-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MIcwSi4lyezcSLv+BbnicEMKDAcdiM/PxFhN3O9qQmSCi5K+JJ9YHEHP/bDTYewt cuZ0Gv2etUJ//1o8T+2lvg== 0000942708-03-000105.txt : 20030715 0000942708-03-000105.hdr.sgml : 20030715 20030715153530 ACCESSION NUMBER: 0000942708-03-000105 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030711 ITEM INFORMATION: Other events ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030715 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREENVILLE FIRST BANCSHARES INC CENTRAL INDEX KEY: 0001090009 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 582459561 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27719 FILM NUMBER: 03787241 BUSINESS ADDRESS: STREET 1: 1805 LAURENS RD CITY: GREENVILLE STATE: SC ZIP: 29607 BUSINESS PHONE: 8642417806 MAIL ADDRESS: STREET 1: 1805 LAURENS RD CITY: GREENVILLE STATE: SC ZIP: 29607 8-K 1 form8k-071503.txt 07/15/03 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 11, 2003 ------------- Greenville First Bancshares, Inc. ---------------------------------------------------- (Exact Name of Registrant as Specified in Charter) South Carolina 333-83851 58-2459561 - -------------------------------------------------------------------------------- (State or Other (Commission File Number) (I.R.S. Employer Jurisdiction of Identification Incorporation) Number) 112 Haywood Road, Greenville, S.C. 29607 ---------------------------------------- (Address of Principal Executive Offices) Registrant's Telephone Number, including area code: (864) 679-9000 -------------- Item 9. Regulation FD Disclosure. On July 11, 2003, Greenville First Bancshares, Inc., holding company for Greenville First Bank, NA, issued a press release announcing its financial results for the second quarter ended June 30, 2003. A copy of the press release is attached hereto as Exhibit 99.1. Item 12. Results of Operations and Financial Condition. Pursuant to interim guidance issued by the Securities and Exchange Commission relating to Item 12 filing requirements, the Company has furnished the information required by Item 12 under Item 9 herein. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GREENVILLE FIRST BANCSHARES, INC. By: /s/James M. Austin,III ------------------------------- Name: James M. Austin, III Title: Chief Financial Officer Dated: July 15, 2003 3 EX-99 3 ex99_1-071503.txt PRESS RELEASE Exhibit 99.1 - ------------ News Release For Immediate Release -- July 11, 2003 GREENVILLE FIRST BANK REPORTS CONTINUED EARNINGS AND ASSET GROWTH AND ISSUANCE OF $6 MILLION OF TRUST PREFERRED SECURITIES Greenville, S.C., July 11, 2003 - - Greenville First Bancshares, Inc. (OTC Bulletin Board: GVBK), holding company for Greenville First Bank, NA today reported results for the second quarter and the six months ending June 30, 2003. Net income for the second quarter was $229 thousand, or $.18 per share compared to $121 thousand, or $.10 per share for the same period in 2002. For the first six months, net income was $396 thousand, or $.32 per share, an increase of 142% compared to $164 thousand, or $.14 per share reported in 2002. Net income before income tax for the second quarter was $370 thousand compared to $121 thousand for the same period in 2002, an increase of 205%. For the first six months, net income before tax was $639 thousand compared to $164 thousand reported in 2002, an increase of 290%. During 2002, the bank utilized prior year tax losses to offset income tax expense. Net interest income in the second quarter of 2003 was $1.4 million compared to $1.1 million in the same period in 2002, an increase of $374 thousand. The bank's general and administrative expenses in the second quarter of 2003 were $940 thousand, or an increase of $108 thousand compared to the same period in 2002. Other income was $84 thousand for the second quarter of 2003. In addition to the positive earnings trend, the company continues to report strong asset growth. Total assets ended the quarter at $191.5 million, a 32% increase over June 2002. Loans totaled $173.6 million with deposits of $144.5 million at quarter end. The allowance for loan losses was $2.3 million, or 1.32% of outstanding loans. In June, the company completed the issuance of $6.0 million of floating rate trust preferred securities. The proceeds from the securities will provide regulatory capital to support the continued growth of Greenville First. The securities were part of a pooled transaction with Keefe Bruyette & Woods, Inc. and FTN