PCBS Finra deleted symbol. Company acquired.

http://www.otcbb.com/asp/dailylist_detail.asp?d=05/01/2014&mkt_ctg=NON-OTCBB

Park Sterling Corporation and Provident Community Bancshares, Inc. to Merge

Date :

03/05/2014 @ 7:00AM

Source :

GlobeNewswire Inc.

Provident Community Bancshares, (USOTC:PCBS)
Intraday Stock Chart

Today : Wednesday 5 March 2014


Park Sterling Corporation (Nasdaq:PSTB) ("Park Sterling"), the holding company for Park Sterling Bank, and Provident Community Bancshares, Inc. (OTCBB:PCBS) ("Provident Community"), the holding company for Provident Community Bank, N.A., announced today the signing of a definitive merger agreement under which Park Sterling will acquire Provident Community for a total transaction value of approximately $6.5 million.

Merger consideration will include: (i) $0.78 per share, or approximately $1.4 million, in cash to common stockholders for all of the outstanding common stock, and (ii) $550 per share, or approximately $5.1 million, in cash to the United States Department of the Treasury ("Treasury") for all of the outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock"). The purchase price for the Series A Preferred Stock represents a 45%, or $4.2 million, discount from its face value of $1,000 per share.

Upon completion of the transaction, the combined company will have approximately $2.3 billion in total assets, $1.9 billion in total deposits, $1.4 billion in total loans, and a network of 54 offices in the Carolinas, Virginia and North Georgia. The merger will strengthen Park Sterling's position as the largest community bank in the Charlotte-Concord-Gastonia MSA, which includes Rock Hill, Provident Community's home market, according to the most recently available deposit market share data, with pro forma growth from 17 to 20 branches and from $876 million to $929 million in total deposits (source: SNL Financial; June 30, 2013).

The merger agreement has been unanimously approved by the board of directors of each company. Closing of the transaction, which is expected to occur in the second quarter of 2014, is subject to customary conditions, including approval by Provident Community's common stockholders, completion of the purchase of the Series A Preferred Stock from Treasury and receipt of regulatory approval. At closing, Provident Community will merge with and into Park Sterling and, as soon as practicable following the closing, it is anticipated that Provident Community Bank, N.A. will merge with and into Park Sterling Bank.

"Our proposed merger with Provident Community advances our vision to create a regional community bank in the Carolinas and Virginia and strengthens our leading position in the attractive Charlotte metro market. Additionally, the partnership improves our branch density in South Carolina's Upstate and Midlands regions, provides an attractive source of core deposits to help fund organic loan growth, and creates efficiencies which offer an attractive financial return to shareholders," said James C. Cherry, Chief Executive Officer of Park Sterling. "Each of these outcomes is desirable individually. Together, they create a very compelling transaction. We are pleased to partner with Dwight Neese and his team at Provident Community and look forward to working together to continue serving their customers and communities."

Dwight V. Neese, President and Chief Executive Officer of Provident Community, who will remain at the combined company as a senior market executive, commented, "We are excited to enter into this partnership with Park Sterling and welcome the opportunity to help bring the combined company's strong balance sheet and broad array of products and service offerings to our customers."

Keefe, Bruyette & Woods, Inc. served as financial advisor to Park Sterling, and Sandler O'Neill + Partners, L.P. served as financial advisor to Provident Community. McGuireWoods LLP served as outside legal counsel to Park Sterling, while Kilpatrick Townsend & Stockton LLP served as outside legal counsel to Provident Community.

Webcast

Park Sterling Corporation will host a conference call this morning at 8:00 a.m., EST (March 5, 2014). The conference call can be accessed by dialing (888) 317-6016 and requesting the Park Sterling Corporation call. Listeners should dial in 10 minutes prior to the start of the call. The presentation slides will be available on www.parksterlingbank.com under Investor Relations, "Investor Presentations." A replay of the call will also be available approximately one hour after the end of the call through 9:00 a.m., EDT on or around April 5, 2014. To access the replay dial (877) 344-7529, conference code 10042291.

Additional Information and Where to Find It

This filing may be deemed to be solicitation material in respect of the proposed acquisition of Provident Community by Park Sterling. In connection with the proposed merger transaction, Provident Community will furnish to Provident Community's stockholders a proxy statement and other relevant documents. This filing does not constitute a solicitation of any vote or approval. PROVIDENT COMMUNITY'S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER.

