| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **UNITED STATES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **SECURITIES AND EXCHANGE COMMISSION**                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| **Washington, D.C. 20549**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **FORM 10-Q**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **[X] QUARTERLY REPORT  PURSUANT TO SECTION 13 OR 15(d)**                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **OF THE SECURITIES  EXCHANGE ACT OF 1934**                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| For the Quarterly Period  Ended March 31, 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **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  000-27719                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                Greenville  First Bancshares, Inc.                                                                                                                                                                                                                                                                                                                      |
| (Exact name of registrant as  specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                          South  Carolina                                                                                                                                                               |             58-2459561      |
| (State or other jurisdiction  of incorporation)                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | (I.R.S. Employer  Identification No.) |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ** ** |
| 100 Verdae Boulevard, Suite  100                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ** ** |
|                          Greenville,  S.C.                                                                                                                                                                                                                              |         29606          |
| (Address of principal  executive offices)                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | (Zip Code) |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                       864-679-9000                                                                                                                                                                                                                                                                                                                                                    |
| (Registrant's telephone  number, including area code)                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                       Not  Applicable                                                                                                                                                                                                                                                                                                                                                                     |
| (Former name, former  address, and former fiscal year, if changed since last report)                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Indicate by check mark  whether the registrant (1) has filed all reports required to be filed by  Section 13 or 15(d) of the                                                                                                                                                                                                                                                                                                                                                                                       |
| Exchange Act of 1934  during the preceding 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 [  ]                                                                                                                                                                                                                                                                                                                                                                                     |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Indicate  by check mark whether the registrant is a large accelerated filer, an accelerated  filer, or a non-accelerated filer.  See                                                                                                                                                                                                                                                                                                                                                                          |
| definition  of "accelerated filer and large accelerated filer" in Rule 12b-2 of the  Exchange Act).                                                                                                                                                                                                                                                                                                                                                                                                      |
| Large accelerated filer [   ]                                Accelerated  filer [   ]                                        Non-accelerated filer [ X  ] |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Indicate  by check mark whether the registrant is a shell company (as defined in Rule  12b-2 of the Exchange Act).                                                                                                                                                                                                                                                                                                                                                                                                 |
| Yes [   ]  No [ X ]                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Indicate  the number of shares outstanding of each of the issuer's classes of common  stock, as of the latest practicable date:                                                                                                                                                                                                                                                                                                                                                                               |
| 2,936,068  shares of common stock, $.01 par value per share, were issued and outstanding  as of May 1, 2007.                                                                                                                                                                                                                                                                                                                                                                                                       |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

----

** **

** **

**GREENVILLE FIRSTBANCSHARES, INC.PARTI.  FINANCIAL INFORMATION**

**            **

**Item 1.  Financial Statements**

 

             The financial statements of GreenvilleFirst Bancshares, Inc. and Subsidiary are set forth in the following pages.

 

***GREENVILLE FIRST BANCSHARES, INC. AND SUBSIDIARY***

***CONSOLIDATEDBALANCE SHEETS***

**                                                                                        **

| ** **                    |                                                                                      |                                                                                          | ** **                                  | **March 31,**            | ** **        | **December  31,** |
|-------------------------------|--------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|---------------------------------------------|--------------------------|-------------------|-------------------|
| ** **                    |                                                                                      |                                                                                          | ** **                                  | **2007**                 | ** **        | **2006**          |
| ** **                    |                                                                                      |                                                                                          | ** **                                  | (Unaudited)              |                   | (Audited)         |
| **Assets**                    |                                                                                      |                                                                                          |                                             |
| ** **                    | Cash and due from banks                                                              |  $                                                                                  | 7,506,701                              |                          |  $           | 9,112,675    |
|                               | Federal funds sold                                                                   | 19,136,368                                                                          |                                             | 7,466,458           |
|                               | Investment securities available for sale                                             | 58,475,542                                                                          |                                             | 50,199,513          |
|                               | Investment securities held to maturity-                                              |                                                                                          |                                             |                          |
|                               |  (fair value $16,244,506 and $16,576,673)                                       | 16,658,135                                                                          |                                             | 17,044,531          |
|                               | Other investments, at cost                                                           | 7,617,500                                                                           |                                             | 7,060,100           |
|                               | Loans, net                                                                           | 427,000,563                                                                         |                                             | 397,233,829         |
|                               | Property and equipment, net                                                          | 5,135,517                                                                           |                                             | 6,450,854           |
|                               | Property held for sale                                                               | 2,410,373                                                                           |                                             | -                   |
|                               | Accrued interest receivable                                                          | 2,668,216                                                                           |                                             | 2,381,336           |
|                               | Other real estate owned                                                              | 731,712                                                                             |                                             | 1,012,030           |
|                               | Bank owned life insurance                                                            | 8,238,947                                                                           |                                             | 8,142,947           |
|                               | Other assets                                                                         | 2,075,937                                                                           |                                             | 3,239,678           |
|                               |                                                                                      |                                                                                          |                                             |                          |                   |                   |
|                               |           Total assets                       |  $                                                                                  | 557,655,511                            |                          |  $           | 509,343,951  |
|                               |                                                                                      |                                                                                          |                                             |                          | ** **        | ** **        |
| **Liabilities**               | ** **                                                                           | ** **                                                                               |                                             |
| ** **                    | Deposits                                                                             |  $                                                                                  | 383,930,111                            |      |  $           | 345,504,076  |
|                               | Official checks outstanding                                                          | 2,572,243                                                                           |                                             | 4,131,107           |
|                               | Federal Home Loan Bank advances                                                      | 118,500,000                                                                         |                                   | 108,500,000         |
|                               | Junior subordinated debentures                                                       | 13,403,000                                                                          |                                             | 13,403,000          |
|                               | Accrued interest payable                                                             | 3,069,219                                                                           |                                             | 2,278,154           |
|                               | Accounts payable and accrued expenses                                                | 547,170                                                                             |                                             | 944,168             |
|                               |                                                                                      |                                                                                          |                                             |                          |                   |                   |
|                               |                                                                                      |                                                                                          | Total liabilities                           | 522,021,743         |                   | 474,760,505  |
|                               |                                                                                      |                                                                                          |                                             |                          | ** **        | ** **        |
| Commitments and contingencies |                                                                                      |                                                                                          |                                             |
|                               |                                                                                      |                                                                                          |                                             |                          |                   |                   |
| **Shareholders' 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, 2,933,868 issued and  outstanding   |                                                                                          |                                             |                          |
|                               |       at March 31, 2007 and December 31, 2006, respectively | 29,339                                                                              |                                             | 29,339              |
|                               | Additional paid-in capital                                                           | 30,851,044                                                                          |                                             | 30,846,538          |
|                               | Accumulated other comprehensive gain (loss)                                          | 71,295                                                                              |                                             | (16,465)                 |
|                               | Retained earnings                                                               | 4,682,090                                                                           |                                             | 3,724,034           |
|                               |                                                                                      |                                                                                          |                                             |                          |                   |                   |
|                               |                                                                                      |                                                                                          | Total shareholders' equity                  | 35,633,768          |                   | 34,583,446   |
|                               |                                                                                      |                                                                                          |                                             |                          |                   |                   |
|                               |                                                                                      |                                                                                          | Total liabilities and  shareholders' equity |  $                  | 557,655,511  |                   |  $ | 509,343,951  |
|                               |                                                                                      |                                                                                          |                                             |                          |                   |                   |  |  |  |

See notes toconsolidated financial statements that are an integral part of these consolidatedstatements.

2

----

*** GREENVILLEFIRST BANCSHARES, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF INCOME***

|                                                                  |                                                                  |                 |                                    |                 | **For the  three months ended** |
|------------------------------------------------------------------|------------------------------------------------------------------|-----------------|------------------------------------|-----------------|---------------------------------|
| ** **                                                       |                                                                  |                 |                                    |                 | **March 31,**                   |
| ** **                                                       |                                                                  | ** **      |                                    |                 | **2007**                        | ** ** | **2006** |
| ** **                                                       |                                                                  |                 |                                    |                 | (Unaudited)                     |
| **Interest income**                                              | ** **                                                       |                 |                                    |
|                                                                  | Loans                                                            |  $         | 7,765,104                     |                 |  $                         | 6,146,049  |
|                                                                  | Investment securities                                            | 1,034,147  |                                    | 431,690    |
|                                                                  | Federal funds sold                                               | 161,834    |                                    | 48,391     |
|                                                                  |                                                                  |                 |                                    |                 |                                 |  |  |
|                                                                  |         Total interest income | 8,961,085  |                                    | 6,626,130  |
| **Interest expense**                                             | ** **                                                       |                 |                                    |
| **  **Deposits                                         | 3,640,488                                                   |                 | 2,112,958                     |
| **  **Borrowings                                       | 1,536,891                                                   |                 | 1,153,369                     |
| Total interest expense                                           | 5,177,379                                                   |                 | 3,266,327                     |
|                                                                  |                                                                  |                 |                                    |                 |                                 |  |  |
|    Net interest income                                 | 3,783,706                                                   |                 | 3,359,803                          |
|    Provision for loan losses                           | 460,000                                                     |                 | 400,000                       |
|                                                                  |                                                                  |                 |                                    |                 |                                 |  | ** ** |
|    Net interest income after provision for loan losses | 3,323,706                                                   |                 | 2,959,803                     |
|                                                                  | *** ***                                                     |                 |                                    |                 |                                 |  |  |
| **Noninterest income**                                           | ** **                                                       |                 |                                    |
| ** **                                                       | Loan fee income                                                  | 37,379     |                                    | 30,801     |
|                                                                  | Service fees on deposit accounts                                 | 75,478     |                                    | 62,071     |
|                                                                  | Income from bank owned life insurance                            | 96,000     |                                    | -          |
|                                                                  | Real estate owned activity                                       | 328,593    |                                    | -          |
|                                                                  | Other income                                                     | 55,950     |                                    | 62,703     |
|                                                                  |                                                                  |                 |                                    |                 |                                 |  |  |
|                               | Total noninterest income                                         | 593,400    |                                    | 155,575    |
|                                                                  |
| **Noninterest expenses**                                         | ** **                                                       |                 |                                    |
|                                                                  | Compensation and benefits                                        | 1,422,532  |                                    | 1,033,741  |
|                                                                  | Professional fees                                                | 124,520    |                                    | 90,437     |
|                                                                  | Marketing                                                        | 105,598    |                                    | 121,070    |
|                                                                  | Insurance                                                        | 51,336     |                                    | 43,034     |
|                                                                  | Occupancy                                                        | 395,947    |                                    | 174,777    |
|                                                                  | Data processing and related costs                                | 258,346    |                                    | 197,870    |
|                                                                  | Telephone                                                        | 34,767     |                                    | 15,882     |
|                                                                  | Other                                                            | 114,487    |                                    | 112,733    |
|                                                                  |                                                                  |                 |                                    |                 |                                 |  |  |
|                                                                  |                                                                  |                 | Total noninterest expenses         | 2,507,533  |                                 | 1,789,544  |
|                                                                  |                                                                  |                 |                                    |                 |                                 |  |  |
|                                                                  |                                                                  |                 | Income before income taxes expense | 1,409,573  |                                 | 1,325,834  |
|                                                                  |                                                                  |                 |                                    |                 |                                 |  |  |
| **Income tax expense**                                           | 451,517                                                     |                 | 483,930                       |
|                                                                  | ** **                                                       |                 |                                    |                 |                                 |  |  |
| **Net income**                                                   |  $                                                          | 958,056    |                                    |  $         | 841,904                    |
|                                                                  |                                                                  |                 |                                    |                 | ** **                      | ** ** | ** ** |
| **Earnings per common share**                                    | ** **                                                       | ** **      | ** **                         |
| ** **                                                       | Basic                                                            |  $         | .33                           |                 |  $                         | .29  |
|                                                                  | Diluted                                                          |  $         | .30                           |                 |  $                         | .25  |
|                                                                  |                                                                  |                 |                                    |                 |                                 |  |  |
| **Weighted average common shares outstanding**                   | ** **                                                       | ** **      | ** **                         |
|       Basic                             | 2,933,868                                                   |                 | 2,927,250                     |
|       Diluted                           | 3,245,226                                                   |                 | 3,245,837                     |

See notes toconsolidated financial statements that are an integral part of theseconsolidated statements.

