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Greer Bancshares Inc. 3rd quarter report mirrors 2014

STAFF REPORTS
Published on Thursday, October 22, 2015

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Greer Bancshares Inc. 3rd quarter report mirrors 2014
Greer Bancshares Incorporated, the parent company of Greer State Bank, reported quarterly net income attributable to common shareholders of $657,000 or 26 cents per diluted common share, compared to 2014 third quarter net income of $639,000 or 26 cents 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 Dec. 31, 2014.

• Total loans outstanding increased to $200 million, up $1 million in the third quarter and up $6.5 million since Dec. 31, 2014.

• Investment gains totaled $411,000 for the nine months ended Sept. 30, 2015 compared to $874,000 for the same prior year period.

• Nonaccrual loans increased from 1.10 percent to 3.11 percent 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 percent.

“We believe our loan loss reserve remains adequate, Richard Medlock, interim president and CEO, stated. “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. … we look forward to continued progress in the last quarter of 2015,” Medlock stated.

 

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