By CHARLOTTE, N.C., Jan. 22, 2014 /PRNewswire/ -- Bank of Commerce (BONC.OB) posted net income of $441,000 for the year ending December 31, 2013 compared to $253,000 for the year ending December 31, 2012. Net income available to common shareholders for the year ending December 31, 2013 was $249,000, compared to $101,000 for the year ending December 31, 2012.
"In 2013, despite an economic recovery that remained sluggish, we achieved growth in both our profitability and our loan portfolio. In the fourth quarter we saw an increase in demand for new loans as opposed to just refinance opportunities," said Wes Sturges, President & CEO. "This new demand bodes well for both the Charlotte economy and our Bank in 2014."
For the quarter ended December 31, 2013 the Bank posted net income available to common shareholders of $123,000, compared to a net loss attributable to common shareholders of $96,000 for the same period in 2012. Total assets were $129.3 million at December 31, 2013, down slightly from $131.5 million at December 31, 2012.
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
2013 Fourth Quarter Report
Balance Sheets
In Thousands
December 31, December 31,
2013 2012
---- ----
Assets (unaudited) *
Cash $1,659 $2,440
Federal funds sold - 4,723
Investment securities 31,634 30,401
Loans, gross 90,997 88,765
Allowance for loan losses (1,489) (1,865)
Foreclosed properties 296 1,419
Other assets 6,218 5,608
Total assets $129,315 $131,491
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Liabilities and
Shareholders' Equity
Deposits $93,799 $91,143
Borrowed funds 22,984 26,806
Other liabilities 946 870
Shareholders' equity 11,586 12,672
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Total liabilities and
shareholders' equity $129,315 $131,491
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* Derived from audited financial statements
Statements of Operations
In Thousands For the Quarter Ending For the Year Ending
December 31, December 31, December 31, December 31,
2013 2012 2013 2012
---- ---- ---- ----
(unaudited) (unaudited (unaudited) (unaudited)
Total interest income $1,234 $1,270 $4,876 $5,271
Total interest expense 168 183 656 980
--- --- --- ---
Net interest income 1,066 1,087 4,220 4,291
Provision for loan losses (23) 90 - 206
--- --- --- ---
Net interest income after
provision for loan losses 1,089 997 4,220 4,085
----- --- ----- -----
Securities gains 65 188 101 334
Other non-interest income 85 97 366 319
--- --- --- ---
Total non-interest income 150 285 467 653
--- --- --- ---
Loss on foreclosed properties - 232 35 278
Other non-interest expense 1,069 1,119 4,211 4,207
----- ----- ----- -----
Total non-interest expense 1,069 1,351 4,246 4,485
----- ----- ----- -----
Income (loss) before taxes 170 (69) 441 253
Provision for income taxes - - - -
--- --- --- ---
Net income (loss) 170 (69) 441 253
Preferred stock dividend 47 27 192 152
--- --- --- ---
Net income (loss) available (attributable)
to common shareholders $123 $(96) $249 $101
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SOURCE Bank of Commerce