 3

----

***GREENVILLE FIRSTBANCSHARES, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2007  AND 2006(Unaudited)***

                                                                                                                                                         

| ** **

** **

** **

** **

**Accumulated**

** **

** **

** **

**Total**

** **

** **

**Additional**

** **

**other**

** **

** **

** **

**share-**

**Common  stock**

** **

**paid-in**

** **

**comprehensive**

** **

**Retained**

** **

**holders'**

**Shares**

** **

**Amount**

** **

**capital**

** **

**income  (loss)**

** **

**earnings**

** **

**equity**

**December 31, 2005**

2,659,719 

 $

26,597 

 $

25,626,740 

 $

(150,602) 

$

4,970,012 

 $

30,472,747 

** **

Net income

- 

- 

- 

- 

841,904 

841,904 

** **

Comprehensive income, net of tax -

** **

Unrealized holding loss on securities	

available for sale

- 

- 

- 

(31,435)

- 

(31,435)

Comprehensive income

- 

- 

- 

- 

- 

810,469 

Proceeds from exercise of stock

options and warrants

4,400 

40 

26,640 

- 

- 

26,680 

** **

**March 31, 2006**

2,664,119 

 $

26,637 

 $

25,653,380 

 $

(182,037)

 $

5,811,916 

 $

31,309,896    

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**December 31, 2006**

2,933,868 

 $

29,339   

 $

30,846,538   

 $

(16,465)

$

3,724,034 

 $

34,583,446 

Net  income

- 

- 

- 

- 

958,056 

958,056 

** **

Comprehensive income, net of tax -

** **

Unrealized holding loss on securities 

** **

available for sale

- 

- 

- 

87,760 

-

87,760 

** **

Comprehensive income

- 

- 

- 

- 

- 

1,045,816 

** **

** **

Compensation expense related to

stock options, net of tax

- 

- 

4,506 

- 

- 

4,506 

** **

** **

**March 31, 2007**

2,933,868 

 $

29,339 

 $

30,851,044 

 $

71,295 

$

4,682,090 

 $

35,633,768 

 

See notes toconsolidated financial statements that are an integral part of theseconsolidated statements. 

4
****
***GREENVILLEFIRST BANCSHARES, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF CASH FLOWS***

*** ***

**For the three  months ended**

** **

**March 31,**

** **

**2007**

** **

**2006**

** **

(Unaudited)

**Operating activities**

** **

Net income 

 $

958,056 

 $

841,904   

Adjustments to reconcile net income to cash

provided by (used for) operating activities:

Provision for loan losses

460,000 

400,000 

Depreciation and other amortization

117,583 

87,447 

Accretion and amortization of securities discounts and premium,  net

18,171 

24,412 

Loss on sale of real estate

51,791 

- 

Increase in market value of property held for sale

(375,000)

- 

Compensation expense related to stock options

4,506 

- 

Increase in cash surrender value of bank owned life insurance

(96,000)

- 

(Increase) decrease in deferred tax asset

839,288 

(510,288)

(Increase) decrease  in other assets, net

37,573 

(211,584)

Decrease in other liabilities, net

(1,254,339)

(9,062,785)

** **

Net cash provided by (used for) operating activities

761,629 

       	

(8,430,894)

**Investing activities**

** **

Increase (decrease) in cash realized from:

** **

Origination of loans, net

(30,226,734)

(28,073,924)

** **

Purchase of property and equipment 

(837,619)

(126,969)

Purchase of investment securities:

Available for sale

(10,090,812)

(1,995,000)

     

Other investments

(917,400)

(1,472,200)

Payments and maturity of investment securities:

Available for sale

1,982,672 

365,501 

Held to maturity

377,638 

509,524 

Other investments

360,000 

1,215,000 

Proceeds from sale of real estate acquired in settlement of  loans

228,527 

- 

Net cash used for investing activities

(39,123,728)

(29,578,068)

**Financing activities**

** **

Increase in deposits, net

38,426,035 

21,658,802 

Decrease in short-term borrowings

- 

(448,000)

** **

Proceeds from the exercise of stock options

- 

26,680 

Increase (decrease) in Federal Home Loan Bank advances

10,000,000 

(500,000)

** **

Net cash provided by financing activities

48,426,035 

20,737,482 

** **

Net increase (decrease) in cash and cash equivalents

10,063,936 

(17,271,480)

** **

**Cash and cash equivalents at beginning of  the period**

16,579,133 

25,604,152 

** **

**Cash and cash equivalents at end of the period**

 $

26,643,069 

 $

8,332,672 

**Supplemental information**

** **

**Cash paid for**

** **

Interest 

 $

4,386,314 

 $

3,253,046 

Income taxes 

 $

35,186 

 $

978,000 

** **

**   Schedule of non-cash transactions**

** **

Transfer of property and equipment to property held for sale

$

2,035,373 

- 

Foreclosure of real estate

 $

- 

 $

1,837,849 

Unrealized gain (loss) on securities, net of income taxes	

 $

87,760 

 $

(31,435)

See notes to consolidated financial statements that are anintegral part of these consolidated statements.

5
****
***GREENVILLE FIRSTBANCSHARES, INC.  AND SUBSIDIARYNOTES TO CONSOLIDATED FINANCIAL STATEMENTS***

**Note1 - Nature of Business and Basis of Presentation****Business activity**             Greenville First Bancshares, Inc. is a South Carolinacorporation that owns all of the capital stock of Greenville First Bank, N.A.****and all of the stock of Greenville First Statutory Trust I and Trust II (collectivelythe "Trusts").  The bank is a national bank organized under the laws of theUnited States located in Greenville County, South Carolina.  The bank isprimarily engaged in the business of accepting demand deposits and savingsdeposits insured by the Federal Deposit Insurance Corporation, and providingcommercial, consumer and mortgage loans to the general public.  The bank ownsall of the capital stock of JB Properties.  This subsidiary is for the purposeof owning real estate acquired in loan foreclosures.   The Trusts are specialpurpose subsidiaries for the sole purpose of issuing trust preferredsecurities.

**Basisof Presentation**             The accompanying financial statements have been prepared inaccordance with generally accepted accounting principles for interim financialinformation and with the instructions to Form 10-Q.  Accordingly, they do notinclude all the information and footnotes required by accounting principlesgenerally accepted in the United States of America for complete financialstatements.  In the opinion of management, all adjustments (consisting ofnormal recurring accruals) considered necessary for a fair presentation havebeen included.  Operating results for the three-month period ended March 31,2007 are not necessarily indicative of the results that may be expected for theyear ending December 31, 2007.  For further information, refer to theconsolidated financial statements and footnotes thereto included in thecompany's Form 10-K for the year ended December 31, 2006 (Registration Number000-27719) as filed with the Securities and Exchange Commission.  Theconsolidated financial statements include the accounts of Greenville FirstBancshares, Inc., and its wholly owned subsidiary Greenville First Bank, N.A.  Inaccordance with Financial Accounting Standards Board ("FASB") InterpretationNo. 46, the financial statements related to the special purpose subsidiaries,Greenville First Statutory Trust I and Trust II, have not been consolidated.** **

**Cashand Cash Equivalents**

             Forpurposes of the Consolidated Statements of Cash Flows, cash and federal fundssold are included in "cash and cash equivalents."  These assets havecontractual maturities of less than three months.

**Note 2 - PropertyHeld for Sale**

            InFebruary 2007, we decided to actively market the sale of our former main officeand corporate headquarters building.  We accordingly, reclassified the buildingfrom property and equipment to property held for sale, in accordance with Statementof Financial Accounting Standards ("SFAS") No. 144 "Accounting for theImpairment and Disposal of Long-Lived Assets," and ceased depreciation of thebuilding.  In March 2007 we received a sales contract on the building.   Basedon the sales contract, adjusted for estimated commissions and other sellingcosts, we recorded a $375,000 gain in the carrying value of the building at theend of the first quarter of 2007.  The $375,000 gain was partially offset byother unrelated real estate operating expenses of $46,407.  The net gain onreal estate operations recorded in the three months ended March 31, 2007 was$328,593. 

            OnApril 13, 2007, we completed the sale of the former main office building. Based on the higher carrying value established at March 31, 2007, we anticipatea loss of approximately $55,000 will be recorded on the sale in the secondquarter of 2007.    ** **

**Note3 - Note Payable**

** **            Thecompany has an unused $4.5 million revolving line of credit with another bankthat matured on March 20, 2007.  As of March 31, 2007, the company was in theprocess of renewing this line of credit.  The company anticipates that thisline of credit will be renewed under similar terms and conditions.  The companyanticipates that the line of credit will bear interest at a rate of three-monthlibor plus 2.00%, which at March 31, 2007 was 7.35%.  The company will pledgethe stock of the bank as collateral for this line of credit.  The company is not awareof any circumstances that would prevent this line of credit from being renewed,however no assurance can be given that the renewal will be granted or be grantedunder similar terms and conditions.  ** **

6
****
**Note4 - Earnings per Share******             The following schedulereconciles the numerators and denominators of the basic and diluted earningsper share computations for the three months ended March 31, 2007 and 2006. Dilutive common shares arise from the potentially dilutive effect of thecompany's stock options and warrants that are outstanding.  The assumedconversion of stock options and warrants can create a difference between basicand dilutive net income per common share.  The 2006 numbers of shares and theearnings per share have been adjusted for the 10 percent stock dividend in2006.

             AtMarch 31, 2007, 13,000 options were anti-dilutive in the calculation ofearnings per share as their exercise price exceeded the fair market value.

** **

**Three months ended March  31,**

** **

**2007**

** **

**2006**

Basic  Earnings Per Share

   Average common shares

2,933,868 

2,927,250 

   Net income

 $

958,056 

 $

841,904 

   Earnings per share

 $

0.33 

 $

0.29 

Diluted  Earnings Per Share

   Average common shares

2,933,868 

2,927,250 

   Average dilutive common shares

311,358 

318,587 

   Adjusted average common shares

3,245,226 

3,245,837 

   Net income

 $

958,056 

 $

841,904 

   Earnings per share

 $

0.30 

 $

0.25 

** Note5 - Stock Based Compensation**

               The company has a stock-based employee compensation plan.  On January1, 2006, the company adopted the fair value recognition provisions of SFAS No. 123(R), "Accounting for Stock-BasedCompensation," to account for compensation costs under its stock option plan.  OnDecember 20, 2005, the Board of Directors approved accelerating the vesting of45,813 unvested stock options effective December 28, 2005.  The decision toaccelerate vesting of these options was made so as to reduce compensationexpense upon the adoption of SFAS No. 123(R) by approximately $68,000 and$52,000 in the years ended December 31, 2006 and 2007, respectively, and $4,000in each of the years ended December 31, 2008 and 2009.

In adopting SFAS No. 123(R), the company elected to use themodified prospective method to account for the transition from the intrinsicvalue method to the fair value recognition method.  Under the modifiedprospective method, compensation cost is recognized from the adoption date forwardfor all new stock options granted and for any outstanding unvested awards as ifthe fair value method had been applied to those awards as of the date of grant.      

The fair value of the option grant is estimated on the dateof grant using the Black-Scholes option-pricing model.  The followingassumptions were used for grants: expected volatility of 6.76% for 2007 and 2006,risk-free interest rate of 4.60% for 2007 and 4.02% for 2006, expected lives ofthe options 10 years, and the assumed dividend rate was zero.  

7
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**Item2.**** Management's Discussion and Analysis of Financial Condition and Results ofOperations**.

*Thefollowing discussion reviews our results of operations and assesses ourfinancial condition.  You should read the following discussion and analysis inconjunction with the accompanying consolidated financial statements.  Thecommentary should be read in conjunction with the discussion of forward-lookingstatements, the financial statements and the related notes and the otherstatistical information included in this report.*

**DISCUSSION OF FORWARD-LOOKING STATEMENTS**

                This report contains statementswhich constitute forward-looking statements within the meaning of Section 27Aof the Securities Act of 1933 and Section 21E of the Securities Exchange Act of1934. These statements are based on many assumptions and estimates and are notguarantees of future performance.  Our actual results may differ materiallyfrom those anticipated in any forward-looking statements, as they will dependon many factors about which we are unsure, including many factors which arebeyond our control.  The words "may,"  "would," "could," "will," "expect,""anticipate," "believe," "intend," "plan," and "estimate," as well as similarexpressions, are meant to identify such forward-looking statements.  Potentialrisks and uncertainties that could cause our actual results to differ fromthose anticipated in any forward-looking statements include, but are notlimited to, those described in our Form 10-K for the year ended December 31,2006 under Item 1A- Risk Factors and the following:

•       significantincreases in competitive pressure in the banking and financial servicesindustries;

•       changesin the interest rate environment which could reduce anticipated or actualmargins;

•       changesin political conditions or the legislative or regulatory environment; 

•       generaleconomic conditions, either nationally or regionally and especially in ourprimary service area, becoming less favorable than expected resulting in, amongother things, a deterioration in credit quality;

•       changesoccurring in business conditions and inflation;

•       changesin technology;

•       changesin deposit flows,

•       changesin monetary and tax policies;

•       thelevel of allowance for loan loss;

•       therate of delinquencies and amounts of charge-offs; 

•       therates of loan growth and the lack of seasoning of our loan portfolio;

•       adversechanges in asset quality and resulting credit risk-related losses and expenses;

•       lossof consumer confidence and economic disruptions resulting from terroristactivities;

•       changesin the securities markets; and

•       otherrisks and uncertainties detailed from time to time in our filings with theSecurities and Exchange Commission.

