Bank of Commerce Announces Third Quarter Results
CHARLOTTE, N.C., Oct. 18, 2011 /PRNewswire/ -- During the third quarter of 2011 Bank of Commerce (BONC.OB) continued to write-down and liquidate problem assets. "Based on updated appraisals and other market information, we believe we have properly accounted for the dramatic depreciation that has occurred over the past few years in the value of our real estate loan portfolio. Although this has negatively impacted our earnings both for the quarter and the year to date period, we remain a well capitalized bank," said Wes Sturges, President and CEO.
As a result of falling real estate values, liquidations and write-downs on problem assets, the Bank posted a net loss attributable to common shareholders of $737,000 for the quarter ending September 30, 2011, compared to net income of $22,000 for the same period last year. Total assets have declined from $171.0 million at December 31, 2010 to $153.0 million as of September 30, 2011.
The Bank's net loss attributable to common shareholders for the nine months ended September 30, 2011 was $967,000, compared to net income of $272,000 for the same period last year.
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 Third Quarter Report
Federal funds sold
Allowance for loan losses
Liabilities and Shareholders' Equity
Total liabilities and shareholders' equity
* Derived from audited financial statements
Statements of Operations
For the Quarter Ending
For Year to Date Ending
Total interest income
Total interest expense
Net interest income
Provision for loan losses
Net interest income after
provision for loan losses
Other non-interest income
Total non-interest income
Loss on foreclosed properties
Other non-interest expense
Total non-interest expense
Income (loss) before taxes
Provision for income taxes
Net income (loss)
Preferred stock dividend
Net income (loss) attributable to
** The FDIC did not grant the Bank permission to pay the scheduled dividend on preferred stock issued to the Treasury under the Capital Purchase Program. Therefore any dividends previously accrued were reversed, reflecting the "non-cumulative" nature of the preferred stock.
SOURCE Bank of Commerce
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