GrandSouth Bancorporation Reports Second Quarter 2021 Results

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Jul 19, 2021, 13:37 ET

GREENVILLE, S.C., July 19, 2021 /PRNewswire/ -- GrandSouth Bancorporation (GRRB:OTCQX) (the "Company" or "GrandSouth"), the holding company for GrandSouth Bank announced today that net income for the second quarter of 2021 was $4.0 million.

The Board of Directors declared a cash dividend of $0.10 per common share ($0.105 per Series A preferred share) payable on August 13, 2021 to shareholders of record on August 4, 2021.

Second Quarter 2021 Highlights

Net Income was $4.0 million, an increase of $2.3 million, or 142.39%, from the same quarter in 2020.
Basic and diluted earnings per share were $0.73 and $0.71, respectively.
The annualized returns on average assets and average equity were 1.38% and 18.13%, respectively.
Total assets increased $27.1 million, or 2.39%, to $1.2 billion.
Gross loans increased $19.5 million, or an annual rate of 8.80%, to $909.0 million.
Total deposits increased $25.8 million, or an annual rate of 10.46%, to $1.0 billion.
Cost of funds decreased by 56 basis points, or 53.84%, from the same quarter in 2020.
Less than 0.01% of gross loans, excluding specialty floor plan and purchased student loans ("Core Bank loans") were 30 days past due as of June 30, 2021. The annualized net recovery ratio for the quarter was 0.03%.
The efficiency ratio was 57.44%, an improvement from 60.64% in the prior quarter and 72.76% in the same quarter in 2020.

To view the full report, visit https://backend.otcmarkets.com/otcapi/company/financial-report/291816/content

About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.2 billion at June 30, 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.