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Bank of Commerce net income $2.5 million

Staff writer ▼ | October 26, 2015
Bank of Commerce Holdings, parent company of Redding Bank of Commerce, announced financial results for the quarter and the nine months ended September 30, 2015.
Bank of Commerce
Bank of Commerce Holdings   $0.18 per diluted share
Net income available to common shareholders for the quarter ended September 30, 2015 was $2.5 million or $0.18 per share - diluted, compared with $1.2 million or $0.09 per share - diluted for the same period of 2014.

Net income available to common shareholders for the nine months ended September 30, 2015 was $6.6 million or $0.49 per share - diluted compared with $3.9 million or $0.29 per share - diluted for the same period of 2014.

Net income available to common shareholders of $2.5 million for the three months ended September 30, 2015 was an improvement of $1.3 million (102%) over $1.2 million net income available to common shareholders earned during the third quarter of 2014, and an improvement of $135 thousand (6%) over $2.3 million available to common shareholders earned during the previous quarter.

Return on average assets improved to 0.99% in the third quarter of 2015 compared to 0.49% in the same quarter of 2014.

Return on average equity improved to 9.12% in the third quarter of 2015 compared to 4.76% in the same quarter of 2014.

Nonperforming assets at September 30, 2015 totaled $17.1 million, a decrease of $7.8 million (31%) compared to September 30, 2014, and a decrease of $1.2 million (27% annualized) compared to June 30, 2015.

Gross loans at September 30, 2015 totaled $718.5 million, an increase of $18.7 million (11% annualized) since June 30, 2015.


 

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