Bank of Commerce Reports First Quarter Results

CHARLOTTE, N.C., April 15, 2014 /PRNewswire/ -- Bank of Commerce (BONC.OB) posted net income of $135,000 for the quarter ending March 31, 2014 compared to $117,000 for same period last year while net income available to common shareholders for the quarter ending March 31, 2014 was $62,000, compared to $69,000 for the same period last year.  The reduction in net income available to shareholders was principally driven by the first quarter 2014 increase in the Bank's Series A Preferred Stock dividend from 5% to 9%, an additional $25,000.

"We have continued to see improved earnings and loan growth in the first quarter of 2014," said Wes Sturges, President & CEO.  "Our previously announced merger with HomeTrust is on target to close in the third quarter of 2014."

Total assets were $126.4 million at March 31, 2014, down from $129.3 million at December 31, 2013.  In the first quarter, loans increased from $91.0 million to $91.8 million

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




2014 First Quarter Report




Balance Sheets




In Thousands

March 31,


December 31,


2014


2013

Assets

(unaudited)


*

Cash

$               1,592


$            1,659

Federal funds sold

599


-

Investment securities

27,616


31,634

Loans, gross

91,776


90,997

Allowance for loan losses

(1,468)


(1,489)

Foreclosed properties

249


296

Other assets

6,017


6,218

          Total assets

$            126,381


$         129,315





Liabilities and




Shareholders' Equity




Deposits

$              97,420


$           93,799

Borrowed funds

15,934


22,984

Other liabilities

928


946

Shareholders' equity

12,099


11,586

          Total liabilities and




          shareholders' equity

$            126,381


$         129,315

* Derived from audited financial statements








Statements of Operations




In Thousands

For the Quarter Ending


March 31,


March 31,


2014


2013


(unaudited)


(unaudited)

Total interest income

$               1,212


$            1,209

Total interest expense

173


168

Net interest income

1,039


1,041

Provision for loan losses

-


23

Net interest income after




      provision for loan losses

1,039


1,018

Securities gains

19


18

Other non-interest income

79


98

Total non-interest income

98


116

Loss on foreclosed properties

5


-

Other non-interest expense

997


1,017

Total non-interest expense

1,002


1,017

    Income before taxes

135


117

Provision for income taxes

-


-

    Net income

135


117

Preferred stock dividend

73


48

    Net income available to




     common shareholders

$                    62


$                 69





 

 

SOURCE Bank of Commerce



RELATED LINKS
http://www.bankofcommercenc.com

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