CHARLOTTE, N.C., Oct. 15 /PRNewswire-FirstCall/ -- Bank of Commerce
(OTC Bulletin Board: BONC.OB) posted net income of $15,000 for the quarter
ending September 30, 2008, compared to a loss of $96,000 for the same period
last year. Total assets have grown from $107.4 million last quarter to $125.5
million as of September 30, 2008. Gross loans have increased to $99.3 million
and deposits to $75.0 million as of September 30, 2008.
"Even in these challenging times our Bank continues to serve our client's
borrowing needs, as can be noted by the $15.3 million quarterly increase in
loans outstanding. I am proud of our team for going above and beyond to take
care of our clients and shareholders even while other financial institutions
are contracting," said Wes Sturges, President & CEO. "I am very pleased with
our ongoing profitability and asset growth."
The Bank's net income for the nine months ended September 30, 2008 was
$201,000, compared to a loss of $542,000 for the same period last year. The
Bank which opened on February 7, 2006 has had four consecutive quarters of
profitability.
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.
SOURCE Bank of Commerce