Bank of Commerce Posts First Profit

CHARLOTTE, N.C., Jan. 15 /PRNewswire-FirstCall/ -- Bank of Commerce
(OTC Bulletin Board: BONC.OB) announces net income for the three months ended
December 31, 2007 was $70,000, compared to a loss of $291,000 for the same
period last year. For the year ended December 31, 2007, the net loss was
$472,000 compared to a loss of $1,309,000 for the period ended December 31,
2006. The Bank, which opened on February 7, 2006, has completed its seventh
full quarter of operations.
Wes Sturges, President and CEO, said "We are delighted that we have
achieved quarterly profitability in just our seventh full quarter of
operations, particularly given the growing challenges of our economic
environment. Our employees and directors have done a great job of developing
new customer relationships for the Bank. This growth, along with effective
cost controls, has been the key to our fourth quarter success."
The Bank's total assets have grown to $88.8 million as of December 31,
2007. Gross loans have increased to $66.1 million and deposits to $58.0
million as of December 31, 2007.
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
2007 Fourth Quarter Report

Balance Sheets (Unaudited)
Dollars in Thousands
December 31,
2007 2006
(unaudited) (audited)
Assets
Cash $1,618 $1,146
Fed funds sold - 403
Investment securities 21,131 15,223
Loans, gross 66,126 36,643
Allowance for loan losses (995) (551)
Other assets 884 970
Total assets $88,764 $53,834

Liabilities and Stockholders' Equity
Deposits $58,030 $29,473
Borrowed funds 14,928 7,544
Other liabilities 436 1,262
Stockholders' equity 15,370 15,555
Total liabilities and
stockholders' equity $88,764 $53,834

Statements of Operations
Dollars in Thousands
For the Quarter For the Year February 7
Ending Ending through
December 31, December 31, December 31, December 31,
2007 2006 2007 2006
(unaudited) (unaudited) (unaudited) (audited)

Total interest income $1,530 $819 $5,133 $2,085
Total interest expense 661 309 2,256 673
Net interest income 869 510 2,877 1,412
Provision for loan losses 91 116 444 551
Net interest income after
provision for loan
losses 778 394 2,433 861
Total other income 64 36 182 88
Total other expense 772 721 3,087 2,258
Income(loss) before
taxes 70 (291) (472) (1,309)
Income taxes - - - -
Net income(loss) $70 ($291) ($472) ($1,309)

SOURCE Bank of Commerce

Bank of Commerce Headquarters, +1-704-971-7000