Investors will be able to obtain a free copy of documents filed with the SEC at the SEC's website at http://www.sec.gov. In addition, investors may obtain a free copy of Provident Community's filings with the SEC from Provident Community's website at www.providentonline.com or by directing a request to: Provident Community Bancshares, Inc., 2700 Celanese Road, Rock Hill, South Carolina 29732, Attn: Wanda J. Wells, SVP/Shareholder Relations Officer (wwells@providentonline.com).

Participants in Solicitation

Provident Community and its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information about the directors and executive officers of Provident Community and other persons who may be deemed participants in this solicitation will be included in the proxy statement to be furnished to Provident Community's stockholders. Information about Provident Community's executive officers and directors can be found in its Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and in its definitive proxy statement filed with the SEC on Schedule 14A on April 11, 2013.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

About Park Sterling Corporation

Park Sterling Corporation, the holding company for Park Sterling Bank, is headquartered in Charlotte, North Carolina. Park Sterling, a regional community-focused financial services company with approximately $2 billion in assets, is the largest community bank headquartered in the Charlotte area and has 44 banking offices stretching across the Carolinas and into North Georgia, as well as a loan production office in the Greater Richmond region.

The bank serves professionals, individuals, and small and mid-sized businesses by offering a full array of financial services, including deposit, mortgage brokerage, cash management, consumer and business finance, and wealth management services. Park Sterling prides itself on being large enough to help customers achieve their financial aspirations, yet small enough to care that they do. Park Sterling is focused on building a banking franchise that is noted for sound risk management, strong community focus and exceptional customer service. For more information, visit www.parksterlingbank.com. Park Sterling Corporation shares are traded on NASDAQ under the symbol PSTB.

About Provident Community Bancshares, Inc.

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. Provident Community is headquartered in Rock Hill, South Carolina. 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.

I'm not very good at providing links but got the info from their financial report that can be found at the Federal Financial Institutions Examination Council, FFIEC, site. This organization has reports from every bank that operates in the U.S. Come by The Bank Recovery Room and check out the stickies. You will find instructions on how to navigate the FFIEC site. We would also love to have you posting there with any bank finds you uncover.

Thank you Salty, do you have a link to this?
Also, is this an improvement over last year?
GL

PCBS lost over 1.3 million according to their 4th quarter report.

PCBS: terminated registration. Moved to the OTC-NBB:

http://www.otcbb.com/asp/dailylist_detail.asp?d=12/24/2013&mkt_ctg=OTCBB

this bank is still bleeding $$. Once they get it under control, this thing should fly. Very low amount of shares outstanding.
GL

PCBS

finally some fills on the BID :)

Important Notice Regarding SC Department Of Revenue Security Breach
11/6/2012


As the situation surrounding the Department of Revenue database breach continues to evolve, we at Provident Community Bank want our clients to know that we are monitoring the situation very closely, and at this point it is not clear if any customer information has been compromised. We would advise you to monitor your account(s) regularly using PROVIDENTONLINE internet banking or our BankLine voice response system and report any suspicious activity to our Client Care Center immediately at 1-888-427-9002.
We strongly encourage all bank clients that are South Carolina taxpayers to go to the Department of Revenue website, www.sctax.org/security.htm to learn more about free credit protection that the Department of Revenue and Experian are offering to all South Carolina taxpayers. For those without Internet access, you may call the Department of Revenue at 1-866-578-5422 to get protection. Remember, this is only credit protection and does not apply to deposit and savings accounts.

Additionally, know what is on your credit report. Visit www.annualcreditreport.com or call 1-877-322-8228 to receive a free credit report from each of the three credit reporting bureaus. Make sure that everything on your report is accurate. If there are discrepancies, contact the credit reporting agency that provided the credit report to report the discrepancy.

For business clients, the state of South Carolina has arranged free credit monitoring services for all South Carolina businesses through Dun & Bradstreet Credibility Corp. for the life of the business. Businesses can register at www.dandb.com/sc/ or by calling 800-279-9881.

