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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~March~~June 3130, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 0-25135

Bank of Commerce Holdings

California	94-2823865
(State or jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

555 Capitol Mall, Suite 1255, Sacramento, California	95814
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (800) 421-2575

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	BOCH	NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated

filer ☐

Accelerated

filer ☐

Non-accelerated filer ☒

Smaller reporting

company ☒

Emerging growth

company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

Yes ☐ No ☒

Outstanding shares of Common Stock, no par value, as of ~~April~~July 2926, 2021: 16,~~876~~894,~~239~~391

Table of Contents

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Index to Form 10-Q

Part I. FINANCIAL INFORMATION
	Item 1. Financial Statements	3
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	3739
	Item 3. Quantitative and Qualitative Disclosures About Market Risk	6773
	Item 4. Controls and Procedures	6773
Part II. OTHER INFORMATION
	Item 1. Legal Proceedings	6874
	Item 1A. Risk Factors	6874
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	6874
	Item 3. Defaults Upon Senior Securities	6874
	Item 4. Mine Safety Disclosures	6874
	Item 5. Other Information	6874
	Item 6. Exhibits	6874
SIGNATURES		6975

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Balance Sheets (Unaudited)

	March 31,			December 31,
	June 30,			December 31,
(Amounts in thousands, except share information)	2021			2020
Assets:
Cash and due from banks	$	2021,~~053~~011		$	19,875
Interest-bearing deposits in other banks		74156,~~804~~107			87,111
Total cash and cash equivalents		94177,~~857~~118			106,986
Securities available-for-sale, at fair value		~~517~~579,~~375~~664			446,880
Loans, net of deferred fees and costs		1,~~146~~091,~~086~~296			1,139,961
Allowance for loan and lease losses		(17,~~027~~194	)		(16,910	)
Net loans		1,~~129~~074,~~059~~102			1,123,051
Premises and equipment, net		14,~~792~~514			14,999
Life insurance		24,~~320~~462			24,206
Deferred tax asset, net		5,~~929~~234			3,954
Goodwill		11,671			11,671
Other intangible assets, net		3,~~852~~661			4,044
Other assets		2726,~~247~~727			28,163
Total assets	$	1,~~829~~917,~~102~~153		$	1,763,954
Liabilities and shareholders' equity:
Liabilities:
Demand - noninterest-bearing	$	~~603~~627,~~991~~911		$	541,033
Demand - interest-bearing		~~290~~306,~~687~~565			290,251
Money market		~~425~~463,~~251~~639			425,121
Savings		~~160~~162,~~834~~325			150,695
Certificates of deposit		~~133~~136,~~630~~898			135,679
Total deposits		1,~~614~~697,~~393~~338			1,542,779
Term debt:
Federal Home Loan Bank of San Francisco ("FHLB") borrowings		—			5,000
Other borrowings		10,000			10,000
Net term debt		10,000			15,000
Junior subordinated debentures		10,310			10,310
Other liabilities		17,~~259~~368			18,163
Total liabilities		1,~~651~~735,~~962~~016			1,586,252
Commitments and contingencies (Note 7)
Shareholders' equity:
Common stock, no par value, 50,000,000 shares authorized: issued and outstanding -16,876,239 as of March 31, 2021 and 16,800,662 as of December 31, 2020		59,215			58,988
Common stock, no par value, 50,000,000 shares authorized: issued and outstanding -16,895,783 as of June 30, 2021 and 16,800,662 as of December 31, 2020		59,422			58,988
Retained earnings		~~115~~118,~~142~~276			111,226
Accumulated other comprehensive income, net of tax		24,~~783~~439			7,488
Total shareholders' equity		~~177~~182,~~140~~137			177,702
Total liabilities and shareholders' equity	$	1,~~829~~917,~~102~~153		$	1,763,954

See accompanying notes to consolidated financial statements.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Consolidated Statements of Income (Unaudited)

	For the Three Months Ended					For the Six Months Ended
	March 31,
	June 30,					June 30,
(Amounts in thousands, except per share information)	2021		2020			2021		2020
Interest income:
Interest and fees on loans	$	1312,~~215~~429	$	1213,~~338~~224		$	25,644	$	25,562
Interest on taxable securities		1,~~485~~697		1,~~582~~329			3,182		2,911
Interest on tax-exempt securities		~~511~~575		~~271~~423			1,086		694
Interest on interest-bearing deposits in other banks		2927		~~154~~21			56		175
Total interest income		1514,~~240~~728		14,~~345~~997			29,968		29,342
Interest expense:
Interest on demand - interest-bearing		5855		~~100~~85			113		185
Interest on money market		~~195~~180		~~403~~317			375		720
Interest on savings		4841		~~118~~95			89		213
Interest on certificates of deposit		~~338~~303		~~464~~467			641		931
Interest on other borrowings		137		184
Interest on FHLB		—		5			—		5
Interest on junior subordinated debentures		46		90
Interest on other borrowings		138		184			275		368
Total interest expenses		822		1,359
Interest on junior subordinated debentures		47		61			93		151
Net interest income		14,418		12,986
Total interest expense		764		1,214			1,586		2,573
Provision for loan and lease losses		—		2,850
Net interest income		13,964		13,783			28,382		26,769
Net interest income after provision for loan and lease losses		14,418		10,136
Provision for loan and lease losses		—		1,300			—		4,150
Noninterest income:
Net interest income after provision for loan and lease losses		13,964		12,483			28,382		22,619
Service charges on deposit accounts		148		169
Noninterest income:
ATM and point of sale fees		318		268
Service charges on deposit accounts		160		152			308		321
Payroll and benefit processing fees		169		170
ATM and point of sale fees		401		263			719		531
Life insurance		121		123
Payroll and benefit processing fees		160		143			329		313
Gain on sale of investment securities, net		7		84
Life insurance		123		148			244		271
FHLB dividends		93		130
Gain on sale of investment securities, net		64		140			71		224
Legal settlement		221		—
FHLB dividends		126		36			219		166
Other income (loss)		86		(52	)
Legal settlement		—		—			221		—
Total noninterest income		1,163		892
Other income		97		73			183		21
Noninterest expense:
Total noninterest income		1,131		955			2,294		1,847
Salaries and related benefits		5,639		5,887
Noninterest expense:
Premises and equipment		959		854
Salaries and related benefits		5,205		4,965			10,844		10,852
FDIC insurance premium		110		36
Premises and equipment		973		826			1,932		1,680
Data processing		548		531
FDIC insurance premium		124		90			234		126
Professional services		301		334
Data processing		546		585			1,094		1,116
Telecommunications		170		171
Professional services		278		469			579		803
Other expenses		1,170		1,970
Telecommunications		145		156			315		327
Total noninterest expense		8,897		9,783
Merger costs		817		—			817		—
Income before provision for income taxes		6,684		1,245
Other expenses		1,191		1,179			2,361		3,149
Provision for income taxes		1,764		329
Total noninterest expense		9,279		8,270			18,176		18,053
Net income	$	4,920	$	916
Income before provision for income taxes		5,816		5,168			12,500		6,413
Earnings per share - basic	$	0.29	$	0.05
Provision for income taxes		1,677		1,321			3,441		1,650
Weighted average shares - basic		16,706		17,695
Net income	$	4,139	$	3,847		$	9,059	$	4,763
Earnings per share - diluted	$	0.29	$	0.05
Earnings per share - basic	$	0.25	$	0.23		$	0.54	$	0.28
Weighted average shares - diluted		16,778		17,747
Weighted average shares - basic		16,736		16,660			16,721		17,178
Earnings per share - diluted	$	0.25	$	0.23		$	0.54	$	0.28
Weighted average shares - diluted		16,823		16,689			16,803		17,217

See accompanying notes to consolidated financial statements.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Unaudited)

	For the Three Months Ended						For the Six Months Ended
	March 31,
	June 30,						June 30,
(Amounts in thousands)	2021			2020			2021			2020
Net income	$	4,~~920~~139		$	~~916~~3,847		$	9,059		$	4,763
Available-for-sale securities:
Changes in unrealized gains arising during the period		(6,673	)		4,833
Changes in unrealized gains (losses) arising during the period		2,415			1,845			(4,258	)		6,678
Income taxes		~~1,973~~(714	)		(~~1,429~~544	)		1,259			(1,973	)
Change in unrealized gain, net of tax		(4,700	)		3,404
Change in unrealized gains (losses), net of tax		1,701			1,301			(2,999	)		4,705
Reclassification adjustment for realized gains included in net income		(764	)		(84140	)		(71	)		(224	)
Income taxes		219			2640			21			66
Realized gains, net of tax		(545	)		(58100	)		(50	)		(158	)
Net change in unrealized gains on available-for-sale securities		(4,705	)		3,346
Net change in unrealized gains (losses) on available-for-sale securities		1,656			1,201			(3,049	)		4,547
Other comprehensive (loss) income		(4,705	)		3,346
Other comprehensive income (loss)		1,656			1,201			(3,049	)		4,547
Comprehensive income	$	~~215~~5,795		$	45,~~262~~048		$	6,010		$	9,310

See accompanying notes to consolidated financial statements.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity (Unaudited)

										Accumulated Other
				Common						Comprehensive
	Common			Stock			Retained			Income
(Amounts in thousands except per share information)	Shares			Amount			Earnings			Net of Tax		Total
Balance at December 31, 2019		18,137		$	71,311		$	100,566		$	2,601	$	174,478
Net income		—			—			916			—		916
Other comprehensive income, net of tax		—			—			—			3,346		3,346
Dividend declared on common stock ($0.05 per share)		—			—			(838	)		—		(838	)
Repurchase of common stock		(1,352	)		(12,230	)		—			—		(12,230	)
Restricted stock granted, net of forfeitures		22			—			—			—		—
Shares surrendered for tax-withholding purposes		(11	)		(120	)		—			—		(120	)
Compensation expense associated with restricted stock		—			106			—			—		106
Balance at March 31, 2020		16,796		$	59,067		$	100,644		$	5,947	$	165,658
Net income		—			—			3,847			—		3,847
Other comprehensive income, net of tax		—			—			—			1,201		1,201
Dividend declared on common stock ($0.05 per share)		—			—			(833	)		—		(833	)
Repurchase of common stock		(57	)		(423	)		—			—		(423	)
Compensation expense associated with restricted stock		—			105			—			—		105
Balance at June 30, 2020		16,739		$	58,749		$	103,658		$	7,148	$	169,555
Net income		—			—			4,329			—		4,329
Other comprehensive loss, net of tax		—			—			—			176		176
Other comprehensive income, net of tax		—			—			—			176		176
Dividend declared on common stock ($0.05 per share)		—			—			(833	)		—		(833	)
Restricted stock granted, net of forfeitures		53			—			—			—		—
Compensation expense associated with restricted stock		—			123			—			—		123
Balance at September 30, 2020		16,792		$	58,872		$	107,154		$	7,324	$	173,350
Net income		—			—			5,072			—		5,072
Other comprehensive income, net of tax		—			—			—			164		164
Dividend declared on common stock ($0.06 per share)		—			—			(1,000	)		—		(1,000	)
Restricted stock granted, net of forfeitures		10			—			—			—		—
Shares surrendered for tax-withholding purposes		(1	)		(9	)		—			—		(9	)
Compensation expense associated with restricted stock		—			125			—			—		125
Balance at December 31, 2020		16,801		$	58,988		$	111,226		$	7,488	$	177,702

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Consolidated Statements of Shareholders’ Equity (Unaudited) (Continued)

										Accumulated Other
				Common						Comprehensive
	Common			Stock			Retained			Income (Loss)
(Amounts in thousands except per share information)	Shares			Amount			Earnings			Net of Tax			Total
Balance at December 31, 2020		16,801		$	58,988		$	111,226		$	7,488		$	177,702
Net income		—			—			4,920			—			4,920
Other comprehensive loss, net of tax		—			—			—			(4,705	)		(4,705	)
Dividend declared on common stock ($0.06 per share)		—			—			(1,004	)		—			(1,004	)
Restricted stock granted, net of forfeitures		43			—			—			—			—
Stock options exercised		41			197			—			—			197
Shares surrendered for tax-withholding purposes		(9	)		(97	)		—			—			(97	)
Compensation expense associated with restricted stock		—			127			—			—			127
Balance at March 31, 2021		16,876		$	59,215		$	115,142		$	2,783		$	177,140
Net income		—			—			4,139			—			4,139
Other comprehensive income, net of tax		—			—			—			1,656			1,656
Dividend declared on common stock ($0.06 per share)		—			—			(1,005	)		—			(1,005	)
Stock options exercised		20			81			—			—			81
Shares surrendered for tax-withholding purposes		—			(6	)		—			—			(6	)
Compensation expense associated with restricted stock		—			132			—			—			132
Balance at June 30, 2021		16,896		$	59,422		$	118,276		$	4,439		$	182,137

See accompanying notes to consolidated financial statements.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited)

	For the Three Months Ended
	For the Six Months Ended
	March 31,
	June 30,
(Amounts in thousands)	2021			2020
Cash flows from operating activities:
Net income	$	49,~~920~~059		$	~~916~~4,763
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan and lease losses		—			24,~~850~~150
Provision for depreciation and amortization		372			303
Provision for unfunded commitments		—			105
Amortization of core deposit intangible		192			191
Provision for depreciation and amortization		741			598
Amortization of debt issuance costs		—			12
Amortization of core deposit intangible		383			383
Compensation expense associated with restricted stock		127			106
Amortization of debt issuance costs		—			24
Tax benefits from vesting of restricted stock		—			3
Compensation expense associated with restricted stock		259			211
Net gain on sale or call of securities		(771	)		(84224	)
Amortization of premiums and accretion of discounts on investments, net		659			320
Amortization of premiums and accretion of discounts on investment securities, net		1,417			636
Amortization of premiums and accretion of discounts on acquired loans, net		(~~229~~425	)		(~~332~~711	)
Loss on disposal of fixed assets		—			~~232~~132
Write-down of other real estate owned		8			—
Loss on sale of OREO		—			23
Increase in cash surrender value of life insurance		(~~121~~244	)		(~~123~~271	)
Deferred compensation and salary continuation plan payments		(~~220~~410	)		(~~271~~439	)
Increase in deferred compensation and salary continuation plans		~~198~~389			~~214~~426
Net decrease in deferred loan fees and costs		87			33
(Decrease) increase in deferred loan fees and costs		(322	)		3,765
Decrease (increase) in other assets		1,~~230~~768			(1,~~602~~923	)
(Decrease) increase in other liabilities		(~~886~~405	)		~~976~~1,022
Net cash provided by operating activities		612,~~330~~147			312,~~767~~670
Cash flows from investing activities:
Proceeds from maturities of and payments on available-for-sale securities		24,898			17,410
Proceeds from maturities of and payments on available-for-sale investment securities		49,862			37,121
Proceeds from sale of available-for-sale securities		11,890			29,339
Proceeds from sale of available-for-sale investment securities		39,066			49,761
Purchases of available-for-sale securities		(114,758	)		(40,038	)
Purchases of available-for-sale investment securities		(227,577	)		(73,692	)
Investment in qualified affordable housing partnerships		(99	)		—
Investment in low income housing tax credit partnerships		(374	)		(7	)
Loan originations, net of principal repayments		(9,708	)		(24,900	)
Net purchase of FHLB stock		(84	)		—
Net repayment on loan pools		3,842			5,868
Loan principal repayments, net of (originations)		38,962			(182,677	)
Purchase of premises and equipment		(238	)		(85	)
Net repayment on loan pools		10,734			9,651
Purchase of premises and equipment		(334	)		(303	)
Proceeds from the sale of OREO		—			12
Net cash used in investing activities		(8489,~~173~~745	)		(12160,~~394~~134	)

See accompanying notes to consolidated financial statements.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited) (Continued)

	For the Three Months Ended
	For the Six Months Ended
	March 31,
	June 30,
(Amounts in thousands)	2021			2020
Cash flows from financing activities:
Net increase (decrease) in demand, money market and savings deposits	$	73,663		$	(16,555	)
Net increase in demand, money market and savings deposits	$	153,340		$	241,275
Net decrease in certificates of deposit		(2,049	)		(8,229	)
Net increase (decrease) in certificates of deposit		1,219			(14,139	)
Advances on term debt		—			1050,000
Repayment of term debt		(5,000	)		—(40,000	)
Proceeds from stock options exercised		~~197~~278			—
Repurchase of common stock		—			(12,~~230~~653	)
Cash paid for restricted shares surrendered for tax-withholding purposes		(97103	)		(120	)
Cash dividends paid on common stock		(12,~~000~~004	)		(~~903~~1,741	)
Net cash provided (used) by financing activities		65,714			(28,037	)
Net cash provided by financing activities		147,730			222,622
Net decrease in cash and cash equivalents		(12,129	)		(36,664	)
Net increase in cash and cash equivalents		70,132			75,158
Cash and cash equivalents at beginning of year		106,986			80,604
Cash and cash equivalents at end of period	$	94177,~~857~~118		$	43155,~~940~~762

	For the Three Months Ended
	For the Six Months Ended
	March 31,
	June 30,
(Amounts in thousands)	2021			2020
Supplemental disclosures of cash flow activity:
Cash paid during the period for:
Income taxes	$	13,~~900~~330		$	~~350~~1,008
Interest	$	~~773~~1,592		$	12,~~167~~593
Operating leases	$	~~243~~488		$	~~246~~480
Supplemental disclosures of non-cash investing activities:
Transfer of loans to other real estate owned	$	—		$	8
Investment in qualified affordable housing partnership	$	—		$	1,000
Investment in low income housing tax credit partnerships	$	—		$	1,000
Unrealized (loss) gain on investment securities available-for-sale, net of gains included in net income	$	(64,~~680~~329	)	$	46,~~749~~454
Changes in net deferred tax asset related to changes in net unrealized gain on investment securities available-for-sale		1,~~975~~280			(1,~~403~~907	)
Changes in accumulated other comprehensive income due to net unrealized (loss) gain on investment securities available-for-sale	$	(43,~~705~~049	)	$	34,~~346~~547
Supplemental disclosures of non-cash financing activities:
Cash dividend declared on common shares and payable after period-end	$	1,~~004~~005		$	~~838~~833

See accompanying notes to consolidated financial statements.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Bank of Commerce Holdings (“Company,” “Holding Company,” “we,” or “us”), is a corporation organized under the laws of California and a bank holding company (“BHC”) registered under the Bank Holding Company Act of 1956, as amended (“BHC Act”) with its principal offices in Sacramento, California. The Holding Company’s principal business is to serve as a holding company for Merchants Bank of Commerce (the “Bank” and together with the Holding Company, the “Company”) and for Bank of Commerce Mortgage (inactive). The Bank, which previously operated under three separate names, changed its name for all operations to Merchants Bank of Commerce effective May 20, 2019. As previously announced, we entered into an Agreement and Plan of Merger with Columbia Banking System, Inc. with Columbia as the surviving entity. The transaction is expected to close during the fourth quarter of 2021. See Note 11 Merger in the Notes to Consolidated Financial Statements in this document. We have an unconsolidated subsidiary in Bank of Commerce Holdings Trust II. The Consolidated Balance Sheets ~~as of March 31, 2021 and December 31, 2020~~ are derived from the unaudited interim consolidated financial statements as of June 30, 2021 or the audited consolidated financial statements as of December 31, 2020, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in annual consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations. The Company believes that all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation have been included and the disclosures made are adequate to make the information not misleading.

