SACRAMENTO, Calif., April 17, 2020 (GLOBE NEWSWIRE) — Bank of Commerce Holdings (NASDAQ: BOCH) (the “Company”), a $1.456 billion asset bank holding company and parent company of Merchants Bank of Commerce (the “Bank”), today announced financial results for the quarter ended March 31, 2020. Net income for the quarter ended March 31, 2020 was $916 thousand or $0.05 per share – diluted, compared with net income of $2.3 million or $0.13 per share – diluted for the same period of 2019.
Significant Items for the first quarter of 2020:$2.9 million provision for loan and lease losses.$1.1 million in non-recurring costs.1,351,922 shares of common stock repurchased.Initial impact of COVID-19.Randall S. Eslick, President and CEO commented: “The current health crisis has changed our world and is impacting our company in many ways. Our employees need physical protection and work schedule flexibility, our borrowers need credit accommodation and everyone needs a little compassion. In response, we have taken many varied actions to assist borrowers, depositors, employees and our communities. Our company is stronger for these efforts and over the coming weeks and months we will continue to respond to needs and challenges as they arise.”Financial highlights for the first quarter of 2020 compared to the same quarter a year ago:
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