-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M4Pac6keu7g5NOboTp7H5ubtIB7kLoGxXzYXLwF3rj1M2O04dykZ/DBiDnYBCaBL /uWbTJxGJhhpZUo59Q78uA== 0001157523-07-006959.txt : 20070718 0001157523-07-006959.hdr.sgml : 20070718 20070718142708 ACCESSION NUMBER: 0001157523-07-006959 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070717 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070718 DATE AS OF CHANGE: 20070718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROVIDENT COMMUNITY BANCSHARES, INC. CENTRAL INDEX KEY: 0000926164 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 570264560 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-80808 FILM NUMBER: 07986256 BUSINESS ADDRESS: STREET 1: 203 WEST MAIN ST STREET 2: C/O PROVIDENT COMMUNITY BANK CITY: UNION STATE: SC ZIP: 29379 BUSINESS PHONE: 8644279000 MAIL ADDRESS: STREET 1: 203 WEST MAIN STREET STREET 2: C/O PROVIDENT COMMUNITY BANK CITY: UNION STATE: SC ZIP: 29379 FORMER COMPANY: FORMER CONFORMED NAME: UNION FINANCIAL BANCSHARES INC DATE OF NAME CHANGE: 19940629 8-K 1 a5448612.txt PROVIDENT COMMUNITY BANCSHARES, INC. 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 17, 2007 ------------- PROVIDENT COMMUNITY BANCSHARES, INC. ------------------------------------ (Exact name of registrant as specified in its charter) Delaware 1-5735 57-1001177 -------- ------ ---------- (State or other Jurisdiction of (Commission (IRS Employer incorporation or organization) File Number) Identification No.) 2700 Celanese Road, Rock Hill, South Carolina 29732 - --------------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (803) 325-9400 -------------- Not Applicable -------------- (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition. ---------------------------------------------- On July 17, 2007, Provident Community Bancshares, Inc., the holding company for Provident Community Bank, N.A., announced its financial results for the quarter ending June 30, 2007. The press release announcing financial results for the quarter ending June 30, 2007 is included as Exhibit 99.1 and incorporated herein by reference. Item 9.01 Financial Statements and Exhibits. ---------------------------------- (a) Financial Statement of Businesses Acquired: Not applicable (b) Pro Forma Information: Not applicable (c) Shell Company Transactions: Not applicable (d) Exhibits Number Description ------ ----------- 99.1 Press Release Dated July 17, 2007 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Provident Community Bancshares, Inc. Dated: July 17, 2007 By: /s/ Dwight V. Neese ------------------------ Dwight V. Neese President and Chief Executive Officer EX-99.1 2 a5448612ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 Provident Community Bancshares, Inc. Announces Second Quarter Earnings ROCK HILL, S.C.--(BUSINESS WIRE)--July 17, 2007--Provident Community Bancshares, Inc. (NASDAQ:PCBS) reported operating results for the three and six months ended June 30, 2007. Net income for the second quarter of 2007 was $601,000 compared to $639,000 for the second quarter of 2006, a 5.9% decrease. Earnings per share were $0.32 per share (diluted) for the second quarter of 2007, versus $0.33 per share (diluted) for the second quarter of 2006. The decrease in earnings from the prior year quarter reflects the additional expenses associated with opening three banking centers in the previous twelve months. During the quarter, the Company announced the closing of one banking center located in Winnsboro, South Carolina and incurred certain expenses related to real estate write downs. The closing will be completed during the third quarter of 2007. Net income for the six months ended June 30, 2007, was $1.2 million, or $0.67 per share (diluted), a 6.6% decrease from the $1.3 million, or $0.70 per share (diluted), for the same period in 2006. Net interest income before the loan loss provision for the second quarter increased $66,000, or 2.5%, to $2.7 million compared to $2.7 million for the same period in the previous year. The increase was due primarily to higher average loan balances over the previous year along with an increase in the yield on loans that resulted from a higher concentration of consumer and commercial loans. The increase in interest income was partially offset by higher deposit costs as a result of an increase in balances and rising rates. The provision for loan losses for the second quarter totaled $85,000 compared to $135,000 for the same period in the previous year. The decrease in provision for loan losses was due to a $1.1 million reduction in classified loans to $6.0 million compared to $7.1 million for the same period in the previous year, offset by a 10.1% increase in net loans over the previous year and a higher concentration of commercial loans in the portfolio which carry a higher risk of default. Non-interest income for the second quarter increased $85,000, or 11.7%, to $812,000 compared to $727,000 for the same period in the previous year. The increase was due to higher fees for financial services that resulted from an increase in transaction accounts. Non-interest expense for the second quarter increased $338,000, or 14.2%, to $2.7 million compared to $2.4 million for the same period in the previous year. The increase was due primarily to higher