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with prevailing practices within the banking and securities industries. In preparing such consolidated financial statements, management is required to make certain estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the Consolidated Balance Sheets and the reported amounts of revenues and expenses for the reporting periods. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the valuation and impairment of investment securities, the determination of the allowance for loan and lease losses (“ALLL”), income taxes, the valuation of goodwill and Other Real Estate Owned (“OREO”), and fair value measurements. Certain amounts for prior periods have been reclassified to conform to the current financial statement presentation. The results of reclassifications are not considered material and have no effect on previously reported net income or shareholders' equity. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in Bank of Commerce Holdings 2020 Annual Report on Form 10-K. The consolidated results of operations and cash flows for the 2021 interim period shown in this report are not necessarily indicative of the results for any future interim period or the entire fiscal year.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Holding Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. As of ~~March~~June 3130, 2021 and December 31, 2020, the Company had one wholly-owned trust formed in 2005 to issue trust preferred securities and related common securities. We have not consolidated the accounts of the Trust in our consolidated financial statements in accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB”), Consolidation (“ASC 810”). We are not considered the primary beneficiary of the Trust (variable interest entity). As a result, the junior subordinated debentures issued by the Holding Company to the Trust are reflected on the Company’s Consolidated Balance Sheets.

Allowance for ~~Loan~~Credit ~~and Lease~~ Losses

In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments. The ASU introduces a new impairment model based on current expected credit losses (“CECL”) in substitution for our current “incurred loss” methodology. Amendments to ASU 2016-13 permit us to delay implementation of CECL until January 1, 2023. As discussed in Note 11 Merger in the Notes to Consolidated Financial Statements, the Company has entered into an Agreement and Plan of Merger with Columbia Banking System, Inc. with Columbia as the surviving entity. The transaction is expected to close during the fourth quarter of 2021; therefore, we do not anticipate adopting ASU No. 2016-13.

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in Other Assets and Other Liabilities in our Consolidated Balance Sheets. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an incremental borrowing rate, we use borrowing rates available under our existing line of credit with the FHLB for periods similar to the lease terms as our incremental borrowing rate to determine the present value of future lease payments. Our lease terms may include options to extend or terminate the lease which we recognize when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

NOTE 2. COMMON STOCK OUTSTANDING AND EARNINGS PER SHARE

Basic earnings per share excludes dilution and is computed by dividing income by the weighted-average number of common shares outstanding for the period, excluding unvested restricted stock awards which do not have voting rights or share in dividends. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Holding Company. The computation of diluted earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share.

The following is a computation of basic and diluted earnings per share for the three and six months ended ~~March~~June 3130, 2021 and 2020.

	For the Three Months Ended				For the Six Months Ended
	March 31,
	June 30,				June 30,
(Amounts in thousands, except per share information)	2021		2020		2021		2020
Earnings Per Share:
Numerators:
Net income	$	4,~~920~~139	$	~~916~~3,847	$	9,059	$	4,763
Denominators:
Weighted average number of common shares outstanding - basic (1)		16,~~706~~736		1716,~~695~~660		16,721		17,178
Effect of potentially dilutive common shares (2)		7287		5229		82		39
Weighted average number of common shares outstanding - diluted		16,~~778~~823		1716,~~747~~689		16,803		17,217
Earnings per common share:
Basic	$	0.2925	$	0.0523	$	0.54	$	0.28
Diluted	$	0.2925	$	0.0523	$	0.54	$	0.28
Anti-dilutive options not included in diluted earnings per share calculation		—		76		—		60

⁽¹⁾Excludes unvested restricted shares because they do not have dividend or voting rights

⁽²⁾ Represents the effects of the assumed exercise of stock options and vesting of non-participating restricted shares.

In late 2020, we announced a new share repurchase program to repurchase up to 1.0 million shares of common stock over a period ending December 31, 2021. As of ~~March~~June 3130, 2021, no shares have been repurchased under this ~~plan~~program. Given the recent announcement of the merger with Columbia, management will not be purchasing shares under the program.

In late 2019, we announced a program to repurchase 1.0 million shares of common ~~shares~~stock, which was later increased to 1.5 million shares of common ~~shares~~stock. Between October of 2019 and April of 2020, all 1.5 million shares were repurchased at a total cost of $13.6 million including commissions, or an average of $9.11 per share. ~~Repurchases under this plan totaled 1.4 million common shares during the first quarter of 2020.~~

NOTE 3. SECURITIES

The following tables present the amortized costs, unrealized gains, unrealized losses and estimated fair values of our investment securities as of March 31, 2021, and December 31, 2020.

	As of March 31, 2021
			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
(Amounts in thousands)	Costs		Gains		Losses			Fair Values
Available-for-sale securities:
U.S. government & agencies	$	30,460	$	696	$	(96	)	$	31,060
Obligations of state and political subdivisions		127,136		3,361		(1,657	)		128,840
Residential mortgage-backed securities and collateralized mortgage obligations		276,782		3,127		(2,362	)		277,547
Commercial mortgage-backed securities		38,538		481		(436	)		38,583
Other asset-backed securities		40,508		837		—			41,345
Total	$	513,424	$	8,502	$	(4,551	)	$	517,375

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

NOTE 3. SECURITIES

The following tables present the amortized costs, unrealized gains, unrealized losses and estimated fair values of our investment securities as of June 30, 2021, and December 31, 2020.

	As of June 30, 2021
			Gross		Gross
	*Amortized*		*Unrealized*		*Unrealized*			*Estimated*
(Amounts in thousands)	*Costs*		*Gains*		*Losses*			*Fair Values*
Available-for-sale securities:
U.S. government & agencies	$	28,903	$	822	$	(34	)	$	29,691
Obligations of state and political subdivisions		132,675		4,366		(574	)		136,467
Residential mortgage-backed securities and collateralized mortgage obligations		317,157		2,697		(2,012	)		317,842
Commercial mortgage-backed securities		52,484		532		(298	)		52,718
Other asset-backed securities		42,143		804		(1	)		42,946
Total	$	573,362	$	9,221	$	(2,919	)	$	579,664

	As of December 31, 2020
			Gross		Gross
	*Amortized*		*Unrealized*		*Unrealized*			*Estimated*
(Amounts in thousands)	*Costs*		*Gains*		*Losses*			*Fair Values*
Available-for-sale securities:
U.S. government & agencies	$	32,164	$	838	$	(8	)	$	32,994
Obligations of state and political subdivisions		103,424		4,971		(29	)		108,366
Residential mortgage-backed securities and collateralized mortgage obligations		236,829		3,895		(246	)		240,478
Commercial mortgage-backed securities		27,455		637		(18	)		28,074
Other asset-backed securities		36,377		592		(1	)		36,968
Total	$	436,249	$	10,933	$	(302	)	$	446,880

The following table presents the contractual maturities of investment securities at ~~March~~June 3130, 2021. Actual maturities may differ from contractual maturities if the issuers of the securities have the right to call or prepay obligations with or without call or prepayment penalties.

	Available-For-Sale
(Amounts in thousands)	Amortized Costs		Estimated Fair Values
Amounts maturing in:
One year or less	$	1112,~~616~~527	$	1112,~~787~~780
After one year through five years		~~119~~109,~~976~~467		~~122~~111,~~928~~792
After five years through ten years		~~186~~222,~~265~~288		~~185~~222,~~830~~274
After ten years		~~195~~229,~~567~~080		~~196~~232,~~830~~818
Total	$	~~513~~573,~~424~~362	$	~~517~~579,~~375~~664

The amortized costs and fair values of residential mortgage-backed securities, collateralized mortgage obligations and commercial mortgage securities are presented by their expected average life, rather than contractual maturity, because the underlying loans may be repaid without prepayment penalties.

The following table presents the cash proceeds from sales of investment securities and the associated gross realized gains and gross realized losses that have been included in earnings for the three months ended March 31, 2021 and 2020.

	Three Months Ended March 31,
(Amounts in thousands)	2021			2020
Investment Securities:
Proceeds from sales of investment securities	$	11,890		$	29,339
Gross realized gains on sales of investment securities:
Obligations of state and political subdivisions	$	—		$	48
Residential mortgage-backed securities and collateralized mortgage obligations		53			84
Commercial mortgage-backed securities		—			36
Total gross realized gains on sales of investment securities		53			168
Gross realized losses on sales of investment securities:
Obligations of state and political subdivisions		—			(4	)
Residential mortgage-backed securities and collateralized mortgage obligations		(46	)		(80	)
Total gross realized losses on sales of investment securities		(46	)		(84	)
Gain on sale of investment securities, net	$	7		$	84

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

~~Investment~~The ~~securities~~following ~~that~~table ~~were~~presents inthe ancash ~~unrealized~~proceeds ~~loss~~from ~~position~~sales as of ~~March~~ ~~31,~~investment ~~2021~~securities and ~~December~~ ~~31,~~the ~~2020~~associated ~~are~~gross ~~presented~~realized ingains ~~the~~and ~~following~~gross ~~tables,~~realized ~~based~~losses onthat ~~the~~have ~~length~~been ofincluded ~~time~~in ~~individual~~earnings ~~securities~~for ~~have~~the ~~been~~three inand ansix ~~unrealized~~months ~~loss~~ended June ~~position~~30, 2021 and 2020.

	As of March 31, 2021
	For the Three Months Ended						For the Six Months Ended
	Less Than 12 Months						12 Months or More						Total
	June 30,						June 30,
	Fair			Unrealized			Fair			Unrealized			Fair		Unrealized
(Amounts in thousands)	2021			2020			2021			2020
(Amounts in thousands)	Values			Losses			Values			Losses			Values		Losses
Investment Securities:
Available-for-sale securities:
Proceeds from sales of investment securities	$	27,176		$	20,422		$	39,066		$	49,761
U.S. government & agencies	$	2,934		$	(89	)	$	677		$	(7	)	$	3,611	$	(96	)
Gross realized gains on sales of investment securities:
Obligations of state and political subdivisions	$	~~47,968~~227		$	~~(1,655~~43	)	$	~~438~~227		$	(291	)		~~48,406~~		~~(1,657~~	)
Residential mortgage-backed securities and collateralized mortgage obligations		~~157,530~~81			~~(2,355~~143	)		~~459~~135			(7226	)		~~157,989~~		~~(2,362~~	)
Commercial mortgage-backed securities		~~22,150~~—			~~(436~~1	)		—			—38			~~22,150~~		~~(436~~	)
Total temporarily impaired securities	$	230,582		$	(4,535	)	$	1,574		$	(16	)	$	232,156	$	(4,551	)
Other asset-backed securities		7			—			7			—
Total gross realized gains on sales of investment securities		315			187			369			355
Gross realized losses on sales of investment securities:
U.S. government & agencies		—			(14	)		—			(14	)
Obligations of state and political subdivisions		—			(1	)		—			(5	)
Residential mortgage-backed securities and collateralized mortgage obligations		(231	)		(32	)		(278	)		(112	)
Commercial mortgage-backed securities		(20	)		—			(20	)		—
Total gross realized losses on sales of investment securities		(251	)		(47	)		(298	)		(131	)
Gain on sale of investment securities, net	$	64		$	140		$	71		$	224

	As of December 31, 2020
	Less Than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(Amounts in thousands)	Values		Losses			Values		Losses			Values		Losses
Available-for-sale securities:
U.S. government & agencies	$	—	$	—		$	1,615	$	(8	)	$	1,615	$	(8	)
Obligations of state and political subdivisions		7,291		(29	)		—		—			7,291		(29	)
Residential mortgage-backed securities and collateralized mortgage obligations		68,512		(241	)		249		(5	)		68,761		(246	)
Commercial mortgage-backed securities		5,400		(18	)		—		—			5,400		(18	)
Other asset-backed securities		2,106		—			930		(1	)		3,036		(1	)
Total temporarily impaired securities	$	83,309	$	(288	)	$	2,794	$	(14	)	$	86,103	$	(302	)

Investment securities that were in an unrealized loss position as of June 30, 2021 and December 31, 2020 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position.

At March 31, 2021 and December 31, 2020, the number of securities in an unrealized loss position was 115 and 47, respectively. In the opinion of management, these securities are considered only temporarily impaired due to changes in market interest rates or widening of market spreads subsequent to the initial purchase of the securities, and not due to concerns regarding the underlying credit of the issuers or the underlying collateral. Our investment policy requires securities at the time of purchase to be rated A3/A- or higher by Moody’s, S&P and Fitch rating agencies. Management monitors the published credit ratings of our investment portfolio for material rating or outlook changes. For all private-label securities collateralized by mortgages, management also monitors the credit characteristics of the underlying mortgages to identify potential credit losses, if any, in the portfolio. Because the decline in fair value is not due to credit quality concerns, and because we have no plans to sell the securities before the recovery of their amortized cost, and because the Bank has the ability to hold the securities to maturity these investments are not considered other-than-temporarily impaired.

	As of June 30, 2021
	Less Than 12 Months					12 Months or More					Total
	Estimated					Estimated					Estimated
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(Amounts in thousands)	Values		Losses			Values		Losses			Values		Losses
Available-for-sale securities:
U.S. government & agencies	$	2,920	$	(32	)	$	286	$	(2	)	$	3,206	$	(34	)
Obligations of state and political subdivisions		36,685		(574	)		—		—			36,685		(574	)
Residential mortgage-backed securities and collateralized mortgage obligations		185,745		(2,007	)		283		(5	)		186,028		(2,012	)
Commercial mortgage-backed securities		25,891		(298	)		—		—			25,891		(298	)
Other asset-backed securities		1,787		(1	)		—		—			1,787		(1	)
Total temporarily impaired securities	$	253,028	$	(2,912	)	$	569	$	(7	)	$	253,597	$	(2,919	)

	As of December 31, 2020
	Less Than 12 Months					12 Months or More					Total
	Estimated					Estimated					Estimated
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
(Amounts in thousands)	Values		Losses			Values		Losses			Values		Losses
Available-for-sale securities:
U.S. government & agencies	$	—	$	—		$	1,615	$	(8	)	$	1,615	$	(8	)
Obligations of state and political subdivisions		7,291		(29	)		—		—			7,291		(29	)
Residential mortgage-backed securities and collateralized mortgage obligations		68,512		(241	)		249		(5	)		68,761		(246	)
Commercial mortgage-backed securities		5,400		(18	)		—		—			5,400		(18	)
Other asset-backed securities		2,106		—			930		(1	)		3,036		(1	)
Total temporarily impaired securities	$	83,309	$	(288	)	$	2,794	$	(14	)	$	86,103	$	(302	)

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

~~The~~At June ~~following~~30, ~~table~~2021 ~~presents~~and December 31, 2020, the ~~characteristics~~number of ~~our~~securities in an unrealized loss position was 113 and 47, respectively. In the opinion of management, these securities ~~that~~are ~~were~~considered only temporarily impaired due to changes in ~~unrealized~~market ~~loss~~interest ~~positions~~rates or widening of market spreads subsequent to the initial purchase of the securities, and not due to concerns regarding the underlying credit of the issuers or the underlying collateral. Our investment policy requires securities at ~~March~~ 31the time of purchase to be rated A3/A- or higher by Moody’s, ~~2021~~S&P and ~~December~~ 31Fitch rating agencies. Management monitors the published credit ratings of our investment securities portfolio for material rating or outlook changes. For all private-label securities collateralized by mortgages, ~~2020~~management also monitors the credit characteristics of the underlying mortgages to identify potential credit losses, if any, in the portfolio. Because the decline in fair value is not due to credit quality concerns, because we have no plans to sell the securities before the recovery of their amortized cost, and because the Bank has the ability to hold the securities to maturity, these investments are not considered other-than-temporarily impaired.