Financial Capital Markets acting as placement agents in the transaction. "We are proud of the continued growth of Greenville First and thankful to the community for supporting our unique style of banking" stated Art Seaver, President and CEO. "The second quarter was momentous with pre-tax earnings growth of 290% compared to last year. In addition, the issuance of the trust preferred securities provides the necessary capital to maintain our growth momentum." Greenville First began operations January 10, 2000 and operates in a single location at 112 Haywood Road. The closing stock price for Greenville First Bancshares on June 30, 2003 was $16.70 per share. Additional financial data is available on the bank's web site at www.greenvillefirst.com. ----------------------- Contacts: Art Seaver Fred Gilmer Jim Austin President Senior Vice President Senior Vice President Chief Executive Officer Public Relations Chief Financial Officer (864) 679-9010 (864) 679-9015 (864) 679-9070 Statements in this press release may consist of forward-looking information under the Private Securities Litigation Reform Act of 1995. The accuracy of the forward-looking information is necessarily subject to and involves risks and uncertainties which could cause actual results to differ materially from the forward-looking information. These risks and uncertainties include, but are not limited to, unforeseen general economic conditions such as a downturn in the economy, competitive risks, and other factors set forth from time to time in our filings with the Securities and Exchange Commission. When used in this release, words such as "believes," "estimates," "plans," "expects," "should," "will," "may," "might," "outlook," and "anticipates" are intended to identify forward-looking statements. Greenville First Bancshares, Inc. Financial Data - ---------------------------------
Periods ending ------------------------------------------------------------------------------- Three Months ended June 30, Six Months ended June 30, -------------------------------------- ----------------------------------- 2002 2003 2002 2003 Operations: Interest income $ 1,936,720 2,287,402 3,727,078 4,518,431 Interest expense 884,620 860,820 1,730,800 1,752,770 ----------------- -------------------- ----------------- ----------------- Net interest income 1,052,100 1,426,582 1,996,278 2,765,661 Provision for loan loss 220,000 200,000 420,000 500,000 Other income 121,815 83,954 224,764 231,107 General & administrative expenses 832,790 940,447 1,637,104 1,857,445 ----------------- -------------------- ----------------- ----------------- Income before tax 121,125 370,089 163,938 639,323 Income tax expense - 140,634 - 242,941 ----------------- -------------------- ----------------- ----------------- Net income $ 121,125 229,455 163,938 396,382 ================= ==================== ================= ================= Diluted earnings per share $ 0.10 0.18 0.14 0.32 Weighted shares outstanding-diluted 1,162,398 1,257,599 1,156,233 1,240,247 Efficiency Ratio 70.94% 58.39% 73.71% 59.98% Yields: Investment 4.34% 3.24% 4.42% 3.49% Loans 6.07% 5.40% 6.11% 5.43% Earning assets 5.82% 5.30% 5.86% 5.30% Deposits: CDs 3.65% 2.89% 3.84% 3.03% Other 1.42% 0.45% 1.40% 0.50% Total deposits 2.70% 2.00% 2.83% 2.11% FHLB advance 4.90% 2.02% 3.92% 2.24% Other borrowing 1.88% 3.13% 2.33% 2.23% Interest-bearing liabilities 2.77% 2.06% 2.86% 2.13% Loan to deposit spread 3.37% 3.40% 3.28% 3.32% Net interest margin 3.05% 3.24% 3.00% 3.17% Net yield on earning assets 3.13% 3.30% 3.15% 3.25%
Periods ended ------------------------------------------------------------------------------- Dec. 31, 2001 June 30, 2002 Dec. 31, 2002 June 30, 2003 ----------------- -------------------- ----------------- ----------------- Financial Condition: Loans $ 95,339,621 122,237,565 148,079,012 173,584,374 Investments 18,569,301 16,829,311 15,538,926 10,741,084 Total assets 118,565,009 144,979,778 170,357,662 191,547,979 Deposits 92,700,010 123,734,695 133,563,270 144,546,324 Other borrowings 14,482,600 10,075,000 24,607,000 31,500,000 Equity 9,459,419 9,635,021 10,231,789 10,600,556 Book value per share 8.23 8.38 8.90 9.22 Ratios: Loans to deposits 102.85% 98.79% 110.87% 120.09% Loans to deposits & borrowings 88.95% 91.35% 93.62% 98.60% Allowance for loan loss 1.24% 1.22% 1.22% 1.32% Equity to assets 7.98% 6.65% 6.01% 5.53% Risk based capital (Bank only) 10.10% 10.20% 10.30% 11.31%
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