Bank of Commerce Records Second Consecutive Profitable Quarter

    CHARLOTTE, N.C., April 15 /PRNewswire-FirstCall/ -- Bank of Commerce
 (OTC Bulletin Board:   BONC) announces net income for the three months ended
 March 31, 2008 was $92,000, compared to a loss of $254,000 for the same
 period last year.
 
     Wes Sturges, President and CEO, said, "We have had a tremendous start
 to 2008 with asset growth of almost $10 million, and a second consecutive
 quarter of profitability, which is particularly gratifying given the
 growing challenges of our economic environment."
 
     The Bank's total assets have grown to $98.6 million as of March 31,
 2008. Gross loans have increased to $71.8 million and deposits to $64.4
 million as of March 31, 2008.
 
     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
     2008 First Quarter Report
 
 
     Balance Sheets
     In Thousands
                                                  March 31,        December 31,
                                                     2008              2007
     Assets                                      (unaudited)        (audited)
     Cash                                            $2,339            $1,618
     Investment securities                           24,583            21,131
     Loans, gross                                    71,786            66,126
     Allowance for loan losses                       (1,067)             (995)
     Other assets                                       911               884
               Total assets                         $98,552           $88,764
 
     Liabilities and
     Shareholders' Equity
     Deposits                                       $64,371           $58,030
     Borrowed funds                                  18,208            14,928
     Other liabilities                                  403               436
     Shareholders' equity                            15,570            15,370
               Total liabilities and
               shareholders' equity                 $98,552           $88,764
 
 
 
     Statements of Operations (Unaudited)
     In Thousands
                                              For the Quarter   For the Quarter
                                                   Ending             Ending
                                                  March 31,         March 31,
                                                    2008               2007
 
     Total interest income                          $1,530              $973
     Total interest expense                            617               412
     Net interest income                               913               561
     Provision for loan losses                          72                92
     Net interest income after
      provision for loan losses                        841               469
     Total other income                                 74                23
     Total other expense                               823               746
         Income (loss) before taxes                     92              (254)
     Income taxes                                      -                 -
         Net income (loss)                             $92             ($254)
 
 
 

SOURCE Bank of Commerce