
% |
|
$ |
1,340,456 |
|
Shares outstanding |
|
|
18,212 |
|
|
|
16,330 |
|
|
|
1,882 |
|
|
12 |
|
% |
|
|
18,214 |
|
Book value per share |
|
$ |
9.42 |
|
|
$ |
8.14 |
|
|
$ |
1.28 |
|
|
16 |
|
% |
|
$ |
9.22 |
|
Tangible book value per share
(1) |
|
$ |
8.51 |
|
|
$ |
8.03 |
|
|
$ |
0.48 |
|
|
6 |
|
% |
|
$ |
8.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Book
value per share is computed by dividing total shareholders’ equity
by shares outstanding. Tangible book value per share is computed by
dividing total shareholders’ equity less goodwill and core deposit
intangible, net by shares outstanding. Management believes that
tangible book value per share is meaningful because it is a measure
that the Company and investors commonly use to assess capital
adequacy. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 15 |
UNAUDITED |
INCOME STATEMENT |
(amounts in thousands, except per share data) |
|
|
For The Three Months Ended |
|
For The Nine Months Ended |
|
|
September 30, |
|
Change |
|
June 30, |
|
September 30, |
|
|
2019 |
|
2018 |
|
$ |
|
% |
|
2019 |
|
2019 |
|
2018 |
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
13,013 |
|
$ |
11,568 |
|
|
$ |
1,445 |
|
|
12 |
|
% |
|
$ |
12,847 |
|
$ |
37,891 |
|
$ |
33,461 |
Interest on taxable securities |
|
|
1,609 |
|
|
1,209 |
|
|
|
400 |
|
|
33 |
|
% |
|
|
1,733 |
|
|
5,106 |
|
|
3,696 |
Interest on tax-exempt securities |
|
|
271 |
|
|
400 |
|
|
|
(129 |
) |
|
(32 |
) |
% |
|
|
328 |
|
|
986 |
|
|
1,276 |
Interest on interest-bearing deposits in other banks |
|
|
308 |
|
|
254 |
|
|
|
54 |
|
|
21 |
|
% |
|
|
219 |
|
|
772 |
|
|
518 |
Total interest income |
|
|
15,201 |
|
|
13,431 |
|
|
|
1,770 |
|
|
13 |
|
% |
|
|
15,127 |
|
|
44,755 |
|
|
38,951 |
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on demand deposits |
|
|
117 |
|
|
104 |
|
|
|
13 |
|
|
13 |
|
% |
|
|
129 |
|
|
372 |
|
|
273 |
Interest on money market |
|
|
451 |
|
|
172 |
|
|
|
279 |
|
|
162 |
|
% |
|
|
380 |
|
|
1,120 |
|
|
439 |
Interest on savings |
|
|
131 |
|
|
73 |
|
|
|
58 |
|
|
79 |
|
% |
|
|
123 |
|
|
365 |
|
|
196 |
Interest on certificates of deposit |
|
|
491 |
|
|
465 |
|
|
|
26 |
|
|
6 |
|
% |
|
|
497 |
|
|
1,478 |
|
|
1,448 |
Interest on Federal Home Loan Bank of San Francisco borrowings |
|
|
— |
|
|
121 |
|
|
|
(121 |
) |
|
(100 |
) |
% |
|
|
192 |
|
|
247 |
|
|
435 |
Interest on other borrowings |
|
|
183 |
|
|
265 |
|
|
|
(82 |
) |
|
(31 |
) |
% |
|
|
201 |
|
|
623 |
|
|
825 |
Interest on junior subordinated debentures |
|
|
106 |
|
|
104 |
|
|
|
2 |
|
|
2 |
|
% |
|
|
110 |
|
|
329 |
|
|
283 |
Total interest expense |
|
|
1,479 |
|
|
1,304 |
|
|
|
175 |
|
|
13 |
|
% |
|
|
1,632 |
|
|
4,534 |
|
|
3,899 |
Net interest income |
|
|
13,722 |
|
|
12,127 |
|
|
|
1,595 |
|
|
13 |
|
% |
|
|
13,495 |
|
|
40,221 |
|
|
35,052 |
Provision for loan and lease
losses |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
% |
|
|
— |
|
|
— |
|
|
— |
Net interest income after provision for loan and lease losses |
|
|
13,722 |
|
|
12,127 |
|
|
|
1,595 |
|
|
13 |
|
% |
|
|
13,495 |
|
|
40,221 |
|
|
35,052 |
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
177 |
|
|
170 |
|
|
|
7 |
|
|
4 |
|
% |
|
|
187 |
|
|
532 |
|
|
521 |
