| ** **

** **

** **

**  **                                                                                                                                                                                                                                          |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** **                                                                                                                                                                                                                                                                                    |
| ** **                                                                                                                                                                                                                                                                                    |
| ** **                                                                                                                                                                                                                                                                                    |
| ** **                                                                                                                                                                                                                                                                                    |
| **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 September 30, 2005                                                                                                                                                                                                                                            |
| ** **                                                                                                                                                                                                                                                                                    |
| **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.) |
| ** **                                                                                                                                                                                                                                                                                    | ** ** |
| 112 Haywood    Road                                                                                                                                                                                                                                                                           | ** ** |
|                    Greenville,     S.C.                                                                                  |                     29607                      |
| (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 an accelerated filer (as defined in  Rule 12b-2 of the Exchange Act).                                                                                                                                                                       |
| Yes [   ]  No [ 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:                                                                                                                                                          |
| 2,659,725  shares of common stock, $.01 par value per share, were issued and outstanding  as of November 9, 2005.                                                                                                                                                                             |
| ** **                                                                                                                                                                                                                                                                                    |
| ** **                                                                                                                                                                                                                                                                                    |
| ** **                                                                                                                                                                                                                                                                                    |
| ** **                                                                                                                                                                                                                                                                                    |

----

**  **

**GREENVILLEFIRST BANCSHARES, INC.PART I.  FINANCIAL INFORMATION**

**      **

**Item 1.  Financial Statements**

 

       The financial statementsof Greenville First Bancshares, Inc. and Subsidiary are set forth in thefollowing pages.

 

   ***GREENVILLEFIRST BANCSHARES, INC. AND SUBSIDIARYCONSOLIDATED BALANCE SHEETS***

**                                                                                                                                           **

| ** **                     |                                                                                                     |                                                                                           | ** **                                 | **September 30,**  | ** **        | **December 31,**  |
|--------------------------------|-----------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|--------------------------------------------|--------------------|-------------------|-------------------|
| ** **                     |                                                                                                     |                                                                                           | ** **                                 | **2005**           | ** **        | **2004**          |
| ** **                     |                                                                                                     |                                                                                           | ** **                                 | (Unaudited)        |                   | (Audited)         |
| **Assets**                     |                                                                                                     |                                                                                           |                                            |
| ** **                     | Cash and due  from banks                                                                            |  $                                                                                   | 5,140,135                             |                    |  $           | 3,943,877    |
|                                | Federal funds  sold                                                                                 | 7,333,626                                                                            |                                            | 1,394,459     |
|                                | Investment  securities available for sale                                                           | 10,526,843                                                                           |                                            | 12,159,674    |
|                                | Investment  securities held to maturity-                                                            |                                                                                           |                                            |                    |
|                                |  (fair value $20,085,855 and $13,088,613)                                                      | 20,425,261                                                                           |                                            | 13,138,697    |
|                                | Other  investments, at cost                                                                         | 5,348,400                                                                            |                                            | 3,863,850     |
|                                | Loans, net                                                                                          | 319,727,816                                                                          |                                            | 276,630,484   |
|                                | Property and  equipment, net                                                                        | 3,736,815                                                                            |                                            | 2,013,995     |
|                                | Accrued interest  receivable                                                                        | 1,387,329                                                                            |                                            | 1,145,810     |
|                                | Other real  estate owned                                                                            | -                                                                                    |                                            | 28,000        |
|                                | Other assets                                                                                        | 1,662,071                                                                            |                                            | 1,492,352     |
|                                |                                                                                                     |                                                                                           |                                            |                    |                   |                   |
|                                |          Total assets                                       |  $                                                                                   | 375,288,296                           |                    |  $           | 315,811,198  |
|                                |                                                                                                     |                                                                                           |                                            |                    | ** **        | ** **        |
| **Liabilities**                | ** **                                                                                          | ** **                                                                                |                                            |
| ** **                     | Deposits                                                                                            |  $                                                                                   | 236,883,932                           |     |  $           | 204,864,142  |
|                                | Official checks outstanding                                                                         | 1,969,881                                                                            |                                            | 1,384,480     |
|                                | Federal funds  purchased and repurchase agreements                                                  | 16,232,000                                                                           |                                            | 13,099,999    |
|                                | Federal Home  Loan Bank advances                                                                    | 81,500,000                                                                           |                                  | 60,660,000    |
|                                | Junior  subordinated debentures                                                                     | 6,186,000                                                                            |                                            | 6,186,000     |
|                                | Accrued interest  payable                                                                           | 1,304,510                                                                            |                                            | 620,014       |
|                                | Accounts payable  and accrued expenses                                                              | 750,391                                                                              |                                            | 917,975       |
|                                |                                                                                                     |                                                                                           |                                            |                    |                   |                   |
|                                |                                                                                                     |                                                                                           | Total  liabilities                         | 344,826,714   |                   | 287,732,610  |
|                                |                                                                                                     |                                                                                           |                                            |                    | ** **        | ** **        |
| 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                                                                       |                                                                                           |                                            |                    |
|                                |     Authorized,  10,000,000 shares, issued and outstanding  2,659,725 and       |                                                                                           |                                            |                    |
|                                |       2,647,994  at September 30, 2005 and December 31, 2004, respectively | 26,597                                                                               |                                            | 26,480        |
|                                | Additional  paid-in capital                                                                         | 25,626,740                                                                           |                                            | 25,546,259    |
|                                | Accumulated  other comprehensive income (loss)                                                      | (56,742)                                                                                  |                                            | 49,989        |
|                                | Retained  earnings                                                                             | 4,864,987                                                                            |                                            | 2,455,860     |
|                                |                                                                                                     |                                                                                           |                                            |                    |                   |                   |
|                                |                                                                                                     |                                                                                           | Total  shareholders' equity                | 30,461,582    |                   | 28,078,588   |
|                                |                                                                                                     |                                                                                           |                                            |                    |                   |                   |
|                                |                                                                                                     |                                                                                           | Total liabilities and shareholders' equity |  $            | 375,288,296  |                   |  $ | 315,811,198  |
|                                |                                                                                                     |                                                                                           |                                            |                    |                   |                   |  |  |  |

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

----

*** GREENVILLE FIRST BANCSHARES, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF INCOME***

 

 

| **For the three months ended**

** **

**September 30,**

** **

** **

**2005**

** **

**2004**

** **

(Unaudited)

**Interest  income**

** **

Loans

 $

5,234,626 

 $

3,404,077 

Investment  securities

416,249 

224,993 

Federal funds  sold

18,436 

6,184 

        Total  interest income

5,669,311 

3,635,254 

**Interest  expense**

** **

**  **Deposits

1,629,321 

943,048 

**  **Borrowings

935,121 

501,075 

Total interest expense

2,564,442 

1,444,123 

   Net interest  income

3,104,869 

2,191,131

   Provision for  loan losses

225,000 

375,000 

** **

   Net interest  income after provision for loan losses

2,879,869 

1,816,131 

*** ***

**Noninterest  income**

** **

** **

Loan fee income 

42,000 

33,860 

Service fees on  deposit accounts

58,446 

71,977 

Other income 

101,405 

78,584 

       	

Total  noninterest income 

201,851 

184,421 

**Noninterest  expenses**

** **

Compensation and  benefits

837,851 

612,118 

Professional  fees

67,895 

41,711 

Marketing

104,834 

61,985 

Insurance

39,188 

33,006 

Occupancy

211,813 

153,580 

Data processing  and related costs

229,167 

208,452 

Telephone

11,391 

6,454 

Other

83,903 

65,464 

Total noninterest expenses

1,586,042 

1,182,770 

Income before  income taxes expense 

1,495,678 

817,782 

**Income tax  expense**

568,357 

310,876 

** **

**Net income**

 $

927,321

 $

506,906 

** **

** **

** **

** **

**Earnings per  common share**

** **

** **

** **

** **

** **

Basic

 $

.35 

 $

.28 

Diluted

 $

.32 

 $

.25 

**Weighted  average common shares outstanding**

** **

** **

** **

** **

   Basic

2,659,725 

1,788,864 

   Diluted

2,931,363 

2,044,963 

                               	

** **

 See notes to consolidated financialstatements that are an integral part of these consolidated statements.      
****
***GREENVILLE FIRST BANCSHARES, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF INCOME***

*** ***

 

**For the nine months ended**

** **

**September 30,**

** **

** **

**2005**

** **

**2004**

** **

(Unaudited)

**Interest  income**

** **

Loans

 $

14,176,899 

 $

9,092,541 

Investment  securities

1,251,114 

670,171 

Federal funds  sold

51,756 

15,477 

        Total  interest income

15,479,769 

9,778,189 

**Interest  expense**

** **

** **

**  **Deposits

4,237,255 

2,511,334 

**  **Borrowings

2,535,716 

1,182,294 

Total interest expense

6,772,971 

3,693,628 

   Net interest  income

8,706,798 

6,084,561 

   Provision for  loan losses

835,000 

1,025,000 

** **

   Net interest  income after provision for loan losses

7,871,798 

5,059,561 

*** ***

**Noninterest  income**

** **

** **

** **

Loan fee income 

138,369 

100,684 

Service fees on  deposit accounts

194,583 

211,705 

Other income 

299,768 

234,932 

       	

Total  noninterest income 

632,720 

547,321 

**Noninterest  expenses**

** **

Compensation and  benefits

2,428,499 

1,811,640 

Professional  fees

231,821 

141,526 

Marketing

313,142 

187,943 

Insurance

112,749 

94,668 

Occupancy

582,123 

443,479 

Data processing  and related costs

676,972 

605,227 

Telephone

34,425 

19,760 

Other

239,099 

191,623 

Total noninterest expenses

4,618,830 

3,495,866 

Income before  income taxes expense 

3,885,688 

2,111,016 

**Income tax  expense**

1,476,561 

802,309 

**Net income**

 $

2,409,127 

 $

1,308,707 

** **

** **

** **

** **

**Earnings per  common share**

** **

** **

** **

** **

** **

Basic

 $

.91 

 $

.75 

Diluted

 $

.82 

 $

.65 

**Weighted  average common shares outstanding**

** **

** **

** **

** **

   Basic

2,655,731 

1,746,617 

   Diluted

2,925,325 

2,013,727 

                               	

** **

See notes toconsolidated financial statements that are an integral part of theseconsolidated statements.
****
***GREENVILLE FIRST BANCSHARES, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004(Unaudited)***

                                                                                                          

 

** **

** **

** **

** **

** **

**Accumulated**

** **

** **

**Total**

** **

** **

** **

** **

**Additional**

**other**

** **

** **

** **

**share-**

**Common stock**

** **

**paid-in**

**comprehensive**

**Retained**

** **

**holders'**

**Shares**

** **

**Amount**

** **

**capital**
			 **income**
** **

**earnings**

** **

**equity**

**December 31,  2003**

1,724,994 

 $

17,250 

 $

10,629,450 

 $

96,997 

 $

443,271 

 $

11,186,968 

** **

Net income

- 

- 

- 

- 

1,308,707 

1,308,707 

** **

Comprehensive  loss, net of tax -

** **

Unrealized  holding gain on securities 

available for  sale

- 

- 

- 

(36,999)

- 

(36,999)

Comprehensive  income

- 

- 

- 

- 

- 

1,271,708 

Proceeds from  sale of common stock, net

800,000 

8,000 

13,000,924 

- 

-  

13,008,924 

Proceeds from exercise of warrants

3,000 

30 

19,980 

- 

- 

20,010 

** **

**September 30,  2004**

2,527,994 

 $

25,280 

 $

23,650,354 

 $

59,998 

 $

1,751,978 

 $

25,487,610  

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**December 31,  2004**

2,647,994 

 $

26,480  

 $

25,546,259  

 $

49,989 

 $

2,455,860 

 $

28,078,588

Net  income

- 

- 

- 

- 

2,409,127 

2,409,127 

** **

Comprehensive  income, net of tax -

** **

Unrealized  holding loss on securities 

** **

available for  sale

- 

- 

- 

(106,731)

-

(106,731)

** **

Comprehensive  income

- 

- 

- 

- 

- 

2,302,396 

** **

** **

Proceeds from  exercise of 

options and   warrants

11,731 

117 

80,481 

- 

- 

80,598 

** **

** **

**September 30,  2005**

2,659,725 

 $

26,597 

 $

25,626,740

 $

(56,742)

 $

4,864,987 

 $

30,461,582 

 See notes to consolidatedfinancial statements that are an integral part of these consolidatedstatements.
****
***GREENVILLE FIRST BANCSHARES, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF CASH FLOWS***

*** ***

** **

*** ***

**For the nine months ended**

** **

**September 30,**

** **

**2005**

** **

**2004**

** **

**Operating  activities**

** **

Net income 

 $

2,409,127 

 $

1,308,707  

Adjustments to  reconcile net income to cash

provided by  operating activities:

Provision for  loan losses

835,000 

1,025,000 

Depreciation and  other amortization

187,569 

117,663 

Accretion and  amortization of securities discounts and premium, net

96,280 

58,692 

Increase in  deferred tax asset

(124,447)

(996,874)

Increase in  other assets, net

(286,791)

(305,196) 

Increase in  other liabilities, net

1,157,295 

931,660 

** **

Net cash  provided by operating activities

4,274,033 

       	

2,139,652 

**Investing  activities**

** **

Increase  (decrease) in cash realized from:

** **

Origination of  loans, net

(43,932,332)

(59,512,277)

** **

Purchase of  property and equipment 

(1,910,389)

(1,029,983)

Purchase of  investment securities:

     Held to  maturity

(10,258,021)

(5,585,719)

     Other  investments

(3,944,250)

(3,585,000)

Payments and  maturity of investment securities:

Available for  sale

1,424,652 

601,689 

Held to maturity

2,921,643 

1,685,772 

Other  investments

2,459,700 

1,995,000 

Proceeds from  sale of real estate acquired in settlement of loans

28,000 

- 

Net cash used  for investing activities

(53,210,997)

(65,430,518)

**Financing activities**

** **

Increase in  deposits, net

32,019,790 

14,268,633 

Increase in  short-term borrowings

3,132,001 

4,508,000 

** **

Proceeds from  the issuances of common stock, net

- 

13,008,924 

** **

Proceeds from  the exercise of stock options

80,598 

- 

** **

Proceeds from  the exercise of stock warrants

- 

20,010 

Increase in  Federal Home Loan Bank advances

20,840,000 

28,110,000 

** **

Net cash  provided by financing activities

56,072,389 

59,915,567 

** **

Net increase  (decrease) in cash and cash equivalents

7,135,425 

(3,375,299)

** **

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

5,338,336 

6,947,291 

** **

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

 $

12,473,761 

 $

3,571,992 

**Supplemental information**

** **

**Cash paid for**

** **

Interest 

 $

6,088,475 

 $

3,586,617  

Income taxes 

 $

1,982,000 

 $

1,780,005 

** **

**   Schedule of non-cash transactions**

** **

Foreclosure of  real estate

 $

- 

 $

305,485 

Unrealized loss on securities, net of income taxes	

 $

(106,731)

 $

(36,999)

See notes to consolidated financialstatements that are an integral part of these consolidated statements.
****
***GREENVILLE FIRST BANCSHARES, INC.  AND SUBSIDIARYNOTES TO CONSOLIDATED FINANCIAL STATEMENTS***

**Note 1 - Nature of Businessand 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 (the "Trust"). The bank is a national bank organized under the laws of the United States located in Greenville County, South Carolina.  The bank is primarily engaged in thebusiness of accepting demand deposits and savings deposits insured by theFederal Deposit Insurance Corporation, and providing commercial, consumer andmortgage loans to the general public.  The Trust is a special purposesubsidiary for the sole purpose of issuing trust preferred securities.

