NasdaqGM:BOCH

Stock Analysis Report

Bank of Commerce Holdings

Executive Summary

Bank of Commerce Holdings operates as the bank holding company for Redding Bank of Commerce that provides a range of financial services and products for retail customers and small to medium-sized businesses in California.

Snowflake

Solid track record with excellent balance sheet.


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Share Price & News

How has Bank of Commerce Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BOCH has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0.3%

BOCH

-0.08%

US Banks

0.9%

US Market


1 Year Return

-7.8%

BOCH

11.2%

US Banks

16.8%

US Market

Return vs Industry: BOCH underperformed the US Banks industry which returned 11.2% over the past year.

Return vs Market: BOCH underperformed the US Market which returned 16.8% over the past year.


Shareholder returns

BOCHIndustryMarket
7 Day0.3%-0.08%0.9%
30 Day3.0%6.7%4.5%
90 Day11.8%17.0%6.2%
1 Year-6.2%-7.8%14.5%11.2%19.4%16.8%
3 Year43.3%37.7%38.7%29.0%47.5%38.0%
5 Year101.8%86.6%72.3%53.2%62.0%44.1%

Price Volatility Vs. Market

How volatile is Bank of Commerce Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Bank of Commerce Holdings undervalued compared to its fair value and its price relative to the market?

12.81x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BOCH ($11.29) is trading above our estimate of fair value ($10.53)

Significantly Below Fair Value: BOCH is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BOCH is poor value based on its PE Ratio (12.8x) compared to the Banks industry average (12.7x).

PE vs Market: BOCH is good value based on its PE Ratio (12.8x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: BOCH is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: BOCH is overvalued based on its PB Ratio (1.2x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is Bank of Commerce Holdings forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

11.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BOCH's forecast earnings growth (11.5% per year) is above the savings rate (2.7%).

Earnings vs Market: BOCH's earnings (11.5% per year) are forecast to grow slower than the US market (14.4% per year).

High Growth Earnings: BOCH's earnings are forecast to grow, but not significantly.

Revenue vs Market: BOCH's revenue (4.9% per year) is forecast to grow slower than the US market (7.3% per year).

High Growth Revenue: BOCH's revenue (4.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BOCH's Return on Equity is forecast to be low in 3 years time (10%).


Next Steps

Past Performance

How has Bank of Commerce Holdings performed over the past 5 years?

21.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BOCH has high quality earnings.

Growing Profit Margin: BOCH's current net profit margins (27.1%) are higher than last year (22%).


Past Earnings Growth Analysis

Earnings Trend: BOCH's earnings have grown significantly by 21.1% per year over the past 5 years.

Accelerating Growth: BOCH's earnings growth over the past year (41.6%) exceeds its 5-year average (21.1% per year).

Earnings vs Industry: BOCH earnings growth over the past year (41.6%) exceeded the Banks industry 27.5%.


Return on Equity

High ROE: BOCH's Return on Equity (9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Bank of Commerce Holdings's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: BOCH has a low level of unsold assets or inventory.

Debt Coverage by Assets: BOCH's debt is covered by short term assets (assets are 4.4x debt).


Financial Institutions Analysis

Asset Level: BOCH's level of assets compared to its equity is low.

Allowance for Bad Loans: BOCH has a low allowance for bad loans.

Low Risk Liabilities: BOCH's liabilities are made up of primarily low risk sources of funding.

Loan Level: BOCH has an acceptable proportion of non-loan assets held.

Low Risk Deposits: BOCH's loans are broadly funded by customer deposits.

Level of Bad Loans: BOCH has an appropriate level of bad loans (1.23%)


Next Steps

Dividend

What is Bank of Commerce Holdings's current dividend yield, its reliability and sustainability?

1.77%

Current Dividend Yield


Dividend Yield vs Market

company1.8%marketbottom25%1.4%markettop25%3.7%industryaverage2.8%forecastin3Years2.0%

Current dividend yield vs market & industry

Notable Dividend: BOCH's dividend (1.77%) is higher than the bottom 25% of dividend payers in the US market (1.43%).

High Dividend: BOCH's dividend (1.77%) is low compared to the top 25% of dividend payers in the US market (3.68%).


Stability and Growth of Payments

Stable Dividend: BOCH's dividend payments have been volatile in the past 10 years.

Growing Dividend: BOCH's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (20.4%), BOCH's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

What is the CEO of Bank of Commerce Holdings's salary, the management and board of directors tenure and is there insider trading?

6.0yrs

Average management tenure


CEO

Randy Eslick (62yo)

6yrs

Tenure

US$894,505

Compensation

Mr. Randall S. Eslick, also known as Randy, has served as President and Chief Executive Officer of the Bank of Commerce Holdings (“Company”) and Merchants Bank of Commerce since November 2013. Immediately  ...


CEO Compensation Analysis

Compensation vs Market: Randy's total compensation ($USD894.51K) is about average for companies of similar size in the US market ($USD1.14M).

Compensation vs Earnings: Randy's compensation has been consistent with company performance over the past year.


Management Age and Tenure

6.0yrs

Average Tenure

62yo

Average Age

Experienced Management: BOCH's management team is seasoned and experienced (6 years average tenure).


Board Age and Tenure

6.6yrs

Average Tenure

64.5yo

Average Age

Experienced Board: BOCH's board of directors are considered experienced (6.6 years average tenure).


