BANK OF COMMERCE 
By CHARLOTTE, N.C., April 13 /PRNewswire-FirstCall/ -- Bank of Commerce (OTC Bulletin Board: BONC) announces net income available to common shareholders for the first quarter ended March 31, 2010 of $230,000, compared to breaking even for the same period last year.
"We are pleased to start 2010 with a strong quarterly earnings report, particularly given the ongoing challenges we face within our local economy and the banking industry," said Wes Sturges, President and Chief Executive Officer. "While there have been some isolated signs of economic growth nationally, we have not seen much of this improvement within the Charlotte small business community. We will, therefore, continue to position the Bank for reasonable growth for the foreseeable future while aggressively focusing on controlling expenses and maintaining credit quality."
The Bank's total assets were $170.3 million as of March 31, 2010. Gross loans were $119.2 million and deposits were $127.0 million as of March 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 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." The FDIC has extended its coverage from $100,000 to $250,000 until December 31, 2013. Additionally, the Bank participates in the Transactional Account Guarantee Program that fully guarantees all balances in non-interest bearing transaction accounts until June 30, 2010. 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 First Quarter Report
In Thousands
March 31, December 31,
2010 2009
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Assets (unaudited) (audited)
Cash $5,275 $4,061
Federal funds sold - 859
Investment securities 37,004 41,403
Loans, gross 119,190 122,365
Allowance for loan losses (1,814) (1,836)
Other assets 10,693 6,511
Total assets $170,348 $173,363
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Liabilities and
Shareholders' Equity
Deposits $127,040 $118,738
Borrowed funds 27,111 39,074
Other liabilities 761 571
Shareholders' equity 15,436 14,980
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Total liabilities and
shareholders' equity $170,348 $173,363
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Statements of Operations
(Unaudited)
In Thousands
For the Quarter For the Quarter
Ended Ended
March 31, March 31,
2010 2009
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Total interest income $1,991 $1,780
Total interest expense 695 787
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Net interest income 1,296 993
Provision for loan losses 40 173
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Net interest income after
provision for loan losses 1,256 820
Total other income 65 111
Total other expense 1,043 889
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Income (loss) before taxes 278 42
Provision for income taxes - -
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Net income 278 42
Preferred stock dividend 48 42
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Net income applicable to common
shareholders $230 $-
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SOURCE Bank of Commerce
