GrandSouth Bancorporation reports third quarter 2018 earnings of $1.4 million
GREENVILLE, S.C., Oct. 22, 2018 /PRNewswire/ -- GrandSouth Bancorporation (OTCQX: GRRB), the holding company for GrandSouth Bank, reported net income for the quarter ended September 30, 2018 of $1.4 million or $0.29 per diluted share, compared to net income of $455 thousand or $0.09 per diluted share for the quarter ended one year prior. For the nine months ending September 30, 2018, the Company's net income was $4.5 million, or $0.91 per diluted share, compared to net income of $1.0 million, or $0.20 per diluted share, during the same period in 2017.
The Company continued to grow in the third quarter with growth in total assets of $11.8 million, totaling $740.3 million as of September 30, 2018. The growth was primarily driven by an increase in gross loans of $27.6 million for the quarter with the Orangeburg and Charleston markets leading the way representing 43.55% of this loan growth.
Asset quality continues to be one of the main focuses of the Company. Nonperforming assets decreased $468 thousand during the third quarter, and $2.1 million year to date. Nonperforming assets as a percentage of total assets have fallen to 0.62% as of September 30, 2018, down from 0.70% as of June 30, 2018.
We are confident that the quality growth we are experiencing will benefit earnings, and customers, in future periods. We appreciate the support and look forward to continued success in 2018.
To view the full report visit: https://backend.otcmarkets.com/otcapi/company/financial-report/204546/content
About GrandSouth Bancorporation:
GrandSouth Bancorporation is the holding company for GrandSouth Bank. GrandSouth Bank was founded in 1998 as a commercial bank. Since then it has grown into seven locations and offers many commercial banking services for individuals and small businesses. The bank has over $700 million in assets, including over $600 million in gross loans. Learn more at: http://www.grandsouth.com/
SOURCE GrandSouth Bancorporation
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