Provident Community Bancshares Inc. (PCBS) reported a fourth-quarter net loss to common shareholders of $428 thousand or $0.24 per share, narrower than $10.4 million or $5.80 per share in the prior year quarter.
The company noted that the decrease in the loss in 2011 was primarily due to an increase in the gain on the sale of investments, a reduction in the provision for loan losses, a decrease in other real estate owned expense and the absence of a deferred tax asset charge in 2011.
Net interest income for the quarter rose to $2.07 million from $2.05 million in the year-ago quarter, while non-interest income decreased to $660 thousand from $695 thousand in the comparable quarter last year.
by RTT Staff Writer
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