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

                                   FORM 10-QSB

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

                  For the Quarterly Period Ended June 30, 2000

                                       OR

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

               For the Transition Period from ______ to __________

                        Commission file number 333-83851

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

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

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

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

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

Check whether the issuer:  (1) filed all reports required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days.
                                                             YES    NO X
                                                                --     --

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity,  as of the latest  practicable  date:  1,150,000 shares of common stock,
$.01 par value per share, issued and outstanding as of August 7, 2000.

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


                        GREENVILLE FIRST BANCSHARES, INC.

                          PART I. FINANCIAL INFORMATION

      Item 1.      Financial Statements

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




<PAGE>


                        GREENVILLE FIRST BANCSHARES, INC
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>

                                                                           June 30, 2000           December 31, 1999
                                                                            (Unaudited)            (Development Stage
                                                                                                      Enterprise)

                               Assets                                                                  (Audited)

<S>                                                              <C>                      <C>
Cash and due from bank                                               $      1,723,714        $           5,856
Federal funds sold                                                          6,240,000                1,460,000
Investments securities available for sale                                   6,368,577                8,317,872
Loans                                                                      25,248,752                        -
   Less reserve for loan losses                                              (280,000)                       -
                                                                      ----------------       -----------------
                                                                           24,968,752                        -
                                                                      ---------------        -----------------
Accrued interest receivable                                                   276,582                  246,773
Property and equipment                                                        273,662                  111,192
Other assets                                                                  127,370                        -
                                                                      ---------------        -----------------
                                                                                         -
         Total Assets                                                 $    39,978,657        $      10,141,693
                                                                      ===============        =================

                Liabilities and Stockholders' Equity

Liabilities

Deposits                                                              $    29,014,216        $               -
Checks outstanding                                                          1,061,041                        -
Accounts payable                                                               11,570                   11,322
Accrued expense                                                               105,064                   18,000
Accrued interest payable                                                      124,680                        -
Other                                                                           1,194                        -
                                                                      ---------------        -----------------
                                                                      $    30,317,765        $          29,322
                                                                      ---------------         ----------------

Commitments and Contingencies

Stockholders' Equity

   Preferred stock, par value $.01 per share
       10,000,000 shares authorized, no shares issued
   CommonStock, par value $.01 per share
       10,000,000 shares authorized  1,150,000 issued
       and outstanding at June 30, 2000 and
       December 31, 1999, respectively                                         11,500                   11,500
   Additional paid-in capital                                              10,635,200               10,635,200
   Retained deficit                                                          (973,949)                (534,329)
   Accumulated other comprehensive loss                                       (11,859)                       -
                                                                      ----------------       -----------------
       Total stockholders' equity                                           9,660,892               10,112,371
                                                                      ---------------        -----------------

   Total liabilities and stockholders' equity                         $    39,978,657        $      10,141,693
                                                                      ===============        =================

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

                        GREENVILLE FIRST BANCSHARES, INC.
                      CONSOLIDATED STATEMENT OF OPERATIONS

                                   (Unaudited)

                                                      For the three months ended      For the six months ended June
                                                      June 30, 2000                   30, 2000
Interest income

<S>                                                        <C>                <C>
   Investments                                             $   189,069        $         380,727
   Loans                                                       452,958                  597,257
                                                      ---------------------   -----------------
     Total interest income                                     642,027                  977,984

Interest expense                                               282,112                  398,645
                                                      ---------------------   -----------------
     Net interest income                                       359,915                  579,339

Provision for loan loss                                        180,000                  280,000

Other income                                                     9,490                   11,852

General & administrative expenses

   Salaries and benefits                                       255,813                  500,969
   Professional fees                                            40,301                   65,421
   Marketing                                                    10,176                   12,340
   Outside services                                             22,101                   38,099
   Occupancy                                                    69,291                  140,297
   Telephone                                                     3,902                    9,863
   Other                                                        27,322                   57,822
                                                      ---------------------   -----------------
     Total general & administrative expenses                   428,906                  824,811
                                                      ---------------------   -----------------