                We undertake no obligation topublicly update or otherwise revise any forward-looking statements, whether asa result of new information, future events, or otherwise.

**Overview**

We were incorporated in March 1999 to organize and serve as the holdingcompany for Greenville First Bank, N.A.  Since we opened our bank in January2000, we have experienced consistent growth in total assets, loans, deposits,and shareholders' equity, which has continued during the first three months of2007.  

Likemost community banks, we derive the majority of our income from interestreceived on our loans and investments.  Our primary source of funds for makingthese loans and investments is our deposits, on which we pay interest. Consequently, one of the key measures of our success is our amount of netinterest income, or the difference between the income on our interest-earningassets, such as loans and investments, and the expense on our interest-bearingliabilities, such as deposits and borrowings.  Another key measure is thespread between the yield we earn on these interest-earning assets and the ratewe pay on our interest-bearing liabilities, which is called our net interestspread.  

Thereare risks inherent in all loans, so we maintain an allowance for loan losses toabsorb probable losses on existing loans that may become uncollectible.  Wemaintain this allowance by charging a provision for loan losses against ouroperating earnings for each period.  We have included a detailed discussion ofthis process, as well as several tables describing our allowance for loanlosses.

Inaddition to earning interest on our loans and investments, we earn incomethrough fees and other charges to our customers.  We have also included adiscussion of the various components of this noninterest income, as well as ofour noninterest expense.

Thefollowing discussion and analysis also identifies significant factors that haveaffected our financial position and operating results during the periodsincluded in the accompanying financial statements.  We encourage you to readthis discussion and analysis in conjunction with our financial statements andthe other statistical information included in our filings with the Securitiesand Exchange Commission.

8
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**CriticalAccounting Policies**

 

               We have adopted various accounting policies that govern the application ofaccounting principles generally accepted in the United States and with generalpractices within the banking industry in the preparation of our financialstatements.  Our significant accounting policies are described in thefootnotes to our audited consolidated financial statements as of December 31,2006, as filed in our annual report on Form 10-K.

                Certainaccounting policies involve significant judgments and assumptions by us thathave a material impact on the carrying value of certain assets andliabilities.  We consider these accounting policies to be critical accountingpolicies.  The judgment and assumptions we use are based on historicalexperience and other factors, which we believe to be reasonable under thecircumstances.  Because of the nature of the judgment and assumptions we make,actual results could differ from these judgments and estimates that could havea material impact on the carrying values of our assets and liabilities and ourresults of operations.

We believe the allowance for loan losses is thecritical accounting policy that requires the most significant judgment andestimates used in preparation of our consolidated financial statements.  Someof the more critical judgments supporting the amount of our allowance for loanlosses include judgments about the credit worthiness of borrowers, theestimated value of the underlying collateral, the assumptions about cash flow,determination of loss factors for estimating credit losses, the impact ofcurrent events, and conditions, and other factors impacting the level ofprobable inherent losses.  Under different conditions, the actual amount ofcredit losses incurred by us may be different from management's estimatesprovided in our consolidated financial statements.  Refer to the portion ofthis discussion that addresses our allowance for loan losses for a morecomplete discussion of our processes and methodology for determining ourallowance for loan losses.

** Effectof Economic Trends**

** **                Beginning in July 2004 and through the firstthree months of 2007, our rates on both short-term or variable rate interest-earningassets and interest-bearing liabilities increased as the Federal Reserve beganto increase short-term rates as the economy showed signs of strengtheningfollowing an economic decline and historically low interest rates.  During thisperiod, the Federal Reserve increased rates 17 times for a total of 425 basispoints.  The last rate increase occurred in July 2006, and the Federal Reserveallowed short-term rates to remain unchanged during the remainder of 2006 andthe first quarter of 2007, leading many economists to believe that the FederalReserve is nearing the end of this cycle of rate increases.  The momentum ofthe 17 rate increases resulted in higher interest-earning assets and higherinterest-bearing liabilities; subsequently, as fixed rate loans, deposits, andborrowings have matured they are repriced at higher interest rates.  The following discussion includes our analysis of theeffect that we anticipate changes in interest rates will have on our financialcondition.  However, no assurance can be given related to future actions thatthe Federal Reserve may choose to take or that the results we anticipate willactually occur.

**Results of OperationsIncome Statement Review***Summary *

Our net income was $958,056and $841,904 for the three months ended March 31, 2007, and 2006, respectively,an increase of $116,152, or 13.8%.  The $116,152 increase in net incomeresulted primarily from increases of $423,903 in net interest income and$437,825 in noninterest income, partially offset by an increase of $60,000 inthe provision for loan losses, and $717,989 of additional noninterest expense. Our efficiency ratio increased due to higher operating costs related toadditional infrastructure in Greenville County, our expansion into theColumbia, SC market, and a lower net margin.  Our efficiency ratio was 57.3%and 50.9% for the three months ended March 31, 2007 and 2006, respectively. 

* *9
****
*Net Interest Income*

                Ourlevel of net interest income is determined by the level of earning assets andthe management of our net interest margin.  The continuous growth in our loanportfolio is the primary driver of the increase in net interest income.  Duringthe three months ended March 31, 2007, our average loan portfolio increased $66.0million compared to the average for the three months ended March 31, 2006.  Thegrowth in the first three months of 2007 was $30.2 million.  We anticipate thegrowth in loans will continue to drive the growth in assets and the growth innet interest income.  However, no assurance can be given that we will be ableto continue to increase loans at the same levels we have experienced in thepast.  

Our decision to grow theloan portfolio at the current pace created the need for a higher level of capitaland the need to increase deposits and borrowings.  This loan growth strategyalso resulted in a significant portion of our assets being in higher earningloans than in lower yielding investments.  At March 31, 2007, net loansrepresented 76.6% of total assets.  However, as described below, we have also increased our level of deposits significantly.  While we plan to continue our focus on increasing the loan portfolio, as rates on investment securities rose during the past twelve months andwe obtained additional deposits, we increased the size of theinvestment portfolio.  As a result, net loans as a percentage of total assets has actually decreased from the 86.1% amount at March 31, 2006 to 76.6% at March 31, 2007.  Our investment portfolio increased by $45.3 million from March 31, 2006 toMarch 31, 2007.  At March 31, 2007, investments and federal funds sold represented 18.3% of total assets. 

The historically low interest rate environmentin the last four years allowed us to obtain short-term borrowings and wholesalecertificates of deposit at rates that were lower than certificate of depositrates being offered in our local market.  Therefore, we decided not to beginour retail deposit office expansion program until the beginning of 2005.  Thisfunding strategy allowed us to continue to operate in one location until 2005,maintain a smaller staff, and not incur marketing costs to advertise depositrates, which in turn allowed us to focus on the fast growing loan portfolio. 

In anticipation of rising interest rates, weopened one retail deposit office in March 2005 and asecond in November 2005.  Our focus for these two locations has been to obtainlow cost transaction accounts that we believe will be less impacted by changingmarket rates.  Our goal is to increase both the percentage of assets beingfunded by "in market" retail deposits and to increase the percentage oflow-cost transaction accounts to total deposits.  The two additional retaildeposit offices are assisting us in meeting these objectives.  Weanticipate these two additional retail offices opened in 2005 will have little impacton earnings in 2007.  However, we believe that these two strategies willprovide additional clients in our local market and will eventually provide alower alternative cost of funding.   At March 31, 2007, retail depositsrepresented $255.6 million, or 45.8% of total assets, borrowings represented $131.9million, or 23.7% of total assets, and wholesale out-of-market depositsrepresented $128.3 million, or 23.0% of total assets. 

As more fully discussed in the - "Market Risk"and - "Liquidity and Interest Rate Sensitivity" sections below, at March 31,2007, 46.4% of our loans had variable rates.  Given our high percentage ofrate-sensitive loans, our primary focus during the past three years has been toobtain short-term liabilities to fund our asset growth.  This strategy improvesour ability to manage the impact on our earnings resulting from anticipated changesin market interest rates.

At March 31, 2007, 84.8% of our interest-bearingliabilities had a maturity of less than one year.   Therefore, we believe thatwe are positioned to benefit from future decreases in short-term rates.  Conversely,future increases in short-term rates would likely have a negative effect on ourearnings.  At March 31, 2007, we had $129.2 million more liabilities than assetsthat reprice within the next twelve months.  Based on a review of our depositportfolio, we believe that the interest rates that we pay on the majority ofour interest-bearing transaction accounts, would only be impacted by a portionof any change in market rates.  This key assumption is utilized in our overallevaluation of our level of interest sensitivity.

We intend to maintain a capital level for thebank that exceeds the OCC requirements to be classified as a "well capitalized"bank.  To provide the additional capital needed to support our bank's growth inassets, in 2003 we issued $6.2 million in junior subordinated debentures inconnection with our trust preferred securities offering.  During 2004, weissued 920,000 additional shares of common stock (1,012,000 adjusted for the 10percent stock dividend in 2006) that resulted in $14.9 million of additionalcapital.  In 2005, we issued an additional $7.2 million in junior subordinateddebentures in a second trust preferred securities offering.  The company alsohas a $4.5 million unused short-term holding companyline of credit that could be utilized to provide additional capital for thebank if deemed necessary. As of March 31, 2007, the company's regulatorycapital levels were over $19.8 million in excess of the various wellcapitalized requirements.

10
****
In addition to the growth in both assets andliabilities, and the timing of repricing of our assets and liabilities, netinterest income is also affected by the ratio of interest-earning assets tointerest-bearing liabilities and the changes in interest rates earned on ourassets and interest rates paid on our liabilities. 

Our net interest income margin for the threemonths ended March 31, 2007 exceeded our net interest spread because we hadmore interest-earning assets than interest-bearing liabilities.  Averageinterest-earning assets exceeded average interest-bearing liabilities by $48.0million, and $46.5 million for the three months ended March 31, 2007 and 2006,respectively.  

During the three months ended March 31, 2007,our yields on interest earning assets and the rates that we paid for ourdeposits and borrowings continued to increase primarily as a result of theactions taken by the Federal Reserve prior to March 31, 2007 to raise short-termrates.   Our fixed rate loans are being originated or renewed at higher rates,while the rates on new or maturing interest-bearing liabilities are also higherthan in the past.  Our net interest spread declined since more of our rate-sensitiveliabilities repriced than our rate-sensitive assets during the twelve monthperiod ended March 31, 2007.  Given the fact that the Federal Reserve hasincreased short-term rates by 425 basis points since July 2004, we believe thatshort-term interest rates are currently at or near their peak.  Therefore, wehave chosen to increase the amount of fixed rate loans in our loan portfolioand targeted to have a significant portion of our liabilities to reprice withina twelve month period.  

We have included a number of tables to assist inour description of various measures of our financial performance.  For example,the "Average Balances" table shows the average balance of each category of ourassets and liabilities as well as the yield we earned or the rate we paid withrespect to each category during the three months ended March 31, 2007 and 2006. A review of this table shows that our loans typically provide higher interestyields than do other types of interest-earning assets, which is why we direct asubstantial percentage of our earning assets into our loan portfolio. Similarly, the "Rate/Volume Analysis" table demonstrates the effect of changinginterest rates and changing volume of assets and liabilities on our financialcondition during the periods shown.  A review of these tables shows that asshort-term rates continue to rise, the increase in net interest income is moreeffected by the changes in rates than in prior years.  We also track thesensitivity of our various categories of assets and liabilities to changes ininterest rates, and we have included tables to illustrate our interest ratesensitivity with respect to interest-earning accounts and interest-bearingaccounts.  Finally, we have included various tables that provide detail aboutour investment securities, our loans, our deposits, and other borrowings.

The following table sets forth informationrelated to our average balance sheets, average yields on assets, and averagecosts of liabilities.  We derived these yields by dividing income or expense bythe average balance of the corresponding assets or liabilities.  We derivedaverage balances from the daily balances throughout the periods indicated. During the three month periods ended March 31, 2007 and 2006, we had nointerest-bearing deposits in other banks or any securities purchased withagreements to resell.  All investments were owned at an original maturity ofover one year.  Nonaccrual loans are included in the following tables.  Loanyields have been reduced to reflect the negative impact on our earnings ofloans on nonaccrual status.  The net of capitalized loan costs and fees areamortized into interest income on loans.

