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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2020

 

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

 

 

Commission file number 0-25135

 

Bank of Commerce Holdings

 

 

California

94-2823865

(State or jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

   

555 Capitol Mall, Suite 1255, Sacramento, California

95814

(Address of principal executive offices)

(Zip Code)

   

 

Registrant’s telephone number, including area code: (800) 421-2575

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

BOCH

NASDAQ

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

 Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes ☒No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐

Accelerated filer ☒

Non-accelerated filer ☐

Smaller reporting company ☒

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

 

Yes ☐ No ☒

 

Outstanding shares of Common Stock, no par value, as of October 20, 2020: 16,786,685

 

 
 
 

 

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Consolidated Balance Sheets (Unaudited)

 

   

September 30,

   

December 31,

 

(Amounts in thousands, except share information)

 

2020

   

2019

 

Assets:

               

Cash and due from banks

  $ 22,884     $ 21,338  

Interest-bearing deposits in other banks

    104,999       59,266  

Total cash and cash equivalents

    127,883       80,604  
                 

Securities available-for-sale, at fair value

    337,032       286,950  
                 

Loans, net of deferred fees and costs

    1,205,028       1,035,065  

Allowance for loan and lease losses

    (16,873 )     (12,231 )

Net loans

    1,188,155       1,022,834  
                 

Premises and equipment, net

    15,210       15,906  

Other real estate owned

    8       35  

Life insurance

    24,086       23,701  

Deferred tax asset, net

    2,571       4,553  

Goodwill

    11,671       11,671  

Other intangible assets, net

    4,235       4,809  

Other assets

    29,037       28,553  

Total assets

  $ 1,739,888     $ 1,479,616  
                 

Liabilities and shareholders' equity:

               

Liabilities:

               

Demand - noninterest-bearing

  $ 542,060     $ 432,680  

Demand - interest-bearing

    280,370       239,258  

Money market

    403,785       307,559  

Savings

    151,016       135,888  

Certificates of deposit

    140,900       151,786  

Total deposits

    1,518,131       1,267,171  
                 

Term debt:

               

Federal Home Loan Bank of San Francisco borrowings

    10,000        

Other borrowings

    10,000       10,000  

Less unamortized debt issuance costs

    (7 )     (43 )

Net term debts

    19,993       9,957  
                 

Junior subordinated debentures

    10,310       10,310  

Other liabilities

    18,104       17,700  

Total liabilities

    1,566,538       1,305,138  
                 

Commitments and contingencies (Note 7)

                 

Shareholders' equity:

               

Common stock, no par value, 50,000,000 shares authorized: issued and outstanding - 16,791,685 as of September 30, 2020 and 18,137,167 as of December 31, 2019

    58,872       71,311  

Retained earnings

    107,154       100,566  

Accumulated other comprehensive income, net of tax

    7,324       2,601  

Total shareholders' equity

    173,350       174,478  

Total liabilities and shareholders' equity

  $ 1,739,888     $ 1,479,616  

 

See accompanying notes to consolidated financial statements.

 

 

 

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

 

   

For the Three Months Ended

   

For the Nine Months Ended

 
   

September 30,

   

September 30,

 

(Amounts in thousands, except per share information)

 

2020

   

2019

   

2020

   

2019

 

Interest income:

                               

Interest and fees on loans

  $ 13,448     $ 13,013     $ 39,010     $ 37,891  

Interest on taxable securities

    1,284       1,609       4,195       5,106  

Interest on tax-exempt securities

    457       271       1,151       986  

Interest on interest-bearing deposits in other banks

    29       308       204       772  

Total interest income

    15,218       15,201       44,560       44,755  

Interest expense:

                               

Interest on demand - interest-bearing

    71       117       256       372  

Interest on money market

    289       451       1,009       1,120  

Interest on savings

    74       131       287       365  

Interest on certificates of deposit

    420       491       1,351       1,478  

Interest on Federal Home Loan Bank of San Francisco borrowings

                5       247  

Interest on other borrowings

    184       183       552       623  

Interest on junior subordinated debentures

    50       106       201       329  

Total interest expense

    1,088       1,479       3,661       4,534  

Net interest income

    14,130       13,722       40,899       40,221  

Provision for loan and lease losses

    1,100             5,250        

Net interest income after provision for loan and lease losses

    13,030       13,722       35,649       40,221  

Noninterest income:

                               