Insider Trading

Insider Buying: BOCH insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$10,03028 Aug 19
Robert Muttera
EntityIndividual
Role
Senior Key Executive
Executive VP & Chief Credit Officer
Shares1,000
Max PriceUS$10.03
BuyUS$29,97015 Aug 19
James Sundquist
EntityIndividual
Role
Chief Financial Officer
Executive VP & CFO
Shares3,000
Max PriceUS$9.99
BuyUS$50,75012 Aug 19
Joseph Gibson
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares5,000
Max PriceUS$10.15
BuyUS$42,40023 Jul 19
Karl Silberstein
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares4,000
Max PriceUS$10.60
BuyUS$25,87531 May 19
James Sundquist
EntityIndividual
Role
Chief Financial Officer
Executive VP & CFO
Shares2,500
Max PriceUS$10.35
BuyUS$26,67730 May 19
David Inderkum
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares2,591
Max PriceUS$10.30
BuyUS$26,25015 May 19
Joseph Gibson
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares2,500
Max PriceUS$10.50
BuyUS$31,10002 May 19
Karl Silberstein
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares2,907
Max PriceUS$10.75
BuyUS$10,60201 May 19
Karl Silberstein
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares978
Max PriceUS$10.85
BuyUS$86801 May 19
Karl Silberstein
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares80
Max PriceUS$10.85
BuyUS$38026 Apr 19
Karl Silberstein
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares35
Max PriceUS$10.85
BuyUS$10,95026 Apr 19
Karl Silberstein
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares1,000
Max PriceUS$10.95
BuyUS$3,23018 Mar 19
Karl Silberstein
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares295
Max PriceUS$10.95
BuyUS$32,40012 Mar 19
Karl Silberstein
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares3,000
Max PriceUS$10.80
BuyUS$26,75014 Dec 18
James Sundquist
EntityIndividual
Role
Chief Financial Officer
Executive VP & CFO
Shares2,500
Max PriceUS$10.70
BuyUS$54,75607 Dec 18
Lyle Tullis
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares5,000
Max PriceUS$10.97

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 7.9%.


Management Team

  • Bob Muttera (65yo)

    Executive VP & Chief Credit Officer

    • Tenure: 5.8yrs
    • Compensation: US$600.91k
  • James Sundquist (64yo)

    Executive VP & CFO

    • Tenure: 4.9yrs
    • Compensation: US$470.31k
  • Debbie Sylvester (61yo)

    Chief Administrative Officer & Senior VP

    • Tenure: 15.8yrs
  • Sam Jimenez (55yo)

    Executive VP & COO

    • Tenure: 5.9yrs
    • Compensation: US$523.50k
  • Randy Eslick (62yo)

    President

    • Tenure: 6yrs
    • Compensation: US$894.51k
  • John Rainey

    Senior VP Senior Loan Officer

    • Tenure: 13.3yrs
  • Dennis Lee

    Senior VP & Lending Group Manager

    • Tenure: 13.3yrs
  • Donna Moore

    Human Resources Officer

    • Tenure: 0yrs
  • Bruce Davis

    SEC Counsel

    • Tenure: 0yrs
  • John-David Phelps

    Senior VP & Chief Information Officer

    • Tenure: 0.2yrs

Board Members

  • Lyle Tullis (69yo)

    Chairman of the Board

    • Tenure: 6.8yrs
    • Compensation: US$90.55k
  • Linda Miles (66yo)

    Independent Director

    • Tenure: 5.5yrs
    • Compensation: US$29.20k
  • Randy Eslick (62yo)

    President

    • Tenure: 6yrs
    • Compensation: US$894.51k
  • Jon Halfhide (62yo)

    Vice Chairman of the Board

    • Tenure: 6.8yrs
    • Compensation: US$50.25k
  • Orin Bennett (71yo)

    Independent Director

    • Tenure: 13.5yrs
    • Compensation: US$76.74k
  • Gary Burks (65yo)

    Independent Director

    • Tenure: 11.5yrs
    • Compensation: US$31.90k
  • David Inderkum (63yo)

    Independent Director

    • Tenure: 0.8yrs
  • Terry Street (64yo)

    Independent Director

    • Tenure: 6.5yrs
    • Compensation: US$41.69k
  • Joe Gibson (72yo)

    Independent Director

    • Tenure: 9.5yrs
    • Compensation: US$39.23k
  • Karl Silberstein (62yo)

    Independent Director

    • Tenure: 3.4yrs
    • Compensation: US$27.88k

Company Information

Bank of Commerce Holdings's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Bank of Commerce Holdings
  • Ticker: BOCH
  • Exchange: NasdaqGM
  • Founded: 1981
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$204.234m
  • Shares outstanding: 18.09m
  • Website: https://www.bankofcommerceholdings.com

Number of Employees


Location

  • Bank of Commerce Holdings
  • 555 Capitol Mall
  • Suite 1255
  • Sacramento
  • California
  • 95814
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BOCHNasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDSep 1998

Biography

Bank of Commerce Holdings operates as the bank holding company for Redding Bank of Commerce that provides a range of financial services and products for retail customers and small to medium-sized businesse ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/19 23:51
End of Day Share Price2019/11/19 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.