GrandSouth Bancorporation reports first quarter 2022 results

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Apr 18, 2022, 11:13 ET

GREENVILLE, S.C., April 18, 2022 /PRNewswire/ -- GrandSouth Bancorporation (OTCQX: GRRB) (the "Company" or "GrandSouth"), the holding company for GrandSouth Bank announced today that net income for the first quarter of 2022 was $4.1 million.

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

First Quarter 2022 Highlights – For and during the quarter ended March 31, 2022:

Net Income was $4.1 million, an increase of $0.5 million, or 14.30%, from the same quarter in 2021.
Basic and diluted earnings per share were $0.75 and $0.72, respectively.
The annualized returns on average assets and average equity were 1.37% and 16.89%, respectively.
Total assets increased $49.5 million, or 4.11%, to $1.3 billion, since December 31, 2021.
Gross loans increased by $2.7 million, or an annualized rate of 1.18%, to $936.2 million, since December 31, 2021.
Total deposits increased $49.9 million, or an annualized rate of 19.09%, to $1.1 billion, since December 31, 2021.
Cost of funds decreased by 17 basis points, or 29.31%, from the same quarter in 2021.
0.03% of Core Bank loans (gross loans excluding specialty floor plan and purchased student loans) were 30 days past due as of March 31, 2022. The annualized net charge off ratio for the quarter was 0.04%.
The efficiency ratio was 58.40%, up from 55.45% in the prior quarter but lower than 60.64% in the same quarter in 2021.

To view the full report, visit https://www.otcmarkets.com/otcapi/company/financial-report/327942/content

About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.3 billion at March 31, 2022. 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.