Bank of Commerce Records Third Consecutive Quarter of Profitability
CHARLOTTE, N.C., July 13 /PRNewswire-FirstCall/ -- Bank of Commerce (OTC Bulletin Board: BONC) posted net income available to common shareholders of $20,000 for the quarter ending June 30, 2010, compared to net loss available to common shareholders of $2,661,000 for the same period last year. Total assets have grown from $173.4 million at December 31, 2009 to $176.4 million as of June 30, 2010.
The Bank's net income available to common shareholders for the six months ended June 30, 2010 was $250,000, compared to a net loss available to common shareholders of $2,661,000 for the same period last year.
"We are pleased to report that despite the continued slow economy, we achieved another profitable quarter and further positioned the bank for the economic challenges going forward," said Wes Sturges , President & CEO. "This spring, in response to the projected changing rate environment, we restructured our investment portfolio and, in doing so, recognized gains on several of these sold investments. Also, our loan loss reserve model, when factoring in the potential impact of minimal economic growth and high unemployment rate, indicated the need to increase our reserve for any resulting potential credit problems. We absorbed this expense during second quarter as well."
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 Second Quarter Report
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* Derived from audited financial statements
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SOURCE Bank of Commerce
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