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Bank of Commerce reports $990,000 net loss in 2010

Charlotte-based Bank of Commerce said today that it had a $999,000 net loss in 2010, down from a net loss of $3.8 million in 2009.

The company also reported a net loss of $1.3 million in the fourth quarter of 2010, compared with net income of $124,000 for the same period in 2009.

As of Dec. 31, the company had $171 million in assets, down from $173.4 million on Dec. 31, 2009.

“In the fourth quarter, we completed our annual appraisal of impaired loans and foreclosed properties. With some property values declining by more than 50 percent since the original appraisal, we experienced some significant write-downs,” President and CEO Wes Sturges said.

For 2011, the company is projecting modest growth and a compressed interest rate margin, he said.

The company is based at 100 Queens Road.

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