2014

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

CHARLOTTE, N.C., July 17, 2012 /PRNewswire/ -- Bank of Commerce (BONC.OB) posted a net income available to common shareholders of $116,000 for the quarter ending June 30, 2012, compared to a net loss attributable to common shareholders of $268,000 for the same period last year.    

"We have worked diligently to return the Bank to profitability.  We have improved asset quality, enhanced our capital position and have begun to see increased lending activity," said Wes Sturges, President & CEO.  "We are also pleased that our recently introduced 'Banker on Call' program is being well received by our clients and is generating new business opportunities."

The Bank's net income available to common shareholders for the six months ended June 30, 2012 was $164,000, compared to a net loss attributable to common shareholders of $230,000 for the same period last year.   Total assets were $140.7 million at June 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 Second Quarter Report






Balance Sheets






In Thousands

June 30,

December 31,


2012

2011

Assets

(unaudited)

*

Cash

$     1,792

$         1,233

Federal funds sold

13,979

6,915

Investment securities

25,414

34,127

Loans, gross

94,246

97,255

Allowance for loan losses

(2,034)

(2,099)

Foreclosed properties

1,803

2,075

Other assets

5,497

5,722

          Total assets

$  140,697

$     145,228




Liabilities and



Shareholders' Equity



Deposits

$  101,760

$     100,148

Borrowed funds

25,374

31,672

Other liabilities

827

878

Shareholders' equity

12,736

12,530

          Total liabilities and



          shareholders' equity

$  140,697

$     145,228




* Derived from audited financial statements



 

Statements of Operations






In Thousands

For the Quarter Ending


For Year to Date Ending


June 30,

June 30,


June 30,

June 30,


2012

2011


2012

2011


(unaudited)

(unaudited)


(unaudited)

(unaudited)

Total interest income

$     1,328

$         1,716


$    2,707

$    3,493

Total interest expense

276

558


594

1,132

Net interest income

1,052

1,158


2,113

2,361

Provision for loan losses

15

400


75

576

Net interest income after






      provision for loan losses

1,037

758


2,038

1,785

Securities gains

146

94


146

129

Other non-interest income

74

72


146

141

Total non-interest income

220

166


292

270

Loss on foreclosed properties

17

85


25

85

Other non-interest expense

1,055

1,059


2,064

2,104

Total non-interest expense

1,072

1,144


2,089

2,189

    Income (loss) before taxes

185

(220)


241

(134)

Provision for income taxes

-

-


-

-

    Net income (loss)

185

(220)


241

(134)

Preferred stock dividend

69

48


77

96

    Net income (loss) available (attributable)






     to common shareholders

$        116

$          (268)


$       164

$      (230)


SOURCE Bank of Commerce



RELATED LINKS
http://www.BankofCommerceNC.com

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