Greer Bancshares Incorporated Reports Quarterly Profit
October 20, 2015
GREER, SC – Greer Bancshares Incorporated, the parent company of Greer State Bank, today reported quarterly net income attributable to common shareholders of $657,000 or $0.26 per diluted common share, as compared to the prior year third quarter net income of $639,000 or $0.26 per diluted common share. In addition:
- Total deposits increased to $276 million, up $7.4 million in the third quarter and up $30.8 million since December 31, 2014.
- Total loans outstanding increased to $200 million, up $1 million in the third quarter and up $6.5 million since December 31, 2014.
- Investment gains totaled $411,000 for the nine months ended September 30, 2015 compared to $874,000 for the same prior year period.
- Nonaccrual loans increased from 1.10% to 3.11% in the first quarter due primarily to the addition of one large loan, and increased only slightly in the second and third quarters to 3.14%. We believe our loan loss reserve remains adequate.
J. Richard Medlock, Jr., Interim President and CEO commented, “The bank experienced solid financial results in the third quarter, as we continue to realize improvements in the composition of the balance sheet. The local economy continues to progress and has provided support for the continued improvements in the financial performance of the company through the first nine months of the year. Our mission is to provide an exceptional banking experience while serving the financial needs of our communities by providing hometown banking for Greer and the surrounding area. We look forward to continued progress in the last quarter of 2015.”
About Greer State Bank
Now in its twenty-seventh 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.
