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Greer Bancshares Inc. trails first quarter net income FY 2014

STAFF REPORTS
Published on Wednesday, April 22, 2015

Greer Bancshares Incorporated, the parent company of Greer State Bank, Wednesday reported quarterly net income attributable to common shareholders of $761,000 or 31 cents per diluted common share, as compared to the prior year first quarter net income of $1.153 million or 46 cents per diluted common share.

Fiscal year 2014 was aided significantly by $579,000 of gains on the sale of securities compared to $247,000 in the current period and the reversal of $700,000 of previous loan loss provisions compared to none in the current period.

The bank also reported:

• Total deposits increased to $263 million, up from $245 million in FY 2014.

• Total loans outstanding increased to $197 million, up from $194 million in FY 2014.

• Nonaccrual loans increased from 1.10 to 3.11 percent due to the addition of one large loan.

The bank noted it believes its loan portfolio remains adequately reserved.

“We are pleased with our financial performance and are excited about our involvement in the positive momentum and the strong prospects for the Greer area community,” stated George Burdette, President and CEO.

“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,” stated Burdette. “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, relationships, and making a positive impact on the lives we touch: our customers, our employees and the greater community of friends.”

 

Businesses mentioned in this article.

Greer State Bank

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