Greer Bancshares Incorporated (GRBS) the parent company of Greer State Bank, Friday reported net income attributable to common shareholders of $684,000 or $0.27 per diluted common share for the quarter ended June 30, compared to net income of $661,000 or $0.27 per diluted common share for the first quarter of 2016.
Year to date net income attributable to common shareholders through June 30 was $1.345 million or $0.54 per diluted common share, compared to net income of $1.515 million or $0.61 per diluted common share for the same period in 2015.
Included in the net income in the first six months were gains on the sale of investments totaling $262,000, partially offset by a prepayment penalty of $199,000 to repay $5 million of a higher cost borrowing.
Net investment gains of $399,000 were realized in the first six months of 2015.
2016 highlights:
• An annual cash dividend of 20 cents per share was paid to shareholders during the second quarter.
• Total deposits have increased to $289.2 million, up $13.5 million since December 31, 2015.
• Borrowings have been reduced by $15 million since December 31, 2015.
• Total loans outstanding have increased to $209.5 million, up $3.5 million since December 31, 2015.
• Total assets increased $1.2 million in the first six months of 2016 despite a strategic balance sheet reduction of $5 million related to a reduction in borrowings that was executed in the second quarter.
“The local economy has continued to provide good opportunities for the bank, and despite the continued low interest rate environment the company produced good financial results in the second quarter,” said J. Richard Medlock, Jr., President and CEO.