Service charges on deposit accounts

    142       177       463       532  

ATM and point of sale fees

    297       293       828       876  

Payroll and benefit processing fees

    152       158       465       486  

Life insurance

    125       126       396       410  

Gain on sale of investment securities, net

    258       12       482       137  

Federal Home Loan Bank of San Francisco dividends

    109       131       275       376  

(Loss) gain on sale of OREO

                (23 )     41  

Other income

    106       109       150       305  

Total noninterest income

    1,189       1,006       3,036       3,163  

Noninterest expense:

                               

Salaries and related benefits

    5,126       5,005       15,978       15,880  

Premises and equipment

    951       933       2,631       2,836  

FDIC insurance premium

    101       (104 )     227       91  

Data processing

    581       582       1,697       1,796  

Professional services

    342       392       1,145       1,230  

Telecommunications

    157       194       484       547  

Acquisition and merger

          (113 )           2,193  

Other expenses

    1,132       1,411       4,281       4,261  

Total noninterest expense

    8,390       8,300       26,443       28,834  

Income before provision for income taxes

    5,829       6,428       12,242       14,550  

Provision for income taxes

    1,500       1,786       3,150       3,958  

Net income

  $ 4,329     $ 4,642     $ 9,092     $ 10,592  
                                 

Earnings per share - basic

  $ 0.26     $ 0.26     $ 0.53     $ 0.59  

Weighted average shares - basic

    16,660       18,130       17,004       17,918  

Earnings per share - diluted

  $ 0.26     $ 0.26     $ 0.53     $ 0.59  

Weighted average shares - diluted

    16,696       18,196       17,044       17,981  

 

See accompanying notes to consolidated financial statements.

 

 

 

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Unaudited)

 

   

For the Three Months Ended

   

For the Nine Months Ended

 
   

September 30,

   

September 30,

 

(Amounts in thousands)

 

2020

   

2019

   

2020

   

2019

 

Net income

  $ 4,329     $ 4,642     $ 9,092     $ 10,592  
                                 

Available-for-sale securities:

                               

Changes in unrealized gains arising during the period

    509       (81 )     7,187       7,725  

Income taxes

    (151 )     23       (2,124 )     (2,284 )

Change in unrealized gain, net of tax

    358       (58 )     5,063       5,441  
                                 

Reclassification adjustment for realized gains included in net income

    (258 )     (12 )     (482 )     (137 )

Income taxes

    76       4       142       41  

Realized gains, net of tax

    (182 )     (8 )     (340 )     (96 )

Net change in unrealized gains (losses) on available-for-sale securities

    176       (66 )     4,723       5,345  

Other comprehensive income (loss)

    176       (66 )     4,723       5,345  

Comprehensive income – Bank of Commerce Holdings

  $ 4,505     $ 4,576     $ 13,815     $ 15,937  

 

See accompanying notes to consolidated financial statements.

 

 

 

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity (Unaudited)

 

 

                           

Accumulated Other

         
           

Common

           

Comprehensive

         
   

Common

   

Stock

   

Retained

   

(Loss) Income

         

(Amounts in thousands except per share information)

 

Shares

   

Amount

   

Earnings

   

Net of Tax

   

Total

 

Balance at December 31, 2018

    16,334     $ 52,284     $ 89,045     $ (3,008 )   $ 138,321  

Net income

                2,306             2,306  

Other comprehensive income, net of tax

                      2,514       2,514  

Comprehensive income

                            4,820  

Dividend declared on common stock ($0.04 per share)

                (725 )           (725 )

Stock issued for Merchants acquisition

    1,834       19,606                   19,606  

Stock compensation grants

    6       58                   58  

Restricted stock granted, net

    31                          

Stock options exercised

    8       40                   40  

Compensation expense associated with restricted stock, net of cash paid for shares surrendered for tax-withholding purposes

          (22 )                 (22 )

Balance at March 31, 2019

    18,213     $ 71,966     $ 90,626     $ (494 )   $ 162,098  

Net income

                3,644             3,644  

Other comprehensive income, net of tax

                      2,897       2,897  

Comprehensive income

                            6,541  

Dividend declared on common stock ($0.05 per share)

                (907 )           (907 )

Restricted stock granted, net

    1                          

Compensation expense associated with restricted stock, net of cash paid for shares surrendered for tax-withholding purposes

          121                   121  

Balance at June 30, 2019

    18,214     $ 72,087     $ 93,363     $ 2,403     $ 167,853  

Net income

                4,642             4,642  

Other comprehensive loss, net of tax

                      (66 )     (66 )

