Bank of Commerce Reports Increased Profitability in the First Quarter

CHARLOTTE, N.C., April 16, 2013 /PRNewswire/ -- Bank of Commerce (BONC.OB) posted net income available to common shareholders of $69,000 for the quarter ending March 31, 2013, compared to $48,000 for the same period last year.    

"Over the past few months we have seen an increase in business activity: and, as a result, more lending opportunities.  We are pleased to be able to report both loan growth and increased profitability for the quarter," said Wes Sturges, President & CEO.

Total assets were $127.0 million at March 31, 2013 down from $131.5 million at December 31, 2012.  In the first quarter, loans increased from $88.8 million to $91.7 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




2013 First Quarter Report








Balance Sheets








In Thousands

March 31,


December 31,


2013


2012

Assets

(unaudited)


*

Cash

$               1,795


$            2,440

Federal funds sold

-


4,723

Investment securities

28,075


30,401

Loans, gross

91,685


88,765

Allowance for loan losses

(1,819)


(1,865)

Foreclosed properties

1,860


1,419

Other assets

5,411


5,608

          Total assets

$            127,007


$         131,491





Liabilities and




Shareholders' Equity




Deposits

$              92,044


$           91,143

Borrowed funds

21,465


26,806

Other liabilities

832


870

Shareholders' equity

12,666


12,672

          Total liabilities and




          shareholders' equity

$            127,007


$         131,491

* Derived from audited financial statements








Statements of Operations




In Thousands

For the Quarter Ending


March 31,


March 31,


2013


2012


(unaudited)


(unaudited)

Total interest income

$               1,209


$            1,379

Total interest expense

168


318

Net interest income

1,041


1,061

Provision for loan losses

23


60

Net interest income after




      provision for loan losses

1,018


1,001

Securities gains

18


-

Other non-interest income

98


72

Total non-interest income

116


72

Loss on foreclosed properties

-


8

Other non-interest expense

1,017


1,009

Total non-interest expense

1,017


1,017

    Income before taxes

117


56

Provision for income taxes

-


-

    Net income

117


56

Preferred stock dividend

48


8

    Net income available to




     common shareholders

$                    69


$                 48

 

 

SOURCE Bank of Commerce



RELATED LINKS
http://www.BankofCommerceNC.com

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