We also understand your concerns about the security of your personal & financial data and whether your money is safe. Rest assured, we are confident in both our infrastructure and personnel. Our systems are secured using state-of-the-art firewall, intrusion detection & prevention systems. The Bank has robust processes as well as a competent service provider who monitors the security of our systems round the clock. We are committed to keeping your information secure.

Thank you for banking with Provident Community Bank. We value our relationship. Should you have any questions, please do not hesitate to contact us.

Dwight V. Neese
President and CEO

I think this bank is going to do well. The question for me is, would I be better off taking the little bit of money I have in it and buying something else that may be faster moving?

This is worth exploring more. Negative earnings and high troubled asset ratio bothers me soem, but the troubled asset ratio has turned the corner and heading in the right directions. Appears earnings have done the same.

It looks like the spread is tightening. This is a good sign.
Was .31 - .60 now at .40 - .50

I was hoping this last Q would have been a little bit better but I guess things are what they are.

Provident Comm (PCBS)

$0.40
(0.00%)

Thursday, February 14, 2013

PCBS is overvalued compared to its Price of $0.40 per share, has below average safety, and is currently rated a Hold.

Provident Comm (PCBS)

Financial (Savings&Loan)

Company Information

Business: Provident Community Bancshares, Inc. (Provident Community Bancshares) is the bank holding company for Provident Community Bank, N.A. (the Bank). Provident Community Bancshares’ business activity primarily consists of directing the activities of the Bank.

Capital Appreciation

Value: Value is a measure of a stock 's current worth. PCBS has a current Value of $0.33 per share. Therefore, it is overvalued compared to its Price of $0.40 per share. Value is computed from forecasted earnings per share, forecasted earnings growth, profitability, interest, and inflation rates. Value increases when earnings, earnings growth rate and profitability increase, and when interest and inflation rates decrease. VectorVest advocates the purchase of undervalued stocks. At some point in time, a stock 's Price and Value always will converge.

RV (Relative Value): RV is an indicator of long-term price appreciation potential. PCBS has an RV of 0.81, which is poor on a scale of 0.00 to 2.00. This indicator is far superior to a simple comparison of Price and Value because it is computed from an analysis of projected price appreciation three years out, AAA Corporate Bond Rates, and risk. RV solves the riddle of whether it is preferable to buy High growth, High P/E stocks, or Low growth, Low P/E stocks. VectorVest favors the purchase of stocks with RV ratings above 1.00.


RS (Relative Safety): RS is an indicator of risk. PCBS has an RS rating of 0.67, which is poor on a scale of 0.00 to 2.00. RS is computed from an analysis of the consistency and predictability of a company 's financial performance, debt to equity ratio, sales volume, business longevity, price volatility and other factors. A stock with an RS rating greater than 1.00 is safer and more predictable than the average stock in the VectorVest database. VectorVest favors the purchase of stocks of companies with consistent, predictable financial performance.

RT (Relative Timing): RT is a fast, smart, accurate indicator of a stock 's price trend. PCBS has a Relative Timing rating of 1.33, which is very good on a scale of 0.00 to 2.00. RT is computed from an analysis of the direction, magnitude, and dynamics of a stock 's price movements over one day, one week, one quarter and one year time periods. Once a stock 's price has established a strong trend, it is expected to continue in that trend for the short-term. If a trend dissipates, RT will gravitate toward 1.00. RT will explode from bottoms, dive from tops, and reflect changes in price momentum. VectorVest favors the purchase of stocks with RT ratings above 1.00.

VST (VST-Vector): VST is the master indicator for ranking every stock in the VectorVest database. PCBS has a VST rating of 1.01, which is fair on a scale of 0.00 to 2.00. VST is computed from the square root of a weighted sum of the squares of RV, RS, and RT. Stocks with the highest VST ratings have the best combinations of Value, Safety and Timing. These are the stocks to own for above average, long-term capital appreciation. VectorVest advocates the purchase of safe, undervalued stocks rising in price.

Recommendation (REC): VectorVest gives a Buy, Sell, Hold recommendation on every stock, every day. PCBS has a Hold recommendation. REC reflects the cumulative effect of all the VectorVest parameters working together. These parameters are designed to help investors buy safe, undervalued stocks rising in price. They also help investors avoid or sell risky, overvalued stocks falling in price. VectorVest recommends that investors buy high VST-Vector, Buy-rated stocks in rising markets.

