Wednesday, April 30, 2014

CommunityOne Bancorp reports 3rd consecutive quarter of profitability

Charlotte-based CommunityOne Bancorp, the holding company for CommunityOne Bank, said Wednesday that it made a profit of $1.3 million in the first quarter, compared with a loss of $4.6 million a year ago.

It was the third profitable quarter in a row for CommunityOne Bancorp, once known as FNB United Corp. The holding company's name was changed to CommunityOne Bancorp last year after it completed the merger of Granite Falls-based Bank of Granite and Asheboro-based CommunityOne Bank as part of an effort to save the teetering lenders.

CommunityOne Bancorp said first quarter interest income and noninterest income were lower than the same quarter last year. But the bank reported lower expenses, including a $5.5 million reduction in noninterest expenses that were partially the result of the merger.

“We made solid progress during the quarter in achieving the four key goals we established for 2014,” CEO Brian Simpson said in a statement. “Both loan and deposit growth were broad-based and slightly ahead of plan, noninterest expenses were down year over year even though we are investing in strategic initiatives and asset quality improvements were ahead of schedule with nearly no credit cost.”

CommunityOne Bank, which is based in Asheboro, has $2 billion in assets and 50 branches in North Carolina, including in the Charlotte metropolitan area.