EX-99.1 2 f56486exv99w1.htm EX-99.1 exv99w1
         
Exhibit 99.1
(Bank Of Commerce LOGO)
For immediate release:
Bank of Commerce Holdings™ announces Second Quarter 2010 Operating Results
REDDING, California, July 30, 2010/ PR Newswire— Patrick J. Moty, President & CEO of Bank of Commerce Holdings (NASDAQ:BOCH), a $930 million financial services holding company, and parent company of Redding Bank of Commerce™, Roseville Bank of Commerce™, and Bank of Commerce Mortgage™ today announced second quarter 2010 operating results.
“During the most recent quarter, our Company had many positive operating results including a slight decrease in other real estate owned, continued growth of our core customer deposit base, solid internal loan growth, a continued strong pipeline of potential new relationships and expansion of the net interest margin” said Patrick J. Moty, President & CEO.
“Our loan portfolio, while reflecting some deterioration in performance, remains well collateralized, and significant losses have not materialized. That being said, the Bank continues to increase its loss reserves as a precautionary measure.”
Year to Date 2010 Highlights
    Recorded net income of $3.0 million, and net income available to common shareholders of $2.6 million compared to $2.9 million recorded and $2.4 available to common shareholders as of June 30,2009
 
    $0.20 per diluted share compared to $0.28 at June 30, 2009
 
    Total assets of $929.7 million, an increase of $116.3 million over 12-31-09
 
    Total loans of $600.8 million, an increase of $10.8 million over 12-31-09
 
    Total deposits of $643.0, an increase of $2.6 million over 12-31-09
 
    Additional capital of $4.4 million was raised during the second quarter of 2010, resulting in the issuance of one million new shares. Total capital raised during the first and second quarter totaled $33.1 million which resulted in the issuance of 8.2 million new shares, which increased the denominator for EPS – Total shareholders equity of $102.7
 
    $12.8 million in Allowance for loan losses 2.08% of total loans
 
    Return on Average Assets (ROA) 0.73%
 
    Return on Average Equity (ROE) 7.17%

1


 

2nd Quarter 2010 Highlights
    Net Income available to common shareholders of $1.3 million, a decrease of 7.3% quarter-over-quarter from $1.4 million in the second quarter 2009
 
    Diluted EPS of $0.08 compared to $0.16 in the second quarter 2009
 
    Average portfolio loans up $44.1 million, an increase of 7.5% quarter-over-quarter from the second quarter 2009
 
    Non-maturing core deposits up $33.2 million, an increase of 12.5% quarter-over-quarter from the second quarter 2009
 
    Provision for loan loss of $1.6 million
Due to conservative loan underwriting, active servicing of problem credits, and maintenance of a healthy net interest margin, we have remained profitable during the recent economic downturn and positioned our Company to take advantage of growth opportunities in the coming years.
Net Interest Margin
A combination of reduced funding costs and an increase in the volume of higher yielding earning assets significantly improved our company’s net interest margin. Average interest bearing liabilities increased $7.5 million while total interest expense decreased $1.5 million or 48 basis points to 1.52%, as a percentage of total interest bearing liabilities, from the same period a year ago. Average loans increased by $48.3 million and contributed over $1.0 million to the margin in comparison to the same period a year ago. The additional interest income from the loan portfolio offset the $798,000 decrease in interest income from the investment portfolio. The net result was an increase to the net interest margin of $1.8 million, or 12.8% over the prior year for the six month period ended June 30, 2010. Net Interest margin was 4.15% compared to 3.77% for the same period in 2009.
Provisions for loan losses
Management has taken aggressive actions in provisioning for loan losses, charging down impairments, and keeping an attentive eye on expenses. As long as the U.S. economy remains weak, losses in the loan portfolio may increase. Our Company continues to take actions to enable us to navigate through this current economic and credit cycle. Elevated provisions are associated with an assertive and conservative reclassification of loans and management’s aggressive stance in recognizing impaired loans. Our Company has provided $3.9 million in provisions for loan and lease losses for the six months ended June 30, 2010 compared to $4.5 million for the same period a year ago. The allowance for loan losses was 2.08% of total portfolio loans at June 30, 2010 compared to 1.43% of total loans for the same period a year ago.
The real estate development properties and construction related portfolio is showing some signs of stability but generally remains under stress. Our Company’s Commercial and Industrial portfolio has weakened, especially those borrowers tied to real estate.
Our loan portfolio will likely continue to be influenced by weakness in real estate values, the effects of high unemployment levels, and general overall weakness in economic conditions.

