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
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Officers & Directors Name Compensation
Carl Mason --
Dwight Neese 253,793
Richard Flake 168,769
Lud Vaughn 158,340
Robert Breakfield --
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