Bank of Commerce Returns to Profitability
Apr 19, 2011, 09:00 ET
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 |
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Balance Sheets |
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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 |
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Shareholders' Equity |
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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 |
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In Thousands |
For the Quarter Ending |
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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 |
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common shareholders |
$ 38 |
$ 230 |
|
* derived from audited amounts |
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SOURCE Bank of Commerce