2


 

Net charge offs were $2.3 million for the six month period ended at June 30, 2010 compared to net charge offs of $4.4 million for the same period a year ago. The charge-offs were centered in commercial & industrial and consumer residential real estate loans.
Nonperforming Assets
Non-performing assets were 2.74% of total assets as of June 30, 2010; 2.27% at December 31, 2009 and 1.93% at June 30, 2009.
OREO was $2.0 million at June 30, 2010 and $3.2 million for the same period a year ago. We are committed to working with our customers to find potential solutions when our customers experience financial difficulties.
Balance Sheet
Our Company continues to maintain a relatively low-risk, liquid and valuable available-for-sale investment portfolio. This resource is utilized as a source of liquidity as opportunities to reposition the balance sheet present themselves. During the six months ended June 30, 2010, Our Company has recorded approximately $1.1 million in realized gains on sales of securities. Proceeds from the sales were used to fund loan growth.
Our balance sheet has changed substantially over the second quarter from a year ago. Total assets are up $122.6 million or 15.2%, loans have increased by $13.2 million or 2.3% and total deposits have increased by $2.6 million or 0.40%.
Average loans, the largest component of average earning assets, increased $48.3 million or 8.4% on average compared with same period a year ago. Average securities including federal funds sold decreased $748,000 over the same period a year ago. The yield on earning assets decreased to 5.45% for the six-month period ended June 30, 2010 compared to 5.51% for the same period in the prior year. The decreased yield is primarily due to the liquidation of investment securities to fund loan growth.
Average interest-bearing deposits for the six-months ended June 30, 2010 decreased $7.5 million or 1.16% compared with the same period in the prior year. Average non-interest bearing deposits have increased by $2.7 million or 3.7% over the prior year six-month period.
Capital
The capital ratios of Redding Bank of Commerce continue to be above the well-capitalized guidelines established by bank regulatory agencies. Total risk-based capital to risk-weighted assets was 15.47% at June 30, 2010.
Bank of Commerce Holdings, with administrative offices in Redding, California is a financial service holding company that owns Redding Bank of Commerce™, Roseville Bank of Commerce™, and Bank of Commerce Mortgage™.
Our Company is a federally insured California banking corporation and opened on October 22, 1982.

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BOCH is a NASDAQ National Market listed stock. Please contact your local investment advisor for purchases and sales. Investment firms making a market in BOCH stock are:
Howe Barnes Hoefer & Arnett Investment Inc. /
John T. Cavender
555 Market Street
San Francisco, CA (800) 346-5544
Hill, Thompson, Magid & Co. Inc / R.J. Dragani
15 Exchange Place, Suite 800
Jersey City, New Jersey 07030 (201) 369-2908
Keefe, Bruyette & Woods, Inc. /
Dave Bonaccorso
101 California Street, 37th Floor
San Francisco, CA 94105 (415) 591-5063
Sandler & O’Neil /Bryan Sullivan
919 Third Avenue, 6th Floor
New York, NY 10022 (888) 383-3112
McAdams Wright Ragen, Inc. /Joey Warmenhoven
1121 SW Fifth Avenue
Suite 1400
Portland, Oregon 97204 (866) 662-0351

4


 

This quarterly press release includes forward-looking information, which is subject to the “safe harbor” created by the Securities Act of 1933, and Securities Act of 1934. These forward-looking statements (which involve the Company’s plans, beliefs and goals, refer to estimates or use similar terms) involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors:
  Competitive pressure in the banking industry and changes in the regulatory environment.
 
  Changes in the interest rate environment and volatility of rate sensitive assets and liabilities.
 
  The health of the economy declines nationally or regionally which could reduce the demand for loans or reduce the value of real estate collateral securing most of the Company’s loans.
 
  Credit quality deteriorates which could cause an increase in the provision for loan losses.
 
  Losses in the Company’s merchant credit card processing business.
 
