Congaree Bancshares trimmed its losses by two-thirds in 2009 and cut its loan loss provisions by nearly half.
The parent of Congaree State Bank posted a deficit of $1,142,922 for the 12 months ended Dec. 31, 2009, compared to $3,302,939 the previous year.
The company’s provision for loan losses was $717,937, down from $1,391,090 in 2008, according to information filed with the US Securities and Exchange Commission. Net charge offs rose to $907,840 from $254,850.
Congaree’s outlay for compensation and benefits in 2009 was less than $2.4 million, down from more than $3.1 million a year earlier, with the decrease primarily related to staff reductions.
Congaree went from having 38 fulltime employees and four part-timers at the end of 2008, to 27 fulltime employees and four part-timers at the close of last year.
Stock in Cayce-based Congaree Bancshares is trading for $2.99 a share, down from $10 a year ago.