Provident trims losses, sees deposits slip

Provident Community Bancshares posted a loss of $101,000 for the quarter ended March 31, compared to a $1.7 million loss a year earlier, according to information filed with the US Securities and Exchange Commission.

However, not all the news was good: Nonperforming loans totaled $21.9 million as of March 31, or 8.9 percent of total loans, compared to $16.6 million a year earlier; and total assets fell from $467 million a year ago to $438.5 million at the end of the first quarter of 2010.

Deposits for the Rock Hill-based parent of Provident Community Bank also decreased, from $331.6 million to $325.9 million, the result of reductions in municipal deposits, according to company information.

Stock in Provident is trading for around $2.50 a share.

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