**Basis of 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 and nine-month periodsended September 30, 2005 are not necessarily indicative of the results that maybe expected for the year ending December 31, 2005.  For further information,refer to the consolidated financial statements and footnotes thereto includedin the company's Form 10-KSB for the year ended December 31, 2004 (Registration Number 000-27719) 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. As discussed in Note 2, the financial statements related to the special purposesubsidiary, Greenville First Statutory Trust I, have not been consolidated inaccordance with FASB Interpretation No. 46.

** Cash and Cash Equivalents**

          For purposes of theConsolidated Statements of Cash Flows, cash and federal funds sold are includedin "cash and cash equivalents."  These assets have contractual maturities ofless than three months.

**Note 2****-Accounting for Variable Interest Entities**          Effective January 1, 2004, the company adopted FASBInterpretation No. 46, ("FIN 46"), "Consolidation of Variable InterestEntities." In accordance with FIN 46, the $186,000 investment by the parentcompany, Greenville First Bancshares, Inc,  in the special purpose subsidiary,Greenville First Statutory Trust I,  results in the special purpose subsidiarybeing treated as a "variable interest entity" as defined in FIN 46.  Therefore,in accordance with the revised rules, the company did not consolidate itsspecial purpose trust subsidiary.  Prior to January 1, 2004, the effective dateof the adoption of FIN 46, the company had consolidated the special purposesubsidiary.  The 2003 consolidated financial statements have been restated,resulting in the "deconsolidation" of this wholly-owned subsidiary.  Thedeconsolidation of this wholly-owned subsidiary increased both the company'sother assets by $186,000 and the debt associated with the junior subordinateddebentures.  The company's maximum exposure to loss on this debt is the$186,000 invested in the special purpose subsidiary.  However, in addition tothe loss exposure related to the investment in the special purpose subsidiary,the company has a full and unconditional guarantee for the $6,000,000 juniorsubordinated debentures that were issued.  The special purpose subsidiary wasformed for the sole purpose of issuing the junior subordinated debentures.
******Note 3 - Note Payable**
** **        Thecompany has an unused $4.5 million revolving line of credit with another bankthat matures on March 20, 2006.  The line of credit bears interest at a rate ofthree-month libor plus 2.00%, which at September 30, 2005 was 6.07%.  Thecompany has pledged the stock of the bank as collateral for this line ofcredit.  The line of credit agreement contains various covenants related to netincome and asset quality.  As of September 30, 2005, the company believes it isin compliance with all covenants.

**Note 4 - Earnings per Share******          The following schedulereconciles the numerators and denominators of the basic and diluted earningsper share computations for the three months and nine months ended September 30,2005 and 2004.  Dilutive common shares arise from the potentially dilutiveeffect of the company's stock options and warrants that are outstanding.  Theassumed conversion of stock options and warrants can create a differencebetween basic and dilutive net income per common share.  The average dilutiveshares have been computed utilizing the "treasury stock" method.

** **

**Three months ended September 30,**

** **

**2005**

** **

**2004**

Basic Earnings Per Share

 Average common shares

		2,659,725
1,788,864 

 Net income

 $

927,321 

 $

506,906

 Earnings per share

 $

0.35 

 $

0.28

Diluted Earnings Per Share

 Average common shares

2,659,725

1,788,864 

 Average dilutive common  shares

271,638 

256,099 

 Adjusted average common  shares

2,931,363

2,044,963 

 Net income

 $

927,321 

 $

506,906

 Earnings per share

 $

0.32 

 $
0.25
** **
****
** **

**Nine months ended September 30,**

** **

** **

** **

**2005**

** **

**2004**

Basic Earnings Per Share

 Average common shares

2,655,731

1,746,617

 Net income

 $

2,409,127 

 $

1,308,707

 Earnings per share

 $

0.91 

 $

0.75

Diluted Earnings Per Share

 Average common shares

2,655,731 

1,746,617

 Average dilutive common  shares

269,594 

267,110

 Adjusted average common  shares

2,925,325 

2,013,727 

 Net income

 $

2,409,127 

 $

1,308,707

 Earnings per share

 $

0.82 

 $

0.65
****
**Note 5 - Stock BasedCompensation**

** **            Thecompany has a stock-based employee compensation plan.  The company accounts forthe plan under the recognition and measurement principles of AccountingPrinciples Board ("APB") Opinion No. 25, *Accounting for Stock Issued toEmployees,* and related Interpretations.  No stock-based employeecompensation cost is reflected in net income, as all stock options grantedunder these plans had an exercise price equal to the market value of theunderlying common stock on the date of grant.  The following table illustratesthe effect on net income and earnings per share if the company had applied thefair value recognition provisions of Financial Accounting Standards Board("FASB"), Statement of Financial Accounting Standards ("SFAS") No. 123, *Accountingfor Stock-Based Compensation,* to stock-based employee compensation.

 
**For the three months ended**

** **

**September 30,**

** **

**2005**

** **

**2004**

** **

Net income, as reported

 $

927,321 

 $

506,906 

Deduct:  Total stock-based employee 

compensation  expense determined under fair value based method

for  all awards,  net of related tax effects

(17,992)

(20,719)

Pro forma net income 

 $

909,329 

 $

486,187 

Earnings  per common share

Basic  - as reported

 $

0.35 

 $

0.28 

Basic  - pro forma

 $

0.34 

 $

0.27 

Diluted  - as reported

 $

0.32 

 $

0.25 

Diluted  - pro-forma

 $

0.31 

 $

0.24 
                  
**For the nine months ended**

** **

**September 30,**

** **

**2005**

** **

**2004**

** **

Net income, as reported

 $

2,409,127 

 $

1,308,707 

Deduct:  Total stock-based employee 

compensation  expense determined under fair value based method

for  all awards,  net of related tax effects

(53,976)

(62,157)

Pro forma net income 

 $

2,355,151 

 $

1,246,550 

Earnings  per common share

Basic  - as reported

 $

0.91 

 $

.75 

Basic  - pro forma

 $

0.89 

 $

.71 

Diluted  - as reported

 $

0.82 

 $

.65 

Diluted  - pro-forma

 $

0.81 

 $

.62 

                The fair value of the option grant is estimated on thedate of grant using the Black-Scholes option-pricing model.  The followingassumptions were used for grants: expected volatility of 10% for 2004,risk-free interest rate of 3.00% for 2004, expected lives of the options 10years, and the assumed dividend rate was zero.  No options were granted duringthe nine months ended September 30, 2005.
****
**Item 2.****  Management's Discussion and Analysis of FinancialCondition and Results of Operations**.

*The following discussion reviews our results ofoperations and assesses our financial condition.  You should read the followingdiscussion and analysis in conjunction with the accompanying consolidatedfinancial statements.  The commentary should be read in conjunction with thediscussion of forward-looking statements, the financial statements and therelated notes and the other statistical information included in this report.*

**DISCUSSION OF FORWARD-LOOKING STATEMENTS**

          This report contains"forward-looking statements" relating to, without limitation, future economicperformance, plans and objectives of management for future operations, andprojections of revenues and other financial items that are based on the beliefsof management, as well as assumptions made by and information currentlyavailable to management.  The words "may," "will," "anticipate," "should," "would,""believe," "contemplate," "expect," "estimate," "continue," and "intend," aswell as other similar words and expressions of the future, are intended toidentify forward-looking statements.  Our actual results may differ materiallyfrom the results discussed in the forward-looking statements, and our operatingperformance each quarter is subject to various risks and uncertainties that arediscussed in detail in our filings with the Securities and Exchange Commission,including, without limitation:

•        significant increases incompetitive pressure in the banking and financial services industries;

•        changes in the interest rateenvironment which could reduce anticipated or actual margins;

•        changes in political conditions orthe legislative or regulatory environment; 

•        general economic conditions, eithernationally or regionally and especially in our primary service area, becomingless favorable than expected resulting in, among other things, a deteriorationin credit quality;

•        changes occurring in businessconditions and inflation;

•        changes in technology;

•        changes in monetary and taxpolicies;

•        the level of allowance for loanloss;

•        the rate of delinquencies andamounts of charge-offs; 

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

•        adverse changes in asset qualityand resulting credit risk-related losses and expenses;

•        loss of consumer confidence andeconomic disruptions resulting from terrorist activities;

•        changes in the securities markets;and

•        other risks and uncertaintiesdetailed from time to time in our filings with the Securities and ExchangeCommission

**Overview**

  Wewere incorporated in March 1999 to organize and serve as the holding companyfor Greenville First Bank, N.A.  Since we opened our bank in January 2000, wehave experienced consistent growth in total assets, loans, deposits, andshareholders' equity, which has continued during the first nine months of2005.  To support this growth, we conducted an underwritten public offeringof our common stock in September and October 2004.  On September 24, 2004 and October 15, 2004,we sold 800,000 and 120,000 shares, respectively, of common stock. The net proceeds from this offering were approximately $15.0 million.

Like most community banks, wederive the majority of our income from interest received on our loans andinvestments.  Our primary source of funds for making these loans andinvestments is our deposits, on which we pay interest.  Consequently, one of thekey measures of our success is our amount of net interest income, or thedifference between the income on our interest-earning assets, such as loans andinvestments, and the expense on our interest-bearing liabilities, such asdeposits and borrowings.  Another key measure is the spread between the yieldwe earn on these interest-earning assets and the rate we pay on ourinterest-bearing liabilities, which is called our net interest spread. 

There are risks inherent in allloans, so we maintain an allowance for loan losses to absorb probable losses onexisting loans that may become uncollectible.  We maintain this allowance bycharging a provision for loan losses against our operating earnings for eachperiod.  We have included a detailed discussion of this process, as well asseveral tables describing our allowance for loan losses.
****
In addition to earning intereston our loans and investments, we earn income through fees and other charges toour customers.  We have also included a discussion of the various components ofthis noninterest income, as well as of our noninterest expense.

               The following discussion and analysis alsoidentifies significant factors that have affected our financial position andoperating results during the periods included in the accompanying financialstatements.  We encourage you to read this discussion and analysis inconjunction with our financial statements and the other statistical informationincluded in our filings with the Securities and Exchange Commission.
Critical Accounting Policies
         We have adoptedvarious accounting policies that govern the application of accountingprinciples generally accepted in the United States and with general practiceswithin the banking industry in the preparation of our financial statements. Our significant accounting policies are described in the footnotes to ouraudited consolidated financial statements as of December 31, 2004, as filed in our annual report on Form 10-KSB.
            Certain accountingpolicies involve significant judgments and assumptions by us that have amaterial impact on the carrying value of certain assets and liabilities.  Weconsider these accounting policies to be critical accounting policies.  Thejudgment and assumptions we use are based on historical experience and otherfactors, which we believe to be reasonable under the circumstances.  Because ofthe nature of the judgment and assumptions we make, actual results could differfrom these judgments and estimates that could have a material impact on thecarrying values of our assets and liabilities and our results of operations.

            We believe the allowance for loan losses isthe critical 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.

**Effect of Economic Trends**

** **            During the year ended December 31, 2004, our rates on both short-term or variable rate earning assets and short-term or variablerate interest-bearing liabilities declined primarily as a result of the previousactions taken by the Federal Reserve to lower short-term rates.  Our rates onboth short-term or variable earning assets and short-term or variable rateinterest-bearing liabilities began to increase in the third quarter of 2004 asa result of actions taken by the Federal Reserve to increase short-term rates.

              During the first six months of 2004, many economistsbelieved the economy began to show signs of strengthening.  After operatingunder historically low interest rates during the first half of 2004, the FederalReserve increased the short-term interest rate five times for a total of 125basis points in the second half of 2004. During the first nine months of 2005,the Federal Reserve continued to increase rates an additional 150 basispoints.  Many economists believe that the Federal Reserve will continue toincrease rates during the remainder of 2005. However, no assurance can be giventhat the Federal Reserve will take such action.
****
**Resultsof OperationsIncome Statement Review***Summary*

* Three months ended September 30, 2005 and 2004*            Our net income was $927,321 and $506,906 for the three months endedSeptember 30, 2005 and 2004, respectively, an increase of $420,415, or 82.9%. The $420,415 increase in net income resulted primarily from an increase of $913,738in net interest income and a decrease of $150,000 in the provision for loanlosses which was partially offset by $403,272 of additional noninterest expense and a $257,481 increase in income tax expense.  Ourefficiency ratio has continued to improve because our net interest income andother income continue to increase at a higher rate than the increases in ouroverhead expenses.  Our efficiency ratio was 48.0% and 49.8% for the threemonths ended September 30, 2005 and 2004, respectively.  

