Bank of Commerce (BOCH) 8-K Other Events

Exhibit 99.1

For immediate release:
Bank of Commerce Holdings™ announces First Quarter 2008 Operating Results

REDDING, California, April 30, 2008/ PR Newswire—Patrick J. Moty,President & CEOof Bank of Commerce Holdings (NASDAQ:BOCH), a $651 million financial services holding company, and parent company of Redding Bank of Commerce™, Roseville Bank of Commerce™, Sutter Bank of Commerce™ and Bank of Commerce Mortgage™ today announced first quarter 2008 operating results. Bank of Commerce Holdings’ net income was $1,229,000 for the first quarter 2008 compared with $1,487,000 for the first quarter of 2007 down $258,000 or 17%.

Diluted earnings per common share was $0.14 for the first quarter 2008 compared to $0.17 for the first quarter of 2007. Return on average assets and return on average common equity were 0.79% and 10.54%, respectively, compared with 1.05% and 13.37%, respectively, for the first quarter 2007. The Company’s results for the first quarter of 2008 declined due to compression in the margin and higher provisioning for loan losses.

“During the first quarter 2008, as part of management’s ongoing credit practices, a thorough review of the loan portfolio, with special emphasis on construction and development projects was completed. The recent slowdown in residential development and construction markets has led to an increase in nonperforming loans which has made it prudent to strengthen our reserve position at this time. Management has taken prudent steps to ensure the proper funding of loan reserves”, saidPatrick J. Moty,President and CEO of the Company. “Credit quality, expense control and the bottom line remain top focus.”

Total revenues increased to $10.5 million compared to $10.3 million during the same period in 2007, an increase of 2.2%. Noninterest income growth of 13.5% was driven by an increase in FHLB dividends and Goldman Sachs fee income. Sales of available-for-sale investments provided a gain of $242,000 for the period, partially offset by a loss of $225,000 to unwind a SWAP transaction.

Total noninterest expense in the first quarter of 2008 was $3.6 million compared to $3.5 million, relatively flat for the period.

On March 20, 2008, the Company announced a $0.08 quarterly cash dividend payable to shareholders of record as of March 31, 2008 and paid on April 11, 2008.

The Company’s allowance for loan losses was 1.14% of total loans at March 31, 2008 and 1.18% at March 31, 2007. Provisions for loan losses for the quarter ended March 2008 were $600,000 compared to $6,000 for the same period in 2007. Management has taken aggressive action by placing two real estate development related loans into nonaccrual status, even though loan payments are current. In addition, an impairment review of one Sacramento development loan has resulted in a $2.9 million write-down. Reserves were previously allocated in anticipation of this impairment review.

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Non-performing loans and leases were 3.12% of total loans as of March 31, 2008 compared to 2.55% at December 31, 2007 and 0% one year ago. Interest reversed from income during the period due to nonaccrual loans was $84,525.

The Company’s OREO remained at $0 through the first quarter of 2008 and 2007.

Average loans for the first quarter 2008 were $96.3 million higher than the first quarter of 2007, a 23.6% increase. Average deposits and borrowings were $54.7 million higher for the first quarter 2008 compared with the first quarter of 2007, a 10.5% increase. Net interest income was $5.4 million during the first quarter 2008 compared with $5.3 million during the first quarter 2007, up $93,000 or 1.7%. Net interest margin declined by 31 basis points to 3.70% from 4.01% a year ago.

At March 31, 2008, Bank of Commerce Holdings’ total assets were $651.2 million, an increase of 12.6% or $73.1 million from March 31, 2007.

Provision for income taxes for the first quarter of 2008 resulted in an effective tax rate of 32.5% compared with an effective tax rate of 36.2% in the first quarter of 2007.

The reduction in the effective tax rate from the same quarter of the prior year reflects increased investments in tax-exempt municipal securities, bank-owned life insurance and investments in California Affordable Housing projects which afford federal and state tax credits.

The capital ratios of Redding Bank of Commerce continue to be above the well-capitalized guidelines established by bank regulatory agencies.

Bank of Commerce Holdings, with administrative offices in Redding, California is a financial service holding company that owns Redding Bank of Commerce™, Roseville Bank of Commerce™, Sutter Bank of Commerce™ and Bank of Commerce Mortgage™. The Company is a federally insured California banking corporation and opened on October 22, 1982.

