UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

              [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                  For the Quarterly Period Ended March 31, 2000

                                       OR

             [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

              For the Transition Period from _________ to _________

                        Commission file number 333-83851

                        Greenville First Bancshares, Inc.
                ------------------------------------------------
             (Exact name of registrant as specified in its charter)

           South Carolina                         58-2459561
      ---------------------            ----------------------------------
     (State of Incorporation)          (I.R.S. Employer Identification No.)

               1805 Laurens Road

               Greenville, S.C.                                 29607
          ----------------------------------------           -----------
          (Address of principal executive offices)           (Zip Code)

                                  864-679-9000
                              -------------------
                               (Telephone Number)

                                 Not Applicable
                             ----------------------
                          (Former name, former address
                             and former fiscal year,
                          if changed since last report)

Check whether the issuer:  (1) filed all reports required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days.

                                    YES X NO

                      APPLICABLE ONLY TO CORPORATE ISSUERS

      State the number of shares  outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:

      1,150,000  shares of common  stock,  $.01 par value per share,  issued and
outstanding as of May 5, 2000.

      Transitional Small Business Disclosure Format (check one):  YES     NO  X
                                                                      ---    --


<PAGE>


                        GREENVILLE FIRST BANCSHARES, INC.

                          PART I. FINANCIAL INFORMATION

 Item 1.      Financial Statements



         The  financial  statements of Greenville  First  Bancshares,  Inc. (the
         "Company") are set forth in the following pages.




<PAGE>
<TABLE>
<CAPTION>



                        GREENVILLE FIRST BANCSHARES, INC
                                 BALANCE SHEETS

                                                                          March 31, 2000           December 31, 1999
                                                                            (Unaudited)            (Development Stage
                                                                                                      Enterprise)
                               Assets                                                                  (Audited)

<S>                                                                    <C>                      <C>
Cash and due from bank                                                    $       1,126,801        $           5,856
Federal funds sold                                                                7,740,000                1,460,000
Investments securities available for sale                                         5,469,569                8,317,872
Loans                                                                            13,059,001                        -
   Less reserve for loan losses                                                    (100,000)                       -
                                                                          ------------------       -----------------
                                                                                 12,959,001                        -
                                                                          -----------------        -----------------
Accrued interest                                                                    104,226                  246,773
Property and equipment                                                              264,358                  111,192
Other assets                                                                         82,150
                                                                          -----------------        -----------------
         Total Assets                                                     $      27,746,105        $      10,141,693
                                                                          =================        =================

                Liabilities and Stockholders' Equity

Liabilities
Deposits                                                                  $      17,486,026        $               -
Accounts payable                                                                    315,760                   11,322
Accrued expense                                                                      67,568                   18,000
Accrued interest expense                                                             42,002                        -
Other                                                                                 1,300                        -
                                                                          -----------------        -----------------
                                                                                 17,912,656                   29,322
                                                                          -----------------        -----------------

Commitments and Contingencies

Stockholders' Equity

   Preferred stock, par value $.01 per share
       10,000,000 shares authorized, no shares issued
   Common Stock, par value $.01 per share
         10,000,000 shares authorized 1,150,000 issued
         and outstanding at March 31, 2000 and
         December 31, 1999.                                                          11,500                   11,500
   Additional paid-in capital                                                    10,635,200               10,635,200
   Retained deficit                                                                (808,448)                (534,329)
   Accumulated other comprehensive loss                                              (4,803)                       -
                                                                          ------------------       -----------------
       Total stockholders' equity                                                 9,833,449               10,112,371
                                                                          -----------------        -----------------
   Total  liabilities  and  stockholders'  equity                              $ 27,746,105             $ 10,141,693
                                                                          =================        =================
See Notes to  Consolidated  Financial  Statements  which are an integral part of
these statements.