* Nine months ended September 30, 2005 and 2004*            Our net income was $2,409,127 and $1,308,707 for the nine monthsended September 30, 2005 and 2004, respectively, an increase of $1,100,420, or84.1%.  The $1,100,420 increase in net income resulted primarily from an increaseof $2,622,237 in net interest income and a decrease of $190,000 in the provision for loan losseswhich was partially offset by$1,122,964 of additional noninterest expense and a $674,252 increase in incometax expense.  Our efficiency ratio has continued to improve because our netinterest income and other income continue to increase at a higher rate than theincreases in our overhead expenses.  Our efficiency ratio was 49.5% and 52.7%for the nine months ended September 30, 2005 and 2004, respectively. 

*Net Interest Income*

* *            Our level ofnet interest income is determined by the level of earning assets and themanagement of our net interest margin.  The continuous growth in our loanportfolio is the primary driver of the increase in net interest income.  Duringthe nine months ended September 30, 2005, our average loan portfolio increased$69.2 million compared to the average for the nine months ended September 30, 2004. The growth in the first nine months of 2005 was $69.6 million.  We anticipatethe growth in loans will continue to drive the growth in assets and the growthin net interest income.  However, no assurance can be given that we will beable to continue to increase loans at the same levels we have experienced inthe past.  

               Ourdecision to grow the loan portfolio at the current pace created the need for ahigher level of capital and the need to increase deposits and borrowings.  Thisloan growth strategy also resulted in a significant portion of our assets beingin higher earning loans than in lower yielding investments.  At September 30,2005, loans represented 85.2% of total assets, while investments and federalfunds sold represented 11.6% of total assets.  While we plan to continue ourfocus on increasing the loan portfolio, as rates on investment securities beginto rise and additional deposits are obtained, we also anticipate increasing thesize of the investment portfolio.  We also intend to maintain a capital levelfor the bank that exceeds the Office of the Comptroller of the Currency (OCC)requirements to be classified as a "well capitalized" bank.

                Thehistorically low interest rate environment in the last three years allowed usto obtain short-term borrowings and wholesale certificates of deposit at ratesthat were lower than certificate of deposit rates being offered in our localmarket.  Therefore, we decided not to begin our retail deposit office expansionprogram until the beginning of 2005.  This funding strategy allowed us tocontinue to operate in one location, maintain a smaller staff, and not incur marketingcosts to advertise deposit rates, which in turn allowed us to focus on the fastgrowing loan portfolio.  At September 30, 2005, retail deposits represented $153.7million, or 41.0% of total assets, borrowings represented $103.9 million, or 27.7%of total assets, and wholesale out-of-market deposits represented $83.2million, or 22.2% of total assets. 
****
Inanticipation of rising interest rates, we opened one retail deposit office in March of 2005 and a second retail deposit office in thebeginning of November 2005.  We plan to focus our efforts in these twolocations to obtain low cost transaction accounts that are less affected byrising rates.  Also, in anticipation of rising rates, during the first threemonths of 2005 we offered aggressive rates on retail certificates of deposits. In conjunction with the new retail office, we anticipate offering aggressiverates to obtain checking accounts and new money market accounts.  We anticipatethat the higher rates being offered may increase our overall cost of funds. Our goal is to increase both the percentage of assets being funded by "inmarket" retail deposits and to increase the percentage of low-cost transactionaccounts to total deposits.  No assurance can be given that these objectiveswill be achieved; however, we anticipate that the two additional retail depositoffices will assist us in meeting these objectives.  We also anticipate thecurrent deposit promotion and the opening of the two new offices will have anegative impact on earnings in the years ending 2005 and 2006.  However, webelieve that these two strategies will provide additional clients in our localmarket and will provide a lower alternative cost of funding in a higher orrising interest rate environment, which we believe will increase earnings infuture periods.

Asmore fully discussed in the - "Market Risk" and - "Liquidity and Interest RateSensitivity" sections below, at September 30, 2005, 65.7% of our loans hadvariable rates.  In anticipation of rising rates, during the first six months in2005, we extended the maturities on various FHLB advances and wholesalecertificates of deposit.  This strategy improves our ability to manage theimpact on our earnings resulting from anticipated increases in market interestrates.  At September 30, 2005, 70.0% of interest-bearing liabilities had amaturity of less than one year.   Therefore, we believe that we are positionedto benefit from future increases in short-term rates.  At September 30, 2005,we had $79.3 million more assets than liabilities that reprice within the nextthree months.  Accordingly, we believe that our net interest spread maycontinue to increase if further action is taken by the Federal Reserve tocontinue to increase short-term rates.

Duringthe three months and nine months ended September 30, 2005, our rates on bothshort-term or variable rate earning-assets and short-term or variable rateinterest-bearing liabilities began to increase primarily as a result of theactions taken by the Federal Reserve over the last twelve months to raise short-termrates.   The impact of the Federal Reserve's actions resulted in an increase inboth the yields on our variable rate assets and the rates that we paid for ourshort-term deposits and borrowings.  Our net interest spread increased slightlysince more of our rate sensitive assets repriced sooner than our rate sensitiveliabilities during the 12 month period ending September 30, 2005.  We havechosen to limit the exposure to changes in short-term rates by targeting tohave the majority of our assets reprice within one year.  We are also targetingto have approximately the same level of liabilities to reprice within the sametwelve month period.  Our net interest spread for the three month and nine monthperiods ended September 30, 2005 was 3.02% and 2.99%, respectively.  Because wehad more interest-earning assets than interest-bearing liabilities thatrepriced, our net interest spread increased 5 basis points in the three monthsended September 30, 2005 and by 2 basis points in the nine months ended September30, 2005, compared to the same respective periods in 2004. 

Inaddition to the growth in both assets and liabilities, and the timing ofrepricing of our assets and liabilities, net interest income is also affectedby the ratio of interest-earning assets to interest-bearing liabilities.                                                         

Forthe three months and nine months ended September 30, 2005, our net interestmargin was 3.45% and 3.39%, respectively.  The change in our net interestmargin was 25 basis points higher than the change in net interest spread forthe three month period ended September 30, 2005 and 22 basis points higher forthe nine month period ended September 30, 2005 when compared to the sameperiods in 2004.  The additional 25 and 22 basis points resulted primarilybecause our interest-earning assets exceeded interest-bearing liabilities by $47.1million and $44.6 million for the three and nine month periods ended September30, 2005, respectively, compared to $22.7 million and $22.4 million for the sameperiods in 2004.  These changes are primarily a result from the impact of thesecondary offering that was completed in the last half of 2004. 

Wehave included a number of tables to assist in our description of variousmeasures of our financial performance.  For example, the "Average Balances"tables show the average balance of each category of our assets and liabilitiesas well as the yield we earned or the rate we paid with respect to eachcategory during both the three months ended September 30, 2005 and 2004 and thefirst nine months of 2005 and 2004.  A review of these tables shows that ourloans typically provide higher interest yields than do other types ofinterest-earning assets, which is why we direct a substantial percentage of ourearning assets into our loan portfolio.  Similarly, the "Rate/Volume Analysis"tables help demonstrate the effect of changing interest rates and changingvolume of assets and liabilities on our financial condition during the periodsshown.  A review of these tables shows the significant poriton of the increasein net interest income results from the changes in volume.  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.
**** 
Thefollowing tables set forth information related to our average balance sheets,average yields on assets, and average costs of liabilities.  We derived theseyields by dividing income or expense by the average balance of thecorresponding assets or liabilities.  We derived average balances from thedaily balances throughout the periods indicated.  During the nine months ended September30, 2005 and 2004, all investments were taxable.  During the same periods, wehad no interest-bearing deposits in other banks or any securities purchasedwith agreements to resell.  All investments were owned at an original maturityof over 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.

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

**For the Three Months Ended September 30,**

**2005**

**2004**

**Average**

**Income/**

**Yield/**

**Average**

**Income/**

**Yield/**

**Balance**

**Expense**

**Rate(1)**

**Balance**

**Expense**

**Rate(1)**

**(Dollars in thousands)**

Earnings

Fed funds sold

$

2,284 

$

18 

3.13%

$

1,760 

$

6 

1.36%

Investment securities

37,174 

416 

4.44%

20,883 

225 

4.29%

Loans

317,680 

5,235 

6.54%

253,807 

3,404 

5.34%

 Total earning-assets

357,138 

5,669 

6.30%

276,450 

3,635 

5.23%

Non-earning assets

7,034 

7,903 

 Total assets

364,172 

284,353 

Interest-bearing  liabilities

NOW accounts

27,049 

97 

1.42%

26,339 

97 

1.47%

Savings & money  market

44,305 

208 

1.86%

48,971 

196 

1.59%

Time deposits

140,273 

1,324 

3.74%

92,827 

650 

2.79%

Total interest-bearing  deposits

211,627 

1,629 

3.05%

168,137 

943 

2.23%

FHLB advances

75,185 

676 

3.57%

63,071 

346 

2.18%

Other borrowings

23,224 

259 

4.42%

22,573 

155 

2.73%

 Total interest-bearing  liabilities

310,036 

2,564 

3.28%

253,781 

1,444 

2.26%

Non-interest bearing  liabilities

23,648 

17,143 

Shareholders' equity

30,488 

13,429 

Total liabilities and  shareholders' equity

$

364,172 

$

284,353 

Net interest spread

3.02%

2.97%

Net interest income /  margin

$

3,105 

3.45%

$

2,191 

3.15%

    (1) Annualized for  the three month period.

Ournet interest spread was 3.02% for the three months ended September 30, 2005,compared to 2.97% for the three months ended September 30, 2004. 

Our net interest margin for the three months ended September30, 2005 was 3.45%, compared to 3.15% for the three months ended September 30,2004.  During the three months ended September 30, 2005, earning assetsaveraged $357.1 million, compared to $276.5 million in the three months ended September30, 2004.  Interest earning assets exceeded interest bearing liabilities by $47.1million and $22.7 million for the three month periods ended September 30, 2005and 2004, respectively.  Our higher level of interest-earning assets comparedto interest-bearing liabilities in the 2005 period resulted from the proceedsfrom the secondary offering that was completed in the third and fourth quartersof 2004.  Our net interest spread increased 5 basis points in the third quarterof 2005 while the net interest margin increased 30 basis points.  Our netmargin increased more than the net interest spread primarily as a result ofadditional capital raised during the second half of 2004. 
****
Ourloan yield increased 120 basis points for the three months ended September 30,2005 compared to the three months ended September 30, 2004 as a result ofapproximately two thirds of the loan portfolio having variable rates, combinedwith the increase in prime rates over the twelve months ended September 30, 2005. Our deposit cost also increased as a result of our decision to aggressivelymarket interest-bearing transaction accounts by paying an above market rate. Also, we extended the maturity dates on various jumbo time deposits.  Thesedecisions along with the higher overall market rates resulted in the depositcosts in the third quarter of 2005 being 82 basis points higher than in thethird quarter of 2004.  In addition to the impact of the increase in short-termborrowing rates on variable FHLB advances, we also extended the maturities ofvarious FHLB advances resulting in higher borrowing costs in the third quarterof 2005 compared to 2004.  The 169 basis point increase in other borrowed fundsin the third quarter of 2005 compared to the same period in 2004 resulted fromthe impact of the 200 basis point increase in short-term market rates.  All theother borrowings rates are tied to short-term market interest rates. 

Netinterest income, the largest component of our income, was $3.1 million and $2.2million for the three months ended September 30, 2005 and 2004, respectively. The significant increase in the third quarter of 2005 related to higher levelsof both average earning assets and interest-bearing liabilities.  Averageearning assets were $80.7 million higher during the three months ended September30, 2005 compared to the same period in 2004.  

The$913,738 increase in net interest income for the three months ended September30, 2005 compared to the same period in 2004 resulted primarily from a $717,000increase in net interest income related to the impact of higher average earningassets and interest-bearing liabilities in the three months ended September 30,2005 compared to the same period in 2004.  The remaining increase is largely aresult of the impact of higher interest rates on both interest-earning assetsand interest-bearing liabilities.

Interestincome for the three months ended September 30, 2005 was $5.7 million,consisting of $5.2 million on loans, $416,249 on investments, and $18,436 onfederal funds sold.  Interest income for the three months ended September 30,2004 was $3.6 million, consisting of $3.4 million on loans, $224,993 oninvestments, and $6,184 on federal funds sold.  Interest on loans for the threemonths ended September 30, 2005 and 2004 represented 92.3% and 93.6%,respectively, of total interest income, while income from investments andfederal funds sold represented only 7.7% and 6.4% of total interest income. The high percentage of interest income from loans relates to our strategy tomaintain a significant portion of our assets in higher earning loans comparedto lower yielding investments.  Average loans represented 89.0% and 91.8% ofaverage interest-earning assets for the three months ended September 30, 2005and 2004, respectively.  Included in interest income on loans for the threemonths ended September 30, 2005 and 2004, was $164,185 and $115,641,respectively, related to the net amortization of loan fees and capitalized loanorigination costs.

