Greer State Bank in Greer, South Carolina (SC)

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Greer State Bank
GeneralFDIC Certificate #: 27413
Status: Active
Federal Reserve ID: 1356526
Bank Holding Company (Regulatory Top Holder): Greer Bancshares Incorporated (RSSDID: 3025648, Location: Greer, SC)
Date Established: January 03, 1989
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 5 (Domestic: 5, Interstate: No)
OTS Docket #: 11166
FDIC's unique #: 39882
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: January 03, 1989
Last Structure Change Effective Date: March 31, 2006
Last Structure Change Process Date: November 03, 2006
Last Data Update: November 03, 2006
Data Source Date: April 05, 2012
LocationAddress: 1111 West Poinsett Street, Greer, SC 29652
County: Greenville
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Columbia Sc
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Greenville-Spartanburg-Anderson, SC (#3160)
Combined Statistical Area (CSA): Greenville-Spartanburg-Anderson, SC (#273)
Core Based Statistical Area (CBSA): Greenville-Mauldin-Easley, SC (#24860)
CBSA Metro Statistical Area: Greenville-Mauldin-Easley, SC (#24860)
History of ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $382.5 mil
Equity capital: $29.8 mil
Deposits held in domestic offices: $281.8 mil
Return on assets (ROA): -0.45% (-$1.7 mil)
Quarterly return on assets: 0.35% ($1.3 mil)
Return on Equity (ROE): -6.57% (-$2.0 mil)
Quarterly return on equity: 4.61% ($1.4 mil)
Net income: -$1.9 mil
Quarterly Net income: $0.3 mil
Pretax return on assets: -0.45% (-$1,721.4 mil)
Quarterly Pretax return on assets: 0.35% ($1,338.9 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)78
Total assets$382,534
Cash and due from depository institutions$6,481
Interest-bearing balances$1,828
Federal funds sold & reverse repurchase agreements$382
Net loans & leases$220,055
Loan loss allowance $6,747
Trading account assets$0
Bank premises and fixed assets$4,174
Other real estate owned$6,469
Goodwill and other intangibles$0
All other assets$15,116
Life insurance assets$382,534
Total liabilities and capital$352,706
Total liabilities$281,841
Total deposits$244,750
Interest-bearing deposits$281,841
Deposits held in domestic offices$91
% insured (estimated)17516.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$49,000
Other borrowed funds $0
Subordinated debt $4,349
All other liabilities $29,828
Total equity capital$29,828
Total bank equity capital$29,828
Perpetual preferred stock$0
Common stock$9,796
Undivided profits $-1,982
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $10,449
Earning assets $0
Long-term assets (5+ years) $1,522
Average Assets, year-to-date $352,122
Average Assets, quarterly $160,629
Volatile liabilities $417,320
Insider loans $384,185
FHLB advances $260,954
Loans and leases held for sale $390,545
Unused loan commitments $7,274
Tier 1 (core) risk-based capital $3,193
Tier 2 risk-based capital $27,531
Total risk weighted assets $0
Total unused commitments $4,081
Restructured Loans and leases $24,683
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $17,300
Total interest expense $6,001
Net interest income $11,299
Provision for loan and lease losses $3,719
Total noninterest income $2,758
Fiduciary activities $0
Service charges on deposit accounts $751
Trading account gains & fees $0
Additional noninterest income $2,007
Total noninterest expense $13,283
Salaries and employee benefits $5,267
Premises and equipment expense $766
Additional noninterest expense $7,250
Pre-tax net operating income -$2,945
Securities gains (losses) $1,054
Applicable income taxes $0
Income before extraordinary items -$1,891
Extraordinary gains - net $0
Net income attributable to bank -$1,891
Net charge-offs $0
Cash dividends -$1,891
Sale, conversion, retirement of capital stock, net $4,467
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.52%
Cost of funding earning assets 1.57%
Net interest margin 2.95%
Noninterest income to earning assets 0.72%
Noninterest expense to earning assets 3.47%
Net operating income to assets -0.71%
Return on assets (ROA) -0.45%
Pretax return on assets -0.45%
Return on equity (ROE) -6.57%
Retained earnings to average equity (YTD only) -6.57%
Net charge-offs to loans 1.81%
Credit loss provision to net charge-offs 83.25%
Efficiency ratio0.17%
Assets per employee$94,494
Cash dividends to net income (YTD only)4.90%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 2.97%
Noncurrent assets plus other real estate owned to assets 64.57%
Noncurrent loans to loans 4.42%
Net loans and leases to deposits4.61%
Net loans and leases to core deposits 78.08%
Equity capital to assets 83.94%
Core capital (leverage) ratio 7.80%
Tier 1 risk-based capital ratio 7.05%
Total risk-based capital ratio 10.55%
Average assets$12
Average earning assets$417,320
Average equity $28,788
Average loans $383,114
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5 South Carolina Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
039882Greer State Bank1111 West Poinsett Street, Greer, SC 29652January 03, 1989Full Service Brick and Mortar
2261962Greer Branch601 North Main Street, Greer, SC 29650September 01, 1992Full Service Brick and Mortar
3261963Pleasant Grove Branch871 S Buncombe Rd, Greer, SC 29650November 02, 1998Full Service Brick and Mortar
4443547Taylors Branch3317 Wade Hampton Boulelvard, Taylors, SC 29687January 10, 2005Full Service Brick and Mortar
5468337Messenger Service1111 West Poinsett Street, Greer, SC 29652May 31, 2006Limited Service Messenger
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