Provident Community Bancshares Turns To Profit In Q2 - Quick Facts

8/3/2012 4:40 PM ET

Provident Community Bancshares Inc. (PCBS: Quote) reported a second-quarter net income to common shareholders of $24 thousand or $0.01 per share, compared to a net loss of $110 thousand or $0.06 per share in the prior year quarter.

The company the improvement in 2012 was primarily due to a reduction in Other Real Estate Owned or OREO expenses of $721,000 due to expense reductions and recoveries on OREO and the absence of any other-than-temporary impairment of securities in 2012 compared to $191,000 in 2011.

Net interest income for the quarter rose to $1.81 million from $2.30 million in the year-ago quarter, while non-interest income decreased to $658 thousand from $660 thousand in the comparable quarter last year.

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by RTT Staff Writer

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