Interestexpense for the three months ended September 30, 2005 was $2.6 million,consisting of $1.6 million related to deposits and $935,121 related toborrowings.  Interest expense for the three months ended September 30, 2004 was$1.4 million, consisting of $943,048 related to deposits and $501,075 relatedto borrowings.  Interest expense on deposits for the three months ended September30, 2005 and 2004 represented 63.5% and 65.3%, respectively, of total interestexpense, while interest expense on borrowings represented 36.5% and 34.7%,respectively, of total interest expense for the same three month periods.  Thelower percentage of interest expense on deposits and the higher percentage ofinterest on borrowings for the three months ended September 30, 2005 comparedto the three months ended September 30, 2004 resulted from our decisions todelay our retail deposit office expansion program and instead utilizeadditional borrowings from the FHLB and from the sale of securities underagreements to repurchase with brokers.   During the three months ended September30, 2005, average interest-bearing deposits increased by $43.5 million over thesame period in 2004, while FHLB and other borrowing during the three monthsended September 30, 2005 increased $12.8 million over the same period in 2004. During the three months ended September 30, 2005, we were able to pledgeadditional collateral to the FHLB, allowing us the ability to increase our FHLBborrowings.  Both the short-term borrowings from the FHLB and the sale ofsecurities under agreements to repurchase provide us with the opportunity toobtain low cost funding with various maturities similar to the maturities onour loans and investments.  
****
**Average Balances, Income and Expenses, and Rates**

**For the Nine Months Ended September 30,**

**2005**

**2004**

**Average**

**Income/**

**Yield/**

**Average**

**Income/**

**Yield/**

**Balance**

**Expense**

**Rate(1)**

**Balance**

**Expense**

**Rate(1)**

**(Dollars in thousands)**

Earnings

Fed funds sold

$

2,275 

$

52 

3.06%

$

1,937 

$

15 

1.03%

Investment securities

37,412 

1,251 

4.47%

20,736 

670 

4.32%

Loans

304,201 

14,177 

6.23%

234,965 

9,093 

5.17%

 Total earning-assets

343,888 

15,480 

6.02%

257,638 

9,778 

5.07%

Non-earning assets

6,166 

7,421 

 Total assets

$

350,054 

$

265,059 

Interest-bearing  liabilities

NOW accounts

28,383 

296 

1.39%

22,741 

219 

1.29%

Savings & money  market

46,573 

606 

1.74%

38,685 

394 

1.36%

Time deposits

126,687 

3,335 

3.52%

99,722 

1,898 

2.54%

Total interest-bearing  deposits

201,643 

4,237 

2.81%

161,148 

2,511 

2.08%

FHLB advances

73,468 

1,822 

3.32%

52,388 

792 

2.02%

Other borrowings

24,322 

714 

3.92%

21,691 

390 

2.40%

 Total interest-bearing  liabilities

299,433 

6,773 

3.03%

235,227 

3,693 

2.10%

Non-interest bearing  liabilities

21,244 

17,476 

Shareholders' equity

29,377 

12,356 

Total liabilities and  shareholders' equity

$

350,054

$

265,059

Net interest spread

2.99%

2.97%

Net interest income /  margin

$

8,707 

3.39%

$

6,085 

3.15%

    (1) Annualized for  the nine month period.

Ournet interest spread was 2.99% for the nine months ended September 30, 2005,compared to 2.97% for the nine months ended September 30, 2004.

Ournet interest margin for the nine months ended September 30, 2005 was 3.39%,compared to 3.15% for the nine months ended September 30, 2004.  During the ninemonths ended September 30, 2005, earning assets averaged $343.9 million,compared to $257.6 million in the nine months ended September 30, 2004. Interest earning assets exceeded interest bearing liabilities by $44.5 millionand $22.4 million for the nine month periods ended September 30, 2005 and 2004,respectively.  Our higher level of interest-earning assets compared tointerest-bearing liabilities in the 2005 period resulted from the proceeds fromthe secondary offering that was completed in the third and fourth quarters of2004.  Our net interest spread increased 2 basis points in the first nine monthsof 2005 while the net interest margin increased 24 basis points.  Our netmargin increased more than the net interest spread primarily as a result ofadditional capital raised during the second half of 2004.  

Our loan yieldincreased 106 basis points for the nine months ended September 30, 2005 comparedto the nine months ended September 30, 2004 as a result of approximately twothirds of the loan portfolio having variable rates, combined with the increasein prime rates over the twelve months ended September 30, 2005. Our deposit cost increased as a result of our decision to aggressively marketinterest-bearing transaction accounts by paying an above market rate.  Also, weextended the maturity dates on various jumbo time deposits.  These decisionsalong with the higher overall market rates resulted in the deposit costs in thefirst nine months of 2005 being 73 basis points higher than in the first ninemonths of 2004.  In addition to the impact of the increase in short-termborrowing rates on variable FHLB advances, we also extended the maturities ofvarious FHLB advances resulting in higher borrowing costs in the first ninemonths of 2005 compared to 2004.  The 152 basis point increase in otherborrowed funds in the first nine months of 2005 compared to the same period in2004 resulted from the impact of the 200 basis point increase in short-termmarket rates.  All the other borrowings rates are tied to short-term marketinterest rates.  
****                Net interest income, the largest component of ourincome, was $8.7 million and $6.1 million for the nine months ended September30, 2005 and 2004, respectively.  The significant increase in the nine monthsof 2005 related to higher levels of both average earning assets andinterest-bearing liabilities.  Average earning assets were $86.3 million higherduring the nine months ended September 30, 2005 compared to the same period in2004.  
The$2.6 million increase in net interest income for the nine months ended September30, 2005 compared to the same period in 2004 resulted primarily from a $2.2million increase in net interest income related to the impact of higher averageearning assets and interest-bearing liabilities in the nine months ended September30, 2005 compared to the same period in 2004.  The remaining increase islargely a result of the impact of higher interest rates on bothinterest-earning and interest-bearing liabilities.

Interestincome for the nine months ended September 30, 2005 was $15.5 million, consistingof $14.2 million on loans, $1.3 million on investments, and $51,756 on federalfunds sold.  Interest income for the nine months ended September 30, 2004 was $9.8million, consisting of $9.1 million on loans, $670,171 on investments, and $15,477on federal funds sold.  Interest on loans for the nine months ended September30, 2005 and 2004 represented 91.6% and 93.0%, respectively, of total interestincome, while income from investments and federal funds sold represented only8.4% and 7.0% of total interest income.  The high percentage of interest incomefrom loans relates to our strategy to maintain a significant portion of ourassets in higher earning loans compared to lower yielding investments.  Averageloans represented 88.5% and 91.2% of average interest-earning assets for the ninemonths ended September 30, 2005 and 2004, respectively.  Included in interestincome on loans for the nine months ended September 30, 2005 and 2004, was $441,024and $347,960, respectively, related to the net amortization of loan fees andcapitalized loan origination costs.

Interestexpense for the nine months ended September 30, 2005 was $6.8 million,consisting of $4.2 million related to deposits and $2.6 million related toborrowings.  Interest expense for the nine months ended September 30, 2004 was$3.7 million, consisting of $2.5 million related to deposits and $1.2 millionrelated to borrowings.  Interest expense on deposits for the nine months ended September30, 2005 and 2004 represented 62.6% and 68.0%, respectively, of total interestexpense, while interest expense on borrowings represented 37.4% and 32.0%,respectively, of total interest expense for the same periods.  The lowerpercentage of interest expense on deposits and the higher percentage ofinterest on borrowings for the nine months ended September 30, 2005 compared tothe nine months ended September 30, 2004 resulted from our decisions to delayour retail deposit office expansion program and instead utilize additionalborrowings from the FHLB and from the sale of securities under agreements torepurchase with brokers.   During the nine months ended September 30, 2005,average interest-bearing deposits increased by $40.5 million over the sameperiod in 2004, while FHLB and other borrowings during the nine months ended September30, 2005 increased $23.7 million over the same period in 2004.  During the ninemonths ended September 30, 2005, we were able to pledge additional collateralto the FHLB, allowing us the ability to increase our FHLB borrowings.  Both theshort-term borrowings from the FHLB and the sale of securities under agreementsto repurchase provide us with the opportunity to obtain low cost funding withvarious maturities similar to the maturities on our loans and investments. 
*****Rate/Volume Analysis*
***            ***Netinterest income can be analyzed in terms of the impact of changing interestrates and changing volume.  The following tables set forth the effect which thevarying levels of interest-earning assets and interest-bearing liabilities andthe applicable rates have had on changes in net interest income for the periodspresented.

**                                                                            **

**Three Months Ended**

 
**September 30, 2005 vs. 2004**

** **

**September 30, 2004 vs. 2003**

 
**Increase (Decrease) Due to**

**Increase (Decrease) Due to**

 
**Volume**

** **

**Rate**

**Rate/  Volume**

**Total**

**Volume**

** **

**Rate**

**Rate/****Volume**

**Total** 

**(Dollars in thousands)**

 
**Interest income**

** **

 
 Loans

$

863 

$

773 

$

195 

$

1,831 

$

938 

$

87 

$

26 

$

1,051 

 Investment  securities

177 

8 

6 

191 

78 

6 

2 

86 

 Federal funds sold

2 

8 

2 

12 

1 

1 

1 

3 

      Total interest  income

1,042 

789

203 

2,034 

1,017 

94 

29 

1,140 

**Interest expense**

** **

 Deposits

253 

341 

91 

685 

161 

79 

17 

257 

 FHLB advances

67 

221 

42 

330 

192 

(1)

(3)

188 

 Other borrowings

5 

97 

3 

105 

67 

- 
   
- 

67 

      Total interest  expense

325 

659 

136 

1,120 

420 

78 

14 

512 

**Net interest income**

**$**

717 

$

130 

$

67 

$

914 

$

597 

$

16 

$

15 

$

628 

**                                                                             **

**Nine Months Ended**

**September 30, 2005 vs. 2004**

** **

**September 30, 2004 vs. 2003**

**Increase (Decrease) Due to**

**Increase (Decrease) Due to**

** **

** **

** **

**Rate/**

** **

** **

** **

** **

**Rate/**

** **

**Volume**

** **

**Rate**

** **

**Volume**

** **

**Total**

** **

**Volume**

** **

**Rate**

** **

**Volume**

** **

**Total**

**Interest income**

**(Dollars in thousands)**

 Loans

** **

 Investment  securities

$

2,673 

$

1,863 

$

549 

$

5,085 

$

2,710 

$

(202)

$

(74)

$

2,434 

 Federal funds sold

538 

24 

19 

581 

281 

28 

23 

332 

      Total interest  income

3 

29 

5 

37 

- 

- 

-  

- 

3,214 

1,916 

573 

5,703 

2,991 

(174)

(51)

2,766 

**Interest expense**

 Deposits

** **

622

885 

220

1,727

551 

(113)

(25)

413 

 FHLB advances

318 

508 

204 

1,030 

456 

(42)

(46)

368

 Other borrowings

47 

247 

30 

324 

240 

(5)

(8)

227 

      Total interest  expense

987 

1,640 

454 

3,081 

1,247 

(160)

(79)

1,008 

**Net interest income**

**$**

2,227 

$

276

$

119

$

2,622

$

1,744 

$

(14)

$

28 

$

1,758 

** **

** **

***Provision for Loan Losses*          We have established anallowance for loan losses through a provision for loan losses charged as anexpense on our statement of income.  We review our loan portfolio periodicallyto evaluate our outstanding loans and to measure both the performance of theportfolio and the adequacy of the allowance for loan losses.  Please see thediscussion below under "Balance Sheet Review - Provision and Allowance for LoanLosses" for a description of the factors we consider in determining the amountof the provision we expense each period to maintain this allowance.
*****           Three months ended September30, 2005 and 2004          *For the three months ended September 30, 2005 and 2004,there was a noncash expense related to the provision for loan losses of $225,000and $375,000, respectively.  The additional provisions and net recoveries oncharged-off loans added to our allowance for loan losses in the three monthsended September 30, 2005 and 2004.  The net increase in the allowance for loanlosses was $207,656 and $397,463 for the three months ended September 30, 2005and 2004, respectively.  The allowance for loan losses increased $17,344 lessthan the provision for loan losses in the three months ended September 30, 2005because we reported net charge-offs of $17,344 in the three month period. The$17,344 net charge-offs during the third quarter 2005 represented less than0.01% of the average outstanding loan portfolio for the three months endedSeptember 30, 2005. The allowance for loan losses at September 30, 2004increased more than the amount of the provision for loan losses as a result ofa $22,463 recovery combined with no charge-offs in the three month period.  The$207,656 and the $397,463 increases in the allowance for the three months endedSeptember 30, 2005 and 2004, respectively, related to our decision to increasethe allowance in response to the $13.1 million and the $20.2 million growth inloans for the three months ended September 30, 2005 and 2004, respectively.  Theloan loss reserve was $4.6 million and $3.6 million as of September 30, 2005and 2004, respectively.  The allowance for loan losses as a percentage of grossloans was 1.41% at September 30, 2005 and 1.33% at September 30, 2004, whilethe percentage of nonperforming loans to gross loans was 0.38% and 0.07% at September30, 2005 and 2004, respectively.
          *Nine months ended September 30, 2005 and 2004           *For the nine months ended September 30, 2005 and 2004,there was a noncash expense related to the provision for loan losses of $835,000and $1,025,000, respectively.  The additional provisions and net recoveries oncharged-off loans added to our allowance for loan losses in the nine monthsended September 30, 2005 and 2004.  The net increase in the allowance for loanlosses was $867,625 and $867,943 for the nine months ended September 30, 2005and 2004, respectively.  The allowance for loan losses increased $32,625 morethan the provision for loan losses in the nine months ended September 30, 2005as a result of $62,286 in recoveries combined with charge-offs of $29,661 inthe nine month period.  The allowance for loan losses at September 30, 2004 didnot increase by the entire amount of the provision for loan losses because wereported net charge-offs of $157,057 for the nine months ended September 30,2004.  The $157,057 net charge-offs during the first nine months of 2004represented 0.07% of the average outstanding loan portfolio for the nine monthsended September 30, 2004.  The $867,625 and the $867,943 increases in theallowance for the nine months ended September 30, 2005 and 2004, respectively,related to our decision to increase the allowance in response to the $44.0million and the $59.0 million growth in loans for the nine months ended September30, 2005 and 2004, respectively.  The loan loss reserve was $4.6 million and $3.6million as of September 30, 2005 and 2004, respectively.  The allowance forloan losses as a percentage of gross loans was 1.41% at September 30, 2005 and1.33% at September 30, 2004, while the percentage of nonperforming loans togross loans was 0.38% and 0.07% at September 30, 2005 and 2004, respectively.

*Noninterest Income          *The following tables set forth information related toour noninterest income.  

