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Greer State Bank reports profit, surge in mortgage growth

By Jim Fair, Editor
Published on Monday, February 1, 2016

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Greer State Bank reports profit, surge in mortgage growth
Greer Bancshares Incorporated, the parent company of Greer State Bank, Monday reported annual net income attributable to common shareholders of $2.94 million or $1.18 per diluted common share.

“The growth and changes in the composition of the balance sheet, along with a good local economy, position the bank for continued improvements in financial performance in 2016,” Rick Medlock, interim President and CEO stated.

Compared to 2015 the bank had a small loss of $85,000 (2.8) percent against net income of $3.03 million or $1.22 per diluted common share.

• Total deposits increased to $276 million, up $30.5 million since December 31, 2014.

• Total loans outstanding increased to $206 million, up $12.3 million since December 31, 2014.

• Investment gains totaled $411,000 for the year ended Dec. 31, 2015 compared to $1.023 million in 2014.

• There was net growth of $5.8 million or 11.6 percent annualized in loans outstanding in the fourth quarter, and loans grew by $12.3 million or 6.4 percent in 2015.

Meanwhile, Greer State Bank announced its mortgage growth, exceeded its 2015 goal with nearly $61 million in closed loan volume, an almost 300 percent increase from $22 million closed in 2014.

Tim Strom has led the mortgage department since 2014. He has made six hires and expanded the bank’s footprint by opening a mortgage and business lending office in Clemson.

“Our success this past year is a result of the hard work and dedication from our mortgage team, credit/loan administration, and to those who value our service by referring loans to Greer State,” Strom said.

Sue Gaines and Art Wray, loan officers, were each responsible for more than $20 million in closed loans for the year, according to the bank. 

 

 

Businesses mentioned in this article.

Greer State Bank

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