Tuesday, October 16, 2012

Bank of Commerce earns small profit

Charlotte-based Bank of Commerce posted a small profit in the third quarter, reversing a loss from a year ago, the bank said Tuesday.

The local commercial bank earned $33,000 in the quarter, compared with a loss of $737,000 in the same time period last year. The bank's interest income shrunk 20 percent, but it also set aside significantly less for loan losses.

"2012 is proving to be a good year for our bank, this despite the fact that the overall rate of economic growth in the Charlotte area remains rather anemic," CEO Wes Sturges said in a statement. "Our lenders are developing new business relationships and expanding services to existing customers to enable companies to grow their facilities, hire new employees and do their part to improve Charlotte's economic health and well-being."

The results mark the bank's third straight quarter of profitability.