Bank of Commerce Records Fourth Consecutive Quarter of Profitability

CHARLOTTE, N.C., Oct. 19 /PRNewswire-FirstCall/ -- Bank of Commerce (OTC Bulletin Board: BONC) posted net income available to common shareholders of $22,000 for the quarter ending September 30, 2010, compared to net loss available to common shareholders of $1,326,000 for the same period last year.  Total assets have grown from $173.4 million at December 31, 2009 to $178.4 million as of September 30, 2010.

The Bank's net income available to common shareholders for the nine months ended September 30, 2010 was $272,000, compared to a net loss available to common shareholders of $3,987,000 for the same period last year.

"Our Bank remains a well capitalized institution despite the still difficult economic environment. It appears that the overall economy is stabilizing in Charlotte, but we are still seeing some deterioration in real estate values.  Many of our clients' loans are collateralized by real estate,  so we are continuing to increase our loan loss reserve.  Even with this expense we are able to generate a profit," said Wes Sturges, President & CEO.  

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



2010 Third Quarter Report






Balance Sheets






In Thousands

September 30,

December 31,


2010

2009

Assets

(unaudited)

*

Cash

$                 9,691

$              4,061

Federal funds sold

5,791

859

Investment securities

38,987

41,403

Loans, gross

115,654

122,365

Allowance for loan losses

(2,612)

(1,836)

Other assets

10,850

6,511

         Total assets

$             178,361

$          173,363




Liabilities and



Shareholders' Equity



Deposits

$             123,339

$          118,738

Borrowed funds

38,440

39,074

Other liabilities

918

571

Shareholders' equity

15,664

14,980

         Total liabilities and



         shareholders' equity

$             178,361

$          173,363




* Derived from audited financial statements










Statements of Operations (Unaudited)





In Thousands

For the Quarter Ending

For Nine Months Ending


September 30,

September 30,

September 30,

September 30,


2010

2009

2010

2009






Total interest income

$                 1,899

$              2,024

$            5,860

$            5,725

Total interest expense

663

777

2,055

2,403

Net interest income

1,236

1,247

3,805

3,322

Provision for loan losses

523

1,679

1,051

4,651

Net interest income (loss) after





     provision for loan losses

713

(432)

2,754

(1,329)

Securities gains

435

118

653

264

Other non-interest income

69

62

208

188

Total non-interest income

504

180

861

452

Loss on foreclosed properties

216

-

216

-

Other non-interest expense

931

1,026

2,983

2,971

Total non-interest expense

1,147

1,026

3,199

2,971

   Income (loss) before taxes

70

(1,278)

416

(3,848)

Provision for income taxes

-

-

-

-

   Net income (loss)

70

(1,278)

416

(3,848)

Preferred stock dividend

48

48

144

139

   Net income (loss) available to





    common shareholders

$                     22

$             (1,326)

$              272

$           (3,987)








SOURCE Bank of Commerce



RELATED LINKS
http://www.BankofCommerceNC.com

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