Bank of Commerce Posts First Profit

    CHARLOTTE, N.C., Jan. 15 /PRNewswire-FirstCall/ -- Bank of Commerce
 (OTC Bulletin Board:   BONC.OB) announces net income for the three months
 ended December 31, 2007 was $70,000, compared to a loss of $291,000 for the
 same period last year. For the year ended December 31, 2007, the net loss
 was $472,000 compared to a loss of $1,309,000 for the period ended December
 31, 2006. The Bank, which opened on February 7, 2006, has completed its
 seventh full quarter of operations.
 
     Wes Sturges, President and CEO, said "We are delighted that we have
 achieved quarterly profitability in just our seventh full quarter of
 operations, particularly given the growing challenges of our economic
 environment. Our employees and directors have done a great job of
 developing new customer relationships for the Bank. This growth, along with
 effective cost controls, has been the key to our fourth quarter success."
 
     The Bank's total assets have grown to $88.8 million as of December 31,
 2007. Gross loans have increased to $66.1 million and deposits to $58.0
 million as of December 31, 2007.
 
     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
     2007 Fourth Quarter Report
 
 
     Balance Sheets (Unaudited)
     Dollars in Thousands
                                                          December 31,
                                                     2007               2006
                                                 (unaudited)          (audited)
     Assets
     Cash                                           $1,618             $1,146
     Fed funds sold                                      -                403
     Investment securities                          21,131             15,223
     Loans, gross                                   66,126             36,643
     Allowance for loan losses                        (995)              (551)
     Other assets                                      884                970
               Total assets                        $88,764            $53,834
 
     Liabilities and Stockholders' Equity
     Deposits                                      $58,030            $29,473
     Borrowed funds                                 14,928              7,544
     Other liabilities                                 436              1,262
     Stockholders' equity                           15,370             15,555
               Total liabilities and
                stockholders' equity               $88,764            $53,834
 
 
 
     Statements of Operations
     Dollars in Thousands
                               For the Quarter       For the Year   February 7
                                   Ending              Ending        through
                         December 31,  December 31,   December 31, December 31,
                               2007         2006         2007         2006
                          (unaudited)    (unaudited) (unaudited)    (audited)
 
     Total interest income   $1,530         $819       $5,133         $2,085
     Total interest expense     661          309        2,256            673
     Net interest income        869          510        2,877          1,412
     Provision for loan losses   91          116          444            551
     Net interest income after
      provision for loan
      losses                    778          394        2,433            861
     Total other income          64           36          182             88
     Total other expense        772          721        3,087          2,258
       Income(loss) before
        taxes                    70         (291)        (472)        (1,309)
     Income taxes               -            -            -              -
       Net income(loss)         $70        ($291)       ($472)       ($1,309)
 
 
 

SOURCE Bank of Commerce