Randall S. Eslick, President and Chief Executive Officer of
Bank of Commerce Holdings (Nasdaq:BOCH)
(the
"Company"), a $985.4 million asset bank holding company
and parent company of Redding Bank of Commerce (the "Bank"), today
announced financial results for the quarter ended March 31, 2015.
Net income available to common shareholders for the quarter ended
March 31, 2015 was $1.8 million or $0.13 per share – diluted,
compared with $515 thousand or $0.04 per share – diluted for the
same period of 2014.
Financial highlights for the first quarter of 2015:
- Net income available to common shareholders of $1.8 million for
the three months ended March 31, 2015 was a $1.2 million (240%)
improvement over $515 thousand net income available to common
shareholders earned during the first quarter of 2014; and a $118
thousand (7%) improvement over $1.6 million available to common
shareholders earned during the previous quarter.
- Gross loans at March 31, 2015 totaled $699.2 million, an
increase of $92.2 million (15%) since March 31, 2014; and an
increase of $38.3 million (23% annualized) since December 31,
2014.
- Nonperforming assets at March 31, 2015 totaled $20.0 million, a
decrease of $5.3 million compared to March 31, 2014; and a decrease
of $2.2 million compared to December 31, 2014.
- The Company's net interest margin improved to 3.72% for the
quarter ended March 31, 2015 from 3.63% for the first quarter of
2014 and 3.67% for the fourth quarter of 2014.
- Net loan loss recoveries of $476 thousand during the quarter
ended March 31, 2015 negated the need for a provision for loan and
lease losses.
- Noninterest bearing demand deposits for the quarter ended March
31, 2015 averaged $148.9 million, an increase of $17.4 million
(13%) since the first quarter of 2014; and a decrease of $4.1
million (11% annualized) since the fourth quarter of 2014.
- The Company's tangible book value increased to $6.41 per common
share at March 31, 2015 from $5.97 per common share at March 31,
2014 (7%); and from $6.29 per common share at December 31, 2014 (8%
annualized).
Randall S. Eslick, President and CEO commented:
"I am very pleased that we continue to successfully accomplish our
primary objectives of growing the loan portfolio, reducing the
level of non-performing assets, and improving the net interest
margin in this protracted low interest rate environment. The
efforts of our talented employees have resulted in these positive
trends, and provide the foundation for improving profitability over
the remainder of the year."
Forward-Looking Statements
This quarterly press release includes forward-looking
information, which is subject to the "safe harbor" created by the
Securities Act of 1933, and Securities Act of 1934. These
forward-looking statements (which involve the Company's plans,
beliefs and goals, refer to estimates or use similar terms) involve
certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements.
Such risks and uncertainties include, but are not limited to, the
following factors:
- Competitive pressure in the banking industry and changes in the
regulatory environment
- Changes in the interest rate environment and volatility of rate
sensitive assets and liabilities
- A decline in the health of the economy nationally or regionally
which could further reduce the demand for loans or reduce the value
of real estate collateral securing most of the Company's loans
- Credit quality deterioration which could cause an increase in
the provision for loan and lease losses
- Asset/Liability matching risks and liquidity risks
- Changes in the securities markets
For additional information concerning risks and uncertainties
related to the Company and its operations please refer to the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2014 and under the heading: "Risk Factors" and
subsequent reports on Form 10-Q and current reports on Form 8-K.
Readers are cautioned not to place undue reliance on these
forward-looking statements. The Company undertakes no obligation
and specifically disclaims any obligation, to revise or publicly
release the results of any revision or update to these
forward-looking statements to reflect events or circumstances that
occur after the date the statements were made.
TABLE 1 |
SELECTED FINANCIAL
INFORMATION - UNAUDITED |
(amounts in thousands
except per share data) |
|
For the Three
Months Ended |
|
March
31, |
December 31, |
Net income, average assets and
average shareholders' equity |
2015 |
2014 |
2014 |
Income available to common shareholders |
$ 1,751 |
$ 515 |
$ 1,633 |
Average total assets |
$ 978,916 |
$ 960,163 |
$ 985,100 |
Average shareholders' equity |
$ 104,618 |
$ 103,206 |
$ 103,147 |
|
|
|
|
Selected performance
ratios |
|
|
|
Return on average assets |
0.72% |
0.21% |
0.66% |
Return on average equity |
6.69% |
2.00% |
6.33% |
Efficiency ratio |
71.48% |
89.49% |
76.02% |
|
|
|
|
Share and per share
amounts |
|
|
|
Weighted average shares - basic |
13,303 |
13,942 |
13,295 |
Weighted average shares - diluted |
13,340 |
13,987 |
13,335 |
Earnings per share - basic |
$ 0.13 |
$ 0.04 |
$ 0.12 |
Earnings per share - diluted |
$ 0.13 |
$ 0.04 |
$ 0.12 |
|
|
|
|
|
At March
31, |
At December 31, |
Share and per share
amounts |
2015 |
2014 |
2014 |
Common shares outstanding |
13,337 |
13,552 |
13,295 |
Book value per common share |
$ 6.41 |
$ 5.97 |
$ 6.29 |
|
|
|
|
Capital ratios |
|
|
|
Bank of Commerce Holdings |
|
|
|
Common equity tier 1 capital ratio (1) |
9.73% |
n/a |
n/a |
Tier 1 capital ratio |
13.10% |
15.94% |
13.91% |
Total capital ratio |
14.35% |
17.20% |
15.16% |
Tier 1 leverage ratio |
11.74% |
12.80% |
11.60% |
|
|
|
|
Redding Bank of Commerce |
|
|
|
Common equity tier 1 capital ratio (1) |
13.05% |
n/a |
n/a |
Tier 1 capital ratio |
13.05% |
15.56% |
13.89% |
Total capital ratio |
14.30% |
16.82% |
15.14% |
Tier 1 leverage ratio |
11.70% |
12.49% |
11.57% |
|
(1) As of March 31, 2015, common
equity tier 1 capital ratio is a new ratio requirement under the
Basel III Capital Rules and represents the sum of the common equity
tier 1 elements, minus regulatory adjustments and deductions
divided by net risk weighted assets. |
The Company and the Bank continue to meet all capital adequacy
requirements to which they are subject. The change in capital
ratios during the current quarter compared to the same period a
year ago and the prior quarter is primarily due to repayment of
junior subordinated debentures, repurchase of common stock, and a
change in the calculation of the risk-weighted average assets in
accordance with Basel III.