</TABLE>

<PAGE>



                        GREENVILLE FIRST BANCSHARES, INC.
                             STATEMENT OF OPERATIONS
                        Three Months Ended March 31, 2000

                                   (Unaudited)

Interest income

   Investments                                          $           191,658
   Loans                                                            144,299
                                                        -------------------
     Total interest income                                          335,957

Interest expense                                                    116,533
                                                        -------------------

     Net interest income                                            219,424

Provision for loan loss                                             100,000

Other income                                                          2,362

General & administrative expenses

   Salaries and benefits                                            245,156
   Professional fees                                                 25,120
   Marketing                                                          2,164
   Outside services                                                  15,998
   Occupancy                                                         71,006
   Telephone                                                          5,961
   Other                                                             30,500
                                                        -------------------
     Total general & administrative expenses                        395,905
                                                        -------------------

      Net loss before taxes                                         274,119

Provision for income taxes                                                -
                                                        -------------------

Net loss                                                $           274,119
                                                         ==================

Basic loss per share                                                    .24

Weighted average shares outstanding                     $         1,150,000




See Notes to  Consolidated  Financial  Statements  which are in integral part of
these statements.
<PAGE>
<TABLE>
<CAPTION>


                        GREENVILLE FIRST BANCSHARES, INC.
                  STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                    For the three months ended March 31, 2000
                                   (Unaudited)

                                                                                         Accumulated
                                          Common Stock                                     Other             Total
                                           ----------        Additional    Retained     Comprehensive      Shareholders
                                   Shares         Amount  Paid-in Capital  Deficit          Loss              Equity
                                   -------        ------  ---------------  -------          ----              ------
<S>                            <C>             <C>       <C>           <C>            <C>              <C>
Balance at  December 31, 1999       1,150,000     $11,500   $10,635,200    $ (534,329)   $        -        $  10,112,371

Comprehensive loss, net of tax:

  Net loss                                                                   (274,119)                          (274,119)

  Unrealized loss on investments
     Held for sale                                                                           (4,803)             (4,803)
                                   ----------- ---------- ---------------  ------------- ----------------- ----------------
       Total comprehensive loss                                              (274,119)       (4,803)           (278,922)
                                   ----------- ---------- ---------------  ------------- ----------------- ----------------

Balance at  March 31, 2000          1,150,000     $11,500   $10,635,200    $ (808,448)   $   (4,803)       $  9,833,449
                                   =========== ========== ==============   ============= ================= ================


</TABLE>


See Notes to  Consolidated  Financial  Statements  which are an integral part of
these statements.

<PAGE>
<TABLE>
<CAPTION>


                        GREENVILLE FIRST BANCSHARES, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)
                             STATEMENT OF CASH FLOWS
                    For the three months ended March 31, 2000
                                   (Unaudited)



<S>                                                                                                <C>
Operating activities
  Net loss                                                                                         $          (274,119)
  Adjustments to reconcile net loss to cash provide by operating activities:
    Provision for loan losses                                                                                  100,000
    Depreciation and other amortization                                                                         15,497
    Accretion and amortization of securities discounts and premium, net                                         (1,705)
    Other assets, net                                                                                           60,397
    Other liabilities, net                                                                                     397,308
                                                                                                   -------------------

       Net cash provided by operating activities                                                               297,378
                                                                                                   -------------------

Investing activities

  Increase (decrease) in cash realized from:

    Origination of loans, net                                                                              (13,059,001)
    Purchase property and equipment                                                                           (168,663)
    Purchase of securities available for sale                                                               (5,553,591)
    Increase in federal funds sold                                                                          (6,280,000)
    Payments and maturity of securities available for sale                                                   8,398,796
                                                                                                   -------------------

         Net cash used in investing activities                                                             (16,662,459)
                                                                                                   --------------------

Financing activities

 Increase in deposits, net                                                                                  17,486,026
                                                                                                    ------------------

          Net increase in cash                                                                               1,120,945

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                                                   5,856
                                                                                                   -------------------
                                                                                                                 5,856

CASH AND CASH EQUIVALENTS, END OF PERIOD                                                         $          1,126,801
                                                                                                 ====================


</TABLE>

          See Notes to Consolidated  Financial  Statements which are in integral
part of these statements.


