BANK OF COMMERCE 
By CHARLOTTE, N.C., Jan. 11, 2011 /PRNewswire/ -- Bank of Commerce (OTC Bulletin Board: BONC) posted a net loss available to common shareholders of $999,000 for the year ending December 31, 2010, compared to a net loss available to common shareholders of $3,863,000 for last year. Total assets were $171.0 million at December 31, 2010 down from $173.4 million at December 31, 2009.
"In the fourth quarter, we completed our annual appraisal of impaired loans and foreclosed properties. With some property values declining by more than 50% since the original appraisal, we experienced some significant write downs. While we are encouraged that property values appear to be stabilizing, we will continue to monitor these values and liquidate the problem assets as quickly as feasible," said Wes Sturges, President and CEO. "We continue to maintain our status as a well capitalized bank. For 2011, we expect to have a compressed interest rate margin but are projecting modest growth."
The Bank's net loss available to common shareholders for the quarter ended December 31, 2010 was $1,271,000, compared to a net income available to common shareholders of $124,000 for the same period last year.
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 Fourth Quarter Report
Balance Sheets
In Thousands December 31, December 31,
2010 2009
---- ----
Assets (unaudited) (audited)
Cash $9,355 $4,061
Federal funds sold 1,788 859
Investment securities 39,778 41,403
Loans, gross 113,239 122,365
Allowance for loan losses (2,081) (1,836)
Foreclosed properties 2,971 359
Other assets 5,972 6,152
Total assets $171,022 $173,363
-------- --------
Liabilities and
Shareholders' Equity
Deposits $123,665 $118,738
Borrowed funds 32,868 39,074
Other liabilities 590 571
Shareholders' equity 13,899 14,980
------ ------
Total liabilities and
shareholders' equity $171,022 $173,363
-------- --------
Statements of Operations
In Thousands For the Quarter Ending For Year Ending
December 31, December 31, December 31, December 31,
2010 2009 2010 2009
---- ---- ---- ----
(unaudited) (unaudited) (unaudited) (audited)
Total
interest
income $1,812 $2,004 $7,672 $7,729
Total
interest
expense 626 740 2,681 3,143
--- --- ----- -----
Net interest
income 1,186 1,264 4,991 4,586
Provision for
loan losses 85 270 1,136 4,921
--- --- ----- -----
Net interest
income
(loss) after
provision for
loan losses 1,101 994 3,855 (335)
----- --- ----- ----
Securities
gains 315 48 968 312
Other non-
interest
income 69 65 277 253
--- --- --- ---
Total non-
interest
income 384 113 1,245 565
--- --- ----- ---
Loss on
foreclosed
properties 1,598 - 1,814 -
Other non-
interest
expense 1,110 934 4,093 3,905
----- --- ----- -----
Total non-
interest
expense 2,708 934 5,907 3,905
----- --- ----- -----
Income (loss)
before taxes (1,223) 173 (807) (3,675)
Provision for
income taxes - - - -
--- --- --- ---
Net income
(loss) (1,223) 173 (807) (3,675)
Preferred
stock
dividend 48 49 192 188
--- --- --- ---
Net income
(loss)
available to
common
shareholders $(1,271) $124 $(999) $(3,863)
------- ---- ----- -------
SOURCE Bank of Commerce