Comprehensive income

                            4,576  

Dividend declared on common stock ($0.05 per share)

                (905 )           (905 )

Restricted stock granted, net

    (2 )                        

Compensation expense associated with restricted stock, net of cash paid for shares surrendered for tax-withholding purposes

          113                   113  

Balance at September 30, 2019

    18,212     $ 72,200     $ 97,100     $ 2,337     $ 171,637  

Net income

                4,369             4,369  

Other comprehensive income, net of tax

                      264       264  

Comprehensive income

                            4,633  

Dividend declared on common stock ($0.05 per share)

                (903 )           (903 )

Repurchase of common stock

    (91 )     (1,010 )                 (1,010 )

Restricted stock granted, net

    13                          

Stock options exercised

    3       12                   12  

Compensation expense associated with restricted stock, net of cash paid for shares surrendered for tax-withholding purposes

          109                   109  

Balance at December 31, 2019

    18,137     $ 71,311     $ 100,566     $ 2,601     $ 174,478  

 

 

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity (Unaudited) (Continued)

 

 

 

                           

Accumulated Other

         
           

Common

           

Comprehensive

         
   

Common

   

Stock

   

Retained

   

Income

         

(Amounts in thousands except per share information)

 

Shares

   

Amount

   

Earnings

   

Net of Tax

   

Total

 

Balance at December 31, 2019

    18,137     $ 71,311     $ 100,566     $ 2,601     $ 174,478  

Net income

                916             916  

Other comprehensive income, net of tax

                      3,346       3,346  

Comprehensive income

                            4,262  

Dividend declared on common stock ($0.05 per share)

                (838 )           (838 )

Repurchase of common stock

    (1,352 )     (12,230 )                 (12,230 )

Restricted stock granted, net

    11                          

Compensation expense associated with restricted stock, net of cash paid for shares surrendered for tax-withholding purposes

          (14 )                 (14 )

Balance at March 31, 2020

    16,796     $ 59,067     $ 100,644     $ 5,947     $ 165,658  

Net income

                3,847             3,847  

Other comprehensive income, net of tax

                      1,201       1,201  

Comprehensive income

                            5,048  

Dividend declared on common stock ($0.05 per share)

                (833 )           (833 )

Repurchase of common stock

    (57 )     (423 )                 (423 )

Compensation expense associated with restricted stock, net of cash paid for shares surrendered for tax-withholding purposes

          105                   105  

Balance at June 30, 2020

    16,739     $ 58,749     $ 103,658     $ 7,148     $ 169,555  

Net income

                4,329             4,329  

Other comprehensive income, net of tax

                      176       176  

Comprehensive income

                            4,505  

Dividend on common stock ($0.05 per share)

                (833 )           (833 )

Restricted stock granted, net

    53                          

Compensation expense associated with restricted stock, net of cash paid for shares surrendered for tax-withholding purposes

          123                   123  

Balance at September 30, 2020

    16,792     $ 58,872     $ 107,154     $ 7,324     $ 173,350  

 

See accompanying notes to consolidated financial statements.

 

 

 

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited)

 

   

For the Nine Months Ended

 
   

September 30,

 

(Amounts in thousands)

 

2020

   

2019

 

Cash flows from operating activities:

               

Net income

  $ 9,092     $ 10,592  

Adjustments to reconcile net income to net cash provided by operating activities:

               

Provision for loan and lease losses

    5,250        

Provision for unfunded commitments

    105        

Provision for depreciation and amortization

    894       1,055  

Amortization of core deposit intangible

    574       529  

Amortization of debt issuance costs

    36       36  

Compensation expense associated with restricted stock

    334       306  

Tax benefits from vesting of restricted stock

    (2 )     (6 )

Net gain on sale or call of securities

    (482 )     (137 )

Amortization of premiums and accretion of discounts on investments, net

    1,056       1,052  

Amortization of premiums and accretion of discounts on acquired loans, net

    (1,104 )     (1,201 )

Loss on disposal of fixed assets

    132        

Loss (gain) on sale of OREO

    23       (41 )

Increase in cash surrender value of life insurance

    (396 )     (410 )

Deferred compensation and salary continuation plan payments

    (633 )     (1,072 )

Increase in deferred compensation and salary continuation plans

    634       731  

Increase (decrease) in deferred loan fees and costs

    3,199       (53 )

(Increase) decrease in other assets

    (1,759 )     1,516  

Increase in other liabilities

    1,369       513  

Net cash provided by operating activities

    18,322       13,410  
                 

Cash flows from investing activities:

