GrandSouth Bancorporation reports fourth quarter 2020 results

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Jan 21, 2021, 18:19 ET

GREENVILLE, S.C., Jan. 21, 2021 /PRNewswire/ -- GrandSouth Bancorporation (OTCQX: GRRB), the holding company for GrandSouth Bank, (the "Company"), announced today that net income for the fourth quarter of 2020 was $3.2 million.

The Board of Directors declared a cash dividend of $0.10 per common share ($0.105 per Series A preferred share) payable on February 20, 2021 to shareholders of record on February 4, 2021. This dividend rate reflects a $0.02 increase per common share ($0.021 per Series A preferred share) from that of the prior five quarters.

Fourth Quarter 2020 Highlights

Net Income of $3.2 million.
Total assets increased to $1.1 billion, representing a $178.1 million, or 19.54%, increase since the end of 2019.
Gross loans increased $39.0 million, or 4.64%, during the quarter.
Combined demand deposit, money market, and savings account growth of 13.91% for the quarter and 51.32% for the year contributing to a reduction in cost of funds of 14 basis points, or 17.95%, from the third quarter of 2020. Noninterest bearing deposits have grown $65.2 million, or 47.17%, for the year ended December 31, 2020.
Gross loans, excluding specialty floor plan and purchased student loans ("Core Bank loans") had 0.01% of loans 30 day past due as of December 31, 2020.
Continuing strong credit quality results, including an annualized net recovery ratio for the quarter of 0.02%, an improvement from the prior quarter's net charge off ratio of 0.09%, and non-performing assets as a percentage of total assets of 0.23%, a decline from the prior quarter's rate of 0.27%.
Improving quarterly efficiency ratio of 63.69%, compared to 68.39% for the same quarter a year ago.
In November 2020, the Company issued $18 million of subordinated notes at a rate of 4.375%.
During the fourth quarter of 2020, the Company's basic and diluted earnings per share were $0.58 and $0.57, respectively.

To view the full report, visit https://backend.otcmarkets.com/otcapi/company/financial-report/268873/content

About GrandSouth Bank: GrandSouth Bancorporation, the parent company of GrandSouth Bank, was founded in 1998 as a commercial bank. Since then it has grown into eight locations and offers a full array of commercial banking services for individuals and small businesses. The bank has $1.1 billion in assets as of December 31, 2020, including over $878 million in gross loans. Learn more at:

https://www.grandsouth.com/

SOURCE GrandSouth Bancorporation