11
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**Average Balances,  Income and Expenses, and Rates**

**For the Three Months  Ended March 31,**

**2007**

**2006**

**Average**

**Income/**

**Yield/**

**Average**

**Income/**

**Yield/**

**Balance**

**Expense**

**Rate(1)**

**Balance**

**Expense**

**Rate(1)** 

**(Dollars in thousands)**

Earnings

Federal  funds sold

$

12,984 

$

162 

5.06%

$

3,888 

$

48 

5.01%

Investment  securities, taxable

74,723 

998 

5.42%

34,505 

419 

4.92%

Investment  securities, nontaxable (2)

3,746 

53 

5.73%

1,276 

20 

6.03%

Loans

417,754 

7,765 

7.54%

351,727 

6,146 

7.09%

   Total earning-assets

509,207 

8,978 

7.15%

391,396 

6,633 

6.87%

Non-earning  assets

23,769 

10,745 

   Total assets

$

532,976 

$

402,141 

Interest-bearing  liabilities

NOW  accounts

$

33,480 

140 

1.70%

$

32,983 

147 

1.81%

Savings  & money market

84,073 

735 

3.55%

60,071 

428 

2.89%

Time  deposits

216,844 

2,765 

5.17%

147,761 

1,538 

4.22%

Total  interest-bearing deposits

334,397 

3,640 

4.41%

240,815 

2,113 

3.56%

FHLB  advances

113,400 

1,286 

4.60%

75,594 

753 

4.04%

Other  borrowings

13,404 

251 

7.59%

28,465 

400 

5.70%

Total interest-bearing liabilities

461,201 

5,177 

4.55%

344,874 

3,266 

3.84%

Non-interest  bearing liabilities

36,546 

26,007 

Shareholders'  equity

35,229 

31,260 

Total  liabilities and shareholders' equity

$

532,976 

$

402,141 

Net  interest spread

2.60%

3.03%

Net  interest income (tax equivalent) / margin

$

3,801 

3.03%

$

3,367 

3.49%

Less:   tax-equivalent adjustment (2)

17 

7 

Net  interest income

$

3,784 

$

3,360 

     (1) Annualized for the three month period.

     (2) The tax-equivalent adjustment to net interest income adjusts the yield  for assets earning tax-exempt income to a 

comparable	yield on a taxable basis.

Our net interest spread, on a tax-equivalentbasis, was 2.60% for the three months ended March 31, 2007 as compared to 3.03%for the three months ended March 31, 2006.  The net interest spread is thedifference between the yield we earn on our interest-earning assets and therate we pay on our interest-bearing liabilities.

The 43 basis point reduction in our net interestspread resulted primarily from the $117.8 million growth in average earning assetsin the first quarter 2007 compared to the same period in 2006.  The additionalearning assets and liabilities yielded a lower than historical net spread of1.95%, which caused the overall net interest spread to decline by 28 basispoints.  The remaining 15 basis point reduction in net interest spread resultedfrom the impact of liabilities repricing over a longer period than the relatedassets that repriced.  Therefore, once short-term market rates stoppedincreasing, certain short-term liabilities such as one year certificates ofdeposit continued to slowly reprice to the current market rates as they matured. Management believes that substantially all of our variable rate assets andshort-term liabilities have been repriced to current market rates as of March31, 2007.   

During 2006 and the first quarter of 2007,management determined that the bank had excess capital and given the flatinterest rate environment, both earnings and return on equity could beincreased with additional assets and liabilities even if the net interest spreadswere at less than historical levels.  Accordingly, $51.8 million or 44.0% ofthe total growth in earning assets occurred in investments and federal funds,yielding a combined weighted rate of 5.38% for the first quarter of 2007.  Theremaining growth in earning assets of $66.0 million, or 56.0% of the totalgrowth, occurred in loans which yielded a weighed rate of 7.54% in the first quarterof 2007.  This combination of investments, federal funds, and loans togetheryielded a weighted rate of 6.59%.

12
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The $117.8 million of growth in earning assets wasfunded primarily with $24.5 million in transaction accounts with a weightedrated of 3.02% for the three months ended March 31, 2007.  The remainingbalance was funded mostly with certificates of deposit and other borrowingstotaling $91.8 million with a weighted rate of 5.08%.  Since 78.9% of the totalgrowth in earning assets was funded with higher borrowing and certificate ofdeposit rates compared to the 21.1% funded with lower costing transactionaccounts, the combined funding cost was 4.64%.

Although, substantially all of the variable rateassets and the short-term and variable rate liabilities have repriced to marketrates, our net spread may continue to decline in future periods, if asubstantial portion of growth in earning assets is funded with higher rateborrowings and certificates of deposit.

Our net interest margin is calculated as netinterest income divided by average interest-earning assets.  Our net interest margin,on a tax-equivalent basis, for the three months ended March 31, 2007 was 3.03%as compared to 3.49% for the three months ended March 31, 2006.  During thethree months ended March 31, 2007, interest-earning assets exceeded interest-bearingliabilities by $48.0 million and $46.5 million for the three month periodsended March 31, 2007 and 2006, respectively.  During the first quarter of 2007,interest-earning assets averaged $509.2 million as compared to $391.4 millionin the first quarter of 2006.  

Our loan yield increased 45 basis points for thethree months ended March 31, 2007 as compared to the three months ended March31, 2006 as a result of approximately 46% of the loan portfolio having variablerates, combined with the increase in rates over the twelve months ended March31, 2007.  Offsetting the increase in our loan yield was an 85 basis pointincrease in the cost of our interest-bearing deposits for the first quarter of 2007compared to the same period in 2006.  The increase in the rate on interest-bearingdeposits is due to the renewal rates on time deposits being much higher thantheir original rates as a result of the increases in the prime rate over the pasttwenty-seven months, combined with our lower costing transaction accountsrepresenting a smaller percentage of our total interest-bearing deposits.  Inaddition, the cost of our savings and money market accounts has increased by 66basis points as we have increased the rates we offer on these products inrelation to the increase in short-term market rates to stay competitive.  The 56basis point increase in FHLB advances and the 189 basis point increase in otherborrowed funds in the first quarter of 2007 compared to the same period in 2006resulted primarily from the impact of the 300 basis point increase inshort-term market rates over the past two years.  As of March 31, 2007, approximately42% of our FHLB advances had variable rates, while all of our other borrowingshad variable rates.

Net interest income, the largest component ofour income, was $3.8 million and $3.4 million for the three months ended March31, 2007 and 2006, respectively.  The increase in the first quarter of 2007related primarily to the net effect of higher levels of both average earningassets and interest-bearing liabilities.  Average earning assets were $117.8million higher during the three months ended March 31, 2007 compared to thesame period in 2006.  During the same period, average interest-bearingliabilities increased $116.3 million.  The higher average balances resulted in$793,000 additional net interest income for the three months ended March 31,2007, while higher rates on the average balances reduced net interest income by$315,000. 

Interest income for the three months ended March31, 2007 was $9.0 million, consisting of $7.8 million on loans, $1.0 million oninvestments, and $161,834 on federal funds sold.  Interest income for the threemonths ended March 31, 2006 was $6.6 million, consisting of $6.1 million onloans, $431,690 on investments, and $48,391 on federal funds sold.  Interest onloans for the three months ended March 31, 2007 and 2006 represented 86.7% and92.8%, respectively, of total interest income, while income from investmentsand federal funds sold represented only 13.3% and 7.2%, respectively, of totalinterest income.  The high percentage of interest income from loans relates toour strategy to maintain a significant portion of our assets in higher earningloans compared to lower yielding investments.  Average loans represented 82.0%and 89.9% of average interest-earning assets for the three months ended March31, 2007 and 2006, respectively.  Included in interest income on loans for thethree months ended March 31, 2007 and 2006 was $155,627 and $140,197,respectively, related to the net amortization of loan fees and capitalized loanorigination costs.

Interest expense for the three months ended March31, 2007 was $5.2 million, consisting of $3.6 million related to deposits and $1.5million related to FHLB advances and other borrowings.  Interest expense forthe three months ended March 31, 2006 was $3.3 million, consisting of $2.1million related to deposits and $1.2 million related to FHLB advances and otherborrowings.  Interest expense on deposits for the three months ended March 31,2007 and 2006 represented 70.3% and 64.7%, respectively, of total interestexpense, while interest expense on FHLB advances and other borrowingsrepresented 29.7% and 35.3%, respectively, of total interest expense for thesame three month periods.  During the three months ended March 31, 2007,average interest-bearing deposits increased by $93.6 million over the sameperiod in 2006, while FHLB advances increased $37.8 million and other borrowingsdecreased $15.1 million during the three months ended March 31, 2007 over thesame period in 2006.  Both the short-term borrowings from the FHLB advances andthe sale of securities under agreements to repurchase provide us with theopportunity to obtain low cost funding with various maturities similar to thematurities on our loans and investments.  

13
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*Rate/VolumeAnalysis*

Net interest income can be analyzed in terms ofthe impact of changing interest rates and changing volume.  The following tablesets forth the effect which the varying levels of interest-earning assets andinterest-bearing liabilities and the applicable rates have had on changes innet interest income for the periods presented.**                  **

**Three Months Ended**

**March 31, 2007 vs. 2006**

** **

**March 31, 2006 vs. 2005**

**Increase (Decrease) Due  to**

**Increase (Decrease) Due  to**

**Volume**

** **

**Rate**

**Rate/  Volume**

**Total**

**Volume**

** **

**Rate**

**Rate/****Volume**

**Total**

**(Dollars in thousands)**

**Interest income**

** **

   Loans

$

1,148 

$

390 

$

81 

$

1,619 

$

920 

$

857 

$

198 

$

1,975 

   Investment securities

517 

39 

47 

603 

(11)

39 

(1)

27 

   Federal funds sold

111 

1 

1 

113 

17 

6 

19 

42 

       Total interest income

1,776 

430 

129 

2,335 

926 

902 

216 

2,044 

**Interest  expense**

** **

   Deposits

818 

508 

201 

1,527 

335 

479 

144 

958 

   FHLB advances

377 

104 

52 

533 

25 

183 

9 

217 

   Other borrowings

(212)

133 

(70)

(149)

32 

137 

21 

190 

       Total interest expense

983 

745 

183 

1,911 

392 

799 

174 

1,365 

**Net  interest income**

**$**

793 

$

(315)

$

(54)

$

424 

$

534 

$

103 

$

42 

$

679 

* Provisionfor Loan Losses*             Wehave established an allowance for loan losses through a provision for loanlosses charged as an expense on our statement of income.  We review our loanportfolio periodically to evaluate our outstanding loans and to measure boththe performance of the portfolio and the adequacy of the allowance for loanlosses.  Please see the discussion below under "Balance Sheet Review - Provisionand Allowance for Loan Losses" for a description of the factors we consider indetermining the amount of the provision we expense each period to maintain thisallowance.* *

 For the three monthsended March 31, 2007 and 2006, we incurred a noncash expense related to theprovision for loan losses of $460,000 and $400,000, respectively, bringing theallowance for loan losses to $5.4 million and $4.5 million respectively.  Theallowance represented 1.24% of gross loans at both March 31, 2007 and 2006. During the three months ended March 31, 2007 and 2006 we reported netcharge-offs of $57,105 and $374,384, respectively, which includes $33,616 ofrecoveries on loans previously charged off in the 2006 period. The $57,105 and $374,384net charge-offs during the first quarters of 2007 and 2006 represented 0.06%and 0.43% of the average outstanding loan portfolio for the three months ended March31, 2007 and 2006, respectively. The $402,895 and $25,616 increases in theallowance for the three months ended March 31, 2007 and 2006, respectively,related to our decision to increase the allowance in response to the $30.2million and the $25.9 million growth in loans for the three months ended March31, 2007 and 2006, respectively.  

At March 31, 2007, theallowance for loan losses represented 3.3 times the amount of non-performingloans compared to 4.2 times at March 31, 2006.  As a result of this level ofcoverage on non-performing loans, we determined that the provision of $460,000for the three months ended March 31, 2007 to be adequate.

14
****
 

*Noninterest Income*

 

*            *The following table setsforth information related to our noninterest income. 

** **

**Three months  ended**

** **

**March 31,**

** **

**2007**

** **

**2006**

** **

** **

Loan fee income

**$**

37,379 

$

30,801 

Service fees on deposit accounts

** **

75,478 

62,071 

Income from bank owned life insurance

** **

96,000 

- 

Real estate owned activity

** **

328,593 

- 

Other income

** **

55,950 

62,703 

 Total noninterest income

**$**

593,400 

$

155,575 

** **

** **

** **

** **

Noninterestincome in the three month period ended March 31, 2007 was $593,400, an increaseof 281.4% over noninterest income of $155,575 in the same period of 2006. 

Loanfee income consists primarily of late charge fees, fees from issuance ofletters of credit and mortgage origination fees we receive on residential loansfunded and closed by a third party.  Loan fees were $37,379 and $30,801 for thethree months ended March 31, 2007 and 2006, respectively.  The $6,578 increasefor the three months ended March 31, 2007 compared to the same period in 2006related primarily to a $5,715 increase in mortgage origination fees and a $3,129increase in late charge fees which were offset by a $2,266 decrease in feesreceived from the issuance of letters of credit.  Mortgage origination feeswere $8,600 and $2,885 for the three months ended March 31, 2007 and 2006,respectively, while late charge fees were $22,454 and $19,325 for the firstquarter of 2007 and 2006, respectively.  Income related to amortization of feeson letters of credit was $6,325 and $8,591 for the three months ended March 31,2007 and 2006, respectively.  

