Bank of Commerce Reports First Quarter Profit Despite Market Weakness
CHARLOTTE, N.C., April 13 /PRNewswire-FirstCall/ -- Bank of Commerce (OTC Bulletin Board: BONC) announces net income available to common shareholders for the first quarter ended March 31, 2010 of $230,000, compared to breaking even for the same period last year.
"We are pleased to start 2010 with a strong quarterly earnings report, particularly given the ongoing challenges we face within our local economy and the banking industry," said Wes Sturges , President and Chief Executive Officer. "While there have been some isolated signs of economic growth nationally, we have not seen much of this improvement within the Charlotte small business community. We will, therefore, continue to position the Bank for reasonable growth for the foreseeable future while aggressively focusing on controlling expenses and maintaining credit quality."
The Bank's total assets were $170.3 million as of March 31, 2010. Gross loans were $119.2 million and deposits were $127.0 million as of March 31, 2010.
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 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." The FDIC has extended its coverage from $100,000 to $250,000 until December 31, 2013. Additionally, the Bank participates in the Transactional Account Guarantee Program that fully guarantees all balances in non-interest bearing transaction accounts until June 30, 2010. 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 First Quarter Report
Federal funds sold
Allowance for loan losses
Total liabilities and shareholders' equity
Statements of Operations (Unaudited)
For the Quarter Ended
For the Quarter Ended
Total interest income
Total interest expense
Net interest income
Provision for loan losses
Net interest income after provision for loan losses
Total other income
Total other expense
Income (loss) before taxes
Provision for income taxes
Preferred stock dividend
Net income applicable to common shareholders
SOURCE Bank of Commerce
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