Bank of Commerce Holdings (NASDAQ: BOCH) reported Q2 2020 net income of $3.8 million ($0.23 per share), up from $3.6 million ($0.20 per share) in Q2 2019. However, net income for the first six months decreased to $4.8 million ($0.28 per share), down from $6.0 million ($0.33 per share) in 2019. Key highlights include $162.2 million in Paycheck Protection Program loans and a 51% reduction in nonperforming assets. The efficiency ratio improved to 56.1%. Average loans and deposits rose by 15% and 15%, respectively, compared to the prior year.
Bank of Commerce Holdings (NASDAQ: BOCH) announced a cash dividend of $0.05 per share for the second quarter of 2020, consistent with previous quarters. This dividend will be payable to shareholders recorded as of June 30, 2020, with a payment date set for July 10, 2020. As a bank holding company with $1.456 billion in assets, it operates through its subsidiary, Merchants Bank of Commerce, providing banking services across northern California.