** **

**Three months ended**

** **

**Nine months ended**

** **

**September 30,**

** **

**September 30,**

** **

**2005**

** **

**2004**

** **

**2005**

** **

**2004**

** **

** **

Loan fee income

**$**

42,000 

$

33,860 

$

138,369 

$

100,684 

Service fees on deposits

** **

58,446 

71,977 

194,583 

211,705 

Other income

** **

101,405 

78,584 

299,768 

234,932 

 Total noninterest income

**$**

201,851 

$

184,421 

$

632,720 

$

547,321 

** **

** **

** **

** **

** **

** **

** **

** **

** **

*Three months ended September 30, 2005 and 2004*

Noninterest income in the three month period ended September30, 2005 was $201,851, an increase of 9.5% over noninterest income of $184,421in the same period of 2004.  
**** 
Loan fee income consists primarily of late charge fees,fees from issuance of letters of credit and mortgage origination fees wereceive on residential loans funded and closed by a third party.  Loan feeswere $42,000 and $33,860 for the three months ended September 30, 2005 and September30, 2004, respectively.  The $8,140 increase for the three months ended September30, 2005 compared to the same period in 2004 related primarily to an additional$7,389 in mortgage origination fees and an additional $3,439 in high latecharge fees which was offset by a $2,688 decrease in fees received from theissuance of letters of credit.  Mortgage origination fees were $9,787 and $2,398for the three months ended September 30, 2005 and 2004, respectively, whileincome related to amortization of fees on letters of credit was $13,082 and $15,770for the third quarter of 2005 and 2004, respectively.  Late charge fees were $19,131and $15,692 for the three months ended September 30, 2005 and 2004,respectively.  

Service fees on deposits consist primarily of incomefrom NSF fees and service charges on transaction accounts.  Service fees ondeposits were $58,446 and $71,977 for the three months ended September 30, 2005and 2004, respectively.  While the number of client accounts continues to grow,the $13,531 decrease is primarily related to a significant amount of NSF fees incurredby and charged to one individual customer in the prior year.  NSF income was $33,267and $45,440 for the three months ended September 30, 2005 and 2004,respectively, representing 56.9% of total service fees on deposits in the 2005period compared to 63.1% of total service fees on deposits in the 2004 period.   Inaddition, service charges on deposit accounts decreased to $20,267 from $23,227for the three months ended September 30, 2005 and 2004, respectively.  Thelower service charges are a result of an increase in the earnings credit paidon business checking accounts which offsets the service fees charged on theseaccounts.

Other income consisted primarily of fees received onATM transactions and sale of customer checks.  Other income was $101,405 and $78,584for the three months ended September 30, 2005 and 2004, respectively.  The $22,821increase resulted primarily from an increase in the volume of ATM transactionsfor which we receive fees.  ATM transaction fees were $90,038 and $70,789 forthe three months ended September 30, 2005 and 2004, respectively.  ATMtransaction fees represented 88.8% and 90.1% oftotal other income for the three months ended September 30, 2005 and 2004,respectively.  Included in noninterest outside service expense is $75,790 and $65,219related to corresponding transaction costs associated with ATM transaction feesfor the three months ended September 30, 2005 and 2004, respectively.  The netimpact of the fees received and the related cost of the ATM transactions onearnings for the three months ended September 30, 2005 and 2004 was $14,248 and$5,570, respectively. 

*Nine months ended September 30, 2005 and 2004*                Noninterest income in the nine month period ended September30, 2005 was $632,720, an increase of 15.6% over noninterest income of $547,321in the same period of 2004.  

Loan fee income consists primarily of late charge fees,fees from issuance of letters of credit and mortgage origination fees wereceive on residential loans funded and closed by a third party.  Loan feeswere $138,369 and $100,684 for the nine months ended September 30, 2005 and September30, 2004, respectively.  The $37,685 increase for the nine months ended September30, 2005 compared to the same period in 2004 related primarily to an additional$22,173 in mortgage origination fees, a $6,113 increase in fees related to theissuance of letters of credit and a $9,399 increase in late charge fees. Mortgage origination fees were $27,994 and $5,821 for the nine months ended September30, 2005 and 2004, respectively, while income related to amortization of feeson letters of credit was $53,604 and $47,491 for the third quarter of 2005 and2004, respectively.  Late charge fees were $56,771 and $47,372 for the ninemonths ended September 30, 2005 and 2004, respectively.  

Service fees on deposits consist primarily of incomefrom NSF fees and service charges on transaction accounts.  Service fees ondeposits were $194,583 and $211,705 for the nine months ended September 30,2005 and 2004, respectively.  While the number of client accounts continues togrow, the $17,122 decrease is primarily related to a significant amount of NSFfees incurred by and charged to one individual customer in the prior year.  NSFincome was $116,215 and $130,395 for the nine months ended September 30, 2005and 2004, respectively, representing 59.7% of total service fees on deposits inthe 2005 period compared to 61.6% of total service fees on deposits in the 2004period.  In addition, service charges on deposit accounts decreased to $64,814from $70,875 for the nine months ended September 30, 2005 and 2004,respectively.  The lower service charges are a result of an increase in theearnings credit paid on business checking accounts which offsets the servicefees that would have been charged on these accounts.
****                Other income consisted primarily of fees received onATM transactions and sale of customer checks.  Other income was $299,768 and $234,932for the nine months ended September 30, 2005 and 2004, respectively.  The $64,836increase resulted primarily from an increase in the volume of ATM transactionsfor which we receive fees.  ATM transaction fees were $262,810 and $210,930 forthe nine months ended September 30, 2005 and 2004, respectively.  ATMtransaction fees represented 87.7% and 89.8% oftotal other income for the nine months ended September 30, 2005 and 2004,respectively.  Included in noninterest outside service expense is $218,021 and$189,079 related to corresponding transaction costs associated with ATMtransaction fees for the nine months ended September 30, 2005 and 2004,respectively.  The net impact of the fees received and the related cost of theATM transactions on earnings for the nine months ended September 30, 2005 and2004 was $44,789 and $21,851, respectively.
*Noninterest expenses             *The following tables set forth information related toour noninterest expenses.  

*   *

**Three months ended**

** **

**Nine months ended**

**September 30,**

** **

**September 30,**

**2005**

** **

**2004**

** **

**2005**

** **

**2004**

Compensation and benefits

$

837,851 

$

612,118 

$

2,428,499 

$

1,811,640 

Professional fees

67,895 

41,711 

231,821 

141,526 

Marketing

104,834 

61,985 

313,142 

187,943 

Insurance  

39,188 

33,006 

112,749 

94,668 

Occupancy

211,813 

153,580 

582,123 

443,479 

Data processing and  related costs

229,167 

208,452 

676,972 

605,227 

Telephone 

11,391 

6,454 

34,425 

19,760 

Other  

83,903 

65,464 

239,099 

191,623 

 Total noninterest  expense

$

1,586,042 

$

1,182,770 

$

4,618,830 

$

3,495,866 

** ***Three months ended September 30, 2005 and 2004*

We incurred noninterest expenses of $1.6 million forthe three months ended September 30, 2005 compared to $1.2 million for thethree months ended September 30, 2004.  Average interest-earning assetsincreased 29.2% during this period, while general and administrative expenseincreased 34.1%.

For the three months ended September 30, 2005,compensation and benefits, occupancy, and data processing and related costsrepresented 80.6% of the total noninterest expense compared to 82.4% for thesame period in 2004.  

*Nine months ended September 30, 2005 and 2004*

We incurred noninterest expenses of $4.6 million forthe nine months ended September 30, 2005 compared to $3.5 million for the nine monthsended September 30, 2004.  Average interest-earning assets increased 33.5%during this period, while general and administrative expense increased 32.1%.

For the nine months ended September 30, 2005,compensation and benefits, occupancy, and data processing and related costsrepresented 79.8% of the total noninterest expense compared to 81.8% for thesame period in 2004.  

Thefollowing tables set forth information related to our compensation andbenefits.  

**Three months ended**

** **

**Nine months ended**

**September 30,**

** **

**September 30,**

**2005**

** **

**2004**

** **

**2005**

** **

**2004**

Base compensation

$

595,485 

$

415,303 

$

1,687,593 

$

1,226,390 

Incentive compensation

162,000 

159,000 

457,500 

429,000 

 Total compensation

757,485 

574,303 

2,145,093 

1,655,390 

Benefits 

113,731 

72,645   

382,496 

251,740 

Capitalized loan  origination costs

(33,365)

(34,830)

(99,090)

(95,490)

 Total compensation and  benefits

$

837,851 

$

612,118 

$

2,428,499 

$

1,811,640 

* Threemonths ended September 30, 2005 and 2004*

Compensation and benefits expense was $837,851 and $612,118for the three months ended September 30, 2005 and 2004, respectively.  Compensation and benefits represented 52.8% and 51.8% of our total noninterestexpense for the three months ended September 30, 2005 and 2004, respectively. The $225,733 increase in compensation and benefits in the third quarter of 2005compared to the same period in 2004 resulted from increases of $180,182 in basecompensation,  $3,000 in additional incentive compensation, and $41,086 higherbenefits expense.  
****
The $180,182 increase in base compensation expense relatedto the cost of 17 additional employees as well as annual salary increases. Sevenof the new employees relate to the staff that was hired for the new retailoffices that opened in the first quarter of 2005 and early November 2005.  Theremaining ten employees were hired primarily to support the growth in bothloans and deposit operations.   Incentive compensation represented 19.3% and 26.0% of total compensation and benefits for the three months ended September 30,2005 and 2004, respectively.  The incentive compensation expense recorded forthe third quarter of 2005 and 2004 represented an accrual of the portion of theestimated incentive compensation earned during the third quarter of therespective year.  Benefits expense increased $41,086 in the third quarter of2005 compared to the same period in 2004.  Benefits expense represented 13.6%and 11.9% of the total compensation for the three months ended September 30,2005 and 2004, respectively.

*Nine months ended September 30, 2005 and 2004               *Compensation and benefits expense was $2,428,499 and $1,811,640for the nine months ended September 30, 2005 and 2004, respectively.  Compensation and benefits represented 52.6% and 51.8% of our total noninterestexpense for the nine months ended September 30, 2005 and 2004, respectively. The $616,859 increase in compensation and benefits in the first nine months of2005 compared to the same period in 2004 resulted from increases of $461,203 inbase compensation,  $28,500 in additional incentive compensation, and $130,756higher benefits expense.  These amounts were partly offset by an increase of $3,600in loan origination compensation expense, which is required to be capitalizedand amortized over the life of the loan as a reduction of loan interest income.

The $461,203 increase in base compensation expense relatedto the cost of 17 additional employees as well as annual salary increases. Sevenof the new employees relate to the staff that was hired for the new retailoffices that opened in the first quarter of 2005 and in early November 2005. The remaining ten employees were hired primarily to support the growth in bothloans and deposit operations.   Incentive compensation represented 18.8% and 23.7%of total compensation and benefits for the nine months ended September 30, 2005and 2004, respectively.  The incentive compensation expense recorded for thefirst nine months of 2005 and 2004 represented an accrual of the portion of theestimated incentive compensation earned during the first nine months of therespective year.  Benefits expense increased $130,756 in the nine months ended September30, 2005 compared to the same period in 2004.  Benefits expense represented 15.8%and 13.9% of the total compensation for the nine months ended September 30,2005 and 2004, respectively.                The following tables set forth information related toour data processing and related costs.  

**Three months ended**

**Nine months ended**

**September 30,**

**September 30,**

**2005**

** **

**2004**

** **

**2005**

** **

**2004**

Data processing costs

$

111,527 

$

108,909 

$

335,711 

$

313,257 

ATM transaction expense

75,790 

65,219 

218,021 

189,079 

Courier expense

20,509 

19,494 

60,521 

55,517 

Other expenses

21,341 

14,830 

62,719 

47,374 

Total data processing and related costs 

$

229,167 

$

208,452 

$

676,972 

$

605,227 

* *Data processing and related costs were $229,167 and $208,452for the three months ended September 30, 2005 and 2004, respectively.   Duringthe first nine months of 2005 and the same period of 2004, our data processingand related costs were $676,972 and $605,227, respectively.

During the three months ended September 30, 2005, ourdata processing costs for our core processing system were $111,527 compared to$108,909 for the three months ended September 30, 2004.   We have contractedwith an outside computer****service company to provide our core dataprocessing services.  During the nine months ended September 30, 2005 and 2004,data processing costs were $335,711 and $313,257, respectively.

Data processing costs increased $2,618, or 2.4%, forthe three months ended September 30, 2005 compared to the same period in2004.   For the nine months ended September 30, 2005, data processing costsincreased $22,454, or 7.2%, compared to the same period in 2004.  The increasesin costs were caused by the higher number of loan and deposit accounts.  Asignificant portion of the fee charged by the third party processor is directlyrelated to the number of loan and deposit accounts and the related number oftransactions.  
****               We receive ATM transaction income from transactionsperformed by our clients.  Since we also outsource this service, we are chargedrelated transaction fees from our ATM service provider.  ATM transactionexpense was $75,790 and $65,219 for the three months ended September 30, 2005and 2004, respectively.    During the first nine months of 2005 and 2004, ATMtransaction expense was $218,021 and $189,079, respectively.  The increaserelates to the higher transaction volume during the respective periods.
Occupancy expense, which represented 13.4% and 13.0% oftotal noninterest expense for the three months ended September 30, 2005 and2004, respectively, increased $58,233.  Occupancy expense was $211,813 and $153,580for the three months ended September 30, 2005 and 2004, respectively.  For the ninemonths ended September 30, 2005, occupancy expense increased $138,644 andrepresented 12.6% and 12.7% of total noninterest expense for the first nine monthsof 2005 and 2004, respectively.  During the nine months ended September 30,2005 and 2004, occupancy expense was $582,123 and $443,479.  The increasesresulted primarily from the annual increase in rent expense on the Haywood Road office and the increased depreciation expense related to opening our Parkwayoffice in March of 2005.

