Bank of Commerce in Chalotte, N.C., on Tuesday reported a loss of $1.3 million for the fourth quarter.
The $171 million-asset company earned $124,000 a year earlier. For 2010, Bank of Commerce had a loss of $999,000, compared with a loss of $3.9 million in 2009.
Bank of Commerce attributed the loss to aggressive writedowns. The loss on foreclosed properties in the fourth quarter was $1.6 million, compared with $1.8 million a year earlier.
"While we are encouraged that property values appear to be stabilizing, we will continue to monitor these values and liquidate the problem assets as quickly as feasible," Wes Sturges, the company's president and chief executive, said in a press release.
