Exhibit 99.1 News Release For Immediate Release April 9, 2003 Greenville First Bank, NA For Additional Information 112 Haywood Road Contact: Jim Austin Greenville, SC 29607 Phone: (864) 679-9070 Greenville First Bank Experiences Rapid Growth in Earnings Greenville, S.C., April 9, 2003 - - Greenville First Bancshares, Inc. (OTC Bulletin Board: GVBK), holding company for Greenville First Bank, NA today reported results for the first quarter ending March 31, 2003. Net income for the first three months of 2003 was $167 thousand or $.14 per share compared to $43 thousand or $.04 per share for the same period last year. Net income before income tax for the quarter ending March 31, 2003 was $269 thousand or an increase of $226 thousand or 529%. In the first quarter of 2003, the Bank recorded income tax expense of $102 thousand. During 2002, the Bank utilized prior year tax losses to offset income tax expense. Net interest income in first quarter of 2003 was $1.3 million compared to $944 thousand in the same 2002 period. Other income in 2003 was $147 thousand or an increase of $44 thousand. The Bank's general and administrative expenses in 2003 were $917 thousand or an increase of $113 thousand. Art Seaver, President and CEO stated, "I am pleased to report that 2003 is off to a tremendous start. Our quarterly pretax earnings improved 529% over the same period last year and our total assets have grown to $180.0 million." Mr. Seaver also noted that, "the efficiencies of the Greenville First model are clearly evident as the significant growth in earnings and the balance sheet have occurred with only a 14% increase in operating expenses." During the quarter, loans and total assets increased $9.6 million to $157.8 million and $180.0 million, respectively at March 31, 2003. Deposits increased $3.5 million to $137.1 million at quarter end, while other borrowing increased $5.8 million to a quarter end total of $30.5 million. The Bank recorded a $300 thousand provision for loan loss in the first quarter of 2003, which was an increase of $100,000 compared to the same period in 2002. Mr. Seaver stated, "the additional provision allowed the Bank's allowance for loan losses to increase from 1.22% at December 31, 2002 to 1.33% at March 31, 2003." 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 March 31, 2003 was $14.0 per share. Additional financial data is available on the Bank's web site at www.greenvillefirst.com Contacts: - -------- Art Seaver President Chief Executive Officer (864)679-9010 Fred Gilmer Senior Vice President Public Relations (864)679-9015 Jim Austin Senior Vice President Chief Financial Officer (864)679-9070 Greenville First Bancshares, Inc. Financial Data - --------------------------------- Quarters ended ----------------------------------------------------------- March 31, December 31, March 31, ---------------- ---------------- --------------- 2002 2002 2003 Operations: Interest income $ 1,790,358 $ 2,256,804 $ 2,231,029 Interest expense 846,180 877,602 891,950 ------------ ------------ ------------ Net interest income 944,178 1,379,202 1,339,079 Provision for loan loss 200,000 330,000 300,000 Other income 102,949 155,954 147,153 General & administrative expenses 804,314 876,314 916,998 ------------ ------------ ------------ Income before tax 42,813 328,842 269,234 Income tax expense - - 102,307 ------------ ------------ ------------ Net income $ 42,813 328,842 166,927 ============ ============ ============ Diluted earnings per share $ 0.04 0.28 0.14 Weighted shares outstanding-diluted 1,150,000 1,182,404 1,222,702 Financial Condition: Loans $108,359,438 148,079,012 157,753,883 Investments 21,496,880 15,538,926 15,382,570 Total assets 133,751,613 170,357,662 180,003,875 Deposits 119,066,042 133,563,270 137,097,154 Other borrowings 3,000,000 24,607,000 30,453,000 Equity 9,463,183 10,231,789 10,390,976 Book value per share 8.23 8.90 9.04 Ratios: Loans to deposits 91.01% 110.87% 115.07% Loans to deposits & borrowings 88.77% 93.62% 94.15% Allowance for loan loss 1.26% 1.22% 1.33% Equity to assets 7.08% 6.01% 5.77% Risk based capital (Bank only) 10.30% 10.39% 10.25% Efficiency 76.72% 57.08% 61.83% Yields: Investment 4.50% 3.95% 3.62% Loans 6.15% 5.79% 5.47% Earning assets 5.90% 5.59% 5.29% Deposits 2.98% 2.27% 2.22% FHLB advance 3.41% 2.45% 2.25% Other borrowing 2.40% 2.05% 1.81% Interest-bearing liabilities 2.98% 2.28% 2.09% Loan to deposit spread 3.17% 3.52% 3.25% Net interest margin 2.92% 3.31% 3.20% Net yield on earning assets 3.10% 3.42% 3.18%