The remaining $98,591 increase in noninterest expense forthe three month period September 30, 2005 compared to the same period in 2004, resultedprimarily from a $39,849 increase in marketing expenses and an additional $26,184in professional fees.   For the nine month period ended September 30, 2005,remaining noninterest expenses increased $295,716 from the same period in2004.  Of this amount, marketing expenses represented $125,199 of the increase,professional fees represented $90,295, and other expenses increased $47,476. The increase in marketing expenses relates to expanding our market awareness inthe Greenville market, while the additional professional fees relates primarilyto additional legal and accounting fees related to the new SEC reporting requirements.  A significant portion of the increase in other expenses was due to increasedcosts of postage and office supplies, additional staff education and training,and higher dues and subscription costs.  

  Income tax expense was $568,357 for the three months ended September 30, 2005 comparedto $310,876 during the same period in 2004.   For the nine months ended September30, 2005, income tax expense was $1,476,561 compared to $802,309 for the sameperiod in 2004.  The increase related to the higher level of income beforetaxes.

As described below in Accounting, Reporting and RegulatoryMatters, beginning with calendar year 2006, SFAS No. 123(R) will require us tomeasure all our employee stock-based  compensation awards using a fairvalue method and record this expense in our financial statements. Consequently, our noninterest expense in future reporting periods will include acompensation expense for the fair value of stock options we have granted. If we had been required to report this expense for the nine months endedSeptember 30, 2005, we would have reported an additional compensation expense of$53,976.

**Balance Sheet Review***General*                At September 30, 2005, we had total assets of $375.3 million,consisting principally of $319.7 million in loans, $36.3 million ininvestments, $7.3 million in federal funds sold, and $5.1 million in cash anddue from banks.  Our liabilities at September 30, 2005 totaled $344.8 million,which consisted principally of $236.9 million in deposits, $81.5 million in FHLB advances, $16.2 million in short-term borrowings, and $6.2 million injunior subordinated debentures.  At September 30, 2005, our shareholders'equity was $30.5 million.

At December 31, 2004, we had total assets of $315.8 million, consisting principally of $276.6 million in loans, $29.2 million ininvestments, $1.4 million in federal funds sold, and $3.9 million in cash anddue from banks.  Our liabilities at December 31, 2004 totaled $287.7 million, consisting principally of $204.9 million in deposits, $60.7 million in FHLBadvances, $13.1 million of short-term borrowings, and $6.2 million of juniorsubordinated debentures.  At December 31, 2004, our shareholders' equity was$28.1 million.

*Federal Funds Sold*

**                 At September 30,2005, our federal funds sold were $7.3 million, or 2.0% of total assets.  At December 31, 2004, our $1.4 million in short-term investments in federal funds sold on anovernight basis comprised 0.4% of total assets.    As a result of thehistorically low yields paid for federal funds sold during 2004, we maintaineda lower than normal level of federal funds at December 31, 2004.  
*****Investments           *Contractualmaturities and yields on our investments that are available for sale and areheld to maturity at September 30, 2005 are shown in the following table. Expected maturities may differ from contractual maturities because issuers mayhave the right to call or prepay obligations with or without call or prepaymentpenalties.  At September 30, 2005, we had no securities with a maturity of oneto five years.
 

** **

** **

**Less than One Year**

** **

**Five to Ten Years**

** **

**Over Ten Years**

** **

**Total**

** **

** **

**Amount**

**Yield**

** **

**Yield**

**Yield**

** **

**Amount**

**Yield**

** **

**Amount**

**Yield**

** **

**(Dollars in thousands)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Available for Sale**

** **

** **

** **

** **

** **

** **

** **

** **

U.S. Government

    sponsored agency

$

1,021  

5.48 %

$

-  

- 

$

-  

- 

$

1,021 

5.48%

Mortgage-backed securities       	

-  

- 

1,302  

4.36 %

8,204 

4.42 %

9,506 

4.41%

Total

$

1,021  

5.48 %

$

1,302  

4.36 %

$

8,204 

4.42 %

$

10,527 

4.51%

**Held to Maturity**

** **

** **

** **

** **

Mortgage-backed securities       	

$

- 

- 

$

613 

3.58 %

$

19,812 

4.37 %

$

20,425 

4.35 %

                At September30, 2005, our investments included securities issued by Federal Home Loan Bank,Federal Home Loan Mortgage Corporation, and Federal National MortgageAssociation with carrying values of $1.0 million, $4.3 million, and $25.6million, respectively.

Theamortized costs and the fair value of our investments at September 30, 2005 andDecember 31, 2004 are shown in the following table.

* *
   
**September 30, 2005**

 

**December 31, 2004**

** **

**Amortized**

** **

**Fair**

** **

**Amortized**

** **

**Fair**

** **

**Cost**

** **

**Value**

** **

**Cost**

** **

**Value**

** **

**(Dollars in thousands)**

**Available for Sale**

 
U.S. Government	

     sponsored agency

$

1,007 

$

1,021 

$

1,014 

$

1,053 

Mortgage-backed  securities

9,605 

9,506 

11,070 

11,107 

 Total

$

10,612 

$

10,527  

$

12,084 

$

12,160 

**Held to Maturity**

Mortgage-backed securities

$

20,425 

$

20,086 

$

13,139 

$

13,089 

                Other investments totaled $5.3 million at September 30,2005.  Other investments at September 30, 2005 consisted of Federal ReserveBank stock with a cost of $863,700, an investment in Greenville First StatutoryTrust I of $186,000, and Federal Home Loan Bank stock with a cost of $4.3million.  

At September 30, 2005, we had $36.3 million in ourinvestment securities portfolio which represented approximately 9.7% of ourtotal assets.  Included in our investment securities portfolio were U.S.Government agency securities and mortgage-backed securities with a fair valueof $30.6 million and an amortized cost of $31.0 million for an unrealized loss of$425,000.  The Company believes, based on industry analyst reports andcredit ratings that the deterioration in value is attributed to changes inmarket interest rates and not in the credit quality of the issuer and therefore,these losses are not considered other-than-temporary.  The Company has theability and intent to hold these securities until such time as the valuerecovers or the securities mature.

At December 31, 2004, the $29.2 million in our investment securitiesportfolio represented approximately 9.2% of our total assets.  We held U.S.Government agency securities and mortgage-backed securities with a fair valueof $25.2 million and an amortized cost of $25.2 million for an unrealized gainof $75,739.  As a result of the strong growth in our loan portfolio and thehistorical low fixed rates that were available during the last two and one-halfyears, we have maintained a lower than normal level of investments.  As rateson investment securities rise and additional capital and deposits are obtained,we anticipate increasing the size of the investment portfolio.  
****
Contractualmaturities and yields on our available for sale and held to maturityinvestments at December 31, 2004 are shown in the following table.  Expectedmaturities may differ from contractual maturities because issuers may have theright to call or prepay obligations with or without call or prepaymentpenalties.  At December 31, 2004, we had no securities with a maturity of lessthan 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**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

U.S. Government

    sponsored agency

$

1,053 

5.45 %

$

- 

- 

$

- 

- 

$

1,053 

5.45 %

Mortgage-backed securities

- 

-

1,708 

4.04 %

9,399 

4.14 %

11,107 

4.14 %

Total

$

1,053 

5.45 %

$

1,708 

4.04 %

$

9,399 

4.14 %

$

12,160 

4.24 %

**Held to Maturity**

** **

Mortgage-backed securities

$

- 

- 

$

758 

3.77 %

$

12,381 

4.31 %

$

13,139 

4.28 %

                 At December 31, 2004, our investments included securities issued by Federal HomeLoan Bank, Federal Home Loan Mortgage Corporation, and Federal NationalMortgage Association with carrying values of $1.1 million, $4.9 million, and$19.3 million, respectively.

Otherinvestments totaled $3.9 million at December 31, 2004.  Other investments at December 31, 2004 consisted of Federal Reserve Bank stock with a cost of $485,150, an investment in Greenville FirstStatutory Trust I of $186,000, and Federal Home Loan Bank stock with a cost of$3.2 million.  * *

*Loans***         **Since loans typically provide higher interest yieldsthan other types of interest earning assets, a substantial percentage of ourearning assets are invested in our loan portfolio.  For the nine months ended September30, 2005 and 2004, average loans were $304.2 million and $235.0 million,respectively.  Before allowance for loan losses, total loans outstanding at September30, 2005 were $324.3 million.  Average loans for the year ended December 31,2004 were $248.1 million.  Before allowance for loan losses, total loansoutstanding at December 31, 2004 were $280.3 million.

          The principalcomponent of our loan portfolio is loans secured by real estate mortgages.   Most of our real estate loans are secured by residential or commercialproperty.  We do not generally originate traditional long term residentialmortgages, but we do issue traditional second mortgage residential real estateloans and home equity lines of credit.  We obtain a security interest in realestate whenever possible, in addition to any other available collateral.  Thiscollateral is taken to increase the likelihood of the ultimate repayment of theloan.  Generally, we limit the loan-to-value ratio on loans we make to 80%. Due to the short time our portfolio has existed, the current mix may not beindicative of the ongoing portfolio mix.  We attempt to maintain a relativelydiversified loan portfolio to help reduce the risk inherent in concentration incertain types of collateral.
****
           Thefollowing table summarizes the composition of our loan portfolio at September30, 2005 and December 31, 2004.

** **

** **

**September 30, 2005**

** **

**December 31, 2004**

** **

**Amount**

** **

**%  of Total**

** **

**Amount**

** **

**%  of Total**

Real estate:

**(Dollars in thousands)**

 Commercial:

Owner  occupied

$

62,608 

19.3 %

$

54,323 

19.4 %

Non-owner  occupied

90,875 

28.0 %

76,284 

27.2 %

Construction

17,935 

5.5 %

12,212 

4.4 %

Total  commercial real estate

171,418 

52.8 %

142,819 

51.0 %

Consumer:

Residential

50,711 

15.7 %

46,240 

16.5 %

Home  equity

38,258 

11.8 %

35,085 

12.5 %

Construction

6,939 

2.1 %

5,938 

2.1 %

Total  consumer real estate

95,908 

 

29.6 %

87,263 

31.1 %

Total  real estate

267,326 

 

82.4 %

230,082 

82.1 %

Commercial business

50,168 

15.5 %

44,872 

16.0 %

Consumer-other

7,523 

2.3 %

6,035 

2.1 %

Deferred origination fees,  net

(705)

(0.2)%

(642)

(0.2)%

      Total gross loans, net  of

          deferred fees

324,312 

100.0 %

280,347 

100.0 %

Less-allowance for loan  losses

(4,584)

(3,717)

    Total loans, net

$

319,728 

$

276,630 

* Maturities and Sensitivity of Loans to Changes in Interest Rates*               Theinformation in the following tables is based on the contractual maturities ofindividual loans, including loans which may be subject to renewal at theircontractual maturity.  Renewal of such loans is subject to review and creditapproval, as well as modification of terms upon maturity.  Actual repayments ofloans may differ from the maturities reflected below because borrowers have theright to prepay obligations with or without prepayment penalties.

The following table summarizes the loan maturitydistribution by type and related interest rate characteristics at September 30,2005.

** **

** **

**After one but within five years**

** **

** **

** **

** **

 
* *

**One year or less**

** **

**After five years**

** **

** **

 
** **

**Total**

 
**(Dollars in thousands)**

** **

 
 
Real estate - mortgage

$

46,576 

$

161,753 

$

34,123 

$

242,452 

 
Real estate - construction

7,561 

13,870 

3,443 

24,874 

 
 Total real estate

54,137 

175,623 

37,566 

267,326 

 
 
Commercial business

33,508 

16,371 

289 

50,168 

 
Consumer-other

5,113 

2,038 

372 

7,523 

 
Deferred origination fees,  net

(168)

(442)

(95)

(705)

 Total gross loans, net of   deferred fees	

$

92,590 

$

193,590 

$

38,132 

$

324,312 

 
Loans  maturing after one year with:

 
Fixed  interest rates

$

79,458 

 
Floating  interest rates

$

152,264 

 
 ****
                Thefollowing table summarizes the loan maturity distribution by type and relatedinterest rate characteristics at December 31, 2004. 