BOCH is a NASDAQ National Market listed stock. Please contact your local investment advisor for purchases and sales. Investment firms making a market in BOCH stock are:

Howe Barnes Hoefer & Arnett Investment Inc. /
John T. Cavender
555 Market Street
San Francisco, CA (800) 346-5544

Raymond James Financial/ Geoff Ball
1805 Hilltop Drive, Suite 106
Redding, CA (800) 926-5040

Morgan Stanley/Rick Hill
310 Hemsted Drive, Suite 100
Redding, CA (800) 733-6126

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Wachovia Securities/ Ken Myers, Rick Hansen
10466 Brunswick Road
Grass Valley, CA (888) 383-3112

This quarterly press release includes forward-looking information, which is subject to the “safe harbor” created by the Securities Act of 1933, and Securities Act of 1934. These forward-looking statements (which involve the Company’s plans, beliefs and goals, refer to estimates or use similar terms) involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors:

• Competitive pressure in the banking industry and changes in the regulatory environment.

• Changes in the interest rate environment and volatility of rate sensitive assets and liabilities.

• The health of the economy declines nationally or regionally which could reduce the demand for loans or the value of real estate collateral securing most of the Company’s loans.

• Credit quality deteriorates which could cause an increase in the provision for loan losses.

• Losses in the Company’s merchant credit card processing business.

• Asset/Liability matching risks and liquidity risks.

• Changes in the securities markets.

For additional information concerning risks and uncertainties related to the Company and its operations please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2007 and under the heading:

“Risk factors that may affect results” and subsequent reports on Form 10-Q and current reports on Form 8-K. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)

	March 31, 2008			Dec. 31, 2007			March 31, 2007
Dollars in thousands
ASSETS
Cash and due from banks	$	12,737		$	13,839		$	12,597
Federal funds sold and securities purchased under agreements to resell		25,995			8,395			21,195
Cash and cash equivalents		38,732			22,234			33,792
Securities available-for-sale (including pledged collateral of $57,274 at March 31, 2008, $61,329 at December 31, 2007 and $68,261 at March 31, 2007)		62,090			67,906			93,769
Securities held-to-maturity, at cost (estimated fair value of $10,646 at March 31, 2008, $10,632 at December 31, 2007 and $10,693 at March 31, 2007)		10,421			10,559			10,673
Loans, net of the allowance for loan losses of $5,815 at March 31, 2008, $8,233 at December 31, 2007 and $4,933 at March 31, 2007		506,374			486,283			411,357
Bank premises and equipment, net		11,370			10,964			9,992
Other assets		22,248			20,381			18,513
TOTAL ASSETS	$	651,235		$	618,327		$	578,096
LIABILITIES AND STOCKHOLDERS’ EQUITY
Demand — noninterest bearing	$	71,722		$	75,718		$	70,035
Demand — interest bearing		140,624			142,821			112,550
Savings accounts		42,946			41,376			41,537
Certificates of deposit		229,006			213,716			211,422
Total deposits		484,298			473,631			435,544
Securities sold under agreements to repurchase		12,455			15,513			35,053
Federal Home Loan Bank borrowings		85,000			60,000			40,000
Other liabilities		7,633			7,554			6,646
Junior subordinated debt payable to unconsolidated subsidiary grantor trust		15,465			15,465			15,465
Total Liabilities		604,851			572,163			532,708
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, no par value, 2,000,000 authorized no shares issued and outstanding in 2008 and 2007		—			—			—
Common stock , no par value, 50,000,000 shares authorized; 8,707,745 shares issued and outstanding at March 31, 2008, 8,757,445 at December 31, 2007 and 8,907,680 at March 31, 2007		9,550			9,996			11,940
Retained earnings		37,135			36,605			34,110
Accumulated other comprehensive (loss), net of tax		(301	)		(437	)		(662	)
Total stockholders’ equity		46,384			46,164			45,388
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	651,235		$	618,327		$	578,096

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
Three months ended March 31, 2008 and 2007

