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Provident bank posts Q3 profit

Staff Report
Published Nov. 9, 2012

Provident Community Bancshares Inc. reported net income of $108,000 for the three months ended Sept. 30, compared with a loss of $1,000 for the same period in 2011.

For the nine months ended Sept. 30, net income for the Rock Hill-based bank holding company rose 42% to $167,000 from $118,000 a year earlier.

As of Sept. 30, assets totaled $354.4 million, a decrease of $22.2 million, or 5.9%, from $376.6 million as of Dec. 31, 2011.

Dwight V. Neese, president and CEO, said during the third quarter, financial performance improved but was still affected by the continued decline in real estate values in the company’s markets.

Provident Community Bancshares is the holding company for Provident Community Bank, which operates eight community-oriented banking centers in the Upstate.

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Provident Community Bancshares reports profitable second quarter