Bank Of Commerce Holdings (BOCH) has reported a 22.83 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $2.30 million, or $0.17 a share in the quarter, compared with $1.87 million, or $0.13 a share for the same period last year.
Revenue during the quarter grew 18.83 percent to $10.68 million from $8.99 million in the previous year period. Net interest income for the quarter rose 12.97 percent over the prior year period to $9.43 million. Non-interest income for the quarter rose 95.31 percent over the last year period to $1.25 million.
Net interest margin improved 5 basis points to 3.57 percent in the quarter from 3.52 percent in the last year period. Efficiency ratio for the quarter improved to 73.15 percent from 73.58 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 has been a very productive year. As a result of the exceptional efforts of our dedicated and talented employees, we are a much improved company from 12 months ago. The acquisition of five new offices, the restructuring of our balance sheet and our significant growth in both loans and core deposits provide a solid foundation for continued success in 2017."
Liabilities outpace assets growth
Total assets stood at $1,140.99 million as on Dec. 31, 2016, up 12.36 percent compared with $1,015.44 million on Dec. 31, 2015. On the other hand, total liabilities stood at $1,046.89 million as on Dec. 31, 2016, up 13.19 percent from $924.92 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $793.99 million as on Dec. 31, 2016, up 12.41 percent compared with $706.33 million on Dec. 31, 2015. Deposits stood at $1,004.67 million as on Dec. 31, 2016, up 25 percent compared with $803.74 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $270.40 million or 26.91 percent of total deposits on Dec. 31, 2016, compared with $169.51 million or 21.09 percent of total deposits on Dec. 31, 2015.
Investments stood at $206.36 million as on Dec. 31, 2016, up 5.86 percent or $11.43 million from year-ago. Shareholders equity stood at $94.11 million as on Dec. 31, 2016, up 3.96 percent or $3.58 million from year-ago.
Return on average assets moved up 13 basis points to 0.81 percent in the quarter from 0.68 percent in the last year period. At the same time, return on average equity increased 318 basis points to 9.69 percent in the quarter from 6.51 percent in the last year period.
Nonperforming assets moved down 21.75 percent or $3.38 million to $12.14 million on Dec. 31, 2016 from $15.52 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.06 percent in the quarter, down from 1.53 percent in the last year period.
Tier-1 leverage ratio stood at 9.13 percent for the quarter, down from 10.03 percent for the previous year quarter.
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