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