GrandSouth Bancorporation Announces 86% Increase in Year Over Year Net Income and Fourth Quarter 2021 Results

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Jan 18, 2022, 12:01 ET

GREENVILLE, S.C., Jan. 18, 2022 /PRNewswire/ -- GrandSouth Bancorporation (OTCQX: GRRB) (the "Company" or "GrandSouth"), the holding company for GrandSouth Bank announced today that net income was $16.1 million and $4.7 million for the year and quarter ended December 31, 2021, respectively, representing a 86.40% and a 47.13% increase over the same periods in 2020.

The Board of Directors declared a quarterly cash dividend of $0.13 per common share ($0.1365 per Series A preferred share) payable on February 18, 2022 to shareholders of record on February 4, 2022.

Fourth Quarter 2021 Highlights – For and during the quarter ended December 31, 2021:

Net Income was $4.7 million, an increase of $1.5 million, or 47.13%, from the same quarter in 2020.
Basic and diluted earnings per share were $0.86 and $0.84, respectively.
A 30% increase in the quarterly cash dividend.
The annualized returns on average assets and average equity were 1.55% and 19.53%, respectively.
Total assets increased $1.1 million, or 0.09%, to $1.2 billion.
Gross loans excluding purchased student loans increased by $21.4 million, or an annualized rate of 9.29%, to $932.8 million.
Total deposits increased $7.3 million, or an annualized rate of 2.76%, to $1.1 billion.
Cost of funds decreased by 22 basis points, or 34.38%, from the same quarter in 2020.
Of gross loans excluding specialty floor plan and purchased student loans ("Core Bank loans"), 0.01% were 30 days past due as of December 31, 2021. The annualized net charge off ratio for the quarter was 0.10%.
The efficiency ratio was 55.45%, improving from 58.81% in the prior quarter and 63.69% in the same quarter in 2020.

To view the full report, visit https://www.otcmarkets.com/otcapi/company/financial-report/317716/content

About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.2 billion at December 31, 2021. GrandSouth Bank provides a range of financial services to individuals and small and medium sized businesses. GrandSouth Bank has eight branches in South Carolina, located in Greenville, Fountain Inn, Anderson, Greer, Columbia, Orangeburg and Charleston.