8-K

	UNITED STATES
	SECURITIES AND EXCHANGE COMMISSION
	WASHINGTON, DC 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)     February 6, 2006
	Greenville First Bancshares, Inc.
	(Exact name of registrant as specified in its charter)
	South Carolina
	(State or other jurisdiction of incorporation)
	000-27719	58-2459561
	(Commission File Number)	(IRS Employer Identification No.)
	112 Haywood Road, Greenville, S.C.	29607
	(Address of principal executive offices)	(Zip Code)
	(864) 679-9000
	(Registrant's telephone number, including area code)
	Not Applicable
	(Former name or former address, if changed since last report)
	Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing
	obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

ITEM 7.01   Regulation FD Disclosure

Greenville First Bancshares, Inc. is hereby furnishing a slide presentation to be used by certain executive officers of the company when they speak to the various members of the financial and investing community on February 6-7, 2006.  The presentation is filed as Exhibit 99.1 to this Current Report on Form 8-K.

The information in Item 7.01 and Exhibit 99.1 of Item 9.01 is being furnished, not filed.  Accordingly, the information in this Item 7.01 and Exhibit 99.1 of Item 9.01 will not be incorporated by reference into any registration statement filed by Greenville First Bancshares under the Securities Act of 1933 unless specifically identified therein as being incorporated therein by reference.  The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by Greenville First Bancshares that (i) the information in this report is material or complete or (ii) investors should consider this information before making an investment decision with respect to any security of Greenville First Bancshares or any of its affiliates.

ITEM 9.01.   Financial Statements and Exhibits

      (c)       Exhibits:  The following exhibits are filed as part of this report:

Exhibit

 NumberDescription

 99.1            Slide presentation given by certain executive officers of Greenville First Bancshares on February 6-7, 2006.

 

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.

Dated: February 6, 2006
By:     /s/ R. Arthur Seaver, Jr.                                 
Name      R. Arthur Seaver, Jr.
Title:      President and Chief Executive Officer

 

EXHIBIT INDEX

Exhibit

Number Description

99.1             Slide presentation given by certain executive officers of Greenville First Bancshares on February 6-7, 2006.

EX-99.1

 Searchable text section of graphics shown above

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GREENVILLE  FIRST  BANCSHARES, INC.

www.greenvillefirst.com

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Southeast - February 6-7, 2006

Forward-Looking Statements

During the course of this presentation, management may make projections and forward-looking statements regarding events or the future financial performance of Greenville First Bancshares, Inc.  We wish to caution you that these forward-looking statements involve certain risks and uncertainties, including a variety of factors that may cause Greenville First's actual results to differ materially from the anticipated results expressed in these forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements and are advised to review the risk factors that may affect Greenville First's operating results in documents filed by Greenville First Bancshares, Inc. with the Securities and Exchange Commission, including the Form SB-2 Registration Statement, the Annual report on Form 10-KSB and other required filings.  Greenville First assumes no duty to update the forward-looking statements made in this presentation.

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Greenville First Bancshares - Corporate Profile

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• Greenville First Bank opened in 2000

• $405 million in total assets (1)

• Greenville SC market - $7.6 billion in deposits (2)

• 3.1% Market Share (2)

• GVBK - NASDAQ market

• 23% Insider Ownership

• $65 million - Market Capitalization (1)

• 3 offices / 53 employees

1 - As of December 31, 2005

2 - FDIC Data - June, 2005

GVBK - Investment Profile 

• Growth Story

• Performance Driven Leadership

• Unique Client FIRST  Model

• Dynamic Greenville, SC Market

• Performance / Momentum

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GVBK - Growth Story 

• Assets exceed $400 million / 28% growth over 2004

• Loans increased 21% for 2005

 Total Assets (in millions)

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Loans (in millions)

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GVBK - Growth Story 

• Net earnings increased 25% to $2.5 million and reflect 4th quarter charge related to move of corporate headquarters

• Operating earnings increased 71% to $3.4 million

Net Earnings (in thousands)

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Net Operating Earnings (in thousands)

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GVBK - Performance Driven Leadership 

• Board & Executive Team

• Interests aligned with shareholders

• Performance based compensation structure - 35% of executive compensation is incentive based

• Market Knowledge & Experience

• Average executive team member has worked in the market for more than 20 years

• Executive team brings experience from 7 separate banks

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Corporate Strategy - Unique Model

Client FIRST

• Targeted Focus - Professional & Executive Market

• Relationship Team Structure - Personal Banker

-        Drives growth

-        Provides superior client service

-        Produces sustainable efficiencies

• Highly Experienced Bank Team

-        Winning culture

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Dynamic Greenville Market

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• SC's most populous county

• Largest deposit market in SC with over $7.6 billion in deposits

• Deposit growth averaging 9% annually over the past five years

• Diverse economy as market is home to over 240 international companies including BMW & Michelin

Source - FDIC 2005

GVBK - Market Share Data

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Source - FDIC - June 2005

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Performance Highlight - Disciplined Credit Culture

• Loan loss reserve / total loans = 1.33% (1)

• Reserve covers nonperforming loans 9.6 times

 NCO's to Avg. Total Loans

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NPA's /Total Assets

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Notes:

(1)   Data as of December 31, 2005 / includes nonperforming loans

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Performance Highlight - Efficiency 

• Efficiency ratio = 49.2% for 2005

• 36% increase in the number of people in the last year

Efficiency Ratio

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Performance Highlight - Efficiency Comparison 

• Assets per employee = $7.7 million (1)

• Earnings per employee = $54.9 thousand (year to date) (1)

Assets per Employee

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Earnings per Employee      

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Notes:

(1)   Data as of September 30, 2005

Source - FDIC - September 2005

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GVBK - Momentum

-        ROA & margin improvement

-        Operating earnings increased 71%

-        36% increase in retail deposits

-        24% increase in transaction accounts

Return on Assets - operating earnings

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Net Interest Margin

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GVBK - Growth Plan

•  Market expansion

•  Parkway office opened March 2005

•  Augusta Road office opened November 2005

•  New headquarter building in June 2006

• Retail funding focus

• transaction account balances up 92% since beginning of 2004

• Banker acquisition strategy

• 3 key bankers acquired in the last year

• Capitalize on market / merger disruption

• Summit National Bank

• CCB

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GVBK - Summary 

• Experienced & Performance Driven Leadership

• Unique Client FIRST  Model

• Attractive Greenville, SC Market

• Growth Story

• Solid Performance / Disciplined Credit Culture

• Momentum

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Reconciliation of Non-GAAP Financial Measures

This presentation contains financial information determined by methods other than in accordance with Generally Accepted Accounting Principles ("GAAP").  Operating noninterest expense is used to compute the operating efficiency ratio.

Net income, (GAAP)                                                                $2,514

      Non-operating items:

      Impairment on real estate, net of income taxes                          930

Operating earnings                                                                $3,444

Noninterest expense, (GAAP)                                                  $7,856

      Non-operating items:         

      Impairment on real estate                                                      1,500

Operating noninterest expense                                             $6,356

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