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Bank of Commerce Reports Improved Profitability in Third Quarter

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CHARLOTTE, N.C., Oct. 8, 2013 /PRNewswire/ -- Bank of Commerce (BONC.OB) posted net income of $105,000 for the quarter ending September 30, 2013, compared to $81,000 for the same period last year.  The Bank's net income available to common shareholders for the quarter ending September 30, 2013 was $56,000 compared to $33,000 for the same period last year.

"During the third quarter, we increased profitability, reduced our problem assets and increased net loans outstanding," said Wes Sturges, President & CEO.  "With our expanded business development team, we are well positioned to increase our loans outstanding as the economy continues to improve."

The Bank's net income for the nine months ended September 30, 2013 was $271,000, compared to $322,000 for the same period last year while net income available to common shareholders for the nine months ended September 30, 2013 was $126,000, compared to $197,000 for the same period last year.  The year to date change is primarily due to lower gains on sales of securities of $110,000 in the first nine months of 2013 versus the same period in 2012.  Total assets were $133.1 million at September 30, 2013, up from $131.5 million at December 31, 2012. 

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






2013 Third Quarter Report












Balance Sheets












In Thousands

September 30,

December 31,





2013

2012




Assets

(unaudited)

*




Cash

$               2,435

$            2,440




Federal funds sold

1,517

4,723




Investment securities

35,369

30,401




Loans, gross

89,017

88,765




Allowance for loan losses

(1,532)

(1,865)




Foreclosed properties

296

1,419




Other assets

6,028

5,608




          Total assets

$            133,130

$         131,491










Liabilities and






Shareholders' Equity






Deposits

$            108,525

$           91,143




Borrowed funds

12,008

26,806



Other liabilities

805

870



Shareholders' equity

11,792

12,672



          Total liabilities and





          shareholders' equity

$            133,130

$         131,491








* Derived from audited financial statements










Statements of Operations





In Thousands

For the Quarter Ending

For Year to Date Ending


September 30,

September 30,

September 30,

September 30,


2013

2012

2013

2012


(unaudited)

(unaudited)

(unaudited)

(unaudited)

Total interest income

$               1,240

$            1,294

$          3,642

$          4,001

Total interest expense

160

203

488

797

Net interest income

1,080

1,091

3,154

3,204

Provision for loan losses

-

41

23

116

Net interest income after





      provision for loan losses

1,080

1,050

3,131

3,088

Securities gains

-

-

36

146

Other non-interest income

83

76

281

222

Total non-interest income

83

76

317

368

Loss on foreclosed properties

5

21

35

46

Other non-interest expense

1,053

1,024

3,142

3,088

Total non-interest expense

1,058

1,045

3,177

3,134

    Income before taxes

105

81

271

322

Provision for income taxes

-

-

-

-

    Net income

105

81

271

322

Preferred stock dividend

49

48

145

125

    Net income available





     to common shareholders

$                    56

$                 33

$             126

$             197














SOURCE Bank of Commerce



RELATED LINKS
http://www.bankofcommercenc.com

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