Servicefees on deposit accounts consist primarily of service charges on our checking,money market, and savings accounts and the fee income received from client non-sufficientfunds ("NSF") transactions.   Deposit fees were $75,478 and $62,071 for thethree months ended March 31, 2007 and 2006, respectively.  The $13,407 increaseis primarily related to a $9,649 increase in NSF fees and a $6,498 increase inoverdraft fees, partially offset by a $3,284 decrease in other deposit relatedfees.  Other deposit related fees were $18,452 and $21,736 for the periodsended March 31, 2007 and 2006, respectively.  NSF income was $46,574 and $36,925for the three months ended March 31, 2007 and 2006, respectively, representing 61.7%of total service fees on deposits in the 2007 period compared to 59.5% of totalservice fees on deposits in the 2006 period.   

We purchased bank owned lifeinsurance in the third quarter of 2006.  Income derived from life insurance was$96,000 for the three months ended March 31, 2007.  

                Other real estate ownedactivity includes income and expenses from property held for sale and otherreal estate we own.  In February 2007, we decided to actively market the saleof our former main office and corporate headquarters building, and accordingly,reclassified the building from property and equipment to property held forsale.  As a result, we recorded a pre-tax gain of $375,000 which is included inother real estate owned activity.  In addition, we leased a portion of thebuilding and began to collect monthly rent of $18,517 in March 2007.  Thebuilding was sold during April 2007.  Also included in other real estate ownedactivity are income and expenses related to loans that were transferred into otherreal estate owned.  Our cost of owning the real estate exceeded income derivedfrom the property by $64,924 for the three months ended March 31, 2007.  We hadno income or expenses on real estate owned for the same period in 2006.

15
****
Otherincome consisted primarily of fees received on debit card transactions, sale ofcustomer checks, and wire transfers.  Other income was $55,950 and $62,703 forthe three months ended March 31, 2007 and 2006, respectively.  The $6,753decrease relates primarily to a $17,889 gain on the sale of fixed assets in2006, partially offset by a $7,171 increase in debit card transaction fees, a$1,200 increase in safe deposit box rentals and a $2,287 increase in wiretransfer fees.  Debit card transaction fees were $38,778 and $31,607 for thethree months ended March 31, 2007 and 2006, respectively and represented 69.3%and 50.4% of total other income for the first quarters of 2007 and 2006,respectively.  The corresponding transaction costs associated with debit cardtransactions are included in noninterest data processing and related costs. The debit card transaction costs were $15,856 and $23,198 for the three monthsended March 31, 2007 and 2006, respectively.  The net impact of the feesreceived and the related cost of the debit card transactions on earnings forthe three months ended March 31, 2007 and 2006 was $22,922 and $8,409,respectively. 

*Noninterest expenses*

 

*               *Thefollowing table sets forth information related to our noninterest expenses.  

*            *

**Three months ended**

**March 31,**

**2007**

** **

**2006**

Compensation and benefits

$

1,422,532 

$

1,033,741 

Professional fees

124,520 

90,437 

Marketing

105,598 

121,070 

Insurance       	

51,336 

43,034 

Occupancy

395,947 

174,777 

Data processing and related costs

258,346 

197,870 

Telephone     	

34,767 

15,882 

Other   

114,487 

112,733 

 Total noninterest expense

$

2,507,533 

$

1,789,544 

Weincurred noninterest expenses of $2.5 million for the three months ended March31, 2007 compared to $1.8 million for the three months ended March 31, 2006. Average interest-earning assets increased 30.1% during this period, whilegeneral and administrative expense increased 40.1% due to the additional costsassociated with our new main office and headquarters building.

Forthe three months ended March 31, 2007, compensation and benefits, occupancy,and data processing and related costs represented 82.8% of the totalnoninterest expense compared to 78.6% for the same period in 2006.  

The following table sets forthinformation related to our compensation and benefits.  

**Three months  ended**

**March 31,**

**2007**

** **

**2006**

Base compensation

$

938,702 

$

725,831 

Incentive compensation

214,000 

142,000 

 Total compensation

1,152,702 

867,831 

Benefits          	

306,684 

206,230 

Capitalized loan origination costs

(36,854)

(40,320)

 Total compensation and benefits

$

1,422,532 

$

1,033,741 

Compensationand benefits expense was $1.4 million and $1.0 million for the three monthsended March 31, 2007 and 2006, respectively.   Compensation and benefitsrepresented 56.7% and 57.8% of our total noninterest expense for the threemonths March 31, 2007 and 2006, respectively.  The $388,791 increase incompensation and benefits in the first quarter of 2007 compared to the sameperiod in 2006 resulted from increases of $212,871 in base compensation,  $72,000in additional incentive compensation, and $100,454 higher benefits expense.  Inaddition, loan origination compensation expense, which is required to becapitalized and amortized over the life of the loan as a reduction of loaninterest income, decreased by $3,466.  

16
****
The $212,871increase in base compensation expense related to the cost of 11 additionalemployees as well as annual salary increases.  Five of the new employees relateto the management and staff that we hired to support our expansion into theColumbia, SC market.  The remaining six employees were hired primarily to supportthe growth in both loans and deposit operations.   Incentive compensationrepresented 15.0% and 13.7 % of total compensation and benefits for the threemonths ended March 31, 2007 and 2006, respectively.  The incentive compensationexpense recorded for the first quarter of 2007 and 2006 represented an accrualof the portion of the estimated incentive compensation earned during the firstquarter of the respective year.  Benefits expense increased $100,454 in the firstquarter of 2007 compared to the same period in 2006.  Benefits expenserepresented 26.6% and 23.8% of the total compensation for the three monthsended March 31, 2007 and 2006, respectively.

Thefollowing tables set forth information related to our data processing andrelated costs.  

**Three months  ended**

**March 31,**

**2007**

** **

**2006**

Data processing costs

$

183,274 

$

127,086 

Debit card transaction expense

15,856 

23,198 

Courier expense

24,395 

23,210 

Other expenses

34,821 

24,376 

Total data  processing and related costs 

$

258,346 

$

197,870 

* *Dataprocessing and related costs were $258,346 and $197,870 for the three monthsended March 31, 2007 and 2006, respectively.   During the three months ended March31, 2007, our data processing costs for our core processing system were $183,274compared to $127,086 for the three months ended March 31, 2006.   We have contractedwith an outside computer****service company to provide our core dataprocessing services.  

Dataprocessing costs increased $56,188, or 44.2%, for the three months ended March31, 2007 compared to the same period in 2006.  The increases in costs werecaused by the higher number of loan and deposit accounts.  A significantportion of the fee charged by the third party processor is directly related tothe number of loan and deposit accounts and the related number oftransactions.  

Wereceive income from debit card transactions performed by our clients.  Since weoutsource this service, we are charged related transaction expenses from our merchantservice provider.  Debit card transaction expense was $15,856 and $23,198 forthe three months ended March 31, 2007 and 2006, respectively.    The decrease of$7,342 relates primarily to a change in merchant service card providers,whereby we now receive net fee income related to the service provided to ourmerchant clients.  In prior years, we received a substantially higher fee, butalso incurred a higher transaction cost.  

Occupancyexpense represented 15.8% and 9.8% of total noninterest expense for the threemonths ended March 31, 2007 and 2006, respectively.  Occupancy expense for thethree months ended March 31, 2007 and 2006 was $395,947 and $174,777,respectively, an increase of $221,170.  The increase is primarily due to theincreased costs associated with our new main office and headquarters buildingsuch as depreciation and rent expense as well as certain moving expensesincurred in January 2007.  

Theremaining $47,552 increase in noninterest expense for the three month periodended March 31, 2007 compared to the same period in 2006 resulted primarilyfrom increases of $34,083 in professional fees, $8,302 in insurance, and$18,885 in telephone expenses, partially offset by a $15,472 decrease in marketingexpenses.   The increase in professional fees relates primarily to additionallegal fees related to new SEC reporting requirements and the proposed namechange of our company, while the increased telephone expenses relate primarilyto our new office in Columbia, SC.    

Incometax expense was $451,517 for the three monthsended March 31, 2007 compared to $483,930 during the same period in 2006.   Oureffective tax rate was 32.0% and 36.5%, respectively, for the first quarters of2007 and 2006.  The decrease in the effective tax rate for the 2007 periodcompared to 2006 results primarily from the tax exempt income on bank ownedlife insurance which we purchased in the third quarter of 2006.

17
****
 

**BalanceSheet Review**

 

*General*

 

                At March 31, 2007, we had total assets of $557.7million, consisting principally of $427.0 million in loans, $82.8 million ininvestments, $19.1 million in federal funds sold, and $7.5 million in cash anddue from banks.  Our liabilities at March 31, 2007 totaled $522.0 million,which consisted principally of $383.9 million in deposits, $118.5 million in FHLB advances, $2.6 million of official checks outstanding, and $13.4 millionin junior subordinated debentures.  At March 31, 2007, our shareholders' equitywas $35.6 million.

 

At December 31, 2006, we had total assetsof $509.3 million, consisting principally of $397.2 million in loans, $74.3 millionin investments, $7.5 million in federal funds sold, and $9.1 million in cashand due from banks.  Our liabilities at December 31, 2006 totaled $474.8million, consisting principally of $345.5 million in deposits, $108.5 millionin FHLB advances, $4.1 million of official checks outstanding, and $13.4million of junior subordinated debentures.  At December 31, 2006, ourshareholders' equity was $34.6 million.

 

*FederalFunds Sold*

 

             AtMarch 31, 2007, our federal funds sold were $19.1 million, or 3.4% of totalassets.  At December 31, 2006, our $7.5 million in short-term investments infederal funds sold on an overnight basis comprised 1.5% of total assets. 

* *

*Investments*

 

*           *Contractual maturities and yields on ourinvestments that are available for sale and are held to maturity at March 31,2007 are shown in the following table.  Expected maturities may differ fromcontractual maturities because issuers may have the right to call or prepayobligations with or without call or prepayment penalties.  We had no securitieswith maturities less than one year at March 31, 2007.

 

** **

** **

**One to Five Years**

** **

**Five to Ten Years**

** **

**Over Ten Years**

** **

**Total**

** **

** **

**Amount**

**Yield**

** **

**Amount**

**Yield**

** **

**Amount**

**Yield**

** **

**Amount**

**Yield**

** **

** **

**(Dollars in thousands)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Available for Sale**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

Federal agencies

$

1,991

5.06%

$

- 

- 

$

-  

- 

$

1,991 

5.06 %

State and  political subdivisions

-

-

-

-

3,746

3.81 %

3,746

3.81 %

Mortgage-backed  securities

-

-

4,315  

5.32 %

48,424 

5.70 % 

52,739 

5.67 %

Total

$

1,991

5.06%

$

4,315  

5.32 %

$

52,170 

5.56 %

$

58,476 

5.53 %

** **

** **

**Held to Maturity**

** **

Mortgage-backed  securities

$

-

-

413 

3.92 %

$

16,245 

4.64 %

$

16,658 

4.62 %

                AtMarch 31, 2007, our investments included securities issued by Federal Home LoanMortgage Corporation and Federal National Mortgage Association with carryingvalues of $20.0 million, and $60.0 million, respectively.

The amortized costs and the fair value of ourinvestments at March 31, 2007 and December 31, 2006 are shown in the followingtable.

* *

** **

**March 31, 2007**

** **

**December 31, 2006**

** **

**Amortized**

** **

**Fair**

** **

**Amortized**

** **

**Fair**

** **

**Cost**

** **

**Value**

** **

**Cost**

** **

**Value**

** **

**(Dollars in thousands)**

**Available  for Sale**

 
Government sponsored enterprises

$

1,996 

$

1,991 

$

1,996 

$

1,989 

State and political subdivisions

3,794 

3,746 

3,795 

3,782 

Mortgage-backed  securities

52,578 

52,739 

44,478 

44,429 

 Total

$

58,368 

$

58,476 

$

50,269 

$

50,200 

** **

**Held  to Maturity**

Mortgage-backed  securities

$

16,658 

$

16,245 

$

17,045 

$

16,577 

              Otherinvestments totaled $7.6 million at March 31, 2007 and consisted of FederalReserve Bank stock with a cost of $968,700, investments in Greenville FirstStatutory Trust I and Trust II of $186,000 and $217,000, respectively, andFederal Home Loan Bank stock with a cost of $6.3 million.  

18
****
At March 31, 2007, wehad $82.8 million in our investment securities portfolio which representedapproximately 14.8% of our total assets.  We held U.S. Government agencysecurities, municipal securities, and mortgage-backed securities with a fairvalue of $74.7 million and an amortized cost of $75.0 million for an unrealizedloss of $305,606.  Webelieve, based on industry analyst reports and credit ratings that thedeterioration in value is attributed to changes in market interest rates andnot in the credit quality of the issuer and therefore, these losses are notconsidered other-than-temporary.  We have the ability and intent to holdthese securities until such time as the value recovers or the securitiesmature.

