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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000942708-03-000105.txt : 20030715
<SEC-HEADER>0000942708-03-000105.hdr.sgml : 20030715
<ACCEPTANCE-DATETIME>20030715153530
ACCESSION NUMBER:		0000942708-03-000105
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030711
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030715

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREENVILLE FIRST BANCSHARES INC
		CENTRAL INDEX KEY:			0001090009
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				582459561
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27719
		FILM NUMBER:		03787241

	BUSINESS ADDRESS:	
		STREET 1:		1805 LAURENS RD
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29607
		BUSINESS PHONE:		8642417806

	MAIL ADDRESS:	
		STREET 1:		1805 LAURENS RD
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29607
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-071503.txt
<DESCRIPTION>07/15/03
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 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): July 11, 2003
                                                           -------------




                        Greenville First Bancshares, Inc.
              ----------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)




 South Carolina                333-83851                       58-2459561
- --------------------------------------------------------------------------------
(State or Other           (Commission File Number)          (I.R.S. Employer
Jurisdiction of                                             Identification
Incorporation)                                              Number)




                    112 Haywood Road, Greenville, S.C. 29607
                    ----------------------------------------
                    (Address of Principal Executive Offices)




       Registrant's Telephone Number, including area code: (864) 679-9000
                                                           --------------






<PAGE>



Item 9. Regulation FD Disclosure.

On July 11, 2003, Greenville First Bancshares, Inc., holding company for
Greenville First Bank, NA, issued a press release announcing its financial
results for the second quarter ended June 30, 2003. A copy of the press release
is attached hereto as Exhibit 99.1.

Item 12. Results of Operations and Financial Condition.

Pursuant to interim guidance issued by the Securities and Exchange Commission
relating to Item 12 filing requirements, the Company has furnished the
information required by Item 12 under Item 9 herein.




                                       2
<PAGE>


                                   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.



                                            By:  /s/James M. Austin,III
                                               -------------------------------
                                            Name:    James M. Austin, III
                                            Title:   Chief Financial Officer

Dated: July 15, 2003






                                       3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99_1-071503.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
Exhibit 99.1
- ------------

News Release                        For Immediate Release -- July 11, 2003


                          GREENVILLE FIRST BANK REPORTS
                     CONTINUED EARNINGS AND ASSET GROWTH AND
              ISSUANCE OF $6 MILLION OF TRUST PREFERRED SECURITIES

Greenville, S.C., July 11, 2003 - - Greenville First Bancshares, Inc. (OTC
Bulletin Board: GVBK), holding company for Greenville First Bank, NA today
reported results for the second quarter and the six months ending June 30, 2003.

Net income for the second quarter was $229 thousand, or $.18 per share compared
to $121 thousand, or $.10 per share for the same period in 2002. For the first
six months, net income was $396 thousand, or $.32 per share, an increase of 142%
compared to $164 thousand, or $.14 per share reported in 2002.

Net income before income tax for the second quarter was $370 thousand compared
to $121 thousand for the same period in 2002, an increase of 205%. For the first
six months, net income before tax was $639 thousand compared to $164 thousand
reported in 2002, an increase of 290%. During 2002, the bank utilized prior year
tax losses to offset income tax expense.

Net interest income in the second quarter of 2003 was $1.4 million compared to
$1.1 million in the same period in 2002, an increase of $374 thousand. The
bank's general and administrative expenses in the second quarter of 2003 were
$940 thousand, or an increase of $108 thousand compared to the same period in
2002. Other income was $84 thousand for the second quarter of 2003.

In addition to the positive earnings trend, the company continues to report
strong asset growth. Total assets ended the quarter at $191.5 million, a 32%
increase over June 2002. Loans totaled $173.6 million with deposits of $144.5
million at quarter end. The allowance for loan losses was $2.3 million, or 1.32%
of outstanding loans.

In June, the company completed the issuance of $6.0 million of floating rate
trust preferred securities. The proceeds from the securities will provide
regulatory capital to support the continued growth of Greenville First. The
securities were part of a pooled transaction with Keefe Bruyette & Woods, Inc.
and FTN Financial Capital Markets acting as placement agents in the transaction.

"We are proud of the continued growth of Greenville First and thankful to the
community for supporting our unique style of banking" stated Art Seaver,
President and CEO. "The second quarter was momentous with pre-tax earnings
growth of 290% compared to last year. In addition, the issuance of the trust
preferred securities provides the necessary capital to maintain our growth
momentum."

