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Greer State Bank counts 6 consecutive quarters of net profits

Published on Tuesday, April 16, 2013

Greer Bancshares Incorporated, the parent company of Greer State Bank reported a first quarter net income of $641,000 compared to the prior year first quarter net income of $1.66 million, the bank announced Monday.

It’s the sixth consecutive net profit for Greer State Bank. The positive news follows less than a month when the company was removed from a consent order.

The prior year first quarter was aided significantly by net gains on investment transactions, which accounted for $1.16 million of the quarterly net operating income for the company in 2012 as compared to $120,000 for 2013. 

The reserve for loan losses increased to 2.35 percent of outstanding loans at March 31, compared to 2.25 percent at Dec. 31, 2012. This was primarily due to the declining size of the loan portfolio.  The bank did not incur any loan loss provision expense during the first quarter. 

The bank reported, as of March 31:

• Total assets were $358 million, down from $361 million at Dec. 31, 2012

• Total loans outstanding were $191 million, down from $196 million at Dec. 31, 2012

• Total deposits were $272 million, up from $261 million at Dec. 31, 2012

• Non-accrual loans were $3.3 million, down from $3.9 million at Dec. 31, 2012

• Past-due loans were $4.1 million, up from $2.9 million at Dec. 31, 2012.

 "The positive momentum continues at Greer State Bank as we recognize our sixth consecutive quarter of profitable performance," said George Burdette, President and CEO.  "As the economy continues to slowly recover, we are seeing the optimism return for both consumer and business customer activity.  This is a positive indication that the local market is building renewed confidence by moving forward with personal and commercial financial plans."

Businesses mentioned in this article.

Greer State Bank

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