ATM and point of sale fees |
|
|
293 |
|
|
282 |
|
|
|
11 |
|
|
4 |
|
% |
|
|
318 |
|
|
876 |
|
|
848 |
Fees on payroll and benefit processing |
|
|
158 |
|
|
159 |
|
|
|
(1 |
) |
|
(1 |
) |
% |
|
|
157 |
|
|
486 |
|
|
474 |
Life insurance |
|
|
126 |
|
|
128 |
|
|
|
(2 |
) |
|
(2 |
) |
% |
|
|
155 |
|
|
410 |
|
|
384 |
Gain on investment securities, net |
|
|
12 |
|
|
1 |
|
|
|
11 |
|
|
1,100 |
|
% |
|
|
33 |
|
|
137 |
|
|
41 |
Federal Home Loan Bank of San Francisco dividends |
|
|
131 |
|
|
104 |
|
|
|
27 |
|
|
26 |
|
% |
|
|
124 |
|
|
376 |
|
|
279 |
Gain (Loss) on sale of OREO |
|
|
— |
|
|
(7 |
) |
|
|
7 |
|
|
100 |
|
% |
|
|
18 |
|
|
41 |
|
|
9 |
Other income |
|
|
109 |
|
|
106 |
|
|
|
3 |
|
|
3 |
|
% |
|
|
108 |
|
|
305 |
|
|
331 |
Total noninterest income |
|
|
1,006 |
|
|
943 |
|
|
|
63 |
|
|
7 |
|
% |
|
|
1,100 |
|
|
3,163 |
|
|
2,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 15 - CONTINUED |
UNAUDITED |
INCOME STATEMENT |
(amounts in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended |
|
For The Nine Months Ended |
|
|
September 30, |
|
Change |
|
June 30, |
|
September 30, |
|
|
2019 |
|
2018 |
|
$ |
|
% |
|
2019 |
|
2019 |
|
2018 |
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and related benefits |
|
|
5,005 |
|
|
|
4,529 |
|
|
476 |
|
|
11 |
|
% |
|
|
5,146 |
|
|
15,880 |
|
|
13,897 |
Premises and equipment |
|
|
950 |
|
|
|
1,017 |
|
|
(67 |
) |
|
(7 |
) |
% |
|
|
945 |
|
|
2,887 |
|
|
3,104 |
Federal Deposit Insurance Corporation insurance premium |
|
|
(104 |
) |
|
|
94 |
|
|
(198 |
) |
|
(211 |
) |
% |
|
|
95 |
|
|
91 |
|
|
283 |
Data processing fees |
|
|
565 |
|
|
|
518 |
|
|
47 |
|
|
9 |
|
% |
|
|
621 |
|
|
1,745 |
|
|
1,421 |
Professional service fees |
|
|
392 |
|
|
|
336 |
|
|
56 |
|
|
17 |
|
% |
|
|
535 |
|
|
1,230 |
|
|
995 |
Telecommunications |
|
|
194 |
|
|
|
55 |
|
|
139 |
|
|
253 |
|
% |
|
|
180 |
|
|
547 |
|
|
449 |
Acquisition |
|
|
(113 |
) |
|
|
42 |
|
|
(155 |
) |
|
(369 |
) |
% |
|
|
376 |
|
|
2,193 |
|
|
42 |
Other expenses |
|
|
1,411 |
|
|
|
1,043 |
|
|
368 |
|
|
35 |
|
% |
|
|
1,713 |
|
|
4,261 |
|
|
3,147 |
Total noninterest expense |
|
|
8,300 |
|
|
|
7,634 |
|
|
666 |
|
|
9 |
|
% |
|
|
9,611 |
|
|
28,834 |
|
|
23,338 |
Income before provision for
income taxes |
|
|
6,428 |
|
|
|
5,436 |
|
|
992 |
|
|
18 |
|
% |
|
|
4,984 |
|
|
14,550 |
|
|
14,601 |
Provision for income taxes |
|
|
1,786 |
|
|
|
1,404 |
|
|
382 |
|
|
27 |
|
% |
|
|
1,340 |
|
|
3,958 |
|
|
3,710 |
Net income |
|
$ |
4,642 |
|
|
$ |
4,032 |
|
$ |
610 |
|
|
15 |
|
% |
|
$ |
3,644 |
|
$ |
10,592 |
|
$ |
10,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
0.26 |
|
|
$ |
0.25 |
|
$ |
0.01 |
|
|
4 |
|
% |
|
$ |
0.20 |
|
$ |
0.59 |
|
$ |
0.67 |
Average basic shares |
|
|
18,130 |
|
|
|
16,252 |
|
|
1,878 |
|
|
12 |
|
% |
|
|
18,134 |
|
|
17,918 |
|
|
16,242 |
Diluted earnings per
share |
|
$ |
0.26 |
|
|
$ |
0.25 |
|
$ |
0.01 |
|
|
4 |
|
% |
|
$ |
0.20 |
|
$ |
0.59 |
|
$ |
0.67 |
Average diluted shares |
|
|
18,196 |
|
|
|
16,342 |
|
|
1,854 |
|
|
11 |
|
% |
|
|
18,194 |
|
|
17,981 |
|
|
16,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 16 |
UNAUDITED CONDENSED CONSOLIDATED |
QUARTERLY AVERAGE BALANCE SHEETS |
(amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended |
|
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
|
2019 |
|
2019 |
|
2019 |
|
2018 |
|
2018 |
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
1,029,534 |
|
$ |
1,028,187 |
|
$ |
993,261 |
|
$ |
923,409 |
|
$ |
930,863 |
Taxable securities |
|
|
238,601 |
|
|
249,907 |
|
|
253,068 |
|
|
218,137 |
|
|
199,883 |
Tax-exempt securities |
|
|
32,974 |
|
|
39,501 |
|
|
50,454 |
|
|
42,868 |
|
|
48,561 |
Interest-bearing deposits in other banks |
|
|
58,897 |
|
|
35,605 |
|
|
40,223 |
|
|
75,295 |
|
|
50,397 |
Total earning assets |
|
|
1,360,006 |
|
|
1,353,200 |
|
|
1,337,006 |
|
|
1,259,709 |
|
|
1,229,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
23,822 |
|
|
21,942 |
|
|
21,392 |
|
|
22,447 |
|
|
21,834 |
Premises and equipment,
net |
|
|
15,922 |
|
|
15,819 |
|
|
14,581 |
|
|
13,331 |
|
|
13,768 |
Goodwill and core deposit
intangible, net |
|
|
16,769 |
|
|
16,995 |
|
|
11,872 |
|
|
1,842 |
|
|
1,888 |
Other assets |
|
|
45,925 |
|
|
42,769 |
|
|
41,009 |
|
|
31,488 |
|
|
33,084 |
Total assets |
|
$ |
1,462,444 |
|
$ |
1,450,725 |
|
$ |
1,425,860 |
|
$ |
1,328,817 |
|
$ |
1,300,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand - noninterest-bearing |
|
$ |
405,853 |
|
$ |
379,173 |
|
$ |
388,410 |
|
$ |
367,457 |
|
$ |
343,948 |
Demand - interest-bearing |
|
|
243,553 |
|
|
238,840 |
|
|
243,376 |
|
|
257,227 |
|
|
235,664 |
Money market |
|
|
309,188 |
|
|
296,326 |
|
|
293,396 |
|
|
265,190 |
|
|
259,242 |
Savings |
|
|
138,296 |
|
|
139,307 |
|
|
131,081 |
|
|
110,934 |
|
|
107,349 |
Certificates of deposit |
|
|
157,620 |
|
|
164,084 |
|
|
167,463 |
|
|
157,035 |
|
|
163,302 |
Total deposits |
|
|
1,254,510 |
|
|
1,217,730 |
|
|
1,223,726 |
|
|
1,157,843 |
|
|
1,109,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank of San Francisco borrowings |
|
|
— |
|
|
30,000 |
|
|
8,778 |
|
|
— |
|
|
22,283 |
Other borrowings net of unamortized debt issuance costs |
|
|
9,942 |
|
|
10,841 |
|
|
12,889 |
|
|
13,785 |
|
|
14,681 |
Junior subordinated debentures |
|
|
10,310 |
|
|
10,310 |
|
|
10,310 |
|
|
10,310 |
|
|
10,310 |
Other liabilities |
|
|
18,074 |
|
|
18,246 |
|
|
17,452 |
|
|
12,846 |
|
|
12,000 |
Total liabilities |
|
|
1,292,836 |
|
|
1,287,127 |
|
|
1,273,155 |
|
|
1,194,784 |
|
|
1,168,779 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
169,608 |
|
|
163,598 |
|
|
152,705 |
|
|
134,033 |
|
|
131,499 |
Liabilities &
shareholders' equity |
|
$ |
1,462,444 |
|
$ |
1,450,725 |
|
$ |
1,425,860 |
|
$ |
1,328,817 |
|
$ |
1,300,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE 17 |
UNAUDITED CONDENSED CONSOLIDATED |
YEAR TO DATE AVERAGE BALANCE SHEETS |
(amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
For the Twelve Months Ended |
|
|
September 30, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2019 |
|
2018 |
|
2018 |
|
2017 |
|
2016 |
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
1,017,127 |
|
$ |
912,648 |
|
$ |
915,360 |
|
$ |
818,119 |
|
$ |
752,938 |
Taxable securities |
|
|
247,139 |
|
|
203,791 |
|
|
207,407 |
|
|
165,333 |
|
|
120,884 |
Tax-exempt securities |
|
|
40,912 |
|
|
52,844 |
|
|
50,330 |
|
|
74,231 |
|
|
75,303 |
Interest-bearing deposits in other banks |