At December31, 2006, the $74.3 million in our investment securities portfolio representedapproximately 14.6% of our total assets.  We held Government sponsoredenterprise securities, municipal securities, and mortgage-backed securitieswith a fair value of $66.8 million and an amortized cost of $67.3 million foran unrealized loss of $537,138.  As a result of the strong growth in our loanportfolio and the historically low fixed rates that were available during thelast two and one-half years, through December 31, 2005, we had maintained alower than normal level of investments.  During 2006, as rates on investmentsecurities have risen and we have attracted a material amount of additionaldeposits, we increased the size of our investment portfolio.

Contractual maturities and yields on ouravailable for sale and held to maturity investments at December 31, 2006 areshown in the following table.  Expected maturities may differ from contractualmaturities because issuers may have the right to call or prepay obligationswith or without call or prepayment penalties.  At December 31, 2006, we had nosecurities with a maturity of less than one year.

** **

** **

**One to Five Years**

** **

**Five to Ten Years**

** **

**Over Ten Years**

** **

**Total**

** **

** **

**Amount**

** **

**Yield**

** **

**Amount**

** **

**Yield**

** **

**Amount**

** **

**Yield**

** **

**Amount**

** **

**Yield**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**(Dollars in thousands)**

** **

** **

** **

** **

**Available for Sale**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

Government  sponsored enterprises

$

1,989 

5.06 %

$

- 

- 

$

- 

- 

$

1,989 

5.06 %

State and  political subdivisions

-

-

-

-

3,782 

3.81 %

3,782 

3.81 %

Mortgage-backed securities

- 

- 

4,608 

5.33 %

39,821 

5.64 %

44,429 

5.61 %

Total

$

1,989 

5.06 %

$

4,608 

5.33 %

$

43,603 

5.48 %

$

50,200 

5.45 %

** **

** **

**Held to Maturity**

** **

Mortgage-backed securities

$

- 

- 

$

441 

3.92 %

$

16,604 

4.63 %

$

17,045 

4.61 %

                At December 31, 2006, our investments includedsecurities issued by Federal National Mortgage Association and Federal HomeLoan Mortgage Corporation with carrying values of $39.5 million and $12.4 million,respectively.

Other investments totaled $7.1 million atDecember 31, 2006.  Otherinvestments at December 31, 2006 consisted of Federal Reserve Bank stock with acost of $968,700, investments in Greenville First Statutory Trust I and II of$186,000 and $217,000, respectively, and Federal Home Loan Bank stock with acost of $5.7 million.  

* *

*Loans*

 

*              *Since loans typically provide higher interestyields than other types of interest earning assets, a substantial percentage ofour earning assets are invested in our loan portfolio.  For the three monthsended March 31, 2007 and 2006, average loans were $417.8 million and $351.7million, respectively.  Before the allowance for loan losses, total loansoutstanding at March 31, 2007 were $432.4 million.  Average loans for the yearended December 31, 2006 were $375.4 million.  Before the allowance for loanlosses, total loans outstanding at December 31, 2006 were $402.2 million.

 

The principal component of our loan portfolio isloans secured by real estate mortgages.    Most of our real estate loans aresecured by residential or commercial property.  We do not generally originatetraditional long term residential mortgages, but we do issue traditional secondmortgage residential real estate loans and home equity lines of credit.  Weobtain a security interest in real estate whenever possible, in addition to anyother available collateral.  This collateral is taken to increase thelikelihood of the ultimate repayment of the loan.  Generally, we limit theloan-to-value ratio on loans we make to 80%.  Due to the short time ourportfolio has existed, the current mix may not be indicative of the ongoingportfolio mix.  We attempt to maintain a relatively diversified loan portfolioto help reduce the risk inherent in concentration in certain types ofcollateral.

 

19
****
                 The following table summarizes the compositionof our loan portfolio at March 31, 2007 and December 31, 2006.

** **

** **

**March 31, 2007**

** **

**December 31, 2006**

** **

**Amount**

** **

**%  of Total**

** **

**Amount**

** **

**%  of Total**

Real  estate:

**(Dollars in thousands)**

 Commercial:

Owner occupied

$

95,906 

22.2 %

$

77,668 

19.3 %

Non-owner occupied

120,136 

27.8 %

126,008 

31.3 %

Construction

27,496 

6.4 %

20,466 

5.1 %

Total commercial real estate

243,538 

56.4 %

224,142 

55.7 %

Consumer:

Residential

57,328 

13.3 %

59,187 

14.7 %

Home equity

37,750 

8.7 %

35,986 

9.0 %

Construction

8,411 

1.9 %

8,259 

2.0 %

Total consumer real estate

103,489 

** **

23.9 %

103,432 

25.7 %

Total real estate

347,027 

** **

80.3 %

327,574 

81.4 %

Commercial  business

74,757 

17.3 %

65,891 

16.4 %

Consumer-other

11,422 

2.6 %

9,524 

2.4 %

Deferred  origination fees, net

(853)

(0.2)%

(806)

(0.2)%

       Total gross loans, net of

           deferred fees

432,353 

100.0 %

402,183 

100.0 %

Less-allowance  for loan losses

(5,352)

(4,949)

   Total loans, net

$

427,001 

$

397,234 

* *

*Maturities and Sensitivity of Loans toChanges in Interest Rates*

 

*              *The information in the following tables is basedon the contractual maturities of individual loans, including loans which may besubject to renewal at their contractual maturity.  Renewal of such loans issubject to review and credit approval, as well as modification of terms uponmaturity.  Actual repayments of loans may differ from the maturities reflectedbelow because borrowers have the right to prepay obligations with or withoutprepayment penalties.

The following tablesummarizes the loan maturity distribution by type and related interest ratecharacteristics at March 31, 2007.

** **

** **

**After one but within  five years**

** **

** **

** **

** **

 
* *

**One year or less**

** **

**After five years**

** **

** **

 
** **

**Total**

 
**(Dollars in thousands)**

** **

 
 
Real  estate - mortgage

$

67,638 

$

205,437 

$

38,045 

$

311,120 

 
Real  estate - construction

23,695 

10,395 

1,817 

35,907 

 
   Total real estate

91,333 

215,832 

39,862 

347,027 

 
 
Commercial  business

42,369 

31,023 

1,365 

74,757 

 
Consumer-other

7,385 

3,504 

533 

11,422 

 
Deferred  origination fees, net

(308)

(465)

(80)

(853)

 Total gross loans,  net of   deferred fees 

$

140,779 

$

249,894 

$

41,680 

$

432,353 

 
Loans maturing after one year with:

 
Fixed interest rates

$

156,313 

 
Floating interest rates

$

135,261 

 
20
****
The following table summarizes the loan maturitydistribution by type and related interest rate characteristics at December 31,2006. 

**After one but within  five years**

** **

** **

** **

** **

* *

**One year or less**

**After five years**

** **

** **

** **

**Total**

**(Dollars in thousands)**

Real  estate - mortgage

$

59,676 

$

195,649 

$

43,524 

$

298,849 

Real  estate - construction

18,630 

9,685 

410 

28,725 

   Total real estate

78,306 

205,334 

43,934 

327,574 

Commercial  business

40,143 

24,891 

857 

65,891 

Consumer  - other

4,299 

4,818 

407 

9,524 

Deferred  origination fees, net

(267)

(454)

(85)

(806)

 Total gross loans,  net of   deferred fees

$

122,481 

$

234,589 

$

45,113 

$

402,183 

Loans maturing after  one year with:

Fixed interest rates

$

143,291 

Floating interest rates

$

136,411 

* *

* Provision and Allowance for Loan Losses*

** **

We have established an allowance for loan lossesthrough a provision for loan losses charged to expense on our statement ofincome.  The allowance for loan losses represents an amount which we believewill be adequate to absorb probable losses on existing loans that may becomeuncollectible.  Our judgment as to the adequacy of the allowance for loanlosses is based on a number of assumptions about future events, which webelieve to be reasonable, but which may or may not prove to be accurate.  Ourdetermination of the allowance for loan losses is based on evaluations of thecollectibility of loans, including consideration of factors such as the balanceof impaired loans, the quality, mix, and size of our overall loan portfolio,economic conditions that may affect the borrower's ability to repay, the amountand quality of collateral securing the loans, our historical loan lossexperience, and a review of specific problem loans.  We also considersubjective issues such as changes in the lending policies and procedures,changes in the local/national economy, changes in volume or type of credits,changes in volume/severity of problem loans, quality of loan review and boardof director oversight, concentrations of credit, and peer group comparisons. Due to our limited operating history, the provision for loan losses has beenmade primarily as a result of our assessment of general loan loss risk comparedto banks of similar size and maturity.  Due to the rapid growth of our bank overthe past several years and our short operating history, a large portion of theloans in our loan portfolio and of our lending relationships are of relativelyrecent origin.  In general, loans do not begin to show signs of creditdeterioration or default until they have been outstanding for some period oftime, a process known as seasoning.  As a result, a portfolio of older loanswill usually behave more predictably than a newer portfolio.  Because our loanportfolio is relatively new, the current level of delinquencies and defaultsmay not be representative of the level that will prevail when the portfoliobecomes more seasoned, which may be higher than current levels.  Ifdelinquencies and defaults increase, we may be required to increase ourprovision for loan losses, which would adversely affect our results ofoperations and financial condition.  Periodically, we adjust the amount of theallowance based on changing circumstances.  We charge recognized losses to theallowance and add subsequent recoveries back to the allowance for loan losses. There can be no assurance that charge-offs of loans in future periods will notexceed the allowance for loan losses as estimated at any point in time or thatprovisions for loan losses will not be significant to a particular accountingperiod.  

21
****
The following table summarizes the activityrelated to our allowance for loan losses for the three months ended March 31,2007 and 2006:

**March 31,**

**2007**

** **

**2006**

**(Dollars in thousands)**

Balance,  beginning of period

$

4,949 

$

4,490 

Loans  charged-off

(57)

(408)

Recoveries  of loans previously charged-off

- 

33 

Net  loans (charged-off) recovery

$

(57)

$

(375)

Provision  for loan losses

460 

400 

Balance,  end of period

$

5,352 

$

4,515 

** **

Allowance  for loan losses to gross loans

1.24 %   

1.24 %   

Net  charge-offs to average loans

0.06 %

0.43 %

 

We do not allocate the allowance for loan lossesto specific categories of loans.  Instead, we evaluate the adequacy of theallowance for loan losses on an overall portfolio basis utilizing our creditgrading system which we apply to each loan.  We have retained an independentconsultant to review the loan files on a test basis to confirm the grading of ourloans.

* *

*NonperformingAssets*

 

*               *The following tableshows the nonperforming assets, percentages of net charge-offs, and the relatedpercentage of allowance for loan losses for the three months ended March 31,2007 and the year ended December 31, 2006.  All loans over 90 days past due areon and included in loans on nonaccrual.

 

**March 31, 2007**

** **

**December  31,  2006**

**(Dollars  in thousands)**

Loans  over 90 days past due

$

1,595 

$

945 

Loans  on nonaccrual:

Mortgage

1,592 

1,424 

Commercial

- 

32 

Consumer

43 

33 

Total nonaccrual loans

1,635 

1,489 

Troubled  debt restructuring

- 

- 

** **

Total of nonperforming loans

1,635 

1,489 

Other  nonperforming assets

732 

1,012 

Total nonperforming assets

$

2,367 

$

2,501 

 Percentage  of total assets

0.42 %

0.49 %

 Percentage  of nonperforming loans 

     and assets to  gross loans

0.55 %

0.62 %

** **

22
****
                Theallowance for loan losses was $5.4 million and $4.9 million at March 31, 2007and December 31, 2006, respectively or 1.24% and 1.23% of outstanding loans,respectively.  During the year ended December 31, 2006, we had net charged offloans of $1.2 million.  During the three months ended March 31, 2007 and 2006 wehad net charge-offs of $57,105 and $374,384, respectively.  In the firstquarter of 2006, we charged-off $340,000 related to a group of loans with acommon interest.  

At March31, 2007 and December 31, 2006, nonaccrual loans represented 0.38% and 0.37% oftotal loans, respectively.  At March 31, 2007 and December 31, 2006, we had $1.6million and $1.5 million of loans, respectively, on nonaccrual status.  Generally, a loan is placed on nonaccrual status when it becomes 90 days pastdue as to principal or interest, or when we believe, after considering economicand business conditions and collection efforts, that the borrower's financialcondition is such that collection of the loan is doubtful.  A payment ofinterest on a loan that is classified as nonaccrual is recognized as incomewhen received**.**

The amount of foregone interest income on thenonaccrual loans in the first three months of 2007 was approximately $39,000.  The amount of interest income recorded in the first three months of 2007 forloans that were on nonaccrual at March 31, 2007 was $1,802.