	Three Months Ended
	March 31, 2008			March 31, 2007
Dollars in thousands, except for per share data
Interest income:
Interest and fees on loans	$	9,131		$	8,464
Interest on tax-exempt securities		274			278
Interest on U.S. government securities		481			832
Interest on federal funds sold and securities purchased under agreements to resell		58			200
Interest on other securities		22			36
Total interest income		9,966			9,810
Interest expense:
Interest on demand deposits		750			557
Interest on savings deposits		290			171
Interest on certificates of deposit		2,376			2,605
Securities sold under repurchase agreements		84			342
Interest on FHLB and other borrowings		731			539
Interest on junior subordinated debt payable to unconsolidated subsidiary grantor trust		315			269
Total interest expense		4,546			4,483
Net interest income		5,420			5,327
Provision for loan and lease losses		600			6
Net interest income after provision for loan and lease losses		4,820			5,321
Noninterest income:
Service charges on deposit accounts		62			69
Payroll and benefit processing fees		129			108
Earnings on cash surrender value - Bank owned life insurance		83			95
Net gain (loss) on sale of securities available-for-sale		242			46
Net (loss) on derivative		(225	)		0
Merchant credit card service income, net		83			92
Mortgage brokerage fee income		10			6
Other income		181			82
Total noninterest income		565			498
Noninterest expense:
Salaries and related benefits		1,949			2,097
Occupancy and equipment expense		644			458
FDIC insurance premium		58			13
Data processing fees		78			55
Professional service fees		118			195
Payroll processing fees		33			31
Deferred compensation expense		111			97
Stationery and supplies		62			61
Postage		34			33
Directors’ expense		48			45
Other expenses		430			403
Total noninterest expense		3,565			3,488
Income before provision for income taxes		1,820			2,331
Provision for income taxes		591			844
Net income	$	1,229		$	1,487
Basic earnings per share	$	0.14		$	0.17
Weighted average shares — basic		8,719			8,864
Diluted earnings per share	$	0.14		$	0.17
Weighted average shares — diluted		8,748			8,976
Cash dividends per share	$	0.08		$	0.08

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Average Balances, Interest Income/Expense and Yields/Rates Paid
(Unaudited, Dollars in thousands)

	Three Months Ended								Three Months Ended
	March 31, 2008								March 31, 2007
	Average					Yield/			Average					Yield/
	Balance			Interest		Rate			Balance			Interest		Rate
Earning Assets
Portfolio Loans	$	504,091		$	9,131		7.25	%	$	407,758		$	8,464		8.30	%
Tax-exempt Securities		27,901			274		3.93	%		29,712			278		3.74	%
US Government Securities		15,272			142		3.72	%		33,722			356		4.22	%
Mortgage backed Securities		29,055			339		4.67	%		41,919			476		4.54	%
Federal Funds Sold		8,014			58		2.89	%		15,540			200		5.15	%
Other Securities		2,000			22		4.40	%		2,302			36		6.26	%
Average Earning Assets	$	586,333		$	9,966		6.80	%	$	530,953		$	9,810		7.39	%
Cash & Due From Banks	$	12,708							$	12,939
Bank Premises		11,303								9,288
Allowance for Loan Losses		( 8,441	)							( 4,892	)
Other Assets		20,116								17,226
Average Total Assets	$	622,019							$	565,514
Interest Bearing Liabilities
Demand Interest Bearing	$	141,709		$	750		2.12	%	$	112,910		$	557		1.97	%
Savings Deposits		41,195			290		2.82	%		28,864			171		2.37	%
Certificates of Deposit		216,051			2,376		4.40	%		214,094			2,605		4.87	%
Repurchase Agreements		13,052			84		2.57	%		34,860			342		3.92	%
FHLB Borrowings		80,569			731		3.63	%		40,000			539		5.39	%
Trust Preferred Borrowings		15,000			315		8.40	%		15,000			269		7.17	%
		507,576		$	4,546		3.58	%		445,728		$	4,483		4.02	%
Noninterest bearing demand		66,825								73,977
Other Liabilities		995								1,333
Stockholders’ Equity		46,623								44,476
Average Liabilities and Stockholders’	$	622,019							$	565,514
Equity
Net Interest Income and Net Interest Margin				$	5,420		3.70	%				$	5,327		4.01	%

Net interest income was $5.4 million for the first three-months of 2008 compared with $5.3 million for the same period in 2007, a 1.7% increase. The increase in net interest income is primarily attributed to the increase in earning assets during the period. Average earning assets for the first three-months of 2008 were $586.3 million compared with $530.9 million for the same period in 2007, an increase of $55.4 million or 10.4%. The single largest component of increased earning assets was in the loan portfolio. Average loans increased $96.3 million or 23.6% over the same three-month period in 2007. Coupled with the asset growth, yields on earning assets decreased to 6.80% compared with 7.39% over the same three-month period in 2007, a loss of 59 basis points.

