Bank of Commerce Sees Strong Loan Growth, Continued Profitability in First Quarter
"The good news is loans are increasing," says
The Bank's total assets have grown to
Bank of Commerce serves the needs of independently owned businesses in the
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 2009 First Quarter Report In Thousands March 31, December 31, 2009 2008 Assets (unaudited) (audited) Cash $3,734 $555 Federal fund 11,744 3,805 Investment securities 37,039 29,438 Loans, gross 113,239 108,379 Allowance for loan losses (1,696) (1,523) Other assets 4,865 4,796 Total assets $168,925 $145,450 Liabilities and Shareholders' Equity Deposits $109,437 $83,820 Borrowed funds 39,867 43,557 Other liabilities 630 2,241 Shareholders' equity 18,991 15,832 Total liabilities and shareholders' equity $168,925 $145,450 Statements of Operations (Unaudited) In Thousands For the Quarter Ending For the Quarter Ending March 31, March 31, 2009 2008 Total interest income $1,780 $1,530 Total interest expense 787 617 Net interest income 993 913 Provision for loan losses 173 72 Net interest income after provision for loan losses 820 841 Total other income 111 74 Total other expense 889 823 Income before taxes 42 92 Provision for income taxes - - Net income 42 92 Preferred stock dividend - CPP 42 - Net income applicable to common shareholders $- $92
SOURCE Bank of Commerce