Provident sees losses swell
Rock Hill-based Provident Community Bancshares reported Friday it lost $7.4 million in 2009. That’s up sharply from 2008, when it posted a $397,000 deficit.
The parent of Provident Community Bank was hurt by a poor showing in the fourth quarter, when it lost $4.6 million, up from $1.4 million in 2008.
Loan loss provisions more than doubled to $8.7 million in 2009, and nonperforming assets stood at $26.8 million as of Dec. 31, 2009, compared to $16.7 million a year earlier.
According to an obtuse press release put out by Provident: “Operating results for the current period were impacted by a compression of the net interest margin caused by declining market interest rates and a decrease in non-interest income due to an other than temporary impairment charge of $1.9 million related to investment securities.”
Provident stock closed Friday at $2.25 a share.