Greer Bancshares Incorporated reports annual profit
February 3, 2016
GREER, SC – Greer Bancshares Incorporated, the parent company of Greer State Bank, reported annual net income attributable to common shareholders of $2,945,000 or $1.18 per diluted common share, as compared to the prior year net income attributable to common shareholders of $3,030,000 or $1.22 per diluted common share.
- Total deposits increased to $276 million, up $30.5 million since December 31, 2014.
- Total loans outstanding increased to $206 million, up $12.3 million since December 31, 2014.
- Investment gains totaled $411,000 for the year ended December 31, 2015 compared to $1,023,000 for the prior year.
- Nonaccrual loans increased from 1.10% to 2.92% of total loans in 2015 due primarily to the addition of one large loan. We believe our loan loss reserve remains adequate.
The fourth quarter of 2015 was a good quarter when measured by profitability, as well as growth of the balance sheet. Although net income was down $85,000, or 2.8% in 2015, core earnings (net income before provision and securities gains) increased significantly. There was no loan loss provision needed in 2015, compared with a negative loan loss provision of $820,000 in 2014, and gains on the sale of securities totaled $411,000 in 2015, compared with $1,023,000 in 2014. There was net growth of $5.8 million or 11.6% annualized in loans outstanding in the fourth quarter, and loans grew by $12.3 million or 6.4% in 2015. Although total deposits declined by a minimal amount, $737,000 in the fourth quarter, there was an increase of $30.5 million in total deposits during the year. Earning assets increased by $18.3 million, or 5.4% during 2015.
Rick Medlock, Interim President and CEO recently commented, “The growth and changes in the composition of the balance sheet, along with a good local economy, position the bank for continued improvements in financial performance in 2016. We strive to be a top performing community bank by providing exceptional banking services and competitive returns for our shareholders.”
About Greer State Bank
Now in its twenty-eighth year of operations, Greer State Bank serves the greater Greer community with three branch offices, a fourth branch office in the Taylors community and a mortgage/business lending office in Clemson. Greer Bancshares Incorporated trades in the over the counter market and is quoted on the OTC Bulletin Board under the symbol GRBS. Greer State Bank is FDIC Insured and an Equal Housing Lender. More information on Greer State Bank can be found on the company website at http://www.GreerStateBank.com.