At March 31, 2007, we had a $4.0million commercial real estate loan that we considered a performing loan as allterms of the existing loan agreement were being met satisfactorily.  Internally,the loan was risk rated substandard, as the primary source of repayment was thedeveloper's ability to liquidate the collateral.  While performing a review ofthe various loans that were rated substandard, doubtful and loss at March 31,2007, we adjusted our general reserve by $375,000 for our best estimate ofprobable losses related to this credit.  During the month of April, wecontinued to monitor this loan and have requested new appraisals to support thecarrying value of the loan.  Once we receive the new appraisals and havecompleted our internal evaluation, we will determine if a portion of this loan shouldbe reclassified from substandard to doubtful.  

*Depositsand Other Interest-Bearing Liabilities*

Our primary source of funds for loans andinvestments is our deposits, advances from the FHLB, and short-term repurchaseagreements.  National and local market trends over the past several yearssuggest that consumers have moved an increasing percentage of discretionarysavings funds into investments such as annuities, stocks, and fixed incomemutual funds.  Accordingly, it has become more difficult to attract deposits. We have chosen to obtain a portion of our certificates of deposits from areasoutside of our market.  The deposits obtained outside of our market areagenerally have comparable rates compared to rates being offered forcertificates of deposits in our local market.  We also utilize out-of-marketdeposits in certain instances to obtain longer-term deposits than are readilyavailable in our local market.  We anticipate that the amount of out-of-marketdeposits will continue to decline as our new retail deposit offices becomeestablished.  The amount of out-of-market deposits was $91.3 million atDecember 31, 2006 and $128.3 at March 31, 2007.  

We anticipate being able to either renew or replacethese out-of-market deposits when they mature, although we may not be able toreplace them with deposits with the same terms or rates.  Our loan-to-depositratio was 113% and 116% at March 31, 2007 and December 31, 2006, respectively. 

The following table shows the average balanceamounts and the average rates paid on deposits held by us for the three monthsended March 31, 2007 and 2006.  

** **

* *

** **

** **

**2007**

** **

**2006**

* *

** **

** **

**Amount**

** **

**Rate**

** **

**Amount**

** **

**Rate**

**(Dollars in thousands)**

 
 
Noninterest  bearing demand deposits

$

30,395 

- %

$

21,891 

- %

 
Interest  bearing demand deposits

33,480 

1.70 %

32,983 

1.81 %

 
Money  market accounts

82,526 

3.60 %

58,732 

2.95 %

 
Saving  accounts

1,547 

0.67 %

1,339 

0.41 %

 
Time  deposits less than $100,000

43,064 

4.64 %

30,525 

3.70 %

 
Time  deposits greater than $100,000

173,780 

5.30 %

117,236 

4.36 %

 
    Total deposits

$

365,066 

4.05 %

$

262,706 

3.26 %

 
23
**** 
The increase in time deposits of $100,000 ormore for the three months ended March 31, 2007 compared to the 2006 periodresulted from a $32.5 million increase in retail time deposits and a $58.9million increase in wholesale deposits.  A significant portion of the increasein retail time deposits is attributed to the addition of our two new retailbranch offices. 

Core deposits, which exclude out-of-marketdeposits and time deposits of $100,000 or more, provide a relatively stablefunding source for our loan portfolio and other earning assets.  Our coredeposits were $192.2 million and $197.7 million at March 31, 2007 and December31, 2006, respectively.  

All of our time deposits are certificates ofdeposits.  The maturity distribution of our time deposits of $100,000 or moreat March 31, 2007 was as follows: 

** **

**March 31, 2007**

**(Dollars in thousands)**

Three months or less

$

44,751 

Over three through six months

48,908 

Over six  through twelve months

60,317 

Over twelve months

 

37,717 

   Total

$

191,693 

** **

**Capital Resources**

 

**               **Totalshareholders' equity at March 31, 2007 was $35.6 million.  At December 31, 2006,total shareholders' equity was $34.6 million.  The increase during the first threemonths of 2007 resulted primarily from the $958,056 of net income earned.

 

Thefollowing table shows the return on average assets (net income divided by averagetotal assets), return on average equity (net income divided by average equity),and equity to assets ratio (average equity divided by average total assets) forthe three months ended March 31, 2007 and the year ended December 31, 2006. Since our inception, we have not paid cash dividends.

                                     

**March 31, 2007**

**December 31, 2006**

Return  on average assets

0.73 %

0.85 %

Return  on average equity

11.03 %

11.95 %

Equity  to assets ratio

6.61 %

7.15 %

            

Our return on average assetswas .73% for the three months ended March 31, 2007, a decrease from .85% for theyear ended December 31, 2006.  In addition, our return on average equity decreasedto 11.03% from 11.95% for the first quarter ended March 31, 2007 and the yearended December 31, 2006, respectively.  The decrease in the equity to assetsratio from December 31, 2006 is a function of the $76.0 million increase inaverage assets compared to the $2.6 million increase in average equity.

             Thefollowing table sets forth the holding company's and the bank's various capitalratios at March 31, 2007 and at December 31, 2006.  For all periods, the bankwas considered "well capitalized" and the holding company met or exceeded itsapplicable regulatory capital requirements.

**March  31, 2007**

**December  31, 2006**

**Holding**

** **

** **

**Holding**

** **

**Company**

**Bank**

** **

**Company**

**Bank**

Total risk-based capital

14.5 %

11.6 %

13.1 %

12.3 %

Tier 1 risk-based capital

13.3 %

10.4  %

11.9  %

11.1 %

Leverage  capital

10.9 %

8.5 %

9.4 %

8.7 %

24
****
**Borrowings**

 

**           **The following tableoutlines our various sources of borrowed funds during the three months ended March31, 2007 and the year ended December 31, 2006, the amounts outstanding at theend of each period, at the maximum point for each component during the periodsand on average for each period, and the average interest rate that we paid foreach borrowing source.  The maximum month-end balance represents the highindebtedness for each component of borrowed funds at any time during each ofthe periods shown. 

*** ***

* *

** **

** **

**Maximum**

** **

** **

** **

**Ending**

**Period-**

**Month-end**

**Average for the Period**

** **

**Balance**

**End Rate**

**Balance**

**Balance**

**Rate**

** **

**(Dollars in thousands)**

**At  or for the Three Months**

**            	ended  March 31, 2007**

Federal  Home Loan Bank advances

 $

118,500 

4.56 %

 $

118,500 

 $

113,400 

4.60 %

Junior subordinated debentures

13,403 

7.56 %

13,403 

13,403 

7.58 %

** **

**At  or for the Year**

**            	ended  December 31, 2006**

Federal  Home Loan Bank advances

 $

108,500 

4.52 %

 $

108,500 

 $

91,525 

4.35 %

Securities  sold under agreement to

   repurchase

- 

-  %

14,434 

8,362 

4.92 %

Federal  funds purchased

- 

-  %

3,345 

572 

5.47 %

Junior  subordinated debentures

13,403 

7.57 %

13,403 

13,403 

7.30 %

** **

* *

**Effect of Inflation andChanging Prices**

 

             The effect of relativepurchasing power over time due to inflation has not been taken into account inour consolidated financial statements.  Rather, our financial statements havebeen prepared on an historical cost basis in accordance with generally acceptedaccounting principles.

 

             Unlikemost industrial companies, our assets and liabilities are primarily monetary innature.  Therefore, the effect of changes in interest rates will have a moresignificant impact on our performance than will the effect of changing pricesand inflation in general.  In addition, interest rates may generally increaseas the rate of inflation increases, although not necessarily in the samemagnitude.  As discussed previously, we seek to manage the relationshipsbetween interest sensitive assets and liabilities in order to protect against widerate fluctuations, including those resulting from inflation.

 

**Off-BalanceSheet Risk**

 

                Commitments to extend credit areagreements to lend to a client as long as the client has not violated anymaterial condition established in the contract.  Commitments generally havefixed expiration dates or other termination clauses and may require the paymentof a fee.  At March 31, 2007, unfunded commitments to extend credit were $50.7million, of which $27.2 million was at fixed rates and $23.5 million was atvariable rates.  At December 31, 2006, unfunded commitments to extend creditwere $79.2 million, of which approximately $40.6 million was at fixed rates and$38.6 million was at variable rates.  A significant portion of the unfundedcommitments related to consumer equity lines of credit.  Based on historicalexperience, we anticipate that a significant portion of these lines of creditwill not be funded.  We evaluate each client's credit worthiness on acase-by-case basis.  The amount of collateral obtained, if deemed necessary byus upon extension of credit, is based on our credit evaluation of theborrower.  The type of collateral varies but may include accounts receivable,inventory, property, plant and equipment, and commercial and residential realestate.

At March 31, 2007, there was a $2.3 millioncommitment under letters of credit.  At December 31, 2006, there was a $2.4million commitment under a letter of credit.  The credit risk and collateralinvolved in issuing letters of credit is essentially the same as that involvedin extending loan facilities to customers.  Since most of the letters of creditare expected to expire without being drawn upon, they do not necessarilyrepresent future cash requirements.

25
****
Except as disclosed in this document, we are notinvolved in off-balance sheet contractual relationships, unconsolidated relatedentities that have off-balance sheet arrangements or transactions that couldresult in liquidity needs or other commitments that significantly impactearnings.

**MarketRisk**

 

**               **Market risk is the riskof loss from adverse changes in market prices and rates, which principallyarises from interest rate risk inherent in our lending, investing, depositgathering, and borrowing activities.  Other types of market risks, such asforeign currency exchange rate risk and commodity price risk, do not generallyarise in the normal course of our business.  Our asset/liability managementcommittee ("ALCO") monitors and considers methods of managing exposure tointerest rate risk.  We have both an internal ALCO consisting of senior management that meets at various times during each month and a board ALCO that meets monthly.  The ALCOs are responsible for maintaining the level of interest ratesensitivity of our interest sensitive assets and liabilities withinboard-approved limits.

We actively monitor and manage our interest raterisk exposure principally by measuring our interest sensitivity "gap," which isthe positive or negative dollar difference between assets and liabilities thatare subject to interest rate repricing within a given period of time.  Interestrate sensitivity can be managed by repricing assets or liabilities, sellingsecurities available for sale, replacing an asset or liability at maturity, oradjusting the interest rate during the life of an asset or liability.  Managingthe amount of assets and liabilities repricing in this same time interval helpsto hedge the risk and minimize the impact on net interest income of rising orfalling interest rates.  We generally would benefit from increasing marketrates of interest when we have an asset-sensitive gap position and generallywould benefit from decreasing market rates of interest when we areliability-sensitive.

We were liability sensitive during the latterhalf of the year ended December 31, 2006 and during the three months ended March31, 2007.  Our variable rate loans and a majority of our deposits repriceover a 12-month period.  Approximately 46% and 49% of our loans were variablerate loans at March 31, 2007 and December 31, 2006, respectively.  The ratio ofcumulative gap to total earning assets after 12 months was (24.6%) because$129.2 million more liabilities will reprice in a 12 month period than assets. However, our gap analysis is not a precise indicator of our interestsensitivity position.  The analysis presents only a static view of the timing ofmaturities and repricing opportunities, without taking into consideration thatchanges in interest rates do not affect all assets and liabilities equally. For example, rates paid on a substantial portion of core deposits may changecontractually within a relatively short time frame, but those rates are viewedby us as significantly less interest-sensitive than market-based rates such asthose paid on noncore deposits.  Net interest income may be affected by othersignificant factors in a given interest rate environment, including changes inthe volume and mix of interest-earning assets and interest-bearing liabilities.

**Liquidity and InterestRate Sensitivity**

 

             Liquidity represents theability of a company to convert assets into cash or cash equivalents withoutsignificant loss, and the ability to raise additional funds by increasingliabilities.  Liquidity management involves monitoring our sources and uses offunds in order to meet our day-to-day cash flow requirements while maximizingprofits.  Liquidity management is made more complicated because differentbalance sheet components are subject to varying degrees of management control. For example, the timing of maturities of our investment portfolio is fairlypredictable and subject to a high degree of control at the time investmentdecisions are made.  However, net deposit inflows and outflows are far lesspredictable and are not subject to the same degree of control.

             AtMarch 31, 2007, our liquid assets, consisting of cash and due from banks andfederal funds sold, amounted to $26.6 million, or 4.8% of total assets.  Ourinvestment securities at March 31, 2007 amounted to $82.8 million, or 14.8% oftotal assets.  Investment securities traditionally provide a secondary sourceof liquidity since they can be converted into cash in a timely manner. However, $24.5 million of these securities are pledged against outstandingdebt.  Therefore, the related debt would need to be repaid prior to thesecurities being sold in order for these securities to be converted to cash. At December 31, 2006, our liquid assets amounted to $16.6 million, or 3.3% oftotal assets.  Our investment securities at December 31, 2006 amounted to $74.3million, or 14.6% of total assets.  However, substantially all of thesesecurities were pledged against outstanding debt.  