<PAGE>



                           GREENVILLE FIRST BANCSHARES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Nature of Business and Basis of Presentation

Business activity and organization

         Greenville First  Bancshares,  Inc. (the "Company") is a South Carolina
corporation  organized  for the  purpose  of owning and  controlling  all of the
capital stock of Greenville First Bank (the "Bank"). The Bank is a national bank
organized  under the laws of the United  States  located in  Greenville  County,
South Carolina.  The company received approval from both the FDIC and the OCC on
January 7, 2000. The Bank began operations on January 10, 2000.

         Since  inception  through  January 10, 2000, the Company has engaged in
organizational  and  pre-opening   activities  necessary  to  obtain  regulatory
approvals and to prepare its  subsidiary,  the Bank,  to commence  business as a
financial  institution.  On January 10, 2000, the Bank opened for business.  The
Bank is  primarily  engaged in the  business of  accepting  demand  deposits and
savings  insured by the Federal  Deposit  Insurance  Corporation,  and providing
commercial, consumer and mortgage loans to the general public.

Basis of Presentation

         The accompanying  financial statements have been prepared in accordance
with generally accepted accounting  principles for interim financial information
and with the instructions to Form 10-QSB.  Accordingly,  they do not include all
the  information  and  footnotes  required  by  generally  accepted   accounting
principles for complete financial statements. In the opinion of management,  all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair  presentation  have been included.  Operating  results for the  three-month
period ended March 31, 2000 are not  necessarily  indicative of the results that
may be expected for the year ending December 31, 2000. For further  information,
refer to the consolidated financial statements and footnotes thereto included in
the  Company's   Registration   Statement  on  Form  SB-2  (Registration  Number
333-83851) as filed with and declared  effective by the  Securities and Exchange
Commission.

         Until the Bank opened for business on January 10, 2000, the Company was
accounted  for as a  development  stage  enterprise  as defined by  Statement of
Financial  Accounting  Standards No. 7, "Accounting and Reporting by Development
Stage  Enterprises," as the Company devoted  substantially all of its efforts to
establishing a new business. When the Bank opened, certain reclassifications and
adjustments were made to the financial statements to reflect that the Company is
now accounted for as an operating company.


<PAGE>


Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operation.

         The following discussion contains forward-looking statements within the
meaning  of the  Private  Securities  Litigation  Reform  Act of  1995,  such as
statements   relating  to  financial  results  and  plans  for  future  business
development  activities.  Such forward-looking  statements are subject to risks,
uncertainties,  and other  factors  which could cause  actual  results to differ
materially  from future  results  expressed  or implied by such  forward-looking
statements.  These  statements  appear in a number of places in this  report and
include all statements  that are not statements of historical fact regarding our
intent,  belief,  or  expectations.  These  forward-looking  statements  are not
guarantees of future  performance and actual results may differ  materially from
those  projected  in  the  forward-looking   statements.   Potential  risks  and
uncertainties  include, but are not limited to, our brief operating history, our
ability  to manage  rapid  growth,  general  economic  conditions,  competition,
interest rate sensitivity,  and exposure to regulatory and legislative  changes.
Additional  risks are discussed in detail in our filings with the Securities and
Exchange  Commission,  including the "Risk Factors"  section in our Registration
Statement  on Form  SB-2  (Registration  Number  333-83851)  as  filed  with and
declared effective by the Securities and Exchange Commission.

         Until January 10, 2000, the Company's  principal  activities related to
its organization,  the conducting of its initial public offering, the pursuit of
approvals from the OCC for its  application to charter the Bank, and the pursuit
of approvals from the FDIC for its  application for insurance of the deposits of
the  Bank.  The  company  received  approval  from  both the FDIC and the OCC on
January 7, 2000. The Bank opened for business on January 10, 2000.

