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Greer Bancshares reports 2nd quarter profit, annual dividend

Published on Friday, July 10, 2015

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Greer Bancshares reports 2nd quarter profit, annual dividend
Greer Bancshares Incorporated, the parent company of Greer State Bank, Friday reported second quarter net income attributable to common shareholders of $755,000 or 30 cents per diluted common share. That compared to 2014 comparable dates with a second quarter net income of $434,000 or 17 cents per diluted common share.

Second quarter net income in 2015 was positively affected by $153,000 in gains on the sale of securities.

• Total deposits increased to $269 million, up $5.6 million in the second quarter and up $23.4 million since Dec. 31, 2014.

• Total loans outstanding increased to $199 million, up $1.3 million in the second quarter and up $5 million since Dec. 31, 2014.

• 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 quarter to 3.56 percent.

“We are pleased with the financial performance of the company through the first six months of the year,” J. Richard Medlock, Jr., interim President and CEO commented in a statement. “Our market area continues to experience growth and progress, and we are excited to continue to serve the financial needs of our communities with quick responses and local decisions.

An annual cash dividend of 10 cents per share will be paid to shareholders on Sept. 30.

“We look forward to continued progress in the last half of 2015, and are committed to providing exceptional hometown banking for our community and the surrounding area,” Medlock stated.

 

Businesses mentioned in this article.

Greer State Bank

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