OR

Stop (Stop-Price): Stop is an indicator of when to sell a long position or cover a short position. PCBS has a Stop of $0.32 per share. This is $0.08 below below PCBS 's current closing Price. A stock 's Stop is computed from a 13 week moving average of its closing prices, and is fine-tuned according to the stock 's fundamentals. High RV, high RS stocks have lower Stops, and low RV, low RS stocks have higher Stops. In the VectorVest system, a stock gets a 'B ' or 'H ' recommendation if its Price is above its Stop and an 'S ' recommendation if its Price is below its Stop.

GRT (Earnings Growth Rate): GRT reflects a company 's one to three year forecasted earnings growth rate in percent per year. PCBS has a forecasted Earnings Growth Rate of 5.00%, which VectorVest considers to be fair. GRT is computed from historical, current and forecasted earnings data. It is updated each week for every stock in the VectorVest database. GRT often foretells a stock 's future price trend. If a stock 's GRT trend is upward, the stock 's price will likely rise. If GRT is trending downward, the stock 's Price will probably fall. VectorVest favors the purchase of stocks whose GRT is rising and is greater than the sum of current inflation and interest rates, as shown weekly in our investment climate report.

EPS (Earnings per Share): EPS stands for leading 12 months Earnings Per Share. PCBS has a forecasted EPS of $-0.36 per share. VectorVest determines this forecast from a combination of recent earnings performance and traditional fiscal and/or calendar year earnings forecasts.

P/E (Price to Earnings Ratio): P/E is a popular measure of stock valuation which shows the dollars required to buy one dollar of earnings. PCBS has a P/E of -1.11. This ratio may be deemed to be high or low depending upon your frame of reference. The average P/E of all the stocks in the VectorVest database is 39.49. P/E is computed daily using the formula: P/E = Price/EPS.

EY (Earnings Yield): EY reflects earnings per share as a percent of Price. EY is related to P/E via the formula, EY = 100 / (P/E), and may be used in place of P/E as a measure of valuation. EY has the advantages that it is always determinate and can reflect negative earnings. PCBS has an EY of -90.00 percent. This is below the current average of 2.52% for all the stocks in the VectorVest database. EY equals 100 x (EPS/Price).

GPE (Growth to P/E Ratio): GPE is another popular measure of stock valuation. It compares earnings growth rate to P/E ratio. PCBS has a GPE rating of -4.49. High growth stocks are believed to be able to justify high P/E ratios. A stock is commonly considered to be undervalued when GPE is greater than 1.00 and overvalued when GPE is below 1.00. Unfortunately, this rule of thumb does not take into account the effect of interest rates on P/E ratios. The operative GPE ratio of 1.00 is valid when and only when interest rates equal 10%. With long-term interest rates currently at 2.63%, the operative GPE ratio is 0.07. Therefore, PCBS may be considered to be overvalued.

Dividend Information

DIV (Dividend): VectorVest reports annual, regular, cash dividends as indicated by the most recent payments. Special distributions, one-time payments, stock dividends, etc., are not generally included in DIV. PCBS does not pay a dividend.

DY (Dividend Yield): DY reflects dividend per share as a percent of Price. PCBS does not pay a dividend, so it does not have a Dividend Yield rating . DY equals 100 x (DIV/Price). It is useful to compare DY with EY. If DY is not significantly lower than EY, the dividend payment may be in jeopardy.

DS (Dividend Safety): DS is an indicator of the assurance that regular cash dividends will be declared and paid at current or at higher rates for the foreseeable future. PCBS does not pay a dividend, so it does not have a Dividend Safety rating . Stocks with DS values above 75 typically have RS values well above 1.00 and EY levels that are much higher than DY.

DG (Dividend Growth Rate): Dividend Growth is a subtle yet important indicator of a company 's financial performance. It also provides some insight into the board 's outlook on the company 's ability to increase earnings. PCBS does not pay a dividend, so it does not have a Dividend Growth rating .

YSG (YSG-Vector): YSG is an indicator which combines DIV, DY and DG into a single value, and allows direct comparison of all dividend-paying stocks in the database. PCBS does not pay a dividend, so it does not have a YSG rating which is . Stocks with the highest YSG values have the best combinations of Dividend Yield, Safety and Growth. These are the stocks to buy for below current income and long-term growth.

