FINANCIAL CORPORATION
QUARTERLY REPORT TO
SHAREHOLDERS
September 30, 2007
October 15, 2007
Dear Shareholder,
We are pleased to report the results of our third quarter ended September 30, 2007. Our subsidiary, BankGreenville continued to build momentum in this, its sixth full calendar quarter of operation. Contributing to this momentum were the move into our new permanent headquarters building in April, the increase in our client service and loan production staff as well as the growth in our market recognition.
Total assets grew to $48.9 million as of September 30, 2007, an increase of $17.2 million, or 54% from December 31, 2006. Gross loans were $31.3 million at September 30, 2007, an increase of $17.3 million, or 123% from December 31, 2006. At September 30, 2007, deposits totaled $38.7 million, compared to $20.9 million at December 31, 2006, for a $17.8 million or 85% increase.
Our net loss for the nine months ended September 30, 2007 was $454,668, or $0.39 per diluted share compared to a net loss of $639,971, or $0.54 per diluted share for the same period in 2006. Net loss for the third quarter of 2007 was $144,099, or $0.12 per diluted share.
Our strong loan growth of 123% from December 31, 2006 to September 30, 2007, along with anticipated loan growth during the fourth quarter of 2007 will have a positive impact on interest income and results of operations as we near our two year anniversary at the end of January, 2008.
BankGreenville is a community bank, focused on the Greenville market and offering a full complement of commercial banking services including traditional loan and deposit products, online banking, ATM, cash management and other related banking products. We are intent upon providing high quality client service to the Greenville market with a personal and professional approach.
Thank you for your support. We hope to see you at BankGreenville and encourage you to contact us with any questions or needs.
Sincerely,
/s/ Russel T. Williams
Russel T. Williams
President & CEO
FINANCIAL CORPORATION
Financial Highlights
(unaudited)
($ in millions)
FINANCIAL CORPORATION
Financial Highlights
(unaudited)
As of | ||||||||
Balance Sheet | ||||||||
Data: | 9/30/2007 | 12/31/2006 | ||||||
| Total assets | $ | 48,876,920 | $ | 31,656,709 | ||||
| Gross Loans | 31,330,725 | 14,025,258 | ||||||
| Allowance for loan | ||||||||
| losses | (370,721 | ) | (210,370 | ) | ||||
| Deposits | 38,688,921 | 20,932,001 | ||||||
| Shareholders’ equity | 9,532,923 | 10,066,832 | ||||||
Growth Rates: | ||||||||
| Percentage increase in assets | 54% | |||||||
| Percentage increase in loans | 123% | |||||||
| Percentage change in deposits | 85% | |||||||
Quarter | Nine Months | |||||||
Results of Operations | Ended | Ended | ||||||
Data: | 9/30/2007 | 9/30/2007 | ||||||
| Net Interest Income | $ | 372,288 | $ | 965,066 | ||||
| Provision for loan | ||||||||
| losses | 82,000 | 163,621 | ||||||
| Non-interest income | 10,599 | 47,841 | ||||||
| Non-interest expense | 444,986 | 1,303,954 | ||||||
| Net loss | (144,099 | ) | (454,668 | ) | ||||
| Net loss per share, diluted | (0.12 | ) | (0.39 | ) | ||||
Statements contained in this document, which are not historical facts, are forward-looking statements. Such forward-looking statements are necessary estimates reflecting our best judgment based on current information and involve a number of risks and uncertainties. Certain factors which could affect the accuracy of such forward-looking statements are identified in our public filings with the SEC and forward-looking statements contained in this document should be considered in light of those factors. There can be no assurance that such factors or other factors will not affect the accuracy of such statements.
STOCK TRANSFER AGENT
Registrar & Transfer Company
Investor Relations Department
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FINANCIAL INFORMATION
Shareholders, analysts, and others seeking financial information should contact:
Ms. Paula S. King
Chief Financial Officer
BankGreenville Financial Corporation
P.O. Box 6246
Greenville, SC 29606
FINANCIAL CORPORATION
499 Woodruff Road
Greenville, SC 29607
(864) 335-2200
www.BankGreenville.com
Member FDIC
FINANCIAL CORPORATION
P.O. Box 6246 Greenville, SC 29606