Bank of Commerce Returns to Profitability

CHARLOTTE, N.C., April 19, 2011 /PRNewswire/ -- Bank of Commerce (OTC Bulletin Board: BONC) announces net income available to common shareholders for the first quarter ended March 31, 2011 of $38,000, compared to $230,000 for the same period last year.  

"Given the ongoing economic challenges in our area, we are pleased to be profitable," said Wes Sturges, President and Chief Executive Officer.  "We have seen modest growth in the loan portfolio during this quarter.  We believe that recently adding several development officers to our team, and opening a loan production office in Asheville, NC position us for additional growth throughout the year."

The Bank's total assets were $171.0 million as of March 31, 2011.  Gross loans were $114.4 million and deposits were $126.4 million as of March 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

2011 First Quarter Report




Balance Sheets






In Thousands

March 31,

December 31,


2011

2010

Assets

(unaudited)

*

Cash

$                 6,521

$              9,355

Federal funds sold

444

1,788

Investment securities

40,061

39,778

Loans, gross

114,437

113,239

Allowance for loan losses

(2,078)

(2,081)

Foreclosed properties

2,971

2,971

Other assets

8,601

5,972

         Total assets

$             170,957

$          171,022




Liabilities and



Shareholders' Equity



Deposits

$             126,370

$          123,665

Borrowed funds

30,129

32,868

Other liabilities

594

590

Shareholders' equity

13,864

13,899

         Total liabilities and



         shareholders' equity

$             170,957

$          171,022







Statements of Operations



In Thousands

For the Quarter Ending


March 31,

March 31,


2011

2010


(unaudited)

(unaudited)

Total interest income

$                 1,777

$              1,991

Total interest expense

574

695

Net interest income

1,203

1,296

Provision for loan losses

176

40

Net interest income after



     provision for loan losses

1,027

1,256

Securities gains

35

-

Other non-interest income

69

65

Total non-interest income

104

65

Total non-interest expense

1,045

1,043

   Income before taxes

86

278

Provision for income taxes

-

-

   Net income

86

278

Preferred stock dividend

48

48

   Net income available to



    common shareholders

$                     38

$                230


* derived from audited amounts



SOURCE Bank of Commerce



RELATED LINKS
http://www.BankofCommerceNC.com

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