Bank of Commerce Records Third Consecutive Profitable Quarter

CHARLOTTE, N.C., July 15 /PRNewswire-FirstCall/ -- Bank of Commerce (OTC Bulletin Board: BONC) posted net income of $94,000 for the quarter ending June 30, 2008, compared to a loss of $192,000 for the same period last year. Total assets have grown from $98.6 million last quarter to $107.4 million as of June 30, 2008. Gross loans have increased to $84.0 million and deposits to $72.7 million as of June 30, 2008.

"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 Wes Sturges, President & CEO. "I am very pleased with the commitment of our customers and the vigilance of our staff in servicing our loans."

The Bank's net income for the six months ended June 30, 2008 was $186,000, compared to a loss of $446,000 for the same period last year. The Bank which opened on February 7, 2006 has had three 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