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Bank of Commerce Reports Fourth Quarter Results and Year-to-Date

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CHARLOTTE, N.C., Jan. 24, 2012 /PRNewswire/ -- Bank of Commerce (BONC.OB) posted a net loss available to common shareholders of $847,000 for the quarter ending December 31, 2011, compared to net loss available to common shareholders of $1,271,000 for the same period last year.    

"In 2011 we continued to work diligently on improving asset quality by charging down balances on loans where repayment may be partially or fully dependent on the sale of real estate.  As area real estate values continued to decline in 2011, we responded accordingly and charged-down $3.0 million in loans and foreclosed properties.  We remain well capitalized and are positioned to serve the borrowing needs of our small business customer in 2012," said Wes Sturges, President & CEO.  

The Bank's net loss available to common shareholders for the year ended December 31, 2011 was $1,814,000, compared to $999,000 for 2010.   Total assets were $145.2 million at December 31, 2011 down from $171.0 million at December 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 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 Fourth Quarter Report














Balance Sheets














In Thousands

December 31,


December 31,





2011


2010




Assets

(unaudited)


*




Cash

$                 1,233


$              9,355




Federal funds sold

6,915


1,788




Investment securities

34,127


39,778




Loans, gross

97,255


113,239




Allowance for loan losses

(2,099)


(2,081)




Foreclosed properties

2,075


2,971




Other assets

5,722


5,972




         Total assets

$             145,228


$          171,022











Liabilities and







Shareholders' Equity







Deposits

$             100,148


$          123,665




Borrowed funds

31,672


32,868




Other liabilities

878


590




Shareholders' equity

12,530


13,899




         Total liabilities and







         shareholders' equity

$             145,228


$          171,022











* Derived from audited financial statements














Statements of Operations







In Thousands

For the Quarter Ending

For the Year Ending


December 31,


December 31,

December 31,


December 31,


2011


2010

2011


2010


(unaudited)


(unaudited)

(unaudited)


(unaudited)

Total interest income

$                 1,498


$              1,812

$            6,608


$            7,672

Total interest expense

383


626

1,995


2,681

Net interest income

1,115


1,186

4,613


4,991

Provision for loan losses

928


85

2,024


1,136

Net interest income after







     provision for loan losses

187


1,101

2,589


3,855

Securities gains

136


315

472


968

Other non-interest income

71


69

281


277

Total non-interest income

207


384

753


1,245

Loss on foreclosed properties

170


1,598

966


1,814

Other non-interest expense

1,063


1,110

4,101


4,093

Total non-interest expense

1,233


2,708

5,067


5,907

   Loss before taxes

(839)


(1,223)

(1,725)


(807)

Provision for income taxes

-


-

-


-

   Net loss

(839)


(1,223)

(1,725)


(807)

Preferred stock dividend

8

**

48

89


192

   Net loss attributable to







    common shareholders

$                   (847)


$             (1,271)

$           (1,814)


$             (999)








** The FDIC did not grant the Bank permission to pay the last two scheduled dividends on preferred stock issued to the Treasury under the Capital Purchase Program.










SOURCE Bank of Commerce



RELATED LINKS
http://www.BankofCommerceNC.com

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