CHARLOTTE, N.C., Jan. 13 /PRNewswire-FirstCall/ -- Bank of Commerce (OTC Bulletin Board: BONC) reported net income for the year ended December 31, 2008 of $275,000, compared to a loss of $472,000 for the year ended December 31, 2007. Assets increased to $145.5 million at December 31, 2008 from $88.8 million at December 31, 2007. Gross loans increased to $108.4 million and deposits to $83.8 million as of December 31, 2008.
"We achieved full year profitability in what is only our second full year of operation. Despite these very challenging economic times, we grew assets and loans by a very respectable 64% during the year. I am proud of our team's dedication and hard work in taking care of our clients and shareholders," said Wes Sturges, President & CEO.
The Bank's net income for the quarter ended December 31, 2008 was $74,000, compared to $70,000 for the same period last year. The Bank, which opened on February 7, 2006, has had five 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 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
