Wednesday, January 23, 2013

Bank of Commerce finishes year with losing quarter

Charlotte-based Bank of Commerce posted a loss in the fourth quarter, but finished 2012 with a year-end profit, the bank said Wednesday.

The commercial bank lost $96,000 for shareholders in the quarter. But it made $101,000 over the year as it set aside less money for loan losses and lost less money on foreclosed properties. In 2011, Bank of Commerce lost $1.8 million.

Bank of Commerce's fourth quarter was the first period of the year in which it lost money, but was better than its $847,000 loss in the fourth quarter last year.