  Asset/Liability matching risks and liquidity risks.
 
  Changes in the securities markets.
For additional information concerning risks and uncertainties related to the Company and its operations please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2009 and under the heading:
“Risk factors that may affect results” and subsequent reports on Form 10-Q and current reports on Form 8-K. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

5


 

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
                         
    June 30,     December 31,     June 30,  
Dollars in thousands   2010     2009     2009  
ASSETS
                       
 
                       
Cash and due from banks, noninterest bearing
  $ 36,815     $ 36,902     $ 36,352  
Interest bearing due from banks
    39,492       31,338       27,512  
Federal funds sold and securities purchased under agreements to resell
                15,140  
 
                 
Cash and cash equivalents
    76,307       68,240       79,004  
 
                       
Securities available-for-sale, at fair value (including pledged collateral of $42,079 at June 30, 2010, $55,672 at December 31, 2009 and $60,678 at June 30, 2009)
    176,001       80,062       75,480  
Portfolio Loans, net of the allowance for loan losses of $12,767 at June 30, 2010, $11,207 at December 31, 2009 and $8,496 at June 30, 2009
    600,832       590,023       587,637  
Mortgage loans held for sale
    26,875       27,288       20,225  
Bank premises and equipment, net
    9,988       9,980       10,586  
Goodwill
    3,695       3,727       3,727  
Other real estate owned
    2,039       2,880       3,229  
Other assets
    34,008       31,206       27,231  
 
                 
TOTAL ASSETS
  $ 929,745     $ 813,406     $ 807,119  
 
                 
 
                       
LIABILITIES AND STOCKHOLDERS’ EQUITY
                       
 
                       
Demand — noninterest bearing
  $ 66,040     $ 69,448     $ 69,957  
Demand — interest bearing
    165,871       163,814       142,210  
Savings accounts
    76,438       65,414       59,432  
Certificates of deposit
    334,676       341,788       295,508  
 
                 
Total deposits
    643,025       640,464       567,107  
 
                       
Securities sold under agreements to repurchase
    13,444       9,621       10,843  
Federal Home Loan Bank and Federal Reserve Bank borrowings
    145,000       70,000       120,000  
Mortgage warehouse lines of credit
                17,512  
Other liabilities
    10,108       9,050       9,344  
Junior subordinated debt payable to unconsolidated subsidiary grantor trust
    15,465       15,465       15,465  
 
                 
Total Liabilities
    827,042       744,600       740,271  
Commitments and contingencies
                       
Stockholders’ Equity:
                       
Preferred stock (liquidation preference of $1,000 per share; issued 2008) 2,000,000 authorized; 17,000 shares issued and outstanding on June 30, 2010, December 31, 2009, and June 30, 2009
    16,686       16,641       16,596  
Common stock , no par value, 50,000,000 shares authorized; 16,991,495 shares issued and outstanding at June 30, 2010, 8,711,495 issued and outstanding on December 31, 2009 and at June 30, 2009
    42,870       9,730       9,688  
Common Stock Warrant
    449       449       449  
Retained earnings
    40,041       39,004       37,922  
Accumulated other comprehensive income, net of tax
    443       657       30  
 
                 
Total Equity – Bank of Commerce Holdings
    100,489       66,481       64,685  
Non controlling interest in subsidiary
    2,214       2,325       2,163  
 
                 
Total stockholders’ equity
    102,703       68,806       66,848  
 
                       
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
  $ 929,745     $ 813,406     $ 807,119  
 
                 

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
                                 
    June 30,     June 30,     June 30,     June 30,  
Amounts in thousands, except for per share data   2010     2009     2010     2009  
Interest income:
                               
Interest and fees on loans
  $ 9,302     $ 9,272     $ 18,353     $ 17,321  
Interest on tax-exempt securities
    381       279       703       575  
Interest on U.S. government securities
    507       954       945       2,146  
Interest on federal funds sold and securities purchased under agreements to resell
          5       1       30  
Interest on other securities
    343       131       614       248  
 
                       
Total interest income
    10,533       10,641       20,616       20,320  
 
                       
Interest expense:
                               
