Bank of Commerce Holdings Suffers Loss In 1Q

Bank of Commerce Holdings

said that it suffered a net loss of $960,000 or a loss of $0.07 a share for the third quarter. In comparison, the company earned a profit of $1.8 million or $0.13 a share in the year-ago quarter. The company's net interest income fell 1% to $8.3 million from $8.4 million in the previous year quarter. There was no provision for loan and lease losses in both the comparable quarters. Bank of Commerce Holdings President and CEO, Randall Eslick, commented that "We are pleased with the reconfiguration of our Balance Sheet. The redemption of our SBLF preferred stock late last year combined with our current quarter acquisition of new core deposits and the elimination of most wholesale funding sources provide a strong platform for the future." He added that "While we are reporting a quarterly loss, we are focused on the long term benefit of $149.0 million of new low cost deposits, the elimination of most of our higher cost wholesale liabilities, significant reductions in our future interest expense and additional liquidity to fund organic loan growth. It is the branch acquisition that makes all of this possible. We are very proud of every employee who diligently and professionally facilitated the transaction and we are happy to welcome the 24 employees at our five new locations into the Redding Bank of Commerce family." Shares of the company traded higher by 1.47%.