Bank of Commerce Reports Strong First Quarter Asset Growth13 April 2006
Bank of Commerce (OTC Bulletin Board: BONC.OB) announces total assets have grown to almost $25 million during the shortened first quarter this year. The bank opened on February 7, 2006 and on March 31, 2006 had total assets of $24.8 million. Bank of Commerce experienced growth in both loans and deposits with loans growing to more than $7.4 million and deposits to $7.9 million.
"We are very pleased with the growth and the way we are being received in the business community," said Wes Sturges, president. "We feel our 5 o'clock cut-off for deposits, state of the art technology, and outstanding Board and staff all contributed to our success."
The bank's operating loss was $351,000 from February 7, 2006 to March 31, 2006, which was in line with management's expectations. It is expected that start-up banks will lose money for the first several years of operations as they grow earning assets.
Bank of Commerce serves the needs of independently owned businesses in the Charlotte, NC area. From a midtown Charlotte office at 100 Queens Road, it offers guidance to customers 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 http://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.
2006 First Quarter Report
Balance Sheets (Unaudited)
Dollars in Thousands
March 31,
2006
Assets
Cash $567
Fed funds sold 5,304
Investment securities 10,881
Loans, gross 7,420
Allowance for loan losses (111)
Other assets 747
Total assets $24,808
Liabilities and
Stockholders' Equity
Deposits $7,924
Customer repurchase agreements 359
Other liabilities 28
Stockholders' equity 16,497
Total liabilities and
stockholders' equity $24,808
Statements of Operations (Unaudited)
Dollars in Thousands
February 7 through
March 31,
2006
Total interest income $169
Total interest expense 31
Net interest income 138
Provision for loan losses 111
Net interest income after
provision for loan losses 27
Total other income 13
Total other expense 391
Income before taxes (351)
Income taxes -
Net income ($351)
Source: prnewswire
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