Price-Volume Data

Price: PCBS closed on Thursday, February 14, 2013 at $0.40 per share.

Open:PCBS opened trading at a price of $0.40 per share on Thursday, February 14, 2013.

High: PCBS traded at a High price of $0.40 per share on Thursday, February 14, 2013.

Low: PCBS traded at a Low price of $0.40 per share on Thursday, February 14, 2013.

Close: PCBS closed on Thursday, February 14, 2013 at $0.40 per share. (Close is also called Price in the VectorVest system)

Range: Range reflects the difference between the High and Low prices for the day. PCBS traded with a range of $0.00 per share on Thursday, February 14, 2013.

$ Change: PCBS unchanged from the prior day 's closing Price.

%PRC: PCBS 's Price changed 0.00% from the prior day 's closing price.

Volume: PCBS traded 0 shares on Thursday, February 14, 2013.

AvgVol: AvgVol is the 50 day moving average of daily volume as computed by VectorVest. PCBS has an AvgVol of 402 shares traded per day.

%Vol: %Vol reflects the percent change in today 's trading volume as compared to the AvgVol. %Vol equals ((Volume - AvgVol) / AvgVol ) * 100. PCBS had a %Vol of -100.00% on Thursday, February 14, 2013

CI (Comfort Index): CI is an indicator which reflects a stock 's ability to resist severe and/or lengthy price declines.PCBS has a CI rating of 0.84, which is poor on a scale of 0.00 to 2.00. CI is quite different from RS in that it is based solely upon a stock 's long-term price history. VectorVest advocates the purchase of high CI stocks.

Sales / Market Capitalization Information

Sales: PCBS has annual sales of 12,000,000

Sales Growth: Sales Growth is the Sales Growth Rate in percent over the last 12 months. PCBS has a Sales Growth of -7.00% per year. This is very poor. Sales Growth is updated each week for every stock. It is often useful to compare Sales Growth to Earnings Growth to gain an insight into a company 's operations.

Sales Per Share (SPS): PCBS has annual sales of $6.99 per share. SPS can be used as a measure of valuation when comparing stocks within an Industry Group.

Price to Sales Ratio (P/S): PCBS has a P/S of 0.06. This ratio is also used as a measure of valuation. Here, too, it is useful when comparing stocks within an Industry Group.

Shares: PCBS has 1,000,000 shares of stock outstanding.

Market Capitalization: PCBS has a Market Capitalization of 0. Market Capitalization is calculated by multiplying price times shares outstanding.

Business Sector: PCBS has been assigned to the Financial Business Sector. VectorVest classifies stocks into over 200 Industry Groups and 40 Business Sectors.

Industry Group: PCBS has been assigned to the Financial (Savings&Loan) Industry Group. VectorVest classifies stocks into over 200 Industry Groups and 40 Business Sectors.

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Great post and article. Please stop by often and share your thoughts.

Owning Bank Stocks Might Be Better Than Keeping Cash In The Bank


Posted on December 6, 2012 in Bank stocks , Banking News , featured , Financial Crisis · 0 Comment


The financial meltdown that began five years ago resulted in widespread financial devastation for millions of Americans. Retirement and stock portfolios were decimated while real estate values declined by 50% or more in many parts of the country. The American middle class was shocked as trillions of dollars of wealth suddenly disappeared.

The collapse of financial institutions was so widespread that people doubted the ability of the FDIC to protect trillions of dollars of consumer savings in the banking system. As it turned out, massive aid by the government to the banking industry prevented a total collapse of the system and depositors with savings insured up to the FDIC limits did not lose a dime of their deposits.

An unfortunate side effect of the government’s effort to revive the economy with low interest rates, however, is now decimating savers who are earning near zero interest rates. Factor in the impact of 3% inflation and savers are now losing purchasing power by keeping their money in the bank. For those who cannot tolerate potential large fluctuations in the principal amount of their savings, losing 3% or more of their savings each year by keeping money in the bank may represent a “fair” trade off. Long term, however, if interest rates remain low and inflation increases, the “safe” strategy of keeping savings in the bank is the perfect recipe for the destruction of wealth as can be seen the chart below.