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 June 30, 2003 was $16.70 per share. Additional financial data is
available on the bank's web site at www.greenvillefirst.com.
                                    -----------------------

Contacts:

Art Seaver                 Fred Gilmer               Jim Austin
President                  Senior Vice President     Senior Vice President
Chief Executive Officer    Public Relations          Chief Financial Officer
(864) 679-9010             (864) 679-9015            (864) 679-9070

Statements in this press release may consist of forward-looking information
under the Private Securities Litigation Reform Act of 1995. The accuracy of the
forward-looking information is necessarily subject to and involves risks and
uncertainties which could cause actual results to differ materially from the
forward-looking information.



<PAGE>

These risks and uncertainties include, but are not limited to, unforeseen
general economic conditions such as a downturn in the economy, competitive
risks, and other factors set forth from time to time in our filings with the
Securities and Exchange Commission. When used in this release, words such as
"believes," "estimates," "plans," "expects," "should," "will," "may," "might,"
"outlook," and "anticipates" are intended to identify forward-looking
statements.








<PAGE>



Greenville First Bancshares, Inc.
Financial Data
- ---------------------------------
<TABLE>
<CAPTION>
                                                                               Periods ending
                                               -------------------------------------------------------------------------------
                                                    Three Months ended June 30,                Six Months ended June 30,
                                               --------------------------------------       -----------------------------------
                                                     2002               2003                     2002              2003

<S>                                               <C>                      <C>                    <C>               <C>
Operations:
Interest income                                   $   1,936,720            2,287,402              3,727,078         4,518,431
Interest expense                                        884,620              860,820              1,730,800         1,752,770
                                               ----------------- --------------------      ----------------- -----------------
   Net interest income                                1,052,100            1,426,582              1,996,278         2,765,661
Provision for loan loss                                 220,000              200,000                420,000           500,000
Other income                                            121,815               83,954                224,764           231,107
General & administrative expenses                       832,790              940,447              1,637,104         1,857,445
                                               ----------------- --------------------      ----------------- -----------------
Income before tax                                       121,125              370,089                163,938           639,323
Income tax expense                                            -              140,634                      -           242,941
                                               ----------------- --------------------      ----------------- -----------------
Net income                                        $     121,125              229,455                163,938           396,382
                                               ================= ====================      ================= =================

Diluted earnings per share                        $        0.10                 0.18                   0.14              0.32

Weighted shares outstanding-diluted                   1,162,398            1,257,599              1,156,233         1,240,247

Efficiency Ratio                                          70.94%               58.39%                 73.71%            59.98%

Yields:

Investment                                                 4.34%                3.24%                  4.42%             3.49%
Loans                                                      6.07%                5.40%                  6.11%             5.43%
Earning assets                                             5.82%                5.30%                  5.86%             5.30%
Deposits:
   CDs                                                     3.65%                2.89%                  3.84%             3.03%
   Other                                                   1.42%                0.45%                  1.40%             0.50%
   Total deposits                                          2.70%                2.00%                  2.83%             2.11%
FHLB advance                                               4.90%                2.02%                  3.92%             2.24%
Other borrowing                                            1.88%                3.13%                  2.33%             2.23%
Interest-bearing liabilities                               2.77%                2.06%                  2.86%             2.13%

Loan to deposit spread                                     3.37%                3.40%                  3.28%             3.32%
Net interest margin                                        3.05%                3.24%                  3.00%             3.17%
Net yield on earning assets                                3.13%                3.30%                  3.15%             3.25%
</TABLE>


<TABLE>
<CAPTION>
                                                                               Periods ended
                                               -------------------------------------------------------------------------------
                                                Dec. 31, 2001       June 30, 2002           Dec. 31, 2002     June 30, 2003
                                               ----------------- --------------------      ----------------- -----------------
<S>                                               <C>                    <C>                    <C>               <C>
Financial Condition:
Loans                                             $  95,339,621          122,237,565            148,079,012       173,584,374
Investments                                          18,569,301           16,829,311             15,538,926        10,741,084
Total assets                                        118,565,009          144,979,778            170,357,662       191,547,979
Deposits                                             92,700,010          123,734,695            133,563,270       144,546,324
Other borrowings                                     14,482,600           10,075,000             24,607,000        31,500,000
Equity                                                9,459,419            9,635,021             10,231,789        10,600,556

Book value per share                                       8.23                 8.38                   8.90              9.22

Ratios:
Loans to deposits                                        102.85%               98.79%                110.87%           120.09%
Loans to deposits & borrowings                            88.95%               91.35%                 93.62%            98.60%
Allowance for loan loss                                    1.24%                1.22%                  1.22%             1.32%
Equity to assets                                           7.98%                6.65%                  6.01%             5.53%
Risk based capital (Bank only)                            10.10%               10.20%                 10.30%            11.31%
</TABLE>




</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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