BALANCE SHEET OVERVIEW
As of March 31, 2015, the Company had total consolidated assets
of $985.4 million, gross loans of $699.2 million, allowance for
loan and lease losses ("ALLL") of $11.3 million, total deposits of
$762.0 million, and shareholders' equity of $105.4 million.
TABLE 2 |
LOAN BALANCES BY TYPE -
UNAUDITED |
(amounts in
thousands) |
|
|
At March
31, |
|
|
At December
31, |
|
|
% of |
|
% of |
Change |
|
% of |
|
2015 |
Total |
2014 |
Total |
Amount |
% |
2014 |
Total |
Commercial |
$ 153,044 |
22% |
$ 165,747 |
27% |
$ (12,703) |
(8)% |
$ 153,957 |
23% |
Real estate - construction loans |
29,127 |
4 |
17,500 |
3 |
11,627 |
66% |
30,099 |
5 |
Real estate - commercial (investor) |
235,404 |
34 |
205,111 |
35 |
30,293 |
15% |
215,114 |
33 |
Real estate - commercial (owner
occupied) |
127,259 |
18 |
86,929 |
14 |
40,330 |
46% |
115,389 |
17 |
Real estate - ITIN loans |
52,043 |
7 |
55,411 |
9 |
(3,368) |
(6)% |
52,830 |
8 |
Real estate - mortgage |
12,304 |
2 |
14,973 |
2 |
(2,669) |
(18)% |
13,156 |
2 |
Real estate - equity lines |
45,750 |
7 |
45,519 |
7 |
231 |
1% |
44,981 |
7 |
Consumer |
44,283 |
6 |
15,749 |
3 |
28,534 |
181% |
35,210 |
5 |
Other |
15 |
0 |
110 |
0 |
(95) |
(86)% |
162 |
0 |
Gross loans |
699,229 |
100% |
607,049 |
100% |
92,180 |
15% |
660,898 |
100% |
Deferred fees and costs |
315 |
|
320 |
|
(5) |
|
157 |
|
Loans, net of deferred fees and
costs |
699,544 |
|
607,369 |
|
92,175 |
|
661,055 |
|
Allowance for loan and lease losses |
(11,296) |
|
(9,748) |
|
(1,548) |
|
(10,820) |
|
Net loans |
$ 688,248 |
|
$ 597,621 |
|
$ 90,627 |
|
$ 650,235 |
|
|
|
|
|
|
|
|
|
|
Average yield on loans during the
quarter |
4.77% |
|
4.80% |
|
(0.03) |
|
4.77% |
|
The Company recorded gross loan balances of $699.2 million at
March 31, 2015, compared with $607.0 million and $660.9 million at
March 31, 2014 and December 31, 2014; an increase of $92.2 million
and $38.3 million, respectively. The increase in gross loans
compared to the same period a year ago and the prior quarter was
driven by strong organic loan originations and the purchase of
wholesale loan pools. During the three months ended March 31, 2015,
the Company purchased $14.1 million and $6.4 million in consumer
and commercial real estate investor loan pools, respectively.
During the 12 month period ended March 31, 2015, the Company
purchased $43.6 million, $6.4 million and $18.5 million in
consumer, commercial real estate investor and SBA loan pools,
respectively.
The increase in the ALLL in the current quarter compared to the
prior quarter resulted from $655 thousand in loan recoveries
partially offset by $179 thousand in loan charge offs. These net
recoveries negated the need for a provision for loan and lease
losses during the first quarter of 2015. See table 8 for additional
detail of the ALLL.
TABLE 3 |
CASH, CASH EQUIVALENTS,
AND INVESTMENT SECURITIES - UNAUDITED |
(amounts in
thousands) |
|
At March
31, |
|
|
At December
31, |
|
|
% of |
|
% of |
Change |
|
% of |
|
2015 |
Total |
2014 |
Total |
Amount |
% |
2014 |
Total |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ 19,309 |
8% |
$ 54,422 |
17% |
$ (35,113) |
(65)% |
$ 43,949 |
16% |
Interest bearing due from banks |
10,802 |
5 |
20,146 |
6 |
(9,344) |
(46)% |
14,473 |
5 |
Total cash and cash equivalents |
30,111 |
13 |
74,568 |
23 |
(44,457) |
(60)% |
58,422 |
21 |
|
|
|
|
|
|
|
|
|
U.S. government and agencies |
6,422 |
3 |
6,300 |
2 |
122 |
2% |
6,393 |
2 |
Obligations of state and political
subdivisions |
53,491 |
23 |
56,454 |
18 |
(2,963) |
(5)% |
54,363 |
20 |
Residential mortgage backed securities and
collateralized mortgage obligations |
41,851 |
18 |
53,105 |
17 |
(11,254) |
(21)% |
47,015 |
17 |
Corporate securities |
31,660 |
14 |
49,553 |
16 |
(17,893) |
(36)% |
37,734 |
13 |
Commercial mortgage backed securities |
6,799 |
3 |
10,406 |
3 |
(3,607) |
(35)% |
10,389 |
4 |
Other asset backed securities |
26,667 |
11 |
28,192 |
9 |
(1,525) |
(5)% |
31,092 |
11 |
Total investment securities - AFS |
166,890 |
72 |
204,010 |
65 |
(37,120) |
(18)% |
186,986 |
67 |
|
|
|
|
|
|
|
|
|
Obligations of state and political
subdivisions - HTM |
36,609 |
15 |
36,985 |
12 |
(376) |
(1)% |
36,806 |
12 |
Total investment securities - AFS and
HTM |
203,499 |
87 |
240,995 |
77 |
(37,496) |
(19)% |
223,792 |
79 |
|
|
|
|
|
|
|
|
|
Total cash, cash equivalents and investment
securities |
$ 233,610 |
100% |
$ 315,563 |
100% |
$ (81,953) |
(26)% |
$ 282,214 |
100% |
|
|
|
|
|
|
|
|
|
Average yield on interest bearing due from
banks and investment securities during the quarter |
2.73% |
|
2.47% |
|
0.26 |
|
2.60% |
|
The Company's primary liquidity position tightened during the
current reporting period. As of March 31, 2015, the Company
maintained cash positions at the Federal Reserve Bank and
correspondent banks in the amount of $19.3 million. The Company
also held interest bearing deposits with other financial
institutions in the amount of $10.8 million.