|
|
44,995 |
|
|
37,515 |
|
|
47,038 |
|
|
66,872 |
|
|
58,668 |
Total earning assets |
|
|
1,350,173 |
|
|
1,206,798 |
|
|
1,220,135 |
|
|
1,124,555 |
|
|
1,007,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
22,375 |
|
|
19,801 |
|
|
20,468 |
|
|
18,301 |
|
|
15,831 |
Premises and equipment,
net |
|
|
15,445 |
|
|
14,161 |
|
|
13,952 |
|
|
15,567 |
|
|
15,078 |
Goodwill and core deposit
intangible, net |
|
|
15,230 |
|
|
1,943 |
|
|
1,917 |
|
|
2,136 |
|
|
1,888 |
Other assets |
|
|
43,253 |
|
|
32,666 |
|
|
32,369 |
|
|
37,692 |
|
|
39,160 |
Total assets |
|
$ |
1,446,476 |
|
$ |
1,275,369 |
|
$ |
1,288,841 |
|
$ |
1,198,251 |
|
$ |
1,079,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand - noninterest-bearing |
|
$ |
391,208 |
|
$ |
320,316 |
|
$ |
332,197 |
|
$ |
289,735 |
|
$ |
226,368 |
Demand - interest-bearing |
|
|
241,924 |
|
|
231,958 |
|
|
238,328 |
|
|
209,792 |
|
|
172,011 |
Money market |
|
|
299,694 |
|
|
245,797 |
|
|
250,685 |
|
|
224,913 |
|
|
202,159 |
Savings |
|
|
136,254 |
|
|
108,382 |
|
|
109,025 |
|
|
111,376 |
|
|
104,771 |
Certificates of deposit |
|
|
163,020 |
|
|
171,941 |
|
|
168,183 |
|
|
205,648 |
|
|
221,074 |
Total deposits |
|
|
1,232,100 |
|
|
1,078,394 |
|
|
1,098,418 |
|
|
1,041,464 |
|
|
926,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Home Loan Bank of San Francisco borrowings |
|
|
12,894 |
|
|
30,037 |
|
|
22,466 |
|
|
302 |
|
|
17,856 |
Other borrowings net of unamortized debt issuance costs |
|
|
11,213 |
|
|
15,601 |
|
|
15,143 |
|
|
17,981 |
|
|
19,430 |
Junior subordinated debentures |
|
|
10,310 |
|
|
10,310 |
|
|
10,310 |
|
|
10,310 |
|
|
10,310 |
Other liabilities |
|
|
17,927 |
|
|
12,094 |
|
|
12,286 |
|
|
12,293 |
|
|
13,217 |
Total liabilities |
|
|
1,284,444 |
|
|
1,146,436 |
|
|
1,158,623 |
|
|
1,082,350 |
|
|
987,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
162,032 |
|
|
128,933 |
|
|
130,218 |
|
|
115,901 |
|
|
92,554 |
Liabilities &
shareholders' equity |
|
$ |
1,446,476 |
|
$ |
1,275,369 |
|
$ |
1,288,841 |
|
$ |
1,198,251 |
|
$ |
1,079,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
About Bank of Commerce Holdings
Bank of Commerce Holdings is a bank holding
company headquartered in Sacramento, California and is the parent
company for Merchants Bank of Commerce. The Bank is an FDIC-insured
California banking corporation providing community banking and
financial services in northern California from Sacramento to Yreka
along the Interstate 5 corridor. The Bank was incorporated as a
California banking corporation on November 25, 1981 and opened for
business on October 22, 1982. The Company’s common stock is listed
on the NASDAQ Global Market and trades under the symbol “BOCH”.
Contact Information:
Randall S. Eslick, President and Chief Executive Officer
Telephone Direct (916) 677-5800
James A. Sundquist, Executive Vice President and Chief Financial
Officer Telephone Direct (916) 677-5825
Samuel D. Jimenez, Executive Vice President and Chief Operating
Officer Telephone Direct (530) 722-3952
Andrea M. Newburn, Vice President and Senior Administrative
Officer / Corporate Secretary Telephone Direct (530) 722-3959
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