Last $7.00 USD
Change Today +0.39 / 5.90%
Volume 270.0
As of 8:10 PM 07/25/14 All times are local (Market data is delayed by at least 15 minutes).

greer bancshares inc (GRBS) Snapshot

Open
$7.00
Previous Close
$6.61
Day High
$7.00
Day Low
$7.00
52 Week High
06/12/14 - $7.97
52 Week Low
03/21/14 - $4.46
Market Cap
17.4M
Average Volume 10 Days
117.7
EPS TTM
--
Shares Outstanding
2.5M
EX-Date
11/20/08
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for GREER BANCSHARES INC (GRBS)

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greer bancshares inc (GRBS) Details

Greer Bancshares Incorporated operates as the bank holding company for Greer State Bank that provides commercial banking products and services for individuals, businesses, associations and organizations, and governmental authorities in South Carolina. Its principal deposit products include retail checking accounts, NOW accounts, money market accounts, retail savings accounts, certificates of deposit, brokered deposits, and other time deposits. The company also offers commercial loans; commercial real estate loans; real estate construction loans; residential mortgage loans; consumer installment loans; other consumer loans for household, family, and other personal expenditures, such as automobile financing, home improvements, recreational, and educational purposes; and lease financings and obligations of state and political subdivisions. In addition, it provides travelers’ checks, safe deposit boxes, direct deposit of payroll, social security checks, automatic drafts for various accounts, automated teller machine services, Mastercard and Visa credit cards, automated telephone banking system, Internet banking, cash management, night depository, and online bill payment services. Further, the company, through a registered broker-dealer, offers securities. As of December 31, 2012, it operated three banking offices in Greer, South Carolina; and a banking office in Taylors, South Carolina, as well as three drive-up ATMs at its offices. The company was founded in 1989 and is headquartered in Greer, South Carolina.

76 Employees
Last Reported Date: 03/18/14
Founded in 1989

greer bancshares inc (GRBS) Top Compensated Officers

Chief Executive Officer, President, Director,...
Total Annual Compensation: $199.2K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $147.7K
Chief Credit Officer of Greer State Bank, Exe...
Total Annual Compensation: $157.9K
Compensation as of Fiscal Year 2013.

greer bancshares inc (GRBS) Key Developments

Greer Bancshares Incorporated Announces Earnings Results for the Second Quarter Ended June 30, 2014

Greer Bancshares Incorporated announced earnings results for the second quarter ended June 30, 2014. For the period, the company reported 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.

Greer Bancshares Incorporated Issues Aggregate Principal Amount of $1,980,000 of Series A 5% Subordinated Notes Due 2022

On June 11, 2014, after receiving regulatory approval, Greer Bancshares Incorporated issued an aggregate principal amount of $1,980,000 of Series A 5% Subordinated Notes due 2022 in a private placement pursuant to certain exemptions from registration under the Securities Act of 1933, as amended, and state securities laws. All of the Series A Notes were issued to accredited investors as that term is defined in Rule 501(a) of Regulation D under the Securities Act. Also on June 11, 2014, after receiving regulatory approval, the company used the entire proceeds from the Series A Notes to repurchase an aggregate principal amount of $1,980,000 of the company's preferred stock that was issued to the U.S. Treasury Department in January 2009 under the Troubled Assets Relief Program. The sole purpose of the Series A Note offering was to repurchase a portion of the company's outstanding TARP Preferred. The dividend rate on most of the TARP Preferred increased from 5% to 9% on February 16, 2014. (The dividend rate on $500,000 in principal amount of the TARP Preferred was 9% from the date of issuance.) The remaining outstanding principal amount of the company's TARP Preferred is $5,363,000. The Series A Notes will initially accrue interest at a rate of 5% per annum, payable at the end of each calendar quarter. The interest rate will increase to 7% per annum, effective July 1, 2017. Delay of payment prior to the maturity date due to restrictions imposed by applicable law or government regulatory agencies will not constitute a default under, or breach of, the Series A Notes. The Series A Notes mature on June 30, 2022. The company may prepay all or any part of the outstanding principal amount of the Series A Notes at any time after June 30, 2016. The Series A Notes are not convertible into the common stock or any other securities of the company and are not secured by any collateral, guaranty, insurance, sinking fund or other form of security. There is no limitation on the company's right to issue additional indebtedness on par with or senior to the Series A Notes.

Greer Bancshares Incorporated Reports Earnings Results for the First Quarter of 2014

Greer Bancshares Incorporated reported earnings results for the first quarter of 2014. For the quarter, the company reported net income of $1,153,000 or $0.46 per diluted common share, an 80% increase over the prior year first quarter net income of $641,000 or $0.26 per diluted common share. 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.

 

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Industry Analysis

GRBS

Industry Average

Valuation GRBS Industry Range
Price/Earnings 2.0x
Price/Sales 1.1x
Price/Book 1.0x
Price/Cash Flow 1.8x
TEV/Sales NM Not Meaningful
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