               

Proceeds from maturities of and payments on available-for-sale securities

    61,114       47,544  

Proceeds from sale of available-for-sale securities

    56,017       99,635  

Purchases of available-for-sale securities

    (160,759 )     (48,648 )

Investment in qualified affordable housing partnerships

    (13 )      

Net purchase of Federal Home Loan Bank of San Francisco stock

          (34 )

Loan originations, net of principal repayments

    (186,305 )     (27,697 )

Net repayment on loan pools

    13,631       27,265  

Purchase of premises and equipment

    (353 )     (1,823 )

Proceeds from the sale of OREO

    12       87  

Acquisition of Merchants Holding Company, net of cash paid

          (2,875 )

Net cash (used) provided by investing activities

    (216,656 )     93,454  

 

See accompanying notes to consolidated financial statements.

 

 

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited) (Continued)

 

   

For the Nine Months Ended

 
   

September 30,

 

(Amounts in thousands)

 

2020

   

2019

 

Cash flows from financing activities:

               

Net increase (decrease) in demand, money market and savings deposits

  $ 261,846     $ (25,029 )

Net decrease in certificates of deposit

    (10,886 )     (34,764 )

Advances on term debt

    50,000       180,160  

Repayment of term debt

    (40,000 )     (183,656 )

Proceeds from stock options exercised

          40  

Repurchase of common stock

    (12,653 )      

Cash paid for shares surrendered for tax-withholding purposes

    (120 )     (94 )

Cash dividends paid on common stock

    (2,574 )     (2,282 )

Net cash provided (used) by financing activities

    245,613       (65,625 )
                 

Net increase in cash and cash equivalents

    47,279       41,239  

Cash and cash equivalents at beginning of year

    80,604       47,365  

Cash and cash equivalents at end of period

  $ 127,883     $ 88,604  

 

 

 

   

For the Nine Months Ended

 
   

September 30,

 

(Amounts in thousands)

 

2020

   

2019

 

Supplemental disclosures of cash flow activity:

               

Cash paid during the period for:

               

Income taxes

  $ 2,398     $ 3,480  

Interest

  $ 3,509     $ 4,336  

Operating leases

  $ 714     $ 661  

Supplemental disclosures of non-cash investing activities:

               

Transfer of loans to other real estate owned

  $ 8     $ 74  

Investment in qualified affordable housing partnership

  $ 1,000     $  
                 

Unrealized gain on investment securities available-for-sale, net of gains included in net income

  $ 6,705     $ 7,588  

Changes in net deferred tax asset related to changes in net unrealized gain on investment securities available-for-sale

    (1,982 )     (2,243 )

Changes in accumulated other comprehensive income due to net unrealized gain on investment securities available-for-sale

  $ 4,723     $ 5,345  
                 
                 

Supplemental disclosures of non-cash financing activities:

               

Stock compensation grants

  $     $ 58  

Cash dividend declared on common shares and payable after period-end

  $ 833     $ 905  

Right-of-use lease asset recorded on new leases

  $     $ 267  

Right-of-use lease asset recorded on adoption of ASU No. 2016-02

  $     $ 3,998  

Lease liability recorded on adoption of ASU No. 2016-02

  $     $ 4,363  

Disclosures related to the acquisition of Merchants Holding Company:

               

Consideration paid

  $     $ 34,907  

Assets acquired - fair value

  $     $ 215,055  

Goodwill

  $     $ 11,006  

Liabilities assumed - fair value

  $     $ 191,154  

 

See accompanying notes to consolidated financial statements.

 

9

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)

 

 

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Bank of Commerce Holdings (“Company,” “Holding Company,” “we,” or “us”), is a corporation organized under the laws of California and a bank holding company (“BHC”) registered under the Bank Holding Company Act of 1956, as amended (“BHC Act”) with its principal offices in Sacramento, California. The Holding Company’s principal business is to serve as a holding company for Merchants Bank of Commerce (the “Bank” and together with the Holding Company, the “Company”) and for Bank of Commerce Mortgage (inactive). The Bank, which previously operated under three separate names, changed its name for all operations to Merchants Bank of Commerce effective May 20, 2019. We have an unconsolidated subsidiary in Bank of Commerce Holdings Trust II. The Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 are derived from the unaudited interim consolidated financial statements or the audited consolidated financial statements, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations. The Company believes that all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation have been included and the disclosures made are adequate to make the information not misleading.