Available-for-sale investment securities totaled $166.9 million
at March 31, 2015, compared with $204.0 and $187.0 million at March
31, 2014 and December 31, 2014, respectively. The Company's
available-for-sale investment portfolio provides the Company a
secondary source of liquidity to fund other higher yielding asset
opportunities, such as loan originations and wholesale loan
purchases. During the first quarter of 2015, the Company purchased
eight securities with a par value of $12.0 million and weighted
average yield of 2.74% and sold twenty-two securities with a par
value of $25.4 million and weighted average yield of 2.53%. The
sales activity resulted in $215 thousand in net realized gains for
the three months ended March 31, 2015. During the three months
ended March 31, 2015, the Company also received $7.4 million in
proceeds from principal payments, calls and maturities within the
available-for-sale investment securities portfolio. Average
quarterly securities balances and weighted average tax equivalent
yields at March 31, 2015 and 2014 were $213.9 million and 3.46%
compared to $246.9 million and 3.48%, respectively. During the
first quarter of 2015, reductions in the available-for-sale
investment portfolio were used to fund higher yielding loan
assets.
During the current quarter, the Company's securities purchases
were focused on moderate term maturities, taking advantage of the
steepness of the yield curve, which moderates the Company's
exposure to rising interest rates, while still providing an
acceptable yield. Sales were focused on longer term municipal
bonds, short term corporate floating rate bonds, as well as
mortgage-backed and asset-backed securities with extended cash
flows or with a high probability of cash flows extending as
interest rates increase. Sales were also focused on those bonds
likely to be less liquid in the event of a market shock. Overall,
management's investment strategy reflects the continuing
expectation of rising rates across the yield curve. Management
continues to actively seek out opportunities to reduce the overall
duration of the portfolio and accelerate cash flows, while also
improving credit quality and liquidity. This strategy could entail
absorbing small losses within the portfolio to meet longer term
objectives.
At March 31, 2015, the Company's net unrealized gain on
available-for-sale securities was $3.1 million compared with $643
thousand net unrealized loss and $2.6 million net unrealized gain
at March 31, 2014 and December 31, 2014, respectively. The
favorable change in net unrealized gains resulted primarily from
increases in the fair values of the Company's municipal bond and
corporate securities portfolios, due to declines in interest
rates.
TABLE 4 |
DEPOSITS BY TYPE -
UNAUDITED |
(amounts in
thousands) |
|
|
At March
31, |
|
|
At December
31, |
|
|
% of |
|
% of |
Change |
|
% of |
|
2015 |
Total |
2014 |
Total |
Amount |
% |
2014 |
Total |
Demand - noninterest bearing |
$ 150,056 |
20% |
$ 131,290 |
17% |
$ 18,766 |
14% |
$ 157,557 |
20% |
Demand - interest bearing |
266,552 |
35 |
269,634 |
35 |
(3,082) |
(1)% |
298,160 |
38 |
Total demand |
416,608 |
55 |
400,924 |
52 |
15,684 |
4% |
455,717 |
58 |
|
|
|
|
|
|
|
|
|
Savings |
92,088 |
12 |
93,279 |
12 |
(1,191) |
(1)% |
88,569 |
11 |
Total non-maturing deposits |
508,696 |
67 |
494,203 |
64 |
14,493 |
3% |
544,286 |
69 |
|
|
|
|
|
|
|
|
|
Certificates of deposit |
253,280 |
33 |
267,508 |
36 |
(14,228) |
(5)% |
244,749 |
31 |
Total deposits |
$ 761,976 |
100% |
$ 761,711 |
100% |
$ 265 |
0% |
$ 789,035 |
100% |
|
|
|
|
|
|
|
|
|
Average rate on interest bearing deposits
during the quarter |
0.50% |
|
0.55% |
|
(0.05) |
|
0.49% |
|
Total deposits at March 31, 2015, increased $265 thousand to
$762.0 million compared to March 31, 2014, and decreased $27.0
million or 3% compared to December 31, 2014. Non-maturing core
deposits increased $14.5 million or 3% compared to the same date a
year ago and decreased $35.6 million or 7% compared to December 31,
2014.
TABLE 5 |
WHOLESALE DEPOSITS -
UNAUDITED |
(amounts in
thousands) |
|
|
|
|
|
At March
31, |
At December 31, |
|
2015 |
2014 |
2014 |
CDARS / ICS |
$ 52,767 |
$ 59,622 |
$ 90,324 |
Online deposit listing service |
67,453 |
68,446 |
67,449 |
Third party deposit broker |
17,498 |
13,876 |
7,550 |
Total wholesale deposits |
$ 137,718 |
$ 141,944 |
$ 165,323 |
In accordance with regulatory Call Report instructions, the Bank
has filed quarterly Call Reports which listed brokered deposits of
$70.3 million, $73.5 million and $97.9 million at March 31, 2015,
March 31, 2014 and December 31, 2014, respectively. These amounts
include deposits obtained through the CDARS and ICS programs, which
management does not consider to be brokered.
INCOME STATEMENT OVERVIEW
TABLE 6 |
SUMMARY INCOME
STATEMENT - UNAUDITED |
(amounts in thousands,
except per share data) |
|
|
For The Three
Months Ended |
|
March
31, |
Change |
December 31, |
Change |
|
2015 |
2014 |
Amount |
% |
2014 |
Amount |
% |
Net interest income |
$ 8,369 |
$ 8,173 |
$ 196 |
2% |
$ 8,290 |
$ 79 |
1% |
Provision for loan and lease losses |
— |
— |
— |
0% |
675 |
(675) |
(100)% |
Noninterest income |
854 |
364 |
490 |
135% |
1,144 |
(290) |
(25)% |
Noninterest expense |
6,593 |
7,640 |
(1,047) |
(14)% |
7,172 |
(579) |
(8)% |
Income before income taxes |
2,630 |
897 |
1,733 |
193% |
1,587 |
1,043 |
66% |
Provision (benefit) for income taxes |
829 |
332 |
497 |
150% |
(96) |
925 |
(964)% |
Net income |
1,801 |
565 |
1,236 |
219% |
1,683 |
118 |
7% |
Less: Dividend on preferred stock |
50 |
50 |
— |
0% |
50 |
— |
0% |
Income available to common
shareholders |
$ 1,751 |
$ 515 |
$ 1,236 |
240% |
$ 1,633 |
$ 118 |
7% |
|
|
|
|
|
|
|
|
Basic earnings per share |
$ 0.13 |
$ 0.04 |
$ 0.09 |
225% |
$ 0.12 |
$ 1 |
8% |
Average basic shares |
13,303 |
13,942 |
(639) |
(5)% |
13,295 |
8 |
0% |
Diluted earnings per share |
$ 0.13 |
$ 0.04 |
$ 0.09 |
225% |
$ 0.12 |
$ 1 |
8% |
Average diluted shares |
13,340 |
13,987 |
(647) |
(5)% |
13,335 |
5 |
0% |
Dividends declared per common share |
$ 0.03 |
$ 0.03 |
$ — |
0% |
$ 0.03 |
$ — |
0% |
First Quarter of 2015 Compared With First Quarter of
2014
Net income available to common shareholders for the first
quarter of 2015 increased $1.2 million over the first quarter of
2014. In the current year, net interest income was $196
thousand higher, noninterest income was $490 thousand higher and
noninterest expenses were $1.0 million lower. These positive
changes were partially offset by an income tax provision that was
higher by $497 thousand.
