Tuesday, July 23, 2013

Bank of Commerce roughly breaks even

Charlotte-based Bank of Commerce earned $1,000 for shareholders in the second quarter, a steep drop from the $116,000 it earned in the same time period a year ago, the bank said Tuesday.

Executives blamed a decline in money it made by selling securities. Portfolios have seen steep price drops as rising interest rates causes bond prices to fall.

CEO Wes Sturges said the bank was able to whittle $1.8 million from its troubled assets in the quarter.