It’s Greer State Bank’s 10th consecutive profitable quarter.
Quarterly earnings were aided by gains on the sale of securities, including a gain on a sale of an investment that had been previously written down, and a reversal of previous loan loss provisions enabled by a recovery and an overall improvement in loan credit quality.
Greer State Bank previously reported, it repurchased $3.15 million of TARP preferred stock and paid all deferred dividends and interest.
Other positives compared to Dec. 31, 2013:
• Total deposits increased to $266 million, up from $253 million.
• Total loans outstanding were $184 million, down from $187 million.
• The bank’s non-accrual loans continued to improve to $1.5 million, down from $2.6 million.
• Past-due loans were $1.1 million, down from $1.6 million.
“We are pleased with our financial performance and the positive prospects for the Greer area community,” George Burdette, President and CEO stated. “We remain committed to serving local customers well as our entire team delivers the financial solutions needed for businesses and individuals.”