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

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

Published on Tuesday, 17 July 2012 09:14 Written by TradersHuddle Staff

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

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