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TheStreet Open House

Provident Community Bancshares Reports Fourth Quarter Results

Stocks in this article: PCBS

Provident Community Bancshares, Inc. (OTCBB: PCBS) (the “Corporation”) recorded a net loss to common shareholders of $409,000 for the three months ended December 31, 2012 compared to a net loss to common shareholders of $428,000 for the same period in 2011. The decrease in loss in 2012 was primarily due to a lower provision for loan losses for the period ended December 31, 2012, due to a net reduction in loans of $7.1 million along with a reduction in loan charge-offs and in other real estate owned expense. These decreases were partially offset by a reduction in net interest income due primarily to lower loan balances due to economic conditions and higher underwriting standards along with a $260,000 charge to income tax expense for a write-down of the deferred tax asset. Net loss per common share was $0.23 (diluted) for the three months ended December 31, 2012, versus a net loss of $0.24 per common share (diluted) for the same period in 2011. The net loss to common shareholders for the twelve months ended December 31, 2012 was $598,000, or $0.33 per share (diluted), compared to a net loss to common shareholders of $665,000 or $0.37 per share (diluted), for the same period in 2011.

At December 31, 2012, assets totaled $349.9 million, a decrease of $26.7 million, or 7.1%, from $376.6 million at December 31, 2011. Investment securities at December 31, 2012 increased $3.3 million to $169.2 million from $165.9 million at December 31, 2011 as excess loan proceeds were used to purchase securities. Federal funds sold at December 31, 2012 increased $5.5 million to $20.3 million from $14.8 million at December 31, 2011 as a result of sales and maturities of securities. Net loans receivable decreased 20.9% to $123.4 million at December 31, 2012 as a result of lower demand and more stringent underwriting standards. Deposits decreased $5.8 million to $277.5 million at December 31, 2012. The decrease in deposits was due primarily to a reduction in funding needs. FHLB advances decreased $22.0 million to $37.5 million at December 31, 2012 due primarily to the maturation of borrowings. Shareholders’ equity decreased $262,000, or 2.1%, to $12.2 million at December 31, 2012 from $12.5 million at December 31, 2011 primarily due to unrealized holding losses on securities available for sale arising during the period of $641,000 less reclassification adjustment for gains in net loss of $781,000 along with a net operation loss of $122,000.

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