Interest on demand deposits
    226       239       456       546  
Interest on savings deposits
    221       238       440       519  
Interest on certificates of deposit
    1,554       1,900       3,315       3,781  
Securities sold under agreements to repurchase
    15       11       27       25  
Interest on FHLB and other borrowings
    138       539       274       1,120  
Interest on junior subordinated debt payable to unconsolidated subsidiary grantor trust
    207       216       415       431  
 
                       
Total interest expense
    2,361       3,143       4,927       6,422  
 
                       
Net interest income
    8,172       7,498       15,689       13,898  
Provision for loan and lease losses
    1,600       3,056       3,850       4,481  
 
                       
Net interest income after provision for loan losses
    6,572       4,442       11,839       9,417  
 
                       
Noninterest income:
                               
Service charges on deposit accounts
    62       96       144       188  
Payroll and benefit processing fees
    100       104       228       238  
Earnings on cash surrender value - Bank owned life insurance
    107       117       215       203  
Net gain on sale of securities available-for-sale
    133       1,074       1,064       1,478  
Net gain on transfer of financial assets
          340             340  
Merchant credit card service income, net
    64       75       117       149  
Mortgage brokerage fee income
    2,753       1,302       5,292       1,302  
Other income
    118       87       219       162  
 
                       
Total noninterest income
    3,337       3,195       7,279       4,060  
 
                       
Noninterest expense:
                               
Salaries and related benefits
    3,365       2,644       7,076       4,771  
Occupancy and equipment expense
    921       730       1,849       1,302  
Write down of other real estate owned
    1,067             1,249        
FDIC insurance premium
    254       301       505       574  
Data processing fees
    64       68       153       179  
Professional service fees
    543       295       943       454  
Payroll and benefit fees
    26       27       55       61  
Deferred compensation expense
    122       123       240       242  
Stationery and supplies
    96       26       176       79  
Postage
    45       76       87       157  
Directors’ expense
    68       120       152       157  
Other expenses
    929       483       2,200       877  
 
                       
Total noninterest expense
    7,500       4,893       14,685       8,853  
 
                       
Income before provision for income taxes
    2,409       2,744       4,433       4,624  
Provision for income taxes
    750       1,027       1,494       1,637  
 
                       
Net Income
    1,659       1,717       2,939       2,987  
Less: Net income attributable to non-controlling interest
    144       101       (111 )     101  
Net Income attributable to Bank of Commerce Holdings
  $ 1,515     $ 1,616     $ 3,050     $ 2,886  
 
                       
Less: preferred dividend and accretion on preferred stock
    235       235       470       472  
Income available to common shareholders
  $ 1,280     $ 1,381     $ 2,580     $ 2,414  
Basic earnings per share
  $ 0.08     $ 0.16     $ 0.20     $ 0.28  
Weighted average shares — basic
    16,837       8,711       12,877       8,711  
Diluted earnings per share
  $ 0.08     $ 0.16     $ 0.20     $ 0.28  
Weighted average shares — diluted
    16,837       8,712       12,877       8,712  
Cash Dividends declared
  $ 0.06     $ 0.00     $ 0.06     $ 0.06  

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Average Balances, Interest Income/Expense and Yields/Rates Paid
(Unaudited, Dollars in thousands)
                                                 
    Six Months Ended     Six Months Ended  
    June 30, 2010     June 30, 2009  
    Average             Yield/     Average             Yield/  
    Balance     Interest     Rate     Balance     Interest     Rate  
Earning Assets
                                               
Portfolio Loans1
  $ 622,525     $ 18,353       5.90 %   $ 574,206     $ 17,321       6.04 %
Tax-exempt Securities2
    34,288       703       4.10 %     28,245       575       4.07 %
US Government Securities
    21,329       292       2.74 %     8,624       192       4.45 %
Mortgage backed Securities
    32,076       653       4.07 %     69,253       1,954       5.64 %
Federal Funds Sold
    990       1       0.20 %     25,771       30       0.23 %
Other Securities
    44,236       602       2.72 %     31,905       248       1.55 %
 
                                   
Average Earning Assets
  $ 755,444     $ 20,604       5.45 %   $ 738,004     $ 20,320       5.51 %
 
                                           
Cash & Due From Banks
  $ 39,431                     $ 19,388                  
Bank Premises
    9,911                       13,480                  
Other Assets
    31,679                       17,333                  
 