Net Interest Income
Net interest income increased $196 thousand over a year
previous. Interest income for the three months ended March 31, 2015
increased $526 thousand or 6% to $9.5 million which reflects the
increase in average earnings assets and the reallocation of lower
yielding assets into higher yielding loans. Interest expense for
the three months ended March 31, 2015 increased $330 thousand or
40% to $1.2 million. Interest expense on deposits declined $79
thousand, interest expense on other borrowings decreased $47
thousand, but interest on the Bank's Federal Home Loan Bank of San
Francisco ("FHLB") borrowings increased $456 thousand.
During the first quarter of 2014, the net cost of the Bank's
FHLB borrowings was reduced when hedge gains were reclassified out
of other comprehensive income into earnings as a reduction of
interest expense. As a result, interest expense on FHLB borrowings
for the first quarter of 2014 was a negative $107 thousand. This
accounting treatment ceased during the second quarter of
2014. Interest expense on FHLB borrowings for the first
quarter of 2015 was $349 thousand. Interest expense on other
borrowings was $47 thousand and $94 for the first quarter of
2015and 2014, respectively. During December of 2014, the
Company repaid $5.0 million of junior subordinated debentures
resulting in a decrease in interest on other borrowings.
Noninterest Income
Noninterest income for the three months ended March 31, 2015
increased $490 thousand compared to the same period a year ago. The
Company recognized net gains on sale of available-for-sale
investment securities during the current quarter of $215 thousand
compared to a net loss of $245 thousand, for the same period a year
ago.
Noninterest Expense
Noninterest expense for the three months ended March 31, 2015
decreased $1.0 million compared to the same period a year ago.
During the quarter ended March 31, 2014 the Company negotiated the
settlement of a note receivable from its former mortgage subsidiary
which resulted in a loss of $1.4 million and also wrote down $290
thousand of other real estate owned ("OREO"). In the current
period, salaries and benefits are $288 thousand higher than a year
earlier.
Income Tax Provision
During the three months ended March 31, 2015, the Company
recorded a provision for income tax expense of $829 thousand
compared with $332 thousand for the same period a year ago. The
increase in the current year is due to increased pretax income.
First Quarter of 2015 Compared With Fourth Quarter of
2014
Net income available to common shareholders for the first
quarter of 2015 increased $118 thousand over the fourth quarter of
2014. In the current year, net interest income was $79 thousand
higher, the provision for loan and lease losses was $675 thousand
lower and noninterest expenses were $579 thousand lower. These
positive changes were partially offset by noninterest income that
was $290 thousand lower and an income tax provision that was higher
by $925 thousand.
Net Interest Income
Net interest income increased $79 thousand over a quarter
previous. Interest income for the three months ended March 31, 2015
decreased $3 thousand to $9.5 million. The Bank's improved yield on
assets offset the negative effect of a quarter that was two days
shorter than the fourth quarter of 2014. Interest expense for the
three months ended March 31, 2015 decreased $82 thousand or 7% to
$1.2 million compared to the prior quarter. This decrease was a
combination of reduced interest expense on junior subordinated
debentures and the shorter quarter.
Provision for Loan and Lease Losses
During the current quarter net recoveries on charged off loans
negated the need for a provision for loan and lease losses compared
to the provision for loan and lease loss of $675 thousand in the
prior quarter.
Noninterest Income
Noninterest income for the three months ended March 31, 2015
decreased $290 thousand compared to the prior quarter. The Company
recognized a net gain on sale of available-for-sale investment
securities during the current quarter of $215 thousand compared to
a $93 thousand net gain in the prior quarter. During the quarter
ended December 31, 2014, the Company also recognized a $406
thousand gain on the discounted repayment of junior subordinated
debentures included in other income.
Noninterest Expense
Noninterest expense for the three months ended March 31, 2015
decreased $579 thousand compared to the prior quarter. The Company
recognized severance costs associated with the retirement of a
former executive during the fourth quarter of 2014.
Income Tax Provision
During the three months ended March 31, 2015, the Company
recorded a provision for income tax expense of $829 thousand
compared with provision for income tax benefit of $96 thousand for
the prior quarter. During the quarter ended December 31, 2014 the
Company revised the estimated annual effective tax rate used in the
provision for income tax expense.
Diluted earnings per share were $0.13 for the three months ended
March 31, 2015 compared with $0.04 for the same period a year ago,
and $0.12 for the prior period. Earnings per share increased during
the three months ended March 31, 2015 compared to the same period a
year ago as a result of increased net income and decreased weighted
average shares. The decrease in weighted average shares resulted
from the repurchase of 700,000 common shares from a repurchase plan
announced and completed during the six months ended June 30, 2014.
All repurchased shares were retired subsequent to purchase.
