GrandSouth Bancorporation reports third quarter 2022 results

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Oct 17, 2022, 14:37 ET

GREENVILLE, S.C., Oct. 17, 2022 /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 2022 was $4.4 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 November 18, 2022 to shareholders of record on November 4, 2022.

Third Quarter 2022 Highlights – For and during the quarter ended September 30, 2022:

Net Income was $4.4 million, an increase of $0.6 million, or 15.26%, from the same quarter in 2021.
Basic and diluted earnings per share were $0.80 and $0.77, respectively.
The annualized returns on average assets and average equity were 1.38% and 17.69%, respectively.
Total assets remained flat at $1.3 billion.
Gross loans increased by $42.2 million, or an annualized rate of 17.59%, to $995.1 million.
Total deposits decreased $1.1 million, or an annualized rate of 0.39%, to $1.1 billion.
Cost of funds increased by 18 basis points, or 40.00%, from the same quarter in 2021.
0.01% of Core Bank loans (gross loans excluding specialty floor plan loans) were 30 days past due as of September 30, 2022. The annualized net charge off ratio for the quarter was 0.24%.
The efficiency ratio was 55.12%, down from 64.38% in the prior quarter and 58.81% in the same quarter in 2021.

To view the full report, visit https://www.otcmarkets.com/otcapi/company/financial-report/348826/content

About GrandSouth Bancorporation
GrandSouth Bancorporation is a bank holding company with assets of $1.3 billion at September 30, 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.