Charlotte-based Bank of Commerce reported its third consecutive quarterly loss in the fourth quarter, posting an $847,000 loss as the bank continued to set aside money to cover loan losses.
Tuesday, January 24, 2012
The loss compares with a $1.3 million loss in the same time period last year, and a $737,000 loss last quarter.
In 2011, the bank's assets shrunk 15 percent as it took losses on foreclosed properties, charged off bad loans and put aside money to cover loan losses. Bank of Commerce's full-year loss was $1.8 million, compared with $1 million in 2010.
“In 2011 we continued to work diligently on improving asset quality by charging down balances on loans where repayment may be partially or fully dependent on the sale of real estate," CEO Wes Sturges said in a statement. "We remain well capitalized and are positioned to serve the borrowing needs of our small business customer in 2012."
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