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

CHARLOTTE, N.C., July 23, 2013 /PRNewswire/ -- Bank of Commerce (BONC.OB) posted net income of $49,000 for the quarter ending June 30, 2013, compared to $185,000 for the same period last year.  This change is primarily due to lower gains on sales of securities of $128,000 in the second quarter of 2013 versus the same quarter in 2012.  The Bank's net income available to common shareholders for the quarter ending June 30, 2013 was $1,000 compared to $116,000 for the same period last year.     

"During the second quarter, we were able to reduce our problem assets by $1.8 million while still maintaining profitability," said Wes Sturges, President & CEO.  "The pace of loan growth slowed in the second quarter primarily due to decreased customer demand and some clients paying off existing credits."

The Bank's net income for the six months ended June 30, 2013 was $166,000, compared to $241,000 for the same period last year while net income available to common shareholders for the six months ended June 30, 2013 was $70,000, compared to $164,000 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 six months of 2013 versus the same period in 2012.  Total assets were $127.5 million at June 30, 2013, down 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 Second Quarter Report





Balance Sheets





In Thousands

June 30,

December 31,




2013

2012



Assets

(unaudited)

*



Cash

$                  982

$            2,440



Federal funds sold

-

4,723



Investment securities

32,675

30,401



Loans, gross

88,662

88,765



Allowance for loan losses

(1,656)

(1,865)



Foreclosed properties

893

1,419



Other assets

5,964

5,608



          Total assets

$            127,520

$         131,491








Liabilities and





Shareholders' Equity





Deposits

$              94,935

$           91,143



Borrowed funds

19,943

26,806



Other liabilities

749

870



Shareholders' equity

11,893

12,672



          Total liabilities and





          shareholders' equity

$            127,520

$         131,491








* 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,


2013

2012

2013

2012


(unaudited)

(unaudited

(unaudited)

(unaudited)

Total interest income

$               1,193

$            1,328

$          2,402

$          2,707

Total interest expense

160

276

328

594

Net interest income

1,033

1,052

2,074

2,113

Provision for loan losses

-

15

23

75

Net interest income after





      provision for loan losses

1,033

1,037

2,051

2,038

Securities gains

18

146

36

146

Other non-interest income

100

74

198

146

Total non-interest income

118

220

234

292

Loss on foreclosed properties

30

17

30

25

Other non-interest expense

1,072

1,055

2,089

2,064

Total non-interest expense

1,102

1,072

2,119

2,089

    Income before taxes

49

185

166

241

Provision for income taxes

-

-

-

-

    Net income

49

185

166

241

Preferred stock dividend

48

69

96

77

    Net income available





     to common shareholders

$                      1

$               116

$               70

$             164






SOURCE Bank of Commerce



RELATED LINKS
http://www.BankofCommerceNC.com

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