         The Company completed its stock offering on November 30, 1999, upon the
issuance of 1,150,000 shares for a total of $11,500,000. The Company capitalized
the Bank with $ 8,500,000 of the proceeds from the stock  offering.  The Company
does not currently anticipate raising additional capital.

         At March 31,  2000,  the  Company  had total  assets of $27.7  million,
consisting  principally of $13.0 million in loans,  $13.2 million in investments
and $1.4  million  in cash and due from  bank.  Liabilities  at March  31,  2000
totaled $17.9 million,  consisting  principally of $17.5 million in deposits and
$316,000 in accounts payable. At March 31, 2000,  shareholders'  equity was $9.8
million.

         The Company  incurred a net loss of $274,119 for the three months ended
March 31, 2000.  The Bank began  operations  on January 10, 2000.  Prior to this
date, the Company's activities  consisted  principally of obtaining the required
regulatory   approvals,   hiring  the  appropriate  personnel  and  implementing
operating  procedures.  Most of these  activities were complete in 1999, and the
substantial  portion  of the loss  resulted  from the  Bank's  first  quarter of
operations.  Included in the $274,119 of loss is a non-cash  expense of $100,000
related to the provision for loan loss.  The Bank realized  $335,957 in interest
income of which  $191,658 was from  investment  activities and $144,299 was from
loan activities.  The higher level of investment income resulted from the Bank's
high level of  liquidity  in the first  quarter  as the Bank began to  originate
loans.  In the first  quarter of 2000 the Bank's  loan  originations  were $13.1
million.  At  March  31,  2000 the Bank  had net  loans  of  $13.0  million  and
investments  of $13.2  million.  The Bank  plans to  continue  to  decrease  its
investment  portfolio and to increase its loan portfolio.  The primary source of
funding for the Bank's loan  portfolio is the maturity of investment  securities
and deposits that are acquired.

<PAGE>

At March 31, 2000 the Bank's loan portfolio  consisted primarily of $5.9 million
of commercial real estate loans, $2.8 million of commercial  business loans, and
$3.8 million of consumer and home equity loans. At March 31, 2000, there were no
non-performing  loans.  The Bank  incurred  interest  expense of $116,553 in the
first  quarter  of 2000.  All of the  interest  expense  was  related to deposit
accounts.  At March 31, 2000 the Bank had $17.5  million in deposits.  The $17.5
million in deposits  consisted  primarily of $4.9 million in personal  checking,
$2.4 million in business  checking,  $2.9 million in certificates of deposit and
$7.1 million of money market accounts of which 69% is business accounts.

The Bank incurred general and administrative  expenses of $395,905.  Included in
the expense is $245,156 of salaries and benefits,  $71,006 of occupancy expenses
and $25,120 of  professional  expense that  consisted  primary of audit fees and
attorney  fees.  The bank  incurred  $15,998  of  expenses  related  to  outside
services,  which was primarily for data processing  services.  The bank incurred
only $2,164 in  marketing  expense as a result of both loan and deposit  volumes
exceeding our  expectations  and not needing to advertise in the first  quarter.
The primarily  expense in other expense  relates to the various office  supplies
that were required to start the Bank.

