2014

Bank of Commerce Announces Second Quarter Results

CHARLOTTE, N.C., July 20, 2011 /PRNewswire/ -- Bank of Commerce (OTC Bulletin Board: BONC) sold or liquidated over $2.5 million of problem assets during the second quarter of 2011.  "While we are pleased to have these problem loans resolved, doing so negatively impacted our earnings both for the quarter and the year to date period. We will continue to work diligently to further strengthen the Bank's balance sheet," said Wes Sturges, President and CEO.

As a result of liquidation expenses the Bank posted a net loss attributable to common shareholders of $268,000 for the quarter ending June 30, 2011, compared to net income of $20,000 for the same period last year.  Total assets have declined from $171.0 million at December 31, 2010 to $166.2 million as of June 30, 2011.

The Bank's net loss attributable to common shareholders for the six months ended June 30, 2011 was $230,000, compared to net income of $250,000 for the same period last year.  This decrease is primarily due to declines in interest income resulting from lower earning asset balances.

Bank of Commerce serves the needs of independently owned businesses in the Charlotte, N.C. area. From a midtown Charlotte office at 100 Queens Road, we offer guidance to clients from experienced loan officers, in addition to start-up financing and other banking products, services and information. Online banking, courier service and extended deposit hours are additional hallmarks of the Bank of Commerce. The Bank's common stock is quoted in the over-the-counter market through the OTC Bulletin Board under the symbol "BONC.OB." For additional information, contact Bank of Commerce Headquarters, 100 Queens Road, Charlotte, N.C. (telephone 704-971-7000) or visit www.BankofCommerceNC.com.

This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Bank of Commerce.  These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Bank and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like "expect," "anticipate," "estimate" and "believe," variations of these words and other similar expressions.  Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. The Bank does not undertake an obligation to update any forward-looking statements.  

Bank of Commerce



2011 Second Quarter Report






Balance Sheets






In Thousands

June 30,

December 31,


2011

2010

Assets

(unaudited)

*

Cash

$                 5,436

$              9,355

Federal funds sold

8,921

1,788

Investment securities

37,268

39,778

Loans, gross

108,433

113,239

Allowance for loan losses

(2,033)

(2,081)

Foreclosed properties

2,464

2,971

Other assets

5,724

5,972

         Total assets

$             166,213

$          171,022




Liabilities and



Shareholders' Equity



Deposits

$             123,580

$          123,665

Borrowed funds

28,155

32,868

Other liabilities

634

590

Shareholders' equity

13,844

13,899

         Total liabilities and



         shareholders' equity

$             166,213

$          171,022




* Derived from audited financial statements








Statements of Operations





In Thousands

For the Quarter Ending

For Year to Date Ending


June 30,

June 30,

June 30,

June 30,


2011

2010

2011

2010


(unaudited)

(unaudited

(unaudited)

(unaudited)

Total interest income

$                 1,716

$              1,970

$            3,493

$            3,961

Total interest expense

558

697

1,132

1,392

Net interest income

1,158

1,273

2,361

2,569

Provision for loan losses

400

488

576

528

Net interest income after





     provision for loan losses

758

785

1,785

2,041

Securities gains

94

218

129

218

Other non-interest income

72

74

141

139

Total non-interest income

166

292

270

357

Loss on foreclosed properties

85

-

85

-

Other non-interest expense

1,059

1,009

2,104

2,052

Total non-interest expense

1,144

1,009

2,189

2,052

   Income (loss) before taxes

(220)

68

(134)

346

Provision for income taxes

-

-

-

-

   Net income (loss)

(220)

68

(134)

346

Preferred stock dividend

48

48

96

96

   Net income (loss) attributable to





    common shareholders

$                   (268)

$                  20

$             (230)

$              250









SOURCE Bank of Commerce



RELATED LINKS
http://www.BankofCommerceNC.com

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