 

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with prevailing practices within the banking and securities industries. In preparing such consolidated financial statements, management is required to make certain estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the Consolidated Balance Sheets and the reported amounts of revenues and expenses for the reporting periods. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the valuation and impairment of investment securities, the determination of the allowance for loan and lease losses (“ALLL”), income taxes, the valuation of goodwill and Other Real Estate Owned (“OREO”), and fair value measurements. Certain amounts for prior periods have been reclassified to conform to the current financial statement presentation. The results of reclassifications are not considered material and have no effect on previously reported net income or shareholders' equity. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in Bank of Commerce Holdings 2019 Annual Report on Form 10-K. The consolidated results of operations and cash flows for the 2020 interim period shown in this report are not necessarily indicative of the results for any future interim period or the entire fiscal year.

 

Principles of Consolidation

 

The accompanying consolidated financial statements include the accounts of the Holding Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. As of September 30, 2020 and December 31, 2019, the Company had one wholly-owned trust formed in 2005 to issue trust preferred securities and related common securities. We have not consolidated the accounts of the Trust in our consolidated financial statements in accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB”), Consolidation (“ASC 810”). We are not considered the primary beneficiary of the Trust (variable interest entity). As a result, the junior subordinated debentures issued by the Holding Company to the Trust are reflected on the Company’s Consolidated Balance Sheets.

 

Leases

 

We determine if an arrangement is a lease at inception. Operating leases are included in Other Assets and Other Liabilities in our Consolidated Balance Sheets. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an incremental borrowing rate, we use borrowing rates available under our existing line of credit with the Federal Home Loan Bank of San Francisco for periods similar to the lease terms as our incremental borrowing rate to determine the present value of future lease payments. Our lease terms may include options to extend or terminate the lease which we recognize when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

 

Application of new accounting guidance

 

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU remove, modify, and add disclosure requirements for the fair value reporting of assets and liabilities. The modifications and additions relate to Level 3 fair value measurements at the end of the reporting period. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We adopted the requirements of this ASU on January 1, 2020 and added disclosure about significant observable inputs used to develop Level 3 fair value measurements prospectively. As the ASU’s requirements only relate to disclosures, the amendments will not impact our financial condition or results of operations.

 

10

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
 

 

 

NOTE 2. COMMON STOCK OUTSTANDING AND EARNINGS PER SHARE

 

Basic earnings per share excludes dilution and is computed by dividing income by the weighted-average number of common shares outstanding for the period, excluding unvested restricted stock awards which do not have voting rights or share in dividends. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Holding Company. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share.

 

The following is a computation of basic and diluted earnings per share for the three and nine months ended September 30, 2020 and 2019.

 

   

For the Three Months Ended

   

For the Nine Months Ended

 
   

September 30,

   

September 30,

 

(Amounts in thousands, except per share information)

 

2020

   

2019

   

2020

   

2019

 

Earnings Per Share:

                               

Numerators:

                               

Net income

  $ 4,329     $ 4,642     $ 9,092     $ 10,592  

Denominators:

                               

Weighted average number of common shares outstanding - basic (1)

    16,660       18,130       17,004       17,918  

Effect of potentially dilutive common shares (2)

    36       66       40       63  

Weighted average number of common shares outstanding - diluted

    16,696       18,196       17,044       17,981  

Earnings per common share:

                               

Basic

  $ 0.26     $ 0.26     $ 0.53     $ 0.59  

Diluted

  $ 0.26     $ 0.26     $ 0.53     $ 0.59  

Anti-dilutive restricted shares not included in diluted earnings per share calculation

    73             63        

 

(1) 

Excludes unvested restricted shares because they do not have dividend or voting rights

(2) 

Represents the effects of the assumed exercise of stock options and vesting of non-participating restricted shares.

 

In 2019, we announced a stock repurchase program for 1.0 million shares of common stock that was subsequently increased to 1.5 million shares of common stock. Between October of 2019 and April 2020, all 1.5 million shares were repurchased at a total cost of $13.6 million including commissions, or an average of $9.11 per share.

 

 

 

NOTE 3. SECURITIES

 

The following tables present the amortized costs, unrealized gains, unrealized losses and estimated fair values of our investment securities as of September 30, 2020, and December 31, 2019.