26
****
Our ability to maintain and expand our depositbase and borrowing capabilities serves as our primary source of liquidity.  We planto meet our future cash needs through the liquidation of temporary investments,the generation of deposits, and from additional borrowings.  In addition, wewill receive cash upon the maturity and sale of loans and the maturity ofinvestment securities.  We maintain three federal funds purchased lines ofcredit with correspondent banks totaling $26.1 million for which there were noborrowings against the lines at March 31, 2007.  We are also a member of theFederal Home Loan Bank of Atlanta (FHLB), from which applications forborrowings can be made for leverage purposes.  The FHLB requires thatsecurities, qualifying mortgage loans, and stock of the FHLB owned by the bankbe pledged to secure any advances from the FHLB.  The unused borrowing capacitycurrently available from the FHLB at March 31, 2007 was $8.1 million, based onthe bank's $6.2 million investment in FHLB stock, as well as qualifyingmortgages available to secure any future borrowings.

                We have aten-year, five-month lease on our new headquarters and main office.  The leaseprovides for a substantial reduction in the rent rate for the first five monthsof the lease.  Beginning in 2007, the monthly rent expense is approximately $42,000. The lease provides for annual lease rate escalations based on cost of livingadjustments.  

We believe that our existing stable base of coredeposits, borrowings from the FHLB, and short-term repurchase agreements willenable us to successfully meet our long-term liquidity needs.

** **

Asset/liability management is the process bywhich we monitor and control the mix and maturities of our assets andliabilities. The essential purposes of asset/liability management are to ensureadequate liquidity and to maintain an appropriate balance between interestsensitive assets and liabilities in order to minimize potentially adverseimpacts on earnings from changes in market interest rates.  We have both aninternal ALCO consisting of senior management that meets at various timesduring each month and a board ALCO that meets monthly.  The ALCOs areresponsible for maintaining the level of interest rate sensitivity of ourinterest sensitive assets and liabilities within board-approved limits.

 

The following table setsforth information regarding our rate sensitivity as of March 31, 2007 for eachof the time intervals indicated. The information in the table may not beindicative of our rate sensitivity position at other points in time.  Inaddition, the maturity distribution indicated in the table may differ from thecontractual maturities of the earning assets and interest-bearing liabilitiespresented due to consideration of prepayment speeds under various interest ratechange scenarios in the application of the interest rate sensitivity methodsdescribed above. 

** **

**Within**

** **

**After three  but**

** **

**After one  but**

** **

**After**

** **

** **

**three**

** **

**within  twelve**

** **

**within five**

** **

**five**

** **

** **

**months**

** **

**months**

** **

**years**

** **

**years**

** **

**Total**

** **

**(Dollars in  thousands**)

Interest-earning assets:

Federal funds sold

$

19,136 

$

- 

$

- 

$

- 

$

19,136 

Investment securities

3,336 

8,933 

33,082 

29,783 

75,134 

Loans

210,602 

40,345 

146,224 

34,400 

431,571 

 

Total earning assets

$

233,074 

$

49,278 

$

179,306 

$

64,183 

$

525,841 

Interest-bearing liabilities:

Money market and NOW

$

116,759 

$

- 

$

- 

$

- 

$

116,759 

Regular savings

1,572 

- 

- 

- 

1,572 

Time deposits

59,876 

138,460 

36,357 

366 

235,059 

FHLB advances

55,000 

26,500 

37,000 

- 

118,500 

Junior  subordinated debentures

13,403 

- 

- 

- 

13,403 

Total interest-bearing liabilities

$

246,610 

$

164,960 

$

73,357 

$

366 

$

485,293 

Period gap

$

(13,536)

$

(115,682)

$

105,949 

$

63,817 

Cumulative gap

(13,536)

(129,218)

(23,269) 

40,548 

Ratio of  cumulative gap total assets   total earning assets

(2.6%)

(24.6%)

(4.4 %)

7.7 %

** **

27

 
****
 

The following table setsforth information regarding our rate sensitivity, as of December 31, 2006, ateach of the time intervals. 

** **

**Within**

** **

**After three  but**

** **

**After one  but**

** **

**After**

** **

** **

**three**

** **

**within  twelve**

** **

**within five**

** **

**five**

** **

** **

**months**

** **

**months**

** **

**years**

** **

**years**

** **

**Total**

** **

**(Dollars in  thousands)**

 Interest-earning assets:

Federal funds sold

$

7,467 

$

- 

$

- 

$

- 

$

7,467 

Investment securities

3,159 

8,588 

29,940 

25,557 

67,244 

Loans

205,316 

25,828 

134,035 

36,321 

401,500 

Total earning assets

$

215,942  

$

34,416 

$

163,975 

$

61,878 

$

476,211 

Interest-bearing liabilities:

Money market and NOW

$

117,538 

$

- 

$

- 

$

- 

$

117,538 

Regular savings

1,544 

- 

- 

- 

1,544 

Time deposits

45,443 

114,940 

34,995 

165 

195,543 

FHLB advances

57,500 

19,000 

32,000 

- 

108,500 

Junior  subordinated debentures

13,403 

- 

- 

- 

13,403 

Total interest-bearing liabilities

$

235,428 

$

133,940 

$

66,995 

$

165 

$

436,528 

Period gap

$

(19,486)

$

(99,524)

$

96,980 

$

61,713 

Cumulative gap

(19,486)

(119,010)

(22,030)

39,683 

Ratio of  cumulative gap total assets   total earning assets

(4.1 %)

(25.0 %)

(4.6 %)

8.3 %

** **

**Accounting,Reporting, and Regulatory Matters***RecentlyIssued Accounting Standards*

 

*              *Thefollowing is a summary of recent authoritative pronouncements that affectaccounting, reporting, and disclosure of financial information by us:

 

InSeptember 2006, the FASB issued SFAS No. 157, "Fair ValueMeasurements." SFAS 157 defines fair value, establishes a framework formeasuring fair value in generally accepted accounting principles, and expandsdisclosures about fair value measurements. This standard does not require anynew fair value measurements, but rather eliminates inconsistencies found invarious prior pronouncements. SFAS 157 is effective for the company on January1, 2008 and is not expected to have a significant impact on the company'sfinancial position, results of operations or cash flows.

In September 2006, theFASB issued SFAS No. 158, "Employers' Accounting for Defined Benefit Pensionand Other Postretirement Plans"**("SFAS 158"), which amends SFAS 87 andSFAS 106 to require recognition of the overfunded or underfunded status ofpension and other postretirement benefit plans on the balance sheet. Under SFAS158, gains and losses, prior service costs and credits, and any remainingtransition amounts under SFAS 87 and SFAS 106 that have not yet been recognizedthrough net periodic benefit cost will be recognized in accumulated othercomprehensive income, net of tax effects, until they are amortized as acomponent of net periodic cost. The measurement date - the date at which thebenefit obligation and plan assets are measured - is required to be thecompany's fiscal year end. SFAS 158 is effective for publicly−heldcompanies for fiscal years ending after December 15, 2006, except for themeasurement date provisions, which are effective for fiscal years ending afterDecember 15, 2008. The company does not have a defined benefit pension plan.Therefore, SFAS 158 will not impact the company's financial position, resultsof operations or cash flows.

28
****
In September, 2006, TheFASB ratified the consensuses reached by the FASB'sEmerging Issues Task Force ("EITF") relating to EITF 06-4 "Accounting for theDeferred Compensation and Postretirement Benefit Aspects of EndorsementSplit-Dollar Life Insurance Arrangements".  EITF 06-4 addresses employer accounting for endorsement split-dollar lifeinsurance arrangements that provide a benefit to an employee that extends topostretirement periods should recognize a liability for future benefits inaccordance with SFAS No. 106, "*Employers'Accounting for Postretirement Benefits Other Than Pensions",*orAccounting Principles Board ("APB") Opinion No. 12, "*Omnibus Opinion-1967". *EITF 06-4 iseffective for fiscal years beginning after December 15, 2007. Entities shouldrecognize the effects of applying this Issue through either (a) a change inaccounting principle through a cumulative-effect adjustment to retainedearnings or to other components of equity or net assets in the statement offinancial position as of the beginning of the year of adoption or (b) a changein accounting principle through retrospective application to all prior periods. The company is currently analyzing the effects of EITF 06-4 on itsfinancial position, results of operations and cash flows.

In February 2007, theFASB issued SFAS No. 159, "The Fair Value Option for Financial Assets andFinancial Liabilities - Including an amendment of FASB Statement No. 115." Thisstatement permits, but does not require, entities to measure many financialinstruments at fair value. The objective is to provide entities with anopportunity to mitigate volatility in reported earnings caused by measuringrelated assets and liabilities differently without having to apply complexhedge accounting provisions. Entities electing this option will apply it whenthe entity first recognizes an eligible instrument and will report unrealizedgains and losses on such instruments in current earnings.   This statement 1)applies to all entities, 2) specifies certain election dates, 3) can be appliedon an instrument-by-instrument basis with some exceptions, 4) is irrevocableand 5) applies only to entire instruments. One exception is demand depositliabilities which are explicitly excluded as qualifying for fair value. Withrespect to SFAS 115, available-for-sale and held-to-maturity securities at theeffective date are eligible for the fair value option at that date. If the fairvalue option is elected for those securities at the effective date, cumulativeunrealized gains and losses at that date shall be included in thecumulative-effect adjustment and thereafter, such securities will be accountedfor as trading securities. SFAS 159 is effective for the company on January 1,2008. Earlier adoption is permitted in 2007 if the company also elects to applythe provisions of SFAS 157, "Fair Value Measurement." The company is currentlyanalyzing the fair value option provided under SFAS 159.   

             Otheraccounting standards that have been issued or proposed by the FASB or otherstandards-setting bodies that do not require adoption until a future date arenot expected to have a material impact on the consolidated financial statementsupon adoption.

**Item3. Quantitative and Qualitative Disclosures about Market Risk.**

There have been nomaterial changes in our quantitative and qualitative disclosures about marketrisk as of March 31, 2007 from that presented in our annual report on Form 10-Kfor the year ended December 31, 2006.  See "Market Risk" and "Liquidity andInterest Rate Sensitivity" in Item 2, Management Discussion and Analysis ofFinancial Condition and Results of Operations for quantitative and qualitativedisclosures about market risk, which information is incorporated herein by reference.

**Item4.  Controls and Procedures.**

As of the end of the period covered by thisreport, we carried out an evaluation, under the supervision and with theparticipation of our management, including our Chief Executive Officer andChief Financial Officer, of the effectiveness of our disclosure controls andprocedures as defined in Exchange Act Rule 13a-15(e).  Based upon thatevaluation, our Chief Executive Officer and Chief Financial Officer haveconcluded that our current disclosure controls and procedures are effective asof March 31, 2007.  There have been no significant changes in our internalcontrols over financial reporting during the fiscal quarter ended March 31, 2007that have materially affected, or are reasonably likely to materially affect,our internal controls over financial reporting.

The design of any system of controls andprocedures is based in part upon certain assumptions about the likelihood offuture events.  There can be no assurance that any design will succeed inachieving its stated goals under all potential future conditions, regardless ofhow remote.

** **

 

**PARTII.  OTHER INFORMATION**

** **

**Item 1.             Legal Proceedings.**

 

There are no material pending legal proceedings towhich the company is a party or of which any of its property is the subject.

 

**Item 1A.          Risk Factors.**

There were no materialchanges from the risk factors presented in our annual report on Form 10-K forthe year ended December 31, 2006.** **

29
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**Item 2.             Unregistered Sales of Equity Securities and Use ofProceeds.**

Not applicable

**Item 3.             Defaults Upon Senior Securities.**

                         Notapplicable

**Item 4.             Submission of Matters to a Vote of SecurityHolders.**

                          Notapplicable

**Item 5.             Other Information.**

                         Notapplicable

**Item 6.             Exhibits.**

31.1                   Rule 13a-14(a)Certification of the Principal Executive Officer.

31.2                  Rule 13a-14(a) Certification of the PrincipalFinancial Officer.  

32                     Section1350 Certifications.  

30
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**SIGNATURES**

             Pursuantto the requirements of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned thereuntoduly authorized.

GREENVILLE  FIRST BANCSHARES, INC.

Registrant
         
Date: May 10, 2007

/s/R.  Arthur Seaver, Jr.         	

R. Arthur Seaver, Jr.

Chief Executive Officer
         
Date: May 10, 2007

/s/James M. Austin,  III                      	

James M. Austin, III

Chief Financial Officer

31
****
 

**INDEXTO EXHIBITS**ExhibitNumber                        Description

 

31.1         Rule13a-14(a) Certification of the Principal Executive Officer.

 

31.2         Rule 13a-14(a) Certification of the Principal FinancialOfficer.  

 

32            Section1350 Certifications. 

32 |
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