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.RELATED LINKS
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
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