Tuesday, April 17, 2012

Bank of Commerce boosts first-quarter profit

Charlotte-based Bank of Commerce earned $48,000 for shareholders in the first quarter of 2012, the bank announced Tuesday, up 25 percent from the same time period last year.

The bank's total deposits, loans and assets declined in the quarter.

"We not only recorded a profit for the first quarter, but we continued to strengthen our balance sheet both by selling foreclosed properties and by reducing our non-accruing assets," CEO Wes Sturges said in a statement.

"Though our loans outstanding decreased during the quarter, we are now seeing increased demand for credit from our clients and this should result in positive loan growth going forward."

The results reverse three consecutive quarters of losses. In the fourth quarter, the bank lost $847,000 as it continued to set aside money for loan losses.

Bank of Commerce serves independently owned small businesses in the Charlotte area.


JWMJR said...

More and more people out of work. Housing starts continue to decline and yet bank profit continue to grow Does anyone see something wrong with this picture?