Wednesday, January 22, 2014

Bank of Commerce increases profits in 2013

Charlotte-based Bank of Commerce reported Wednesday that it earned $249,000 for shareholders in 2013, more than double what it earned the year before.

The bank's fourth quarter net income of $123,000 also reversed a loss from the same time period a year ago. Assets decreased slightly, but Bank of Commerce grew its loan portfolio by 2.5 percent.

"In 2013, despite an economic recovery that remained sluggish, we achieved growth in both our profitability and our loan portfolio," CEO Wes Sturges said in a statement.  "In the fourth quarter we saw an increase in demand for new loans as opposed to just refinance opportunities. This new demand bodes well for both the Charlotte economy and our bank in 2014."

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