		Characteristics of securities in unrealized loss positions at
Available-for-sale securities:		March 31, 2021 and December 31, 2020
U.S. government & agencies		Direct obligations of the U.S. government or obligations guaranteed by U.S. government agencies such as the SBA.
Obligations of state and political subdivisions		General obligation issuances or revenue securities issued by municipalities and political subdivisions located within the U.S. secured by revenues from specific sources.
Residential mortgage-backed securities and collateralized mortgage obligations		Obligations issued by U.S. government sponsored entities or non-governmental entities collateralized by high quality mortgages on residential properties. Issuances by non-governmental entities usually include good credit enhancements. Of the residential mortgage-backed securities and collateralized mortgage obligations that we owned at March 31, 2021 and December 31, 2020, 87% and 86%, respectively, were issued or guaranteed by U.S. government sponsored entities.
Corporate securities		Debt obligations generally issued or guaranteed by large U.S. corporate institutions.
Commercial mortgage-backed securities		Obligations issued by U.S. government sponsored entities or non-governmental entities collateralized by high quality mortgages on commercial properties. Issuances by non-governmental entities usually include good credit enhancements. Of the commercial mortgage-backed securities that we owned at March 31, 2021 and December 31, 2020, 100% were issued or guaranteed by U.S. government sponsored entities.
Other asset-backed securities		Obligations issued by non-governmental issuers secured by high quality loans with good credit enhancements.

The following table presents the characteristics of our securities that were in unrealized loss positions at June 30, 2021 and December 31, 2020.



		Characteristics of securities in unrealized loss positions at
Available-for-sale securities:		**June 30, 2021 and December 31, 2020**
U.S. government & agencies		Direct obligations of the U.S. government or obligations guaranteed by U.S. government agencies such as the SBA.
Obligations of state and political subdivisions		General obligation issuances or revenue securities issued by municipalities and political subdivisions located within the U.S. secured by revenues from specific sources.
Residential mortgage-backed securities and collateralized mortgage obligations		Obligations issued by U.S. government sponsored entities or non-governmental entities collateralized by high quality mortgages on residential properties. Issuances by non-governmental entities usually include good credit enhancements. Of the residential mortgage-backed securities and collateralized mortgage obligations that we owned at June 30, 2021 and December 31, 2020, 88% and 86%, respectively, were issued or guaranteed by U.S. government sponsored entities.
Commercial mortgage-backed securities		Obligations issued by U.S. government sponsored entities or non-governmental entities collateralized by high quality mortgages on commercial properties. Issuances by non-governmental entities usually include good credit enhancements. Of the commercial mortgage-backed securities that we owned at June 30, 2021 and December 31, 2020, 100% were issued or guaranteed by U.S. government sponsored entities.
Other asset-backed securities		Obligations issued by non-governmental issuers secured by high quality loans with good credit enhancements.

Pledged Securities

At ~~March~~June 3130, 2021 and December 31, 2020, securities with a fair value of $8995.67 million and $67.8 million, respectively, were pledged as collateral to secure public fund deposits, FHLB borrowings and for other purposes as required by law.

NOTE 4. LOANS

Outstanding loan balances consisted of the following at March 31, 2021, and December 31, 2020.

	March 31,			December 31,
(Amounts in thousands)	2021			2020
Loan Portfolio:
Commercial	$	117,597		$	115,559
Paycheck Protection Program ("PPP")		117,991			130,814
Commercial real estate:
Construction and land development		32,145			44,549
Non-owner occupied		592,157			550,020
Owner occupied		165,367			172,967
Residential real estate:
Individual Tax Identification Number (“ITIN”)		27,839			29,035
1-4 family mortgage		54,562			55,925
Equity lines		18,600			18,894
Consumer and other		19,685			21,969
Gross loans		1,145,943			1,139,732
Deferred fees and costs		143			229
Loans, net of deferred fees and costs		1,146,086			1,139,961
Allowance for loan and lease losses		(17,027	)		(16,910	)
Net loans	$	1,129,059		$	1,123,051

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

NOTE 4. LOANS

Outstanding loan balances consisted of the following at June 30, 2021, and December 31, 2020.

	June 30,			December 31,
(Amounts in thousands)	2021			2020
Loan Portfolio:
Commercial	$	93,650		$	115,559
Paycheck Protection Program ("PPP")		59,058			130,814
Commercial real estate:
Construction and land development		30,494			44,549
Non-owner occupied		626,819			550,020
Owner occupied		168,296			172,967
Residential real estate:
Individual Tax Identification Number (“ITIN”)		26,912			29,035
1-4 family mortgage		50,259			55,925
Equity lines		17,827			18,894
Consumer and other		17,430			21,969
Gross loans		1,090,745			1,139,732
Deferred fees and costs		551			229
Loans, net of deferred fees and costs		1,091,296			1,139,961
Allowance for loan and lease losses		(17,194	)		(16,910	)
Net loans	$	1,074,102		$	1,123,051

Gross loan balances in the table above include discounts on purchased loans and fair value adjustments made to acquired loans using the acquisition method of accounting.

Discounts on purchased loans - Gross loan balances include net purchase discounts of $~~761~~680 thousand and $879 thousand as of ~~March~~June 3130, 2021, and December 31, 2020, respectively. When we purchase loans, they are typically purchased at a discount to enhance yield and compensate for credit risk. We have no purchased credit impaired loans as of ~~March~~June 3130, 2021, and December 31, 2020.

Fair value adjustment - Gross loan balances include a net fair value discount of $~~810~~694 thousand and $920 thousand at ~~March~~June 3130, 2021 and December 31, 2020, respectively, for loans acquired in conjunction with our acquisition of Merchants National Bank of Sacramento during the first quarter of 2019. We recorded $~~110~~115 thousand and $~~163~~216 thousand in accretion of the discount for these loans during the three months ended ~~March~~June 3130, 2021 and 2020, respectively. We recorded $225 thousand and $379 thousand in accretion of the discount for these loans during the six months ended June 30, 2021 and 2020, respectively.

Pledged Loans

Certain loans are pledged as collateral for lines of credit with the FHLB and the Federal Reserve Bank. Pledged loans totaled $~~557~~616.38 million and $523.5 million at ~~March~~June 3130, 2021 and December 31, 2020, respectively.

Short-Term Loan Modifications

At ~~March~~June 3130, 2021, ~~there~~payment deferrals were 26extant for 16 loans totaling $4.1 million ~~with a COVID-19 related loan payment deferral~~ compared to 82 loans totaling $9.5 million at December 31, 2020. In accordance with the CARES Act and regulatory guidance, these modified loans are not troubled debt restructurings and are not considered to be past due or non-performing. We have granted payment deferrals ranging from one to six months determined on a case-by-case basis considering the nature of the business and the impact of COVID-19. For some borrowers who were initially granted a payment deferral of less than six months, we have granted an additional payment deferral period on a case-by-case basis. Without these deferrals, past due loan totals might have been higher at ~~March~~June 3130, 2021. ~~We cannot predict the impact to past due loan totals once the deferral periods end.~~

Past Due Loans

Past due loans (gross), segregated by loan portfolio were as follows, as of March 31, 2021, and December 31, 2020.

													Recorded
	30-59		60-89		90 or Greater								Investment >
	Days Past		Days Past		Days Past		Total Past						90 Days and
(Amounts in thousands)	Due		Due		Due		Due		Current		Total		Accruing
Past Due Loans at March 31, 2021
Commercial	$	101	$	—	$	1,413	$	1,514	$	116,083	$	117,597	$	—
PPP		—		—		—		—		117,991		117,991		—
Commercial real estate:
Construction and land development		—		—		—		—		32,145		32,145		—
Non-owner occupied		1,693		—		—		1,693		590,464		592,157		—
Owner occupied		—		—		—		—		165,367		165,367		—
Residential real estate:
ITIN		274		50		123		447		27,392		27,839		—
1-4 family mortgage		—		—		—		—		54,562		54,562		—
Equity lines		19		—		—		19		18,581		18,600		—
Consumer and other		80		10		—		90		19,595		19,685		—
Total	$	2,167	$	60	$	1,536	$	3,763	$	1,142,180	$	1,145,943	$	—

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Past Due Loans

Past due loans (gross), segregated by loan portfolio were as follows, as of June 30, 2021, and December 31, 2020.

													Recorded
	30-59		60-89		*90 or Greater*								*Investment >*
	*Days Past*		*Days Past*		*Days Past*		*Total Past*						*90 Days and*
(Amounts in thousands)	*Due*		*Due*		*Due*		*Due*		*Current*		*Total*		*Accruing*
Past Due Loans at June 30, 2021
Commercial	$	89	$	—	$	1,413	$	1,502	$	92,148	$	93,650	$	—
PPP		—		—		—		—		59,058		59,058		—
Commercial real estate:
Construction and land development		—		—		—		—		30,494		30,494		—
Non-owner occupied		—		—		—		—		626,819		626,819		—
Owner occupied		—		—		—		—		168,296		168,296		—
Residential real estate:
ITIN		171		—		122		293		26,619		26,912		—
1-4 family mortgage		—		—		—		—		50,259		50,259		—
Equity lines		—		—		—		—		17,827		17,827		—
Consumer and other		62		17		—		79		17,351		17,430		—
Total	$	322	$	17	$	1,535	$	1,874	$	1,088,871	$	1,090,745	$	—

													Recorded
	30-59		60-89		*90 or Greater*								*Investment >*
	*Days Past*		*Days Past*		*Days Past*		*Total Past*						*90 Days and*
(Amounts in thousands)	*Due*		*Due*		*Due*		*Due*		*Current*		*Total*		*Accruing*
Past Due Loans at December 31, 2020
Commercial	$	—	$	—	$	1,413	$	1,413	$	114,146	$	115,559	$	—
PPP		—		—		—		—		130,814		130,814
Commercial real estate:
Construction and land development		—		—		—		—		44,549		44,549		—
Non-owner occupied		640		—		—		640		549,380		550,020		—
Owner occupied		—		—		2,993		2,993		169,974		172,967		—
Residential real estate:
ITIN		40		—		169		209		28,826		29,035		—
1-4 family mortgage		—		—		—		—		55,925		55,925		—
Equity lines		60		—		—		60		18,834		18,894		—
Consumer and other		82		17		—		99		21,870		21,969		—
Total	$	822	$	17	$	4,575	$	5,414	$	1,134,318	$	1,139,732	$	—

Nonaccrual Loans

Nonaccrual loans, segregated by loan portfolio, were as follows as of March 31, 2021 and December 31, 2020.

	March 31,		December 31,
(Amounts in thousands)	2021		2020
Nonaccrual Loans:
Commercial	$	1,520	$	1,535
Commercial real estate:
Non-owner occupied		626		640
Owner occupied		95		3,094
Residential real estate:
ITIN		1,529		1,585
1-4 family mortgage		137		141
Consumer and other		17		18
Total	$	3,924	$	7,013

Had nonaccrual loans performed in accordance with their contractual terms, we would have recognized additional interest income, net of tax, of approximately $44 thousand and $58 thousand for the three months ended March 31, 2021 and 2020, respectively.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

~~Impaired~~Nonaccrual Loans

ANonaccrual ~~loan is considered impaired when~~loans, ~~based~~segregated onby ~~current information and events, we determine it is probable that we will not be able to collect all amounts due according to the~~ loan ~~contract~~portfolio, ~~including~~were ~~scheduled~~as ~~interest~~follows ~~payments. The following tables summarize impaired loans by loan portfolio~~ as of ~~March~~June 3130, 2021 and December 31, 2020.

	As of March 31, 2021
	June 30,		December 31,
			Unpaid
(Amounts in thousands)	2021		2020
	Recorded		Principal		Related
Nonaccrual Loans:
(Amounts in thousands)	Investment		Balance		Allowance
Commercial	$	1,506	$	1,535
Impaired Loans:
Commercial real estate:
With no related allowance recorded:
Non-owner occupied		606		640
Commercial	$	1,558	$	1,915	$	—
Owner occupied		89		3,094
Commercial real estate:
Residential real estate:
Non-owner occupied		626		654		—
ITIN		1,463		1,585
Owner occupied		95		98		—
1-4 family mortgage		133		141
Residential real estate:
Consumer and other		16		18
ITIN		4,775		6,309		—
Total	$	3,813	$	7,013
1-4 family mortgage		137		200		—
Total with no related allowance recorded	$	7,191	$	9,176	$	—
With an allowance recorded:
Commercial	$	456	$	456	$	114
Residential real estate:
ITIN		174		174		9
Equity lines		121		121		61
Consumer and other		17		17		4
Total with an allowance recorded	$	768	$	768	$	188
By loan portfolio:
Commercial	$	2,014	$	2,371	$	114
Commercial real estate		721		752		—
Residential real estate		5,207		6,804		70
Consumer and other		17		17		4
Total impaired loans	$	7,959	$	9,944	$	188

Had nonaccrual loans performed in accordance with their contractual terms, we would have recognized additional interest income, net of tax, as shown in the following table.

	For the Three Months Ended				For the Six Months Ended
	June 30,				June 30,
(Amounts in thousands)	2021		2020		2021		2020
Nonaccrual Loans:
Interest income, net of tax	$	46	$	84	$	89	$	140

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

	As of December 31, 2020
			Unpaid
	Recorded		Principal		Related
(Amounts in thousands)	Investment		Balance		Allowance
Impaired Loans:
With no related allowance recorded:
Commercial	$	1,577	$	1,932	$	—
Commercial real estate:
Non-owner occupied		640		654		—
Owner occupied		3,094		3,206		—
Residential real estate:
ITIN		4,876		6,500		—
1-4 family mortgage		141		202		—
Total with no related allowance recorded	$	10,328	$	12,494	$	—
With an allowance recorded:
Commercial	$	456	$	456	$	114
Residential real estate:
ITIN		175		175		11
Equity lines		126		126		63
Consumer and other		18		18		4
Total with an allowance recorded	$	775	$	775	$	192
By loan portfolio:
Commercial	$	2,033	$	2,388	$	114
Commercial real estate		3,734		3,860		—
Residential real estate		5,318		7,003		74
Consumer and other		18		18		4
Total impaired loans	$	11,103	$	13,269	$	192

Impaired Loans

~~The~~A ~~following~~loan ~~table~~is ~~summarizes~~considered ~~average~~impaired ~~recorded~~when, ~~investment~~based on current information and events, we determine it is probable that we will not be able to collect all amounts due according to the loan contract, including scheduled interest ~~income~~payments. ~~recognized~~The onfollowing tables summarize impaired loans by loan portfolio ~~for~~as ~~the three months ended~~of ~~March~~June 3130, 2021 and December 31, 2020.

	Three Months Ended				Three Months Ended
	As of June 30, 2021
	March 31, 2021				March 31, 2020
			Unpaid
	Average		Interest		Average		Interest
	Recorded		Principal		Related
	Recorded		Income		Recorded		Income
(Amounts in thousands)	Investment		Balance		Allowance
(Amounts in thousands)	Investment		Recognized		Investment		Recognized
Impaired Loans:
Average Recorded Investment and Interest Income:
With no related allowance recorded:
Commercial	$	21,~~020~~541	$	71,899	$	~~640~~—	$	9
Commercial real estate:
Non-owner occupied		~~632~~606		—652		—		—
Owner occupied		~~2,092~~89		—93		~~3,103~~—		—
Residential real estate:
ITIN		4,~~983~~836		326,206		~~5,957~~—		37
1-4 family mortgage		~~139~~134		—197		~~186~~—		—
Equity lines		123		2		228		4
Total with no related allowance recorded	$	7,206	$	9,047	$	—
Consumer and other		17		—		39		—
With an allowance recorded:
Total	$	10,006	$	41	$	10,153	$	50
Commercial	$	395	$	395	$	99
Residential real estate:
Equity lines		112		112		56
Consumer and other		16		16		4
Total with an allowance recorded	$	523	$	523	$	159
By loan portfolio:
Commercial	$	1,936	$	2,294	$	99
Commercial real estate		695		745		—
Residential real estate		5,082		6,515		56
Consumer and other		16		16		4
Total impaired loans	$	7,729	$	9,570	$	159

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

	As of December 31, 2020
			Unpaid
	*Recorded*		*Principal*		*Related*
(Amounts in thousands)	*Investment*		*Balance*		*Allowance*
Impaired Loans:
With no related allowance recorded:
Commercial	$	1,577	$	1,932	$	—
Commercial real estate:
Non-owner occupied		640		654		—
Owner occupied		3,094		3,206		—
Residential real estate:
ITIN		4,876		6,500		—
1-4 family mortgage		141		202		—
Total with no related allowance recorded	$	10,328	$	12,494	$	—

With an allowance recorded:
Commercial	$	456	$	456	$	114
Residential real estate:
ITIN		175		175		11
Equity lines		126		126		63
Consumer and other		18		18		4
Total with an allowance recorded	$	775	$	775	$	192

By loan portfolio:
Commercial	$	2,033	$	2,388	$	114
Commercial real estate		3,734		3,860		—
Residential real estate		5,318		7,003		74
Consumer and other		18		18		4
Total impaired loans	$	11,103	$	13,269	$	192

The following tables summarize average recorded investment and interest income recognized on impaired loans by loan portfolio for the three and six months ended June 30, 2021 and 2020.

	For the Three Months Ended
	June 30, 2021				June 30, 2020
	Average		Interest		Average		Interest
	Recorded		Income		Recorded		Income
(Amounts in thousands)	Investment		Recognized		Investment		Recognized
Average Recorded Investment and Interest Income:
Commercial	$	1,972	$	7	$	613	$	9
Commercial real estate:
Non-owner occupied		613		—		926		—
Owner occupied		91		—		3,066		—
Residential real estate:
ITIN		4,869		32		5,440		34
1-4 family mortgage		135		—		181		—
Equity lines		115		2		222		4
Consumer and other		16		—		38		—
Total	$	7,811	$	41	$	10,486	$	47

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

	For the Six Months Ended
	June 30, 2021				June 30, 2020
	Average		Interest		Average		Interest
	Recorded		Income		Recorded		Income
(Amounts in thousands)	Investment		Recognized		Investment		Recognized
Average Recorded Investment and Interest Income:
Commercial	$	1,996	$	14	$	626	$	17
Commercial real estate:
Non-owner occupied		622		—		463		—
Owner occupied		1,091		—		3,084		—
Residential real estate:
ITIN		4,926		64		5,698		72
1-4 family mortgage		137		—		184		—
Equity lines		119		4		225		7
Consumer and other		17		—		39		—
Total	$	8,908	$	82	$	10,319	$	96

The impaired loans on which these interest income amounts were recognized are primarily accruing troubled debt restructured loans. Loans are reported as troubled debt restructurings when we grant a concession(s) to a borrower experiencing financial difficulties that we would not otherwise consider. Examples of such concessions include a reduction in the loan rate, forgiveness of principal or accrued interest, extending the maturity date(s), or providing a lower interest rate than would be normally available for a transaction of similar risk. As a result of these concessions, restructured loans are impaired as we will not collect all amounts due, either principal or interest, in accordance with the terms of the original loan agreement.

The recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure was $~~109~~106 thousand and $80 thousand at ~~March~~June 3130, 2021 and December 31, 2020, respectively.

Troubled Debt Restructurings

As of ~~March~~June 3130, 2021, we had $65.08 million in troubled debt restructurings compared to $6.1 million as of December 31, 2020. AsTroubled debt restructurings represented 0.53% of gross loans as of ~~March~~June 3130, 2021 and December 31, we2020. ~~had~~As 90of June ~~loans~~30, ~~that~~2021, 89 loans were classified as troubled debt restructurings, of which 88 were performing according to their restructured terms. Of the 9089 troubled debt restructurings, 8281 were ITIN loans totaling $4.76 million which are serviced by a third party. ~~Troubled~~At June ~~debt~~30, ~~restructurings~~2021 ~~represented~~and December ~~0.52%~~31, of2020, ~~gross~~impaired loans as of ~~March~~ 31$3.9 million and $4.1 million, ~~2021~~respectively, ~~compared~~were toclassified ~~0.53%~~as ofperforming ~~gross~~troubled ~~loans~~debt ~~at December~~restructured ~~31, 2020~~loans.

~~At March~~For 31a troubled debt restructured loan to be on accrual status, ~~2021~~the loan’s collateral coverage must generally be greater than or equal to 100% of the loan balance, the loan payments must be current, and the borrower must demonstrate the ability to make payments from a verified source of cash flow. As of June 30, 2021and December 31, 2020, ~~impaired~~we ~~loans~~had ofno ~~$4.0~~obligations ~~million~~to ~~and~~lend $4additional funds on any troubled debt restructured loans.1 ~~million,~~We ~~respectively~~do not have any new troubled debt restructurings for the six months ended June 30, ~~were~~2021. ~~classified~~There aswas ~~performing~~one new troubled debt ~~restructured~~restructuring ~~loans~~on one $654 thousand commercial real estate loan during the six months ended June 30, 2020. The borrower was impacted by COVID-19 but the loan did not qualify to be exempt from TDR status under the new TDR guidance issued by the financial institution regulators or under the CARES Act.

~~For~~The atypes ~~troubled~~of ~~debt~~modifications ~~restructured~~offered ~~loan~~can ~~to be on accrual status, the loan’s collateral coverage must~~ generally be ~~greater~~described ~~than~~in ~~or equal to 100% of~~ the ~~loan~~following balance, the loan payments must be current, and the borrower must demonstrate the ability to make payments from a verified source of cash flow. As of March 31, 2021 and December 31, 2020, we had no obligations to lend additional funds on any troubled debt restructured loans. We do not have any new troubled debt restructurings for the three months ended March 31, 2021 and 2020. There was one $626 thousand commercial real estate loan modified as troubled debt restructuring within the previous twelve months for which there were a payment default (after restructuring) during the three months ended March 31, 2021.categories:

Rate – A modification in which the interest rate is changed.

Maturity – A modification in which the maturity date is changed.

Payment deferral – A modification in which a portion of the principal is deferred.

Principal reduction – A modification in which a portion of the owing principal is decreased.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The following tables present the period end balances of newly restructured loans and the types of modifications that occurred during the three and six months ended June 30, 2020.

	Modification Types For the Three Months Ended June 30, 2020						Modification Types For the Six Months Ended June 30, 2020
(Amounts in thousands)	Maturity		Payment Deferral		Total		Maturity		Payment Deferral		Total
Troubled Debt Restructurings:
Commercial real estate:
Non-owner occupied	$	—	$	654	$	654	$	—	$	654	$	654
Total	$	—	$	654	$	654	$	—	$	654	$	654

For the Three Months Ended June 30, 2020

For the Six Months Ended June 30, 2020

Pre-

Post-

Pre-

Post-

Modification

Outstanding

Number of

Recorded

Number of

Recorded

(Dollars in thousands)

Contracts

Investment

Contracts

Investment

Troubled Debt Restructurings:

Commercial real estate:

Non-owner occupied

654

Total

654

There were no loans modified as a troubled debt restructuring within the previous twelve months for which there was a payment default (after restructuring) during the three and six months ended June 30, 2021 or 2020.

Performing and Nonperforming Loans

We define a performing loan as a loan where any installment of principal or interest is not 90 days or more past due, and management believes the ultimate collection of original contractual principal and interest is likely. We define a nonperforming loan as an impaired loan, which may be on nonaccrual, or is 90 days past due and still accruing, or has been restructured and does not comply with its modified terms, and our ultimate collection of original contractual principal and interest is uncertain.

Performing and nonperforming loans, segregated by loan portfolio, were as follows at ~~March~~June 3130, 2021 and December 31, 2020.

March 31, 2021

June 30, 2021

(Amounts in thousands)

Performing

Nonperforming

Total

Performing and Nonperforming Loans:

Commercial

~~116~~92,~~077~~144

1,~~520~~506

~~117~~93,~~597~~650

PPP

~~117~~59,~~991~~058

—

~~117~~59,~~991~~058

Commercial real estate:

Construction and land development

3230,~~145~~494

—

3230,~~145~~494

Non-owner occupied

~~591~~626,~~531~~213

~~626~~606

~~592~~626,~~157~~819

Owner occupied

~~165~~168,~~272~~207

9589

~~165~~168,~~367~~296

Residential real estate:

ITIN

2625,~~310~~449

1,~~529~~463

2726,~~839~~912

1-4 family mortgage

5450,~~425~~126

~~137~~133

5450,~~562~~259

Equity lines

1817,~~600~~827

—

1817,~~600~~827

Consumer and other

1917,~~668~~414

1716

1917,~~685~~430

Total

1,~~142~~086,~~019~~932

3,~~924~~813

1,~~145~~090,~~943~~745

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

	December 31, 2020
(Amounts in thousands)	Performing		Nonperforming		Total
Performing and Nonperforming Loans:
Commercial	$	114,024	$	1,535	$	115,559
PPP		130,814		—		130,814
Commercial real estate:
Construction and land development		44,549		—		44,549
Non-owner occupied		549,380		640		550,020
Owner occupied		169,873		3,094		172,967
Residential real estate:
ITIN		27,450		1,585		29,035
1-4 family mortgage		55,784		141		55,925
Equity lines		18,894		—		18,894
Consumer and other		21,951		18		21,969
Total	$	1,132,719	$	7,013	$	1,139,732

Credit Quality Ratings

Management assigns a credit quality rating (risk grade) to each loan. The foundation or primary factor in determining the appropriate credit quality rating is the degree of a debtor’s willingness and ability to perform as agreed. In conjunction with evaluating the performing versus nonperforming nature of our loan portfolio, management evaluates the following credit risk and other relevant factors in determining the appropriate credit quality indicator (rating) for each loan portfolio:

Pass Grade: A Pass loan is a strong credit with no existing or known weaknesses that may require management’s close attention. Some pass loans require short-term enhanced monitoring to determine when the credit relationship would merit either an upgrade or a downgrade. Loans classified as Pass Grade specifically demonstrate:

●	Strong Cash Flows – borrower’s cash flows must meet or exceed our minimum debt service coverage ratio.

●	Collateral Margin – generally, the borrower must have pledged an acceptable collateral class with an adequate collateral margin.

●

Qualitative Factors – in addition to meeting our minimum cash flow and collateral requirements, a number of other qualitative factors are also factored into assigning a Pass Grade including the borrower’s level of leverage (debt to equity), prospects, history and experience in their industry, credit history, and any other relevant factors including a borrower’s character.

Those borrowers who qualify for unsecured loans must fully demonstrate above average cash flows and strong secondary sources of repayment to mitigate the lack of unpledged collateral.

Watch Grade: The credit is acceptable but the borrower has experienced a temporary setback or adverse information has been received, and may exhibit one or more of the characteristics shown in the list below. This risk grade could apply to credits on a temporary basis pending a full review. Credits with this risk grade will require more handling time and increased management. The list below contains characteristics of this risk grade, but individually do not automatically cause the loan to be assigned a Watch Grade.

●	The primary source of repayment may be weakening causing greater reliance on the secondary source of repayment or

●	The primary source of repayment is adequate, but the secondary source of repayment is insufficient

●	In-depth financial analysis would compare to the lower quartile in two or more of the major components of the Risk Management Association Annual Statement Studies

●	Volatile or deteriorating collateral

●	Management decisions may be called into question

●	Delinquencies in bank credits or other financial/trade creditors

●	Frequent overdrafts

●	Significant change in management/ownership

Special Mention Grade: Credits in this grade are potentially weak and deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects of the credit. Special Mention credits are not adversely classified and do not expose the Bank to sufficient risk to warrant adverse classification. The list below exhibits the characteristics of this grade, but individually do not automatically cause the borrower to be assigned a grade of Special Mention:

●	Inadequate or incomplete loan documentation or perfection of collateral, or any other deviation from prudent lending practices

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

●	Credit is structured in a manner in which the timing of the repayment source does not match the payment schedule or maturity, materially jeopardizing repayment

●	Current economic or market conditions exist which may affect the borrower's ability to perform or affect the Bank's collateral position

●

Adverse trends in the borrower's operations or continued deterioration in the borrower’s financial condition that has not yet reached a point where the retirement of debt is jeopardized. A credit in this grade should have favorable prospects of the deteriorating financial trends reversing within a reasonable timeframe.

●	The borrower is less than cooperative or unable to produce current and adequate financial information

Substandard Grade: A Substandard credit is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Substandard credits have a well-defined weakness or weaknesses that jeopardize the liquidation or timely collection of the debt. Substandard credits are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. However, a potential loss does not have to be recognizable in an individual credit for it to be considered a substandard credit. As such, substandard credits may or may not be graded as impaired.

The following represents, but is not limited to, the potential characteristics of a Substandard Grade and do not necessarily generate automatic reclassification into this loan grade:

●	Sustained or substantial deteriorating financial trends,

●	Unresolved management problems,

●	Collateral is insufficient to repay debt; collateral is not sufficiently supported by independent sources, such as asset-based financial audits, appraisals, or equipment evaluations,

●	Improper perfection of lien position, which is not readily correctable,

●	Unanticipated and severe decline in market values,

●	High reliance on secondary source of repayment,

●	Legal proceedings, such as bankruptcy or a divorce, which has substantially decreased the borrower’s capacity to repay the debt,

●	Fraud committed by the borrower,

●	IRS liens that take precedence,

●	Forfeiture statutes for assets involved in criminal activities,

●	Protracted repayment terms outside of policy that are for longer than the same type of credit in our portfolio,

●	Any other relevant quantitative or qualitative factor that negatively affects the current net worth and paying capacity of the borrower or of the collateral pledged, if any.

Doubtful Grade: A Doubtful loan has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain pending factors that may work to the advantage and strengthening of the credit, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include, but are not limited to:

●	Proposed merger(s),

●	Acquisition or liquidation procedures,

●	Capital injection,

●	Perfecting liens on additional collateral,

●	Refinancing plans.

Generally, a Doubtful Grade does not remain outstanding for a period greater than six months. Within six months, the pending events should have been resolved. Based on resolution of the pending events, the credit grade should have improved or the principal balance charged against the ALLL.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The following tables summarize loans by internal risk grades and by loan ~~class~~portfolio as of ~~March~~June 3130, 2021 and December 31, 2020.

	As of March 31, 2021
	As of June 30, 2021
					Special
(Amounts in thousands)	Pass		Watch		Mention		Substandard		Doubtful		Total
Loan Portfolio:
Commercial	$	~~103~~82,~~683~~919	$	8,~~555~~667	$	~~381~~—	$	42,~~978~~064	$	—	$	~~117~~93,~~597~~650
PPP		~~117~~59,~~991~~058		—		—		—		—		~~117~~59,~~991~~058
Commercial real estate:
Construction and land development		3130,~~831~~183		~~117~~114		—		197		—		3230,~~145~~494
Non-owner occupied		~~490~~538,~~585~~752		6248,~~451~~037		33,~~455~~285		56,~~666~~745		—		~~592~~626,~~157~~819
Owner occupied		~~145~~150,~~573~~116		1211,~~366~~372		—		76,~~428~~808		—		~~165~~168,~~367~~296
Residential real estate:
ITIN		2423,~~441~~605		—		—		3,~~398~~307		—		2726,~~839~~912
1-4 family mortgage		5249,~~655~~017		—		—		1,~~907~~242		—		5450,~~562~~259
Equity lines		1817,~~600~~827		—		—		—		—		1817,~~600~~827
Consumer and other		1917,~~666~~414		2—		—		1716		—		1917,~~685~~430
Total	$	1968,~~005,025~~891	$	8368,~~491~~190	$	33,~~836~~285	$	2320,~~591~~379	$	—	$	1,~~145~~090,~~943~~745

	As of December 31, 2020
					Special
(Amounts in thousands)	Pass		Watch		Mention		Substandard		Doubtful		Total
Loan Portfolio:
Commercial	$	102,067	$	8,549	$	540	$	4,403	$	—	$	115,559
PPP		130,814		—		—		—		—		130,814
Commercial real estate:
Construction and land development		41,767		2,782		—		—		—		44,549
Non-owner occupied		456,725		79,845		12,810		640		—		550,020
Owner occupied		152,623		13,945		414		5,985		—		172,967
Residential real estate:
ITIN		25,558		—		—		3,477		—		29,035
1-4 family mortgage		54,288		195		—		1,442		—		55,925
Equity lines		18,894		—		—		—		—		18,894
Consumer and other		21,952		—		—		17		—		21,969
Total	$	1,004,688	$	105,316	$	13,764	$	15,964	$	—	$	1,139,732

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Allowance for Loan and Lease Losses

The following tables summarize the ALLL by portfolio for the three and six months ended ~~March~~June 3130, 2021 and 2020.

	For the Three Months Ended March 31, 2021
	For the Three Months Ended June 30, 2021
				Paycheck
				Protection		Commercial		Residential
(Amounts in thousands)	Commercial			Program (1)		Real Estate		Real Estate			Consumer			Unallocated		Total
ALLL by Loan Portfolio:
Beginning balance	$	2,~~402~~366		$	—	$	1112,~~895~~253	$	1,~~324~~221		$	~~683~~557		$	~~606~~630	$	1617,~~910~~027
Charge-offs		—			—		—		(2218	)		(6854	)		—		(9072	)
Recoveries		10(5	)		—		~~110~~—		25158			6286			—		~~207~~239
Provision		(46522	)		—		~~248~~659		(~~106~~201	)		(120	)		24184		—
Ending balance	$	21,~~366~~839		$	—	$	12,~~253~~912	$	1,~~221~~160		$	~~557~~469		$	~~630~~814	$	17,~~027~~194

⁽¹⁾ PPP loans are fully guaranteed by SBA and no allowance is provided for them.

	For the Three Months Ended March 31, 2020
	For the Three Months Ended June 30, 2020
				Paycheck
				Protection		Commercial			Residential
(Amounts in thousands)	Commercial			Program (1)		Real Estate			Real Estate			Consumer			Unallocated		Total
ALLL by Loan Portfolio:
Beginning balance	$	12,~~822~~483		$	—	$	89,~~096~~899		$	1,~~032~~281		$	~~933~~972		$	~~348~~432	$	1215,~~231~~067
Charge-offs		—			—		—(145	)		(629	)		(~~163~~182	)		—		(~~169~~356	)
Recoveries		714			—		—			4418			~~104~~46			—		~~155~~78
Provision		~~654~~(97	)		—		1,~~803~~182			~~211~~36			9834			84145		21,~~850~~300
Ending balance	$	2,~~483~~400		$	—	$	910,~~899~~936		$	1,~~281~~306		$	~~972~~870		$	~~432~~577	$	1516,~~067~~089

While the ALLL composition is an indication of specific amounts or loan categories in which future charge-offs may occur, actual amounts may differ. The unallocated portion of the ALLL provides for coverage of credit losses inherent in the loan portfolio but not captured in the credit loss factors that are utilized in the risk rating-based component, or in the specific impairment reserve component of the ALLL, and acknowledges the inherent imprecision of all loss prediction models. As of March 31, 2021 and December 31, 2020, the unallocated allowance amount represented 4% of the ALLL. The following tables summarize the ALLL and the recorded investment in loans and leases as of March 31, 2021 and December 31, 2020.

	As of March 31, 2021
			Paycheck
			Protection		Commercial		Residential
(Amounts in thousands)	Commercial		Program (1)		Real Estate		Real Estate		Consumer		Unallocated		Total
ALLL:
Individually evaluated for impairment	$	114	$	—	$	—	$	70	$	4	$	—	$	188
Collectively evaluated for impairment		2,252		—		12,253		1,151		553		630		16,839
Total	$	2,366	$	—	$	12,253	$	1,221	$	557	$	630	$	17,027
Gross loans:
Individually evaluated for impairment	$	2,014	$	—	$	721	$	5,207	$	17	$	—	$	7,959
Collectively evaluated for impairment		115,583		117,991		788,948		95,794		19,668		—		1,137,984
Total gross loans	$	117,597	$	117,991	$	789,669	$	101,001	$	19,685	$	—	$	1,145,943

⁽¹⁾ PPP loans are fully guaranteed by SBA and no allowance is provided for them.

