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Provident Community Bancshares said that the decrease in net income for the period was due primarily to provision for loan losses of $2.7 million for the three months ended March 31, 2009 compared to $310,000 for the three months ended March 31, 2008.
In addition, operating results were impacted by a compression of the net interest margin caused by declining interest rates and an increase in non-interest expense due to an other than temporary impairment expense of $309,000 related to investment securities, according to Provident Community Bancshares.
Net interest income for the first quarter of 2009 was $2.11 million, compared to $2.5 million for the same quarter of 2008.
At March 31, 2009, assets totaled $466.97 million, an increase of 7.5% from $434.22 million at December 31, 2008.
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