TABLE 7 |
NET INTEREST SPREAD AND
MARGIN - UNAUDITED |
(amounts in
thousands) |
|
|
For the Three
Months Ended |
|
March 31, |
Change |
December 31, |
Change |
|
2015 |
2014 |
Amount |
2014 |
Amount |
Tax equivalent yield on average interest
earning assets |
4.37% |
4.14% |
0.23 |
4.35% |
0.02 |
Rate on average interest bearing
liabilities |
0.65% |
0.47% |
(0.18) |
0.70% |
0.05 |
Net interest spread - tax equivalent
basis |
3.72% |
3.67% |
0.05 |
3.65% |
0.07 |
|
|
|
|
|
|
Net interest margin - nominal |
3.72% |
3.63% |
0.09 |
3.67% |
0.05 |
Net interest margin - tax equivalent
basis |
3.86% |
3.78% |
0.08 |
3.81% |
0.05 |
|
|
|
|
|
|
Average earning assets |
$ 912,886 |
$ 912,007 |
$ 879 |
$ 917,301 |
$ (4,415) |
Average interest bearing liabilities |
$ 708,234 |
$ 710,258 |
$ (2,024) |
$ 712,195 |
$ (3,961) |
The net interest margin (net interest income as a percentage of
average interest earning assets) on a fully tax-equivalent basis
was 3.86% for the three months ended March 31, 2015, an increase of
eight basis points as compared to the same period a year ago. The
increase in net interest margin resulted from a 22 basis point
increase in tax-equivalent yield on average earning assets offset
by a 14 basis point increase in interest expense to fund average
earning assets. With decreasing elasticity in managing our funding
costs and historically low interest rates, maintaining our net
interest margin in the foreseeable future will continue to be
challenging. Management will continue to reallocate the asset mix
into higher yielding assets by pursuing organic loan growth, making
wholesale loan purchases, and actively managing the investment
securities portfolio within our accepted risk tolerance.
TABLE 8 |
ALLOWANCE FOR LOAN AND
LEASE LOSSES ROLL FORWARD - UNAUDITED |
(amounts in
thousands) |
|
|
For The Three
Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
2015 |
2014 |
2014 |
2014 |
2014 |
Beginning balance |
$ 10,820 |
$ 10,400 |
$ 9,882 |
$ 9,748 |
$ 14,172 |
Provision for loan and lease losses
charged to expense |
— |
675 |
1,050 |
1,450 |
— |
Loans charged off |
(179) |
(375) |
(585) |
(1,457) |
(4,902) |
Loan loss recoveries |
655 |
120 |
53 |
141 |
478 |
Ending balance |
$ 11,296 |
$ 10,820 |
$ 10,400 |
$ 9,882 |
$ 9,748 |
|
|
|
|
|
|
|
At March 31, |
At December 31, |
At September 30, |
At June 30, |
At March 31, |
|
2015 |
2014 |
2014 |
2014 |
2014 |
Nonaccrual loans: |
|
|
|
|
|
Commercial |
$ 3,908 |
$ 5,112 |
$ 7,065 |
$ 4,375 |
$ 4,303 |
Commercial real estate |
8,182 |
9,696 |
9,896 |
15,598 |
12,560 |
Residential real estate 1-4 family |
6,365 |
6,782 |
7,438 |
6,939 |
7,360 |
Home equity |
24 |
24 |
89 |
479 |
484 |
Consumer |
34 |
35 |
— |
87 |
— |
Total nonaccrual loans |
18,513 |
21,649 |
24,488 |
27,478 |
24,707 |
Accruing troubled debt restructured
loans: |
|
|
|
|
|
Commercial |
1,004 |
1,485 |
1,585 |
13 |
62 |
Commercial real estate |
1,690 |
1,698 |
1,707 |
1,716 |
3,853 |
Residential real estate 1-4 family |
5,421 |
5,462 |
5,222 |
5,074 |
4,894 |
Home equity |
574 |
579 |
584 |
589 |
593 |
Total accruing troubled debt restructured
loans |
8,689 |
9,224 |
9,098 |
7,392 |
9,402 |
|
|
|
|
|
|
All other accruing impaired loans |
533 |
535 |
757 |
585 |
2,564 |
|
|
|
|
|
|
Total impaired loans |
$ 27,735 |
$ 31,408 |
$ 34,343 |
$ 35,455 |
$ 36,673 |
|
|
|
|
|
|
Gross loans outstanding at period end |
$ 699,229 |
$ 660,898 |
$ 649,695 |
$ 619,418 |
$ 607,049 |
|
|
|
|
|
|
Allowance for loan and lease losses as a
percent of: |
|
|
|
|
|
Gross loans |
1.62% |
1.64% |
1.60% |
1.59% |
1.61% |
Nonaccrual loans |
61.02% |
49.98% |
42.47% |
35.96% |
39.45% |
Impaired loans |
40.73% |
34.45% |
30.28% |
27.87% |
26.58% |
|
|
|
|
|
|
Nonaccrual loans to gross loans |
2.65% |
3.28% |
3.77% |
4.43% |
4.07% |
The Company realized net loan loss recoveries of $476 thousand
in the current quarter compared with net loan charge offs of $255
thousand in the prior quarter and net loan charge offs of $4.4
million for the same period a year ago.
The Company continues 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. The Company made no provision for loan and lease losses
during the first quarters of 2015 and 2014, compared to a provision
of $675 thousand for the prior quarter. The Company's ALLL as a
percentage of gross loans was 1.62% as of March 31, 2015 compared
to 1.61% as of March 31, 2014 and 1.64% as of December 31, 2014. At
March 31, 2015, given the banks ALLL methodology which uses
criteria such as risk weighting and historical loss rates, and
given the ongoing improvements in asset quality, management
believes the Company's ALLL is adequate. 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
additional charges to the provision for loan and lease losses.
At March 31, 2015, the recorded investment in loans classified
as impaired totaled $27.7 million, with a corresponding valuation
allowance of $1.5 million compared to impaired loans of $36.7
million with a corresponding valuation allowance of $1.8 million at
March 31, 2014 and impaired loans of $31.4 million, with a
corresponding valuation allowance of $1.6 million at December 31,
2014. The valuation allowance on impaired loans represents the
impairment reserves on performing restructured loans, other
accruing loans, and nonaccrual loans. The $3.7 million decrease in
impaired loans during the three months ended March 31, 2015 is
centered in a $1.2 million principal payment on one commercial loan
relationship, the acceptance of 6 deeds in lieu of foreclosure on a
$1.3 million commercial loan relationship and a $486 thousand
payoff of an impaired purchased mortgage.
