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Greer State Bank reports quarter, year-to-date losses

STAFF REPORTS
Published on Monday, November 14, 2011

Greer Bancshares Inc., the holding company of Greer State Bank, reported a consolidated net loss of $806,000 attributed to common shareholders for the quarter ended Sept. 30, compared to a consolidated net loss of $5.973 million for the quarter ended the same time in 2010.

The bank also reported a consolidated net loss of $2.912 million for the nine months ended Sept. 30. That compared to a consolidated net loss of $7.212 million for the nine months ended Sept. 30, 2010.

The bank reported the losses in its quarterly statement to the Securities and Exchange Commission.

The bank’s total interest income for the quarter just ended was $4.292 million, compared to $4.896 million for the quarter ended Sept. 30, 2010, a decrease of $604,000, or 12.3 percent. Total interest income for the nine months ended Sept. 30 was $13.291 million, compared to $15.235 for the same period ended Sept. 30, 2010, a decrease of $1.944 million or 12.8 percent.

Interest and fees on loans decreased $680,000, or 17.4 percent to $3.221 million for the quarter ended Sept. 30, compared to $3.901 million for the quarter this time a year ago. For the nine months ended Sept. 30 the fees decreased to $10.051 million for the nine months ended Sept. 30 compared to $12.017 million for the nine months this time a year ago.

On March 1, Greer State Bank entered into a Consent Order with the FDIC and the S.C. Bank Board. The bank did not meet a requirement to achieve, by Aug. 1 and thereafter maintain, a Tier 1 capital to average assets (leverage) ratio of at least 8 percent and a total risk-based capital to total risk-weighted assets ratio of at least 10 percent.

The bank’s SEC report indicated it is at risk for further regulatory actions. The bank may have to seek equity investment at highly diluted prices, sell branches or other assets or seek other strategic solutions.

Businesses mentioned in this article.

Greer State Bank

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