Greer Bancshares Incorporated, the parent company of Greer State Bank, reported strong growth in 2012 with a net profit of $4.18 million. That followed the previous year's net loss of $2.794 million.
The results show significant improvement from the previous year’s net loss of $2.794 million after TARP related expenses of $625,000.
“We are very pleased with a tremendous improvement in performance during 2012 over 2011,” said George W. Burdette, President. “The fourth quarter marked our fifth straight profitable quarter. For 2012, our net profit was aided significantly by net gains on investment transactions which accounted for $2,147,000 of the $4,186,000 net operating income for the company. With favorable trends in loan quality and a reduction in total loans outstanding, the bank did not incur any loan loss provision expense during 2012.”
As of Dec. 31, 2012, total assets were $361 million, a decrease of 5.9 percent from Dec. 31, 2011. A reduction in the size of the balance sheet was projected for 2012, however, management projects moderate growth for 2013.
Greer State Bank also reported that current trends in the bank’s past dues and non-accrual loans continue to improve. Non-accrual loans decreased from $10.4 million at Dec. 31, 2011, to $3.9 million at Dec. 31, 2012.
Delinquent loans over 30 days (excluding non-accrual loans) decreased from $5.3 million at Dec. 31, 2011, to $2.0 million at Dec. 31, 2012.
“We are confident in 2013 as the market outlook shows signs of improvement,” Burdette said. “Our focus will remain on serving customers well as our entire team delivers the financial solutions needed for businesses and individuals.”