	For the Six Months Ended June 30, 2021
				Paycheck
				Protection		Commercial		Residential
(Amounts in thousands)	Commercial			Program⁽¹⁾		Real Estate		Real Estate			Consumer			Unallocated		Total
ALLL by Loan Portfolio:
Beginning balance	$	2,402		$	—	$	11,895	$	1,324		$	683		$	606	$	16,910
Charge-offs		—			—		—		(40	)		(122	)		—		(162	)
Recoveries		5			—		110		183			148			—		446
Provision		(568	)		—		907		(307	)		(240	)		208		—
Ending balance	$	1,839		$	—	$	12,912	$	1,160		$	469		$	814	$	17,194

⁽¹⁾ PPP loans are fully guaranteed by SBA and no allowance is provided for them.

	For the Six Months Ended June 30, 2020
			Paycheck
			Protection		Commercial			Residential
(Amounts in thousands)	Commercial		Program ⁽¹⁾		Real Estate			Real Estate			Consumer			Unallocated		Total
ALLL by Loan Portfolio:
Beginning balance	$	1,822	$	—	$	8,096		$	1,032		$	933		$	348	$	12,231
Charge-offs		—		—		(145	)		(35	)		(345	)		—		(525	)
Recoveries		22		—		—			62			149			—		233
Provision		556		—		2,985			247			133			229		4,150
Ending balance	$	2,400	$	—	$	10,936		$	1,306		$	870		$	577	$	16,089

⁽¹⁾ PPP loans are fully guaranteed by SBA and no allowance is provided for them.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

While the ALLL composition is an indication of specific amounts or loan categories in which future charge-offs may occur, actual amounts may differ. The unallocated portion of the ALLL provides for coverage of credit losses inherent in the loan portfolio but not captured in the credit loss factors that are utilized in the risk rating-based component, or in the specific impairment reserve component of the ALLL, and acknowledges the inherent imprecision of all loss prediction models. As of June 30, 2021, the unallocated allowance amount represented 5% of the ALLL compared to 4% at December 31, 2020. The following tables summarize the ALLL and the recorded investment in loans and leases as of June 30, 2021 and December 31, 2020.

	As of June 30, 2021
			Paycheck
			Protection		Commercial		Residential
(Amounts in thousands)	Commercial		Program⁽¹⁾		Real Estate		Real Estate		Consumer		Unallocated		Total
ALLL:
Individually evaluated for impairment	$	99	$	—	$	—	$	56	$	4	$	—	$	159
Collectively evaluated for impairment		1,740		—		12,912		1,104		465		814		17,035
Total	$	1,839	$	—	$	12,912	$	1,160	$	469	$	814	$	17,194
Gross loans:
Individually evaluated for impairment	$	1,936	$	—	$	695	$	5,082	$	16	$	—	$	7,729
Collectively evaluated for impairment		91,714		59,058		824,914		89,916		17,414		—		1,083,016
Total gross loans	$	93,650	$	59,058	$	825,609	$	94,998	$	17,430	$	—	$	1,090,745

⁽¹⁾ PPP loans are fully guaranteed by SBA and no allowance is provided for them.

	As of December 31, 2020
			Paycheck
			Protection		Commercial		Residential
(Amounts in thousands)	Commercial		Program⁽¹⁾		Real Estate		Real Estate		Consumer		Unallocated		Total
ALLL:
Individually evaluated for impairment	$	114	$	—	$	—	$	74	$	4	$	—	$	192
Collectively evaluated for impairment		2,288		—		11,895		1,250		679		606		16,718
Total	$	2,402	$	—	$	11,895	$	1,324	$	683	$	606	$	16,910
Gross loans:
Individually evaluated for impairment	$	2,033	$	—	$	3,734	$	5,318	$	18	$	—	$	11,103
Collectively evaluated for impairment		113,526		130,814		763,802		98,536		21,951		—		1,128,629
Total gross loans	$	115,559	$	130,814	$	767,536	$	103,854	$	21,969	$	—	$	1,139,732

⁽¹⁾ PPP loans are fully guaranteed by SBA and no allowance is provided for them.

The ALLL totaled $17.02 million or 1.4958% of total gross loans at ~~March~~June 3130, 2021 and $16.9 million or 1.48% of total gross loans at December 31, 2020. As of ~~March~~June 3130, 2021 and December 31, 2020, we had commitments to extend credit of $~~281~~301.48 million and $267.8 million, respectively. The reserve for unfunded commitments recorded in Other Liabilities in the Consolidated Balance Sheets at ~~March~~June 3130, 2021 and December 31, 2020 was $800 thousand.

We believe that the ALLL was adequate as of ~~March~~June 3130, 2021. There is, however, no assurance that future loan and lease losses will not exceed the levels provided for in the ALLL and could possibly result in ~~additional~~future charges to the provision for loan and lease losses. In addition, bank regulatory authorities, as part of their periodic examination of the Company, may require additional charges to the provision for loan and lease losses in future periods if warranted as a result of their review.

COVID-19

During 2020 based on our anticipation that the COVID‐19 pandemic would result in economic recession and increased loan losses, particularly in certain hard hit industries, we significantly increased our qualitative credit risk factors for “changes in international, national, regional and local conditions” and “changes in the volume and severity of past due loans and other similar conditions”.

During the current quarter, we decreased our qualitative credit risk factor for “changes in international, national, regional and local conditions” to reflect our more positive outlook on the economy.

ALLL Methodology

We have lending policies and procedures in place with the objective of optimizing loan income within an accepted risk tolerance level. We review and approve these policies and procedures annually. Monitoring and reporting systems supplement the review process with regular frequency as related to loan production, loan quality, concentrations of credit, potential problem loans, loan delinquencies, and nonperforming loans.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

We formally assess the adequacy of the ALLL on a quarterly basis. The ALLL is based upon estimates of future loan and lease losses and is maintained at a level considered adequate to provide for probable losses inherent in the outstanding loan and lease portfolio. Our ALLL methodology incorporates management’s current judgments, and reflects management’s estimate of future loan and lease losses and risks inherent in the loan portfolio in accordance with ASC Topic 450 Contingencies (“ASC 450”) and ASC Topic 310 Receivables (“ASC 310”).

Management’s assessment of the ALLL is based on our continuing evaluation of all known relevant quantitative and qualitative internal and external risk factors provides the foundation for the four major components of the ALLL:

(1)

Historical valuation allowances established in accordance with ASC 450, for groups of similarly situated loan pools.

(2)

General valuation allowances established in accordance with ASC 450, that are based on qualitative credit risk factors (e.g., portfolio trends, concentration of credit, growth, economic factors). Loss estimation factors are based on analysis of local economic factors. Allowances for changing environmental factors are management’s best estimate of the probable impact these changes have had on the loan portfolio as a whole.

(3)

Specific valuation allowances established in accordance with ASC 310, that are based on estimated probable losses on specific impaired loans.

(4)

Unallocated valuation allowances established in accordance with ASC 310 and ASC 450, that are based on credit losses inherent in the loan portfolio but not contemplated in the credit loss factors.

All four components are aggregated and constitute the ALLL; while portions of the allowance may be allocated to specific credits, the allowance net of specific reserves is available for the remaining credits that management deems as “loss.” It is our policy to classify a credit as loss with a concurrent charge-off when management considers the credit uncollectible and of such little value that its continuance as a bankable asset is not warranted. A loss classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer recognizing the likely credit loss of a valueless asset even though partial recovery may occur in the future.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The allowance is increased by provisions charged to expense and reduced by net charge-offs. In periodic evaluations of the adequacy of the allowance balance, management considers past loan and lease loss experience by type of credit, known and inherent risks in the portfolio, adverse situations that may affect a borrower’s ability to repay, the estimated value of any underlying collateral, current economic conditions and other factors.

Our assessment of the adequacy of the ALLL includes the periodic re-grading of classified loans based on changes in their individual credit characteristics including delinquency, seasoning, recent financial performance of the borrower, economic factors, changes in the interest rate environment and other factors as warranted. Loans are initially rated when originated. They are reviewed as they are renewed, when there is a new loan to the same borrower and/or when identified facts demonstrate heightened risk of default.

Our loan portfolio is evaluated by general loan class including commercial, commercial real estate (which includes construction and other real estate), residential real estate (which includes 1-4 family and home equity loans), consumer and other loans. In accordance with ASC 450, historical valuation allowances are established for loan pools with similar risk characteristics common to each loan grouping. These loan pools are similarly risk-graded and each portfolio is evaluated by identifying all relevant risk characteristics that are common to these segmented groups of loans. These characteristics include a significant emphasis on historical losses within each loan group, inherent risks for each, and specific loan class characteristics such as trends related to nonaccrual loans, past due loans, criticized loans, net charge-offs or recoveries, among other relevant credit risk factors. We periodically review and update our historical loss ratios based on net charge-off experience for each loan and lease class. Other credit risk factors are also reviewed periodically and adjusted as necessary to account for any changes in potential loss exposure.

General valuation allowances, as prescribed by ASC 450, are based on qualitative factors such as changes in asset quality trends, concentrations of credit or changes in concentrations of credit, changes in underwriting standards, changes in experience or depth of lending staff or management, the effectiveness of loan grading and the internal loan review function, changes in economic conditions, and any other relevant factors. Management evaluates each qualitative component quarterly to determine the associated risks to the quality of our loan portfolio.

Impaired loans

Management monitors delinquent loans continuously and identifies problem loans to be evaluated individually for impairment testing. For loans that are determined impaired, a formal impairment measurement is performed at least quarterly on a loan-by-loan basis. If the measurement of each impaired loans’ value is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the ALLL. For collateral dependent loans, this can be accomplished by charging off the impaired portion of the loan based on the underlying value of the collateral. For non-collateral dependent loans, we establish a specific component within the ALLL based on the present value of the future cash flows. If we determine the sources of repayment will not result in a reasonable probability that the carrying value of a loan can be recovered, the amount of a loan’s specific impairment is charged-off against the ALLL. Impairment reserves on non-collateral dependent restructured loans are measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the loan’s carrying value. These impairment reserves are recognized as a specific component to be provided for in the ALLL.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Risk Characteristics and Underwriting

The following is a brief summary, by loan type, of management’s evaluation of the general risk characteristics and underwriting standards:

Commercial Loans – Commercial loans are underwritten after evaluating the borrower’s financial ability to maintain profitability including future expansion objectives. In addition, the borrower’s qualitative qualities are evaluated, such as management skills and experience, ethical traits, and overall business acumen. Commercial loans are primarily extended based on the cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The borrower’s cash flow may deviate from initial projections, and the value of collateral securing these loans may change.

Most commercial loans are generally secured by the assets being financed and other business assets such as accounts receivable or inventory. Management may also incorporate a personal guarantee; however, some short-term loans may be extended on an unsecured basis. Repayment of commercial loans secured by accounts receivable may be substantially dependent on the ability of the borrower to collect amounts due from its customers.

PPP Loans - The Paycheck Protection Program (“PPP”) was launched in April of 2020 to provide small businesses assistance in the form of forgivable 100% guaranteed U.S. SBA loans. We have actively participated in the PPP and at ~~March~~June 3130, 2021, we have ~~424~~281 loans totaling $~~118~~59.01 million. This financial support of our customers’ businesses may help moderate other Commercial and Commercial Real Estate loan losses. The loans are underwritten following the guidelines and approval process from the SBA and pose essentially no credit risk to the loan portfolio.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Commercial Real Estate (“CRE”) Loans – CRE loans are subject to similar underwriting standards and processes as commercial loans. CRE loans are viewed predominantly as cash flow loans and secondarily as loans collateralized by real estate. Generally, CRE lending involves larger principal amounts with repayment largely dependent on the successful operation of the property securing the loan or the business conducted on the collateralized property. CRE loans tend to be more adversely affected by conditions in the real estate markets or by general economic conditions.

The properties securing the CRE portfolio are diverse in terms of type and primary source of repayment. This diversity helps reduce our exposure to adverse economic events that affect any single industry. We monitor and evaluate CRE loans based on occupancy status (investor versus owner occupied), collateral, geography, and risk grade criteria.

Generally, CRE loans are made to developers and builders that are secured by non-owner occupied properties require the borrower to have had an existing relationship with the Company and a proven record of success. Construction loans are underwritten utilizing feasibility studies, sensitivity analysis of absorption and lease rates, and financial analysis of the developers and property owners. Construction loans are generally based upon estimates of cost and value associated with the complete project (as-is value). These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment largely dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders, sales of developed property, or an interim loan commitment from the Company until permanent financing is secured. These loans are closely monitored by on-site inspections, and are considered to have higher inherent risks than other CRE loans due to their ultimate repayment sensitivity to interest rate changes, governmental regulation of real property, general economic conditions, and the availability of long-term financing.

Residential Real Estate Loans – We do not originate consumer real estate mortgage loans. The majority of our loans secured by non owner occupied residential real estate are made either as part of a commercial relationship and subject to similar underwriting standards and processes as the CRE portfolio, or loans that were purchased in a prior year as part of a pool of loans. Purchased loan pools are evaluated based on risk characteristics established for each segmented group of loans. These characteristics include a significant emphasis on historical losses within each loan group, inherent risks for each, and specific loan class characteristics such as trends related to nonaccrual loans, past due loans, criticized loans, net charge-offs or recoveries, among other relevant credit risk factors. Residential equity lines of credit are included in the discussion of consumer loans below.

We originate some single-family residence construction loans. The loan amounts are no greater than $1 million and are short-term real estate secured financing for the construction of a single-family residence to be occupied by the owner. The loans have a draw down feature with interest only payments, and a balloon payment at the 12-month maturity. All of these loans are refinanced and paid-off by the borrower’s permanent mortgage lender who provided the initial pre-approved mortgage financing. These loans are underwritten utilizing financial analysis of the borrower and are generally based upon estimates of cost and value associated with the complete project (as-is value). These estimates may be inaccurate. The loan disbursement and monitoring process is controlled utilizing similar processes as our CRE construction loans. 28

Consumer Loans – Our consumer loan originations are generally limited to home equity loans with nominal originations in unsecured personal loans. The portfolio also includes unsecured consumer home improvement loans and residential solar panel loans secured by UCC filings. We are highly dependent on third party credit scoring analysis to supplement the internal underwriting process. To monitor and manage consumer loan risk, policies and procedures are developed and modified, as needed, jointly by management and staff personnel. This activity, coupled with relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Additionally, trend and outlook reports are reviewed by management on a regular basis. Underwriting standards for home equity loans are heavily influenced by statutory requirements, which include, but are not limited to, a maximum loan-to-value percentage of 80%, collection remedies, the number of such loans a borrower can have at one time, and documentation requirements.

Concentrations of Credit Risk

As of March 31, 2021, approximately 78% of our gross loan portfolio (87% excluding PPP loans) is secured by real estate, and a significant decline in real estate market values may require an increase in the ALLL. Deterioration in economic conditions particularly in our markets may adversely affect our loan portfolio and may lead to additional charges to the provision for loan and lease losses.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

We originate some single-family residence construction loans. The loan amounts are no greater than $1 million and are short-term real estate secured financing for the construction of a single-family residence to be occupied by the owner. The loans have a draw down feature with interest only payments, and a balloon payment at the 12-month maturity. All of these loans are refinanced and paid-off by the borrower’s permanent mortgage lender who provided the initial pre-approved mortgage financing. These loans are underwritten utilizing financial analysis of the borrower and are generally based upon estimates of cost and value associated with the complete project (as-is value). These estimates may be inaccurate. The loan disbursement and monitoring process is controlled utilizing similar processes as our CRE construction loans.

Consumer Loans – Our consumer loan originations are generally limited to home equity loans with nominal originations in unsecured personal loans. The portfolio also includes unsecured consumer home improvement loans and residential solar panel loans secured by UCC filings. We are highly dependent on third party credit scoring analysis to supplement the internal underwriting process. To monitor and manage consumer loan risk, policies and procedures are developed and modified, as needed, jointly by management and staff personnel. This activity, coupled with relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Additionally, trend and outlook reports are reviewed by management on a regular basis. Underwriting standards for home equity loans are heavily influenced by statutory requirements, which include, but are not limited to, a maximum loan-to-value percentage of 80%, collection remedies, the number of such loans a borrower can have at one time, and documentation requirements.

Concentrations of Credit Risk

As of June 30, 2021, approximately 84% of our gross loan portfolio (89% excluding PPP loans) is secured by real estate, and a significant decline in real estate market values may require an increase in the ALLL. Deterioration in economic conditions particularly in our markets may adversely affect our loan portfolio and may lead to additional charges to the provision for loan and lease losses.

Credit review

Confirmation of the quality of our loan grading process is obtained by independent reviews conducted by outside consultants specifically hired for this purpose and by periodic examination by various bank regulatory agencies. We maintain an independent loan review program that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to the Board of Directors, Loan Committee and Audit Committee. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as our policies and procedures.

Reserve For Unfunded Commitments

The reserve for unfunded commitments, which is included in Other Liabilities in the Consolidated Balance Sheets, was $800 thousand at ~~March~~June 3130, 2021 and December 31, 2020. The adequacy of the reserve for unfunded commitments is reviewed on a quarterly basis, based upon changes in the amount of commitments, loss experience, and economic conditions. When necessary, the provision expense is recorded in other noninterest expense in the Consolidated Statements of Income.

NOTE 5. LOW INCOME HOUSING TAX CREDIT PARTNERSHIPS

We have invested in five separate Low Income Housing Tax Credit (“LIHTC”) partnerships, which provide the Company with CRA credit. Additionally, the investments in LIHTC partnerships provide us with income tax credits and with operating loss tax benefits over an approximately 23-year period. The income tax credits and the operating loss tax benefits that are generated by each of the properties are expected to exceed the total value of the investments we made and provide returns on the investments of between 2% and 6% over the life of the investment.

