BANK OF COMMERCE 
By CHARLOTTE, July 17, 2012 ?? Bank of Commerce (BONC.OB) posted a net income available to common shareholders of $116,000 for the quarter ending June 30, 2012, compared to a net loss attributable to common shareholders of $268,000 for the same period last year.
"We have worked diligently to return the Bank to profitability. We have improved asset quality, enhanced our capital position and have begun to see increased lending activity," said Wes Sturges, President & CEO. "We are also pleased that our recently introduced "Banker on Call" program is being well received by our clients and is generating new business opportunities."
The Bank's net income available to common shareholders for the six months ended June 30, 2012 was $164,000, compared to a net loss attributable to common shareholders of $230,000 for the same period last year. Total assets were $140.7 million at June 30, 2012, down from $145.2 million at December 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 2012 Second Quarter Report Balance Sheets
In Thousands June 30, December 31,
2012 2011
Cash
$ 1,792 $
1,233
Federal funds sold 13,979 6,915
Investment securities 25,414 34,127
Loans, gross 94,246 97,255
Allowance for loan losses (2,034) (2,099) Foreclosed
properties 1,803 2,075
Other assets 5,497 5,722
Total assets
$ 140,697 $
145,228
Deposits
$ 101,760 $
100,148
Borrowed funds 25,374 31,672
Other liabilities 827 878
Shareholders' equity 12,736 12,530
Total liabilities and
shareholders' equity
$ 140,697 $
145,228
* Derived from audited financial statements
Statements of Operations
In Thousands
For the Quarter Ending For Year to Date Ending
June 30, June 30, June 30, June 30,
2012 2011 2012 2011 (unaudited) (unaudited (unaudited)
(unaudited)
Total interest income
$ 1,328 $
1,716 $
2,707 $
3,493
Total interest expense 276 558 594 1,132
Net interest income 1,052 1,158 2,113 2,361
Provision for loan losses 15 400 75 576
Net interest income after
provision for loan losses 1,037 758 2,038 1,785
Securities gains 146 94 146 129
Other non-interest income 74 72 146 141
Total non-interest income 220 166 292 270
Loss on foreclosed properties 17 85 25 85
Other non-interest expense 1,055 1,059 2,064 2,104
Total non-interest expense 1,072 1,144 2,089 2,189
Income (loss) before taxes 185 (220) 241 (134) Provision for
income taxes - - - -
Net income (loss) 185 (220) 241 (134) Preferred stock
dividend 69 48 77 96
Net income (loss) available (attributable)
to common shareholders
$ 116 $
(268) $
164 $
(230)
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