                                           
Average Total Assets
  $ 836,465                     $ 788,205                  
 
                                           
Interest Bearing Liabilities
                                               
Demand Interest Bearing
  $ 143,813     $ 456       0.63 %   $ 137,938     $ 546       0.79 %
Savings Deposits
    71,789       440       1.23 %     63,499       519       1.63 %
Certificates of Deposit
    333,239       3,315       1.99 %     289,925       3,781       2.61 %
Repurchase Agreements
    11,215       27       0.48 %     11,523       25       0.43 %
FHLB Borrowings
    74,227       274       0.74 %     124,393       1,120       1.80 %
Trust Preferred Borrowings
    15,465       415       5.37 %     15,000       431       5.75 %
 
                                   
 
    649,748     $ 4,927       1.52 %     642,278     $ 6,422       2.00 %
 
                                           
Noninterest bearing demand
    74,713                       72,009                  
Other Liabilities
    26,893                       8,674                  
Stockholders’ Equity
    85,111                       65,244                  
 
                                           
Average Liabilities and Stockholders’ Equity
  $ 836,465                     $ 788,205                  
 
                                           
Net Interest Income and Net Interest Margin
          $ 15,677       4.15 %           $ 13,898       3.77 %
 
                                           
 
1   Average non-performing loans of $14.2 million are included
 
2   The yield on tax-exempt securities has not been adjusted to a tax-equivalent yield basis.

8


 

Average Balances, Interest Income/Expense and Yields/Rates Paid
(Unaudited, Dollars in thousands)
                                                 
    Three Months Ended     Three Months Ended  
    June 30, 2010     June 30, 2009  
    Average             Yield/     Average             Yield/  
    Balance     Interest     Rate     Balance     Interest     Rate  
Earning Assets
                                               
Portfolio Loans
  $ 629,535     $ 9,302       5.91 %   $ 585,465     $ 9,272       6.33 %
Tax-exempt Securities
    45,187       381       3.37 %     27,199       279       4.10 %
US Government Securities
    22,951       149       2.60 %     5,962       65       4.36 %
Mortgage backed Securities
    40,996       358       3.49 %     58,365       889       6.09 %
Federal Funds Sold
    0       0       0.00 %     13,458       5       0.15 %
Other Securities
    40,873       343       3.36 %     28,370       131       1.85 %
 
                                   
Average Earning Assets
  $ 779,542     $ 10,533       5.40 %   $ 718,819     $ 10,641       5.92 %
 
                                           
Cash & Due From Banks
  $ 34,542                     $ 21,145                  
Bank Premises
    9,934                       10,464                  
Other Assets
    32,743                       20,782                  
 
                                           
Average Total Assets
  $ 856,761                     $ 771,210                  
 
                                           
Interest Bearing Liabilities
                                               
Demand Interest Bearing
  $ 151,280     $ 226       0.60 %   $ 136,274     $ 239       0.70 %
Savings Deposits
    73,370       221       1.20 %     61,220       238       1.56 %
Certificates of Deposit
    328,110       1,554       1.89 %     276,483       1,900       2.75 %
Repurchase Agreements
    12,162       15       0.49 %     11,110       11       0.40 %
FHLB Borrowings
    91,154       138       0.61 %     125,164       539       1.72 %
Trust Preferred Borrowings
    15,465       207       5.35 %     15,465       216       5.59 %
 
                                   
 
    671,541     $ 2,361       1.41 %     625,716     $ 3,143       2.01 %
 
                                           
Noninterest bearing demand
    75,474                       69,410                  
Other Liabilities
    9,753                       12,904                  
Stockholders’ Equity
    99,993                       63,180                  
 
                                           
Average Liabilities and Stockholders’ Equity
  $ 856,761                     $ 771,210                  
 
                                           
Net Interest Income and Net Interest Margin
          $ 8,172       4.19 %           $ 7,498       4.17 %
 
                                           

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES
Quarterly Financial Condition Data (Unaudited) For the Quarter Ended
                                         
    June 30,     March 31,     December 31,     September 30,     June 30,  
Dollars in thousands, except for per share data   2010     2010     2009     2009     2009  
     
Interest income:
                                       