Average interest bearing liabilities also increased by $61.9 million or 13.9% for the first three-months of 2008 to $507.6 million in 2008 compared with $445.7 million for the same period in 2007. The cost of interest bearing liabilities or funding decreased to 3.58% in 2008 compared to 4.02% in 2007, a decrease in interest expense of $62,000 or 1.4%. The increase in interest expense is primarily due to increased volume in core deposit relationships.

As a result of these changes, the interest spread (the difference between the yield on earning assets and the cost of interest bearing liabilities) decreased 31 basis points to 3.70% for the three-months ended March 31, 2008 compared with 4.01% for the same three-month period in the prior year.

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BANK OF COMMERCE HOLDINGS & SUBSIDIARIES
Quarterly Financial Condition Data
(Unaudited)
For the Quarter Ended

	March 31,			Dec. 31,			Sept 30,			June 30,			March 31,			Dec. 31,
	2008			2007			2007			2007			2007			2006
Cash and due from banks	$	12,737		$	13,839		$	12,366		$	18,206		$	12,597		$	14,661
Federal funds sold and securities purchased under agreements to resell		25,995			8,395			7,980			14,115			21,195			24,605
Total Cash & Equivalents		38,732			22,234			20,346			32,321			33,792			39,266
Securities available-for-sale		62,090			67,906			93,423			94,029			93,769			95,601
Securities held to maturity, at cost		10,421			10,559			10,592			10,637			10,673			10,810
Loans, net of allowance for loan losses		506,374			486,283			461,171			437,821			411,357			408,990
Bank premises and equipment, net		11,370			10,964			10,464			10,329			9,992			8,595
Other assets		22,248			20,381			19,979			20,440			18,513			20,180
TOTAL ASSETS	$	651,235		$	618,327		$	615,975		$	605,577		$	578,096		$	583,442
Liabilities:
Demand — noninterest bearing	$	71,722		$	75,718		$	70,809		$	69,842		$	70,035		$	84,779
Demand — interest bearing		140,624			142,821			136,219			114,530			112,550			119,437
Savings		42,946			41,376			44,406			45,082			41,537			22,749
Certificates of deposit		229,006			213,716			220,803			211,794			211,422			212,442
Total deposits		484,298			473,631			472,237			441,248			435,544			439,407
Securities sold under agreements to repurchase		12,455			15,513			26,755			46,655			35,053			37,117
Federal Home Loan Bank borrowings		85,000			60,000			50,000			50,000			40,000			40,000
Other liabilities		7,633			7,554			6,734			7,114			6,646			7,537
Junior subordinated debt payable to subsidiary grantor trust		15,465			15,465			15,465			15,465			15,465			15,465
Total liabilities		604,851			572,163			571,191			560,482			532,708			539,526
Stockholders’ equity:
Common stock		9,550			9,996			10,252			11,966			11,940			11,517
Retained earnings		37,135			36,605			35,617			34,997			34,110			33,336
Accumulated other comprehensive (loss), net		(301	)		(437	)		(1,085	)		(1,868	)		(662	)		(937	)
Total stockholders’ equity		46,384			46,164			44,784			45,095			45,388			43,916
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	651,235		$	618,327		$	615,975		$	605,577		$	578,096		$	583,442
Interest Income:
Net interest income		5,420			5,585			5,641			5,461		$	5,327		$	5,418
Provision for loan losses		600			3,170			115			0			6			0
Net interest income after provision for loan losses		4,820			2,415			5,526			5,461			5,321			5,418
Noninterest Income:
Service charges		62			63			70			76			69			91
Merchant credit card service income, net		83			91			109			89			92			100
Net gain on sale of securities available-for-sale		242			0			0			0			46			0
Net (loss) on sale of derivatives		(225	)		0			0			0			0			0
Mortgage brokerage fee income		10			(6	)		21			29			6			(13	)
Other income		393			2,745			326			424			285			363
Total noninterest income		565			2,893			526			618			498			541
Noninterest Expense:
Salaries and related benefits		1,949			2,208			2,402			1,959			2,097			2,150
Net Occupancy and equipment expense		644			737			635			543			458			496
Professional service fees		118			365			216			252			195			181
Other expenses		854			1,218			775			947			738			659
Total noninterest expense		3,565			4,528			4,028			3,701			3,488			3,486
Income before income taxes		1,820			780			2,024			2,378			2,331			2,473
Provision for income taxes		591			(910	)		693			778			844			858
Net Income	$	1,229		$	1,690		$	1,331		$	1,600		$	1,487		$	1,615

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