Facebook

Greer State Bank reports positive quarter

STAFF REPORTS
Published on Friday, April 29, 2016

Enlarge photo

Greer State Bank reports positive quarter
Greer Bancshares Incorporated, the parent company of Greer State Bank, Friday reported quarterly net income attributable to common shareholders of $661,000 or 27 cents per diluted common share, as compared to the prior year first quarter net income of $761,000 or $31 cents per diluted common share.

It is noted that last year’s net income included gains on the sale of securities totaling $247,000.

Following are highlights of the quarter:

• Total assets grew by $9.8 million, or at a 10.4 percent annualized rate.

• Total deposits increased to $292.5 million, up $16.9 million since December 2015.

• Total loans outstanding increased to $208.7 million, up $2.7 million since December 2015.

• Nonaccrual loans decreased from 2.92 percent to 2.74 percent in the first quarter of 2016.

• Total borrowings were reduced by $9 million since December 2015.

“The company produced good financial results in the first quarter, as the bank continued to grow at a good pace,” stated J. Richard Medlock, Jr., President and CEO.

“We are fortunate to be located in a dynamic market in which the local economy has continued to gain momentum,” Medlock said. “We are dedicated to being a top performing community bank that provides exceptional banking services to our communities and a good financial return for our shareholders. We look forward to continued success during the remainder of 2016.”

 

Share



Leave a Comment



Trending: Greenville-Spartanburg International Airport, Obituaries, Chon Restaurant, Allen Bennett Hospital