      Net loss before taxes                                    239,501                  513,620

Provision for income taxes benefits                             74,000                   74,000
                                                      ---------------------   -----------------

Net loss                                              $        165,501        $         439,620
                                                      =====================   =================

Basic loss per share                                  $               .14     $                .38

Weighted average shares outstanding                          1,150,000                1,150,000


</TABLE>

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

<PAGE>
<TABLE>
<CAPTION>


                        GREENVILLE FIRST BANCSHARES, INC.
            CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                     For the six months ended June 30, 2000
                                   (Unaudited)

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

Comprehensive loss, net of tax:

  Net loss                                                                   (439,620)                             (439,620)

  Unrealized loss on investments

     held for sale                                                                          (11,859)                (11,859)
                                 ---------     -------      ----------     -----------    ----------          -------------


       Total comprehensive loss                                              (439,620)      (11,859)               (451,479)
                                 ---------     -------      ----------     -----------    ----------          -------------

Balance at June 30, 2000         1,150,000     $11,500      $10,635,200    $ (973,949)    $ (11,859)          $   9,660,892
                                 =========     =======      ===========    ===========    ==========          =============



</TABLE>

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

                        GREENVILLE FIRST BANCSHARES, INC.
                        (A DEVELOPMENT STAGE ENTERPRISE)
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                     For the six months ended June 30, 2000
                                   (Unaudited)

Operating activities

<S>                                                                           <C>
  Net loss                                                                       $            (439,620)
  Adjustments to reconcile net loss to cash provide by operating activities:
    Provision for loan losses                                                                  280,000
    Depreciation and other amortization                                                         31,487
    Accretion and amortization of securities discounts and premium, net                         (7,471)
    Other assets, net                                                                         (157,179)
    Other liabilities, net                                                                   1,274,227
                                                                                 ---------------------

       Net cash provided by operating activities                                               981,444
                                                                                 ---------------------

Investing activities

  Increase (decrease) in cash realized from:

    Origination of loans, net                                                              (25,248,752)
    Purchase property and equipment                                                           (193,957)
    Purchase of securities available for sale                                               (6,544,403)
    Increase in federal funds sold                                                          (4,780,000)
    Payments and maturity of securities available for sale                                   8,489,310
                                                                                 ---------------------

         Net cash used in investing activities                                             (28,277,802)

Financing activities

 Increase in deposits, net                                                                  29,014,216
                                                                                 ---------------------

          Net increase in cash                                                               1,717,858

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

CASH AND CASH EQUIVALENTS, END OF PERIOD                                         $           1,723,714
                                                                                 =====================

</TABLE>

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


<PAGE>



                           GREENVILLE FIRST BANCSHARES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 - Nature of Business and Basis of Presentation

Business activity and organization

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

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

Basis of Presentation

         The accompanying  financial statements have been prepared in accordance
with generally accepted accounting  principles for interim financial information
and with the instructions to Form 10-QSB.  Accordingly,  they do not include all
the  information  and  footnotes  required  by  generally  accepted   accounting
principles for complete financial statements. In the opinion of management,  all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. Operating results for the six-month period
ended June 30, 2000 are not  necessarily  indicative  of the results that may be
expected for the year ending December 31, 2000. For further  information,  refer
to the consolidated  financial  statements and footnotes thereto included in the
Company's Registration Statement on Form SB-2 (Registration Number 333-83851) as
filed with and declared effective by the Securities and Exchange Commission.

Note 2 - Stock Option Plan

         On March 21,  2000,  the Board of  Directors  of the Company  adopted a
stock incentive plan for the benefit of the directors,  officers,  and employees
of the Company and the Bank. The Company's shareholders approved the plan at the
annual  shareholders  meeting on May 11, 2000.  Under the plan,  the Company may
grant up to 172,500  shares of common stock options at an option price per share
not less than the fair market value on the date of grant. As of June 30, 2000 no
options had been granted.


