BANK OF COMMERCE 
By CHARLOTTE, N.C., Oct. 19 /PRNewswire-FirstCall/ -- Bank of Commerce (OTC Bulletin Board: BONC) posted net income available to common shareholders of $22,000 for the quarter ending September 30, 2010, compared to net loss available to common shareholders of $1,326,000 for the same period last year. Total assets have grown from $173.4 million at December 31, 2009 to $178.4 million as of September 30, 2010.
The Bank's net income available to common shareholders for the nine months ended September 30, 2010 was $272,000, compared to a net loss available to common shareholders of $3,987,000 for the same period last year.
"Our Bank remains a well capitalized institution despite the still difficult economic environment. It appears that the overall economy is stabilizing in Charlotte, but we are still seeing some deterioration in real estate values. Many of our clients' loans are collateralized by real estate, so we are continuing to increase our loan loss reserve. Even with this expense we are able to generate a profit," said Wes Sturges, President & CEO.
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
2010 Third Quarter Report
Balance Sheets
In Thousands September 30, December 31,
2010 2009
---- ----
Assets (unaudited) *
Cash $9,691 $4,061
Federal funds sold 5,791 859
Investment securities 38,987 41,403
Loans, gross 115,654 122,365
Allowance for loan losses (2,612) (1,836)
Other assets 10,850 6,511
Total assets $178,361 $173,363
-------- --------
Liabilities and
Shareholders' Equity
Deposits $123,339 $118,738
Borrowed funds 38,440 39,074
Other liabilities 918 571
Shareholders' equity 15,664 14,980
------ ------
Total liabilities and
shareholders' equity $178,361 $173,363
-------- --------
* Derived from audited financial
statements
Statements of
Operations
(Unaudited)
In Thousands For the Quarter Ending For Nine Months Ending
September September September September
30, 30, 30, 30,
2010 2009 2010 2009
---- ---- ---- ----
Total interest
income $1,899 $2,024 $5,860 $5,725
Total interest
expense 663 777 2,055 2,403
--- --- ----- -----
Net interest
income 1,236 1,247 3,805 3,322
Provision for
loan losses 523 1,679 1,051 4,651
--- ----- ----- -----
Net interest
income (loss)
after
provision for
loan losses 713 (432) 2,754 (1,329)
--- ---- ----- ------
Securities
gains 435 118 653 264
Other non-
interest
income 69 62 208 188
--- --- --- ---
Total non-
interest
income 504 180 861 452
--- --- --- ---
Loss on
foreclosed
properties 216 - 216 -
Other non-
interest
expense 931 1,026 2,983 2,971
--- ----- ----- -----
Total non-
interest
expense 1,147 1,026 3,199 2,971
----- ----- ----- -----
Income (loss)
before taxes 70 (1,278) 416 (3,848)
Provision for
income taxes - - - -
--- --- --- ---
Net income
(loss) 70 (1,278) 416 (3,848)
Preferred
stock
dividend 48 48 144 139
--- --- --- ---
Net income
(loss)
available to
common
shareholders $22 $(1,326) $272 $(3,987)
--- ------- ---- -------
SOURCE Bank of Commerce