Interest and fees on loans
  $ 9,302     $ 9,051     $ 9,184     $ 9,355     $ 9,272  
Interest on tax-exempt securities
    381       322       311       278       279  
Interest on U.S. government securities
    507       439       676       628       954  
Interest on federal funds sold and securities repurchased under agreements to resell
          1       1       1       5  
Interest on other securities
    343       270       266       309       131  
 
                             
Total interest income
    10,533       10,083       10,438       10,571       10,641  
 
                             
Interest expense:
                                       
Interest on demand deposits
    226       230       229       240       239  
Interest on savings deposits
    221       219       221       223       238  
Interest on certificates of deposit
    1,554       1,761       1,906       1,941       1,900  
Securities sold under repurchase agreements
    15       12       13       13       11  
Interest on FHLB and other borrowings
    138       136       172       514       539  
Interest on junior subordinated debt payable to unconsolidated subsidiary grantor trust
    207       208       208       234       216  
 
                             
Total interest expense
    2,361       2,566       2,749       3,165       3,143  
 
                             
Net interest income
    8,172       7,517       7,689       7,406       7,498  
Provision for loan and lease losses
    1,600       2,250       3,150       1,844       3,056  
 
                             
Net interest income after provision for loan and lease losses
    6,572       5,267       4,539       5,562       4,442  
 
                             
Noninterest income:
                                       
Service charges on deposit accounts
    62       82       94       108       96  
Payroll and benefit processing fees
    100       128       105       109       104  
Earnings on cash surrender value — bank owned life insurance
    107       108       107       108       117  
Net gain on sale of securities available-for-sale
    133       931       454       506       1,074  
Net gain on sale of loans
                  1             340  
Merchant credit card service income, net
    64       54       68       80       75  
Mortgage brokerage fee income
    2,753       2,539       2,112       1,913       1,302  
Other income
    118       100       119       120       87  
 
                             
Total noninterest income
    3,337       3,942       3,060       2,944       3,195  
 
                             
Noninterest expense:
                                       
Salaries and related benefits
    3,365       3,711       3,209       2,902       2,644  
Occupancy and equipment expense
    1,988       1,110       1,339       1,124       730  
FDIC insurance premium
    254       251       279       421       301  
Data processing fees
    64       89       51       52       68  
Professional service fees
    543       400       146       220       295  
Payroll processing fees
    26       29       26       27       27  
Deferred compensation expense
    122       118       118       118       123  
Stationery and supplies
    96       80       44       62       26  
Postage
    45       42       36             76  
Directors’ expense
    68       84       67       75       120  
Other expenses
    929       1,271       802       653       483  
 
                             
Total noninterest expense
    7,500       7,185       6,117       5,654       4,893  
 
                             
Income before provision for income taxes
    2,409       2,024       1,482       2,852       2,744  
Provision for income taxes
    750       744       43       1,010       1,027  
 
                             
Net Income
    1,659       1,280       1,439       1,842       1,717  
Less: (Loss) income non-controlling interest
    144       (255 )     33       129       101  
Net income attributable to Bank of Commerce Holdings
  $ 1,515     $ 1,535     $ 1,406     $ 1,713     $ 1,616  
 
                             
Less preferred dividend and accretion on preferred stock
  $ 235     $ 235     $ 235     $ 235     $ 235  
Income available to common stockholders
  $ 1,280     $ 1,300     $ 1,171     $ 1,478     $ 1,381  
 
                             
Basic earnings per share
  $ 0.08     $ 0.15     $ 0.13     $ 0.17     $ 0.16  
Weighted average shares — basic
    16,837       8,871       8,711       8,711       8,711  
Diluted earnings per share
  $ 0.08     $ 0.15     $ 0.13     $ 0.17     $ 0.16  
Weighted average shares — diluted
    16,837       8,871       8,711       8,711       8,712  
Cash dividends per share
  $ 0.06     $ 0.06     $ 0.06     $ 0.12     $ 0.00  

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Contact Information:
Patrick J. Moty, President & CEO
Telephone (530) 722-3953
Linda J. Miles, Chief Operating Officer
Telephone (530) 722-3955
Samuel D. Jimenez, Senior Vice President and CFO
Telephone (530) 722-3952

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