Year 2000 Readiness

         Like many financial institutions, we rely upon computers for conducting
our business  and for  information  systems  processing.  Industry  experts were
concerned that on January 1, 2000, some computers would not be able to interpret
the new year  properly,  causing  computer  malfunctions.  Because we  commenced
operations  on January 10,  2000,  we had the ability to choose  vendors that we
believed  to be ready  for the Year  2000.  While  we have not  experienced  any
material computer  malfunctions to date, there remains a risk that our computers
will be unable to read or interpret data on Year 2000-sensitive dates, including
October 10, 2000. Our regulators  have issued  guidelines to require  compliance
with Year 2000 issues.  In accordance with these  guidelines,  we have developed
and executed a plan to ensure that our computer and telecommunication systems do
not have these Year 2000  problems.  We believe  that our  internal  systems and
software,  including our network connections, are programmed to comply with Year
2000 requirements,  although there is a risk they may not be. Under our plan, we
are continuing to monitor the situation  throughout  2000.  Based on information
currently  available,  we believe that we will not incur significant  additional
expenses in connection with the Year 2000 issue.

         The Year 2000  issue may also  negatively  affect the  business  of our
customers,  but to  date we are not  aware  of any  material  Year  2000  issues
affecting  them.  We include  Year 2000  readiness  in our  lending  criteria to
minimize  risk.  However,  this will not eliminate the issue,  and any financial
difficulties  that our  customers  experience  caused by Year 2000 issues  could
impair their ability to repay loans to us.


<PAGE>


                           PART II. OTHER INFORMATION

Item 1.    Legal Proceedings

           There are no material pending legal  proceedings to which the Company
           is a party or of which any of their property is the subject.

Item 2.    Changes in Securities

           (a)   Not applicable
           (b)   Not applicable

Item 3.    Defaults Upon Senior Securities

           Not applicable

Item 4.    Submission of Matters to a Vote of Security Holders

           None.

Item 5.    Other Information

           None.

Item 6.    Exhibits and Reports on Form 8-K

      (a) Exhibits

Exhibit
Number                     Description
------                     -----------

1.1      Form of Underwriting  Agreement between Greenville First Bancshares and
         Wachovia  Securities  (incorporated  by reference to Exhibit 1.1 of the
         Registration Statement on Form SB-2, File No. 333-83851).

3.1.     Articles of  Incorporation,  as amended  (incorporated  by reference to
         Exhibit  3.1 of the  Registration  Statement  on Form  SB-2,  File  No.
         333-83851).

3.2.     Bylaws  (incorporated  by reference to Exhibit 3.2 of the  Registration
         Statement on Form SB-2, File No. 333-83851).

4.1.     See  Exhibits  3.1  and  3.2  for   provisions  in   Greenville   First
         Bancshares's  Articles of Incorporation  and Bylaws defining the rights
         of holders of the common  stock  (incorporated  by reference to Exhibit
         4.1 of the Registration Statement on Form SB-2, File No. 333-83851).

4.2.     Form of  certificate  of common  stock  (incorporated  by  reference to
         Exhibit  4.2 of the  Registration  Statement  on Form  SB-2,  File  No.
         333-83851).
<PAGE>


5.1.     Opinion Regarding Legality (incorporated by reference to Exhibit 5.1 of
         the Registration Statement on Form SB-2, File No. 333-83851).

10.1.    Employment  Agreement  dated July 27,  1999  between  Greenville  First
         Bancshares and Art Seaver (incorporated by reference to Exhibit 10.1 of
         the Registration Statement on Form SB-2, File No. 333-83851).

10.2.    Lease Agreement  between  Greenville First Bank and Halton  Properties,
         LLC, formerly Cothran Properties, LLC (incorporated by reference to the
         Company's Form 10-KSB filed on March 29, 2000).

10.3     Data  Processing   Services  Agreement  dated  June  28,  1999  between
         Greenville  First  Bancshares and the Intercept Group  (incorporated by
         reference to Exhibit 10.3 of the  Registration  Statement on Form SB-2,
         File No. 333-83851).

10.4     Form of Stock Warrant  Agreement  (incorporated by reference to Exhibit
         10.4 of the Registration Statement on Form SB-2, File No. 333-83851).

10.5     Promissory  Note  dated  February  22,  1999  from   Greenville   First
         Bancshares,  Inc.  in favor of John J.  Meindl,  Jr.  (incorporated  by
         reference to Exhibit 10.5 of the  Registration  Statement on Form SB-2,
         File No. 333-83851).

