Piedmont Community Bank Group, Inc. Announces First Quarter Results
June 01 2009 - 9:17AM
Business Wire
Piedmont Community Bank Group, Inc. (OTC Bulletin Board: PCBN)
today announced a consolidated net loss of approximately $178,000
for the quarter ended March 31, 2009 as compared to a consolidated
net income of approximately $30,000 for the first quarter of 2008.
Diluted losses per share for the first quarter of 2009 were $.11
compared to diluted earnings per share of $.02 for the comparable
quarter a year ago. The decrease in diluted earnings per share for
the first quarter of 2009 was due primarily to the increase in
nonearning assets and continued margin compression.
�Asset quality continues to be impacted by general economic
conditions,� stated CEO Drew Hulsey. During the first quarter of
2009, non-performing assets (loans on non-accrual, other real
estate owned and loans 90 days past due and still accruing
interest) increased to $20,159,000 and equated to 10.51% of total
gross loans. Our provision for loan losses was $462,000 for the
first quarter of 2009 as compared to $274,000 for the first quarter
of 2008. Amounts charged off during the first quarter of 2009
totaled $354,406 as compared to $180,009 in the first quarter of
2008. These additional provisions and charge offs are a direct
reflection of the economic downturn which has increased the
inherent risk in our loan portfolio and decreased property
values.
Total consolidated assets decreased slightly from $258.1 million
at December 31, 2008 to $257.4 million at March 31, 2009, a
decrease of .28%. Total gross loans decreased .58% while total
deposits grew .03% during the first quarter of 2009 with gross
loans totaling $192 million and deposits totaling $221 million at
March 31, 2009. The bank subsidiary, Piedmont Community Bank,
remained well capitalized at March 31, 2009 with Tier One Risk
Based capital at 8.81% and Total Risk Based Capital at 10.06%.
About Piedmont Community Bank Group:
Piedmont Community Bank Group, Inc. is the holding company for
Piedmont Community Bank, a community bank headquartered in Gray,
Georgia (the �Bank�). In addition to the main office in Gray, the
Bank now operates three branch offices at the following locations:
1611 Bass Road and 4511 Forsyth Road, both in Macon, Georgia and 76
E. Johnston Street in Forsyth, Georgia. Piedmont Community Bank
Group�s common stock is traded over-the-counter under the symbol
�PCBN�. The Bank�s primary service area is Jones, Bibb, Putnam,
Houston, and Monroe counties.
Forward-Looking Statements
Statements made in this press release, other than those
concerning historical information, should be considered
forward-looking and subject to various risks and uncertainties.
Such forward-looking statements are made based upon management�s
belief as well as assumptions made by, and information currently
available to, management pursuant to �safe harbor� provisions of
the Private Securities Litigation Reform Act of 1995. Our actual
results may differ materially from the results anticipated in
forward-looking statements due to a variety of factors, including
governmental monetary and fiscal policies, deposit levels, loan
demand, loan collateral values, securities portfolio values,
interest rate risk management, the effects of competition in the
banking business from other commercial banks, thrifts, mortgage
banking firms, consumer finance companies, credit unions,
securities brokerage firms, insurance companies, money market funds
and other financial institutions operating in our market area and
elsewhere, including institutions operating through the Internet,
changes in governmental regulation relating to the banking
industry, including regulations relating to branching and
acquisitions, failure of assumptions underlying the establishment
of reserves for loan losses, including the value of collateral
underlying delinquent loans, and other factors. We caution that
such factors are not exclusive. We do not undertake to update any
forward-looking statement that may be made from time to time by, or
on behalf of, us.
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