 

**After one but within five years**

** **

** **

** **

** **

* *

**One year or less**

**After five years**

** **

** **

** **

**Total**

**(Dollars in thousands)**

Real estate - mortgage

$

36,665 

$

147,199 

$

28,058 

$

211,922 

Real estate - construction

6,093 

8,560 

3,507 

18,160 

 Total real estate

42,758 

155,759 

31,565 

230,082 

Commercial business

27,927 

16,532 

413 

44,872 

Consumer - other

3,328 

2,367 

340 

6,035 

Deferred origination fees,  net

(132)

(425)

(85)

(642)

 Total gross loans, net of   deferred fees

$

73,881 

$

174,233 

$

32,233 

$

280,347 

Loans maturing after one year with:

Fixed  interest rates

$

70,356 

Floating  interest rates

$

136,110 

* Provision and Allowance for Loan Losses*

**           **Wehave established an allowance for loan losses through a provision for loanlosses charged to expense on our statement of income.  The allowance for loanlosses represents an amount which we believe will be adequate to absorbprobable losses on existing loans that may become uncollectible.  Our judgmentas to the adequacy of the allowance for loan losses is based on a number ofassumptions about future events, which we believe to be reasonable, but whichmay or may not prove to be accurate.  Our determination of the allowance forloan losses is based on evaluations of the collectibility of loans, includingconsideration of factors such as the balance of impaired loans, the quality,mix, and size of our overall loan portfolio, economic conditions that mayaffect the borrower's ability to repay, the amount and quality of collateralsecuring the loans, our historical loan loss experience, and a review ofspecific problem loans.  We also consider subjective issues such as changes inthe lending policies and procedures, changes in the local/national economy,changes in volume or type of credits, changes in volume/severity of problemloans, quality of loan review and board of director oversight, concentrationsof credit, and peer group comparisons.  Due to our limited operating history,the provision for loan losses has been made primarily as a result of ourassessment of general loan loss risk compared to banks of similar size andmaturity.  Due to the rapid growth of our bank over the past several years andour short operating history, a large portion of the loans in our loan portfolioand of our lending relationships are of relatively recent origin.  In general,loans do not begin to show signs of credit deterioration or default until theyhave been outstanding for some period of time, a process known as seasoning. As a result, a portfolio of older loans will usually behave more predictablythan a newer portfolio.  Because our loan portfolio is relatively new, thecurrent level of delinquencies and defaults may not be representative of thelevel that will prevail when the portfolio becomes more seasoned, which may behigher than current levels.  If delinquencies and defaults increase, we may berequired to increase our provision for loan losses, which would adverselyaffect our results of operations and financial condition.  Periodically, we adjustthe amount of the allowance based on changing circumstances.  We chargerecognized losses to the allowance and add subsequent recoveries back to theallowance for loan losses.  There can be no assurance that charge-offs of loansin future periods will not exceed the allowance for loan losses as estimated atany point in time or that provisions for loan losses will not be significant toa particular accounting period.  
****
               Thefollowing table summarizes the activity related to our allowance for loanlosses for the nine months ended September 30, 2005 and 2004:

 

** **

** **

**September 30,**

**2005**

** **

**2004**

**(Dollars in thousands)**
               
Balance, beginning of  period

$

3,717 

$

2,705 
               
Loans charged-off

(30)

(192)
               
Recoveries of loans  previously charged-off

62 

35 
               
Net loans  (charged-off) recovery

$

32 

$

(157)
               
Provision for loan  losses

835 

1,025 
               
Balance, end of period

$

4,584 

$

3,573 

** **

Allowance for loan  losses to gross loans

1.41 %  

1.33 %
               
Net charge-offs to average  loans

0.00 %

0.07 %

Wedo not allocate the allowance for loan losses to specific categories of loans. Instead, we evaluate the adequacy of the allowance for loan losses on anoverall portfolio basis utilizing our credit grading system which we apply toeach loan.  We have retained an independent consultant to review the loan fileson a test basis to confirm the grading of our loans.

* *
*****Nonperforming Assets           *The following table shows the nonperforming assets,percentages of net charge-offs, and the related percentage of allowance forloan losses for the nine months ended September 30, 2005 and the year endedDecember 31, 2004.  All loans over 90 days past due are on and included inloans on nonaccrual.
** **

** **

** **

**September 30, 2005**

** **

**December 31,  2004**

**(Dollars in thousands)**

Loans over 90 days  past due

$

1,161 

$

683 

Loans on nonaccrual:

Mortgage

719 

339 

Commercial

498 

385 

Consumer

1 

15 

Total nonaccrual loans

1,218 

739 

Troubled debt  restructuring

- 

- 

** **

Total of nonperforming loans

1,218 

739 

Other nonperforming  assets

- 

28 

Total nonperforming assets

$

1,218 

$

767 

 Percentage of total  assets

0.32 %

0.27 %

 Percentage of nonperforming  loans 

     and assets to gross loans

0.38 %

0.30 %

** **

Allowance for loan  losses to gross loans

1.41 %

1.33 %

Net charge-offs to  average loans

0.00 %

0.12 %

                At September 30, 2005 and December 31, 2004, the allowance for loan losses was $4.6 million and $3.7 million, respectively, or 1.41% and1.33% of outstanding loans, respectively.  During the year ended December 31, 2004, we had net charged off loans of $298,505.  During the nine months endedSeptember 30, 2005 we had a net recovery of $32,625. During the first ninemonths of 2004, our net charged-off loans were $157,057.

At September 30, 2005 and December 31, 2004, nonaccrualloans represented 0.38% and 0.27% of total loans, respectively.  At September 30,2005 and December 31, 2004, we had $1.2 million and $739,126 of loans,respectively, on nonaccrual status.   Generally, a loan is placed on nonaccrualstatus when it becomes 90 days past due as to principal or interest, or when webelieve, after considering economic and business conditions and collectionefforts, that the borrower's financial condition is such that collection of theloan is doubtful.  A payment of interest on a loan that is classified asnonaccrual is recognized as income when received**.**

Theamount of foregone interest income on the nonaccrual loans in the first ninemonths of 2005 was approximately $37,000.   The amount of interest incomerecorded in the first nine months of 2005 for loans that were on nonaccrual at September30, 2005 was $15,368.
*****Deposits and OtherInterest-Bearing Liabilities           *
*           *Ourprimary source of funds for loans and investments is our deposits, advancesfrom the FHLB, and short-term repurchase agreements.  National and local markettrends over the past several years suggest that consumers have moved anincreasing percentage of discretionary savings funds into investments such asannuities, stocks, and fixed income mutual funds.  Accordingly, it has becomemore difficult to attract deposits.  We have chosen to obtain a portion of ourcertificates of deposits from areas outside of our market.  The depositsobtained outside of our market area generally have comparable rates compared torates being offered for certificates of deposits in our local market.  We alsoutilize out-of-market deposits in certain instances to obtain longer-termdeposits than are readily available in our local market.  We anticipate thatthe amount of out-of-market deposits will decline after our new retail depositoffices become established.  The amount of out-of-market deposits was $77.3million at December 31, 2004 and $83.2 at September 30, 2005.  

Weanticipate being able to either renew or replace these out-of-market depositswhen they mature, although we may not be able to replace them with depositswith the same terms or rates.  Our loan-to-deposit ratio was 137% and 135% at September30, 2005 and December 31, 2004, respectively.  

Thefollowing table shows the average balance amounts and the average rates paid ondeposits held by us for the nine months ended September 30, 2005 and 2004. 

** **

* *

** **

** **

**2005**

** **

**2004**

* *

** **

** **

**Amount**

** **

**Rate**

** **

**Amount**

** **

**Rate**

**(Dollars in thousands)**

 
 
Noninterest bearing  demand deposits

$

18,115 

- %

$

14,862 

- %

 
Interest bearing  demand deposits

28,383 

1.39 %

22,800 

1.28 %

 
Money market accounts

45,275 

1.78 %

37,340 

1.40 %

 
Saving accounts

1,298 

0.36 %

1,345 

0.34 %

 
Time deposits less  than $100,000

24,612 

3.27 %

26,401 

2.36 %

 
Time deposits greater  than $100,000

102,075 

3.58 %

73,321 

2.61 %

 
  Total deposits

$

219,758 

2.58 %

$

176,069 

1.91 %

 
Coredeposits, which exclude time deposits of $100,000 or more, provide a relativelystable funding source for our loan portfolio and other earning assets.  Ourcore deposits were $122.1 million and $107.8 million at September 30, 2005 and December 31, 2004, respectively. 

Allof our time deposits are certificates of deposits.  The maturity distributionof our time deposits of $100,000 or more at September 30, 2005 (in thousands)wasas follows: 

** **

**September 30, 2005**

Three months or less

$

26,704

Over three through six months

18,713

Over six  through twelve months

20,306

Over twelve months

 

48,033

   Total

$

113,756

** **            Theincrease in time deposits of $100,000 or more for the nine months ended September30, 2005 resulted from both additional wholesale deposits and from an 18 monthretail CD promotion that raised approximately $14.0 million. 

**Capital Resources**

**           **Total shareholders' equity at September 30, 2005 was$30.5 million.  At December 31, 2004, total shareholders' equity was $28.1million. The increase during the first nine months of 2005 resulted primarily from the $2.4million of net income earned.

 
****                The following table shows the return on average assets(net income divided by average total assets), return on average equity (netincome divided by average equity), and equity to assets ratio (average equitydivided by average total assets) for the nine months ended September 30, 2005and the year ended December 31, 2004.  Since our inception, we have not paidcash dividends.
           

**September 30, 2005**

**December 31, 2004**
         
Return on average assets

0.92 %

0.73 %

Return on average equity

10.93 %

12.37 %

Equity to assets ratio

8.39 %

5.87 %

            The Federal Reserve Board and bank regulatory agenciesrequire bank holding companies and financial institutions to maintain capitalat adequate levels based on a percentage of assets and off-balance sheetexposures, adjusted for risk weights ranging from 0% to 100%.

            Under thecapital adequacy guidelines, regulatory capital is classified into two tiers. These guidelines require an institution to maintain a certain level of Tier 1and Tier 2 capital to risk-weighted assets.  Tier 1 capital consists of commonshareholders' equity, excluding the unrealized gain or loss on securitiesavailable for sale, minus certain intangible assets.  In determining the amountof risk-weighted assets, all assets, including certain off-balance sheetassets, are multiplied by a risk-weight factor of 0% to 100% based on the risksbelieved to be inherent in the type of asset.  Tier 2 capital consists of Tier1 capital plus the general reserve for loan losses, subject to certainlimitations.  We are also required to maintain capital at a minimum level basedon total average assets, which is known as the Tier 1 leverage ratio.

            At both theholding company and bank level, we are subject to various regulatory capitalrequirements administered by the federal banking agencies.  To be considered"adequately capitalized" under these capital guidelines, we must maintain aminimum total risk-based capital of 8%, with at least 4% being Tier 1 capital. In addition, we must maintain a minimum Tier 1 leverage ratio of at least 4%. To be considered "well-capitalized," we must maintain total risk-based capitalof at least 10%, Tier 1 capital of at least 6%, and a leverage ratio of atleast 5%.  

The following table sets forth the holding company'sand the bank's various capital ratios at September 30, 2005 and at December 31,2004.  For all periods, the bank was considered "well capitalized" and theholding company met or exceeded its applicable regulatory capital requirements.

**September 30, 2005**

**December 31, 2004**

**Holding**

** **

** **

**Holding**

** **

**Company**

**Bank**

** **

**Company**

**Bank**

Total risk-based capital

13.5 %

12.7 %

14.6 %

13.7 %

Tier 1 risk-based capital

12.2 %

11.5 %

13.4 %

12.4 %

Leverage capital

10.0 %

9.4 %

11.0 %

10.2 %
** ****Borrowings           **    The following table outlines our various sources ofborrowed funds during the nine months ended September 30, 2005 and the yearended December 31, 2004, the amounts outstanding at the end of each period, atthe maximum point for each component during the periods and on average for eachperiod, and the average interest rate that we paid for each borrowing source. The maximum month-end balance represents the high indebtedness for eachcomponent of borrowed funds at any time during each of the periods shown. 
*** ***

* *

** **

** **

**Maximum**

** **

** **

 

**Ending**

**Period-**

**Month-end**

**Average for the Period**

 

**Balance**

**End Rate**

**Balance**

**Balance**

**Rate**

** **

**(Dollars in thousands)**

**At or for the Nine Months**

**      ended September  30, 2005**

Federal Home Loan Bank  advances

 $

81,500 

3.66 %

 $

81,500 

 $

73,468 

3.32 %

Securities sold under  agreement to

 repurchase

16,232

3.76 % 

18,947 

17,221 

3.11 %

Federal funds purchased

- 

4.31 %

1,538 

915 

1.99 %

Junior  subordinated debentures

6,186 

7.06 %

6,186 

6,186 

6.36 %

 

**At or for the Year**

**      ended December  31, 2004**

Federal Home Loan Bank  advances

 $

60,660 

2.82 %

 $

58,400 

 $

54,515 

2.21 %

Securities sold under  agreement to

 repurchase

13,100 

2.25 %

14,637 

13,643 

1.43 %

Federal funds purchased

- 

2.44 %

- 

332 

1.46 %

Correspondent bank line of  credit

- 

4.40 %

3,000 

1,214 

3.38 %

Junior subordinated  debentures

6,186 

5.65 %

6,186 

6,186 

4.88 %

 

* ***Effect of Inflation and Changing Prices**             The effect of relative purchasing power over time due toinflation has not been taken into account in our consolidated financialstatements.  Rather, our financial statements have been prepared on anhistorical cost basis in accordance with generally accepted accountingprinciples.

             Unlike mostindustrial 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 same magnitude. As discussed previously, we seek to manage the relationships between interestsensitive assets and liabilities in order to protect against wide ratefluctuations, including those resulting from inflation.
****
**Off-BalanceSheet Risk**

****               Commitmentsto extend credit are agreements to lend to a client as long as the client hasnot violated any material condition established in the contract.  Commitmentsgenerally have fixed expiration dates or other termination clauses and mayrequire the payment of a fee.  At December 31, 2004, unfunded commitments to extend credit were $51.6 million, of which $17.6 million was at fixed ratesand $34.0 million was at variable rates.  At September 30, 2005, unfundedcommitments to extend credit were $67.9 million, of which $23.3 million was atfixed rates and $44.6 million was at variable rates.  A significant portion ofthe unfunded commitments related to consumer equity lines of credit.  Based onhistorical experience, we anticipate that a significant portion of these linesof credit will 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 December 31, 2004, there was a $2.5 million commitment under a letter of credit.  At September30, 2005, there was a $4.0 million commitment under letters of credit.  Thecredit risk and collateral involved in issuing letters of credit is essentiallythe same as that involved in extending loan facilities to customers.  Sincemost of the letters of credit are expected to expire without being drawn upon,they do not necessarily represent future cash requirements.

Exceptas disclosed in this document, we are not involved in off-balance sheetcontractual relationships, unconsolidated related entities that haveoff-balance sheet arrangements or transactions that could result in liquidityneeds or other commitments that significantly impact earnings.

**Market Risk           **Market risk is the risk of loss from adverse changes inmarket prices and rates, which principally arises from interest rate riskinherent in our lending, investing, deposit gathering, and borrowingactivities.  Other types of market risks, such as foreign currency exchangerate risk and commodity price risk, do not generally arise in the normal courseof our business.  Our asset/liability management committee ("ALCO") monitors and considers methods of managing exposure to interest rate risk.  We have both an internal ALCO consisting of seniormanagement 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.

