Exhibit 99.1

 

 

Searchable text section of graphics shown above

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GREENVILLE  FIRST  BANCSHARES, INC.

Annual Shareholders Meeting

May 15th, 2007

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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 (including a downturn in the economy, greater than expected non-interest expenses, excessive loan losses and other factors) that may cause Greenville First's actual results to differ materially from the anticipated results expressed in these forward-looking statements. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized.  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 Annual report on Form 10-K 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

•     $509.5 million in total assets (1)

•     Greenville SC market - $8.4 billion in

 deposits - 3.6% market share (2)

•     Columbia SC market - LPO opening

 first quarter of 2007

•     GVBK - NASDAQ market

•     23% Insider Ownership

•     3 offices / 61 employees

1 - As of December 31, 2006

2 - FDIC Data - June, 2006

2006 Performance Highlights

• Record earnings of $3.9 million
• Continued solid asset growth
• Strong retail deposit production
• Impressive efficiency
• 10% stock dividend provided in July of 2006

• Announced strategic expansion to Columbia market

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2006 Performance - Record Earnings

•         Net earnings increased 55% to $3.9 million

•         EPS = $1.20 per diluted share

•         ROA = .85%

•         ROE = 11.94%

Net Earnings (in thousands)

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Net Operating Earnings (in thousands)

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2006 Performance - Solid Asset Growth

•         Assets increased 26% to $509 million

•         Loans increased 19% to $402 million

Total Assets (in millions)

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Loans (in millions)

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2006 Performance - Strong Retail Deposit Production

•        Total deposits increased 36% in 2006

•        Total transaction account balances increased 38% in 2006

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Source - FDIC - June 2006

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2006 Performance - Impressive Efficiency

•       Operating efficiency ratio = 49.2% for 2006

•        Infrastructure growth since 2004:

-     2 new offices

-     56% increase in the number of people

Efficiency Ratio

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2006 Performance - Efficiency Comparison

•       Assets per employee = $8.3 million

•       Earnings per employee = $76.8 thousand

Assets per Employee

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Earnings per Employee

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Source - FDIC - December 2006

2006 Performance - Strategic Expansion

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•        Additional talent added to executive team

•        Opportunity to duplicate successful model in Columbia SC market

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Strategic Plan

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Strategic Plan - Grow Shareholder Value

•       Strategic initiatives designed to provide long-term value

•       10% stock dividend provided in July of 2006

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Strategic Initiatives - By 2010:

• Capitalize on our ClientFIRST model

       -   Superior level of professional service

       -   Sustain past efficiencies

• Grow Greenville market share to more than 6%

• Duplicate successful model in Columbia market

• Grow assets to $1 billion

• Grow earnings in excess of $7 million

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Strategic Initiatives - Dynamic Markets

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First Quarter 2007 Progress Report:

• Assets increased to $558 million

• Strongest growth quarter in history for loans and deposits

  Compared to first quarter 2006:

   -   Loans increased 19% to $432 million

   -   Deposits increased 39% to $384 million

• Columbia has $15 million in loans outstanding

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Key Success Drivers

•       Experienced & Performance Driven Leadership

•       Unique ClientFIRST Model

•       Dynamic South Carolina Markets

•       Growth Story

•       Momentum

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SOUTHERN FIRST BANCSHARES, INC.

NASDAQ symbol = SFST

Thank You For Your Continued Support

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 (which is computed by dividing noninterest by the sum of net interest income and noninterest income).

                                                                                                              2006               2005

Net earnings, (GAAP)                                                                          $3,901            $2,514

      Non-operating items:

      Impairment on real estate, net of income taxes                                        -                   930

Operating earnings                                                                            $3,901            $3,444

Noninterest expense, (GAAP)                                                             $7,351            $7,856

      Non-operating items:     

      Impairment on real estate                                                                       -                1,500

Operating noninterest expense                                                         $7,351            $6,356

Efficiency ratio

      GAAP                                                                                           49.2%             60.9%

      Operating                                                                                      49.2%             49.2%

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