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Provident Community Bancshares Reports Second Quarter Results

Stocks in this article: PCBS

Provident Community Bancshares, Inc. (OTCBB: PCBS) (the “Corporation”) reported net income to common shareholders of $24,000 for the three months ended June 30, 2012 compared to a net loss to common shareholders of $110,000 for the same period in 2011. The improvement in 2012 was primarily due to a reduction in Other Real Estate Owned (“OREO”) expenses of $721,000 due to expense reductions and recoveries on OREO and the absence of any other-than-temporary impairment of securities in 2012 compared to $191,000 in 2011. The decrease in OREO expenses was partially offset by a reduction in net interest income due primarily to lower loan balances due to economic conditions and more stringent underwriting standards and a $195,000 provision for loan losses in the three months ended June 30, 2012. Net income per common share was $0.01 (diluted) for the three months ended June 30, 2012, versus a net loss of $0.06 per common share (diluted) for the same period in 2011. The net loss to common shareholders for the six months ended June 30, 2012 was $178,000, or $0.10 per share (diluted), compared to a net loss to common shareholders of $116,000 or $0.06 per share (diluted), for the same period in 2011.

At June 30, 2012, assets totaled $370.7 million, a decrease of $5.9 million, or 1.6%, from $376.6 million at December 31, 2011. Investment securities at June 30, 2012 decreased $12.4 million to $153.5 million from $165.9 million at December 31, 2011. Federal funds sold at June 30, 2012 increased $21.0 million to $35.8 million from $14.8 million at December 31, 2011 as a result of sales and maturities of securities. Net loans receivable decreased 10.0% to $140.5 million at June 30, 2012 as a result of lower demand and more stringent underwriting standards. Deposits decreased $2.0 million to $281.3 million at June 30, 2012. The decrease in deposits was due primarily to a reduction in funding needs. FHLB advances and other borrowings decreased $4.4 million to $60.3 million at June 30, 2012 due primarily to the maturation of borrowings. Shareholders’ equity increased $177,000, or 1.4%, to $12.6 million at June 30, 2012 from $12.5 million at December 31, 2011 due primarily to a $118,000 decrease in unrealized losses on securities available for sale along with net income before accrued preferred stock dividends of $59,000.

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