The purchasing power of the dollar since 1990 has declined at a precipitous rate. Before the Federal Reserve instituted its zero interest rate policy, savers could offset some of the lost purchasing power by collecting interest on their savings, but those days are gone. If the U.S. follows the path of Japan, which has had near zero interest rates for almost two decades, bank savers will wind up in poverty as the purchasing power of their money disappears. Saving money in the bank, which appears to be a “safe bet”, may wind up being a catastrophic strategy for wealth preservation.

One ironic solution for bank depositors may be to invest in bank stocks. Bank stocks experienced one of the greatest collapses of values in stock market history from 2007 to 2009. Many investors suffered declines of 90% or more in the value of their bank stocks and many more were completely wiped out as hundreds of banks failed.

As measured by the KBW Bank Index, the value of banking stocks declined by almost 85% from 2007 to the lows of 2009. As it became apparent that the financial system was not going to collapse, bank stocks almost tripled from the panic lows of 2009. For the past two years, the bank stock index has moved sideways and is now approaching a potential breakout as can be seen in the chart below.

Not all banks engaged in risky lending practices or excessive leverage. Many sound banks have taken advantage of the financial crisis to gain market share and deposit growth. In a post earlier this year, five mutual savings banks were discussed that looked like good investments. Since that time, a portfolio of these five stocks has increased by about 16%. In addition, all five of these banks pay a dividend far in excess of current deposit rates.

Things always change. Although bank stocks were the worst possible place to be invested in 2007, they may now be a good mechanism for wealth preservation, income and growth.

Tags: bank savings , bank stocks , Banking crisis , banking industry , Banking News , purchasing power , risk of bank saving , savings

The government at any time could auction off their share of PCBS to a private investor. This could greatly dilute the share structure. It was most recently done with other banks in the same region. See link below.
Also PCBS is supposed to be paying a dividend to the Government on the TARP money. They have not been paying this dividend. I will put this one on my watch list. Volume has increased over the past week or two. Maybe there is something here.
GL.
http://www.bizjournals.com/charlotte/blog/bank_notes/2012/11/treasury-takes-a-loss-on-bailouts-of.html?ana=yfcpc

PCBS has a long row to hoe but it can be done.

PCBS has taken 9.27 million in TARP money.

cription Provident Community Bancshares, Inc. (Provident Community Bancshares), incorporated on April 20, 1994, is the bank holding company for Provident Community Bank, N.A. (the Bank). Provident Community Bancshares’ business activity primarily consists of directing the activities of the Bank. As of December 31, 2011, the Bank’s operations were conducted through its main office in Rock Hill, South Carolina and seven full-service banking centers, all of which were located in the upstate area of South Carolina. The business of the Bank primarily consists of attracting deposits from the general public and originating loans to consumers and businesses. The Bank also maintains a portfolio of investment securities. The principal sources of funds for the Bank’s lending activities include deposits received from the general public, interest and principal repayments on loans and, to a lesser extent, borrowings from the Federal Home Loan Bank (FHLB) and other parties.


Lending Activities


The Bank originates residential mortgage loans to enable borrowers to purchase existing single family homes or to construct new homes. As of December 31, 2011, $12.0 million, or 7.7% of the Company’s net loan portfolio consisted of loans secured by residential real estate. The Bank offers mortgage lending products with both fixed and adjustable rates. As of December 31, 2011, the Bank had approximately $4 million of adjustable rate mortgages (ARMs), or 2.6% of the Bank’s total loans receivable. As of December 31, 2011, $8.1 million, or 5.2%, of the Bank’s loan portfolio consisted of long-term, fixed-rate residential real estate loans.


Commercial real estate loans constituted approximately $97.5 million, or 62.5%, of the Bank’s net loan portfolio as of December 31, 2011. Commercial real estate loans consist of permanent loans secured by multi-family loans, generally apartment houses, as well as commercial and industrial properties, including office buildings, warehouses, shopping centers, hotels, motels and other special purpose properties. Commercial real estate loans are originated and purchased for inclusion in the Bank’s portfolio. The Bank engages in construction lending that primarily is secured by single family residential real estate and, to a much lesser extent, commercial real estate. The Bank’s consumer loan portfolio primarily consists of automobile loans on new and used vehicles, mobile home loans, boat loans, second mortgage loans, loans secured by savings accounts and unsecured loans. Commercial business loans are made primarily in its market area to small businesses through its branch network.