Weactively monitor and manage our interest rate risk exposure principally bymeasuring our interest sensitivity "gap," which is the positive or negativedollar difference between assets and liabilities that are subject to interestrate repricing within a given period of time.  Interest rate sensitivity can bemanaged by repricing assets or liabilities, selling securities available forsale, replacing an asset or liability at maturity, or adjusting the interestrate during the life of an asset or liability.  Managing the amount of assetsand liabilities repricing in this same time interval helps to hedge the riskand minimize the impact on net interest income of rising or falling interestrates.  We generally would benefit from increasing market rates of interestwhen we have an asset-sensitive gap position and generally would benefit fromdecreasing market rates of interest when we are liability-sensitive.

We were assetsensitive during most of the year ended December 31, 2004 and the nine monthsended September 30, 2005.  As of September30, 2005, we expect to be asset sensitive for the next 12 months.  The ratio ofcumulative gap to total earning assets after 12 months was 5.4% because $19.4 million more assets will reprice in a 12 month periodthan liabilities.  This situation resulted in part due to the fact that approximately68% and 66% of our loans were variable rate loans at December 31, 2004 and September30, 2005, respectively.  However, our gap analysis is not a precise indicator of ourinterest sensitivity position.  The analysis presents only a static view of thetiming of maturities and repricing opportunities, without taking intoconsideration that changes in interest rates do not affect all assets andliabilities equally.  For example, rates paid on a substantial portion of coredeposits may change contractually within a relatively short time frame, butthose rates are viewed by us as significantly less interest-sensitive thanmarket-based rates such as those paid on noncore deposits.  Net interest incomemay be affected by other significant factors in a given interest rateenvironment, including changes in the volume and mix of interest-earning assetsand interest-bearing liabilities.
****
**Liquidity and Interest Rate Sensitivity**

               Liquidity represents the ability of a company to convertassets into cash or cash equivalents without significant loss, and the abilityto raise additional funds by increasing liabilities.  Liquidity managementinvolves monitoring our sources and uses of funds in order to meet ourday-to-day cash flow requirements while maximizing profits.  Liquiditymanagement is made more complicated because different balance sheet componentsare subject to varying degrees of management control.  For example, the timingof maturities of our investment portfolio is fairly predictable and subject toa high degree of control at the time investment decisions are made.  However,net deposit inflows and outflows are far less predictable and are not subjectto the same degree of control.

               At September30, 2005, our liquid assets, consisting of cash and due from banks and federalfunds sold, amounted to $12.5 million, or 3.3% of total assets.  Our investmentsecurities at September 30, 2005 amounted to $36.3 million, or 9.7% of totalassets.  Investment securities traditionally provide a secondary source ofliquidity since they can be converted into cash in a timely manner.  However, $21.3million of these securities are pledged against outstanding debt.  Therefore,the related debt would need to be repaid prior to the securities being sold inorder for these securities to be converted to cash.  At December 31, 2004, our liquid assets amounted to $5.3 million, or 1.7% of total assets.  Ourinvestment securities at December 31, 2004 amounted to $29.2 million, or 9.2% of total assets.  However, $17.0 million of these securities are pledged againstoutstanding debt.  

Ourability to maintain and expand our deposit base and borrowing capabilitiesserves as our primary source of liquidity.  We plan to meet our future cashneeds through the liquidation of temporary investments, the generation ofdeposits, and from additional borrowings.  In addition, we will receive cashupon the maturity and sale of loans and the maturity of investment securities. During most of 2004 and the first nine months of 2005, as a result ofhistorically low rates that were being earned on short-term liquidityinvestments, we chose to maintain a lower than normal level of short-termliquidity securities.  In addition, we maintain three lines of credit withcorrespondent banks totaling $22.6 million for which there were no borrowingsagainst the lines at September 30, 2005.  We are also a member of the FederalHome Loan Bank of Atlanta, from which applications for borrowings can be madefor leverage purposes.  The FHLB requires that securities, qualifying mortgageloans, and stock of the FHLB owned by the bank be pledged to secure anyadvances from the FHLB.  The unused borrowing capacity currently available fromthe FHLB at September 30, 2005 was $14.9 million, based on the bank's $4.3million investment in FHLB stock, as well as qualifying pledged mortgages.

Priorto September 30, 2005, the company entered into a commitment to construct a newoffice for approximately $845,000.  As of September 30, 2005, approximately $916,000has been paid for construction and equipment costs.  The office opened in earlyNovember.

Thecompany entered into a 10-year operating lease that begins in mid-2006 inconjunction with the relocation of its main office building.  The monthly rentfor the first five months of the lease is approximately $13,000 per month andincreases to approximately $42,000 per month following the initial five monthperiod.

Webelieve that our existing stable base of core deposits, borrowings from theFHLB, and short-term repurchase agreements will enable us to successfully meetour long-term liquidity needs.

**            **    Asset/liabilitymanagement is the process by which we monitor and control the mix andmaturities of our assets and liabilities. The essential purposes ofasset/liability management are to ensure adequate liquidity and to maintain anappropriate balance between interest sensitive assets and liabilities in orderto minimize potentially adverse impacts on earnings from changes in marketinterest rates.  We have both an internal ALCO consisting of senior managementthat 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.
****
The following table sets forth information regardingour rate sensitivity as of September 30, 2005 for each of the time intervalsindicated. The information in the table may not be indicative of our ratesensitivity position at other points in time.  In addition, the maturitydistribution indicated in the table may differ from the contractual maturitiesof the earning assets and interest-bearing liabilities presented due toconsideration of prepayment speeds under various interest rate change scenariosin the application of the interest rate sensitivity methods described 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

$

7,334 

$

- 

$

- 

$

- 

$

7,334 

Investment securities

1,878 

5,841 

19,250 

3,983 

30,952 

Loan

218,148 

11,055 

67,933 

26,677 

323,812 

 

Total earning  assets

$

227,360 

$

16,896 

$

87,183 

$

30,660 

$

362,098 

Interest-bearing  liabilities:

Money market and NOW

$

73,958 

$

- 

$

- 

$

- 

$

73,958 

Regular savings

1,271 

- 

- 

- 

1,271 

Time deposits

28,960 

59,228 

50,381 

3,439 

142,008 

Repurchase agreements

16,232 

- 

- 

- 

16,232 

FHLB advances

21,500 

17,500 

39,500 

3,000 

81,500 

Junior subordinated debentures

6,186 

- 

- 

- 

6,186 

Total interest-bearing liabilities

$

148,107 

$

76,728 

$

89,881 

$

6,439 

$

321,155 

Period gap

$

79,253 

$

(59,832)

$

(2,698)

$

24,221 

Cumulative gap

79,253 

19,421 

16,723 

40,944 

Ratio of cumulative gap total assets to earning assets

21.9 %

5.4 %

4.6 %

11.3 %

** **The following table sets forth information regardingour rate sensitivity, as of December 31, 2004, at each 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

$

1,394 

$

- 

$

- 

$

- 

$

1,394 

Investment securities

1,572 

4,716 

15,511 

3,500 

25,299 

Loans

196,066 

10,374 

54,704 

19,105 

280,249 

Total earning  assets

$

199,032 

$

15,090 

$

70,215 

$

22,605 

$

306,942 

Interest-bearing  liabilities:

Money market and NOW

$

87,081 

$

- 

$

- 

$

- 

$

87,081 

Regular savings

1,244 

- 

- 

- 

1,244 

Time deposits

23,369 

39,845 

29,927 

5,834 

98,975 

Repurchase agreements

13,100 

- 

- 

- 

13,100 

FHLB advances

30,660 

8,000 

5,000 

17,000 

60,660 

Junior subordinated debentures

6,186 

- 

- 

- 

6,186 

Total interest-bearing liabilities

$

161,640 

$

47,845 

$

34,927 

$

22,834 

$

267,246 

Period gap

$

37,392 

$

(32,755)

$

35,288 

$

(229)

Cumulative gap

37,392 

4,637 

39,925 

39,696 

Ratio of cumulative gap total assets    total earning assets

12.2 %

1.5 %

13.0 %

12.9 %
****
**Accounting,Reporting, and Regulatory Matters**

*Recently Issued AccountingStandards*

*           *The following is a summary of recentauthoritative pronouncements that affect accounting, reporting, and disclosureof financial information by us:

In December 2004, theFinancial Accounting Standards Board ("FASB") issuedStatement of Financial Accounting Standards ("SFAS") No. 123 (revised 2004), "Share-Based Payment" ("SFAS No.123(R)").  SFAS No.123(R) will require companies to measure allemployee stock-based compensation awards using a fair value method and recordsuch expense in its financial statements.  In addition, the adoption ofSFAS No, 123 (R) requires additional accounting and disclosure related to theincome tax and cash flow effects resulting from share-based paymentarrangements.  SFASNo. 123(R) is effective beginning as of the annual reportingperiod beginning after December 15, 2005.  The Company is currentlyevaluating the impact that the adoption of SFAS No. 123(R) will have on itsfinancial position, results of operations and cash flows.  The cumulativeeffect of adoption, if any, will be measured and recognized in the statement of operations on the date of adoption.

In April 2005, theSecurities and exchange Commission's Office of the Chief Accountant and itsDivision of Corporation Finance released Staff Accounting Bulletin ("SAB") No.107 to provide guidance regarding the application of SFAS No. 123 (revised2004), "Share-Based Payment."  SFAS No. 123(R) covers a wide range ofshare-based compensation arrangements including share options, restricted shareplans, performance-based awards, share appreciation rights, and employee sharepurchase plans.  SAB No. 107 provides interpretive guidance related to theinteraction between SFAS No. 123(R) and certain SEC rules and regulations, aswell as the staff's views regarding the valuation of share-based paymentarrangements for public companies.  SAB No. 107 also reminds publiccompanies of the importance of including disclosures within filings made withthe SEC relating to the accounting for share-based payment transactions,particularly during the transitions to SFAS No. 123(R).

The FASB has isuedproposed FASB Staff Positions ("FSP") No. SOP 94-6-a, "Nontraditional LoanProducts," to address the application of certain existing accounting principlesto nontraditional loan products.  For the purposes of this proposed FSP,"nontraditional loan products" are those that expose the originator, holder,investor, guarantor, or service to higher risk than traditional products. Products that meet this definition include, but are not limited to:
-  Loans with the	contractual ability to negatively amortize;
-  Loans with a high	loan-to-value ratio;
-  Home equity lines of	credit, second mortgages, or other products that result in a high	loan-to-value ratio when combined with other mortgages on the same	collateral:
-  Option	adjustable-rate mortgages (ARMs) or similar products that may expose the	borrower to future increases in repayments in excess of changes that result	solely from increases in the market interest;
-  Loans with below	market or teaser interest rates; and 
-  Interest-only loans. 

              The proposed FSP discusses required disclosures and other accountingconsiderations for entities that originate, hold, guarantee, service, or investin nontraditional loan products.

 

             The proposed FSP also discusses whether nontraditional loan products represent aconcentration of credit risk as that term is used in SFAS No. 107, "Disclosuresabout Fair Value of Financial Instruments."  The FSP concludes that certainnontraditional loan products, which expose a reporting entity to greater creditrisk than traditional mortgage products, may result in concentration of creditrisk, and therefore disclosures about each significant concentration, includinginformation about the (shared) activity, region, or economic characteristic thatidentifies the concentration, would be required.  The proposed FSP No. SOP94-6-a is available for comment until November 11, 2005.

 

       Other accounting standards thathave been issued or proposed by the FASB or other standards-setting bodies thatdo not require adoption until a future date are not expected to have a materialimpact on the consolidated financial statements upon adoption.

**Item 3. Quantitative andQualitative Disclosures About Market Risk.**

See "Market Risk" and "Liquidity and Interest RateSensitivity" in Item 2, Management Discussion and Analysis of FinancialCondition and Results of Operations for quantitative and qualitativedisclosures about market risk, which information is incorporated herein byreference.

**Item 4.  Controls andProcedures.**

Asof the end of the period covered by this report, we carried out an evaluation,under the supervision and with the participation of our management, includingour Chief Executive Officer and Chief Financial Officer, of the effectivenessof our disclosure controls and procedures as defined in Exchange Act Rule13a-15(e).  Based upon that evaluation, our Chief Executive Officer and ChiefFinancial Officer have concluded that our current disclosure controls andprocedures are effective as of September 30, 2005.  There have been no significant changes in our internalcontrols over financial reporting during the fiscal quarter ended September 30,2005 that have materially affected, or are reasonably likely to materiallyaffect, our internal controls over financial reporting.

Thedesign of any system of controls and procedures is based in part upon certainassumptions about the likelihood of future events.  There can be no assurancethat any design will succeed in achieving its stated goals under all potentialfuture conditions, regardless of how remote.

** **

**PART II.  OTHER INFORMATION**

** Item 1.     Legal Proceedings.**

**                 **There are no material pendinglegal proceedings to which the company is a party or of which any of itsproperty is the subject.

**Item 2.     Unregistered Sales of EquitySecurities and Use of Proceeds.**

**                  **Not applicable

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

                    Not applicable
******Item 4.     Submission of Matters to a Vote ofSecurity Holders.**
                   Not applicable

**Item 5.     Other Information.**

                    Notapplicable

**Item 6.     Exhibits.**

10.1          Bonaventure I Office Lease Agreement with GreenvilleFirst Bank, N.A., dated September 20, 2005

10.2          FirstAmendment to Office Lease Agreement with Greenville First Bank, N.A. datedSeptember 20, 2005

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

31.2          Rule13a-14(a) Certification of the Principal Financial Officer.  

32            Section 1350 Certifications. 
****
**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: November 14, 2005

/s/  R. Arthur Seaver,  Jr.

R. Arthur Seaver, Jr.

Chief Executive Officer
         
Date: November 14, 2005

/s/ James M. Austin,  III

James M. Austin, III

Chief Financial Officer
****
**INDEX TO EXHIBITS**ExhibitNumber                  Description10.1       Bonaventure I Office Lease Agreement with GreenvilleFirst Bank, N.A., dated September 20, 2005

10.2       First Amendment to Office Lease Agreement withGreenville First Bank, N.A., dated September 20, 2005

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

31.2       Rule13a-14(a) Certification of the Principal Financial Officer.  

32          Section1350 Certifications. 
**** |
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