Greer Bancshares Incorporated, the parent company of Greer State Bank, today reported second quarter net income of $434,000 or $0.17 per diluted common share, as compared to second quarter 2013 net income of $7.7 million or $3.12 per diluted common share.
The prior year second quarter results were atypical in that they were aided significantly by a credit to the loan loss provision for $1.7 million, as well as a non-cash reversal of the deferred tax asset valuation allowance of $5.5 million. As previously reported, the bank repurchased $1.98 million of TARP preferred stock during the second quarter.
Today's report is the 11th consecutive quarterly profit reported by Greer State Bank.
The bank reported the following second quarter results compared to Dec. 31, 2013:
• Total deposits increased to $262 million, up from $253 million,
• Total loans outstanding increased to $189 million, up from $187 million,
• The bank’s non-accrual loans were 0.86 percent of gross loans outstanding, down from 1.36 percent,
• Past-due loans were 0.72 percent of gross loans outstanding, down from 0.87 percent.
George Burdette, President and CEO commented in a statement, “We are pleased with our financial performance, the positive momentum and the strong prospects for the Greer area community. We remain committed to serving local customers well through quick responses, local decisions and outstanding relationship service.”