Investment Activities


As of December 31, 2011, the Company’s investment portfolio consisted of the United States Agency obligations, government-sponsored enterprises, municipal securities, trust preferred securities, and mortgage-backed and related securities. The Company purchases mortgage-backed securities, both fixed-rate and adjustable-rate, from Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae) and Government National Mortgage Association (Ginnie Mae) with maturities from five to thirty years. As of December 31, 2011, approximately $11.6 million of mortgage-backed securities were adjustable-rate securities.


Sources of Funds


General deposits are the major source of the Company’s funds for lending and other investment purposes. In addition to deposits, it derives funds from principal repayments and interest payments on loans and investment and mortgage-backed securities. It offers a number of deposit accounts, including negotiable order of withdrawal (NOW) accounts, money market savings accounts, passbook and statement savings accounts, individual retirement accounts and certificate of deposit accounts. It utilizes advances from the FHLB agreements and other borrowings (security repurchase agreements and trust preferred capital obligations) to supplement its supply of lendable funds for granting loans, making investments and meeting deposit withdrawal requirements.


Subsidiary Activities


Provident Community Bancshares maintains two subsidiaries other than the Bank. Provident Community Bancshares Capital Trust I and Capital Trust II were established as capital trusts to issue trust preferred securities.


The Company competes with BB&T, SunTrust and Carolina First Bank, First-Citizens Bank and Trust Company of South Carolina.

» Full Overview of PCBS.OBCompany AddressProvident Community Bancshares Inc
2700 Celanese Road
ROCK HILL SC 29732
P: +1803.3259400
F: +1864.4291884

Company Web LinksHome Page
News Releases
Investor Relations
Financial Information
Corporate History/Profile
Executives
Products/Services
Officers & Directors Name Compensation
Carl Mason --
Dwight Neese 253,793
Richard Flake 168,769
Lud Vaughn 158,340
Robert Breakfield --
» More Officers & DirectorsProvident Community Bancshares Inc News » More PCBS.OB News

Archived Press Releases

Provident Community Bancshares Reports Third Quarter Results11/8/2012

Rock Hill, South Carolina - November 8, 2012: Provident Community Bancshares, Inc. (OTCBB: PCBS) (the "Corporation") 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 write-down 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. Shareholders' equity increased $454,000, or 3.6%, to $12.9 million at September 30, 2012 from $12.5 million at December 31, 2011 due primarily to a $287,000 decrease in unrealized losses on securities available for sale along with net operating income before accrued preferred stock dividends of $167,000.

Nonperforming loans, which are primarily commercial real estate properties, were $15.8 million as of September 30, 2012, or 12.1% of total loans, as compared to $16.8 million at December 31, 2011, a decrease of $1.0 million. Real estate acquired through foreclosure increased $1.2 million to $9.6 million at September 30, 2012 from $8.4 million at December 31, 2011, primarily as a result of the transfer of two bank properties totaling $1.0 million. Bank properties that are no longer in use and are for sale are required to be removed from fixed assets and transferred to OREO. Bad debt charge-offs, net of recoveries, were $71,000 for the three months ended September 30, 2012 compared to $2.4 million for the same period in 2011.

Dwight V. Neese, President and CEO, said "During the third quarter, our financial performance improved but was still affected by the continued decline in real estate values in the markets we serve. Our results reflect the positive outcome of proactive measures that were taken earlier to deal with uncertain market conditions. As a result, our increased capital levels, higher underwriting standards and profitable core banking operation all contributed to an improved quarter. We continue to take a very conservative approach on all aspects of managing our loan portfolio, especially collateral valuations. We also believe that we have aggressively identified and dealt with our problem loans and believe that the steps that we have taken will enable us to better manage our loan portfolio. We believe that our actions are appropriate in the face of the current economic environment."

COMPANY INFORMATION

Provident Community Bancshares is the holding company for Provident Community Bank, N.A., which operates eight 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 Over The Counter Bulletin Board 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, 2011, 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, 2012, 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.