Prov­i­dent Community Banc­shares earn­ings dip

The Pak Banker - - Front Page -

ROCK HILL, S.C

Prov­i­dent Community Banc­shares recorded a net loss to com­mon share­hold­ers of $12,000 for the three months ended Septem­ber 30, 2012 com­pared to a net loss to com­mon share­hold­ers of $121,000 for the same pe­riod in 2011.

The de­crease in loss in 2012 was pri­mar­ily due to the ab­sence of a pro­vi­sion for loan losses for the pe­riod ended Septem­ber 30, 2012, due to a net re­duc­tion in loans of $10.0 mil­lion, and no other-than-tem­po­rary im­pair­ment of se­cu­ri­ties com­pared to $218,000 for the three months ended Septem­ber 30, 2011. 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 $145,000 charge to in­come tax ex­pense for a write­down of tax cred­its to the fair mar­ket value. Net loss per com­mon share was $0.01 (di­luted) for the three months ended Septem­ber 30, 2012, ver­sus a net loss of $0.07 per com­mon share (di­luted) for the same pe­riod in 2011. The net loss to com­mon share­hold­ers for the nine months ended Septem­ber 30, 2012 was $189,000, or $0.11 per share (di­luted), com­pared to a net loss to com­mon share­hold­ers of $237,000 or $0.13 per share (di­luted), for the same pe­riod in 2011.

At Septem­ber 30, 2012, as­sets to­taled $354.4 mil­lion, a de­crease of $22.2 mil­lion, or 5.9%, from $376.6 mil­lion at De­cem­ber 31, 2011. In­vest­ment se­cu­ri­ties at Septem­ber 30, 2012 in­creased $1.6 mil­lion to $167.5 mil­lion from $165.9 mil­lion at De­cem­ber 31, 2011. Fed­eral funds sold at Septem­ber 30, 2012 in­creased $5.3 mil­lion to $20.0 mil­lion from $14.8 mil­lion at De­cem­ber 31, 2011 as a re­sult of sales and ma­tu­ri­ties of se­cu­ri­ties. Net loans re­ceiv­able de­creased 16.4% to $130.5 mil­lion at Septem­ber 30, 2012 as a re­sult of lower de­mand and more strin­gent un­der­writ­ing stan­dards. De­posits de­creased $1.8 mil­lion to $281.4 mil­lion at Septem­ber 30, 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 Septem­ber 30, 2012 due pri­mar­ily to the mat­u­ra­tion of bor­row­ings.

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