Our investments in LIHTC partnerships totaled $2.86 million at ~~March~~June 3130, 2021. These investments are recorded in Other Assets with a corresponding funding obligation of $~~1.2~~945 ~~million~~thousand recorded in Other Liabilities in our Consolidated Balance Sheets. None of the original investments will be repaid. The investments in LIHTC partnerships are being accounted for using the proportional amortization method, under which we amortize the initial cost of an investment in proportion to the amount of the income tax credits and other tax benefits received, and recognize the net investment performance in the Consolidated Statements of Income as a component of income tax expense.

The following tables present our original investment in LIHTC partnerships, the current recorded investment balance, and the unfunded liability balance of each investment at March 31, 2021 and December 31, 2020. In addition, the tables reflect the tax credits and tax benefits, amortization of the investment and the net impact to our income tax provision for the three months ended March 31, 2021 and 2020. 29

	At March 31, 2021						For the Three Months Ended March 31, 2021
	Original		Current		Unfunded		Tax Credits		Amortization		Net
	Investment		Recorded		Liability		and		of		Income Tax
(Amounts in thousands)	Commitment		Investment		Obligation		Benefits		Investments		Benefit
LIHTC Partnerships:
Raymond James California Housing Opportunities Fund II	$	2,000	$	632	$	16	$	48	$	44	$	4
WNC Institutional Tax Credit Fund 38, L.P.		1,000		290		—		24		21		3
Merritt Community Capital Corporation Fund XV, L.P.		2,500		784		316		53		57		(4	)
California Affordable Housing Fund		2,454		146		—		3		6		(3	)
Boston Capital		1,000		925		887		28		22		6
Total	$	8,954	$	2,777	$	1,219	$	156	$	150	$	6

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

	At December 31, 2020						For the Three Months Ended March 31, 2020
	Original		Current		Unfunded		Tax Credits		Amortization		Net
	Investment		Recorded		Liability		and		of		Income Tax
(Amounts in thousands)	Commitment		Investment		Obligation		Benefits		Investments		Benefit
LIHTC Partnerships:
Raymond James California Housing Opportunities Fund II	$	2,000	$	676	$	16	$	50	$	45	$	5
WNC Institutional Tax Credit Fund 38, L.P.		1,000		311		—		26		21		5
Merritt Community Capital Corporation Fund XV, L.P.		2,500		841		316		56		54		2
California Affordable Housing Fund		2,454		152		—		6		10		(4	)
Boston Capital		1,000		947		987		16		10		6
Total	$	8,954	$	2,927	$	1,319	$	154	$	140	$	14

The following tables present our original investment in LIHTC partnerships, the current recorded investment balance, and the unfunded liability balance of each investment at June 30, 2021 and December 31, 2020. In addition, the tables reflect the income tax credits and operating loss tax benefits, amortization of the investment and the net impact to our income tax provision for the six months ended June 30, 2021 and 2020.

The following table presents our generated tax credits and tax benefits from investments in LIHTC partnerships for the three months ended March 31, 2021 and 2020.

	At June 30, 2021						For the Six Months Ended June 30, 2021
	Original		Current		Unfunded		Tax Credits		Amortization		Net
	Investment		Recorded		Liability		and		of		Income Tax
(Amounts in thousands)	Commitment		Investment		Obligation		Benefits		Investments		Benefit
LIHTC Partnerships:
Raymond James California Housing Opportunities Fund II	$	2,000	$	588	$	16	$	95	$	88	$	7
WNC Institutional Tax Credit Fund 38, L.P.		1,000		269		—		47		42		5
Merritt Community Capital Corporation Fund XV, L.P.		2,500		728		306		107		113		(6	)
California Affordable Housing Fund		2,454		140		—		7		12		(5	)
Boston Capital		1,000		902		623		56		45		11
Total	$	8,954	$	2,627	$	945	$	312	$	300	$	12

	For the Three Months Ended
	At December 31, 2020						For the Six Months Ended June 30, 2020
	March 31, 2021				March 31, 2020
	Original		Current		Unfunded		Tax Credits		Amortization		Net
	Generated		Tax Benefits From		Generated		Tax Benefits from
	Investment		Recorded		Liability		and		of		Income Tax
(Amounts in thousands)	~~Tax Credits~~Commitment		~~Taxable Losses~~Investment		~~Tax Credits~~Obligation		~~Taxable Losses~~Benefits		Investments		Benefit
LIHTC Partnerships:
Raymond James California Housing Opportunities Fund II	$	432,000	$	5676	$	4316	$	799	$	90	$	9
WNC Institutional Tax Credit Fund 38, L.P.		211,000		3311		22—		452		43		9
Merritt Community Capital Corporation Fund XV, L.P.		472,500		6841		48316		8112		109		3
California Affordable Housing Fund		—2,454		3152		—		612		19		(7	)
Boston Capital		221,000		6947		11987		533		24		9
Total	$	~~133~~8,954	$	232,927	$	~~124~~1,319	$	30308	$	285	$	23

The following ~~table~~tables ~~reflects~~present ~~the~~our ~~anticipated~~generated ~~net~~ income tax ~~benefit~~credits and ~~(expense)~~operating ~~at March~~loss ~~31,~~tax ~~2021~~benefits ~~that~~from isinvestments ~~expected~~in toLIHTC bepartnerships ~~recognized~~for ~~over~~ the ~~remaining~~three ~~lives~~and ofsix ~~the~~months ~~investments~~ended June 30, 2021 and 2020.

(Amounts in thousands)
	For the Three Months Ended
LIHTC Partnerships:													2025
	June 30, 2021						June 30, 2020
Anticipated income tax benefit, net less													and
	Generated			Tax Benefits From			Generated			Tax Benefits From
amortization of investments	2021			2022			2023			2024			thereafter			Total
(Amounts in thousands)	Tax Credits			Taxable Losses			Tax Credits			Taxable Losses
Raymond James California Housing Opportunities Fund II	$	18		$	14		$	11		$	6		$	10		$	59
LIHTC Partnerships:
WNC Institutional Tax Credit Fund 38, L.P.		13			9			8			5			6			41
Raymond James California Housing Opportunities Fund II	$	43		$	5		$	43		$	7
Merritt Community Capital Corporation Fund XV, L.P.		(16	)		(13	)		(9	)		(2	)		(12	)		(52	)
WNC Institutional Tax Credit Fund 38, L.P.		21			3			22			4
California Affordable Housing Fund		(14	)		(58	)		—			—			—			(72	)
Merritt Community Capital Corporation Fund XV, L.P.		47			6			48			8
Boston Capital		29			24			23			23			148			247
California Affordable Housing Fund		—			3			1			6
Total income tax benefit, net	$	30		$	(24	)	$	33		$	32		$	152		$	223
Boston Capital		22			6			11			5
Total	$	133		$	23		$	125		$	30

2830

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

	For the Six Months Ended
	June 30, 2021				June 30, 2020
	Generated		Tax Benefits From		Generated		Tax Benefits From
(Amounts in thousands)	Tax Credits		Taxable Losses		Tax Credits		Taxable Losses
LIHTC Partnerships:
Raymond James California Housing Opportunities Fund II	$	85	$	10	$	85	$	14
WNC Institutional Tax Credit Fund 38, L.P.		42		5		44		8
Merritt Community Capital Corporation Fund XV, L.P.		95		12		96		16
California Affordable Housing Fund		—		7		1		11
Boston Capital		44		12		22		11
Total	$	266	$	46	$	248	$	60

The following table reflects as of June 30, 2021, the anticipated net income tax benefit and (expense) that is expected to be recognized over the remaining lives of the investments.

(Amounts in thousands)
LIHTC Partnerships:													2025
Anticipated income tax benefit, net less													and
amortization of investments	2021			2022			2023			2024			thereafter			Total
Raymond James California Housing Opportunities Fund II	$	7		$	14		$	11		$	6		$	10		$	48
WNC Institutional Tax Credit Fund 38, L.P.		5			9			8			5			6			33
Merritt Community Capital Corporation Fund XV, L.P.		(6	)		(13	)		(9	)		(2	)		(12	)		(42	)
California Affordable Housing Fund		(5	)		(58	)		—			—			—			(63	)
Boston Capital		11			24			23			23			148			229
Total income tax benefit, net	$	12		$	(24	)	$	33		$	32		$	152		$	205

NOTE 6. TERM DEBT

Term debt at ~~March~~June 3130, 2021 and December 31, 2020 consisted of the following.

	March 31,		December 31,
	June 30,		December 31,
(Amounts in thousands)	2021		2020
Term Debt:
FHLB borrowings	$	—	$	5,000
Subordinated Debt		10,000		10,000
Net term debt	$	10,000	$	15,000

Federal Home Loan Bank of San Francisco Borrowings

We have an available line of credit with the FHLB of $~~417~~456.79 million subject to certain collateral requirements, namely the amount of pledged loans and investment securities. The line of credit is secured by an investment in FHLB stock, certain real estate secured loans that have been specifically pledged to the FHLB pursuant to collateral requirements, and certain pledged securities held in the Bank’s investment securities portfolio.

There were no borrowings outstanding from the FHLB at ~~March~~June 3130, 2021. The Bank had $5.0 million in borrowings from the FHLB at December 31, 2020 that bore no interest and were fully repaid ~~at March~~during ~~31,~~the first quarter of 2021. The average balance outstanding on FHLB term advances during the ~~three~~six months ended ~~March~~June 3130, 2021 and year ended December 31, 2020 was $31.9 million and $8.3 million, respectively. The maximum amount outstanding from the FHLB at any month end during the ~~three~~six months ended ~~March~~June 3130, 2021 and year ended December 31, 2020 was $5.0 million and $40.0 million, respectively.

~~As of March~~ 31, 2021, the Bank was required to hold an investment in FHLB stock of $7.4 million recorded in Other Assets in the Consolidated Balance Sheets. Our investments in FHLB stock are restricted investment securities, carried at cost, evaluated for impairment, and excluded from securities accounted for under ASC Topic 320 and ASC Topic 321.

As Table of ~~March~~ ~~31, 2021, we have pledged $545.3 million of our commercial real estate and residential real estate loans and $46.8 million in securities as collateral for the line of credit with the FHLB.~~Contents

BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

As of June 30, 2021, the Bank was required to hold an investment in FHLB stock of $7.5 million recorded in Other Assets in the Consolidated Balance Sheets. Our investments in FHLB stock are restricted investment securities, carried at cost, evaluated for impairment, and excluded from securities accounted for under ASC Topic 320 and ASC Topic 321.

As of June 30, 2021, we have pledged $568.6 million of our commercial real estate and residential real estate loans and $52.6 million in securities as collateral for the line of credit with the FHLB.

Subordinated Debt

In December of 2015, the Holding Company issued $10.0 million in aggregate principal amount of fixed to floating rate Subordinated Notes due in 2025. The Subordinated Debt initially bore interest at a fixed rate of 6.88% per annum through December 19, 2020, payable semi-annually. ~~Thereafter,~~The ~~interest on the~~ Subordinated Debt ~~will~~now bebears ~~paid~~interest at a variable rate equal to three month LIBOR plus 526 basis points, payable quarterly until the maturity date. In December of 2015, the Holding Company incurred subordinated debt issuance costs of $210 thousand, which were amortized over the initial five-year-term as additional interest expense.

The Subordinated Debt is subordinate and junior in right of payment to the prior payment in full of all existing and future claims of creditors and depositors of the Holding Company and its subsidiaries, whether now outstanding or subsequently created. The Subordinated Debt ranks equally with all other unsecured subordinated debt, except any which by its terms is expressly stated to be subordinated to the Subordinated Debt. The Subordinated Debt ranks senior to all preferred stock and common stock of the Holding Company and all future junior subordinated debt obligations. The Subordinated Debt is recorded as term debt on the Holding Company’s balance sheet; however, for regulatory purposes, it is treated as Tier 2 capital by the Holding Company.

The Subordinated Debt will mature on December 10, 2025 but may be repaid at the Holding Company’s option and with regulatory approval at any time.

Federal Funds

We have entered into nonbinding unsecured federal funds line of credit agreements with three financial institutions to support short-term liquidity needs. The lines totaled $75.0 million at ~~March~~June 3130, 2021 and had interest rates ranging from 0.1217% to 0.3035%. Advances under the lines are subject to funds availability, continued borrower eligibility, and may have consecutive day usage restrictions. The credit arrangements are reviewed and renewed annually. At ~~March~~June 3130, 2021 and December 31, 2020, we had no outstanding advances on any of the Bank’s federal funds lines of credit.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Federal Reserve Bank

We have an available line of credit with the Federal Reserve Bank totaling $626.98 million at ~~March~~June 3130, 2021, subject to collateral requirements, namely the amount of certain pledged loans. At ~~March~~June 3130, 2021 and December 31, 2020, we had no outstanding advances on our line of credit with the Federal Reserve Bank. As of ~~March~~June 3130, 2021, we have pledged $1248.02 million of our commercial loans as collateral for the credit line with the Federal Reserve Bank.

NOTE 7. COMMITMENTS AND CONTINGENCIES

Financial Instruments with Off-Balance Sheet Risk

Our consolidated financial statements do not reflect various commitments and contingent liabilities that arise in the normal course of our business and involve elements of credit, liquidity, and interest rate risk. In the normal course of business, we are party to financial instruments with off-balance sheet credit risk to meet the financing needs of our customers. These financial instruments include commitments to extend credit, standby letters of credit and financial guarantees. These instruments involve elements of credit and interest rate risk similar to the amounts recognized in the Consolidated Balance Sheets. The contract or notional amounts of these instruments reflect the extent of our involvement in particular classes of financial instruments.

~~The following table presents a summary of our commitments and contingent liabilities at March 31, 2021 and December 31, 2020.~~ 32

(Amounts in thousands)	March 31, 2021		December 31, 2020
Commitments:
Commitments to extend credit	$	273,033	$	259,980
Standby letters of credit		4,925		4,423
Affordable housing grant sponsorships		3,338		3,338
Access to housing and economic assistance for development grant sponsorships		90		90
Total commitments and contingent liabilities	$	281,386	$	267,831

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We BANK ~~were~~OF ~~not~~COMMERCE ~~required~~HOLDINGS to& perform on any financial guarantees during the three months ended March 31, 2021 or during the year ended December 31, 2020. At March 31, 2021, approximately $4.8 million of standby letters of credit will expire within one year, and $157 thousand will expire thereafter.SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The following table presents a summary of our commitments and contingent liabilities at June 30, 2021 and December 31, 2020.

(Amounts in thousands)	June 30, 2021		December 31, 2020
Commitments:
Commitments to extend credit	$	287,492	$	259,980
Standby letters of credit		10,863		4,423
Affordable housing grant sponsorships		3,338		3,338
Access to housing and economic assistance for development grant sponsorships		90		90
Total commitments and contingent liabilities	$	301,783	$	267,831

We were not required to perform on any financial guarantees during the six months ended June 30, 2021 or during the year ended December 31, 2020. At June 30, 2021, approximately $10.7 million of standby letters of credit will expire within one year, and $158 thousand will expire thereafter.

Affordable Housing Grants and Access to Housing and Economic Assistance for Development Grant Sponsorships

In fulfilling our CRA responsibilities, we are a sponsor for various nonprofit organizations that receive cash grants from the FHLB. Those grants require the nonprofit organization to comply with stipulated conditions of the grant over specified periods of time which typically vary from 10 to 15 years. If the nonprofit organization fails to comply, FHLB can require us to refund the amount of the grant to FHLB. To mitigate this contingent credit risk, our Credit Administration underwrites the financial strength of the nonprofit organization and reviews their systems of internal control to determine, as best as possible, that they will comply with the conditions of the grant.

Death Benefit Agreement

The Company has entered into agreements with certain employees to pay a cash benefit to designated beneficiaries following the death of the employee. The payment will be made only if, at the time of death, the deceased employee was employed by the Bank and the Bank owned a life insurance policy on the employee’s life. Depending on specific facts and circumstances, the payment amount can vary up to a maximum of $225 thousand per employee and may be taxable to the beneficiary. Neither the employee nor the designated beneficiaries have a claim against the Bank’s life insurance policy on the employee’s life.

Legal Proceedings

We are involved in various pending and threatened legal actions arising in the ordinary course of business and if necessary, we maintain reserves for losses from legal actions, which are both probable and estimable. In our opinion, the disposition of claims currently pending will not have a material adverse effect on our financial position or results of operations.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Concentrations of Credit Risk

We grant many loans collateralized by real estate. In our judgment, a concentration exists in real estate related loans, which represented approximately 7884% of our gross loan portfolio (8789% excluding PPP loans) and 77% of our gross loan portfolio (86% excluding PPP loans) at ~~March~~June 3130, 2021 and December 31, 2020, respectively. We underwrite real estate loans in accordance with loan policies that set underwriting criteria, including property types, loan-to-value limits and minimum debt service coverage ratios. We employ a variety of real estate concentration risk management tools including monitoring of limits on concentration levels, limits by property type and geography, annual property reviews including site visits and portfolio stress testing.

Although we believe such concentrations have no more than the normal risk of collectability, a substantial decline in the economy in general, material increases in interest rates, changes in tax policies, tightening credit or refinancing markets, or a decline in real estate values in our principal market areas in particular, could have an adverse impact on the repayment of these loans. Business and personal incomes, cash flows from rental operations, proceeds from the sale of real property, or proceeds from refinancing, represent the primary sources of repayment for a majority of these loans.

We recognize the credit risks inherent in dealing with other depository institutions. Accordingly, to prevent excessive exposure to other depository institutions in aggregate or individually, we have established general standards for selecting correspondent banks as well as internal limits for allowable exposure to other depository institutions in aggregate or individually. In addition, we have an investment policy that sets forth limitations that apply to all investments with respect to credit rating and concentrations with an issuer.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

NOTE 8. LEASES

We lease nine locations under non-cancelable operating leases. The leases contain various provisions for increases in rental rates based on predetermined escalation schedules. Substantially all of the leases include the option to extend or terminate the lease term one or more times following expiration of the initial term at a rental rate established in the lease. For leases where we are reasonably certain that we will exercise the option to renew the lease, we have recognized those options in our right-of-use lease asset and liability. We had no other (financing, short-term or variable) lease arrangements during the current period or the prior year.

