Bank of Commerce Reports Profitable First Quarter

CHARLOTTE, N.C., April 17, 2012 /PRNewswire/ -- Bank of Commerce (BONC.OB) posted net income available to common shareholders of $48,000 for the quarter ending March 31, 2012, compared to net income available to common shareholders of $38,000 for the same period last year.    

"We not only recorded a profit for the first quarter but we continued to strengthen our balance sheet both by selling foreclosed properties and by reducing our non-accruing assets. Though our loans outstanding decreased during the quarter, we are now seeing increased demand for credit from our clients and this should result in positive loan growth going forward," said Wes Sturges, President & CEO.

Total assets were $136.8 million at March 31, 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 First Quarter Report








Balance Sheets








In Thousands

March 31,


December 31,


2012


2011

Assets

(unaudited)


*

Cash

$                 2,001


$              1,233

Federal funds sold

3,672


6,915

Investment securities

33,590


34,127

Loans, gross

92,039


97,255

Allowance for loan losses

(2,088)


(2,099)

Foreclosed properties

2,083


2,075

Other assets

5,501


5,722

          Total assets

$             136,798


$          145,228





Liabilities and




Shareholders' Equity




Deposits

$               92,343


$          100,148

Borrowed funds

30,881


31,672

Other liabilities

938


878

Shareholders' equity

12,636


12,530

          Total liabilities and




          shareholders' equity

$             136,798


$          145,228





* Derived from audited financial statements




Statements of Operations




In Thousands

For the Quarter Ending


March 31,


March 31,


2012


2011


(unaudited)


(unaudited)

Total interest income

$                 1,379


$              1,777

Total interest expense

318


574

Net interest income

1,061


1,203

Provision for loan losses

60


176

Net interest income after




      provision for loan losses

1,001


1,027

Securities gains

-


35

Other non-interest income

72


69

Total non-interest income

72


104

Loss on foreclosed properties

8


-

Other non-interest expense

1,009


1,045

Total non-interest expense

1,017


1,045

    Income before taxes

56


86

Provision for income taxes

-


-

    Net income 

56


86

Preferred stock dividend

8

 ** 

48

    Net income available to




     common shareholders

$                     48


$                  38





** The FDIC did not grant the Bank permission to pay the last three 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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