<PAGE>


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

GENERAL

         The following is a discussion of the Company's  financial  condition as
of June 30,  2000 and the  results  of  operations  for the three and six months
ended June 30,  2000.  These  comments  should be read in  conjunction  with the
Company's condensed consolidated financial statements and accompanying footnotes
appearing in this report.

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

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

         The Company completed its stock offering on November 30, 1999, upon the
issuance of 1,150,000 shares for a total of $11,500,000.  The Company  initially
capitalized the Bank with $8,500,000 of the proceeds from the stock offering. On
April 18, 2000 the company  increased  its  investment in the Bank by $1,000,000
utilizing  proceeds  from the initial  offering.  The Company does not currently
anticipate raising additional capital.

FINANCIAL CONDITION

         At June 30,  2000,  the  Company  had total  assets  of $40.0  million,
consisting  principally of $25.0 million in loans,  $12.6 million in investments
and $1.7 million in cash and due from bank. Liabilities at June 30, 2000 totaled
$30.3 million,  consisting  principally of $29.0 million in deposits and $1.1 in
checks outstanding. At June 30, 2000, shareholders' equity was $9.7 million.

         At June 30,  2000,  the Bank's loan  portfolio  consisted  primarily of
$11.0  million of  commercial  real estate  loans,  $4.2  million of  commercial
business loans,  and $9.1 million of consumer and home equity loans. At June 30,
2000, there were no non-performing loans. At June


<PAGE>

30, 2000, the Bank's allowance for loan losses was $280,000. Management believes
this is adequate to absorb  possible loan losses in the  portfolio.  At June 30,
2000 the Bank had $29.0  million in  deposits.  The $29.0  million  in  deposits
consisted  primarily  of $5.6  million in  personal  checking,  $3.0  million in
business checking,  $11.1 million in certificates of deposit and $9.3 million of
money market accounts of which 60% are business accounts.

LIQUIDITY

         Liquidity needs are met by the Company through scheduled  maturities of
loans and  investments  on the asset side and  through  pricing  policies on the
liability side for interest-bearing  deposit accounts. The level of liquidity is
measured by the loan-to-total  borrowed funds ratio, which was at 86.1 % at June
30, 2000.

         The Bank plans to decrease its investment portfolio and to increase its
loan  portfolio.  The primary source of funding for the Bank's loan portfolio is
the maturity of investment securities and deposits that are acquired.

CAPITAL

         The Bank currently maintains a level of capitalization substantially in
excess of the  minimum  capital  requirements  set by the  regulatory  agencies.
Despite  anticipated  asset  growth,  management  expects its capital  ratios to
continue to be adequate for the next two to three years.  However, no assurances
can be given in this regard, as rapid growth, deterioration in loan quality, and
continued losses, or a combination of these factors,  could change the Company's
capital position in a relatively short period of time.

         The Bank plans to lease its permanent main office building beginning in
the fourth quarter of the year 2000.

RESULTS OF OPERATIONS

         The Company  incurred a net loss of $439,620  for the six months  ended
June 30,  2000.  The net loss for the  first  three  months of the year 2000 was
$274,119 compared to $165,501 for the three months ended June 30, 2000. Included
in the net losses is a non-cash  expense  for  provision  for loan  losses.  The
provision  for the first three months was $100,000  compared to $180,000 for the
three months ended June 30, 2000.  Net interest  income for the six months ended
June 30, 2000 was $579,339. This resulted from net interest income for the first
three months being $219,424 compared to $359,915 for the three months ended June
30,  2000.  Interest  income  for the first six months  ended June 30,  2000 was
$977,984  of which  $335,957  relates to the first  three  months  and  $642,027
relates to the second three months ended June 30, 2000. Interest expense for the
six months  ended June 30, 2000 was  $398,645 of which  $116,533  relates to the
first three months and  $282,112  relates to the second three months of the year
2000.

