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Provident Community Bancshares Reports Fourth Quarter Results

 

Financial Highlights

(Unaudited) ($ in thousands, except per share data)

 
    Three Months Ended

December 31,

    Twelve Months Ended

December 31,

Income Statement Data

2012   2011     2012   2011
       
Net interest income $1,986 $2,074 $7,643 $8,542
Provision for loan losses 74   700     704   990
Net interest income after loan loss provision 1,912 1,374 6,939 7,552
Non-interest income 699 660 2,699 2,616
Net gain on sale of investments 151 428 1,259 1,125
Other-than-temporary-impairment on securities -- 23 -- 432
OREO and loan operations 264 407 878 1,711
Non-interest expense 2,514 2,340 9,701 9,315
Deferred tax asset charge 260 -- 260 --
Tax credit write-down -- -- 145 --
Expense for income taxes 13   --     35   25
Net loss (289) (308) (122) (190)
Accretion of preferred stock to redemption value 2 2 7 6
Preferred dividends accrued 118   118     469   469
Net loss to common shareholders ($409)   ($428)     ($598)   ($665)
Loss per common share: basic ($0.23)   ($0.24)     ($0.33)   ($0.37)
Loss per common share: diluted ($0.23)   ($0.24)     ($0.33)   ($0.37)
Weighted average number of
common shares outstanding
Basic 1,790,599 1,790,599 1,790,599 1,790,599
Diluted 1,790,599 1,790,599 1,790,599 1,790,599
 

Balance Sheet Data

At

12/30/12

 

At

12/31/11

 
Total assets $349,942 $376,645
Cash and due from banks 29,059 23,893
Investment securities 169,214 165,878
Loans 127,781 160,568
Allowance for loan losses 4,367 4,549
Deposits 277,481 283,249
FHLB advances and other borrowings 43,780 64,768
Junior subordinated debentures 12,372 12,372
Total liabilities 337,734 364,175
Shareholders’ equity 12,208 12,470
Preferred shares outstanding 9,266 9,266
Common shares outstanding 1,790,599 1,790,599
 
Bank regulatory capital ratios:
Leverage ratio 7.04% 6.43%
Tier 1 capital ratio 14.00% 11.83%
Total risk-based capital ratio 15.27% 13.10%

Asset Quality

Non-accrual loans $13,174 $16,806
Troubled debt restructurings 4,187 8,486
Loans past due 90 days and still accruing interest -- 442
Other real estate owned 9,174   8,398
Total non-performing assets $26,535 $34,132
Percentage of non-performing loans to total loans, net 10.67% 10.77%
Percentage of non-performing assets to total assets 7.58% 9.06%

Allowance for loan losses to nonperforming loans

25.15%

17.68%

Allowance for loan losses to total loans

3.42%

2.83%





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