GrandSouth Bancorporation Reports First Quarter 2021 Results

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GrandSouth Bancorporation

Apr 22, 2021, 10:38 ET

GREENVILLE, S.C., April 22, 2021 /PRNewswire/ -- GrandSouth Bancorporation (GRRB:OTCQX), the holding company for GrandSouth Bank, (the "Company"), announced today that net income for the first quarter of 2021 was $3.6 million.

The Board of Directors declared a cash dividend of $0.10 per common share ($0.105 per Series A preferred share) payable on May 21, 2021 to shareholders of record on May 7, 2021.

First Quarter 2021 Highlights

  • Net Income of $3.6 million.
  • Total assets increased to $1.1 billion, representing a $46.6 million, or 4.27%, increase since the end of 2020.
  • Gross loans increased $10.9 million, or 1.25%, during the quarter.
  • Combined demand deposit, money market, and savings account growth of 9.64% for the quarter contributed to a reduction in cost of funds of 6 basis points, or 9.38%, from the fourth quarter of 2020.  Noninterest bearing deposits have grown $33.1 million, or 16.24%, for the quarter ended March 31, 2021.
  • Gross loans, excluding specialty floor plan and purchased student loans ("Core Bank loans") had less than 0.01% of loans 30 days past due as of March 31, 2021.
  • Sustained strong credit quality results, including an annualized net recovery ratio for the quarter of 0.07%, an improvement from the prior quarter's annualized net recovery ratio of 0.02%, and non-performing assets as a percentage of total assets of 0.20%, a decline from the prior quarter's ratio of 0.23%.
  • Improved quarterly efficiency ratio of 60.67%, compared to 63.69% in the prior quarter and 67.54% for the same quarter a year ago.
  • Basic and diluted earnings per share were $0.65.
  • The Company filed its Form 10 to register its common shares with the SEC, the registration for which will be effective no later than late May.

To view the full report, visit https://backend.otcmarkets.com/otcapi/company/financial-report/279501/content

About GrandSouth Bank: GrandSouth Bancorporation is a bank holding company with assets of $1.1 billion at March 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.

www.grandsouth.com

SOURCE GrandSouth Bancorporation

Related Links

http://www.grandsouth.com

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