         Average  loans and  investments  for the first three months in the year
2000 were $6.2 million and $13.0  million,  respectively.  The average loans and
investment for the three months ended June 30, 2000 were $18.9 million and $12.0
million, respectively. The average yields on loans and investments for the three
months  ended  June 30,  2000 were 9.66% and 6.34%,  respectively.  The


<PAGE>

average yields on loans and  investments  for the six months ended June 30, 2000
were 9.56% and 6.10%.

         The average balance of deposits for the first six months ended June 30,
2000 was $15.8 million.  The average for the first three months was $9.5 million
and the average for the second three  months of the year 2000 was  $22.2million.
The  weighted  rate on deposit for the six months  ended June 30, 2000 was 5.05%
and was 4.94% and 5.12% for the  first and  second  quarters  of the year  2000,
respectively.

         The  Company's  net spread for the six months  ended June 30,  2000 was
2.80% and was 3.26% for the three  months  ended June 30,  2000.  The Bank's net
yield on  earning  assets  was  4.64% for the six  months  ended  June 30,  2000
compared to 4.69% for the three months ended June 30, 2000.

         The bank incurred general and  administrative  expenses of $824,811 for
the six months ended June 30, 2000. The related expense for the first and second
quarters of the year 2000 were $395,905 and $428,906, respectively. Salaries and
benefits  represented  60.7% for the total expense for the six months ended June
30, 2000.  Salaries and  benefits  were  $245,156 and $255,813 for the first and
second quarters of 2000, respectively.  Another significant expense was $140,297
for occupancy  cost for the six-month  period ended June 30, 2000.  This expense
was  $71,006 in the first  quarter of 2000  compared  to $69,291  for the second
quarter of 2000.

         In the  second  quarter  of 2000 the  company  recorded  an income  tax
benefit  of  $74,000  related  to the  future  value  of the  Company's  current
operating losses.


<PAGE>


                           PART II. OTHER INFORMATION

Item 1.    Legal Proceedings

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

Item 2.    Changes in Securities

           Not applicable

Item 3.    Defaults Upon Senior Securities

           Not applicable

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

           The annual meeting of shareholders  was held on May 11, 2000 to elect
four members to the Board of Directors and to consider a proposal to approve the
Company's 2000 stock incentive plan.

           There were four  members up for  election to the Board of  Directors.
The number of votes for the election of the  directors  was as follows:  For Mr.
Cothran -1,087,470;  for Mr. Johnstone - 1,087,470;  for Mr. Marrero -1,087,470;
for Mr.  Seaver-1,087,470;  withhold  authority for Mr. Cothran - 300;  withhold
authority for Mr. Johnstone- 300; withhold  authority for Mr. Marrero - 300; and
withhold  authority for Mr. Seaver- 300. The terms of the Class I directors will
expire at the 2003 Annual Meeting of Shareholders.

           The  shareholders  of the Company  approved the Company's  2000 stock
incentive  plan.  The number of votes for the  approval of the Plan was 513,418.
The number of votes against the Plan was 3,100; 18,400 abstained from voting and
we had 550,852 broker non-votes.

Item 5.    Other Information

           On April  18,  2000,  the  Board of  Directors  passed  by  unanimous
consent,  an amendment to the  Company's  bylaws in order to revise the required
retirement age of the initial  directors as set forth in Article 3, Section 6 of
the bylaws to 70 years of age.


<PAGE>



Item 6.    Exhibits and Reports on Form 8-K

      (a)  Exhibits

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

 3.1     Amendment to Bylaws

27.1     Financial Data Schedule (for electronic filing purposes)

         (b)      Reports on Form 8-K

                  None


<PAGE>


                                   SIGNATURES

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

                                          GREENVILLE FIRST BANCSHARES, INC.



Date:  August 14, 2000                    /s/ R. Arthur Seaver, Jr.
                                          --------------------------------------
                                          R. Arthur Seaver, Jr.
                                          Chief Executive Officer



                                           /s/ James M. Austin, III
                                          --------------------------------------
                                           James M. Austin, III
                                           Chief Financial Officr


<PAGE>


                                  EXHIBIT INDEX

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

 3.1     Amendment to Bylaws

27.1     Financial Data Schedule (for electronic filing purposes)