Provident Community Bancshares, Inc. (NASDAQ CM: PCBS) (the “Corporation”) recorded a net loss to common shareholders of $6,000 for the three months ended March 31, 2011 as compared to a net loss of $99,000 for the same period in 2010. Operating results for the current period were impacted by an increase of $245,000 in expenses primarily related to the disposition of foreclosed properties, offset by lower provisions for loan losses due primarily to a net reduction in total loans of $11.4 million. Net loss per common share was $0.00 (diluted) for the three months ended March 31, 2011, versus a net loss of $0.06 per common share (diluted) for the same period in 2010.
At March 31, 2011, assets totaled $400.3 million, a decrease of $8.5 million, or 2.1%, from $408.7 million at December 31, 2010. Investment securities at March 31, 2011 decreased 4.4% to $141.9 million from $148.5 million at December 31, 2010. Fed funds sold at March 31, 2011 increased $10.8 million to $25.3 million from $14.5 million at December 31, 2010 as a result of sales and maturities of securities. Net loans receivable decreased 5.7% to $187.5 million at March 31, 2011 as a result of lower demand and more stringent underwriting standards. Deposits decreased $4.8 million to $308.3 million at March 31, 2011 due to a reduction in funding needs. FHLB advances and other borrowings decreased $2.7 million to $66.8 million at March 31, 2011 due primarily to the maturation of borrowings. Shareholders’ equity decreased $679,000, or 6.6%, to $9.6 million at March 31, 2011 from $10.3 million at December 31, 2010 due primarily to a $790,000 increase in unrealized losses on securities available for sale, offset by net income before accrued preferred stock dividends of $111,000.
Nonperforming loans which are primarily commercial real estate properties were $21.2 million as of March 31, 2011, or 10.9% of total loans, as compared to $18.8 million at December 31, 2010, an increase of $2.4 million. Real estate acquired through foreclosure decreased $1.5 million, to $9.1 million at March 31, 2011 from $10.6 million at December 31, 2010, as a result of the sales of five properties. Bad debt charge-offs, net of recoveries, were $432,000 for the three months ended March 31, 2011 compared to $1.0 million for the same period in 2010.
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