 

   

As of September 30, 2020

 
           

Gross

   

Gross

         
   

Amortized

   

Unrealized

   

Unrealized

   

Estimated

 

(Amounts in thousands)

 

Costs

   

Gains

   

Losses

   

Fair Values

 

Available-for-sale securities:

                               

U.S. government & agencies

  $ 30,942     $ 879     $ (10 )   $ 31,811  

Obligations of state and political subdivisions

    87,628       4,281       (46 )     91,863  

Residential mortgage-backed securities and collateralized mortgage obligations

    161,345       4,512       (165 )     165,692  

Commercial mortgage-backed securities

    18,920       665       (8 )     19,577  

Other asset-backed securities

    27,799       327       (37 )     28,089  

Total

  $ 326,634     $ 10,664     $ (266 )   $ 337,032  

 

11

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
 
   

As of December 31, 2019

 
           

Gross

   

Gross

         
   

Amortized

   

Unrealized

   

Unrealized

   

Estimated

 

(Amounts in thousands)

 

Costs

   

Gains

   

Losses

   

Fair Values

 

Available-for-sale securities:

                               

U.S. government & agencies

  $ 38,291     $ 469     $ (27 )   $ 38,733  

Obligations of state and political subdivisions

    40,702       1,422       (26 )     42,098  

Residential mortgage-backed securities and collateralized mortgage obligations

    179,114       2,163       (442 )     180,835  

Corporate securities

    3,005       6       (45 )     2,966  

Commercial mortgage-backed securities

    19,126       221       (40 )     19,307  

Other asset-backed securities

    3,019             (8 )     3,011  

Total

  $ 283,257     $ 4,281     $ (588 )   $ 286,950  

 

The following table presents the contractual maturities of investment securities at September 30, 2020.

 

   

Available-For-Sale

 

(Amounts in thousands)

 

Amortized Costs

   

Fair Values

 

Amounts maturing in:

               

One year or less

  $ 22,257     $ 22,731  

After one year through five years

    110,662       115,225  

After five years through ten years

    50,087       51,569  

After ten years

    143,628       147,507  

Total

  $ 326,634     $ 337,032  

 

The amortized costs and fair values of residential mortgage-backed securities, collateralized mortgage obligations and commercial mortgage securities are presented by their expected average life, rather than contractual maturity, because the underlying loans may be repaid without prepayment penalties.

 

At September 30, 2020 and December 31, 2019, securities with a fair value of $82.7 million and $81.4 million, respectively, were pledged as collateral to secure public fund deposits, Federal Home Loan Bank of San Francisco borrowings and for other purposes as required by law.

 

The following table presents the cash proceeds from sales of investment securities, and the associated gross realized gains and gross realized losses that have been included in earnings for the three and nine months ended September 30, 2020 and 2019.

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 

(Amounts in thousands)

 

2020

   

2019

   

2020

   

2019

 

Investment Securities:

                               

Proceeds from sales of investment securities

  $ 6,257     $ 13,895     $ 56,017     $ 99,635  
                                 

Gross realized gains on sales of investment securities:

                               

U.S. government & agencies

  $     $ 10     $     $ 48  

Obligations of state and political subdivisions

    249       10       339       305  

Residential mortgage-backed securities and collateralized mortgage obligations

          22       226       86  

Corporate securities

    12             12        

Commercial mortgage-backed securities

          5       38       7  

Total gross realized gains on sales of investment securities

    261       47       615       446  
                                 

Gross realized losses on sales of investment securities:

                               

U.S. government & agencies

          (9 )     (14 )     (13 )

Obligations of state and political subdivisions

    (3 )     (6 )     (7 )     (96 )

Residential mortgage-backed securities and collateralized mortgage obligations

          (9 )     (112 )     (157 )

Commercial mortgage-backed securities

          (11 )           (43 )

Total gross realized losses on sales of investment securities

    (3 )     (35 )     (133 )     (309 )

Gain on sales of investment securities, net

  $ 258     $ 12     $ 482     $ 137  

 

12

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
 

Investment securities that were in an unrealized loss position as of September 30, 2020 and December 31, 2019 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position.

