Bank of Commerce Holdings
CIK:0000702513|SEC Filings
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Cash flows from operating activities: | ||
| Net income | $ 9,059 | $ 4,763 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for loan and lease losses | 0 | 4,150 |
| Provision for unfunded commitments | 0 | 105 |
| Provision for depreciation and amortization | 741 | 598 |
| Amortization of core deposit intangible | 383 | 383 |
| Amortization of debt issuance costs | 0 | 24 |
| Compensation expense associated with restricted stock | 259 | 211 |
| Net gain on sale or call of securities | (71) | (224) |
| Amortization of premiums and accretion of discounts on investment securities, net | 1,417 | 636 |
| Amortization of premiums and accretion of discounts on acquired loans, net | (425) | (711) |
| Loss on disposal of fixed assets | 0 | 132 |
| Write-down of other real estate owned | 8 | 0 |
| Loss on sale of OREO | 0 | 23 |
| Increase in cash surrender value of life insurance | (244) | (271) |
| Deferred compensation and salary continuation plan payments | (410) | (439) |
| Increase in deferred compensation and salary continuation plans | 389 | 426 |
| (Decrease) increase in deferred loan fees and costs | (322) | 3,765 |
| Decrease (increase) in other assets | 1,768 | (1,923) |
| (Decrease) increase in other liabilities | (405) | 1,022 |
| Net cash provided by operating activities | 12,147 | 12,670 |
| Cash flows from investing activities: | ||
| Proceeds from maturities of and payments on available-for-sale investment securities | 49,862 | 37,121 |
| Proceeds from sale of available-for-sale investment securities | 39,066 | 49,761 |
| Purchases of available-for-sale investment securities | (227,577) | (73,692) |
| Investment in low income housing tax credit partnerships | (374) | (7) |
| Net purchase of FHLB stock | (84) | 0 |
| Loan principal repayments, net of (originations) | 38,962 | (182,677) |
| Net repayment on loan pools | 10,734 | 9,651 |
| Purchase of premises and equipment | (334) | (303) |
| Proceeds from the sale of OREO | 0 | 12 |
| Net cash used in investing activities | (89,745) | (160,134) |
| Cash flows from financing activities: | ||
| Net increase in demand, money market and savings deposits | 153,340 | 241,275 |
| Net increase (decrease) in certificates of deposit | 1,219 | (14,139) |
| Advances on term debt | 0 | 50,000 |
| Repayment of term debt | (5,000) | (40,000) |
| Proceeds from stock options exercised | 278 | 0 |
| Repurchase of common stock | 0 | (12,653) |
| Cash paid for restricted shares surrendered for tax-withholding purposes | (103) | (120) |
| Cash dividends paid on common stock | (2,004) | (1,741) |
| Net cash provided by financing activities | 147,730 | 222,622 |
| Net increase in cash and cash equivalents | 70,132 | 75,158 |
| Cash and cash equivalents at beginning of year | 106,986 | 80,604 |
| Cash and cash equivalents at end of period | 177,118 | 155,762 |
| Cash paid during the period for: | ||
| Income taxes | 3,330 | 1,008 |
| Interest | 1,592 | 2,593 |
| Operating leases | 488 | 480 |
| Supplemental disclosures of non-cash investing activities: | ||
| Transfer of loans to other real estate owned | 0 | 8 |
| Investment in low income housing tax credit partnerships | 0 | 1,000 |
| Unrealized (loss) gain on investment securities available-for-sale, net of gains included in net income | (4,329) | 6,454 |
| Changes in net deferred tax asset related to changes in net unrealized gain on investment securities available-for-sale | 1,280 | (1,907) |
| Changes in accumulated other comprehensive income due to net unrealized (loss) gain on investment securities available-for-sale | (3,049) | 4,547 |
| Supplemental disclosures of non-cash financing activities: | ||
| Cash dividend declared on common shares and payable after period-end | $ 1,005 | $ 833 |
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Assets: | ||
| Cash and due from banks | $ 21,011 | $ 19,875 |
| Interest-bearing deposits in other banks | 156,107 | 87,111 |
| Total cash and cash equivalents | 177,118 | 106,986 |
| Securities available-for-sale, at fair value | 579,664 | 446,880 |
| Loans, net of deferred fees and costs | 1,091,296 | 1,139,961 |
| Allowance for loan and lease losses | (17,194) | (16,910) |
| Net loans | 1,074,102 | 1,123,051 |
| Premises and equipment, net | 14,514 | 14,999 |
| Life insurance | 24,462 | 24,206 |
| Deferred tax asset, net | 5,234 | 3,954 |
| Goodwill | 11,671 | 11,671 |
| Other intangible assets, net | 3,661 | 4,044 |
| Other assets | 26,727 | 28,163 |
| Total assets | 1,917,153 | 1,763,954 |
| Liabilities: | ||
| Demand - noninterest-bearing | 627,911 | 541,033 |
| Demand - interest-bearing | 306,565 | 290,251 |
| Money market | 463,639 | 425,121 |
| Savings | 162,325 | 150,695 |
| Certificates of deposit | 136,898 | 135,679 |
| Total deposits | 1,697,338 | 1,542,779 |
| Term debt: | ||
| Federal Home Loan Bank of San Francisco ("FHLB") borrowings | 0 | 5,000 |
| Net term debt | 10,000 | 15,000 |
| Junior subordinated debentures | 10,310 | 10,310 |
| Other liabilities | 17,368 | 18,163 |
| Total liabilities | 1,735,016 | 1,586,252 |
| Commitments and contingencies (Note 7) | ||
| Shareholders' equity: | ||
| Common stock, no par value, 50,000,000 shares authorized: issued and outstanding -16,895,783 as of June 30, 2021 and 16,800,662 as of December 31, 2020 | 59,422 | 58,988 |
| Retained earnings | 118,276 | 111,226 |
| Accumulated other comprehensive income, net of tax | 4,439 | 7,488 |
| Total shareholders' equity | 182,137 | 177,702 |
| Total liabilities and shareholders' equity | 1,917,153 | 1,763,954 |
| Term Debt [Member] | ||
| Term debt: | ||
| Other borrowings | $ 10,000 | $ 10,000 |