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

News provided by

Bank of Commerce

Jan 24, 2012, 10:12 ET

CHARLOTTE, N.C., Jan. 24, 2012 /PRNewswire/ -- Bank of Commerce (BONC.OB) posted a net loss available to common shareholders of $847,000 for the quarter ending December 31, 2011, compared to net loss available to common shareholders of $1,271,000 for the same period last year.    

"In 2011 we continued to work diligently on improving asset quality by charging down balances on loans where repayment may be partially or fully dependent on the sale of real estate.  As area real estate values continued to decline in 2011, we responded accordingly and charged-down $3.0 million in loans and foreclosed properties.  We remain well capitalized and are positioned to serve the borrowing needs of our small business customer in 2012," said Wes Sturges, President & CEO.  

The Bank's net loss available to common shareholders for the year ended December 31, 2011 was $1,814,000, compared to $999,000 for 2010.   Total assets were $145.2 million at December 31, 2011 down from $171.0 million at December 31, 2010.  

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





2011 Fourth Quarter Report












Balance Sheets












In Thousands

December 31,

December 31,



2011

2010


Assets

(unaudited)

*


Cash

$                 1,233

$              9,355


Federal funds sold

6,915

1,788


Investment securities

34,127

39,778


Loans, gross

97,255

113,239


Allowance for loan losses

(2,099)

(2,081)


Foreclosed properties

2,075

2,971


Other assets

5,722

5,972


         Total assets

$             145,228

$          171,022









Liabilities and





Shareholders' Equity





Deposits

$             100,148

$          123,665


Borrowed funds

31,672

32,868


Other liabilities

878

590


Shareholders' equity

12,530

13,899


         Total liabilities and





         shareholders' equity

$             145,228

$          171,022









* 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,

2011

2010

2011

2010

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Total interest income

$                 1,498

$              1,812

$            6,608

$            7,672

Total interest expense

383

626

1,995

2,681

Net interest income

1,115

1,186

4,613

4,991

Provision for loan losses

928

85

2,024

1,136

Net interest income after





     provision for loan losses

187

1,101

2,589

3,855

Securities gains

136

315

472

968

Other non-interest income

71

69

281

277

Total non-interest income

207

384

753

1,245

Loss on foreclosed properties

170

1,598

966

1,814

Other non-interest expense

1,063

1,110

4,101

4,093

Total non-interest expense

1,233

2,708

5,067

5,907

   Loss before taxes

(839)

(1,223)

(1,725)

(807)

Provision for income taxes

-

-

-

-

   Net loss

(839)

(1,223)

(1,725)

(807)

Preferred stock dividend

8

**

48

89

192

   Net loss attributable to





    common shareholders

$                   (847)

$             (1,271)

$           (1,814)

$             (999)







** The FDIC did not grant the Bank permission to pay the last two scheduled dividends on preferred stock issued to the Treasury under the Capital Purchase Program.







SOURCE Bank of Commerce

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