TABLE 9 |
PERIOD END TROUBLED
DEBT RESTRUCTURINGS - UNAUDITED |
(amounts in
thousands) |
|
|
|
|
|
|
|
At March 31, |
At December 31, |
At September 30, |
At June 30, |
At March 31, |
|
2015 |
2014 |
2014 |
2014 |
2014 |
Nonaccrual |
$ 12,695 |
$ 14,230 |
$ 16,556 |
$ 20,504 |
$ 19,779 |
Accruing |
8,689 |
9,224 |
9,098 |
7,392 |
9,402 |
Total troubled debt restructurings |
$ 21,384 |
$ 23,454 |
$ 25,654 |
$ 27,896 |
$ 29,181 |
|
|
|
|
|
|
Percentage of total gross loans |
3.06% |
3.55% |
3.95% |
4.50% |
4.81% |
Loans are reported as a troubled debt restructuring when the
Bank grants a concession(s) to a borrower experiencing financial
difficulties that it would not otherwise consider. Examples of such
concessions include a reduction in the note rate, forgiveness of
principal or accrued interest, extending the maturity date(s)
significantly, or providing a lower interest rate than would be
normally available for a transaction of similar risk. As a result
of these concessions, restructured loans are impaired as the Bank
will not collect all amounts due, either principal or interest, in
accordance with the terms of the original loan agreement.
Impairment reserves on non-collateral dependent restructured loans
are measured by calculating the present value of expected future
cash flows of the restructured loans, discounted at the effective
interest rate of the original loan agreement. These impairment
reserves are recognized as a specific component of the ALLL.
During the three months ended March 31, 2015, the Company
restructured four loans to grant payment deferrals. The loans were
classified as a troubled debt restructurings and three of the loans
were placed on nonaccrual status. As of March 31, 2015, the Company
had $21.4 million in troubled debt restructurings compared to $23.5
million as of December 31, 2014. As of March 31, 2015, the Company
had 121 restructured loans that qualified as troubled debt
restructurings, of which 99 were performing according to their
restructured terms. Troubled debt restructurings represented 3.06%
of gross loans as of March 31, 2015 compared with 3.55% at December
31, 2014.
TABLE 10 |
NONPERFORMING ASSETS -
UNAUDITED |
(amounts in
thousands) |
|
|
|
|
|
|
|
At March 31, |
At December 31, |
At September 30, |
At June 30, |
At March 31, |
|
2015 |
2014 |
2014 |
2014 |
2014 |
Total nonaccrual loans |
$ 18,513 |
$ 21,649 |
$ 24,488 |
$ 27,478 |
$ 24,707 |
90 days past due not on nonaccrual |
— |
23 |
— |
— |
— |
Total nonperforming loans |
18,513 |
21,672 |
24,488 |
27,478 |
24,707 |
|
|
|
|
|
|
Other real estate owned |
1,502 |
502 |
393 |
826 |
623 |
Total nonperforming assets |
$ 20,015 |
$ 22,174 |
$ 24,881 |
$ 28,304 |
$ 25,330 |
|
|
|
|
|
|
Nonperforming loans to gross loans |
2.65% |
3.28% |
3.77% |
4.43% |
4.07% |
Nonperforming assets to total assets |
2.03% |
2.22% |
2.54% |
2.94% |
2.61% |
Nonperforming loans, which include nonaccrual loans and accruing
loans past due more than 90 days, totaled $18.5 million or 2.65% of
gross loans as of March 31, 2015, compared to $21.7 million, or
3.28% of gross loans at December 31, 2014. The decrease in
nonperforming loans in the current quarter compared to the prior
quarter was primarily due to a $1.2 million principal payment on
one commercial loan relationship; $1.3 million for a commercial
loan relationship attributed to moving six properties into OREO and
a $486 thousand payoff of a nonperforming purchased mortgage.
Nonperforming assets, which include nonperforming loans and OREO,
totaled $20.0 million, or 2.03% of total assets as of March 31,
2015, compared with $22.2 million, or 2.22% of total assets as of
December 31, 2014.
At March 31, 2015, March 31, 2014 and December 31, 2014, the
recorded investment in OREO was $1.5 million, $623 thousand and
$502 thousand, respectively. The March 31, 2015 OREO balance
consists of twelve properties, of which five are secured by 1-4
family residential real estate in the amount of $370 thousand and
seven are secured by nonfarm nonresidential properties in the
amount of $1.1 million.
|
|
|
|
|
|
TABLE 11 |
UNAUDITED CONDENSED
CONSOLIDATED |
BALANCE
SHEET |
(amounts in thousands,
except per share data) |
|
|
|
|
|
|
|
At March 31, |
At March 31, |
Change |
At December 31, |
|
2015 |
2014 |
$ |
% |
2014 |
Assets: |
|
|
|
|
|
Cash and due from banks |
$ 19,309 |
$ 54,422 |
$ (35,113) |
(65)% |
$ 43,949 |
Interest bearing due from banks |
10,802 |
20,146 |
(9,344) |
(46)% |
14,473 |
Total cash and cash equivalents |
30,111 |
74,568 |
(44,457) |
(60)% |
58,422 |
|
|
|
|
|
|
Securities available-for-sale, at fair
value |
166,890 |
204,010 |
(37,120) |
(18)% |
186,986 |
Securities held-to-maturity, at amortized
cost |
36,609 |
36,985 |
(376) |
(1)% |
36,806 |
|
|
|
|
|
|
Loans, net of deferred fees and costs |
699,544 |
607,369 |
92,175 |
15% |
661,055 |
Allowance for loan and lease losses |
(11,296) |
(9,748) |
(1,548) |
16% |
(10,820) |
Net loans |
688,248 |
597,621 |
90,627 |
15% |
650,235 |
|
|
|
|
|
|
Premises and equipment, net |
11,903 |