 

   

As of September 30, 2020

 
   

Less Than 12 Months

   

12 Months or More

   

Total

 
   

Fair

   

Unrealized

   

Fair

   

Unrealized

   

Fair

   

Unrealized

 

(Amounts in thousands)

 

Values

   

Losses

   

Values

   

Losses

   

Values

   

Losses

 

Available-for-sale securities:

                                               

U.S. government & agencies

  $     $     $ 2,836     $ (10 )   $ 2,836     $ (10 )

Obligations of state and political subdivisions

    5,915       (46 )                 5,915       (46 )

Residential mortgage-backed securities and collateralized mortgage obligations

    17,671       (159 )     285       (6 )     17,956       (165 )

Commercial mortgage-backed securities

    2,057       (8 )                 2,057       (8 )

Other asset-backed securities

    3,001       (37 )                 3,001       (37 )

Total temporarily impaired securities

  $ 28,644     $ (250 )   $ 3,121     $ (16 )   $ 31,765     $ (266 )

 

 

   

As of December 31, 2019

 
   

Less Than 12 Months

   

12 Months or More

   

Total

 
   

Fair

   

Unrealized

   

Fair

   

Unrealized

   

Fair

   

Unrealized

 

(Amounts in thousands)

 

Values

   

Losses

   

Values

   

Losses

   

Values

   

Losses

 

Available-for-sale securities:

                                               

U.S. government & agencies

  $ 6,473     $ (25 )   $ 380     $ (2 )   $ 6,853     $ (27 )

Obligations of state and political subdivisions

    2,249       (26 )                 2,249       (26 )

Residential mortgage-backed securities and collateralized mortgage obligations

    31,817       (207 )     22,166       (235 )     53,983       (442 )

Corporate securities

                955       (45 )     955       (45 )

Commercial mortgage-backed securities

    1,464       (1 )     4,549       (39 )     6,013       (40 )

Other asset-backed securities

    3,011       (8 )                 3,011       (8 )

Total temporarily impaired securities

  $ 45,014     $ (267 )   $ 28,050     $ (321 )   $ 73,064     $ (588 )

 

 

At September 30, 2020 and December 31, 2019, the number of securities that were in an unrealized loss position was 31 and 63, respectively. In the opinion of management, these securities are considered only temporarily impaired due to changes in market interest rates or widening of market spreads subsequent to the initial purchase of the securities, and not due to concerns regarding the underlying credit of the issuers or the underlying collateral. Our investment policy requires securities at the time of purchase to be rated A3/A- or higher by Moody’s, S&P and Fitch rating agencies. Management monitors the published credit ratings of our investment portfolio for material rating or outlook changes. For all private-label securities collateralized by mortgages, management also monitors the credit characteristics of the underlying mortgages to identify potential credit losses, if any, in the portfolio. Because the decline in fair value is not due to credit quality concerns, because we have no plans to sell the securities before the recovery of their amortized cost, and because the Bank has the ability to hold the securities to maturity, these investments are not considered other-than-temporarily impaired.

 

13

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
 

The following table presents the characteristics of our securities that are in unrealized loss positions at September 30, 2020 and December 31, 2019.

 

   

Characteristics of securities in unrealized loss positions at

Available-for-sale securities:

 

September 30, 2020 and December 31, 2019

U.S. government & agencies

 

Direct obligations of the U.S. Government or obligations guaranteed by U.S. Government agencies.

Obligations of state and political subdivisions

 

General obligation issuances or revenue securities issued by municipalities and political subdivisions located within the U.S. secured by revenues from specific sources.

Residential mortgage-backed securities and collateralized mortgage obligations

 

Obligations issued by U.S. government sponsored entities or non-governmental entities collateralized by high quality mortgages on residential properties. Issuances by non-governmental entities usually include good credit enhancements. Of the residential mortgage-backed securities and collateralized mortgage obligations that we owned at September 30, 2020 and December 31, 2019, 83% and 79% were issued or guaranteed by U.S. government sponsored entities, respectively.

Corporate securities

 

Debt obligations generally issued or guaranteed by large U.S. corporate institutions.

Commercial mortgage-backed securities

 

Obligations issued by U.S. government sponsored entities or non-governmental entities collateralized by high quality mortgages on commercial properties. Issuances by non-governmental entities usually include good credit enhancements. Of the commercial mortgage-backed securities that we owned at September 30, 2020 and December 31, 2019, 100% were issued or guaranteed by U.S. government sponsored entities.

Other asset-backed securities

 

Obligations issued by non-governmental issuers secured by high quality loans with good credit enhancements.

 

 

 

NOTE 4. LOANS

 

Outstanding loan balances consisted of the following at September 30, 2020, and December 31, 2019.

