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Greer State Bank continues profitable quarterly reports

STAFF REPORTS
Published on Wednesday, October 17, 2012

Greer Bancshares Incorporated, the parent company of Greer State Bank (GRBS), today reported a third quarter net profit of $777,000.  This performance is a significant improvement over the 2011 third quarter net loss of $806,000.  This marks the fourth straight profitable quarter.

For the first nine months of 2012, Greer Bancshares reported a net profit of $3.563 million. The results also represent significant improvement over the loss for the first nine months of 2011 of $2.912 million.

“A net gain on an investment transaction enhanced our 2012 third quarter net profit,” R. Dennis Hennett, CEO, said in a statement.  “Net operating income for the company would have been $577,000 without the investment transaction.  We also did not require any loan loss provision expense in the third quarter of 2012.”
As of Sept. 30 the bank reported:

• total assets were $364 million, a decrease of 5.0 percent from Dec. 31, 2011;

• total loans outstanding were $200 million, down 11.9 percent from year end 2011; and

• total deposits were $267 million, down 5.0 percent from year-end 2011.

Non-accrual loans decreased from $10.4 million at Dec. 31, 2011, to $6.9 million at Sept. 30.  Delinquent loans over 30 days (excluding non-accrual loans) decreased from $5.3 million at Dec. 31, 2011, to $2.0 million at Sept. 30.

Businesses mentioned in this article.

Greer State Bank

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