GrandSouth Bancorporation Reports Third Quarter 2021 Results

Company Release - October 18, 2021

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Oct 18, 2021, 11:08 ET

GREENVILLE, S.C., Oct. 18, 2021 /PRNewswire/ -- GrandSouth Bancorporation (GRRB:OTCQX) (the "Company" or "GrandSouth"), the holding company for GrandSouth Bank announced today that net income for the third quarter of 2021 was $3.8 million.

The Board of Directors declared a cash dividend of $0.10 per common share ($0.105 per Series A preferred share) payable on November 19, 2021 to shareholders of record on November 5, 2021.

Third Quarter 2021 Highlights – For and during the quarter ended September 30, 2021:

Net Income was $3.8 million, an increase of $1.9 million, or 103.07%, from the same quarter in 2020.
Basic and diluted earnings per share were $0.71 and $0.68, respectively.
The annualized returns on average assets and average equity were 1.29% and 16.52%, respectively.
Total assets increased $39.2 million, or 3.37%, to $1.2 billion.
Gross loans increased $28.1 million, or an annualized rate of 12.25%, to $937.1 million.
Total deposits increased $35.4 million, or an annualized rate of 13.80%, to $1.1 billion.
Cost of funds decreased by 33 basis points, or 42.31%, from the same quarter in 2020.
Of gross loans excluding specialty floor plan and purchased student loans ("Core Bank loans"), 0.03% were 30 days past due as of September 30, 2021. The annualized net charge off ratio for the quarter was 0.04%.
The efficiency ratio was 58.81%, increasing slightly from 57.44% in the prior quarter and improving from 68.29 % in the same quarter in 2020.

To view the full report, visit https://www.otcmarkets.com/otcapi/company/financial-report/306996/content

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