Greer Bancshares Inc. (fka GRBS)

[Enterprising Investor]

Greer Bancshares Incorporated Reports Second Quarter Profit Marking its Eleventh Straight Profitable Quarter (7/17/14)

Greer Bancshares Incorporated, the parent company of Greer State Bank, today reported second quarter net income of $434,000 or $0.17 per diluted common share, as compared to second quarter 2013 net income of $7,761,000 or $3.12 per diluted common share. The prior year second quarter results were atypical in that they were aided significantly by a credit to the loan loss provision for $1,700,000, as well as a non-cash reversal of the deferred tax asset valuation allowance of $5,544,000. As previously reported, the bank repurchased $1.98 million of TARP preferred stock during the second quarter.

· Total deposits increased to $262 million, up from $253 million at December 31, 2013.

· Total loans outstanding increased to $189 million, up from $187 million at December 31, 2013.

· The bank’s non-accrual loans were 0.86% of gross loans outstanding, down from 1.36% at December 31, 2013.

· Past-due loans were 0.72% of gross loans outstanding, down from 0.87% at December 31, 2013.

George Burdette, President and CEO commented, “We are pleased with our financial performance, the positive momentum and the strong prospects for the Greer area community. We remain committed to serving local customers well through quick responses, local decisions and outstanding relationship service.”

About Greer State Bank
Now in its twenty-sixth year of operations, Greer State Bank serves the greater Greer community with three branch offices and a fourth branch office in the Taylors community. Greer Bancshares Incorporated trades in the over the counter market and is quoted on the OTC Bulletin Board under the symbol GRBS. More information on Greer State Bank can be found on the company website at http://www.GreerStateBank.com.

http://www.sec.gov/Archives/edgar/data/1145547/000114544314000944/d31521_ex99-1.htm