 

   

September 30,

   

December 31,

 

(Amounts in thousands)

 

2020

   

2019

 

Loan Portfolio:

               

Commercial

  $ 121,025     $ 141,197  

Paycheck protection program

    163,493        

Commercial real estate:

               

Construction and land development

    40,289       26,830  

Non-owner occupied

    538,079       493,920  

Owner occupied

    210,455       218,833  

Residential real estate:

               

Individual Tax Identification Number (“ITIN”)

    30,071       33,039  

1-4 family mortgage

    57,867       63,661  

Equity lines

    20,296       22,099  

Consumer and other

    24,490       33,324  

Gross loans

    1,206,065       1,032,903  

Deferred (fees) and costs

    (1,037 )     2,162  

Loans, net of deferred fees and costs

    1,205,028       1,035,065  

Allowance for loan and lease losses

    (16,873 )     (12,231 )

Net loans

  $ 1,188,155     $ 1,022,834  

 

 

Certain loans are pledged as collateral for lines of credit with the Federal Home Loan Bank of San Francisco and the Federal Reserve Bank. Pledged loans totaled $527.5 million and $542.1 million at September 30, 2020 and December 31, 2019, respectively. In April of 2020, we received approval to participate in the Federal Reserve Bank Paycheck Protection Program Liquidity Facility (‘PPPLF”). The credit facility provides term funding for loans made under the SBA’s Paycheck Protection Program (“PPP”). We have not yet taken advances under the PPPLF, but if in the future we do, they will be collateralized with PPP loans.

 

Gross loan balances in the table above include discounts on purchased loans and fair value discounts on loans acquired in conjunction with our acquisition of Merchants during the first quarter of 2019.

 

Discounts on purchased loans - Gross loan balances include net purchase discounts of $1.0 million and $1.5 million as of September 30, 2020, and December 31, 2019, respectively. When we purchase loans, they are typically purchased at a discount to enhance yield and compensate for credit risk. We have no purchased credit impaired loans as of September 30, 2020, and December 31, 2019.

 

Fair value discount - Gross loan balances include a fair value discount of $1.1 million and $1.7 million at September 30, 2020 and December 31, 2019, respectively for loans acquired in conjunction with our acquisition of Merchants during the first quarter of 2019. We recorded $233 thousand and $193 thousand in accretion of the discount for these loans during the three months ended September 30, 2020 and 2019, respectively. We recorded $612 thousand and $431 thousand in accretion of the discount for these loans during the nine months ended September 30, 2020 and 2019, respectively.

 

Short-Term Loan Modifications

 

We have made short-term COVID-19 related loan payment deferrals on 107 loans totaling $38.6 million. In accordance with the CARES Act and regulatory guidance, these modified loans are not troubled debt restructurings and are not considered to be past due or non-performing. The deferrals range from one to six months as determined on a case-by-case basis considering the nature of the business and the impact of COVID-19. Without these deferrals past due loan totals would have been higher at September 30, 2020. The payment deferral period for most of these loans ends during the fourth quarter of 2020. We cannot predict the impact to past due loan totals once the deferral periods end.

 

14

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
 

Past Due Loans

 

Past due loans (gross), segregated by loan portfolio were as follows, as of September 30, 2020, and December 31, 2019.

 

                                                   

Recorded

 
    30-59     60-89    

90 or Greater

                           

Investment >

 
   

Days Past

   

Days Past

   

Days Past

   

Total Past

                   

90 Days and

 

(Amounts in thousands)

 

Due

   

Due

   

Due

   

Due

   

Current

   

Total

   

Accruing

 

Past Due Loans at September 30, 2020

                                                       

Commercial

  $     $     $     $     $ 121,025     $ 121,025     $  

Paycheck protection program

                            163,493       163,493        

Commercial real estate:

                                                       

Construction and land development

                            40,289       40,289        

Non-owner occupied

                1,062       1,062       537,017       538,079        

Owner occupied

                2,993       2,993       207,462       210,455        

Residential real estate:

                                                       

ITIN

    76             105       181       29,890       30,071        

1-4 family mortgage

                            57,867       57,867        

Equity lines

    15                   15       20,281       20,296        

Consumer and other

    58       65             123       24,367       24,490        

Total

  $ 149     $ 65     $ 4,160     $ 4,374     $ 1,201,691     $ 1,206,065     $  

 

 

                                                   

Recorded

 
   

30-59

   

60-89

   

90 or Greater

                           

Investment >

 
   

Days Past

   

Days Past

   

Days Past

   

Total Past

                   

90 Days and

 

(Amounts in thousands)

 

Due

   

Due

   

Due

   

Due

   

Current

   

Total

   

Accruing

 

Past Due Loans at December 31, 2019

                                                       

Commercial

  $ 71     $     $