Bank Of Commerce Holdings (BOCH) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $2.25 million, or $ 0.17 a share in the quarter, against a net loss of $0.96 million, or $0.07 a share in the last year period. Revenue during the quarter grew 19.70 percent to $11.08 million from $9.25 million in the previous year period. Net interest income for the quarter rose 17.22 percent over the prior year period to $9.73 million. Non-interest income for the quarter rose 62.49 percent over the last year period to $1.54 million.
Bank Of Commerce Holdings has made provision of $0.20 million for loan losses during the quarter, down 53.70 percent from $0.43 million in the same period last year.
Efficiency ratio for the quarter improved to 71.49 percent from 108.08 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Randall S. Eslick, president and chief executive officer commented: “It is hard to believe that a full year has already passed since we acquired five new offices from Bank of America. During that time, the buildings have been remodeled and the new staff and customers have been fully integrated into the Redding Bank of Commerce family. Throughout the bank, deposits and loans have continued to increase handsomely which we anticipate will lead to increasing profitability. We applaud the hard work of our employees and acknowledge their accomplishments.”
Assets outpace liabilities growth
Total assets stood at $1,142.75 million as on Mar. 31, 2017, up 6.10 percent compared with $1,077.08 million on Mar. 31, 2016. On the other hand, total liabilities stood at $1,046.29 million as on Mar. 31, 2017, up 6.08 percent from $986.36 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $800 million as on Mar. 31, 2017, up 12.09 percent compared with $713.73 million on Mar. 31, 2016. Deposits stood at $1,004.49 million as on Mar. 31, 2017, up 7.13 percent compared with $937.67 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $270.41 million or 26.92 percent of total deposits on Mar. 31, 2017, compared with $212.76 million or 22.69 percent of total deposits on Mar. 31, 2016.
Investments stood at $212.79 million as on Mar. 31, 2017, up 1.52 percent or $3.18 million from year-ago. Shareholders equity stood at $96.46 million as on Mar. 31, 2017, up 6.33 percent or $5.74 million from year-ago.
Return on average assets was at 0.80 percent in the quarter against a negative 0.37 percent in the last year period. Return on average equity was at 9.63 percent in the quarter against a negative 4.23 percent in the last year period.
Nonperforming assets moved down 14.93 percent or $1.90 million to $10.81 million on Mar. 31, 2017 from $12.71 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.95 percent in the quarter, down from 1.18 percent in the last year period.
Tier-1 leverage ratio stood at 9.09 percent for the quarter, down from 9.13 percent for the previous year quarter.
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