10.6     Standard Form of Agreement between  Greenville First  Bancshares,  Inc.
         and AMI  Architects  (incorporated  by reference to the Company's  Form
         10-KSB filed on March 29, 2000).

10.7     *Greenville First Bancshares 2000 Stock Incentive Plan

27.1     *Financial Data Schedule (for electronic filing purposes)

         *Filed herewith

(b)      Not applicable


<PAGE>


                                   SIGNATURES

      Pursuant to the  requirements  of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                                             GREENVILLE FIRST BANCSHARES, INC.



Date: May 15, 2000                           /s/ R. Arthur Seaver, Jr.
                                             -----------------------------------
                                             R. Arthur Seaver, Jr.
                                             Chief Executive Officer



Date: May 15, 2000                           /s/ James M. Austin, III
                                             -----------------------------------
                                             James M. Austin, III
                                             Chief Financial Officer

<PAGE>

                                  EXHIBIT INDEX

Exhibit
Number                     Description
-------                    -----------

1.1      Form of Underwriting  Agreement between Greenville First Bancshares and
         Wachovia  Securities  (incorporated  by reference to Exhibit 1.1 of the
         Registration Statement on Form SB-2, File No. 333-83851).

3.1.     Articles of  Incorporation,  as amended  (incorporated  by reference to
         Exhibit  3.1 of the  Registration  Statement  on Form  SB-2,  File  No.
         333-83851).

3.2.     Bylaws  (incorporated  by reference to Exhibit 3.2 of the  Registration
         Statement on Form SB-2, File No. 333-83851).

4.1.     See  Exhibits  3.1  and  3.2  for   provisions  in   Greenville   First
         Bancshares's  Articles of Incorporation  and Bylaws defining the rights
         of holders of the common  stock  (incorporated  by reference to Exhibit
         4.1 of the Registration Statement on Form SB-2, File No. 333-83851).

4.2.     Form of  certificate  of common  stock  (incorporated  by  reference to
         Exhibit  4.2 of the  Registration  Statement  on Form  SB-2,  File  No.
         333-83851).

5.1.     Opinion Regarding Legality (incorporated by reference to Exhibit 5.1 of
         the Registration Statement on Form SB-2, File No. 333-83851).

10.1.    Employment  Agreement  dated July 27,  1999  between  Greenville  First
         Bancshares and Art Seaver (incorporated by reference to Exhibit 10.1 of
         the Registration Statement on Form SB-2, File No. 333-83851).

10.2.    Lease Agreement  between  Greenville First Bank and Halton  Properties,
         LLC, formerly Cothran Properties, LLC (incorporated by reference to the
         Company's Form 10-KSB filed on March 29, 2000).

10.3     Data  Processing   Services  Agreement  dated  June  28,  1999  between
         Greenville  First  Bancshares and the Intercept Group  (incorporated by
         reference to Exhibit 10.3 of the  Registration  Statement on Form SB-2,
         File No. 333-83851).

10.4     Form of Stock Warrant  Agreement  (incorporated by reference to Exhibit
         10.4 of the Registration Statement on Form SB-2, File No. 333-83851).

10.5     Promissory  Note  dated  February  22,  1999  from   Greenville   First
         Bancshares,  Inc.  in favor of John J.  Meindl,  Jr.  (incorporated  by
         reference to Exhibit 10.5 of the  Registration  Statement on Form SB-2,
         File No. 333-83851).

10.7     Standard Form of Agreement between  Greenville First  Bancshares,  Inc.
         and AMI  Architects  (incorporated  by reference to the Company's  Form
         10-KSB filed on March 29, 2000).

10.7     *Greenville First Bancshares 2000 Stock Incentive Plan

27.1     *Financial Data Schedule (for electronic filing purposes)

         *Filed herewith