The current quarter results included an investment transaction that resulted in a charge for a Federal Home Loan Bank borrowing prepayment that was offset by gains on investment sales. As previously reported, the bank has repurchased all of its TARP preferred stock.
• Total deposits increased to $255 million, up from $253 million at Dec. 31, 2013.
• Total loans outstanding increased to $188 million, up from $187 million at Dec. 31, 2013.
• The bank’s non-accrual loans were 0.86 percent of gross loans outstanding, down from 1.36 percent at Dec. 31, 2013.
• Past-due loans were 1.06 percent of gross loans outstanding, up from 0.87 percent at Dec. 31, 2013.
“We are pleased with our financial performance over the last 12 quarters, and feel that we are positioned to engage in the positive momentum and the strong prospects for the Greer area community,” George Burdette, President and CEO, stated.
“The transactions mentioned above reduced costly borrowings which will aid our net interest income going forward. We remain committed to serving local customers well through quick responses, local decisions and outstanding relationship service. We are proud to be the Greer area community bank, and value our heritage while focusing on the future. While we are gratified by our numbers and the strength regained, we do not forget that banking is about so much more. It is about people, and relationships, and making a positive impact on the lives we touch: our customers, our employees and the greater community of friends.”