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On March 13, 2009, the Corporation received $9.3 million in equity capital from the sale of preferred stock to the United States Department of Treasury as part of the federal government's Capital Purchase Program.
At September 30, 2009, assets totaled $465.3 million, an increase of $31.1 million, or 7.2% from $434.2 million at December 31, 2008. Investments and mortgage-backed securities at September 30, 2009, increased 40.6% to $144.6 million from $102.8 million at December 31, 2008. Net loans receivable decreased 5.5% year to date to $263.2 million at September 30, 2009 as a result of lower demand. Asset growth was funded by an increase in deposits. Growth in lower cost transaction accounts and time deposits resulted in deposits increasing 9.7%, or $29.9 million, to $336.7 million at September 30, 2009 compared to $306.8 million at December 31, 2008. The growth in deposits was primarily driven by an increase in lower cost transaction accounts as a result of special product promotions. Shareholders' equity increased $7.2 million, or 30.1%, to $31.1 million at September 30, 2009 from $23.9 million at December 31, 2008 due primarily to the equity funds of $9.3 million of proceeds from the issuance of preferred stock and a $1.1 million decrease in unrealized losses on securities available for sale, offset by a net loss of $3.2 million.
Dwight V. Neese, President and CEO, said, "We continue to aggressively attack the issues caused by the current credit cycle. As has been the case this year for us and most other banks, a decrease in the net interest margin due to the declining rate environment and higher loan loss provisions have constrained our earnings. While 2009 will continue to present many challenges for the financial sector, including community banks, we believe that the steps that we have taken with our loan review and risk management systems and technology improvements will prepare us for any upcoming issues. Our holding company and our bank both exceed the regulatory well capitalized levels and we will continue to focus our attention on core operations with the goal of enhancing long-term value for our shareholders."
Nonperforming assets were $26.8 million as of September 30, 2009, or 5.7% of total assets, as compared to $16.7 million at December 31, 2008, an increase of $10.1 million. Real estate acquired through foreclosure increased $5.5 million, to $6.1 million at September 30, 2009 from $667,000 at December 31, 2008, as a result of foreclosure on commercial real estate properties. All foreclosed properties are reappraised and recorded at the lower of cost or fair market value. Bad debt charge-offs, net of recoveries, were $2.8 million through September 30, 2009 compared to $449,000 for the same period in 2008. The downturn in the residential housing market continues to be the primary factor leading to the deterioration in these loans. Management has allocated specific reserves to these and other non accrual loans that it believes will offset losses, if any, arising from less than full recovery of the loans from the supporting collateral.
COMPANY INFORMATION
Provident Community Bancshares is the holding company for Provident Community Bank, N.A., which operates nine community oriented banking centers in the upstate of South Carolina that offer a full array of financial services. The Corporation is headquartered in Rock Hill, South Carolina and its common stock is traded on the NASDAQ Global Market under the symbol PCBS. Please visit our website at www.providentonline.com or contact Wanda J. Wells, SVP/Shareholder Relations Officer at wwells@providentonline.com or Richard H. Flake, EVP/CFO at rflake@providentonline.com.
The Provident Community Bancshares, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4963
FORWARD-LOOKING STATEMENTS
Certain matters set forth in this news release may contain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project" and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risk and uncertainties, which may change over time. The Corporation's performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. For a discussion of certain factors that may cause such forward-looking statements to differ materially from the Corporation's actual results, see the Corporation's Annual Report in Form 10-K for the year ended December 31, 2008, including in the Risk Factors section of that report. Forward-looking statements speak only as of the date they are made. The Corporation does not assume any duty and does not undertake to update its forward-looking statements.
SUMMARY CONSOLIDATED FINANCIAL DATA
Our summary consolidated financial data as of and for the three and nine months ended September 30, 2009, in the opinion of our management, contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly our financial position and results of operations for such periods in accordance with generally accepted accounting principles. The results of operations for the three and nine months ended September 30, 2009 are not necessarily indicative of the results that may be expected for the full fiscal year.
Financial Highlights
(Unaudited) ($ in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------------------------
Income Statement Data 2009 2008 2009 2008
--------------------- ------------------------------------------
Net interest income $2,454 $2,396 $6,906 $7,362
Provision for loan losses 1,425 615 5,050 1,290
------------------------------------------
Net interest income after
loan loss provision 1,029 1,781 1,856 6,072
Non-interest income 413 1,062 1,164 2,796
Non-interest expense 2,480 2,456 7,613 7,528
Provision (benefit) for
income taxes (402) 81 (1,696) 298
------------------------------------------
Net income (loss) (636) 306 (2,897) 1,042
Accretion of preferred
stock to redemption value 2 -- 5 --
Preferred dividends
accrued 116 -- 258 --
------------------------------------------
Net income (loss) to
common shareholders ($754) $306 ($3,160) $1,042
==========================================
Income (loss) per common
share: basic ($0.36) $0.17 ($1.62) $0.58
==========================================
Income (loss) per common
share: diluted ($0.36) $0.17 ($1.62) $0.58
==========================================
Weighted Average Number of
Common Shares Outstanding
Basic 1,790,599 1,784,549 1,789,455 1,783,810
Diluted 1,790,599 1,786,274 1,789,455 1,791,424
Cash dividends per share $0.00 $0.115 $0.06 $0.345
At At
Balance Sheet Data 9/30/09 12/31/08
------------------ --------------------
Total assets $ 465,276 $ 434,218
Cash and due from banks 20,282 21,370
Investment securities 144,647 102,848
Loans 272,292 285,443
Allowance for loan losses 9,063 6,778
Deposits 336,680 306,821
FHLB advances and other
borrowings 81,865 88,505
Junior subordinated
debentures 12,372 12,372
Shareholders' equity 31,113 23,924
Preferred shares
outstanding 9,266 --
Common shares outstanding 1,790,599 1,787,092
Book value per
share-common $ 12.20 $ 13.39
Equity to assets 6.69% 5.51%
Total loans to deposits 80.88% 93.03%
Allowance for loan losses
to total loans 3.34% 2.37%
Asset Quality
-------------
Nonperforming loans $ 20,662 $ 16,001
Other real estate owned 6,129 667
--------------------
Total nonperforming
assets 26,791 16,668
Net loan charge-offs $ 2,765 $ 786
Allowance for loan losses
to nonperforming assets 33.83% 42.36%
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Provident Community Bancshares, Inc.
CONTACT: Provident Community Bancshares, Inc. Dwight V. Neese, President & CEO 803-980-1863
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