By CHARLOTTE, January 23, 2013 -- Bank of Commerce (BONC.OB) posted net income available to common shareholders of $101,000 for the year ending December 31, 2012, compared to a net loss attributable to common shareholders of $1,814,000 for 2011.
"We have made tremendous progress this year returning the Bank to profitability with net income of
$253,000 before preferred dividends. We have significantly improved asset quality and contained expenses to achieve these results," said Wes Sturges, President & CEO. "This improved financial position will enable us to even better serve our clients' banking needs."
For the quarter ended December 31, 2012 the Bank posted a net loss attributable to common shareholders of $96,000, compared to a net loss attributable to common shareholders of $847,000 for the same period in 2011. Total assets were $131.5 million at December 31, 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 Fourth Quarter Report Balance SheetIn Thousands December 31, December 31,
2012 2011
Assets | (unaudited) | * |
Cash | $ 2,440 | $ 1,233 |
Federal funds sold | 4,723 | 6,915 |
Investment securities | 30,401 | 34,127 |
Loans, gross | 88,765 | 97,255 |
Allowance for loan losses | (1,865) | (2,099) |
Foreclosed properties | 1,419 | 2,075 |
Other assets 5,608 5,722
Total assets $ 131,491 $ 145,228
Deposits $ 91,143 $ 100,148
Borrowed funds 26,806 31,672
Other liabilities 870 878
Shareholders' equity 12,672 12,530 Total liabilities and
shareholders' equity $ 131,491 $ 145,228
In Thousands For the Quarter Ending For the Year Ending
Total interest income
Total interest expense 183 383 980 1,995 Net interest income 1,087 1,115 4,291 4,613
Provision for loan losses 90 928 206 2,024
Net interest income after
provision for loan losses 997 187 4,085 2,589 Securities gains 188 136 334 472
Other non-interest income 97 71 319 281
Total non-interest income 285 207 653 753 Loss on foreclosed properties 232 170 278 966
Other non-interest expense 1,119 1,063 4,207 4,101
Total non-interest expense 1,351 1,233 4,485 5,067 Income (loss) before taxes (69) (839) 253 (1,725) Provision for income taxes - - - - Net income (loss) (69) (839) 253 (1,725)
Preferred stock dividend 27 8 152 89
Net income (loss) available (attributable)
to common shareholders $ (96) $ (847) $ 101 $ (1,814)
* Derived from audited financial statements
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