Bank of Commerce Returns to Profitability

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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

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