Greer State Bank provides annual report

Published on Thursday, January 22, 2015

Greer Bancshares Incorporated, (GBRS) the parent company of Greer State Bank, Thursday reported annual net income attributable to common shareholders of $3.03 million or $1.22 per diluted common share, as compared to the prior year (Dec. 31, 2013) net income of $8.20 million or $3.30 per diluted common share.

The prior year was aided significantly by a credit to the loan loss provision for $1.7 million, as well as a net tax benefit of $3.8 million due to the non-cash reversal of the deferred tax asset valuation allowance.

“We are pleased with our financial performance over the past year and feel that we are well positioned to engage in the positive momentum and the strong prospects for the markets we serve,” George Burdette, President and CEO stated.

As previously reported, the bank has repurchased all of its TARP preferred stock.

Other highlights of 2014 include the establishment of a new mortgage and loan production office in Clemson, the launch of a private banking initiative, and the establishment of the Greer State Bank Foundation, a 501c3 to support local non-profits.

The bank reported:

• Total loans outstanding increased 3.5 percent to $194 million, up from $187 million at Dec. 31, 2013.

• Total deposits decreased from $253 million to $245 million.

• Checking and savings deposits increased during the year by 4.8 percent.

• Non-accrual loans were 1.10 percent of gross loans outstanding, an improvement from 1.36 percent.




Businesses mentioned in this article.

Greer State Bank


Related Photo Galleries

Leave a Comment

Trending: Greenville-Spartanburg International Airport, Obituaries, Chon Restaurant, Allen Bennett Hospital