Greer Bancshares Incorporated reports increased profit in third quarter
October 13, 2016
Greer Bancshares Incorporated, the parent company of Greer State Bank, today reported net income attributable to common shareholders of $850,000 or $0.34 per diluted common share for the quarter ended September 30, 2016, compared to net income of $684,000 or $0.27 per diluted common share for the second quarter of 2016. Year to date net income attributable to common shareholders through September 30, 2016 was $2,195,000 or $0.88 per diluted common share, compared to net income of $2,172,000 or $0.87 per diluted common share for the same period in 2015. Included in the net income of $2,195,000 in the first nine months of 2016 were gains on the sale of investments totaling $359,000, partially offset by a prepayment penalty of $199,000 to repay $5 million of a higher cost borrowing. Net investment gains of $411,000 were realized in the first nine months of 2015. Following are highlights for the first nine months of 2016:
- Total deposits increased to $296.1 million, up $20.4 million since December 31, 2015. Non-interest bearing deposits accounted for $9.2 million, or 18%, of the increase.
- Borrowings have been reduced by $19.1 million since December 31, 2015.
- Total assets increased $4.5 million in the first nine months of 2016 despite a strategic balance sheet reduction of $5 million related to a reduction in borrowings that was executed in the second quarter.
- An annual cash dividend of 20 cents per share was paid to shareholders during the second quarter.
- Richard Medlock, Jr., President and CEO commented, “A significant increase in deposits in 2016 allowed an opportunity to restructure portions of the bank’s balance sheet, which resulted in increased net interest income. In addition, our mortgage banking division produced record results in the third quarter. The local economy continued to provide opportunities that contributed to the good results achieved in the third quarter, and we expect the positive momentum to continue in the fourth quarter.”
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.
Greer Bancshares Incorporated
1111 West Poinsett Street
