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Archived Press Releases
Provident Community Bancshares Reports Second Quarter Earnings6/30/2008
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Rock Hill, South Carolina - July 17, 2008: Provident Community Bancshares, Inc. (NASDAQ GM: PCBS) (the “Corporation”) reported operating results for the three and six months ended June 30, 2008. Net income for the second quarter of 2008 was $316,000 compared to $601,000 for the second quarter of 2007. Earnings per share were $0.18 per share (diluted) for the second quarter of 2008, versus $0.32 per share (diluted) for the second quarter of 2007. The decrease in net income for the period was due primarily to declining interest rates along with an increase in the provision for loan losses due primarily to an increase in nonperforming assets and, to a lesser extent, due to loan growth. The decrease in net income was offset by a decrease in non-interest expense due to the prior year quarter including expenses related to the closing of a banking center. Net income for the six months ended June 30, 2008, was $736,000 or $0.41 per share (diluted) compared to $1.3 million, or $0.67 per share (diluted), for the same period in 2007.
At June 30, 2008, assets totaled $405.1 million compared to $407.6 million at December 31, 2007. The decrease in total assets was due to a $22.6 million decrease in lower-yielding investments and mortgage-backed securities, the proceeds of which were used to fund loan growth and pay down borrowings. Loans increased by $16.6 million, primarily higher-yielding commercial and consumer loans. Deposits increased due to growth in lower-cost transaction accounts and time deposits.
Dwight V. Neese, President and CEO, said “Second quarter net income was not what we would like it to be and are disappointed with our earnings so far this year. 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 has constrained our earnings. Our net interest margin is 40 basis points lower this year than for the comparable period last year. While the year 2008 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 to deal with whatever issues are yet to come. 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 increased $1.7 million to $4.9 million at June 30, 2008, or 1.21% of total assets, as compared to $3.2 million, or 0.78% of total assets, at December 31, 2007. Approximately 31% or $1.5 million of nonperforming assets as of June 30, 2008 related to two commercial loan relationships that were also nonperforming at December 31, 2007. The increase in nonperforming assets was due to increases in commercial and consumer loans offset by reductions in residential real estate 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.
The Corporation also declared a quarterly cash dividend of $0.115 per share payable on August 15, 2008 to shareholders of record on July 30, 2008. Provident Community Bancshares, Inc. has a dividend reinvestment plan and information about the plan can be obtained from Registrar and Transfer Company at 800-368-5948.
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 $405-million holding company 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.
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, 2007, 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 six months ended June 30, 2008, 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 six months ended June 30, 2008 are not necessarily indicative of the results that may be expected for the full fiscal year.
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Provident Community Bancshares Reports Earnings for the Three Months Ended March 31, 20083/31/2008
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Rock Hill, South Carolina - April 23, 2008: Provident Community Bancshares, Inc. (NASDAQ GM: PCBS) (the “Corporation”) reported net income for the first quarter of 2008 was $420,000 compared to $649,000 for the first quarter of 2007. Earnings per share were $0.23 per share (diluted) for the first quarter of 2008, versus $0.35 per share (diluted) for the first quarter of 2007. The decrease in net income for the period was due primarily to declining interest rates along with an increase in the provision for loan losses due to loan growth and the increase in nonperforming assets.
At March 31, 2008, assets totaled $407.7 million compared to $407.6 million at December 31, 2007. Total assets were essentially unchanged as an increase in loans, primarily higher-yielding commercial and consumer loans, was offset by a decrease in lower-yielding investments and mortgage-backed securities. Growth in lower-cost transaction accounts and time deposits resulted in an increase in deposits and a decrease in borrowings.
Dwight V. Neese, President and CEO, said “As we manage through this difficult credit cycle and softening economy, we remain focused on our operating objectives. Our net loan growth of $18 million for the first quarter of 2008 was supported by deposit growth of $5.7 million. In comparison to the first quarter of 2007, our non-interest income for the first quarter of 2008 increased 22.4% while our operating expenses only increased 3.4%. While the year 2008 will present many challenges for the banking industry, we plan to focus our attention on core operations with the goal of enhancing long-term value for our shareholders.”
Nonperforming assets were $3.4 million as of March 31, 2008, or 0.84% of total assets, as compared to $3.2 million at December 31, 2007, an increase of $248,000. Approximately 41% or $1.4 million of nonperforming assets as of March 31, 2008 relates to one commercial loan relationship that also was also nonperforming at December 31, 2007. 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.
The Corporation also declared a quarterly cash dividend of $0.115 per share payable on May 15, 2008 to shareholders of record on April 30, 2008. Provident Community Bancshares, Inc. has a dividend reinvestment plan and information about the plan can be obtained from Registrar and Transfer Company at 800-368-5948.
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 $407-million holding company 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.
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, 2007, 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 months ended March 31, 2008, 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 months ended March 31, 2008 are not necessarily indicative of the results that may be expected for the full fiscal year.
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Provident Community Bancshares Reports Earnings For the Three and Twelve Months Ended December 31, 20071/15/2008
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Rock Hill, South Carolina - January 15, 2008: Provident Community Bancshares, Inc. (NASDAQ GM: PCBS) (the “Corporation”) reported operating results for the three and twelve months ended December 31, 2007. Net income for the fourth quarter of 2007 was $212,000 compared to $814,000 for the fourth quarter of 2006. Earnings per share were $0.12 per share (diluted) for the fourth quarter of 2007, versus $0.44 per share (diluted) for the fourth quarter of 2006. Net income for the twelve months ended December 31, 2007, was $2.2 million, or $1.18 per share (diluted), compared to $2.8 million, or $1.48 per share (diluted), for 2006. The decrease in net income for the periods primarily reflected an increase in the provision for loan losses due to loan growth and the increase in nonperforming assets.
At December 31, 2007, assets totaled $407.6 million, a 5.2% increase from $387.6 million at December 31, 2006. The increase in assets reflected an increase in loans, primarily higher-yielding commercial and consumer loans, offset by a decrease in lower-yielding investments and mortgage-backed securities. Growth in lower cost transaction accounts and time deposits resulted in an increase in deposits and a decrease in FHLB borrowings.
Dwight V. Neese, President and CEO, said “We are pleased with the balance sheet structure and growth that we achieved in 2007. Loans have increased approximately 11% since December 31, 2006, enabling our company to exceed $400 million in total assets. In addition, we increased our deposit base by approximately 9%. Our three new banking center locations established in the previous year required a significant capital investment, but played a major role in our deposit growth of $22 million. While the year 2008 will present many challenges for the banking industry, we plan to focus our attention on core operations with the goal of enhancing long-term value for our shareholders.”
Nonperforming assets were $3.8 million as of December 31, 2007, or 0.93% of total assets, as compared to $1.4 million at December 31, 2006, an increase of $2.3 million. The majority of this increase relates to two loan relationships that also existed at December 31, 2006. 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.
The Corporation also declared a quarterly cash dividend of $0.115 per share payable on February 15, 2008 to shareholders of record on January 30, 2008. Provident Community Bancshares, Inc. has a dividend reinvestment plan and information about the plan can be obtained from Registrar and Transfer Company at 800-368-5948.
COMPANY HIGHLIGHTS
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 $407 million holding company 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.
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 change over time. 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. However, such 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, 2006, including in the Risk Factors section of that report.
SUMMARY CONSOLIDATED FINANCIAL DATA
Our summary consolidated financial data as of and for the three and twelve months ended December 31, 2007, 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.
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