We have recorded a liability in Other Liabilities in our Consolidated Balance Sheets representing the present value of the remaining minimum lease payments and we have recorded an offsetting right-of-use asset in Other Assets in our Consolidated Balance Sheets. The present value calculation uses a discount rate, which is based on our incremental borrowing rate. The right-of-use asset was also reduced for amounts recognized under the previous accounting requirements. The following table presents information regarding our leases as of ~~March~~June 3130, 2021 and December 31, 2020.

	March 31,			December 31,
	June 30,			December 31,
(Dollars in thousands)	2021			2020
Leases:
Right-of-use lease asset	$	2,~~348~~149		$	2,547
Lease liability	$	2,~~625~~399		$	2,848
Weighted Average Remaining Lease Term (in years)		4.1605			4.29
Weighted Average Discount Rate		2.9496	%		2.93	%

Lease expenses are recorded on a straight-line basis over the life of each lease. Lease expense and cash paid on leases are presented in the following table for the periods indicated.

	Three Months Ended March 31,
	For the Three Months Ended				For the Six Months Ended
(Amounts in thousands)	2021		2020
	June 30,				June 30,
Leases:
(Amounts in thousands)	2021		2020		2021		2020
Operating lease expense	$	218	$	217
Leases:
Cash paid for operating leases	$	243	$	246
Operating lease expense	$	218	$	212	$	437	$	429
Cash paid for operating leases	$	245	$	234	$	488	$	480

31 The following table sets forth, as of June 30, 2021, the future minimum lease cash payments under non-cancelable operating leases and a reconciliation of the undiscounted cash flows to the operating lease liability.

(Amounts in thousands)	Amount
Due in:
2021	$	490
2022		885
2023		327
2024		280
2025		218
2026		218
Thereafter		140
Total undiscounted future minimum lease cash payments		2,558
Present value adjustment		(159	)
Lease liability	$	2,399

There were no lease-related non-cash financing activities for the six months ended June 30, 2021 or 2020.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

The following table sets forth, as of March 31, 2021, the future minimum lease cash payments under non-cancelable operating leases and a reconciliation of the undiscounted cash flows to the operating lease liability.

(Amounts in thousands)	Amount
Due in:
2021	$	734
2022		885
2023		327
2024		280
2025		218
2026		218
Thereafter		140
Total undiscounted future minimum lease cash payments		2,802
Present value adjustment		(177	)
Lease liability	$	2,625

There were no lease-related non-cash financing activities for the three months ended March 31, 2021 or 2020.

NOTE 9. FAIR VALUES

The following tables present estimated fair values of our financial instruments as of ~~March~~June 3130, 2021 and December 31, 2020, whether or not recognized or recorded at fair value in the Consolidated Balance Sheets. The table indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value. Non-financial assets and non-financial liabilities defined by the FASB ASC 820, Fair Value Measurement, such as Bank premises and equipment, deferred taxes and other liabilities are excluded from the table. In addition, we have not disclosed the fair value of financial instruments specifically excluded from disclosure requirements of FASB ASC 825, Financial Instruments, such as bank-owned life insurance policies.

	Carrying		Fair Value Measurements Using
(Amounts in thousands)	Amounts		Level 1		Level 2		Level 3
March 31, 2021
June 30, 2021
Financial assets
Cash and cash equivalents	$	94177,~~857~~118	$	94177,~~857~~118	$	—	$	—
Securities available-for-sale	$	~~517~~579,~~375~~664	$	—	$	~~517~~579,~~375~~664	$	—
Net loans	$	1,~~129~~074,~~059~~102	$	—	$	—	$	1,~~145~~090,~~137~~134
FHLB stock	$	7,~~380~~463	$	7,~~380~~463	$	—	$	—
Financial liabilities
Deposits	$	1,~~614~~697,~~393~~338	$	—	$	1,~~615~~697,~~190~~887	$	—
Term debt	$	10,000	$	—	$	10,~~111~~043	$	—
Junior subordinated debenture	$	10,310	$	—	$	10,~~283~~152	$	—

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

	Carrying		Fair Value Measurements Using
(Amounts in thousands)	Amounts		Level 1		Level 2		Level 3
December 31, 2020
Financial assets
Cash and cash equivalents	$	106,986	$	106,986	$	—	$	—
Securities available-for-sale	$	446,880	$	—	$	446,880	$	—
Net loans	$	1,123,051	$	—	$	—	$	1,138,095
FHLB stock	$	7,380	$	7,380	$	—	$	—
Financial liabilities
Deposits	$	1,542,779	$	—	$	1,544,009	$	—
Term debt	$	15,000	$	—	$	15,536	$	—
Junior subordinated debenture	$	10,310	$	—	$	10,552	$	—

Fair Value Hierarchy

Level 1 valuations utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access.

Level 2 valuations utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 valuations include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

Level 3 valuations are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety.

We maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following table presents the quantitative information used to fair value our net loans at March 31, 2021. 35

Quantitative Information about Level 3 Fair Value Measurements
Unobservable Inputs	Range (Weighted Average)
Probability of Default (PD)		0%	-	100%	-	(2.43%)
Loss Given Default (LGD)		0%	-	75.53%	-	(12.24%)
Prepayment Rate		0%	-	27.77%	-	(10.71%)
Discount Rate		1%	-	8.83%	-	(3.91%)

Recurring Items

Debt Securities – The available-for-sale securities amount in the recurring fair value table above represents securities that have been adjusted to their fair values. For these securities, we obtain fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions among other things. We have determined that the source of these fair values falls within Level 2 of the fair value hierarchy.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

~~The~~We ~~following~~maximize ~~tables~~the ~~present~~use ~~information~~of ~~about~~observable ~~our~~inputs ~~assets~~ and ~~liabilities~~minimize ~~measured~~the atuse of unobservable inputs when developing fair value onmeasurements. aOur ~~recurring~~assessment ~~basis,~~of ~~and~~the ~~indicate~~significance of a particular input to the fair value ~~hierarchy~~measurement ofin ~~the~~its ~~valuation~~entirety ~~techniques~~requires wejudgment, ~~utilized~~and considers factors specific to ~~determine~~the ~~such~~asset or liability. The following table presents the quantitative information used to fair value, asour ~~of March~~net ~~31,~~loans ~~2021 and~~at ~~December~~June 3130, ~~2020~~2021.

(Amounts in thousands)	Fair Value at March 31, 2021
Quantitative Information about Level 3 Fair Value Measurements
Recurring Basis	Total				Level 1		Level 2		Level 3
Unobservable Inputs	Range (Weighted Average)
Available-for-sale securities:
Probability of Default (PD)	0%	-	100%	-	(2.46%)
U.S. government and agencies	$	31,060			$	—	$	31,060	$	—
Loss Given Default (LGD)	0%	-	75.53%	-	(12.45%)
Obligations of state and political subdivisions		128,840				—		128,840		—
Prepayment Rate	0%	-	27.77%	-	(11.14%)
Residential mortgage-backed securities and collateralized mortgage obligations		277,547				—		277,547		—
Discount Rate	1%	-	8.57%	-	(4.01%)
Commercial mortgage-backed securities		38,583				—		38,583		—
Other asset-backed securities		41,345				—		41,345		—
Total assets measured at fair value	$	517,375			$	—	$	517,375	$	—

Recurring Items

Debt Securities – The available-for-sale securities amount in the recurring fair value table above represents securities that have been adjusted to their fair values. For these securities, we obtain fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions among other things. We have determined that the source of these fair values falls within Level 2 of the fair value hierarchy.

The following tables present information about our assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value, as of June 30, 2021 and December 31, 2020.

(Amounts in thousands)	Fair Value at June 30, 2021
Recurring Basis	Total		Level 1		Level 2		Level 3
Available-for-sale securities:
U.S. government and agencies	$	29,691	$	—	$	29,691	$	—
Obligations of state and political subdivisions		136,467		—		136,467		—
Residential mortgage-backed securities and collateralized mortgage obligations		317,842		—		317,842		—
Commercial mortgage-backed securities		52,718		—		52,718		—
Other asset-backed securities		42,946		—		42,946		—
Total assets measured at fair value	$	579,664	$	—	$	579,664	$	—

(Amounts in thousands)	Fair Value at December 31, 2020
Recurring Basis	Total		Level 1		Level 2		Level 3
Available-for-sale securities:
U.S. government and agencies	$	32,994	$	—	$	32,994	$	—
Obligations of state and political subdivisions		108,366		—		108,366		—
Residential mortgage-backed securities and collateralized mortgage obligations		240,478		—		240,478		—
Commercial mortgage-backed securities		28,074		—		28,074		—
Other asset-backed securities		36,968		—		36,968		—
Total assets measured at fair value	$	446,880	$	—	$	446,880	$	—

Transfers Between Fair Value Hierarchy Levels

Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstance that caused the transfer. There were no transfers between levels of the fair value hierarchy during the three and six months ended ~~March~~June 3130, 2021 or the year ended December 31, 2020.

Nonrecurring items

We may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These adjustments to fair value generally result from the application of lower of cost or fair value accounting or write-downs of individual assets due to impairment.

Collateral Dependent Loans - The loan amounts below represent impaired, collateral dependent loans that have been adjusted to fair value during the respective reporting period. When we identify a collateral dependent loan as impaired, we measure the impairment using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan, the fair value of collateral is generally estimated by obtaining external appraisals. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the ALLL. When the fair value of the collateral is based on an appraisal or other estimate and there is no observable market price, we record the impaired loan as nonrecurring Level 3 fair value. Impaired loan valuations are adjusted for estimated selling costs ranging from 8% to 10% based off the adjusted fair value of the property.

OREO - The OREO amounts below represent impaired real estate that has been adjusted to fair value during the respective reporting period. The loss represents impairments on OREO for fair value adjustments based on the fair value of the real estate. The determination of fair value is based on recent appraisals of the foreclosed properties, which take into account recent sales prices adjusted for unobservable inputs, such as opinions provided by local real estate brokers and other real estate experts. OREO fair values are adjusted for estimated selling costs of 25% based off the adjusted fair value of the property. We record OREO as a nonrecurring Level 3 fair value. 36

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

OREO - The ~~following~~OREO ~~tables~~amounts ~~present~~below ~~information~~represent ~~about~~impaired ~~our~~real ~~assets~~estate ~~and~~that ~~liabilities~~has ~~at March~~been ~~31,~~adjusted ~~2021~~to ~~and December~~fair ~~31,~~value ~~2020~~during ~~for~~the ~~which~~respective areporting ~~nonrecurring~~period. ~~change~~The inloss represents impairments on OREO for fair value ~~has~~adjustments ~~been~~based ~~recorded~~on ~~during~~the fair value of the ~~reporting~~real ~~period~~estate. InThe ~~addition,~~determination ~~the~~of ~~tables~~fair ~~reflect~~value is based on recent appraisals of the ~~losses~~foreclosed ~~resulting~~properties, ~~from~~which ~~nonrecurring~~take into account recent sales prices adjusted for unobservable inputs, such as opinions provided by local real estate brokers and other real estate experts. OREO fair ~~value~~values ~~adjustments~~are adjusted for estimated selling costs of 25% based off the ~~three~~adjusted ~~months~~fair ~~ended March~~value ~~31,~~of ~~2021~~the ~~and~~property. ~~2020~~We ~~related~~record toOREO ~~assets~~as ~~outstanding~~a ~~at March~~nonrecurring ~~31,~~Level ~~2021~~3 ~~and~~fair ~~2020~~value.

			For the Three Months Ended
	At March 31, 2021		March 31, 2021
(Amounts in thousands)	Fair Value (1)		Fair Value Adjustments
Other real estate owned	$	—	$	8
Total assets measured at fair value	$	—	$	8

The following tables present information about our assets and liabilities at June 30, 2021 and December 31, 2020 for which a nonrecurring change in fair value has been recorded during the reporting period. In addition, the tables reflect the losses resulting from nonrecurring fair value adjustments for the three and six months ended June 30, 2021 and 2020 related to assets outstanding at June 30, 2021 and 2020.

			For the Three Months Ended		For the Six Months Ended
	At June 30, 2021		June 30, 2021		June 30, 2021
(Amounts in thousands)	Fair Value ⁽¹⁾		Fair Value Adjustments
Other real estate owned	$	—	$	—	$	8
Total assets measured at fair value	$	—	$	—	$	8

⁽¹⁾Fair value is presented on a nonrecurring basis - Level 3.

			For the Three Months Ended		For the Six Months Ended
	At December 31, 2020		~~March~~June 3130, 2020		June 30, 2020
(Amounts in thousands)	Fair Value (1)		Fair Value Adjustments
Other real estate owned	$	8	$	6
Collateral dependent impaired loans	$	2,755	$	145	$	145
Total assets measured at fair value	$	8	$	6
Other real estate owned		8		—		6
Total assets measured at fair value	$	2,763	$	145	$	151

⁽¹⁾Fair value is presented on a nonrecurring basis - Level 3.

During the ~~three~~six months ended ~~March~~June 3130, 2020, ~~one~~collateral ~~loan~~dependent ~~with~~impaired anloans ~~aggregate~~with a carrying value of $142.5 ~~thousand~~million ~~was~~were written down to ~~its~~their fair value of $82.4 ~~thousand,~~million resulting in a $6145 thousand adjustment to the ALLL ~~when the underlying property was transferred to OREO~~. ~~The property was reevaluated during the three months ended March 31, 2021 and sold in April 2021, resulting in an $8 thousand write-down of OREO.~~

During the six months ended June 30, 2020, one loan with an aggregate carrying value of $14 thousand was written down to its fair value of $8 thousand, resulting in a $6 thousand adjustment to the ALLL when the underlying property was transferred to OREO. The property was reevaluated during the three months ended March 31, 2021 and sold in April 2021, resulting in an $8 thousand write-down of OREO.

Limitations

Fair value estimates are made at a specific point in time, based on relevant market information and other information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time, our entire holdings of a particular financial instrument. Because no market exists for a significant portion of our financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature, involve uncertainties and matters of significant judgment, and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

Fair value estimates are based only on current on and off-balance sheet financial instruments. Our fair value estimates do not include any adjustment for anticipated future business. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates.

~~NOTE 10. GOODWILL AND OTHER INTANGIBLES~~ 37

Goodwill and other intangibles, net consisted of the following at March 31, 2021 and December 31, 2020.

	March 31,			December 31,
(Amounts in thousands)	2021			2020
Goodwill and Other Intangibles:
Goodwill	$	11,671		$	11,671
Core deposit intangibles		6,125			6,125
Domain name		32			32
Accumulated amortization		(2,305	)		(2,113	)
Goodwill and other intangibles, net	$	15,523		$	15,715

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Notes to Consolidated Financial Statements (Unaudited)

NOTE 10. GOODWILL AND OTHER INTANGIBLES

Goodwill and other intangibles, net consisted of the following at June 30, 2021 and December 31, 2020.

	June 30,			December 31,
(Amounts in thousands)	2021			2020
Goodwill and Other Intangibles:
Goodwill	$	11,671		$	11,671
Core deposit intangibles		6,125			6,125
Domain name		32			32
Accumulated amortization		(2,496	)		(2,113	)
Goodwill and other intangibles, net	$	15,332		$	15,715

Goodwill

Goodwill results from a business combination, and is calculated as the amount of consideration paid in excess of the fair value of the net assets acquired in a transaction. Goodwill is considered to have an indefinite life and is therefore not amortized. It is reviewed annually for impairment, or more frequently if required by circumstances known as triggering events. At ~~March~~June 3130, 2021, goodwill totaled $11.7 million.

Core Deposit Intangibles

Acquired core deposits provide value as a source of below market rate funds and the realization of interest cost savings is a fundamental rationale for assuming these deposit liabilities. The cost savings is defined as the difference between the cost of funds on our new deposits (i.e., interest and net maintenance costs) and the cost of an equal amount of funds from an alternative source having a similar term as the new deposit base. Our core deposit intangibles were recorded at fair value which was derived using the income approach and represent the present value of the cost savings over the projected term of our new deposit base. The core deposit intangible is being amortized on a straight-line basis over an estimated eight-year life, and is evaluated annually for impairment.

The following table sets forth, as of ~~March~~June 3130, 2021, the total estimated future amortization of intangible assets:

(Amounts in thousands)	Amount
Amortization:
2021	$	~~574~~383
2022		766
2023		766
2024		581
2025		544
2026 and thereafter		589
Total	$	3,~~820~~629

36 NOTE 11. MERGER

Pending Merger with Columbia Banking System, Inc.

As announced by the Company on June 23, 2021 and reported in the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on June 24, 2021 (the “Current Report”), the Company has entered into an Agreement and Plan of Merger dated June 23, 2021 (the “Merger Agreement”), pursuant to which, subject to the satisfaction or waiver of certain conditions set forth in the Merger Agreement, the Company will merge with and into Columbia (the “Merger”), with Columbia as the surviving entity.

Subject to the terms and conditions of the Merger Agreement, at the date and time when the Merger becomes effective (the “Effective Time”), the Bank of Commerce shareholders will have the right to receive, in respect of each share of common stock of Bank of Commerce (“Bank of Commerce Common Stock”), a number of common shares of Columbia (“Columbia Common Stock”) equal to the Exchange Ratio (as defined below), subject to adjustments as set forth in the Merger Agreement (the “Merger Consideration”). “Exchange Ratio” means 0.40 of a share of Columbia Common Stock per each share of Bank of Commerce Common Stock subject to certain potential adjustments. Based on Columbia’s closing stock price on June 23, 2021, the aggregate merger consideration is valued at $266.0 million, which includes $265.6 million of Columbia common stock to be issued to Bank of Commerce shareholders and $400 thousand of cash to be paid to option holders. The value of the merger consideration will fluctuate until closing based on the value of Columbia’s stock.

