Print
Email
Provident Community Bancshares Inc. (PCBS) filed Quarterly Report for the period ended 2011-09-30.
.
This is the annual revenues and earnings per share of PCBS over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PCBS.
Highlight of Business Operations:
Liquidity Liquidity is the ability to meet demand for loan disbursements, deposit withdrawals, repayment of debt, payment of interest on deposits and other operating expenses. The primary sources of liquidity are deposits, loan repayments, borrowings, maturity and sale of securities and interest payments. While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit outflows, security sales and mortgage prepayments are greatly influenced by general interest rates, economic conditions and competition. The primary investing activities of the Corporation are the origination of commercial and consumer loans, and the purchase of investment and mortgage-backed securities. These activities are funded primarily by principal and interest payments on loans and investment securities, deposit growth, securities sold under agreements to repurchase and FHLB advances. 34 At September 30, 2011, the Corporation s investment in marketable securities totaled $155.1 million, all of which was available for sale. In addition, the Corporation had $27.8 million in federal funds sold at September 30, 2011 compared to $14.5 million at December 31, 2010. Approximately $85.1 million and $78.5 million of debt securities at September 30, 2011 and December 31, 2010, respectively, were pledged by the Corporation as collateral to secure deposits of the State of South Carolina, and Union, Laurens and York counties along with additional borrowings and repurchase agreements. Outstanding loan commitments (including commitments to fund credit lines) totaled $24.5 million at September 30, 2011. Management of the Corporation anticipates that it will have sufficient funds available to meet its current loan commitments. The Corporation closely monitors its liquidity position on a daily basis. Time deposits that are scheduled to mature in one year or less from September 30, 2011, totaled $93.8 million or 32.3% of total deposits. The Corporation relies primarily on competitive rates, customer service, and long-standing relationships with customers to retain deposits. From time to time, the Corporation will also offer special products to its customers to increase retention and to attract new deposits. Based upon the Corporation s experience with deposit retention and current retention strategies, management believes that, although it is not possible to predict future terms and conditions upon renewal, a significant portion of such deposits will remain with the Corporation. If the Corporation requires funds beyond its ability to generate them internally, additional sources of funds are available through FHLB advances, securities sold under agreements to repurchase and lines of credit. At September 30, 2011, the Corporation had outstanding $59.5 million of FHLB borrowings and $5.4 million of securities sold under agreements to repurchase. At September 30, 2011, the Corporation had unused short-term lines of credit to purchase federal funds from unrelated banks totaling $4.0 million and the ability to borrow an additional $17.5 million from secured borrowing lines. Lines of credit are available on a one-to-ten day basis for general purposes of the Corporation. All of the lenders have reserved the right to withdraw these lines at their option.Total non-interest income increased $151,000, or 21.6%, to $851,000 for the three months ended September 30, 2011 from $700,000 for the same period in the previous year. The increase was due primarily to lower other than temporary impairment write-down on securities partially offset by lower gains on the sale of investments. The Corporation recorded a $419,000 gain on sale of investments from security sales of $26.1 million for the three months ended September 30, 2011 compared to a gain of $619,000 from security sales of $33.0 million for the same period in the previous year, as the Corporation continues to better position the investment portfolio for the potential of rising interest rates. An other-than-temporary impairment charge of $218,000 was required for write-downs on trust preferred securities as a result of projected shortfalls of interest and principal payments in the cash flow analysis of the securities for the three months ended September 30, 2011 compared to $660,000 for the same period in 2010. Net fees from financial services decreased $78,000, or 10.8%, to $645,000 for the three months ended September 30, 2011 from $723,000 for the same period in the previous year. The decrease was due to lower return check charges as a result of new government regulations on checking accounts.
Total non-interest income increased $151,000, or 21.6%, to $851,000 for the three months ended September 30, 2011 from $700,000 for the same period in the previous year. The increase was due primarily to lower other than temporary impairment write-down on securities partially offset by lower gains on the sale of investments. The Corporation recorded a $419,000 gain on sale of investments from security sales of $26.1 million for the three months ended September 30, 2011 compared to a gain of $619,000 from security sales of $33.0 million for the same period in the previous year, as the Corporation continues to better position the investment portfolio for the potential of rising interest rates. An other-than-temporary impairment charge of $218,000 was required for write-downs on trust preferred securities as a result of projected shortfalls of interest and principal payments in the cash flow analysis of the securities for the three months ended September 30, 2011 compared to $660,000 for the same period in 2010. Net fees from financial services decreased $78,000, or 10.8%, to $645,000 for the three months ended September 30, 2011 from $723,000 for the same period in the previous year. The decrease was due to lower return check charges as a result of new government regulations on checking accounts.
Total non-interest income decreased $624,000, or 21.8%, to $2.2 million for the nine months ended September 30, 2011 from $2.9 million for the same period in the previous year. The decrease was due primarily to lower gain on sale of investment securities, partially offset by a reduction in other than temporary impairment write-downs on securities. Gains on sale of investments were $697,000 from security sales of $50.2 million for the nine months ended September 30, 2011 compared to $1.8 million from security sales of $88.4 million for the same period in the previous year, as the Corporation continues to better position the investment portfolio for the potential of rising interest rates. Other than temporary impairment write-downs on securities were $409,000 for the nine months ended September 30, 2011 compared to $1.1 million for the same period in 2010 from write-downs recorded on trust preferred securities as a result of projected shortfalls of interest and principal payments in the cash flow analysis of the securities. Fees from financial services decreased $190,000, or 9.0%, to $1.9 million for the nine months ended September 30, 2011 from $2.1 million for the same period in the previous year. The decrease was due to lower return check charges as a result of new government regulations on checking accounts.
Total non-interest income decreased $624,000, or 21.8%, to $2.2 million for the nine months ended September 30, 2011 from $2.9 million for the same period in the previous year. The decrease was due primarily to lower gain on sale of investment securities, partially offset by a reduction in other than temporary impairment write-downs on securities. Gains on sale of investments were $697,000 from security sales of $50.2 million for the nine months ended September 30, 2011 compared to $1.8 million from security sales of $88.4 million for the same period in the previous year, as the Corporation continues to better position the investment portfolio for the potential of rising interest rates. Other than temporary impairment write-downs on securities were $409,000 for the nine months ended September 30, 2011 compared to $1.1 million for the same period in 2010 from write-downs recorded on trust preferred securities as a result of projected shortfalls of interest and principal payments in the cash flow analysis of the securities. Fees from financial services decreased $190,000, or 9.0%, to $1.9 million for the nine months ended September 30, 2011 from $2.1 million for the same period in the previous year. The decrease was due to lower return check charges as a result of new government regulations on checking accounts.
Subscribe RSS