11,763 |
140 |
1% |
12,295 |
Other real estate owned |
1,502 |
623 |
879 |
141% |
502 |
Life insurance |
22,009 |
16,342 |
5,667 |
35% |
21,844 |
Deferred taxes |
10,041 |
10,487 |
(446) |
(4)% |
10,231 |
Other assets |
18,089 |
17,598 |
491 |
3% |
19,871 |
Total Assets |
$ 985,402 |
$ 969,997 |
$ 15,405 |
2% |
$ 997,192 |
|
|
|
|
|
|
Liabilities and shareholders' equity: |
|
|
|
|
|
Demand - noninterest bearing |
$ 150,056 |
$ 131,290 |
$ 18,766 |
14% |
157,557 |
Demand - interest bearing |
266,552 |
269,634 |
(3,082) |
(1)% |
298,160 |
Savings |
92,088 |
93,279 |
(1,191) |
(1)% |
88,569 |
Certificates of deposit |
253,280 |
267,508 |
(14,228) |
(5)% |
244,749 |
Total deposits |
761,976 |
761,711 |
265 |
0% |
789,035 |
|
|
|
|
|
|
Federal Home Loan Bank of San Francisco
borrowings |
90,000 |
75,000 |
15,000 |
20% |
75,000 |
Junior subordinated debentures |
10,310 |
15,465 |
(5,155) |
(33)% |
10,310 |
Other liabilities |
17,679 |
17,034 |
645 |
4% |
19,245 |
Total liabilities |
879,965 |
869,210 |
10,755 |
1% |
893,590 |
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Preferred stock |
19,931 |
19,931 |
— |
0% |
19,931 |
Common Stock |
24,105 |
25,531 |
(1,426) |
(6)% |
23,891 |
Retained earnings |
61,217 |
56,051 |
5,166 |
9% |
59,867 |
Accumulated other comprehensive income
(loss), net of tax |
184 |
(726) |
910 |
(125)% |
(87) |
Total shareholders' equity |
105,437 |
100,787 |
4,650 |
5% |
103,602 |
|
|
|
|
|
|
Total liabilities and shareholders'
equity |
$ 985,402 |
$ 969,997 |
$ 15,405 |
2% |
$ 997,192 |
|
|
|
|
|
|
Total interest earning assets |
$ 919,227 |
$ 903,428 |
$ 15,799 |
2% |
$ 926,233 |
Shares outstanding |
13,337 |
13,552 |
|
|
13,295 |
Book value per share |
$ 6.41 |
$ 5.97 |
|
|
$ 6.29 |
|
|
|
|
|
|
TABLE 12 |
UNAUDITED |
INCOME
STATEMENT |
(amounts in thousands,
except per share data) |
|
|
|
|
|
|
|
For The Three
Months Ended |
|
March
31, |
Change |
December 31, |
|
2015 |
2014 |
$ |
% |
2014 |
Interest income: |
|
|
|
|
|
Interest and fees on loans |
$ 7,911 |
$ 7,094 |
$ 817 |
12% |
7,832 |
Interest on securities |
944 |
1,114 |
(170) |
(15)% |
980 |
Interest on tax-exempt securities |
599 |
652 |
(53) |
(8)% |
620 |
Interest on deposits |
72 |
140 |
(68) |
(49)% |
97 |
Total interest income |
9,526 |
9,000 |
526 |
6% |
9,529 |
Interest expense: |
|
|
|
|
|
Interest on demand deposits |
116 |
121 |
(5) |
(4)% |
109 |
Interest on savings deposits |
54 |
57 |
(3) |
(5)% |
55 |
Interest on certificates of deposit |
591 |
662 |
(71) |
(11)% |
623 |
Interest on FHLB borrowings |
349 |
(107) |
456 |
(426)% |
370 |
Interest on other borrowings |
47 |
94 |
(47) |
(50)% |
82 |
Total interest expense |
1,157 |
827 |
330 |
40% |
1,239 |
Net interest income |
8,369 |
8,173 |
196 |
2% |
8,290 |
Provision for loan and lease losses |
— |
— |
— |
0% |
675 |
Net interest income after provision for
loan and lease losses |
8,369 |
8,173 |
196 |
2% |
7,615 |
Noninterest income: |
|
|
|
|
|
Service charges on deposit accounts |
49 |
44 |
5 |
11% |
51 |
Payroll and benefit processing fees |
148 |
135 |
13 |
10% |
137 |
Increase in cash surrender value of life
insurance |
165 |
126 |
39 |
31% |
169 |
Gain (loss) on investment securities,
net |
215 |
(245) |
460 |
(188)% |
93 |
Merchant credit card service income,
net |
23 |
26 |
(3) |
(12)% |
24 |
Other income |
254 |
278 |
(24) |
(9)% |
670 |
Total noninterest income |
854 |
364 |
490 |
135% |
1,144 |
|
|
|
|
|
|
TABLE 12 -
CONTINUED |
UNAUDITED |
INCOME
STATEMENT |
(amounts in thousands,
except per share data) |
|
|
|
|
|
|
|
For The Three
Months Ended |
|
March
31, |
Change |
December 31, |
|
2015 |
2014 |
$ |
% |
2014 |
Noninterest expense: |
|
|
|
|
|
Salaries and related benefits |
3,910 |
3,622 |
288 |
8% |
4,257 |
Occupancy and equipment expense |
734 |
642 |
92 |
14% |
715 |
Write down of other real estate
owned |
— |
290 |
(290) |
(100)% |
— |
FDIC insurance premium |
207 |
191 |
16 |
8% |
214 |
Data processing fees |
233 |
194 |
39 |
20% |
260 |
Professional service fees |
422 |
264 |
158 |
60% |
616 |
Deferred compensation expense |
71 |
115 |
(44) |
(38)% |
113 |
Other expenses |
1,016 |
2,322 |
(1,306) |
(56)% |
997 |
Total noninterest expense |
6,593 |
7,640 |
(1,047) |
(14)% |
7,172 |
Income before provision (benefit) for income
taxes |
2,630 |
897 |
1,733 |
193% |
1,587 |
Provision (benefit) for income taxes |
829 |
332 |
497 |
150% |
(96) |
Net income |
$ 1,801 |
$ 565 |
$ 1,236 |
219% |
$ 1,683 |
Less: preferred dividends |
50 |
50 |
— |
0% |
50 |
Income available to common shareholders |
$ 1,751 |
$ 515 |
$ 1,236 |
240% |
$ 1,633 |
|
|
|
|
|
|
Basic earnings per share |
$ 0.13 |
$ 0.04 |
$ 0.09 |
225% |
$ 0.12 |
Average basic shares |
13,303 |
13,942 |
(639) |
(5)% |
13,295 |
Diluted earnings per share |
$ 0.13 |
$ 0.04 |
$ 0.09 |
225% |
$ 0.12 |
Average diluted shares |
13,340 |
13,987 |
(647) |
(5)% |
13,335 |
|
|
|
|
|
|
TABLE 13 |
UNAUDITED CONDENSED
CONSOLIDATED |
YEAR TO DATE AVERAGE
BALANCE SHEETS |
(amounts in
thousands) |
|
|
|
|
|
|
|
For the Three
Months Ended |
For the Twelve