The transaction is expected to close in the fourth quarter of 2021, and its completion is contingent upon approval from BOCH’s shareholders, the receipt of other customary regulatory approvals, and other customary closing conditions.

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Forward Looking Statements and Risk Factors

This report includes forward-looking statements within the meaning of the Securities Exchange Act of 1934 (“Exchange Act”) and the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current beliefs and assumptions, and on information available to management as of the date of this document. Forward-looking statements include the information concerning possible or assumed future results of operations of the Company set forth under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Forward-looking statements may also include statements in which words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “considers” or similar expressions or conditional verbs such as “will,” “should,” “would” and “could” and other comparable words or phrases of a future- or forward-looking nature, are intended to identify such forward-looking statements. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions. The Company’s actual future results and shareholder values may differ materially from those anticipated and expressed in these forward-looking statements. Many of the factors that will determine these results and values are beyond the Company’s ability to control or predict. Except as specifically noted herein all references to the “Company” refer to Bank of Commerce Holdings, a California corporation, and its consolidated subsidiaries.

The following factors, among others, could cause our actual results to differ materially from those expressed in such forward-looking statements:

Merger Related Risks

●	The possibility that the announced merger with Columbia does not close when expected or at all because required regulatory, shareholder or other approvals, financial tests or other conditions to closing are not received or satisfied on a timely basis or at all;

●	Due to the fluctuation in market price of Columbia Banking System, Inc. common stock, the BOCH shareholders' cannot be sure of the exact value of consideration they will receive in the Merger;

●	Negative reaction to the merger transaction by the Company’s customers, employees and counterparties;

●	Customer and employee relationships and business operations may be disrupted by the pending merger.

All Others

●	The strength of the United States economy in general and the strength of the local economies in California in which we conduct operations;

●	The effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, or the Federal Reserve Board;

●	Increased regulation of the banking industry through legislative action and revised rules and standards applied by the Federal Reserve Board, the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation;

●	Developments and changes in Federal, state or local laws and regulations addressing the effects of the COVID-19 pandemic;

●	The economic effects of COVID-19 or similar pandemic diseases could adversely affect our future results of operations or the market price of our stock;

●	Changes affecting the Small Business Administration (“SBA”), including how such changes may impact the status of our outstanding Paycheck Protection Program (“PPP”) loans;

●	Our inability to successfully manage our growth or implement our growth strategy;

●	Volatility in the capital or credit markets;

●	Our inability to transition from LIBOR to a substitute index;

●	Changes in the financial performance and/or condition of our borrowers;

●	Our concentration in real estate lending;

●	Changes in the cost and scope of insurance from the Federal Deposit Insurance Corporation and other third parties;

●	Changes in consumer spending, borrowing and savings habits;

●	Deterioration in the reputation of banks and the financial services industry could adversely affect the Company's ability to obtain and retain customers;

●	Changes in the level of our nonperforming assets and loan charge-offs;

●	Deterioration in values of real estate in California and the United States generally, both residential and commercial;

●	Possible other-than-temporary impairment of securities held by us;

●	Possible impairment of goodwill or core deposit intangibles;

●	Our inability to timely develop competitive new products and services and/or resistance to the acceptance of these products and services by new and existing customers;

●	The willingness of customers to substitute competitors’ products and services for our products and services;

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

●	Technological changes could expose us to new risks, including potential systems failures or fraud;

●

The effect of changes in accounting policies and practices, as may be adopted from time-to-time by bank regulatory agencies, the Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board (“FASB”) or other accounting standards setters;

●	The risks presented by public stock market volatility, which could adversely affect the market price of the Company's common stock and the ability to grow the Company through acquisitions or raise capital in the future;

●	Our inability to attract deposits and other sources of liquidity at acceptable costs;

●	Changes in the competitive environment among financial and bank holding companies and other financial service providers, including Fintech companies;

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

●	Consolidation in the financial services industry resulting in larger financial institutions with greater resources and decreasing opportunities to pursue acquisitions;

●	The loss of critical personnel and the challenge of hiring qualified personnel at reasonable compensation levels;

●	Natural disasters, such as earthquakes, volcanic eruptions, tsunami, wildfires, droughts, floods, mudslides, hurricanes, tornados and other geologic processes;

●	A natural disaster outside California, could negatively impact our purchased loan portfolio or our third party loan servicers;

●	Unauthorized computer access, computer hacking, cyber-attacks, electronic fraudulent activity, attempted theft of financial assets, computer viruses, phishing schemes and other security problems;

●	Geopolitical conditions, including acts or threats of war or terrorism, actions taken by the United States or other governments in response to acts or threats of war or terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad;

●	Our inability to manage the risks involved in the foregoing; and

●	The effects of any reputational damage to the Company resulting from any of the foregoing.

If our assumptions regarding one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this document and in the information incorporated by reference in this document. Therefore, we caution you not to place undue reliance on our forward-looking information and statements. We do not undertake any obligation to publicly correct, revise, or update any forward-looking statement if we later become aware that actual results are likely to differ materially from those expressed in such forward-looking statement, except as required under federal securities laws. Forward-looking statements should not be viewed as predictions, and should not be the primary basis upon which investors evaluate us. Any investor in our common stock should consider all risks and uncertainties discussed in “RISK FACTORS” and in “MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS”.

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, 2020 under the heading “Risk Factors”. 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.

The following sections discuss significant changes and trends in the financial condition, capital resources and liquidity of the Company from December 31, 2020 to ~~March~~June 3130, 2021. Also discussed are significant trends and changes in the Company’s results of operations for the three and six months ended ~~March~~June 3130, 2021, compared to the same periods in 2020. The consolidated financial statements and related notes appearing elsewhere in this report are unaudited. The following discussion and analysis is intended to provide greater detail of the Company's financial condition and results.

GENERAL

Bank of Commerce Holdings (“Company,” “Holding Company,” “we,” or “us”) is a corporation organized under the laws of California and a bank holding company (“BHC”) registered under the Bank Holding Company Act of 1956, as amended (“BHC Act”) with its principal offices in Sacramento, California. The Holding Company’s principal business is to serve as a holding company for Merchants Bank of Commerce (the “Bank” and together with the Holding Company, the “Company”) and Bank of Commerce Mortgage (inactive). The Bank changed its name for all operations to Merchants Bank of Commerce effective May 20, 2019. We have an unconsolidated subsidiary in Bank of Commerce Holdings Trust II, which was organized in 2005 connection with our ~~prior~~ issuance of trust-preferred securities. Our common stock is traded on the NASDAQ Global Market under the symbol “BOCH.”

We commenced banking operations in 1982 and grew organically to four branches before purchasing five Bank of America branches in 2016 and acquiring Merchants Holding Company in 2019; we now operate ten full service facilities, one limited service facility and one loan production office in northern California. We also operate a “cyber office” as identified in our summary of deposits reporting filed with the FDIC. We provide a wide range of financial services and products for business and retail customers which are competitive with those traditionally offered by banks of similar size in California. As of ~~March~~June 3130, 2021 and December 31, 2020, we operated under one primary business segment: Community Banking.

On June 23, 2021, we entered into an Agreement and Plan of Merger with Columbia Banking System, Inc. that we expect to close in the fourth quarter of 2021, subject to the satisfaction of customary closing conditions, including regulatory and shareholder approvals. See Note 11 Merger in the Notes to Consolidated Financial Statements and our press release filed on form 8-K on June 24, 2021 announcing the signing of the definitive merger agreement for additional information.

Our principal executive office is located at 555 Capitol Mall Suite 1255, Sacramento, California 95814 and the telephone number is (800) 421-2575.

3840

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EXECUTIVE OVERVIEW

Significant Items for the First ~~Quarter~~Six Months of 2021:

● ~~The~~On ~~Bank~~June ~~continued~~23, to2021, ~~experience~~we ~~significant~~entered ~~growth~~into ina ~~deposits~~Merger Agreement with Columbia Banking System, Inc. with Columbia as the surviving entity; which ~~increased~~was ~~$71~~previously ~~million~~announced. The closing of the merger transaction is expected to occur during the fourth quarter of 2021.

● ~~Loans,~~The ~~exclusive~~Bank ofcontinued ~~PPP~~to ~~loans~~experience significant growth in deposits, which increased $19155 million during the ~~quarter;~~first asix ~~reversal~~months of ~~the decline that occurred throughout 2020~~2021.

● ~~The~~Loans, ~~Company’s~~exclusive ~~net~~of ~~interest~~PPP ~~margin~~loans ~~was~~increased ~~3.46%~~$23 ~~for~~million during the ~~quarter~~first six months of 2021; ~~unchanged~~a ~~from~~reversal of the ~~preceding~~decline ~~quarter~~that occurred throughout 2020.

● ~~COVID-19~~During ~~related~~the ~~credit~~first ~~concerns~~six ~~have~~months ~~continued~~of to2021, ~~moderate~~we ~~and~~received no$119.1 ~~provision~~million ~~for~~in ~~loan~~repayments ~~and~~on ~~lease~~PPP ~~losses was required~~loans.

●

During the first quarter of 2021, our largest nonaccrual borrowing relationship totaling $3.0 million (43% of nonaccrual loans at December 31, 2020) was repaid. The repayment included all principal (including $110 thousand recovery for an amount previously charged-off), $251 thousand of previously unrecorded interest and $80 thousand of reimbursed legal, appraisal and title fees.

~~Financial~~● ~~Highlights~~The Company’s net interest margin declined to 3.30% for the ~~First~~six ~~Quarter~~months ofended June 30, 2021 ~~Compared~~compared to 3.74% for the ~~Same~~same ~~Quarter~~period a ~~Year~~year ~~Ago:~~ago.

Financial Highlights for the Second Quarter of 2021 Compared to the Same Quarter a Year Ago:

Performance

● Net income of $4.91 million was an increase of $~~4.0~~292 ~~million~~thousand (~~437~~8%) from $~~916~~3.8 ~~thousand~~million earned during the same period in the prior year. Earnings of $0.2925 per share – diluted was an increase of $0.2402 (~~480~~9%) ~~per share~~ from $0.0523 per share – diluted earned during the same period in the prior. ~~The~~year ~~prior~~and ~~year~~reflects ~~was~~the ~~impacted~~impact byof the following:

o $~~2.9~~817 ~~million~~thousand ~~provision~~in costs for ~~loan~~the ~~and~~second ~~lease~~quarter ~~losses~~of 2021 associated with the merger with Columbia Banking System, Inc., most of which are not tax deductible.

o $1.13 million inprovision ~~non-recurring~~for ~~costs~~loan ~~associated~~and ~~with~~leases ~~the~~losses ~~termination~~for ofthe asecond ~~technology~~quarter ~~management~~of ~~services contract and a severance agreement; both previously announced~~2020.

● Return on average assets ~~increased~~decreased to 10.1189% compared to 0.2595% for the same period in the prior year.

● Return on average equity ~~increased~~was tounchanged 11at 9.2026% compared to ~~2.14% for~~ the same period in the prior year.

● Net interest income increased $~~1.4~~181 ~~million~~thousand (111%) to $14.40 million compared to $13.08 million for the same period in the prior year.

● Net interest margin declined to 3.4616% compared to 3.8664% for the same period in the prior year.

● Average loans totaled $1.~~140~~136 billion, ana ~~increase~~decrease of $~~107~~45 million (104%) compared to average loans for the same period in the prior year.

● Average earning assets totaled $1.~~692~~775 billion, an increase of $~~339~~252 million (2517%) compared to average earning assets for the same period in the prior year.

● Average deposits totaled $1.~~571~~653 billion, an increase of $~~327~~247 million (2618%) compared to average deposits for the same period in the prior year.

o Average non-maturing deposits totaled $1.~~437~~514 billion, an increase of $~~339~~251 million (3120%) compared to the same period in the prior year.

o Average certificates of deposit totaled $~~134~~139.54 million, a decrease of $123.76 million (92%) compared to the same period in the prior year.

● The Company’s efficiency ratio was 5761.15% compared to 7056.51% ~~for~~during the same period in the prior year.

o The Company’s efficiency ratio of 7061.5% for the ~~first~~second quarter of ~~2020~~2021 included $~~1.1~~817 ~~million~~thousand of ~~non-recurring~~merger related costs, which increased the efficiency ratio by 85.04%.

● Book value per common share was $10.5078 at ~~March~~June 3130, 2021 compared to $910.8613 at ~~March~~June 3130, 2020.

● Tangible book value per common share was $9.5887 at ~~March~~June 3130, 2021 compared to $89.8917 at ~~March~~June 3130, 2020.

Credit Quality

● Nonperforming assets at ~~March~~June 3130, 2021 totaled $3.98 million or 0.2120% of total assets, a decrease of $12.39 million (2543%) since ~~March~~June 3130, 2020. The decrease in nonperforming assets resulted from repayment of a $3.0 million nonaccrual borrowing relationship during the first quarter of 2021.

● Net loan recoveries were $~~117~~167 thousand in the ~~first~~second quarter of 2021 compared with net loan charge-offs of $14278 thousand for the same quarter a year ago. ~~Net loan recoveries during the current quarter were primarily related to the collection of previously charged-off principal from our largest nonaccrual borrower.~~

●

There was no provision for loan and lease losses during the second quarter of 2021 compared to $1.3 million provision for loan and lease losses for the same period a year ago. This is a result of improved asset quality metrics, net loan loss recoveries and moderation of many of our COVID-19 related credit concerns.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Financial Highlights for the First Six Months of 2021 Compared to the Same Period a Year Ago:

Performance

●

Net income of $9.1 million was an increase of $4.3 million (90%) from $4.8 million earned during the same period in the prior year. Earnings of $0.54 per share – diluted was an increase of $0.26 (93%) per share from $0.28 per share – diluted earned during the same period in the prior year and reflects the impact of the following:

$817 thousand in costs during the first six months of 2021 associated with the merger with Columbia Banking System, Inc., most of which was not tax deductible.

$4.2 million provision for loan and lease losses during the six months ended June 30, 2020.

$1.1 million in non-recurring costs during the first quarter of 2020 associated with the termination of a technology management services contract and a severance agreement; both previously announced.

1.0 million shares of common stock repurchased during the six months ended June 30, 2020.

●	Return on average assets increased to 1.00% compared to 0.62% for the same period in the prior year.

●	Return on average equity increased to 10.22% compared to 5.65% for the same period in the prior year.

●	Net interest income increased $1.6 million (6%) to $28.4 million compared to $26.8 million for the same period in the prior year.

●	Net interest margin declined to 3.30% compared to 3.74% for the same period in the prior year.

●	Average loans totaled $1.138 billion, an increase of $31 million (3%) compared to average loans for the same period in the prior year.

●	Average earning assets totaled $1.734 billion, an increase of $296 million (21%) compared to average earning assets for the same period in the prior year.

●	Average deposits totaled $1.613 billion, an increase of $287 million (22%) compared to average deposits for the same period in the prior year.

Average non-maturing deposits totaled $1.476 billion, an increase of $295 million (25%) compared to the same period in the prior year.

Average certificates of deposit totaled $137.0 million, a decrease of $8.1 million (6%) compared to the same period in the prior year.

●	The Company’s efficiency ratio was 59.3% compared to 63.1% for the same period in the prior year.

The Company’s efficiency ratio of 59.3% for the first six months of 2021 included $817 thousand of merger related costs, which increased the efficiency ratio by 2.7%.

The Company’s efficiency ratio of 63.1% for the first six months of 2020 included $1.1 million of non-recurring costs, which increased the efficiency ratio by 3.9%.

●	Book value per common share was $10.78 at June 30, 2021 compared to $10.58 at December 31, 2020.

●	Tangible book value per common share was $9.87 at June 30, 2021 compared to $9.64 at December 31, 2020.

Credit Quality

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Nonperforming assets at June 30, 2021 totaled $3.8 million or 0.20% of total assets, a decrease of $3.2 million (92% annualized) since December 31, 2020. The decrease in nonperforming assets resulted from repayment of a $3.0 million nonaccrual borrowing relationship during the first quarter of 2021.

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Net loan recoveries were $284 thousand during the first six months of 2021 compared with net loan charge-offs of $292 thousand for the same period a year ago. Net loan recoveries during the first six months of 2021 were primarily related to the collection of previously charged-off principal from our largest nonaccrual borrower.

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There was no provision for loan and lease losses during the first six months of 2021 compared to $4.2 million provision for loan and lease losses for the same period a year ago. This is a result of improved asset quality metrics, net loan loss recoveries and moderation of many of our COVID-19 related credit concerns.

Impacts of COVID-19:

● During 2020, we funded 606 loans totaling $163.5 million under the first Small Business Administration Paycheck Protection Program (“PPP”). We continue to process loan forgiveness applications, and, at ~~March~~June 3130, 2021, we have ~~228~~47 loans totaling $7912.03 million remaining to be forgiven compared to 487 loans totaling $130.8 million at December 31, 2020.

● During ~~the first quarter of~~ 2021, we funded an additional ~~196~~247 loans totaling $3847.93 million under the ~~SBA’s~~ second PPP ~~loan program~~. The application period for the second PPP loan program ~~ends~~ended on May 31, 2021. We began to process loan forgiveness applications during June, and at June 30, 2021, we have 234 loans totaling $46.7 million remaining to be forgiven.

●	We have experienced significant increases in deposit balances during the past year. All PPP loan funds were deposited into customer accounts at our bank and customer behavior has emphasized savings during the economic slowdown.

● During the first quarter of 2021, the SBA extended ~~its~~their debt relief program and resumed making principal and interest payments on all of our SBA 7(a) loans, which totaled $29.80 million at ~~March~~June 3130, 2021. Payment assistance varies by borrower, will continue for no more than e

Filing Compare · Bank of Commerce Holdings