BANK OF COMMERCE 
By CHARLOTTE, N.C., April 19, 2011 /PRNewswire/ -- Bank of Commerce (OTC Bulletin Board: BONC) announces net income available to common shareholders for the first quarter ended March 31, 2011 of $38,000, compared to $230,000 for the same period last year.
"Given the ongoing economic challenges in our area, we are pleased to be profitable," said Wes Sturges, President and Chief Executive Officer. "We have seen modest growth in the loan portfolio during this quarter. We believe that recently adding several development officers to our team, and opening a loan production office in Asheville, NC position us for additional growth throughout the year."
The Bank's total assets were $171.0 million as of March 31, 2011. Gross loans were $114.4 million and deposits were $126.4 million as of March 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
2011 First Quarter Report
Balance Sheets
In Thousands March 31, December 31,
2011 2010
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Assets (unaudited) *
Cash $6,521 $9,355
Federal funds sold 444 1,788
Investment securities 40,061 39,778
Loans, gross 114,437 113,239
Allowance for loan losses (2,078) (2,081)
Foreclosed properties 2,971 2,971
Other assets 8,601 5,972
Total assets $170,957 $171,022
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Liabilities and
Shareholders' Equity
Deposits $126,370 $123,665
Borrowed funds 30,129 32,868
Other liabilities 594 590
Shareholders' equity 13,864 13,899
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Total liabilities and
shareholders' equity $170,957 $171,022
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Statements of Operations
In Thousands For the Quarter Ending
March 31, March 31,
2011 2010
---- ----
(unaudited) (unaudited)
Total interest income $1,777 $1,991
Total interest expense 574 695
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Net interest income 1,203 1,296
Provision for loan losses 176 40
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Net interest income after
provision for loan losses 1,027 1,256
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Securities gains 35 -
Other non-interest income 69 65
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Total non-interest income 104 65
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Total non-interest expense 1,045 1,043
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Income before taxes 86 278
Provision for income taxes - -
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Net income 86 278
Preferred stock dividend 48 48
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Net income available to
common shareholders $38 $230
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* derived from audited amounts
SOURCE Bank of Commerce
