Bank of Commerce Reports Positive Third Quarter and Year-to-Date Results

CHARLOTTE, N.C., Oct. 16, 2012 /PRNewswire/ -- Bank of Commerce (BONC.OB) posted a net income available to common shareholders of $33,000 for the quarter ending September 30, 2012, compared to a net loss attributable to common shareholders of $737,000 for the same period last year.    

"2012 is proving to be a good year for our Bank, this despite the fact that the overall rate of economic growth in the Charlotte area remains rather anemic. Our lenders are developing new business relationships and expanding services to existing customers to enable companies to grow their facilities, hire new employees and do their part to improve Charlotte's economic health and well-being," said Wes Sturges, President & CEO.

The Bank's net income available to common shareholders for the nine months ended September 30, 2012 was $197,000, compared to a net loss attributable to common shareholders of $967,000 for the same period last year.   Total assets were $139.3 million at September 30, 2012, down from $145.2 million at December 31, 2011. 

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





2012 Third Quarter Report





Balance Sheets










In Thousands

September 30,

December 31,




2012

2011



Assets

(unaudited)

*



Cash

$                 3,742

$              1,233



Federal funds sold

8,200

6,915



Investment securities

29,831

34,127



Loans, gross

92,513

97,255



Allowance for loan losses

(1,898)

(2,099)



Foreclosed properties

1,483

2,075



Other assets

5,439

5,722



          Total assets

$             139,310

$          145,228








Liabilities and





Shareholders' Equity





Deposits

$               97,252

$          100,148



Borrowed funds

28,176

31,672



Other liabilities

973

878



Shareholders' equity

12,909

12,530



          Total liabilities and





          shareholders' equity

$             139,310

$          145,228








* 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,


2012

2011

2012

2011


(unaudited)

(unaudited

(unaudited)

(unaudited)

Total interest income

$                 1,294

$              1,617

$            4,001

$            5,110

Total interest expense

203

480

797

1,612

Net interest income

1,091

1,137

3,204

3,498

Provision for loan losses

41

520

116

1,096

Net interest income after





      provision for loan losses

1,050

617

3,088

2,402

Securities gains

-

207

146

336

Other non-interest income

76

69

222

210

Total non-interest income

76

276

368

546

Loss on foreclosed properties

21

711

46

796

Other non-interest expense

1,024

934

3,088

3,038

Total non-interest expense

1,045

1,645

3,134

3,834

    Income (loss) before taxes

81

(752)

322

(886)

Provision for income taxes

-

-

-

-

    Net income (loss)

81

(752)

322

(886)

Preferred stock dividend

48

(15)

125

81

    Net income (loss) available (attributable)




     to common shareholders

$                     33

$                (737)

$              197

$             (967)







 

SOURCE Bank of Commerce



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