Greer Bancshares Incorporated, the parent company of Greer State Bank, reported a huge increase in net income over the same quarter in 2012.
Net income rose to nearly $7.8 million for the quarter ended June 30 compared to just over $1.1 million in the same quarter of the prior year.
The company said in a news release that the gains were due largely to a credit to the loan loss provision for $1.7 million, as well as a non-cash reversal of the deferred tax asset valuation allowance of $5.6 million.
The company said the non-cash reversal of the loan loss provision reflected a reduced loan portfolio size and improved loan portfolio credit quality metrics. The non-cash reversal of the deferred tax asset valuation allowance reflected sustained profitability and improved earnings that support the ability to utilize the deferred tax asset in the future.