Bank of Commerce Posts First Profit

Jan 15, 2008, 00:00 ET from Bank of Commerce

    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
     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