THE WALL STREET CLUB

[mick]

Oct 26, 2009 16:30 Provident Community Bancshares Reports Third Quarter Results
Provident Community Bancshares, Inc. (Nasdaq:PCBS) (the "Corporation") recorded a net loss to common shareholders of $754,000 for the three months ended September 30, 2009 as compared to net income of $306,000 for the same period in 2008. The decrease in net income for the period was due primarily to provision for loan losses of $1.4 million for the three months ended September 30, 2009 compared to $615,000 for the three months ended September 30, 2008. In addition, operating results were impacted by a compression of the net interest margin caused by declining interest rates and a decrease in non-interest income due to an other than temporary impairment charge of $739,000 related to investment securities. Net loss per common share was $0.36 (diluted) for the three months ended September 30, 2009, versus net income of $0.17 per common share (diluted) for the same period in 2008. The net loss to common shareholders for the nine months ended September 30, 2009 was $3.2 million, or $1.62 per share (diluted), compared to net income of $1.0 million or $0.58 per share (diluted), for the same period in 2008. continued...


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