"The current economic conditions have been difficult for most industries,
particularly the financial industry. As of quarter-end we did not have any
past due, non-accrual or charged-off loans," said
The Bank's net income for the six months ended
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 2008 Second Quarter Report Balance Sheets In Thousands June 30, December 31, 2008 2007 Assets (unaudited) (audited) Cash $2,364 $1,618 Investment securities 21,326 21,131 Loans, gross 83,976 66,126 Allowance for loan losses (1,219) (995) Other assets 904 884 Total assets $107,351 $88,764 Liabilities and Shareholders' Equity Deposits $72,675 $58,030 Borrowed funds 19,013 14,928 Other liabilities 264 436 Shareholders' equity 15,399 15,370 Total liabilities and shareholders' equity $107,351 $88,764 Statements of Operations (Unaudited) In Thousands For the Quarter Ending For Six Months Ending June 30, June 30, June 30, June 30, 2008 2007 2008 2007 Total interest income $1,537 $1,229 $3,067 $2,202 Total interest expense 586 551 1,203 963 Net interest income 951 678 1,864 1,239 Provision for loan losses 152 146 224 238 Net interest income after provision for loan losses 799 532 1,640 1,001 Total other income 114 58 188 81 Total other expense 819 782 1,642 1,528 Income (loss) before taxes 94 (192) 186 (446) Income taxes - - - - Net income (loss) $94 ($192) $186 ($446)
SOURCE Bank of Commerce