Months Ended |
|
March 31, |
March 31, |
December 31, |
December 31, |
December 31, |
|
2015 |
2014 |
2014 |
2013 |
2012 |
Earning assets: |
|
|
|
|
|
Loans |
$ 673,120 |
$ 599,964 |
$ 625,166 |
$ 612,819 |
$ 642,200 |
Tax exempt securities |
77,316 |
86,681 |
83,973 |
92,854 |
81,714 |
Taxable securities |
136,557 |
160,182 |
147,916 |
157,486 |
135,615 |
Interest bearing due from banks |
25,893 |
65,180 |
56,465 |
43,397 |
48,712 |
Average earning assets |
912,886 |
912,007 |
913,520 |
906,556 |
908,241 |
|
|
|
|
|
|
Cash and due from banks |
10,295 |
10,212 |
11,246 |
10,570 |
10,125 |
Premises and equipment, net |
12,195 |
11,197 |
12,105 |
10,338 |
9,567 |
Other assets |
43,540 |
26,747 |
36,936 |
26,838 |
24,249 |
Average total assets |
$ 978,916 |
$ 960,163 |
$ 973,807 |
$ 954,302 |
$ 952,182 |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
Demand - interest bearing |
$ 275,954 |
$ 268,913 |
$ 272,383 |
$ 244,125 |
$ 203,342 |
Savings |
91,152 |
91,406 |
91,108 |
92,502 |
89,789 |
Certificates of deposit |
246,707 |
259,474 |
259,445 |
249,500 |
285,574 |
Repurchase agreements |
— |
— |
— |
5,780 |
14,246 |
Other borrowings |
10,421 |
15,465 |
15,239 |
15,584 |
15,465 |
FHLB borrowings |
84,000 |
75,000 |
77,534 |
109,560 |
110,374 |
Average interest bearing liabilities |
708,234 |
710,258 |
715,709 |
717,051 |
718,790 |
|
|
|
|
|
|
Demand - noninterest bearing |
148,923 |
131,569 |
139,792 |
126,017 |
115,091 |
Other liabilities |
17,141 |
15,130 |
15,934 |
5,041 |
7,033 |
Shareholders' equity |
104,618 |
103,206 |
102,372 |
106,193 |
111,268 |
Average liabilities & shareholders'
equity |
$ 978,916 |
$ 960,163 |
$ 973,807 |
$ 954,302 |
$ 952,182 |
|
|
|
|
|
|
TABLE 14 |
UNAUDITED CONDENSED
CONSOLIDATED |
QUARTERLY AVERAGE
BALANCE SHEETS |
(amounts in
thousands) |
|
|
|
|
|
|
|
For the Three
Months Ended |
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
2015 |
2014 |
2014 |
2014 |
2014 |
Earning assets: |
|
|
|
|
|
Loans |
$ 673,120 |
$ 656,834 |
$ 631,674 |
$ 611,494 |
$ 599,964 |
Tax exempt securities |
77,316 |
82,231 |
83,503 |
83,530 |
86,681 |
Taxable securities |
136,557 |
141,265 |
138,355 |
152,175 |
160,182 |
Interest bearing due from banks |
25,893 |
36,971 |
64,829 |
59,099 |
65,180 |
Average earning assets |
912,886 |
917,301 |
918,361 |
906,298 |
912,007 |
|
|
|
|
|
|
Cash and due from banks |
10,295 |
12,263 |
12,320 |
10,155 |
10,212 |
Premises and equipment, net |
12,195 |
12,464 |
12,551 |
12,190 |
11,197 |
Other assets |
43,540 |
43,072 |
40,815 |
36,887 |
26,747 |
Average total assets |
$ 978,916 |
$ 985,100 |
$ 984,047 |
$ 965,530 |
$ 960,163 |
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
Demand - interest bearing |
$ 275,954 |
$ 277,692 |
$ 270,395 |
$ 272,457 |
$ 268,913 |
Savings |
91,152 |
89,992 |
91,556 |
91,488 |
91,406 |
Certificates of deposit |
246,707 |
254,943 |
260,592 |
262,809 |
259,474 |
Other borrowings |
10,421 |
14,568 |
15,465 |
15,465 |
15,465 |
FHLB borrowings |
84,000 |
75,000 |
85,054 |
75,000 |
75,000 |
Average interest bearing liabilities |
708,234 |
712,195 |
723,062 |
717,219 |
710,258 |
|
|
|
|
|
|
Demand - noninterest bearing |
148,923 |
153,007 |
142,426 |
131,901 |
131,569 |
Other liabilities |
17,141 |
16,751 |
16,612 |
15,216 |
15,130 |
Shareholders' equity |
104,618 |
103,147 |
101,947 |
101,194 |
103,206 |
Average liabilities & shareholders'
equity |
$ 978,916 |
$ 985,100 |
$ 984,047 |
$ 965,530 |
$ 960,163 |
About Bank of Commerce Holdings
Bank of Commerce Holdings is a bank holding company
headquartered in Redding, California and is the parent company for
Redding Bank of Commerce which operates under two separate names:
Redding Bank of Commerce and Sacramento Bank of Commerce, a
division of Redding Bank of Commerce. The Bank is an FDIC insured
California banking corporation providing commercial banking and
financial services through four offices located in Northern
California. The Bank opened on October 22, 1982. The Company's
common stock is listed on the NASDAQ Global Market and trades under
the symbol "BOCH".
Investment firms making a market in BOCH stock
are:
Raymond James Financial |
McAdams Wright Ragen, Inc. |
John T. Cavender |
Joey Warmenhoven |
555 Market Street |
1211 SW Fifth Avenue, Suite 1400 |
San Francisco, CA 94105 |
Portland, OR 97204 |
(800) 346-5544 |
(866) 662-0351 |
|
|
Sandler O'Neill + Partners, L.P. |
Stifel Nicolaus |
Brian Sullivan |
Perry Wright |
1251 Avenue of the Americas, 6th Floor |
1255 East Street, Suite 100 |
New York, NY 10022 |
Redding, CA 96001 |
(212) 466-8022 |
(530) 244-7199 |
CONTACT: Randall S. Eslick, President and
Chief Executive Officer
Telephone Direct (530) 722-3900
Samuel D. Jimenez, Executive Vice President and
Chief Operating Officer
Telephone Direct (530) 722-3952
James A. Sundquist, Executive Vice President and
Chief Financial Officer
Telephone Direct (530) 722-3908
Andrea Schneck, Vice President and
Senior Administrative Officer
Telephone Direct (530) 722-3959
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