operating costs associated with banking centers opened in Simpsonville, South Carolina and Rock Hill, South Carolina during the previous twelve months along with expenses incurred in relation to the pending closing of one Winnsboro, South Carolina banking center. At June 30, 2007, assets totaled $389.7 million, a 0.5% increase from $387.6 million at December 31, 2006. Net loans receivable increased $4.8 million, or 2.1%, during the period to $236.7 million at June 30, 2007, compared to $231.9 million at December 31, 2006. Consumer/commercial loans increased $8.7 million, offset by a $4.2 million reduction in residential mortgage loans as the Company continues to focus on the consumer/commercial segments with specialized loan officers and products. Growth in lower cost transaction accounts and time deposits resulted in deposits increasing 4.1% to $258.6 million at June 30, 2007 compared to $248.4 million at December 31, 2006. Reductions in lower yielding investments and mortgage-backed securities of $8.5 million and the increase in deposits funded the increase in loans and a reduction in borrowings of $9.2 million. Shareholders' equity decreased $27,000, or 0.1%, to $25,940,000 at June 30, 2007 from $25,967,000 at December 31, 2006 due to the repurchase of 30,285 shares at a cost of $631,000, dividend payments of $0.215 per share at a cost of $411,000 and a $315,000 increase in unrealized losses on securities available for sale, offset by net income of $1,250,000. The Company also declared a quarterly cash dividend of $0.115 per share payable on August 15, 2007 to shareholders of record on July 30, 2007. Provident Community Bancshares, Inc. has a dividend reinvestment plan and information about the plan can be obtained from Registrar and Transfer Company at 800-368-5948. Provident Community Bancshares is the parent company for Provident Community Bank, N.A., which operates ten community oriented banking centers in the upstate of South Carolina that offer a full array of financial services. Please visit our website at www.providentonline.com or contact Wanda J. Wells, SVP/Shareholder Relations Officer at wwells@providentonline.com or Richard H. Flake, EVP/CFO at rflake@providentonline.com. Certain matters set forth in this news release may contain forward-looking statements that are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project" and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risk and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. The Corporation does not assume any duty and does not undertake to update its forward-looking statements. However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. For a discussion of certain factors that may cause such forward-looking statements to differ materially from the Corporation's actual results, see the Corporation's Annual Report in Form 10-K for the year ended December 31, 2006, including in the Risk Factors section of that report. Provident Community Bancshares, Inc. Second Quarter - Year Ending December 31, 2007 - ---------------------------------------------------------------------- Financial Highlights (Unaudited) ($ in thousands, except share data) At At Balance Sheet 6/30/07 12/31/06 $Change % Change - ---------------------------- ---------- ---------- --------- --------- Total assets $ 389,673 $ 387,630 2,043 0.53% Cash and due from banks 12,235 9,124 3,111 34.10% Investments & mortgage- backed securities 113,674 122,185 (8,511) -6.97% Loans receivable (net) 236,697 231,886 4,811 2.07% Goodwill and intangible assets 3,469 3,741 (272) -7.27% Deposits 258,625 248,440 10,185 4.10% Advances and other borrowings 89,308 98,533 (9,225) -9.36% Stockholders' equity 25,940 25,967 (27) -0.10% Outstanding shares 1,803,866 1,830,528 (26,662) -1.46% Book value per share $ 14.38 $ 14.19 0 1.37% Three Months Ended Six Months Ended June 30, June 30, --------------------- --------------------- Income Statement 2007 2006 2007 2006 - ------------------------------------- ---------- ---------- ---------- Net interest income $ 2,747 $ 2,681 $ 5,481 $ 5,335 Provision for loan losses 85 135 245 310 ---------- ---------- ---------- ---------- Net interest income after loan loss provision 2,662 2,546 5,236 5,025 Non-interest income 812 727 1,535 1,413 Non-interest expense 2,711 2,373 5,151 4,560 Income tax 162 261 370 540 ---------- ---------- ---------- ---------- Net income $ 601 $ 639 $ 1,250 $ 1,338 ========== ========== ========== ========== Earnings per share: basic $ 0.33 $ 0.34 $ 0.69 $ 0.71 ========== ========== ========== ========== Earnings per share: diluted $ 0.32 $ 0.33 $ 0.67 $ 0.70 ========== ========== ========== ========== Weighted Average Number of Common Shares Outstanding Basic 1,819,761 1,887,582 1,823,546 1,891,873 Diluted 1,857,730 1,911,663 1,859,950 1,914,748 Six Months Ended June 30, ------------ Key Financial Ratios 2007 2006 -------------------------------------------------------- ----- ------ Return on average assets 0.64% 0.72% Return on average stockholders' equity 9.48% 10.72% Operating expense to average assets 2.48% 2.27% Equity to average assets 6.71% 6.69% CONTACT: Provident Community Bancshares, Inc. Dwight V. Neese, 803-980-1863 President & CEO dneese@providentonline.com -----END PRIVACY-ENHANCED MESSAGE-----